"听到锦江酒店（600754）要去东南亚，连之前离职去印尼做生意的伙伴都回来投简历。" "投资人们海外考察一趟回来，催着说'赶紧带我们出去！'上个月他们还特别着急来深圳的新总部，说 快聊聊你们最近的准备速度如何了。" 不止于跨境电商和短途旅游，开线下店、组建分公司、修建工厂……从现制茶饮、彩妆到冰淇淋、RTD 饮料，国内消费品牌们对东南亚市场的开发，已成为多个出海大方向中最成熟的一个。 与不少出海东南亚的国内品牌相似，锦江酒店也看到了当地庞大人口基数的红利、区域不同发展阶段的 空白商机，以及地理距离、文化交流的密切优势。 但锦江也比第一次向外迈出步伐的品牌们更清醒——出海业务能否顺利推进是一项"天时地利人和"的复 合工作。 即使有时外部环境的变数不可控，作为企业也要规划不同风险等级的投资组合，来与当地营商氛围适 配。即便两地团队在工作习惯、具体路径想法上存在差异，也要抱着开放心态去接纳过往经验和新地盘 的碰撞，而非过早假定文化融合的高难度，质疑新伙伴的潜力。 更重要的是，在一个看似机遇遍地的地区中，拒绝"割韭菜"的想当然，暂时撇开规模扩张和短期利润的 计算公式，而去成为真正对当地旅游业态发展有益的组成部分，才 ...

Group 1 - The outbound tourism market in China is experiencing significant growth, with platforms like Fliggy and Mafengwo reporting increases in bookings and search interest for overseas travel [1] - The China Tourism Research Institute indicates that the outbound tourism market is entering a new period of prosperity, supported by data from the past ten quarters [1] - Jin Jiang Hotels is accelerating its overseas expansion to capitalize on the recovery of outbound tourism, positioning itself as a representative enterprise in the industry [1] Group 2 - Jin Jiang is one of the first Chinese hotel companies to expand internationally, establishing a global hotel operation network across five continents through partnerships and acquisitions [2] - The company has integrated various hotel brands, including Radisson and Louvre Hotels Group, to enhance its competitive edge in the global market [2][3] - Jin Jiang's overseas brand restructuring includes a five-year upgrade plan for Louvre Hotels Group, focusing on improving operational capabilities and optimizing cost structures [3] Group 3 - Southeast Asia remains a top destination for Chinese tourists, prompting Jin Jiang to expand its presence in the region with plans to open over 100 hotels in six Southeast Asian countries within five years [4] - Recent hotel signings include the first Jin Jiang Dujun hotel in Laos and the first Lavande hotel in Malaysia, reflecting the company's commitment to regional growth [4] Group 4 - Jin Jiang is adopting a unified platform approach for its overseas expansion, integrating products, channels, standards, and services to enhance the travel experience for Chinese tourists [6] - The "Jin Jiang Hui" platform, with over 200 million members, offers comprehensive travel services, including hotel bookings and travel arrangements, enhancing customer loyalty and engagement [6] - The platform's member repurchase rate and points redemption rate have seen significant increases, indicating strong customer satisfaction and retention [6] Group 5 - As more Chinese tourists travel abroad, there is a growing demand for familiar, convenient, and predictable lodging experiences, which Jin Jiang aims to provide [7] - The company's international expansion is expected to create collaborative opportunities within the overseas hospitality ecosystem, setting a new standard for Chinese hotel internationalization [7]

Core Viewpoint - Jin Jiang Hotels has officially submitted its prospectus to accelerate the "A+H" listing process, aiming to enhance its financial position and operational efficiency amid ongoing challenges in its overseas business [1][6]. Fundraising Purpose - The funds raised will primarily be used for the construction and upgrading of overseas hotels, digital transformation, repayment of bank loans, and supplementing working capital [2]. Overseas Business Challenges - Jin Jiang's overseas asset, the Louvre Group, operates 1,168 hotels and generated revenue of €556 million by the end of 2024. However, it has faced continuous losses since 2020, with cumulative losses exceeding €210 million by the end of 2024 due to international environmental changes, economic slowdown in Europe, and intensified market competition [3]. - As of September 2024, the Louvre Group's total bank loans amounted to €180 million, with related party loans of €410 million, resulting in a debt ratio exceeding 70% [4]. Financial Support and Strategy - High financial leverage and rising overseas financing costs have led the Louvre Group to rely heavily on support from Jin Jiang. In April 2024, Jin Jiang increased its investment in the Louvre Group by ¥2.35 billion [5]. - Jin Jiang has also provided guarantees for refinancing, with an additional guarantee amount of €10,000 this year [6]. Business Recovery Plans - The Louvre Group is set to implement a five-year plan focusing on asset disposal, renovation, and improving system contribution rates to drive business recovery [6]. - Jin Jiang plans to renovate 80 repositioned hotels, primarily in France [7]. Market Expansion Strategy - With the easing of outbound travel restrictions, domestic hotel companies are increasingly looking to expand overseas, shifting focus from Europe and the US to Southeast Asia and Belt and Road countries. Jin Jiang has announced a partnership with Malaysian hotel management group RIYAZ to launch five brands in Southeast Asia [8]. - The expansion strategy will involve a shift to a model led by Chinese teams while attracting local and Chinese investors [9]. Industry Trends - The domestic hotel industry is facing oversupply and intensified competition, prompting companies to accelerate overseas expansion. By the end of 2024, Jin Jiang's overseas limited-service hotel RevPAR has recovered to 112.27% of 2019 levels, showing a 0.35% increase from 2023 [10]. - In contrast, the domestic limited-service hotel RevPAR has decreased by 5.78%, remaining roughly stable compared to 2019 [11]. Future Growth Plans - Jin Jiang plans to open 1,300 new hotels, representing an increase of approximately 9.7%. The company will also accelerate the construction of its membership system to convert OTA channel customers to its official website, aiming to boost revenue and reduce commission costs for franchisees [13]. Financial Performance - In the first quarter, Jin Jiang's revenue and net profit declined by 8% and 81% year-on-year, respectively. By the end of the first quarter, the company's cash reserves decreased by 23.2% to ¥8.1 billion, indicating ongoing short-term debt repayment pressure [15].

Group 1 - The core viewpoint of the article is that Jinjiang Hotels plans to launch an H-share issuance to enhance its global strategy and improve governance transparency, with funds aimed at expanding overseas operations, repaying bank loans, and supplementing working capital [1] - The planned H-share issuance will not exceed 15% of the total share capital post-issuance, with the final scale and ratio to be determined by the board of directors based on market conditions and regulatory approvals [1] - The company is in the early stages of this listing plan and will consider the interests of existing shareholders before proceeding within 24 months after shareholder approval [1] Group 2 - Jinjiang Hotels has entered a substantial phase of international expansion, particularly focusing on the Southeast Asian market, with plans to collaborate with Malaysian hotel management group RIYAZ to introduce five brands [2] - The company's overseas hotel operations have shown significant recovery, with RevPAR reaching 112.27% of 2019 levels in 2024, reflecting a 0.35% increase from 2023 [2] - In 2024, the company reported a decline in revenue from its overseas limited-service hotel business, with a revenue of €55.607 million, down 1.80% year-on-year, and a net loss of €5.689 million, which increased by €339,000 compared to the previous year [2] Group 3 - The company aims to optimize the capital structure of the French Louvre Group through the upcoming fundraising, which will also support cost control and financial optimization measures [3] - The Louvre Hotels Group operates several well-known brands, including Tulip Lodging, Kyriad, Campanile, and Golden Tulip, and has plans for further international brand expansion [3] - The trend of A-share companies pursuing H-share listings has been increasing, with several companies initiating H-share plans driven by internationalization strategies and financing efficiency [3]