JINJIANG HOTELS(600754) 华夏时报·2025-04-16 14:18Core 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]