Core Viewpoint - Jinjiang Hotels reported a decline in revenue and net profit for the first half of 2025, attributing the downturn to weakened market demand and strategic exits from certain hotel properties [1][3]. Financial Performance - The company achieved operating revenue of 6.53 billion yuan, a year-on-year decrease of 5.3% [1] - Net profit attributable to shareholders was 371 million yuan, down 56.3% year-on-year [1] - Excluding non-recurring items, net profit was 409 million yuan, an increase of 5.2% [1] - Operating cash flow net amount was 1.331 billion yuan, a decline of 35.1% year-on-year [1] - In Q2, operating revenue was 3.58 billion yuan, down 2.7% year-on-year, and net profit was 335 million yuan, down 49.1% [1] Hotel Business Performance - The hotel business generated approximately 6.423 billion yuan in revenue, a decrease of 5.14% year-on-year [3] - Net profit from the hotel business was about 240 million yuan, down 66.16% [3] - Domestic hotel revenue was approximately 4.575 billion yuan, down 4.25%, while overseas revenue was about 1.848 billion yuan, down 7.27% [3] - RevPAR for full-service hotels was 215.67 yuan, down 10.23%, and for limited-service hotels was 145.99 yuan, down 5.1% [3] Expansion and Strategic Partnerships - Jinjiang Hotels announced a strategic partnership with Malaysia's RIYAZ Group to expand over 180 hotel projects in Southeast Asia over the next five years [2][5] - The company aims to enhance hotel operational efficiency and management efficiency while expanding into lower-tier markets [1] - As of June 30, 2025, Jinjiang Hotels had a total of 13,796 operating hotels and 1,332,853 guest rooms [4] Southeast Asia Market Strategy - The company is focusing on penetrating high-growth markets in Southeast Asia, including Malaysia, Indonesia, Vietnam, Laos, Cambodia, and the Philippines [5][6] - Jinjiang Hotels plans to establish a self-circulating management mechanism in Southeast Asia, combining local and Chinese teams to enhance operational capabilities [6]

Core Viewpoint - Shanghai Jin Jiang International Hotel Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, aiming to become the first hotel group in China to achieve a dual listing in both A-shares and H-shares [1] Group 1: Company Overview - As of December 31, 2024, Jin Jiang Hotel operates 13,416 hotels with a total of 1.29 million rooms, covering a full range of hotel categories from economy to high-end [1] - The IPO proceeds will primarily focus on expanding and optimizing overseas operations, including new hotel openings, renovations, service quality improvements, and IT infrastructure upgrades [1] Group 2: Overseas Expansion - Jin Jiang Hotel began its overseas expansion in 2015 with the acquisition of the Louvre Hotels Group in France, followed by the inclusion of the Plateno Group and Radisson Hotel Group, expanding its footprint to Europe, Asia, Africa, and America [2] - By the end of 2024, Jin Jiang Hotel has established 1,171 hotels abroad, with 773 located in France, 128 in other European countries, and 270 in Asia (excluding China), Africa, and America [2] - The RevPAR for overseas limited-service hotels is projected to reach 112.27% of 2019 levels in 2024, reflecting a 0.35% increase from 2023 [2] Group 3: Domestic Market Strategy - Jin Jiang Hotel anticipates revenue of 14.3 billion to 15 billion yuan in 2025, representing a year-on-year growth of 2% to 7%, with a 5% to 10% increase expected in mainland China [2] - The company plans to open 1,300 new hotels and sign contracts for 2,000 hotels in 2025, implementing a differentiated expansion strategy based on the "12+3+1" framework [2] Group 4: Infrastructure and Market Growth - Jin Jiang Hotel is actively improving infrastructure to boost hotel business growth in Europe, the Middle East, and Africa through new hotel openings and renovations [3] - The company is targeting high-growth markets in the Asia-Pacific region, including India, Indonesia, Malaysia, and Thailand, with plans for rapid expansion through both organic growth and strategic acquisitions [3] - The partnership with Malaysian hotel management group RIYAZ marks a significant step in Jin Jiang's Southeast Asia strategy, with plans to introduce multiple brands into the region [3]