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观点网 从港交所谴责到如今一把手换人，星悦康旅2026年度主题似乎是被动。

Two months ago, Starry Health Travel received a statement of unfitness for directors and condemnation from the Hong Kong Stock Exchange, and the past incident of transferring 3.3 billion yuan to Aoyuan Group through 147 transactions between 2021 and 2022 was brought back to light.

易主后已经沉寂许久的星悦康旅又体验了一次被聚光灯集中关注。

Now the volatility has spread to personnel, and Starry Health Travel is about to welcome a new leader.

3月16日，星悦康旅表示，王吉人先生因个人家庭事务安排，辞任董事会主席、执行董事、集团总裁等多项职务，江楠女士因其他工作承担辞任非执行董事。

On March 16, Starry Health Travel announced that Mr. Wang Jiren resigned from multiple positions including Chairman of the Board, Executive Director, and Group President due to personal family arrangements, while Ms. Jiang Nan resigned as a Non-Executive Director due to other work commitments.

与此同时，梁金蓉女士获委任为董事会主席、薪酬委员会成员，调任为提名委员会主席；陶宇先生获委任为执行董事及授权代表。

At the same time, Ms. Liang Jinrong was appointed as Chairman of the Board, a member of the Remuneration Committee, and transferred to Chairman of the Nomination Committee; Mr. Tao Yu was appointed as Executive Director and Authorized Representative.

夹在纪律行动和人事变动之间，还有星悦康旅2025年利润同比腰斩的盈利预警公告。

Caught between disciplinary actions and personnel changes, there is also a profit warning announcement for Starry Health Travel, indicating a halving of profits compared to 2025.

老将换阵

Although since July 2023, the major shareholder of Starry Health Travel has changed to Nanyue Xingqiao Fund, in fact, the executives responsible for corporate management and operation still come from the “Aoyuan system.”

王吉人正是当时所有变动落定之后，星悦康旅选出来的掌舵人。

Wang Jiren was precisely the leader chosen by Starry Health Travel after all changes were finalized.

最初上任董事会主席、执行董事、集团总裁、提名委员会主席、薪酬委员会成员及授权代表，王吉人的出现是出人意料的。

Initially appointed as Chairman of the Board, Executive Director, Group President, Chairman of the Nomination Committee, member of the Remuneration Committee, and Authorized Representative, Wang Jiren’s emergence was unexpected.

自从违规向中国奥园输送33亿元事件曝光，原任星悦康旅总裁兼执行董事的郑炜引咎辞职。

Since the exposure of the violation of transferring 3.3 billion yuan to China Aoyuan, the then President and Executive Director of Starry Health Travel, Zheng Wei, resigned in disgrace.

此后将近两年时光，星悦康旅便一直没有委任新总裁，执行董事也只有郑少辉一人。

For nearly two years thereafter, Starry Health Travel has not appointed a new president, and there has only been Zheng Shaohui as the Executive Director.

期间经历独立调查、复牌、易主、董事会变阵和公司更名一系列大事件，郑少辉虽然没有总裁头衔，但一直实际兼任着总裁职责。

During this time, after undergoing an independent investigation, resumption of trading, change of ownership, board reshuffling, and a series of major events including the company’s renaming, Zheng Shaohui, although he did not hold the title of president, effectively took on presidential responsibilities.

2024年5月，国资入主将近一年，星悦康旅这才正式公布了总裁人选，不是郑少辉，也不是出身南越星桥基金的董事会主席李惠强，而是王吉人。

In May 2024, nearly a year after state-owned capital took over, Starry Health Travel officially announced the presidential candidate, who was not Zheng Shaohui nor Li Huqiang, the chairman of the board from Nanyue Xingqiao Fund, but Wang Jiren.

根据官网资料，王吉人曾在2004年获得南开大学国际经济贸易专业经济学学士学位，于2006年获得暨南大学区域经济学硕士学位，于2024年获得香港理工大学酒店及旅游管理博士学位。

According to the official website, Wang Jiren obtained a Bachelor’s degree in Economics in International Economic and Trade from Nankai University in 2004, a Master’s degree in Regional Economics from Jinan University in 2006, and a Doctorate in Hotel and Tourism Management from the Hong Kong Polytechnic University in 2024.

任职经历方面，除了自2019年3月起担任奥园健康（即星悦康旅）副总裁，负责集团的物业管理服务及商业运营服务的营运管理之外，并没有透露更多信息。

In terms of work experience, apart from serving as Vice President of Aoyuan Health (i.e., Starry Health Travel) since March 2019, responsible for the operational management of the group’s property management services and commercial operations services, no further information has been disclosed.

时过境迁，这次接过王吉人董事会主席职位的是梁金蓉，两年前和王吉人同一时期接获执行董事及首席财务官任命的奥园老将。

As time has passed, the position of Chairman of the Board taken over from Wang Jiren is now held by Liang Jinrong, an Aoyuan veteran who received appointments as Executive Director and Chief Financial Officer at the same time as Wang Jiren two years ago.

自2007年11月至2023年10月，梁金蓉在奥园集团担任多个职位；2023年10月起，担任星悦康旅副总裁。

From November 2007 to October 2023, Liang Jinrong held multiple positions at Aoyuan Group; since October 2023, she has served as Vice President of Starry Health Travel.

资料显示，梁金蓉2007年毕业于河南理工大学，持有会计学学士学位。

According to information, Liang Jinrong graduated in 2007 from Henan Polytechnic University with a Bachelor’s degree in Accounting.

拥有逾28年审计及财务管理经验，为广东省注册会计师协会注册会计师（非执业）。

She has over 28 years of experience in auditing and financial management and is a registered accountant (non-practicing) with the Guangdong Provincial Institute of Certified Public Accountants.

在2023年获中国企业评价协会颁发的高级企业合规师资格，并于2005年通过国家中级会计师考试。

In 2023, she was awarded the qualification of Senior Corporate Compliance Officer by the China Enterprise Evaluation Association and passed the national Intermediate Accountant examination in 2005.

在加入奥园集团前，1995年8月至2004年12月，梁金蓉曾担任中国农业银行河南省焦作市山阳区支行的会计及财务部副主任。

Before joining Aoyuan Group, from August 1995 to December 2004, Liang Jinrong served as an accountant and Deputy Director of the Finance Department at the Agricultural Bank of China, Shan Yang District Branch, Jiaozuo City, Henan Province.

值得注意的是，梁金蓉只接任了董事局主席、提名委员会主席及薪酬委员会成员职务，星悦康旅的总裁一职再次空悬。

It is noteworthy that Liang Jinrong only took over the positions of Chairman of the Board, Chairman of the Nomination Committee, and member of the Remuneration Committee, while the position of President of Starry Health Travel remains vacant again.

或许星悦康旅还在物色一位合适的管理层，也可能南越星桥基金会选择直接参与到经营中，答案还未可知。

Perhaps Starry Health Travel is still looking for a suitable management layer, or Nanyue Xingqiao Fund may choose to directly participate in operations; the answer is still uncertain.

比起过去总裁缺位两年之久，等待似乎才刚刚开始。

Compared to the previous two-year vacancy of the president, the waiting seems to have just begun.

公告还表明，陶宇已被委任为执行董事及授权代表，将负责监督集团香港办公室管理、企业发展及策略规划以及海外业务拓展等工作。

The announcement also indicated that Tao Yu has been appointed as Executive Director and Authorized Representative, responsible for overseeing the management of the group’s Hong Kong office, corporate development, strategic planning, and overseas business expansion.

陶宇曾在2018年7月至2021年11月期间担任星悦康旅执行董事一职，如今还同时兼任公司高级副总裁及若干附属公司董事。

Tao Yu previously served as Executive Director of Starry Health Travel from July 2018 to November 2021 and now also holds the position of Senior Vice President of the company and director of several subsidiaries.

除此之外，今年33岁的陶宇还是星悦康旅违规向中国奥园输送33亿元事件亲历者。

In addition, 33-year-old Tao Yu is also a witness to the incident where Starry Health Travel illegally transferred 3.3 billion yuan to China Aoyuan.

港交所今年1月13日刊发的新闻稿中，陶宇作为星悦康旅的董事，知悉或至少应知悉星悦集团向奥园集团提供垫款以及有关垫款对星悦康旅造成的流动资金压力，但陶宇并未采取任何或充分的行动。

In a press release issued by the Hong Kong Stock Exchange on January 13, Tao Yu, as a director of Starry Health Travel, was aware or should have been aware of the loan provided by Starry Group to Aoyuan Group and the cash flow pressure caused to Starry Health Travel by this loan, but Tao Yu did not take any or sufficient action.

由此，港交所对陶宇曾作出谴责，并要求其完成26小时有关监管及法律事宜以及上市规则合规培训。

As a result, the Hong Kong Stock Exchange condemned Tao Yu and required him to complete 26 hours of training related to regulatory and legal matters as well as compliance with listing rules.

元气大伤

不论最终是谁上任总裁一职，星悦康旅现在以及未来的重担都在业绩上。

Regardless of who ultimately takes over as president, the current and future burden of Starry Health Travel lies in its performance.

2021年，星悦康旅上市已经三年，不论整体营收、利润、在管规模都处于稳定上升态势。

In 2021, Starry Health Travel had been listed for three years, and overall revenue, profit, and managed scale were all in a stable upward trend.

但也是这一年，星悦康旅通过147个通道将33亿元资金输送给中国奥园，最终拖累自身，2022年大部分财务指标都由增转降。

However, it was also in this year that Starry Health Travel transferred 3.3 billion yuan in funds to China Aoyuan through 147 channels, ultimately dragging itself down, with most financial indicators in 2022 turning from increase to decrease.

这场资金挪用的影响并未随着时间流逝而淡去，反而逐渐将元气大伤星悦康旅推向更危险的境地。

The impact of this fund misappropriation has not faded with the passage of time; rather, it has gradually pushed Starry Health Travel into a more dangerous situation, severely damaging its vitality.

星悦康旅2022年总收入已经减少16.1%至16.29亿元的基础上，2023年继续退减4.1%至15.63亿元；同时录得净利润1.49亿元，同比下降8.5%。

In 2022, Starry Health Travel’s total revenue had already decreased by 16.1% to 1.629 billion yuan, and in 2023 it continued to decline by 4.1% to 1.563 billion yuan; at the same time, it recorded a net profit of 149 million yuan, a year-on-year decrease of 8.5%.

进入2024年，星悦康旅业绩仍处于下滑趋势之中，除了地产行业连带的影响因素，还遭遇了应收款项重击。

Entering 2024, Starry Health Travel’s performance is still on a downward trend, and in addition to the impact factors associated with the real estate industry, it has also encountered a severe blow to its receivables.

截至2024年12月31日，录得总收入13.55亿元，同比下降13.3%；毛利为3.85亿元，同比下降3.5%；年内溢利8625.1万元，同比下降42.19%。

As of December 31, 2024, total revenue recorded was 1.355 billion yuan, a year-on-year decrease of 13.3%; gross profit was 385 million yuan, a year-on-year decrease of 3.5%; and annual profit was 86.251 million yuan, a year-on-year decrease of 42.19%.

物业管理服务分部与商业运营服务分部收入同步下滑，尤其占比88.8%的物业管理服务分部年内下滑幅度为14.2%，主要由于星悦康旅主动退出盈利差、风险高的项目导致在管面积减少带来的连锁反应。

The revenue of the Property Management Services Division and the Commercial Operations Services Division has declined simultaneously, especially the Property Management Services Division, which accounts for 88.8%, saw a decline of 14.2%, primarily due to Starry Health Travel proactively exiting projects with poor profitability and high risk, leading to a chain reaction of decreased management area.

也因为这番主动调整布局、退出项目，星悦康旅预期信用损失模型下的减值亏损为1.89亿元，还对贸易应收款项计提3.94亿元减值亏损。

Due to this proactive adjustment of layout and project exits, Starry Health Travel expects an impairment loss of 189 million yuan under the credit loss model, and also made a provision for impairment losses of 394 million yuan on trade receivables.

直至2025年，星悦康旅经营业绩仍旧未见起色，在管面积、营业收入、毛利和净利润仍是全线倒退，跌幅分别为13.29%、12.7%、22.93%以及72%。

Until 2025, Starry Health Travel’s operating performance still showed no signs of improvement, with managed area, operating revenue, gross profit, and net profit all declining, with decreases of 13.29%, 12.7%, 22.93%, and 72% respectively.

尽管在管面积不断萎缩，星悦康旅贸易应收款项却持续膨胀。

Despite the continuous shrinkage of the managed area, Starry Health Travel’s trade receivables continued to expand.

截至2025年6月30日，录得贸易应收款项9.78亿元，同比增长11.51%；对贸易应收款项计提减值亏损4.68亿元，同比增长18.78%。

As of June 30, 2025, trade receivables recorded were 978 million yuan, a year-on-year increase of 11.51%; an impairment loss of 468 million yuan was made on trade receivables, up 18.78% year-on-year.

2025年已经结束，业绩情况却并没有向好转变，星悦康旅在3月13日发出了易主之后第三份盈警公告。

By the end of 2025, the performance situation had not improved, and on March 13, Starry Health Travel issued its third profit warning announcement after the change of ownership.

根据公告，星悦康旅预期2025年录得年内溢利约4500万元-5000万元，而2024年该项数据约为8630万元，同比将近腰斩；公司拥有人应占溢利约为5000万元-5500万元，上年同期约为9620万元。

According to the announcement, Starry Health Travel expects to record a profit of about 45 million to 50 million yuan in 2025, while the corresponding figure for 2024 was approximately 86.3 million yuan, nearly halving; the profit attributable to the owners of the company is expected to be about 50 million to 55 million yuan, compared to approximately 96.2 million yuan in the same period last year.

剔除相关非经常性及非经营性损益项目后，星悦康旅预期将录得核心净利润9700万元至1.07亿元，与2024年同期基本持平。

Excluding related non-recurring and non-operating profit and loss items, Starry Health Travel expects to record a core net profit of 97 million to 107 million yuan, roughly in line with the same period in 2024.

星悦康旅表示，利润下降主要有五方面原因：汇兑收益同比大幅减少2700万元；银行利息收入同比减少500万元；过往年度收购公司的商誉减值亏损约1400万元；投资的一枚公司收入及利润下滑，减少额约为500万元；年内加大对项目资源的投入，导致成本上升。

Starry Health Travel stated that the decline in profits is mainly due to five reasons: exchange gains decreased significantly by 27 million yuan year-on-year; bank interest income decreased by 5 million yuan year-on-year; goodwill impairment losses from past acquisitions were approximately 14 million yuan; income and profit from an invested company declined by about 5 million yuan; and increased investment in project resources during the year led to higher costs.

从公告中看，星悦康旅顶着来自市场环境、行业趋势、自身经营多方面压力，旧事遗留的影响还未结束，新的浪花就已经拍打在了星悦康旅身上。

From the announcement, it can be seen that Starry Health Travel is under multiple pressures from market environment, industry trends, and its own operations, and the impact of past issues has not yet ended, while new waves have already begun to hit Starry Health Travel.

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Disclaimer: The content and data of this article are compiled by the viewpoint based on public information and do not constitute investment advice; please verify before use.