Shanghai Jinjiang Int'l Hotels (600754.SS) 2Q26 results inline Slower RevPar partly offset by higher CRS contribution.

Equity Research 4 September 2026 | 1:36PM HKT

Shanghai Jinjiang Int’l Hotels (600754.SS) 2Q26 results inline - Slower RevPar partly offset by higher CRS contribution.

600754.SS 12m Price Target: Rmb24.50 Price: Rmb19.08 Upside: 28.4% SELL Simon Cheung, CFA | Goldman Sachs (Asia) L.L.C.

Leah Pan | Goldman Sachs (Asia) L.L.C.

Jinjiang released its 1H26 results on Aug 28 and hosted a Zhaoheng Chen | conference on Sept 3. Headline net profit came in at Rmb545mn Goldman Sachs (Asia) L.L.C.

in 1H26 (vs. Rmb371mn in 1H25). Striping out one-off items, its core net profit came in at Rmb593mn tracking slightly ahead at Key Data _____________________________________ Market cap: Rmb20.3bn / $3.0bn 55% of our full-year forecast, helped by finance cost savings on Enterprise value: Rmb24.4bn / $3.6bn overseas debt repayment and lower taxation expenses. EBITDA 3m ADTV: Rmb249.4mn / $36.9mn China was inline -2% yoy to Rmb903mn after adjusting for lease Asia Leisure M&A Rank: 3 amortization expense, implying -1.2pts yoy margin slippage to Leases incl. in net debt & EV?: Yes 24.5% on +11% increase in SG&A expenses. Domestic revenue GS Forecast __________________________________ growth decelerated from +9% yoy in 1Q26 to +5% yoy in 2Q26, 12/25 12/26E 12/27E 12/28E Revenue (Rmb mn) New 13,810.8 14,185.3 14,321.3 14,799.8 driven by weaker-than-expected RevPar (-2% yoy vs. +4% yoy in Revenue (Rmb mn) Old 13,810.8 13,985.5 14,267.1 14,689.5

1Q26) on weaker travel demand amid airfare hike and unfavorable EBITDA (Rmb mn) EPS (Rmb) New 2,811.7 0.87 2,926.9 1.13 3,219.5 1.26 3,575.0 1.46 weather, partly made up by higher take rate of 9% in 1H26 (vs. 8.4% EPS (Rmb) Old P/E (X) in 1H25) for increased contribution from CRS booking. Its RevPar P/B (X) 1.6 1.2 1.2 1.1 trend underperformed its hotel peers (i.e., HTHT +1.3%, ATAT Dividend yield (%) 2.1 3.5 3.9 4.5 CROCI (%) +0.7%, BTG -1.0%). Outside of China, overseas hotel revenue remained largely flattish in EUR terms and dropped -2% in CNY 3/26 6/26 9/26E 12/26E EPS (Rmb) terms against CNY appreciation. Overall, group revenue grew +3% GS Factor Profile ______________________________ yoy in 2Q26 and +4% in 1H26 vs. full-year guidance of +1-2% Growth yoy. Financial Returns

As for hotel network expansion, gross hotel opening was steady Multiple qoq at 313 in 2Q26 (vs. 306 in 1Q26) adding up to 619 in 1H26, tracking inline with its full-year guidance of 1.2k which is much lower Integrated

than hotel operators of similar scale, i.e., HTHT 2.2-2.3k and BTG Percentile 20th 40th 60th 80th 100th

1.6-1.7k. Hotel closure dropped slightly to 169 (vs. 205 in 1Q26). 600754.SS relative to Asia ex. Japan Coverage Net-net, the number of hotels in operation was up +1% qoq or +4% 600754.SS relative to Asia Leisure

yoy to 14.4k by end-2Q26 including 13.2k in China and 1.1k Source: Company data, Goldman Sachs Research estimates. overseas mainly in Europe. By segments, midscale hotels outpaced See disclosures for details. +8% yoy contributing to 64% of total hotel portfolio as of end-2Q26

Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to Analysts employed by non-US affiliates are not registered/qualified as research analysts with FINRA in the U.S.

Goldman Sachs Shanghai Jinjiang Int’l Hotels (600754.SS)

Shanghai Jinjiang Int’l Hotels Income Statement (Rmb mn) ________________________________ SELL (600754.SS) Total revenue 12/25 13,810.8 12/26E 14,185.3 12/27E 14,321.3 12/28E 14,799.8 Rating since Dec 8, 2024 Cost of goods sold (8,510.8) (8,741.5) (8,825.3) (9,120.2) SG&A -- -- -- -- Ratios & Valuation __________________________________________ R&D -- -- -- -- 12/25 12/26E 12/27E 12/28E Other operating inc./(exp.) (2,488.3) (2,516.9) (2,276.5) (2,104.5) P/E (X) EBITDA 2,811.7 2,926.9 3,219.5 3,575.0 P/B (X) 1.6 1.2 1.2 1.1 Depreciation & amortization ( ,004.9) (1,055.2)…