新开千余家门店，锦江酒店规模扩张难掩三大核心指标“滑坡”

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]