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Public company info - Jinmao (China) Hotel Investments and Management Limited-SS , 06139.HK

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Jinmao (China) Hotel Investments and Management Limited-SS, 06139.HK - Company Profile
Chairman LI Congrui
Share Issued (share) 2,000,000,000
Par Currency Hong Kong Dollar
Par Value 5.0E-4
Industry Hotels & Resorts
Corporate Profile Business Summary: Jinmao Hotel is a fixed single investment trust with an initial focus on the hospitality industry in the PRC. Jinmao Hotel and the Group primarily own and invest in a portfolio of hotels. The Group also owns Jin Mao Tower, a mixed-use development. During the Review Period, the property portfolio of the Group comprises the following Properties, all of which are located in the PRC: Jin Mao Tower (including Grand Hyatt Shanghai and office, retail and tourist areas), The Westin Beijing Chaoyang, JW Marriott Hotel Shenzhen, The Ritz- Carlton Sanya, Yalong Bay, Hilton Sanya Yalong Bay Resort & Spa, Hyatt Regency Chongming, Renaissance Beijing Wangfujing Hotel, Lijiang Jinmao Hotel The Unbound Collection by Hyatt and Jinmao Purelax Mountain Hotel, Lijiang (formerly known as Grand Hyatt Lijiang ). Performance for the year: During the Review Period, the Group generated total revenue of RMB2,474 million. Our profit attributable to the Holders of Share Stapled Units amounted to RMB246 million and the basic earnings per Share Stapled Unit amounted to approximately RMB0.12. Excluding the fair value gains on investment properties, profit attributable to the Holders of Share Stapled Units amounted to RMB170 million. Business Review In 2019, affected by the external environment of decelerating global economic growth and rising protectionism, China’s economy eventually achieved a smooth conclusion, and the economy continued to operate within a reasonable range. However, under the complex situation of global economic downturn and increasing risks and challenges at home and abroad, China’s economy was still subject to uncertainties. Faced with such a social background, hoteliers’ judgment on the overall industry and market in 2019 was relatively negative. On the other side, the slowdown in the growth of the number of domestic tourists and income in 2019 also affected the conditions of the hospitality industry. The prosperity index of the hospitality industry has been falling to its lowest value since the second half of 2013. Throughout hotels nationwide, except for a few regions, performance fell across the board. In the background of a long-term steady growth in hotel supply but a decline in the growth of demand, the supply-demand imbalance has caused the decline in hotel occupancy and RevPAR. Among which, the imbalance between supply and demand of high-end hotels has further intensified, and it is expected that this sub-market will continue to be under pressure going forward. In the severe market environment, hotels of the Company kept abreast of market supply and demand dynamics and captured consumer trends, gaining insight into market opportunities and thus adopting more flexible strategies to face the crisis. Through strengthening customer demand analysis, business form innovation and sales and marketing expansion, the Company withstood downward market pressure and held fast to the bottom-line profits, achieving revenue of RMB1,767 million and EBITDA of RMB558 million. In terms of operation, the Company continuously improved its service standards, maintaining its leadership position in the regional market. At the same time, certain hotels leveraged innovative business models to drive improvement in performance. The differentiated family-themed restaurant transformed by Hilton Sanya Yalong Bay Resort & Spa, the featured astronomical theme created by Jinmao Purelax Mountain Hotel, Lijiang, and the All Day Dining restaurant renovated by Grand Hyatt Shanghai all received positive market response and showed significant improvement in terms of various performance data. In terms of commercial property leasing, given the domestic and foreign economic environment, corporate decentralization and other factors, leasing demand in the central business districts continued to weaken and a net outflow occurred. The vacancy rate in the Shanghai market in the fourth quarter of 2019 reached a new high since the financial crisis. Sluggish market demand and fierce external competition, coupled with large-scale rental withdrawal of small and medium-sized customers internally, have resulted in an extremely severe operating situation. Through flexible leasing strategies, in-depth internal potential tapping, active external cooperation, and maximum policy support gained, the leasing rate was pulled back up to as high as 92.7%, far exceeding the regional average. During the Review Period, the property leasing segment realized revenue of RMB481 million and EBITDA of RMB471 million. The Observation Deck on the 88th floor of Jin Mao Tower realized an operating revenue of RMB74 million. The operating revenue and the number of visitors reached a record high for the same period in the past 20 years since its opening (except for the World Expo year). Going against the trend, a growth in both group and individual visitors was achieved. At the same time, throughout the year, three ultra-high tourism consultancy projects were newly signed with respect to external consultation, establishing the absolute leadership position of “Jinmao Tourism” in the national ultra-high tourism industry. The innovative project “Jinmao Skywalk” realized independent and safe operation, and achieved excellent financial performance with an annual operating revenue of RMB4.9 million. In addition, it vigorously promoted cooperation with various brands, shooting reality shows for major satellite TV channels, achieving media promotion benefits of over RMB550 million at zero cost. While further intensifying its strategy of “balanced structure of asset-light and asset-heavy business with a combination of long-term and short-term investments”, the Company continued to gear towards the development arm of China Jinmao to give impetus to the headquarters strategising of the city operator. Going forward, with the hotel and apartment business as the core, the Company will fully integrate its asset-light business while expanding high-quality heavy assets and increasing effort on marketing coordination to build core competitiveness, thereby realizing transformation and upgrading. The Company successfully held the first Culture Week of Jinmao Hotel Sojourn and Brand Launch celebration in Jade Dragon Snow Mountain, Lijiang, Yunnan between 4 and 6 January 2019. The Company also officially launched its own Jinmao Hotel brand. Currently, the Company is steadily developing its asset-light business, and has successfully signed up multiple projects in a number of segments, including hotel, apartment, property and tourism. Jinmao Hotel Xi’an Central was opened early on 28 July, and Jinmao Boill e-Wisdom Valley Executive Apartment started business at the end of the year. Prospects: Looking ahead, China’s economy may maintain a steady and progressive momentum, though it will still be affected by the complex and changing external environment and uncertainties. The tourism and hospitality industries are undergoing market transformation, alongside profound changes in mass consumption concepts. While observing market disciplines and following the trends, the Company will enhance its products and make every effort to improve its performance. The Company will also carry out business innovation and explore new sources of profit. The COVID-2019 outbreak in January 2020 has produced a huge impact on the hospitality industry and the entire tourism industry. It is expected that the performance of the Group in the first half of 2020 will be negatively affected. Under this tough external environment, the Company will actively take measures to control the operating and labour costs of its affiliated hotels, paying attention to cash flow management to ensure stability in transition amid such difficult times. At the same time, the Company is integrating existing resources while actively adjusting the business plans to make full preparation for business recovery after the epidemic. In terms of hotel operations, the Company will continue to unleash its potential for profits through operation and management. Through space activation, operational innovation, technological update, marketing enhancement and other “floor efficiency”-driven measures, Jinmao Hotel will upgrade and optimise its management so as to maintain the Company’s good reputation in the industry while further improving its performance level. For commercial property leasing, the Company will continue to focus on the first principle of “Occupancy” in expanding its marketing efforts and customer acquisition capabilities, while maintaining close cooperation with existing high-quality resources, to ensure performance growth and breakthroughs. The Observation Deck on the 88th floor of Jin Mao Tower will also remain committed to efficient operation, IP cooperation and innovation, gradually upgrading tourism to the role of a leisure industry operator, and actively participating in and thus making greater contributions to the development and construction of China Jinmao as a city operator.

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