表决结果：同意 3 票，反对 0 票，弃权 0 票。 特此公告。 上海锦江国际酒店股份有限公司监事会 一、关于 2025 年第一季度报告的议案 表决结果：9 票同意、0 票反对、0 票弃权。 二、关于回购注销 2024 年限制性股票激励计划部分限制性股票的议案 根据《上市公司股权激励管理办法》及《上海锦江国际酒店股份有限公司 2024 年限制性股票激励计划（草案）》（以下简称"《2024 年限制性股票激励计划》"） 的相关规定，鉴于《2024 年限制性股票激励计划》第一个解除限售期公司层面业 绩考核不达标及部分首次授予激励对象离职或发生职务变更情形，同意回购并注 销首次授予激励对象已授予但尚未解除限售的 2,625,259 股限制性股票，回购资 金总额为 31,111,737.76 元。本次回购注销完成后，公司限制性股票激励计划将 按照法规要求继续执行。 证券代码：600754/900934 证券简称：锦江酒店/锦江B股 公告编号：2025-017 上海锦江国际酒店股份有限公司 第十届监事会第二十一次会议决议公告 本公司监事会及全体监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 ...

证券代码：600754/900934 证券简称：锦江酒店/锦江B股 公告编号：2025-015 上海锦江国际酒店股份有限公司 第十届董事会第三十九次会议决议公告 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。 上海锦江国际酒店股份有限公司（以下简称"公司"）于 2025 年 4 月 24 日 以电话、电子邮件和书面形式发出会议通知，2025 年 4 月 29 日以通讯方式召开第 十届董事会第三十九次会议，会议应参加表决董事 9 名，实际参加表决董事 9 名。 会议审议并通过了如下决议： 一、关于公司 2024 年度环境、社会与公司治理（ESG）报告的议案； 2024 年度 ESG 报告详见上海证券交易所网站（www.sse.com.cn）。 表决结果：9 票同意、0 票反对、0 票弃权。 二、关于 2025 年第一季度报告的议案 根据《上市公司股权激励管理办法》及《上海锦江国际酒店股份有限公司 2024 年限制性股票激励计划（草案）》（以下简称"《2024 年限制性股票激励计划》"） 的相关规定，鉴于《2024 年限制性股票激 ...

证券代码：600754/900934 证券简称：锦江酒店/锦江B股 公告编号：2025-016 一、本次激励计划已履行的相关程序及实施情况 1.2024年8月9日，公司召开第十届董事会第三十二次会议和第十届监事会第十 六次会议，审议通过了《关于<上海锦江国际酒店股份有限公司2024年限制性股票 激励计划（草案）>及其摘要的议案》、《关于<上海锦江国际酒店股份有限2024年 限制性股票激励计划实施考核办法>和<上海锦江国际酒店股份有限2024年限制性股 1 票激励计划实施管理办法>的议案》等议案。公司监事会对本激励计划的相关事项 进行核实并出具了相关核查意见。 上海锦江国际酒店股份有限公司 关于回购注销 2024 年限制性股票激励计划 部分限制性股票的公告 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： 本次回购激励对象已获授但尚未解除限售的限制性股票 2,625,259 股，涉及 人数 142 人，占公司回购前总股本的 0.25%；本次回购注销完成后，公司总股本将 减少至 1,067,418,804 股。 本次 ...

北京市金杜律师事务所上海分所 关于上海锦江国际酒店股份有限公司 2024 年限制性股票激励计划回购注销部分已授予限制性股票事项的 法律意见书 致：上海锦江国际酒店股份有限公司 北京市金杜律师事务所上海分所（以下简称本所）受上海锦江国际酒店股份有 限公司（以下简称公司或上市公司或锦江酒店）委托，作为公司 2024 年限制性股 票激励计划（以下简称本计划）的专项法律顾问，根据《中华人民共和国公司法》 （以下简称《公司法》）、《中华人民共和国证券法》（以下简称《证券法》）、《上市 公司股权激励管理办法》（2025 修正）（以下简称《管理办法》）1、国务院国有资产 监督管理委员会和财政部《国有控股上市公司（境内）实施股权激励试行办法》（以 下简称《试行办法》）等法律、行政法规、部门规章及规范性文件（以下简称法律 法规）和《上海锦江国际酒店股份有限公司章程》（以下简称《公司章程》）及《上 海锦江国际酒店股份有限公司 2024 年限制性股票激励计划（草案）》（以下简称《激 励计划（草案）》）的有关规定，就公司本次回购注销部分已授予限制性股票（以下 简称"本次回购注销"）所涉及的相关事宜出具本法律意见书。 为出具本法律意见 ...

Financial Performance - The company's operating revenue for Q1 2025 was ¥2,941,576,615.63, a decrease of 8.25% compared to ¥3,206,217,975.61 in the same period last year[4]. - Net profit attributable to shareholders was ¥36,012,056.27, down 81.03% from ¥189,885,897.98 year-on-year[4]. - The net cash flow from operating activities decreased by 40.84% to ¥602,813,184.39 from ¥1,018,979,657.96 in the previous year[4]. - Basic and diluted earnings per share were both ¥0.0337, reflecting an 81.01% decline from ¥0.1775 in the same period last year[4]. - The company reported a total revenue of RMB 294.16 million for Q1 2025, representing a decline of 8.25% year-over-year[13]. - The net profit attributable to shareholders for Q1 2025 was RMB 36.01 million, down 81.03% compared to the same period last year[13]. - The company reported a decrease in sales revenue from services, with cash received from sales of goods and services at approximately ¥3.22 billion, down 11.3% from ¥3.63 billion in Q1 2024[35]. - Total operating revenue for Q1 2025 was approximately ¥2.94 billion, a decrease of 8.25% from ¥3.21 billion in Q1 2024[32]. - Net profit for Q1 2025 was approximately ¥51.85 million, a significant decline of 79.6% compared to ¥254.57 million in Q1 2024[33]. - Total comprehensive income for Q1 2025 was approximately ¥92.22 million, down 66.1% from ¥272.32 million in Q1 2024[33]. Assets and Liabilities - Total assets at the end of the reporting period were ¥45,508,565,552.75, a decrease of 1.30% from ¥46,109,968,568.56 at the end of the previous year[5]. - As of March 31, 2025, the company's total current assets amounted to approximately CNY 11.45 billion, a decrease of 8.06% from CNY 12.46 billion on December 31, 2024[27]. - The company's cash and cash equivalents were CNY 8.11 billion, down from CNY 9.09 billion, reflecting a decline of 10.75%[27]. - The total liabilities of the company as of March 31, 2025, were CNY 29.73 billion, a decrease of 2.28% from CNY 30.43 billion at the end of 2024[29]. - The company's non-current assets totaled CNY 34.06 billion, an increase of 1.20% from CNY 33.65 billion at the end of 2024[28]. - The company's total equity as of March 31, 2025, was CNY 15.77 billion, an increase from CNY 15.68 billion at the end of 2024[29]. - The company's short-term borrowings increased to CNY 1.09 billion, up from CNY 950.81 million, reflecting a rise of 14.36%[29]. Hotel Operations - The hotel business generated consolidated revenue of RMB 288.82 million in Q1 2025, a decrease of 8.15% year-over-year[14]. - The company opened 226 new hotels and closed 129, resulting in a net increase of 97 hotels, totaling 13,513 hotels as of March 31, 2025[15]. - The total number of hotels in operation reached 12,348 as of March 31, 2025, an increase from 12,245 at the end of 2024[40]. - The average occupancy rate for full-service hotels was 42.52% in Q1 2025, compared to 41.91% in Q1 2024, showing an increase[20]. - The average occupancy rate for limited-service hotels in Q1 2025 is 53.34%, down from 60.66% in Q4 2024[44]. - The total number of signed limited-service hotels is 1,306 as of March 31, 2025, up from 1,302 as of December 31, 2024[44]. - The total number of rooms in signed limited-service hotels is 107,987 as of March 31, 2025, an increase from 107,815 as of December 31, 2024[44]. Cash Flow and Investments - The net cash flow from operating activities for Q1 2025 was RMB 602.81 million, down 40.84% year-over-year[13]. - Cash inflow from investment activities in Q1 2025 was approximately ¥389.40 million, compared to ¥43.78 million in Q1 2024[35]. - The company reported a net cash flow from investing activities of approximately ¥119.74 million, a significant improvement compared to a net outflow of ¥333.42 million in the previous period[36]. - The company experienced a net decrease in cash and cash equivalents of approximately ¥622.09 million, contrasting with an increase of ¥211.37 million in the previous period[36]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 67,340, including 47,378 A-share shareholders and 19,962 B-share shareholders[10]. - The largest shareholder, Shanghai Jinjiang Capital Co., Ltd., held 45.05% of the shares, totaling 482,007,225 shares[10]. - The controlling shareholder plans to increase its stake in the company by acquiring between 9 million and 18 million B shares within 12 months[22]. Strategic Developments - The company completed the acquisition of 100% equity in Lavande, Xana, and Coffetel, finalizing the buyout of minority shareholders and the cancellation of the remaining 5% equity[24]. - The company plans to continue expanding its hotel portfolio and enhancing its service offerings to improve overall performance in the upcoming quarters[36].

| 关于本报告 | 02 | | --- | --- | | 董事长致辞 | 03 | | 走进锦江酒店 | 04 | | 共赴锦程 ESG 蓝图 | 08 | | --- | --- | | ESG 战略及路径 | 09 | | ESG 管治架构 | 10 | | ESG 意识提升 | 12 | | 利益相关方沟通 | 13 | | 双重重要性调研评估结果 | 14 | | 2024 年 ESG 核心亮点 | 16 | | 附录 | 100 | | --- | --- | | 附录一：ESG 绩效表 | 100 | | 附录二：指标索引表 | 106 | | 推行绿色建造 | 20 | | --- | --- | | 践行绿色经营 | 23 | | 创新绿色服务 | 38 | 01 锦色 - 绿色礼遇 02 锦心 - 人本关怀 03 锦诚 - 责任治理 | 助力员工发展 | | --- | | 聚力伙伴权益 | | 致力社会公益 | | 坚守尽责治理 | 80 | | --- | --- | | 保障合法合规 | 86 | | 规范企业行为 | 96 | 目录 CONTENTS 41 55 73 关于本报告 ...

Core Viewpoint - The overall performance of the company is negatively impacted by the downturn in industry prosperity, with limited improvements in direct operations and overseas loss reduction, indicating significant room for future enhancement [1] Financial Performance Summary - The company's performance fell short of expectations, with a downward revision of EPS for 2025/26 to 0.99/1.19 yuan (-0.28/-0.27) and a new EPS forecast of 1.42 yuan for 2027, leading to net profits of 9.61/11.74/14.16 billion yuan for 2025/26/27 [2] - For the full year 2024, revenue was 14.063 billion yuan, down 4.0%, and net profit attributable to shareholders was 911 million yuan, down 9.06% [2] - In Q4 2024, revenue was 3.273 billion yuan, down 8.51%, with a net loss of 195 million yuan compared to a profit of 26.73 million yuan in Q4 2023 [2] Loss Expansion Analysis - The expansion of losses is primarily due to a decrease in operating profit of 37 million yuan in the domestic limited-service hotel segment and a net loss of 437 million yuan in overseas operations, compared to a loss of 409 million yuan in 2023 [3] - Revenue from direct operations decreased by 18%, mainly due to a reduction in the number of stores, while the total franchise fees from domestic and overseas businesses fell by 19% [3] - The revenue growth rate from booking channel fees declined by 11.4% [3] Efficiency Improvement Potential - The company has several avenues for efficiency improvement, including reducing losses in direct operations, increasing the proportion of CRS, and improving capital structure [3] - In 2024, the company closed 63 direct stores, contributing to loss reduction, but overall losses expanded due to a decline in RevPAR driven by industry downturn [3] - The company confirmed a credit impairment of 130 million yuan for 2024, with 117 million yuan recognized in Q4, primarily related to accounts receivable impairment [3] - The company projects revenue for 2025 to be between 14.3 billion and 15 billion yuan, with a growth rate of 2-7%, and plans to open 1,300 new stores and sign 2,000 new contracts [3]

Investment Rating - The investment rating for the company is "Buy" with an expected return exceeding 10% relative to the CSI 300 index over the next six months [12]. Core Views - The company reported a revenue of 14.063 billion yuan in 2024, a decrease of 4.00% year-on-year, and a net profit attributable to shareholders of 911 million yuan, down 9.06% year-on-year. The adjusted net profit after excluding non-recurring items was 539 million yuan, a decline of 30.32% [1][10]. - The company experienced a decline in performance due to weak market demand and rising cost pressures, particularly in Q4 2024, where revenue fell to 3.273 billion yuan, a year-on-year decrease of 11.24% [1][10]. - The company is focusing on expanding its brand matrix and accelerating its asset-light franchise model, with plans to open 1,300 new hotels and sign 2,000 new contracts in 2025 [9][10]. Financial Performance Summary - In 2024, the company achieved a gross margin of 39.52%, down 2.47 percentage points year-on-year, and a net margin of 8.14%, down 0.58 percentage points year-on-year [1][10]. - The company’s total assets were reported at 46.109 billion yuan, with a debt-to-asset ratio of 65.99% [3][11]. - The company’s earnings per share (EPS) for 2025 is projected to be 1.06 yuan, with net profits expected to reach 1.133 billion yuan, reflecting a growth of 24.36% [10][11]. Business Strategy and Outlook - The company is enhancing its digital platform, WeHotel, which has reached 205 million effective members, and is integrating various digital channels to improve operational efficiency [9][10]. - The overseas business is undergoing restructuring, with a focus on transitioning to an asset-light model, which is expected to drive profitability in the long term [9][10]. - The company aims to optimize its brand structure and expand its franchise operations, which is anticipated to improve operational leverage and scale advantages [9][10].

Investment Rating - The investment rating for the company is "Buy" with an expected return exceeding 10% relative to the CSI 300 index over the next six months [12]. Core Views - The company reported a revenue of 14.063 billion yuan in 2024, a decrease of 4.00% year-on-year, and a net profit attributable to shareholders of 911 million yuan, down 9.06% year-on-year. The adjusted net profit after excluding non-recurring items was 539 million yuan, a decline of 30.32% year-on-year [1][10]. - The company experienced a decline in performance due to weak market demand and rising cost pressures, with a gross margin of 39.52%, down 2.47 percentage points year-on-year, and a net margin of 8.14%, down 0.58 percentage points year-on-year [1][10]. - The company plans to open 1,300 new hotels and sign 2,000 new contracts in 2025, aiming to enhance its brand structure and operational efficiency [9][10]. Summary by Sections Financial Performance - In Q4 2024, the company achieved a revenue of 3.273 billion yuan, a year-on-year decrease of 11.24%, and a net profit of -195 million yuan, marking a shift to negative profitability [1][10]. - The annual revenue for 2024 was 14.063 billion yuan, with a year-on-year growth rate of -4.00%, while the net profit attributable to shareholders was 911 million yuan, reflecting a decline of 9.06% [10]. Business Segments - The hotel room business generated a revenue of 5.517 billion yuan in 2024, down 10.94% year-on-year. Other segments, including continuous franchise and labor dispatch services, saw varied performance with revenues of 4.797 billion yuan (+2.46%) and 999 million yuan (+2.68%) respectively [10]. - The company added 968 hotels in 2024, with a focus on expanding its asset-light franchise model, resulting in a total of 13,416 hotels and 1.291 million rooms by the end of 2024 [9][10]. Digital Transformation - The company has enhanced its digital platform, WeHotel, which reached 205 million effective members by the end of 2024, integrating various customer engagement channels [9][10]. - The GPP global procurement platform aims to standardize operations and reduce costs across hotel lifecycle management [9][10]. Future Outlook - The company anticipates a recovery in performance driven by the ongoing recovery in the cultural and tourism market, operational adjustments, and improvements in overseas business [9][10]. - Forecasts for net profit attributable to shareholders are 1.133 billion yuan, 1.389 billion yuan, and 1.668 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 1.06 yuan, 1.30 yuan, and 1.56 yuan [10].