"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 ...

Core Insights - Jin Jiang Hotels has established a strong growth engine through a diverse brand matrix, positioning itself as the largest hotel group in China and the second largest globally in terms of room count [1] Group 1: Brand Strategy - The brand layout of Jin Jiang Hotels covers the entire market spectrum from economy to high-end, with economy brands like Jin Jiang Inn and 7 Days catering to budget-conscious travelers [1] - Mid-range brands such as Vienna International and Lavande focus on enhancing quality and experience, targeting specific consumer groups with unique themes and services [1] - High-end brands like J and Kunlun offer luxurious facilities and exceptional service, appealing to high-end business and leisure travelers [1] Group 2: Operational Efficiency - The implementation of the "three-in-one" reform has led to the establishment of a "three-platform" support system, optimizing resource allocation across brands, membership, and supply chains [2] - As of the end of 2024, Jin Jiang Hotels has signed contracts for over 17,000 hotels, totaling 1.64 million rooms, with more than 200 million effective members [2] - The company has a widespread domestic presence with 13,416 operational hotels and has expanded its global footprint to 55 countries and regions through acquisitions [2] Group 3: Innovation and Financial Performance - Jin Jiang Hotels is pushing for brand innovation with the "12+3+1" strategy, aiming to create 12 brands with over 1,000 stores each by 2028 and develop three core mid-to-high-end brands [3] - In 2024, the company reported a revenue of 14.063 billion yuan, with domestic hotel business revenue at 9.565 billion yuan and overseas hotel business revenue at 4.256 billion yuan [3] - The proportion of mid-to-high-end hotels has increased, with 60.76% of its stores classified as mid-range or above by the end of 2024 [3] Group 4: Future Prospects - Jin Jiang Hotels has submitted an application for listing on the Hong Kong Stock Exchange, which, if successful, would make it the first hotel group in China to achieve a dual listing [3] - The funds raised from the listing will be used for overseas expansion, digital transformation, loan repayment, and working capital supplementation [3] - The company plans to leverage its brand matrix advantage to deepen its domestic market presence and increase investments in European and Asia-Pacific markets to enhance global competitiveness [3]

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 - Jinjiang International Group is preparing for an IPO on the Hong Kong Stock Exchange, aiming to leverage its extensive global presence while addressing significant losses in its overseas operations over the past five years, totaling over 2.3 billion yuan [2][7]. Group 1: Company Overview - Jinjiang International is the largest hotel group in China, with a diverse portfolio of brands including Jinjiang Inn, Lavande, and Vienna, catering to various market segments from budget to mid-range [2]. - The company has expanded its footprint to 55 countries, with a notable presence in France, where it operates 773 hotels, and nearly 400 additional locations across Europe, Asia, the Americas, and Africa [2]. Group 2: Financial Performance - In 2024, Jinjiang's overseas market revenue reached 4.256 billion yuan, accounting for 30.8% of total revenue, with a gross margin of 41.9%, significantly higher than the domestic market [6]. - Despite the high gross margin, the overseas operations have faced continuous losses, accumulating over 300 million euros (approximately 2.35 billion yuan) in losses over five years, primarily due to high operational costs in Europe [7][9]. Group 3: Business Strategy - Jinjiang's business model includes both heavy asset and light asset strategies, with a shift towards a light asset model starting in 2024, focusing on franchising rather than direct ownership [5][8]. - The company plans to utilize funds from its IPO to enhance overseas operations, optimize debt, and invest in digital systems, with 50% of the raised capital earmarked for upgrading overseas business and digital infrastructure [10]. Group 4: Challenges and Future Outlook - The company faces significant challenges in its European operations, including high operational costs and cultural integration issues following large-scale acquisitions, particularly with the Louvre Hotels Group [9][13]. - Jinjiang is now targeting Southeast Asia for expansion, adopting a light asset strategy in collaboration with local partners, aiming to capitalize on the region's growing middle class and tourism industry [12][13]. - The success of Jinjiang's expansion into Southeast Asia will depend on its ability to address past integration challenges and avoid resource dispersion across multiple brands [13][14].

Core Insights - The hotel industry is experiencing a strong recovery driven by robust domestic economic growth and favorable policies, with Jin Jiang Hotels emerging as a market leader capitalizing on these opportunities [1][2] - Increased consumer spending power and the implementation of visa-free policies have significantly boosted both domestic and inbound tourism, leading to a surge in hotel accommodation demand [1] - Jin Jiang Hotels has a diverse brand portfolio catering to various customer segments, enhancing its market appeal and occupancy rates [1] Company Overview - Jin Jiang Hotels has signed over 17,000 hotels, establishing a vast presence across major domestic cities and key international locations, which provides a competitive edge in resource integration and operational efficiency [2] - The company's ability to quickly adapt to market demands during peak seasons through internal resource allocation has resulted in higher overall occupancy rates [2] - Utilizing a large membership system and digital marketing strategies, Jin Jiang Hotels effectively attracts consumers with targeted promotions, further boosting occupancy and revenue [2] Future Outlook - Investor sentiment towards the hotel industry remains positive, with Jin Jiang Hotels positioned as a premium investment target due to its strong brand and scale advantages [2] - Continued economic development and tourism market growth in China are expected to provide Jin Jiang Hotels with ongoing opportunities for performance enhancement and market share expansion [2]

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].

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]