Core Viewpoint - The Hong Kong stock market has been performing well, prompting leading companies in various sectors, including the hotel industry, to accelerate their IPOs in Hong Kong, with Jin Jiang International Hotel Group aiming to become the first "A+H" dual-listed hotel group in China [2][3]. Industry Overview - The hotel industry is experiencing a dichotomy, with continuous expansion in scale but declining profitability. As of the end of 2024, China's accommodation facilities are projected to reach approximately 570,000, with a total room count of about 19.27 million, reflecting a 9% growth in hotel facilities and a 7% growth in room numbers [3]. - Despite the increase in hotel numbers, demand has not kept pace, leading to a supply-demand imbalance. Domestic travel is expected to reach 5.615 billion trips in 2024, a 14.8% increase year-on-year, but still only 93.49% of the 2019 level [3]. - The hotel industry is facing a decline in key operational metrics, with occupancy rates dropping to 58.8% (down 2.5% year-on-year) and average room prices decreasing by 5.8% to 200 yuan [3]. Company Performance - Jin Jiang Hotel reported a revenue decline of 4% to 14.063 billion yuan in 2024, with net profit decreasing by 9.06% to 911 million yuan. The RevPAR for Jin Jiang's full-service hotels saw a significant drop of 10.8% [4][10]. - The company operates 13,416 hotels with a total of 1,290,988 rooms, making it the largest hotel group in China and the second largest globally by room count [8][9]. Strategic Intent of IPO - The primary goals of Jin Jiang's IPO in Hong Kong include optimizing capital structure and reducing financial leverage by replacing high-interest debt with equity financing, thereby improving profit margins and balance sheet health [5]. - The IPO aims to deepen internationalization strategies, enhancing the company's recognition among global investors and facilitating future overseas acquisitions [5]. - The company seeks to improve its equity structure by attracting a more diverse range of international investors, enhancing liquidity and flexibility for future capital operations [5]. Challenges and Opportunities - The hotel industry is currently facing significant challenges, including supply-demand imbalances and price wars, which are unlikely to be resolved in the short term. This environment has made investors more cautious about hotel sector investments [7]. - Jin Jiang Hotel's performance in the domestic market has been under pressure, with revenue and profit declines expected to continue into 2025 [10]. - The company has faced difficulties in its overseas expansion, particularly in Southeast Asia, where cultural differences have hindered effective management and resource integration [12]. Market Reception - The market's response to Jin Jiang's IPO remains uncertain, with concerns about whether the company can effectively address its existing issues and enhance its competitiveness post-listing [6][13]. - The company's stock performance in the A-share market has been lackluster, with a current price of 22.21 yuan and a TTM P/E ratio of 31.35, indicating cautious market sentiment [13][14].

证券代码：600754/900934 证券简称：锦江酒店/锦江B股 公告编号：2025-037 上海锦江国际酒店股份有限公司 关于使用暂时闲置募集资金进行现金管理的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： ● 现金管理受托方：中国建设银行股份有限公司上海浦东分行、上海浦东发展银行股份有限公司闸北支 行（以下简称"建设银行浦东分行"、"浦发银行闸北支行"） ● 履行的审议程序：上海锦江国际酒店股份有限公司（以下简称"锦江酒店"、"公司"或"本公司"）于 2025年6月30日召开公司第十一届董事会第二次会议，审议通过了《关于使用部分闲置募集资金进行现 金管理的议案》，同意公司自董事会审议通过之日起12个月内使用不超过190,000.00万元暂时闲置募集 资金进行现金管理，在前述额度和期限内，资金可循环滚动使用，单个产品的持有期限不超过12个月。 具体内容详见公司于2025年7月1日在上海证券交易所网站(www.sse.com.cn)披露的《上海锦江国际酒店 股份有限公司关于使用部分闲置募集资金进行现 ...

Core Viewpoint - The company, Shanghai Jin Jiang International Hotel Co., Ltd., is advancing its IPO journey in Hong Kong, aiming to enhance its international strategy and capital management [1][3]. Group 1: IPO Progress - On June 29, the company submitted its listing application to the Hong Kong Stock Exchange, with Dongfang Securities International as the sole sponsor [1]. - The Shanghai State-owned Assets Supervision and Administration Commission approved the company's plan to issue H-shares, allowing for a maximum of 15% of the total share capital post-issue, with an additional 15% over-allotment option based on market conditions [3]. Group 2: International Strategy and Market Conditions - The chairman of the company highlighted the favorable market conditions, including the recovery of the Hang Seng Index, as an opportunity to advance its international capital market layout [4]. - As of December 31, 2024, the company operates 13,416 hotels with a total of 1.29 million rooms, including 1,171 hotels located overseas [4]. Group 3: Historical Performance and Challenges - The company previously acquired the Louvre Hotels Group in 2015 for €1.288 billion, which significantly boosted its hotel count by 129.65% post-acquisition [4]. - However, since 2020, the Louvre Group has faced financial losses, impacting the company's overseas operations, with losses recorded from 2020 to 2024 totaling €5.689 million in the latest year [4]. Group 4: Market Outlook - Analysts suggest that expanding into overseas markets is a necessary step for domestic hotel companies, particularly in Europe and America where competition is less intense [5]. - However, there are concerns regarding the uncertainties of operating in foreign markets, emphasizing the importance of establishing a competitive advantage in the domestic market [5].

Group 1 - The article describes the pleasant summer atmosphere in Shenyang, highlighting the enjoyment of outdoor barbecues and social gatherings [2][6][39] - Shenyang is characterized by its vibrant street life, with many food stalls and night markets contributing to a lively urban environment [19][39] - The cultural diversity in the Xita area is noted, with a mix of Korean and Chinese influences reflected in the local cuisine and community [24][31] Group 2 - The article mentions the ongoing renovations in Changchun, particularly on Xinmin Street, which is a significant historical area [48][50] - Changchun is depicted as a city with a unique blend of modern and traditional elements, with references to its first light rail line and the integration of university life into the urban fabric [75][64] - The article reflects on the nostalgic atmosphere of Changchun, with mentions of long-standing cafes and the city's evolution over the years [85][90]

在中国投资者的资金支持下起家的澳洲资产管理巨头 Salter Brothers，如今正准备上市；但这些早期投 资者却身陷"赎回冻结"的困境，无法退出。 《澳洲金融评论》获取的文件和投资者证词显示，Salter Brothers 约 40 亿澳元的资产组合，其根基可追 溯至 2015 年一个名为 Atlas Capital SIV 基金的移民投资项目，该基金由如今声名狼藉的"跑路富 商"Michael Gu（顾海宁）与 Paul Salter 联合创办，专门吸引希望通过重大投资获取澳洲签证的中国富 豪。 Michael Gu left Australia after the collapse of his iProsperity business in 2020. He was spotted in Hong Kong earlier this year. Michael Gu 曾高调生活，驾驶兰博基尼豪车，经营着 iProsperity 地产集团。该集团于 2020 年崩盘，留 下超过 6000 万澳元的债务。Gu 此后逃往海外，被曝目前在中国高调生活，在广州瑰丽酒店等地举办高 额德州扑克局，并在香港、新加坡 ...

Core Viewpoint - Pudding Hotel is facing potential delisting from the New Third Board due to negative net assets for three consecutive years, highlighting significant financial challenges and operational issues that need to be addressed [6][7][8]. Financial Situation - As of the end of 2024, Pudding Hotel's debt-to-asset ratio stands at 104.01%, with net assets reported at -15.7 million yuan [9]. - The company has limited cash resources, with only 17.58 million yuan in total monetary funds, including 69,000 yuan in cash and 17.34 million yuan in bank deposits [9]. - The operating revenue for 2022, 2023, and 2024 was 185 million yuan, 281 million yuan, and 239 million yuan respectively, while net profits were -81.31 million yuan, 5.55 million yuan, and -15.14 million yuan [13][14]. Operational Challenges - Despite a decline in revenue, the number of stores has continued to grow, indicating a complex relationship with franchisees [15][17]. - The increase in non-operating income in 2024 to 3.39 million yuan, up 22.56%, was primarily due to increased penalties from franchisees [18]. - Issues with franchisee management fees being uncollectible suggest a weakening brand appeal and operational challenges [19][20]. Brand and Market Position - Pudding Hotel has undergone a rebranding, transitioning from "Sumitomo Hotel Group" to "Xinyi Hotel Group," which reflects a shift in brand focus [25][27]. - The company is attempting to pivot towards mid-to-high-end brands, as indicated by the emphasis on "Zhishang" hotels in recent financial reports [28][32]. - The competitive landscape for budget hotels is evolving, with a trend towards "high-end budget hotels," necessitating differentiation in product offerings [47]. Industry Trends - The economic hotel sector is experiencing a shift, with a need for companies to balance user experience and investor returns [42]. - The market is moving from a phase of easy growth to one requiring more strategic planning and operational efficiency [49]. - There is renewed investor interest in small-room hotel business models, presenting potential opportunities for Pudding Hotel [45].

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].

Group 1 - The core idea is that high-star hotels across China are increasingly adopting street vending as a response to declining business, particularly in the wake of restrictions on corporate dining and travel budgets [21][22][32] - In cities like Henan and Shaanxi, hotels have set up stalls outside their premises, offering affordable meals to attract customers who may not typically dine in hotels [3][4][15] - The trend has spread quickly, with hotels in various regions, including Zhejiang, joining in to sell popular local dishes at lower prices, appealing to cost-conscious consumers [10][12][13] Group 2 - The decline in business for high-star hotels is attributed to several factors, including a significant drop in corporate dining due to the "ban on alcohol" and changing travel policies from major companies [22][27][30] - Many hotels are adjusting their business models to focus on more affordable dining options, as traditional revenue streams from corporate events and high-end dining have diminished [29][33][39] - The shift towards street vending and casual dining reflects a broader trend of consumer behavior moving away from "face-saving" expenditures to more value-oriented choices [34][36][55] Group 3 - The adaptation of high-star hotels to street vending is seen as a necessary response to current market conditions, with many establishments realizing that they must innovate to survive [38][56] - The concept of "retailizing" hotel dining is emerging, where hotels are exploring ways to offer smaller, more affordable menu items to attract a wider customer base [46][52] - This shift may lead to a fundamental change in the business logic of high-star hotels, moving towards a dual approach of catering to both high-end and mass-market consumers [55]

Core Viewpoint - Jin Jiang Hotels is advancing its plan to issue H-shares and list on the Hong Kong Stock Exchange, marking a significant step towards becoming the first hotel group in China to achieve "A+H" listing [1][2][3] Group 1: Company Overview - Jin Jiang Hotels, one of China's "three giants" in the hotel industry, was listed on the Shanghai Stock Exchange in 1994 and has established a core business structure centered on hotel and catering services since 2003 [3] - As of the end of Q1 2025, the company operates a total of 13,513 hotels with 1,308,800 guest rooms, ranking second globally in terms of room count, just behind Marriott [3] Group 2: H-Share Issuance - The company plans to issue H-shares not exceeding 15% of the total share capital post-issuance, with an option for an additional 15% in case of oversubscription [3] - The funds raised will be used to strengthen and expand overseas operations, repay bank loans, and supplement working capital [4] Group 3: International Expansion and Challenges - Jin Jiang Hotels has been accelerating its international expansion through acquisitions, including the purchase of the Louvre Group and strategic investments in other hotel chains, with overseas business revenue accounting for over 30% of total hotel business [5] - However, the overseas business has underperformed, with a reported revenue of €556 million for limited-service hotels outside mainland China in 2024, a decline of 1.8% year-on-year, and a net loss of €56.89 million, an increase in loss by €3.39 million compared to the previous year [6] - The Louvre Group, acquired for €1.277 billion in 2015, has been a significant drag on performance, with cumulative losses exceeding €300 million from 2020 to 2024 [7] Group 4: Strategic Measures - The company aims to address the Louvre Group's ongoing losses through measures such as optimizing debt structure and enhancing digital transformation to improve profitability [8] - The issuance of H-shares is seen as a potential solution to alleviate the financial strain from the Louvre Group's losses and improve capital efficiency [8]

Group 1 - The inbound tourism market is experiencing a recovery, with Huazhu Group reporting significant growth in foreign tourist reception [1] - From January to mid-June 2025, Huazhu Group's hotels received over 1.52 million foreign tourists, representing a year-on-year increase of approximately 72% [1]