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].

Core Viewpoint - Jinjiang Hotels plans to issue H shares and list on the Hong Kong Stock Exchange to enhance its global strategy and improve governance transparency [2] Group 1: H Share Issuance and Listing - The company intends to issue H shares not exceeding 15% of its total share capital post-issuance, with funds allocated for expanding overseas operations, repaying bank loans, and supplementing working capital [2] - The move follows the example of Huazhu Group, which completed a secondary listing in Hong Kong to enhance liquidity and valuation [2] Group 2: International Expansion Strategy - Jinjiang Hotels has previously entered international markets through acquisitions, such as the purchase of the Louvre Hotels Group in 2015, and a joint acquisition of Radisson Hotel Group in 2018 [3] - The company plans to expand its brands into Southeast Asia, partnering with RIYAZ Group to develop over 100 hotel projects in Malaysia, Indonesia, Vietnam, Laos, Cambodia, and the Philippines over the next five years [3][4] Group 3: Current Performance and Challenges - Despite the expansion efforts, Jinjiang Hotels' overseas operations are currently unprofitable, with the Louvre Hotels Group reporting continuous losses due to international market competition and economic slowdowns [4] - In the first quarter of 2025, the overseas limited-service hotel business generated €5.56 million in revenue, a 1.80% decline year-on-year, with net losses increasing to €5.689 million [4][5] Group 4: Future Plans and Strategic Focus - The company aims to enhance the competitiveness of its overseas brands and implement a recovery plan focusing on cost control and debt restructuring [4][8] - Jinjiang Hotels is committed to deepening its international strategy, leveraging opportunities in Southeast Asia, and integrating resources to boost global competitiveness [9]