Core Viewpoint - The performance of Jin Jiang International Hotel Co., Ltd. is under scrutiny, particularly regarding its overseas market adjustments and the progress of its Hong Kong listing, with a focus on the recovery plan for its Louvre Group subsidiary [2][8]. Financial Performance - In 2024, Jin Jiang Hotel reported a total revenue of 14.063 billion yuan, a decrease of 4% year-on-year [3]. - The full-service hotel segment saw a revenue increase of 49.57% to 238 million yuan, while the limited-service hotel segment experienced a revenue decline of 4.62% to 13.583 billion yuan [3][4]. - The net profit for 2024 was 911 million yuan, down 9.06%, with a non-recurring net profit of 539 million yuan, down 30.32% [3]. Overseas Market Performance - The Louvre Group achieved a revenue of 556 million euros in 2024, with a net loss of 10.79 million euros [2][4]. - The overseas limited-service hotel segment's revenue was 556 million euros, a decline of 1.80% year-on-year, with a net loss of 56.89 million euros, worsening by 3.39 million euros [4]. RevPAR Metrics - The RevPAR for overseas limited-service hotels was 41.68 euros, up 0.4%, while the domestic limited-service hotels saw a RevPAR of 157.5 yuan, down 5.8% [3]. Strategic Initiatives - Jin Jiang Hotel is focusing on a five-year recovery plan for the Louvre Group, emphasizing asset disposal, renovation, and improving system contribution rates [2]. - The company plans to reposition 80 hotels, primarily in France, to enhance asset layout and returns [5]. Expansion Plans - Jin Jiang Hotel opened 1,515 new hotels last year, bringing the total to over 13,500, with plans to open an additional 1,300 hotels and sign 2,000 contracts in 2025 [6]. - The company aims for a revenue target of 14.3 billion to 15 billion yuan in 2025, representing a year-on-year growth of 2% to 7% [6]. Market Strategy - The company is adopting a differentiated brand strategy to cover various customer segments, focusing on both high-end and budget markets [7]. - Jin Jiang Hotel is increasing its presence in lower-tier cities while maintaining a stronghold in first and second-tier cities [7]. Internationalization Efforts - Jin Jiang Hotel plans to issue H-shares and list on the Hong Kong Stock Exchange to support its internationalization strategy and enhance its brand image [8]. - The company is in the early stages of this listing plan, considering market conditions and shareholder interests [8].

日前，锦江酒店（600754）公告称：为深入推进公司的全球化战略，加强与境外资本市场对接，进一步提升公 司治理透明度和规范化水平，公司拟于境外发行股份（H 股）并在香港联合交易所有限公司上市。本次拟发行 的H股股数不超过本次发行后公司总股本的15%（超额配售权行使前）。相关募集资金在扣除相关发行费用后， 将用于（包括但不限于）进一步加强及拓展海外业务、偿还银行贷款及补充营运资金等。 此前2020年9月，华住集团已通过在香港交易所主板完成二次上市的方式，成为"美股+港股"双重主要上市企 业，以期长期服务于品牌全球化与资本国际化。彼时有评论称，华住集团的主要业务集中在中国及亚洲，港股 更贴近本土投资者，有助于提升公司流动性和估值合理性。若企业主要业务集中在亚太地区，香港上市有助于 吸引东南亚投资者，便于进一步商业拓展。 工商资料显示，作为锦江酒店的控股股东，上海锦江资本有限公司就曾在2006年12月在香港联交所主板上市， 股票代码为02006.HK。2022年10月3日，锦江资本被上海锦江国际（集团）有限公司私有化，从港股退市，以改 变当时估值、股价和流动性均长期低迷的情况。 锦江酒店开业品牌运营情况。（图源：公 ...