Core Viewpoint - The article discusses the recent move by Jin Jiang Hotels to pursue a secondary listing on the Hong Kong Stock Exchange amid declining financial performance despite aggressive expansion efforts. The company faces challenges in converting its extensive hotel network into sustainable profits and revitalizing its overseas assets, which have been underperforming [2][4][10]. Group 1: Company Overview - Jin Jiang Hotels is the largest hotel group globally, with a presence in 13416 operating hotels and over 1.29 million rooms, ranking second worldwide [8]. - The company has been expanding rapidly, opening 1515 new hotels last year and 97 in the first quarter of this year, bringing the total to 13513 hotels [9]. - Despite the growth in scale, Jin Jiang Hotels has experienced a decline in revenue and net profit, with 2024 revenue at 14.06 billion RMB, down 4% year-on-year, and net profit down 9.06% to 911 million RMB [10][11]. Group 2: Market Challenges - The hotel industry in China is facing oversupply, with over 370,000 hotels and a net increase of nearly 30,000 hotels, leading to intense competition and price wars [13]. - Key performance indicators for Jin Jiang Hotels have declined, with RevPAR at 157.47 RMB (down 5.78%), ADR at 240.67 RMB (down 11.19 RMB), and occupancy rate at 65.43% [13][14]. - The company plans to continue its expansion strategy, targeting lower-tier cities and aiming to open an additional 1300 hotels this year [15]. Group 3: International Expansion and Financial Performance - Jin Jiang Hotels has been expanding internationally since acquiring the Louvre Hotels Group in 2015, with overseas revenue contributing 42.56 billion RMB (30.8% of total revenue) in 2024 [16]. - The overseas hotel business has a higher gross margin of 41.9% compared to 36.9% for domestic operations, indicating better profitability potential [16]. - However, the overseas operations have faced losses, with the Louvre Group reporting a net loss of 10.79 million euros despite expectations from the Paris Olympics [17][19]. Group 4: Future Outlook - The company aims to use the funds raised from the Hong Kong IPO to strengthen and expand its overseas business, repay bank loans, and supplement working capital [22]. - There are concerns about the sustainability of Jin Jiang's overseas strategy, as it must prove that its expansion can lead to self-sustaining profitability rather than relying on external funding [23].

张勇认为，在供过于求的市场环境中，唯有拉开价值差距才是核心。"我们将酒店视为空间和载体，首 要任务是夯实睡眠、餐饮两大基础产品与服务。此外，在酒店中寻找与客人的触点，通过本地文化的挖 掘和植入，形成强有力的旅居服务，这样不仅让酒店保持服务差异化，还为酒店带来了中长住及多人出 行、宠物友好客群流量。"张勇说。 事实上，在房地产行业快速成长的30年间，一大批"地产系"酒店集团获得快速成长。只是发展至今，此 类酒管集团的发展脉络大相径庭。 万达酒店及度假村成立于2007年，并在2017年前后实现独立运营。只是在整个集团陷入资金紧张的大背 景下，万达选择出手这块资产。 记者了解到，同程旅行收购的万达酒管为港股上市公司万达酒店发展（00169.HK）旗下的轻资产板 块，2024年营收为8.9亿港元。截至2024年年底，万达酒管在营酒店共计204家，客房总量超过40200 间，另有376家酒店已签约待开业。 本报记者 蒋政 长沙报道 日前，同程旅行斥巨资收购万达酒店管理（香港）有限公司（以下简称"万达酒管"）的动作，让行业内 外再度聚焦"地产系"酒店集团的发展前景。 "在未来三五年，我们不会考虑被别人并购。"在第十四届中 ...