Core Viewpoint - Jinjiang Hotels reported a decline in revenue and net profit for 2024, with total revenue at 14.063 billion yuan, down 4.00% year-on-year, and net profit at 911 million yuan, down 9.06% year-on-year [2] Financial Performance - The company experienced a significant drop in non-recurring net profit, which fell by 30.32% to 539 million yuan, attributed to the high base from 2023 and increased credit impairment losses [2] - In Q4 2024, the company recorded a non-recurring net profit of -99.29 million yuan, a decrease of 253.21% year-on-year [3][5] - The overall average RevPAR for limited-service hotels in 2024 was 100.13% of 2019 levels, with a year-on-year decline of 5.78% [5][7] Business Segmentation - The performance of Jinjiang Hotels showed a stark contrast between its business segments: limited-service hotels faced pressure with a RevPAR decline of 5.78%, while high-end hotels saw a revenue increase of 49.57% and net profit growth of 163.1% [2][10] - The limited-service hotel segment generated a revenue of 9.326 billion yuan in 2024, down 6.22% year-on-year, while the net profit for this segment was 1.204 billion yuan, up 3.33% [6][10] International Operations - The overseas limited-service hotel business generated revenue of 5.6 billion euros (approximately 4.26 billion yuan) in 2024, a slight decrease of 1.8%, with a net loss of 56.89 million euros, widening by 3.39 million euros year-on-year [11] - The Laville Group, a key part of Jinjiang's overseas operations, reported a revenue of 5.56 billion euros in 2024 but remained in a loss position with a net loss of 10.79 million euros [12] Strategic Developments - Jinjiang Hotels is expanding its presence in Southeast Asia, with plans to develop projects in Malaysia, Indonesia, Vietnam, Laos, Cambodia, and the Philippines [12] - The company announced a cash dividend of 3.80 yuan per share, totaling 533 million yuan for 2024, which represents 58.54% of the annual net profit [12]

Core Viewpoint - Shanghai Jin Jiang International Hotel Co., Ltd. reported a significant decline in both revenue and net profit for the year 2024, indicating a challenging operational environment for the company [1][2][3]. Financial Performance - The company experienced a 4% year-on-year decrease in revenue, totaling 14.063 billion yuan, and a 9.06% decline in net profit, amounting to 911 million yuan [2][3]. - The average room rate for domestic limited-service hotels fell by 11.19 yuan to 240.67 yuan, while the occupancy rate decreased by 0.93 percentage points to 65.43% [2][3]. - The overseas operations, particularly the Louvre Group, reported a net loss of 10.79 million euros, with the limited-service chain hotel business suffering an expanded net loss of 56.89 million euros [2][3]. Business Operations - The company opened 1,515 new hotels in 2024, bringing the total to over 17,300 hotels, but faced challenges in its core limited-service hotel segment [2][4]. - The decline in revenue and net profit was attributed to decreased performance in domestic limited-service hotels and the impact of asset disposals [2][3]. Strategic Initiatives - In response to performance pressures, the company is optimizing its brand matrix and has restructured its organizational framework from "7 major centers and 37 departments" to "13 departments and 2 business units" [4]. - The company introduced a "12+3+1" brand strategy, aiming to cultivate three core mid-to-high-end brands by 2028 and expand into the vacation segment [4]. - Plans for 2025 include opening 1,300 new hotels and signing 2,000 new contracts, alongside exploring the long-term apartment sector to create new growth opportunities [4].

Group 1 - The core issue raised by investors is the continuous decline in the stock price of Jinjiang Hotels (600754.SH) over the past two years, leading to questions about undisclosed negative factors affecting the company [1] - Jinjiang Hotels responded that the stock price fluctuations are influenced by multiple factors, asserting that the company's operations are normal and there are no undisclosed significant issues [1] - As of April 15, the stock price of Jinjiang Hotels fell by 0.85% to 25.81 CNY per share, representing a decline of over 60% from its historical high of 66.21 CNY per share two years ago, with a total market value of 25.3 billion CNY [1] Group 2 - The 2024 financial report indicates that Jinjiang Hotels is facing a decline in both revenue and net profit, with revenue at 14.063 billion CNY, down 4% year-on-year, and net profit attributable to shareholders at 911 million CNY, down 9.06% year-on-year [3] - In the fourth quarter of 2024, Jinjiang Hotels reported a net profit loss of 195 million CNY [3] Group 3 - Despite the financial and stock price pressures, Jinjiang Hotels maintains an optimistic outlook for 2025, planning to open 1,300 new hotels and sign contracts for 2,000 hotels [4] - The company expects total revenue for 2025 to reach between 14.3 billion and 15 billion CNY, representing a year-on-year growth of 2% to 7%, with a projected revenue increase of 5% to 10% from its mainland China operations [4]

Core Insights - The domestic hotel market in China is experiencing rapid growth, with the total number of hotels expected to exceed 370,000 by December 31, 2024, marking a net increase of nearly 30,000 hotels [2] - Major hotel groups such as Jinjiang, Huazhu, and Atour have significantly expanded their hotel numbers, but this has led to oversupply and intense competition in the market [2][5] - Jinjiang Hotel, despite being the largest chain, reported a decline in both revenue and net profit in 2024, facing challenges in profitability due to increased competition and market saturation [2][3] Company Performance - Jinjiang Hotel opened 1,515 new hotels in 2024, bringing its total to over 13,000, yet it faced a revenue drop of 4% to 14.063 billion yuan and a net profit decline of 9.06% to 911 million yuan [2][3] - The company's limited-service hotel segment saw a revenue decrease of 4.62%, with domestic revenue dropping by 6.22% [3] - The average daily room rate (ADR) for Jinjiang's limited-service hotels fell to 240.67 yuan, a decrease of 11.19 yuan, while the occupancy rate dropped to 65.43% [7][8] Market Dynamics - The hotel industry is undergoing a price war due to oversupply, with many hotels lowering prices to attract customers, which has negatively impacted revenue per available room (RevPAR) [7] - Jinjiang's RevPAR for its limited-service hotels was reported at 157.47 yuan, down 5.78% year-on-year [7] - The overall performance of Jinjiang's overseas hotel business was also disappointing, with a net loss of 56.89 million euros, reflecting challenges in international operations [4] Future Outlook - Despite current challenges, Jinjiang plans to continue expanding, with a target of opening 1,300 new hotels and signing 2,000 new contracts in 2025 [10] - The company aims to enhance its market share and maintain its competitive edge in the rapidly growing limited-service hotel sector, particularly in second and third-tier cities [10]

上海锦江国际酒店股份有限公司 关于为全资子公司海路投资提供担保的公告 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： 被担保人名称：本公司全资子公司 Sailing Investment Co, S.à r.l. （卢森堡海路投资有限公司，以下简称"海路投资"） 证券代码：600754/900934 证券简称：锦江酒店/锦江B股 公告编号：2025-014 二、被担保人的基本情况 本次担保金额：8,000 万欧元，截至本公告日，公司为海路投资担保的余 额为 80,480 万欧元。 特别风险提示：海路投资存在资产负债率超过 70%的情形，请投资者注意 投资风险。 一、担保情况概述 于 2025 年 4 月 11 日，上海锦江国际酒店股份有限公司（以下简称"锦江酒 店"、"本公司"或"公司"）与中国银行股份有限公司上海市分行（以下简称 "中国银行"）就海路投资申请 8,000 万欧元流动资金借款合同签署《保证合同》。 上述担保事项已经公司第十届董事会第二十七次会议、2023年年度股东大会 审议通过。股东大会批准并授 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company's performance in 2024 was below expectations, with total revenue of 14.063 billion yuan, a decrease of 4.0% year-on-year, and a net profit attributable to shareholders of 911 million yuan, down 9.1% year-on-year [7] - The company is focusing on optimizing its brand structure and enhancing product quality to maintain its leading position in the industry, with a plan to open 1,515 new hotels in 2024, representing a 7.7% increase [7] - The report highlights a strategic shift towards developing 12 mature brands and nurturing 3 core mid-to-high-end brands by 2028, alongside supporting a vacation industry cluster [7] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 14.101 billion yuan, with a slight increase of 0.3% year-on-year, and net profit attributable to shareholders is projected to be 1.186 billion yuan, reflecting a growth of 30.2% [6] - The company's gross profit margin is expected to be 41.6% in 2025, with a return on equity (ROE) of 7.3% [6] - The earnings per share (EPS) is projected to be 1.11 yuan for 2025, with a price-to-earnings (PE) ratio of 24 [6]

Investment Rating - The report maintains a "Buy" rating for the company [2][9]. Core Views - In 2024, the company achieved total revenue of 14.063 billion, a year-on-year decrease of 4%, and a net profit attributable to shareholders of 911 million, down 9.06% year-on-year. The non-recurring net profit attributable to shareholders was 539 million, a decline of 30.32% year-on-year. Looking ahead, the company plans to continue a high opening rate, expecting to add 1,300 new hotels in 2025 and sign 2,000 new contracts [2][6]. - The company’s domestic hotel operations are under pressure, with a significant drop in RevPAR for limited-service hotels, particularly in the mid-range segment, which fell by 8.33% year-on-year. In contrast, overseas limited-service hotels saw a slight increase in RevPAR by 0.36% [11][12]. - The company’s gross margin decreased by 2.47 percentage points to 39.52%, while the expense ratio improved slightly, leading to a net profit margin decline of only 0.58 percentage points to 8.14% [11][12]. Summary by Sections Financial Performance - In Q4 2024, the company reported revenue of 3.273 billion, a year-on-year decline of 11.24%, and a net loss of 195 million, marking a shift to loss compared to the previous year [6]. - For the full year 2024, total revenue was 14.063 billion, with a net profit of 911 million and a non-recurring net profit of 539 million, reflecting significant declines [6][11]. Future Outlook - The company anticipates adding 1,300 new hotels and signing 2,000 new contracts in 2025, with organizational adjustments expected to enhance management efficiency [2][11]. - The company is focused on a "12+3+1" brand development strategy and aims to strengthen its three platforms: global hotel internet, global procurement, and global shared services [11][12]. Market Position - The company’s mid-range hotel segment has seen a notable increase in market share, with mid-range hotels now accounting for 60.13% of total hotels, up 1.94 percentage points year-on-year [11][12]. - The overall hotel market is experiencing increased competition due to a rise in new openings, which may impact the company's performance [11].

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company faced performance pressure in 2024, with a revenue of 14.06 billion yuan, down 4.0% year-on-year, and a net profit of 911 million yuan, down 9.1% year-on-year. The fourth quarter of 2024 saw a revenue of 3.273 billion yuan, down 8.5% year-on-year, and a net loss of 195 million yuan [3][4] - The company exceeded its hotel opening target in 2024, opening 1,515 new hotels against a target of 1,200, and plans to accelerate openings in 2025 with a target of 1,300 new hotels [7] Summary by Sections Revenue Performance - In 2024, the company's total revenue was 14.06 billion yuan, a decrease of 4.0% year-on-year. The net profit attributable to the parent company was 911 million yuan, down 9.1% year-on-year. The fourth quarter revenue was 3.273 billion yuan, down 8.5% year-on-year, with a net loss of 195 million yuan [3][4] Hotel Operations - The company's domestic full-service hotels generated revenue of 238 million yuan in 2024, an increase of 49.6% year-on-year, driven by store expansion. The RevPAR for these hotels was 252.91 yuan, down 10.8% year-on-year. The limited-service hotels generated revenue of 9.33 billion yuan, down 6.2% year-on-year, impacting overall revenue [4][5] Profitability and Cost Control - The company's gross margin for 2024 was 39.5%, down 2.5 percentage points year-on-year, primarily due to a decline in the gross margin of limited-service hotels. The company maintained strict cost control, with a period expense ratio of 31.2% for 2024, down 0.3 percentage points year-on-year [6] Future Outlook - The company expects to achieve a revenue of 14.3 to 15 billion yuan in 2025, representing a growth of 2% to 7% year-on-year, with a projected net profit of 1.187 billion yuan for 2025. The EPS for 2025 is estimated at 1.11 yuan, with a corresponding PE ratio of 22 times [7][9]

文｜趣解商业 4月1日，国内规模最大的连锁酒店集团——锦江酒店，交出了一份令外界意外的成绩单，2024年，其营业收入和归属于上市 公司股东的净利润双降。 财报显示，2024年，锦江酒店实现营业收入140.63亿元，归属于上市公司股东的净利润9.11亿元，分别同比下滑4%和 9.06%。 从业绩来看，"全服务型酒店营运及管理业务"表现不错，报告期内实现收入2.38亿元，同比增长49.57%；营业利润同比增长 163.1%至3037万元。 不过尽管如此，由于"全服务型酒店营运及管理业务"不是主要业务，"有限服务型酒店营运及管理业务"才是决定锦江酒店业 绩的主要因素。 截至2024年底，锦江酒店有有限服务型酒店13332家，占比99.37%。全服务型酒店84家，占比仅为0.63%。2024年，有限服 务型酒店业务实现营业收入135.83亿元，同比下降4.62%。 图片来源：财报 | 丰要会计数据 | 2024年 | 2023年 | 本期出上年 同期增减(%) | 2022年 | | | --- | --- | --- | --- | --- | --- | | | | | | 调整后 | 调整前 | | 营业收入 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [6][16]. Core Views - The company is facing short-term operational pressure, with a projected revenue of 14.063 billion yuan in 2024, a decrease of 4.00%, and a net profit of 911 million yuan, down 9.06% [10][16]. - The company has exceeded its store opening target for 2024, opening 1,515 new stores and closing 519, resulting in a net increase of 968 stores, maintaining its position as the largest domestic hotel chain [12][16]. - The company plans to open 1,300 new stores and sign 2,000 contracts in 2025, with expected revenue growth of 2%-7% [15][16]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 14.063 billion yuan, a decline of 4.00%, and a net profit of 911 million yuan, down 9.06% [10][16]. - The fourth quarter of 2024 saw a revenue of 3.273 billion yuan, a decrease of 8.51%, and a net loss of 195 million yuan [10][16]. - The company achieved a cumulative dividend payout ratio of 58.54% for the year, an increase of 5.13 percentage points year-on-year [10][16]. Operational Highlights - The company opened 1,515 new hotels in 2024, surpassing its initial target of 1,200, ending the year with 13,416 operational hotels [12][16]. - The domestic RevPAR (Revenue per Available Room) for limited-service hotels decreased by 5.78% year-on-year, with a smaller decline of 4.93% in Q4 compared to Q3 [12][16]. Future Outlook - For 2025, the company aims to open 1,300 new hotels and sign 2,000 contracts, with domestic hotel revenue expected to grow by 5%-10% [15][16]. - The company is in a gradual integration phase, with expectations for improved performance driven by policy support and operational enhancements [15][16].