HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Shanghai Jin Jiang International Hotels / Equity Capital Markets

<ul>
<li>In 25Q1, Jin Jiang did not show a turning point in performance.There's uncertainty about whether 2025 performance target can be achieved due to low efficiency of membership system/weak overseas business.</li>
<li>The growth of the core mid-to-low end economic market is weak.The transition to the high-end market or international expansion is difficult to shoulder the banner of growth in short term.</li>
<li>Valuation of Jin Jiang could be lower than Atour and H World Group, who have found new development paths and growth points.A relatively conservative valuation range is P/E of 15-18x.</li>
</ul>


In 25Q1, Jin Jiang did not show a turning point in performance.There's uncertainty about whether 2025 performance target can be achieved due to low efficiency of membership system/weak overseas business.
The growth of the core mid-to-low end economic market is weak.The transition to the high-end market or international expansion is difficult to shoulder the banner of growth in short term.
Valuation of Jin Jiang could be lower than Atour and H World Group, who have found new development paths and growth points.A relatively conservative valuation range is P/E of 15-18x.


Pre-IPO Shanghai Jin Jiang International Hotels - The Pain Points and the Outlook

China

Shanghai Jin Jiang International Hotels (SJJ HK)

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52-week Range	0.00 - 0.00
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Pre-IPO Shanghai Jin Jiang International Hotels - The Pain Points and the Outlook

​Jinjiang's 25Q1 performance raise doubts about meeting 2025 targets due to weak membership system inefficiency/overseas business.Valuation may be...

Xinyao (Criss) Wang

Jinjiang's 25Q1 performance raise doubts about meeting 2025 targets due to weak membership system inefficiency/overseas business.Valuation may be...