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Staff · 编辑部 · Official
【行业观察】有出处简报（公开报道口径，非站方审计）/ News commentary with sources (public-report framing — not an audit by this forum)
澎湃新闻（2026-10-30）：锦江酒店（600754.SH）发布 2026 年第三季度相关经营与财务口径——第三季度营收约 38.78 亿元，同比 +4.39%；归母净利润约 5.1 亿元，同比 +35.88%；扣非归母净利约 4.89 亿元，同比 +13.43%。前三季度营收约 106.79 亿元（+4.27%），归母净利约 10.55 亿元（+41.43%）。境内经营：全服务 RevPAR 264.46，同比 -7.5%；有限服务 RevPAR 167.13，同比 -2.23%（其中中端 179.06 -3.34%；经济 120.70 -0.93%）。全服务 ADR 473.26（-3.28%）、OCC 55.88%（-2.55 个百分点）；有限服务 ADR 239.44（-2.27%）、OCC 69.80%（+0.03 个百分点）。结构亮点：境内有限服务直营 Q3 RevPAR 164.89，同比 +9.06%（前三季度直营 +10.15%）；重改加盟店 Q3 RevPAR 同比 +14.9%；前三季度完成 500+ 家加盟梯度改造。中高端签约占比同比 +6.8 个百分点；丽芮 Q3 RevPAR +10%。会员约 2.37 亿；Q3 会员贡献率 76.98%；线上直销占比 43.67%，同比提升逾 12 个百分点。开业：Q3 新开 360 / 退出 188 / 净增 172；期末开业 14,576 家、约 140.6 万间。以上均为公开报道数字与公司表述，阅读时请与交易所正式公告对照。
Per The Paper (2026-10-30): Jin Jiang Hotels (600754.SH) 2026 Q3 framing — Q3 revenue ~¥3.878bn (+4.39% YoY); attributable net ~¥510m (+35.88%); non-GAAP attributable ~¥489m (+13.43%). 9M revenue ~¥10.679bn (+4.27%); 9M net ~¥1.055bn (+41.43%). Domestic ops: full-service RevPAR 264.46 (-7.5%); limited-service RevPAR 167.13 (-2.23%) (midscale 179.06 -3.34%; economy 120.70 -0.93%). Full-service ADR 473.26 (-3.28%), OCC 55.88% (-2.55 pct); limited-service ADR 239.44 (-2.27%), OCC 69.80% (+0.03 pct). Mix highlights: domestic limited-service owned Q3 RevPAR 164.89 (+9.06%; 9M owned +10.15%); renovated franchise Q3 RevPAR +14.9% YoY; 500+ franchise gradient renos in 9M. Mid/upscale signing mix +6.8 pct YoY; Radical Q3 RevPAR +10%. Members ~237m; Q3 member contribution 76.98%; online direct mix 43.67% (+12+ pct YoY). Openings: Q3 +360 / -188 / net +172; period-end 14,576 hotels / ~1.406m rooms. All figures above are public-report / company wording — cross-check against exchange filings.
编辑部解读（单店可读法，不夸大）/ Editorial read (single-hotel lens; no hype)
1. 整体有限服务 RevPAR 微负（-2.23%）与直营 +9.06%、重改加盟 +14.9% 可并存：业主先拆「存量改造 vs 未改造加盟」两栏，勿把集团均值直接当成本店目标。
Soft aggregate limited-service RevPAR (-2.23%) can coexist with owned +9.06% and reno franchise +14.9% — owners should split renovated stock vs unrenovated franchise first; do not copy the group mean into same-store targets.
2. 归母净利大增（Q3 +35.88% / 9M +41.43%）勿直接抄成单店 RevPAR 目标：利润故事可能含结构、费率与改造节奏，周会表仍应以本店扣佣后净 ADR 为准。
Sharp attributable-net growth (Q3 +35.88% / 9M +41.43%) is not a same-store RevPAR target — profit may embed mix, fees, and reno pacing; standup still starts from after-commission net ADR.
3. 直销/会员占比提升（线上直销 43.67%、会员贡献 76.98%）时，先做渠道净 ADR 表：账面 ADR、扣佣净 ADR、关停候选 OTA —— 避免「直销升了却净利没看见」。
When direct/member mix rises (online direct 43.67%, member contrib. 76.98%), build a channel-net ADR table first — printed ADR, after-commission ADR, candidate OTAs — so higher direct mix is not mistaken for higher net.
讨论问题 / Discussion prompts
1. 读到「有限服务整体 -2.23% 但直营/重改大幅正增长」时，你先问本店是否已改造，还是先问渠道净 ADR？上周实际摊开的是哪一张？
When you see 「limited-service -2.23% but owned/reno strongly up」, do you ask whether your site is renovated or ask channel-net ADR first — which table did you open last week?
2. 利润大增时，股权方若压本店跟集团 RevPAR，你用哪三列挡住（改造状态 / 扣佣净 ADR / 本地供给）？
When profit prints strong and partners push group RevPAR matching, which three columns block it (reno status / after-commission ADR / local supply)?
3. 会员与直销占比升时，你更敢先关一条低效 OTA，还是先守净 ADR 再动渠道？
When member/direct mix rises, do you close one weak OTA first or hold net ADR before touching channels?
出处 / Source: https://www.thepaper.cn/newsDetail_forward_34371353 （澎湃新闻；数字按原文写；公开报道口径，非站方审计）
— 国际酒店论坛编辑部 / IHForum Editorial (Official)
澎湃新闻（2026-10-30）：锦江酒店（600754.SH）发布 2026 年第三季度相关经营与财务口径——第三季度营收约 38.78 亿元，同比 +4.39%；归母净利润约 5.1 亿元，同比 +35.88%；扣非归母净利约 4.89 亿元，同比 +13.43%。前三季度营收约 106.79 亿元（+4.27%），归母净利约 10.55 亿元（+41.43%）。境内经营：全服务 RevPAR 264.46，同比 -7.5%；有限服务 RevPAR 167.13，同比 -2.23%（其中中端 179.06 -3.34%；经济 120.70 -0.93%）。全服务 ADR 473.26（-3.28%）、OCC 55.88%（-2.55 个百分点）；有限服务 ADR 239.44（-2.27%）、OCC 69.80%（+0.03 个百分点）。结构亮点：境内有限服务直营 Q3 RevPAR 164.89，同比 +9.06%（前三季度直营 +10.15%）；重改加盟店 Q3 RevPAR 同比 +14.9%；前三季度完成 500+ 家加盟梯度改造。中高端签约占比同比 +6.8 个百分点；丽芮 Q3 RevPAR +10%。会员约 2.37 亿；Q3 会员贡献率 76.98%；线上直销占比 43.67%，同比提升逾 12 个百分点。开业：Q3 新开 360 / 退出 188 / 净增 172；期末开业 14,576 家、约 140.6 万间。以上均为公开报道数字与公司表述，阅读时请与交易所正式公告对照。
Per The Paper (2026-10-30): Jin Jiang Hotels (600754.SH) 2026 Q3 framing — Q3 revenue ~¥3.878bn (+4.39% YoY); attributable net ~¥510m (+35.88%); non-GAAP attributable ~¥489m (+13.43%). 9M revenue ~¥10.679bn (+4.27%); 9M net ~¥1.055bn (+41.43%). Domestic ops: full-service RevPAR 264.46 (-7.5%); limited-service RevPAR 167.13 (-2.23%) (midscale 179.06 -3.34%; economy 120.70 -0.93%). Full-service ADR 473.26 (-3.28%), OCC 55.88% (-2.55 pct); limited-service ADR 239.44 (-2.27%), OCC 69.80% (+0.03 pct). Mix highlights: domestic limited-service owned Q3 RevPAR 164.89 (+9.06%; 9M owned +10.15%); renovated franchise Q3 RevPAR +14.9% YoY; 500+ franchise gradient renos in 9M. Mid/upscale signing mix +6.8 pct YoY; Radical Q3 RevPAR +10%. Members ~237m; Q3 member contribution 76.98%; online direct mix 43.67% (+12+ pct YoY). Openings: Q3 +360 / -188 / net +172; period-end 14,576 hotels / ~1.406m rooms. All figures above are public-report / company wording — cross-check against exchange filings.
编辑部解读（单店可读法，不夸大）/ Editorial read (single-hotel lens; no hype)
1. 整体有限服务 RevPAR 微负（-2.23%）与直营 +9.06%、重改加盟 +14.9% 可并存：业主先拆「存量改造 vs 未改造加盟」两栏，勿把集团均值直接当成本店目标。
Soft aggregate limited-service RevPAR (-2.23%) can coexist with owned +9.06% and reno franchise +14.9% — owners should split renovated stock vs unrenovated franchise first; do not copy the group mean into same-store targets.
2. 归母净利大增（Q3 +35.88% / 9M +41.43%）勿直接抄成单店 RevPAR 目标：利润故事可能含结构、费率与改造节奏，周会表仍应以本店扣佣后净 ADR 为准。
Sharp attributable-net growth (Q3 +35.88% / 9M +41.43%) is not a same-store RevPAR target — profit may embed mix, fees, and reno pacing; standup still starts from after-commission net ADR.
3. 直销/会员占比提升（线上直销 43.67%、会员贡献 76.98%）时，先做渠道净 ADR 表：账面 ADR、扣佣净 ADR、关停候选 OTA —— 避免「直销升了却净利没看见」。
When direct/member mix rises (online direct 43.67%, member contrib. 76.98%), build a channel-net ADR table first — printed ADR, after-commission ADR, candidate OTAs — so higher direct mix is not mistaken for higher net.
讨论问题 / Discussion prompts
1. 读到「有限服务整体 -2.23% 但直营/重改大幅正增长」时，你先问本店是否已改造，还是先问渠道净 ADR？上周实际摊开的是哪一张？
When you see 「limited-service -2.23% but owned/reno strongly up」, do you ask whether your site is renovated or ask channel-net ADR first — which table did you open last week?
2. 利润大增时，股权方若压本店跟集团 RevPAR，你用哪三列挡住（改造状态 / 扣佣净 ADR / 本地供给）？
When profit prints strong and partners push group RevPAR matching, which three columns block it (reno status / after-commission ADR / local supply)?
3. 会员与直销占比升时，你更敢先关一条低效 OTA，还是先守净 ADR 再动渠道？
When member/direct mix rises, do you close one weak OTA first or hold net ADR before touching channels?
出处 / Source: https://www.thepaper.cn/newsDetail_forward_34371353 （澎湃新闻；数字按原文写；公开报道口径，非站方审计）
— 国际酒店论坛编辑部 / IHForum Editorial (Official)
