WeChat***Space Secret Detective" (ID: mespace007), author: Zheng Jiani.
Not long after the 40th anniversary celebration of Jinling Hotel, Jinling Hotel ushered in a new owner. The board of directors of the company unanimously agreed to elect Bi Jinbiao as the director of the seventh board of directors of Jinling Hotel Co., Ltd., and the former director Li Qian took the initiative to resign because of the job transfer, and she has stayed in this position for 9 years.
After nine years together, Jinling Hotel "changed its handsomeness".
On December 18, Jinling Hotel announced that the company's board of directors unanimously agreed to elect Bi Jinbiao as the chairman of the company's seventh board of directors. It is reported that the new chairman Bi Jinbiao will serve as the chairman of Nanjing Jinling Hotel Group in 2022.
On November 30, according to the announcement of Jinling Hotel, Li Qian, the former chairman of the board, submitted a written resignation report. Li Qian resigned as chairman and director of the company due to work transfer, and also resigned from the relevant positions of the special committee of the board of directors. After her resignation, Li Qian did not hold any other positions in the company and its holding subsidiaries, nor did she directly or indirectly hold shares in the company. On the same day, Jinling Hotel held the 21st meeting of the 7th board of directors and nominated Bi Jinbiao, Zhang Shengxin and Zhang Ping as candidates for directors (non-independent directors) of the 7th board of directors of the company. According to the 2022 annual report of Jinling Hotel, candidates Zhang Shengxin and Zhang Ping are the acting general manager and deputy general manager of Jinling Hotel, respectively.
Looking back on the personnel changes of Jinling Hotel in recent years, it is found that in 2020, a total of three senior executives of Jinling Hotel will leave, namely Hu Ming, the former director of the company, Chen Jianxun, the former deputy general manager of the company, and Wu Lihua, the former supervisor of the company. Among them, Hu Ming resigned due to work transfer;In February 2021, Mao Ning, an independent director of the company, resigned due to work transfer;In July of the same year, Jin Meicheng, director and general manager of the company, resigned as general manager due to work transfer, and said that before the appointment of a new general manager, Li Qian, chairman of Jinling Hotel, exercised the duties of general manager.
Coupled with the resignation of Li Qian, who has been with him for nine years, in recent years, the personnel transfer of Jinling Hotel has been slightly frequent.
In October 1983, the first Jinling Hotel opened, and it became famous at home and abroad as "the first large-scale international hotel operated and managed by the Chinese themselves", giving the world a platform to understand Nanjing and China, and also a window for Chinese people to understand the worldIn 1993, Jinling Hotel was awarded the title of "First Five-Star Hotel" in Jiangsu ProvinceIn 2002, the Sugar and Liquor Company and Jinling ** Company were established to form full synergy with the star-rated hotel businessIn 2007, Jinling Hotel Co., Ltd. was listed on the Shanghai Stock Exchange, becoming the first stock in the domestic hotel industry. After experiencing a period of chain development and full-speed expansion, it officially entered a turning point in development and entered a new stage in 2018.
In December 2018, Jinling Hotel announced that it had agreed to set up a new brand operation company, Jinling Cultural Tourism Hotel Management***, to inject the trustee management agreement of its 10 hotels. As an incubator for multi-brand and multi-mode development of hotel management, we will create new brand products and implement a multi-level brand system. It is reported that during this period, Jinling Liquor Management once became an economic brand in Jinyi Village, and was later sold. In terms of expansion, Jinling Cultural Tourism will be guided by asset-light operation, further enrich the product line of high-end and high-end hotels, and accelerate the pace of expansion of chain projects.
Since 2018, Jinling Hotel has gone through 40 extraordinary years, and in the product matrix, Jinling Hotel has 6 hotel brands, namely the main brand of Jinling Hotel and five sub-brands, including Jinling Jialong, Jinling Wenjing, Jinling Select, Jinling Landscape and Jinling Jiachen. Covering high-end business, mid-to-high-end leisure, conference and package customer groups;In terms of hotel scale, since 2017, the number of Jinling Hotel hotels has maintained a rapid growth rate. At present, it has covered 94 cities in 19 provinces in China. By the end of last year, the number of its chain hotels had reached 243In the hotel management business, the expansion mode is diversified, the path is clear, and it has ushered in the stage of accelerated development. It not only relies on the accumulation and brand effect of the catering field to cut into the prefabricated food track, but also builds a new growth curve. It also covers diversified collaborative businesses such as hotel materials**, property management, housing leasing, product research and development and sales.
In the magnificent scene of reform and innovation, Jinling Hotel acts as a witness and practitioner. Over the past 40 years, it has adhered to the "two-wheel drive" of brand operation and capital expansion, accelerated the development of large-scale chains, based on the new stage of development, and integrated into the new development pattern. Now, the change of director position of Jinling Hotel may also send a signal of self-innovation.
Behind the "resignation", what is the next game of chess
In the workplace, a new leader often means a new "change". As stated clearly at the extraordinary general meeting of shareholders of Jinling Hotel: "The adjustment of the board of directors is a strategic move of the company's board of directors to match and strengthen the board of directors, which will help the company focus on the main business of the hotel, focus on operation and innovation, and continue to create value for the listed company and all shareholders." ”
According to the announcement of Jinling Hotel, the former director Li Qian has been at the helm for nine years, and the reason for his resignation is job transfer, and his successor is the controlling shareholder of Jinling Hotel Group. In this regard, some people in the industry boldly speculated: "This is not a voluntary resignation, but an artificial operation of the upper organization." ”
According to public information, Li Qian, the former director of the company, was born in November 1975 and is now 48 years old, and has successively served as the chief staff member of the Jiangsu Provincial Audit Office, the deputy director of the Fixed Assets Investment Audit Office, the deputy director of the Enterprise Audit Office, and the assistant to the general manager of Nanjing Jinling Hotel Group Co., Ltd. In November 2014, 39-year-old Li Qian became the director of Jinling HotelIn July 2019, Li Qian, director of Jinling Hotel, performed the duties of general manager of the companyIn November 2023, due to work transfer, Li Qian applied for resignation as a director and director of the company, and also resigned from the relevant positions of the special committee of the board of directors.
So, who is Li Qian's successor, Bi Jinbiao?
According to the announcement, Bi Jinbiao was born in 1970, is 53 years old, and is currently the secretary and director of the Party Committee of Nanjing Jinling Hotel Group, and the secretary of the Party Committee and chairman of Jinling Hotel Co., Ltd. According to the third quarterly report, Jinling Hotel Group is the controlling shareholder of the company, with a shareholding ratio of 435%, and the actual controller is the State-owned Assets Supervision and Administration Commission of Jiangsu Province.
Prior to becoming a director of Jinling Hotel Group in December 2022, Bi Jinbiao worked for Huihong International Group as the deputy general manager and general manager of the audit and legal department, the deputy director of the supervision office, the general manager of the investment development department, the general manager of the investment management department and the general manager of the enterprise management departmentGeneral Manager, Member of the Party Committee and Director of Jiangsu Huihong International Group Zhongding Holding Co., Ltd.;Member of the Party Committee, Assistant to the President and Vice President of Jiangsu Huihong International Group Co., Ltd.;He is also the secretary of the Party Committee and director of Jiangsu Huihong International Group Zhongtian HoldingsJiangsu Huihong International Group Tongtai ** Co., Ltd. Party branch secretary, director and other positions.
It is not difficult to see that Bi Jinbiao's rich work experience has enabled him to have rich practical experience in corporate governance, state-owned enterprise reform, investment management, financial management, auditing and legal affairs, and risk control. It will help listed companies strengthen strategic decision-making, resource integration, investment and financing operations, and risk prevention and control. Now the controlling shareholder of the group is the "number one" of the listed company, that is, the big boss of the group is also the director of the listed company
It can be seen that in Li Qian's 9th year in charge of Jinling Hotel, the company has not had any major mistakes and abnormal operations, and the sudden reshuffle of the management board is that the Jiangsu SASAC may have a larger layout in the future, and a leader who understands capital operation better is needed to lead Jinling Hotel, and Bi Jinbiao may be a more suitable candidate.
Running wild and mediocre, Jinling Hotel's "side business" exceeds "main business".
In recent years, the development of Jinling Hotel has a distinctive feature, that is, the "side business" exceeds the "main business". Observing the Jinling Hotel in 2014 and 2023, although the operating income has more than doubled, the net profit growth rate is slow, and the Jinling Hotel is showing a "thin" trend in profit and stock price.
The "fat" of Jinling Hotel lies in the development of diversified expansion business. Space detectives observed that from 2004 to 2018, Jinling Hotel was in the stage of "developing business expansion". Up to now, Jinling Hotel has built a development pattern of three major business segments: hotel chain operation as the main core business, collaborative business supplemented by commodity ** and external expansion business supplemented by management output. In August 2018, due to capturing the broad development prospects of the prefabricated food industry, Jinling Hotel strode into the prefabricated food track. A wholly-owned subsidiary invested by Jinling Hotel, Jinling Food, appeared on the market. Not only that, the company has 7 wholly-owned and holding subsidiaries including Jinling Tourism Development, New Jinling Hotel, Jinling Hotel Management, Jinling, Jiangsu Sutang Sugar & Liquor, Jinling Huide Property Service, and 2 shareholding companies including Nanjing Jinling Real Estate Development, Zijin Property Insurance Co., Ltd., etc.
In this regard, the revenue of Jinling Hotel has increased to a greater extent. Taking its commodity ** business as an example, from 2016 to 2022, the proportion of revenue mainly from Sutang companies to total revenue was %. For a long time, commodities were one of the main incomes of Jinling Hotel. Taking 2022 as an example, the revenue of the hotel section of Jinling Hotel is less than 400 million yuan, while the revenue of the commercial sector (mainly Sutang Company) is close to 800 million yuan.
However, after Jinling began to expand its revenue channels in 2014, Jinling's overall revenue showed an upward trend, but its net profit was on a "mountain". According to the semi-annual report of Jinling Hotel, the operating income in the first half of this year was 88.7 billion yuan, 65.8 billion yuan, an increase of 34 percent year-on-year8%, net profit attributable to the parent company 3118110,000 yuan, 306 in the same period last year720,000 yuan, an increase of 916 year-on-year61%。In the first half of this year, the hotel's net profit was 5530730,000 yuan, compared with 1,591 in the same period last year270,000 yuan, an increase of 247 year-on-year56%。Although in the context of economic recovery, Jinling Hotel has made great progress in all aspects of business, and the net profit margin of Jinling Hotel in the first half of the year was only 624%, compared to 242% is a slight increase, but the recovery is not particularly fast.
Since the first half of last year was when the epidemic was strictly controlled, the revenue and profit in the first half of this year were compared with the same period in 2019. In the first half of 2019, revenue was 5600 million;The net profit attributable to the parent company was 36.14 million;The non-net profit attributable to the parent company was 31.27 million;In the first half of 2023, revenue will be 8800 million;The net profit attributable to the parent company was 31.18 million;The non-net profit attributable to the parent company was 18.91 million. Obviously, while Jinling Hotel's revenue has increased significantly, its profits have shown a downward trend, especially the sharp decline in non-net profit.
In addition to the slowdown in profit growth, the Jinling Hotel is also in a stage where the trend has slowed down. On April 21, 2022**, Jinling Hotel (601007) closed at 869 yuan, **1004%, down limit. As of December 30 last year, the share price of Jinling Hotel remained at a high level of 12$32 shares. Entering 2023, the share price of Jinling Hotel will remain around 10 yuan. According to the data, the Jinling Hotel has fallen to a minimum of 732 yuan shares, Jinling Hotel's share price is above 10 yuan, or on April 20 this year. As of December 19**, the total market value of Jinling Hotel was 33600 million yuan, and the stock price has accumulated **30 since the beginning of this year44%。
On the other hand, the stock price of about 10 yuan is not prominent in the industry, and the current trend shows that the profitability of Jinling Hotel needs to be strengthened.
Overall, although Jinling Hotel has reaped the results of expanding its "side business" for several years, due to the slowdown in profit growth and the restriction of stock price growth, revenue and profit are in a state of divergence.
Under the background of state-owned assets reform, Jinling Hotel conjectures next
With the implementation of the three-year action for the reform of state-owned enterprises, a new round of state-owned enterprise reform has entered the stage of "deepening actual combat". Entering 2023, the State-owned Assets Supervision and Administration Commission (SASAC) has clearly proposed to study and plan a new round of deepening the reform of state-owned enterprises, and to launch the value creation action of state-owned enterprises benchmarking against world-class enterprises. Among them, the implementation of KPI management is a document requirement for the hotel group to further implement the spirit of state-owned enterprise reform. In the context of deepening the national reform, the new commander of Jinling Hotel will take office, what changes will there be, and the space secret exploration will try to make the following conjectures.
Effectively help the main business
It is foreseeable that with the arrival of the new chairman, Jinling Hotel will have new ideas for future development, and the company is expected to usher in a new stage of development. Although Jinling Hotel has actively promoted the market-oriented reform of the incentive mechanism, and attaches importance to the investment and expansion of new businesses including prefabricated dishes and property management. However, it has been revealed that Bi Jinbiao will focus on the core hotel business, and the scale and growth rate are expected to reach a higher level.
According to the data, as the main body of Jinling Hotel's business segment, the proportion of hotel business is declining year by year compared with the revenue of previous years. According to the 2019-2022 annual report of Jinling Hotel, the proportion of its hotel service revenue to total revenue is. 19%。
In this regard, since the beginning of this year, Jinling Hotel has shown a positive state for the hotel project. For example, in March this year, Jinling Hotel Management Company signed a strategic cooperation agreement with Thomas Cook, a digital platform owned by Fosun Tourism. The two parties will provide customers with high-quality hotel and vacation products and services from the aspects of membership alliance, online platform booking, health and wellness. In June, according to the announcement of Jinling Hotel, in order to promote the implementation of the "multi-brand, multi-level, multi-mode" development strategy of the main hotel business, build a multi-brand model hotel, and expand and strengthen the main hotel business, Nanjing Jinling Hotel Management invested in the establishment of a subsidiary and leased the operation of the Nanjing Laodong project to build the "Nanjing Laodong Jinling Wenjing Hotel". In December, Jiangsu Haian Ruihai Jinling Hotel was officially opened. The hotel is invested and built by Jiangsu Ruihai Investment Holding Group and operated and managed by Jinling Hotel Management Company.
There is not only the achievement of strategic cooperation, but also the implementation of multiple hotel projects and the deepening of the asset-light strategy, and the establishment of subsidiaries. It can be seen that the development of Jinling Hotel's hotel business is improving. Returning to the personnel adjustment, it may mean that the integration and injection of hotel assets will become the next focus of the group.
Capital strengthens the ability of "hematopoiesis".
As the hotel industry puts forward higher requirements for operation management and asset management, the importance of capital operation is more prominent. With "capital thinking" as a tool and capital operation as the form, it can not only help the hotel to enhance its value and obtain more and greater benefits during the development period, preparation period and operation period, but also help the hotel to do a good job in asset exit planning in the later stage. According to industry insiders, the relevant person in charge of Jinling Hotel once said: "The company pays close attention to the merger and acquisition opportunities in the hotel industry, actively looks for high-quality investment projects and cooperation opportunities, and negotiates the acquisition of asset-light wine management companies with a certain brand effect and scale strength, so as to further enhance the concentration of the industry and the aggregation of resources, and realize the first-class asset." ”
For example, in September 2020, Jinling Hotel, Yuanshan Tourism, Tibetan Hongyi, Emerging Industry Investment Company and other units jointly established Jinling Cultural Tourism**. The ** is mainly engaged in the investment of hotel accommodation projects in the three regions, the investment and acquisition of hotel management companies, and the investment of related projects in the fields of cultural tourism. And successfully landed the "Jinling Jialong" and "Jinling Landscape" projects in Zhenjiang Heart Lake. In addition, Jinling Cultural Tourism has also quickly integrated into the Grand Canal industry in Jiangsu Province, and introduced funds into the hotel industry through the form of industry, forming a closed loop of fundraising, investment, management and withdrawal, and promoting the rapid development of Jinling brand. It is believed that with the arrival of the new commander, Jinling Hotel will focus on the best investment, which will further open up the track of capital operation, and the next step may be to solidly promote and strengthen the ability of capital operation.
Polishing the "Jinling" brand
Under the opportunity of deepening the national reform action, we will stimulate the new momentum of "strengthening the enterprise with talents". Taking the deepening of the reform of the talent system and mechanism as the starting point is the key to accelerating the deepening reform and transformation and development of state-owned enterprises in the new era. It is also the only way to accelerate the construction of a world-class enterprise with excellent products, outstanding brands, leading innovation, and benchmarking.
For example, in order to improve the quality, efficiency and efficiency of development, Jinling Hotel has formulated the "Talent Development Plan of the Group Company from 2020 to 2025" in order to polish the "Jinling" golden signboard more brightly. It not only builds a cultivation platform, but also increases the incentive for excellent management teams and core backbone talents, and improves the talent management mechanism such as "two-way" rotation and temporary posting. For example, we will continue to promote the flow of talents between the headquarters, member hotels, subsidiaries and Jinling Hotel. The succession of Bi Jinbiao, the "number one" of the group, may imply that Jinling Hotel will continue to deepen the strategy of strengthening the enterprise with talents. Talent is the core grasp of polishing the "Jinling" brand, the current multi-brand matrix of Jinling is still not loud enough, excellent hotel professional managers are still relatively scarce, this may be the core problem to be solved by the new handsome.