香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示不會就因本公告全部或任何部分內容而 產生或因依賴該等內容而引致的任何損失承擔任何責任。 MGM CHINA HOLDINGS LIMITED 美 高 梅 中 國 控 股 有 限 公 司 （ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） （股份代號：2282及債務股份代號：6028, 40634, 5036） 內幕消息 我們的控股股東美高梅國際酒店集團 截至2025年9月30日止第三季度的未經審核業績 本公告乃根據證券及期貨條例（第571章）第XIVA部內幕消息條文及香港聯合交易所 有限公司證券上市規則第13.09及37.47B條刊發。 我們的控股股東美高梅國際酒店集團已於2025年10月29日（紐約時間下午4時15分） 或前後公佈其截至2025年9月30日止第三季度的未經審核業績，其中包括根據美國公 認會計原則編製及呈列的美高梅中國控股有限公司財務資料。 本公告乃美高梅中國控股有限公司（「美高梅中國」或「本公司」）根據證券及期貨條例（第 571章）第XIVA部內幕消息條文及香港 ...

Core Insights - Shangri-La Group has officially opened its dual-brand hotels at Shanghai Hongqiao Airport, marking the implementation of its dual-brand strategy at a world-class transportation hub [1] - The integration of AI technology with customer service at the hotel is expected to attract a younger business travel demographic [1] Company Developments - The front desk of the hotel utilizes a self-developed fast check-in system, enhancing operational efficiency and customer convenience [1] - The system allows for check-in in as little as 15 seconds and automatically links Shangri-La membership benefits and preferences [1] - Self-service machines intelligently match rooms and floors based on guest booking preferences and send room number information via SMS [1]

Core Insights - The company reported a slight decline in revenue and net profit for Q3 2025 compared to the previous year [1] - The overall performance for the first three quarters of 2025 showed a growth in total profit, driven mainly by the hotel business [1] Financial Performance - Q3 2025 revenue was 2.121 billion yuan, a year-on-year decrease of 1.6% [1] - Net profit attributable to shareholders for Q3 was 358 million yuan, down 2.21% year-on-year [1] - Total profit for the first three quarters increased by 4.21% to 1.03 billion yuan [1] - Hotel business profit for the first three quarters grew by 5.25% to 846 million yuan [1] - Net profit attributable to shareholders for the first three quarters was 755 million yuan, up 4.36% year-on-year [1] - Net profit excluding non-recurring gains and losses was 675 million yuan, a 2.15% increase year-on-year [1] Operational Metrics - RevPAR (Revenue per Available Room) for Q3 was 191 yuan, a decrease of 2.4% year-on-year [1] - Occupancy rate (Occ) was 73.6%, down 0.3 percentage points year-on-year [1] - Average Daily Rate (ADR) was 259 yuan, a decline of 2% year-on-year [1] - As of September 30, 2025, the company operated 7,501 hotels (including 2 overseas) with a total of 544,155 rooms [1] - The number of mid-to-high-end hotels was 2,223, accounting for 29.6% of total hotels, with 231,234 rooms, representing 42.5% of total room count [1]

Core Insights - Jinling Hotel Co., Ltd. reported a decline in financial performance for Q3 2025, with significant reductions in revenue and net profit compared to the previous year [1] Financial Performance - The company's operating revenue for Q3 was approximately 432 million RMB, representing a year-on-year decrease of 11.52% [1] - The net profit attributable to shareholders was around 16.82 million RMB, down 13.04% year-on-year [1] - The net profit after deducting non-recurring items was approximately 14.86 million RMB, reflecting a year-on-year decline of 16.69% [1]

Group 1 - The core point of the article is the significant block trade of Shoulv Hotel on October 29, with a transaction volume of 390,000 shares and a transaction amount of 5.9865 million yuan, executed at a price of 15.35 yuan, representing a premium of 7.49% over the closing price of the day [2] Group 2 - The closing price of Shoulv Hotel on the same day was 14.28 yuan, reflecting an increase of 0.35%, with a turnover rate of 0.63% and a total transaction amount of 101 million yuan [2] - The net outflow of main funds for the day was 6.3131 million yuan, while the stock has seen a cumulative decline of 0.21% over the past five days, with a total net inflow of 742,300 yuan [2] Group 3 - The latest margin financing balance for Shoulv Hotel is 158 million yuan, which has increased by 2.9772 million yuan over the past five days, marking a growth rate of 1.92% [2]

Core Viewpoint - The company reported a decline in revenue and net profit for the third quarter of 2025 compared to the same period last year, while showing growth in net profit for the first three quarters of 2025 compared to the previous year [1] Financial Performance - In Q3 2025, the company achieved operating revenue of 2.121 billion yuan, a year-on-year decrease of 1.60% [1] - The net profit attributable to shareholders for Q3 2025 was 358 million yuan, down 2.21% year-on-year [1] - Basic earnings per share for Q3 2025 were 0.3202 yuan [1] - For the first three quarters of 2025, the company reported operating revenue of 5.782 billion yuan, a year-on-year decline of 1.81% [1] - The net profit attributable to shareholders for the first three quarters was 755 million yuan, an increase of 4.36% year-on-year [1] - Basic earnings per share for the first three quarters were 0.6759 yuan [1]

Core Viewpoint - The current landscape of the domestic five-star hotel industry presents a stark contrast, with many luxury hotels facing auction challenges while various cities actively promote the establishment of new five-star hotels, reflecting a complex development trend influenced by market demand and local development considerations [1][3][20]. Group 1: Auction Challenges - Numerous luxury hotels are entering auction processes, with some failing to find buyers even after multiple attempts and price reductions, indicating a cooling market overall [1][3]. - For instance, the Quanzhou R&F Wanda Hotel is set to be auctioned with a starting price of 331 million yuan, which is 30% lower than the market price, while the Guangzhou R&F Airport Holiday Hotel faced two failed auctions, with the price dropping to 222 million yuan, only 56% of its assessed value [3][5]. - Over 80 hotels valued at over 100 million yuan are expected to be auctioned or listed for sale by mid-2025, but only about 6 have successfully changed hands, indicating that over 90% remain unsold [5][7]. Group 2: Local Government Initiatives - In contrast to the auction struggles, several cities are actively incentivizing the establishment of five-star hotels through subsidies and rewards, aiming to attract brands for urban development [3][9]. - For example, Kunming offers a 2% subsidy on fixed investments for new or expanded five-star hotels, with a cap of 30 million yuan per project, while Fuzhou provides a one-time reward of 1 million yuan for new five-star hotels [9][11]. - The rationale behind these investments is clear, as cities recognize the economic benefits, with hotel occupancy rates significantly increasing during events, leading to a multiplier effect on local consumption [11][13]. Group 3: Market Dynamics and Brand Strategies - The hotel industry is experiencing a shift, with younger consumers moving away from traditional luxury brands, leading to increased competition from mid-range brands like Atour and Qianxi [7][9]. - Hotel brands are adapting by focusing on second and third-tier cities, with major groups like Marriott and InterContinental signing numerous projects in these areas, while domestic brands are emphasizing the renovation of existing properties [17][19]. - The industry is undergoing a transformation where luxury is being redefined, with brands introducing lighter luxury concepts that prioritize experience over opulence, catering to a new demographic of travelers [19][22].

Core Insights - The opening of the Shangri-La and Shengtai Hotels at Shanghai Hongqiao Airport marks a strategic expansion for Shangri-La Group in Shanghai, utilizing a dual-brand strategy to enhance market presence and provide quality hotel resources near the airport [1][4]. Group 1: Hotel Features - Shangri-La Hotel at Hongqiao Airport features 91 luxury rooms designed with a Shanghai style, equipped with soundproof floor-to-ceiling windows for unique views of airport operations and the city skyline [3]. - Shengtai Hotel offers 520 comfortable rooms, including "Premium Flight View Rooms" and "Executive Hub View Rooms," catering to travelers' needs for both airport and city views [4]. Group 2: Technological Innovations - Shengtai Hotel introduces a self-developed fast check-in system that supports global passport and document recognition, allowing guests to upgrade room types, receive real-time room numbers on their phones, and enjoy automated check-out processes [4]. Group 3: Dining and Event Services - The hotels enhance the dining landscape at Hongqiao Airport with unique culinary offerings, including "Xiangju Jiangnan Zao" at Shangri-La and a diverse food collection at Shengtai, featuring local and international cuisines [5]. - Both hotels provide facilities for large meetings and high-end banquets, contributing to the overall service quality for travelers [5]. Group 4: Strategic Importance - The dual-brand hotel opening aligns with the upcoming China International Import Expo, showcasing Shangri-La Group's commitment to supporting Shanghai's economic development and the integration of the Yangtze River Delta region [5].

Core Viewpoint - Huatian Hotel Group Co., Ltd. reported a decline in both revenue and net profit for the third quarter of 2025, indicating ongoing financial challenges [1] Financial Performance - The company's operating revenue for the third quarter was approximately 14.5 million, representing a year-on-year decrease of 2.6% [1] - The net profit attributable to shareholders was approximately -49.5 million, reflecting a year-on-year decrease of 50.87% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was approximately -51.67 million, showing a year-on-year decrease of 21.17% [1]

Core Insights - The hotel industry is experiencing a significant downturn, with young consumers opting for camping and car sleeping instead of traditional hotel stays, reflecting a shift in consumer behavior and spending patterns [1][3][35] - Despite an increase in domestic travel during the holiday period, average per capita spending has decreased, indicating a trend towards consumption downgrade [4][10] Group 1: Holiday Spending and Hotel Occupancy - During the recent holiday, the average occupancy rate for hotels in major cities was only 58%, with economy hotels dropping below 50% [3][10] - The average per capita spending during the holiday was 911 yuan, translating to less than 114 yuan per person per day, a 13% decrease compared to the previous year [4][10] - The drastic price hikes in economy hotels have made them unaffordable for many, leading to a preference for camping as a more cost-effective option [5][9] Group 2: Price Trends in the Hotel Industry - Prices for economy hotels have surged, with some hotels seeing increases of over 30%, while luxury hotels have maintained more stable pricing [8][9] - For example, the price of a room at a budget hotel increased from 202 yuan to 930 yuan within a few days, highlighting the volatility in pricing during peak travel times [7][9] - The disparity in pricing strategies has created a situation where luxury hotels are perceived as more cost-effective compared to economy options [9][10] Group 3: Industry Challenges and Structural Changes - The hotel industry is facing a structural crisis, with both high-end and budget hotels experiencing declining demand [11][16] - Major hotel groups have reported negative growth in revenue per available room (RevPAR), indicating widespread financial strain across the sector [12][16] - The reliance on franchise models is being challenged as operational costs for franchisees rise, leading to potential instability in the business model [19][20] Group 4: Adaptation and Transformation Strategies - Hotel groups are increasingly looking to diversify their revenue streams by enhancing supply chain efficiencies and developing retail operations [22][24] - For instance, a hotel group has successfully integrated retail sales into its business model, significantly boosting revenue from non-hotel services [24][26] - The focus is shifting towards building direct relationships with consumers through loyalty programs and personalized experiences, moving away from dependence on online travel agencies (OTAs) [27][31] Group 5: Future Outlook - The current trends indicate a fundamental transformation in the hotel industry, where success will depend on the ability to integrate various services and create emotional connections with consumers [35] - The industry is moving towards a model that prioritizes supply chain efficiency and customer loyalty over traditional metrics like room count and location [35]