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].

"酒店巨无霸"锦江酒店（600754.SH）近日正式递交招股书，推动"A+H"上市进程加速。 公司表示，募资将主要用于海外酒店的新建及升级改造、数字化转型、偿还银行贷款及补充营运资金。 其中，偿还贷款等用途的首要目的，或指向为化解海外业务的负债与亏损压力。 作为锦江酒店的核定出海资产，法国卢浮集团截至2024年底运营酒店1168家，贡献营收5.56亿欧元。 受国际环境变化、欧洲经济放缓及市场竞争加剧影响，卢浮集团自2020年起就陷入持续亏损，至2024年 底累亏金额超2.1亿欧元。 至2024年9月底，卢浮集团银行贷款总额达1.8亿欧元，关联方贷款4.1亿欧元，资产负债率超过70%。 2024年底，锦江酒店宣布合作马来西亚酒管集团RIYAZ，推进锦江都城、暻阁、非繁云居、麗枫、锦江 之星五个品牌落地东南亚市场。 RIYAZ集团负责上述品牌在马来西亚、印度尼西亚、越南、老挝、柬埔寨、菲律宾6个国家的项目开 发、筹建支持及运营管理工作。 高企的财务杠杆叠加海外融资成本上升，使得该业务板块长期依赖集团资金支持。 2024年4月，锦江酒店向卢浮集团增资23.5亿元。 此外年内两度向卢浮集团提供借新还旧担保，新增担保金 ...