Development Status of Jinmao Hotel

The development status of Jinmao Hotel is not good. According to relevant data, by April 29th, 2023, most hotels in Jinmao Hotel had a significant year-on-year decline, and more than half of them, such as Grand Hyatt Shanghai and Westin Beijing Jinmao Hotel, almost halved, which also reflected the poor hotel performance last year. In terms of gross profit margin, the overall gross profit margin of hotel business is 43%, and the gross profit margin of commercial leasing and retail business is 86%, which is 6 and 1 percentage point lower than that of the same period of last year, respectively, which is greater than that of commercial leasing business.