机构：群益证券(香港) 研究员：顾向君 业绩概要： 25Q2 收入端降幅略有收窄（25Q1YOY-11%），我们认为一方面随着出入境游复苏，公司机场免税店收 入持续修复；另一方面，2Q 海南离岛免税销售额降幅较1Q 显著收窄，据海口海关，4-6 月离岛免税销 售额分别为20.2亿、19.6 亿和14.7 亿，分别同比下降7%、1%和5%，同时，客单价回升，4-6 月客单价 分别同比上升21%、26%和29%。利润降幅较Q1 扩大（Q1YOY-16%），我们估计一方面随着机场免税 店经营正常化，公司计提的机场租金增加；另一方面，应对电商大促及加快存货流通（H1 公司存货周 转率增长10%），预计Q2 折扣率有所加大，因此Q2 毛利率低于我们预期。 展望H2，6 月下旬起，跨境航班架次恢复至2019 年同期80%以上，H2 机场免税店业务有望持续改善； H1 海南离岛免税销售呈现企稳态势，公司在海南市场优势地位进一步巩固，市占率同比提升近1 个百 分点，下半年预计向好趋势不变，海南板块业绩改善有望。此外，公司在三亚国际免税城一期的有税商 店开通离境退税，并且年内将陆续开出多个新的市内免税店，业态布局将更加完善。 ...

Group 1 - The stock price of China Duty Free Group (中国中免) on July 30 was 66.28 yuan, with a slight increase of 0.05 yuan, representing a 0.08% rise. The trading volume reached 267,870 hands, with a transaction amount of 1.78 billion yuan [1] - China Duty Free Group is a leading duty-free operator in China, primarily engaged in the retail of duty-free goods. The company operates duty-free stores in key cities and tourist destinations across the country, covering various categories such as cosmetics, luxury goods, clothing, and electronics [1] - Haikou Customs has recently implemented smart supervision measures, significantly enhancing the customs clearance efficiency of offshore duty-free goods through technologies like electronic tags and remote video inspections. Data shows that the time from warehousing to shelf for duty-free goods can be as short as 2 hours, saving 1.4 days compared to traditional methods. Since 2025, Sanya Customs has inspected 329 batches of offshore duty-free imported goods, with 80% adopting facilitation policies [1] Group 2 - On July 30, the net outflow of main funds for China Duty Free Group was 16.5697 million yuan, accounting for 0.01% of the circulating market value [2]

Group 1 - Goldman Sachs has downgraded the earnings per share forecast for China Duty Free Group (01880) by 12% to 13% for the years 2025 to 2027 due to weakened sales momentum in online channels [1] - The target price for A-shares remains at 59 RMB, while the target price for H-shares has been raised from 46.2 HKD to 51.3 HKD, narrowing the discount between A and H shares to 20% from 30% [1] - The company reported a 20% year-on-year decline in net profit for the first half of the year, amounting to 2.6 billion RMB, with a significant drop in the second quarter's net profit to 662 million RMB, down 32% year-on-year [1] Group 2 - The implementation of the free trade port policy in Hainan may expand market size by attracting more consumers, but it also poses a risk of increased competition as brand owners may establish their own stores [2] - The company is transitioning from being a pure duty-free operator to a platform operator that provides retail space, indicating a strategic shift in its business model [2]

Investment Rating - The investment rating for the company is "Buy" with a target price of HKD 68 per H-share [1][6]. Core Insights - The company is expected to experience a decline in net profit for the first half of 2025, with a forecasted decrease of 20.8% year-on-year. Total revenue for the same period is projected to be RMB 28.15 billion, down 10% year-on-year [6][8]. - The second quarter of 2025 is anticipated to show a revenue of RMB 11.4 billion, reflecting an 8.5% decline year-on-year, and a net profit of RMB 660 million, down 32.2% year-on-year. This performance is below expectations [6][8]. - The company is expected to benefit from the recovery of cross-border flights and the improvement of airport duty-free store operations in the second half of 2025, with a projected increase in market share in Hainan [8]. Financial Summary - The company’s net profit for 2025 is estimated at RMB 45.21 billion, with a year-on-year growth of 6%. The earnings per share (EPS) is projected to be RMB 2.19 [7][8]. - The price-to-earnings (P/E) ratio for H-shares is expected to be 24 times for 2025, decreasing to 19 times by 2027 [7][8]. - The company’s revenue is projected to grow from RMB 61.38 billion in 2025 to RMB 74.87 billion by 2027 [11]. Market Position and Strategy - The company is focusing on expanding its presence in the Hainan market, which is expected to improve as the Hainan Free Trade Port is set to officially close on December 18, 2025. This is anticipated to enhance local economic vitality and benefit the company's operations [8]. - The company plans to open multiple new city duty-free stores throughout the year, further enhancing its operational layout [8].

Core Viewpoint - The tourism industry is experiencing a rise in activity, yet China Duty Free Group (601888.SH) continues to face operational challenges, with significant declines in revenue and profit for the first half of 2025 [1][2][3]. Financial Performance - In the first half of 2025, the company reported approximately 28.15 billion yuan in revenue, a year-on-year decrease of about 10% [1][3]. - The net profit attributable to shareholders was around 2.6 billion yuan, reflecting a decline of over 20% compared to the previous year [1][3]. - The second quarter saw a net profit of approximately 662 million yuan, marking a decline of over 30%, the lowest level since 2018 [2][4][6]. Revenue Breakdown - The company's revenue for the second quarter was approximately 11.41 billion yuan, down 8.45% year-on-year [4]. - The first quarter revenue was reported at 16.75 billion yuan, a decrease of 10.96% year-on-year [3][4]. - The overall performance in the first half of 2025 indicates a continuous decline in both revenue and net profit, with the second quarter showing a more pronounced drop [5][7]. Market Position and Strategy - China Duty Free Group maintains a strong position in the Hainan duty-free market, with a market share increase of nearly 1 percentage point [9]. - The company plans to accelerate its strategic transformation and expand its "duty-free+" boundaries, focusing on innovation in its own health brand [10][14]. - The competitive landscape is intensifying, with the company facing challenges from increased competition and changing consumer preferences [12][13]. Historical Context - Since its listing in 2009, the company has shown significant growth, with peak revenues and profits in 2021, but has since experienced a notable decline [10][11]. - The stock price has dropped over 80% from its peak of 403.78 yuan per share in 2021, with a current market capitalization of approximately 140.8 billion yuan [11][12]. Financial Health - As of the end of the first quarter of 2025, the company had substantial cash reserves of 39.68 billion yuan and low interest-bearing debt of 4.62 billion yuan [15].

Group 1 - Longfor Group is launching its first commercial complex in Xiaoshan, Hangzhou, with a total commercial area of 97,000 square meters, expected to open in 2029 [1] - Link REIT's CEO, Wang Guolong, will step down by the end of June 2026, and the board will initiate a search for his successor [1] - The Beijing government is promoting a summer and National Day film viewing event with a total subsidy exceeding 10 million yuan, covering over 270 cinemas [1] Group 2 - China Duty Free Group's stock surged, with A-shares hitting a limit up at 70.84 yuan per share, following the announcement of Hainan Free Trade Port's closure on December 18, 2025 [1] - The Hainan Free Trade Zone and duty-free sectors experienced a collective surge in stock prices, with several companies reaching their daily price limits [1] Group 3 - The Taihe Building in Shanghai was successfully auctioned for 659.7 million yuan, with an assessed value of approximately 942.4 million yuan [3] - The building has a total area of 25,471 square meters, with an operational above-ground area of 18,275 square meters, translating to a unit price of about 36,098 yuan per square meter [3]

Financial Performance Summary - Total operating revenue for the first half of 2025 was CNY 2,815,075 million, a decrease of 9.96% compared to the same period last year [1] - Operating profit decreased by 18.20% to CNY 370,798.85 million from CNY 453,279.27 million [1] - Total profit fell by 19.21% to CNY 366,347.92 million from CNY 453,482.72 million [1] - Net profit attributable to shareholders decreased by 20.81% to CNY 259,975.29 million from CNY 328,289.65 million [1] - Basic earnings per share dropped by 20.81% to CNY 1.2566 from CNY 1.5868 [1] - The weighted average return on equity decreased to 4.65% from 5.97% [1] Asset and Equity Overview - Total assets at the end of the reporting period were CNY 7,515,202.79 million, a decrease of 1.45% from CNY 7,626,037.37 million at the beginning of the period [1] - The equity attributable to shareholders remained unchanged with a share capital of 206,885.90 million shares [1] Business Strategy and Market Position - The company is focusing on expanding its "duty-free+" boundaries while enhancing its core duty-free business [1] - The company has strengthened its market position in Hainan, with a market share increase of nearly 1 percentage point year-on-year [1] - Inventory turnover rate improved by 10% year-on-year, indicating enhanced operational efficiency [1] - Future strategies include strengthening strategic leadership, promoting strategic transformation, and driving innovation for high-quality development [1]

（於中華人民共和國註冊成立的股份有限公司） （股份代號：1880） 2025年半年度業績快報；及 2022至2024年年度的年度報告之補充公告 本公告乃根據香港法例第571章證券及期貨條例第XIVA部項下內幕消息條文（定 義見香港聯合交易所有限公司證券上市規則（「上市規則」））及上市規則第13.09條 而作出。 本公告所載中國旅遊集團中免股份有限公司（「本公司」）2025年半年度主要財務數 據為初步核算數據，未經會計師事務所審計，具體數據以本公司2025年中期報告 中披露的數據為準，提請投資者注意投資風險。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 China Tourism Group Duty Free Corporation Limited 中國旅遊集團中免股份有限公司 一、截至2025年6月30日止六個月（「本報告期」）主要財務數據和指標 單位：人民幣萬元 | 項目 | 本報告期 | 上年同期 | 增減變動 幅度(%) | | --- ...

证券代码：601888 证券简称：中国中免 公告编号：临2025-022 中国旅游集团中免股份有限公司 2025年半年度业绩快报公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 本公告所载2025年半年度主要财务数据为初步核算数据，未经会计师事务所 审计，具体数据以中国旅游集团中免股份有限公司（以下简称"公司"）2025 年半年度报告中披露的数据为准，提请投资者注意投资风险。 三、风险提示 | 项目 | 本报告期 | 上年同期 | 增减变动幅度 | | --- | --- | --- | --- | | | | | （%） | | 营业总收入 | 2,815,075.00 | 3,126,499.84 | -9.96 | | 营业利润 | 370,798.85 | 453,279.27 | -18.20 | | 利润总额 | 366,347.92 | 453,482.72 | -19.21 | | 归属于上市公司股东的净利润 | 259,975.29 | 328,289.65 | -20.81 | | 归属于上市公司股东的 ...

Group 1: Market Overview - The Hang Seng Index fell by 1.11%, down 284 points, closing at 25,383 points, while the Hang Seng Tech Index dropped by 1.69% [1] - The early trading volume in Hong Kong stocks reached 151 billion HKD [1] Group 2: Medical Sector - Medical device stocks rose in early trading, with the national drug procurement policy indicating a move away from internal competition, leading institutions to view this as a turning point for the industry [1] - Aikang Medical (01789) increased by 7.93%, and Weigao Group (01066) rose by 4.37% [1] - Yongsheng Medical (01612) saw a surge of over 27% following a profit warning, with sales orders increasing and expected mid-term net profit growth exceeding 50% year-on-year [2] - CRO concept stocks continued to rise, with Citigroup noting that the CXO sector is gaining market attention ahead of earnings season [2] - Kanglong Chemical (300759) (03759) rose by 8.4%, while Zhaoyan New Drug (603127) (06127) increased by 5.7%, and WuXi Biologics (02269) rose by 4.5% [2] Group 3: Consumer Sector - Nongfu Spring (09633) increased by over 3.56%, reaching a three-and-a-half-year high, with institutions expecting the company's first-half revenue growth to exceed market expectations [3] Group 4: Other Notable Stocks - Jihong Co., Ltd. (002803) (02603) rose by 16%, with two main business segments performing well, and expected first-half net profit growth of up to 65% [4] - China Merchants Port (01199) increased by over 4%, following reports that China Merchants Group plans to acquire assets from Cheung Kong Ports [5] - Guichuang Tongqiao (02190) rose by 2.6%, with expected mid-term net profit growth of 66.9%, as the company embraces procurement and actively expands overseas [6] Group 5: Lithium and Duty-Free Sector - News of supply disruptions in the lithium market led to Tianqi Lithium (002466) (09696) rising by 3.6% [7] - China Duty Free Group (601888) (01880) fell by over 6%, with pending details on Hainan's duty-free policies, and institutions noting that the closure operations have a dual impact on offshore duty-free business [7] Group 6: Technology Sector - Qianxun Technology (01640) fell by over 3%, having retreated 23% from its previous high, with recent comments from Yu Weiwen emphasizing the need to avoid excessive speculation on stablecoins [8]