# Shanghai Jin Jiang International Hotels Development Co Ltd A (600754.SHG)

Canonical: https://gigainvestors.com/s/600754.SHG

Analysis as of: 2026-10-16T07:39:28.608Z. Financial observations: FY1996–FY2025.

Listing currency: CNY. Reporting currency: CNY.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: CNY 17.80 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 4 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 0

- Operating margin variation: 0.40×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.08×

- FY2017: 0.09×

- FY2018: 0.11×

- FY2019: 0.12×

- FY2020: 0.03×

- FY2021: 0.05×

- FY2022: 0.04×

- FY2023: 0.12×

- FY2024: 0.12×

- FY2025: 0.14×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 4.6pp below the typical margin (limit 4pp)

- ROIC, median of available years: 7.5%

- ROIC, second-lowest year: 1.6%

- Typical minus recent gross margin: 4.6 pp

- Typical gross margin (annual median): 40.2%

- Recent gross margin (lower of latest and 3-year median): 35.6%

- Years with nonpositive capital: 0

- Capital spending / revenue: 7.0%

- ROIC including acquisitions, ten-year median: 0.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 3.9%

- FY2017: 8.2%

- FY2018: 11.3%

- FY2019: 11.6%

- FY2020: 2.1%

- FY2021: 1.6%

- FY2022: 1.5%

- FY2023: 7.0%

- FY2024: 12.1%

- FY2025: 8.0%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: -1.53×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CNY -4.7B

- Net income, five-year total: CNY 3.1B

- Return on incremental invested capital: 39.4%

- Working capital / revenue, annual change: 1.5 pp

- Working capital / revenue, change between three-year averages: 9.4 pp

- Working capital / revenue, final three-year average: 5.6%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: -16.01×

- FY2022: -12.56×

- FY2023: -0.66×

- FY2024: -0.97×

- FY2025: -0.02×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 8.2% vs 8.0%

- Per-share earnings: 0.83 to 0.87 (three-year endpoint medians)

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 2.8%

- Ordinary dilution, 5-year annual growth: 2.2%

- Market cap gain: CNY 2.2B

- Cumulative retained earnings: CNY 2.1B

- Diluted shares, 10-year annual growth: 2.8%

- Diluted shares, 5-year annual growth: 2.2%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 0.6%

- Per-share value change: CNY 0.04

- Per-share value, starting three-year median: CNY 0.83

- Per-share value, ending three-year median: CNY 0.87

- Buybacks concentrated in cheaper years (correlation): -1.00

- Average buyback yield: 0.4%

- Buyback history: 2 years

- Debt-funded buybacks: No

- Acquisition spending: CNY 14B

- Cumulative net income, 10 years: CNY 6.9B

- ROIC, first three-year median: 8.2%

- ROIC, last three-year median: 8.0%

Chart: Earnings per share; fiscal year observations.

- FY2016: CNY 0.83

- FY2017: CNY 0.92

- FY2018: CNY 1.12

- FY2019: CNY 1.14

- FY2020: CNY 0.12

- FY2021: CNY 0.10

- FY2022: CNY 0.12

- FY2023: CNY 0.94

- FY2024: CNY 0.85

- FY2025: CNY 0.87

### accounting: pass

- Sloan accruals: -5.7%

- Receivables to sales index (DSRI): 1.02×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 3.82×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.17×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -3.6%

- FY2017: -5.4%

- FY2018: -6.1%

- FY2019: -4.0%

- FY2020: -0.1%

- FY2021: -4.1%

- FY2022: -4.5%

- FY2023: -8.9%

- FY2024: -5.7%

- FY2025: -5.7%

## Holders

## Price story

Down 72% since Mar 2023 · sales -2.2%

Story as of 2026-10-16T10:00:10.806Z; price observation 2026-10-15.

### Sales · FY2024–2025

sales -2.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CNY 11B 

- FY2017: CNY 14B 

- FY2018: CNY 15B 

- FY2019: CNY 15B 

- FY2020: CNY 9.9B 

- FY2021: CNY 11B 

- FY2022: CNY 11B 

- FY2023: CNY 15B 

- FY2024: CNY 14B 

- FY2025: CNY 14B 

### Gross margin · FY2025

gross margin 35.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 90.2% 

- FY2017: 90.3% 

- FY2018: 89.4% 

- FY2019: 89.7% 

- FY2020: 24.9% 

- FY2021: 33.5% 

- FY2022: 32.6% 

- FY2023: 41.5% 

- FY2024: 39.0% 

- FY2025: 35.6% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in lodging; annual sales are CNY 13.8 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:28.608Z); FY2025: revenue 13757969034; grossProfit 4899078109; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 600754.SHG: Shanghai Jin Jiang International Hotels Co., Ltd. operates and manages hotels in China and internationally. The company operates full service hotel under the Jin Jiang Radisson Hotels name, as well as J, Yan Garden, Kunlun, Jin Jiang, Radisson Collection, Radisson Blu, Radisson, Radisson Individuals, Park Plaz, and Golden Tulip brands; and limited service hotel under the Jin Jiang Hotels (China Region) name. It also provides food and catering services. The company was founded in 1935 and is headquartered in Shanghai, China.

### Why customers stay

Margins ranged from 35.6% to 41.5% during 2023–25; it earns 7.5% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:28.608Z); FY2023: grossProfit / revenue = 41.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:28.608Z); FY2024: grossProfit / revenue = 39%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:28.608Z); FY2025: grossProfit / revenue = 35.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:28.608Z); 10-year return on capital observations [[2016,0.03866467624600274],[2017,0.08219191760995581],[2018,0.11259453442260729],[2019,0.11599875067388715],[2020,0.020679672958000557],[2021,0.016313708097074258],[2022,0.014530546946962859],[2023,0.07018429697201393],[2024,0.12099801258093473],[2025,0.07976850555858093]]; median 0.07497640126529743. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back CNY 31.1 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:28.608Z); FY2016: growth capex 165203873.39999998; upkeep 771256364; owner earnings 694579426. Growth capex / owner earnings = 0.23784734648906802.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:28.608Z); FY2017: growth capex 0; upkeep 802680573.69; owner earnings 930192954.31. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:28.608Z); FY2018: growth capex 146967002.80999994; upkeep 872634699; owner earnings 1082460077. Growth capex / owner earnings = 0.13577129164644466.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:28.608Z); FY2019: growth capex 280895240.4206259; upkeep 850946099.7693741; owner earnings 1075524190.2306259. Growth capex / owner earnings = 0.26117054639226034.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:28.608Z); FY2020: growth capex 0; upkeep 714296960.08; owner earnings 172993879.91999996. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:28.608Z); Dividend observations: [[2016,1018003235.22],[2017,1025458106.58],[2018,1003966350.82],[2019,574761864],[2020,574761864],[2021,62062555],[2022,56712335],[2023,64202643],[2024,1201406714],[2025,405869755]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:28.608Z); FY2025: cash repurchases 31111737 CNY.

### Are managers owners

Insiders own 56.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 600754.SHG SharesStats.PercentInsiders = 56.066 percentage points; cache date 2026-10-16.

### What the price says

The price is 1.4 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:28.608Z); Closing price 17.8 CNY; reporting-to-trading FX 1; FY2025 annual sales per share 12.944683074718219; price multiple 1.375081946561096. FY2025 cash earnings/share -0.019392458198778783. Closing-price date 2026-10-15.

## Monthly share-price history (CNY per share)

- 2016-10: CNY 30.73 per share

- 2016-11: CNY 30.51 per share

- 2016-12: CNY 29.46 per share

- 2017-01: CNY 30.31 per share

- 2017-02: CNY 31.07 per share

- 2017-03: CNY 28.88 per share

- 2017-04: CNY 26.62 per share

- 2017-05: CNY 26.29 per share

- 2017-06: CNY 27.10 per share

- 2017-07: CNY 29.90 per share

- 2017-08: CNY 29.91 per share

- 2017-09: CNY 31.40 per share

- 2017-10: CNY 31.04 per share

- 2017-11: CNY 29.85 per share

- 2017-12: CNY 32.29 per share

- 2018-01: CNY 36.13 per share

- 2018-02: CNY 36.41 per share

- 2018-03: CNY 34.16 per share

- 2018-04: CNY 31.74 per share

- 2018-05: CNY 39.23 per share

- 2018-06: CNY 36.96 per share

- 2018-07: CNY 30.40 per share

- 2018-08: CNY 24.55 per share

- 2018-09: CNY 26.40 per share

- 2018-10: CNY 22.87 per share

- 2018-11: CNY 23.09 per share

- 2018-12: CNY 21.30 per share

- 2019-01: CNY 21.38 per share

- 2019-02: CNY 25.20 per share

- 2019-03: CNY 27.77 per share

- 2019-04: CNY 25.74 per share

- 2019-05: CNY 24.70 per share

- 2019-06: CNY 24.64 per share

- 2019-07: CNY 24.13 per share

- 2019-08: CNY 24.03 per share

- 2019-09: CNY 23.15 per share

- 2019-10: CNY 22.35 per share

- 2019-11: CNY 24.08 per share

- 2019-12: CNY 28.71 per share

- 2020-01: CNY 26.05 per share

- 2020-02: CNY 28.28 per share

- 2020-03: CNY 24.07 per share

- 2020-04: CNY 29.32 per share

- 2020-05: CNY 27.26 per share

- 2020-06: CNY 27.75 per share

- 2020-07: CNY 39.46 per share

- 2020-08: CNY 41.60 per share

- 2020-09: CNY 40.77 per share

- 2020-10: CNY 44.71 per share

- 2020-11: CNY 48.53 per share

- 2020-12: CNY 51.53 per share

- 2021-01: CNY 51.91 per share

- 2021-02: CNY 53.86 per share

- 2021-03: CNY 55.50 per share

- 2021-04: CNY 61.20 per share

- 2021-05: CNY 62.65 per share

- 2021-06: CNY 56.95 per share

- 2021-07: CNY 40.50 per share

- 2021-08: CNY 45.73 per share

- 2021-09: CNY 45.45 per share

- 2021-10: CNY 54.00 per share

- 2021-11: CNY 52.18 per share

- 2021-12: CNY 58.60 per share

- 2022-01: CNY 56.24 per share

- 2022-02: CNY 56.19 per share

- 2022-03: CNY 49.74 per share

- 2022-04: CNY 53.70 per share

- 2022-05: CNY 54.01 per share

- 2022-06: CNY 62.90 per share

- 2022-07: CNY 61.84 per share

- 2022-08: CNY 57.72 per share

- 2022-09: CNY 57.65 per share

- 2022-10: CNY 54.48 per share

- 2022-11: CNY 55.50 per share

- 2022-12: CNY 58.35 per share

- 2023-01: CNY 57.50 per share

- 2023-02: CNY 62.00 per share

- 2023-03: CNY 62.91 per share

- 2023-04: CNY 53.49 per share

- 2023-05: CNY 46.89 per share

- 2023-06: CNY 42.34 per share

- 2023-07: CNY 49.76 per share

- 2023-08: CNY 38.53 per share

- 2023-09: CNY 37.60 per share

- 2023-10: CNY 32.85 per share

- 2023-11: CNY 33.90 per share

- 2023-12: CNY 29.90 per share

- 2024-01: CNY 25.29 per share

- 2024-02: CNY 29.06 per share

- 2024-03: CNY 27.27 per share

- 2024-04: CNY 28.91 per share

- 2024-05: CNY 28.07 per share

- 2024-06: CNY 22.98 per share

- 2024-07: CNY 24.01 per share

- 2024-08: CNY 24.13 per share

- 2024-09: CNY 31.33 per share

- 2024-10: CNY 26.95 per share

- 2024-11: CNY 25.92 per share

- 2024-12: CNY 26.86 per share

- 2025-01: CNY 26.36 per share

- 2025-02: CNY 26.59 per share

- 2025-03: CNY 26.70 per share

- 2025-04: CNY 24.08 per share

- 2025-05: CNY 22.93 per share

- 2025-06: CNY 22.44 per share

- 2025-07: CNY 22.59 per share

- 2025-08: CNY 23.23 per share

- 2025-09: CNY 23.05 per share

- 2025-10: CNY 22.51 per share

- 2025-11: CNY 25.39 per share

- 2025-12: CNY 25.27 per share

- 2026-01: CNY 27.23 per share

- 2026-02: CNY 28.28 per share

- 2026-03: CNY 26.87 per share

- 2026-04: CNY 25.56 per share

- 2026-05: CNY 20.41 per share

- 2026-06: CNY 17.99 per share

- 2026-07: CNY 19.49 per share

- 2026-08: CNY 19.16 per share

- 2026-09: CNY 18.05 per share

- 2026-10: CNY 17.94 per share

## Annual estimated value (CNY per share)

- FY2016: low CNY 28.80 per share, central CNY 37.27 per share, high CNY 42.21 per share

- FY2017: low CNY 23.09 per share, central CNY 28.48 per share, high CNY 31.69 per share

- FY2018: low CNY 22.73 per share, central CNY 29.23 per share, high CNY 33.02 per share

- FY2019: low CNY 21.42 per share, central CNY 27.91 per share, high CNY 31.71 per share

- FY2020: low CNY 14.92 per share, central CNY 15.99 per share, high CNY 17.41 per share

- FY2021: low CNY 15.06 per share, central CNY 16.24 per share, high CNY 17.81 per share

- FY2022: low CNY 8.50 per share, central CNY 8.78 per share, high CNY 9.15 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.