中国旅游集团中免股份有限公司 独立董事关于对中旅集团财务有限公司的风险持续 评估报告的独立意见 独立董事：葛明、王瑛、王强 2023 年 8 月 24 日 该风险持续评估报告已经公司第五届董事会第二次会议审议通过，经查阅财 务公司的财务报告等相关资料，根据相关规定，我们对财务公司的风险持续评估 报告发表独立意见。 我们认为，公司出具的对财务公司的风险持续评估报告充分反映了财务公司 的经营资质、内控管理和业务情况，财务公司已按照监管部门的要求建立了较为 完善的风险管理体系，各项监管指标均符合相关标准，提供存贷款等金融业务的 风险管控措施到位，能够有效防范、及时控制和化解公司在财务公司的资金风险， 维护资金安全，不存在损害公司和全体股东尤其是中小股东利益的情形。公司第 五届董事会第二次会议在审议该议案时，关联董事回避表决，该议案的审议和表 决程序符合有关法律法规及《公司章程》的规定。 综上，我们同意公司关于对中旅集团财务有限公司的风险持续评估报告。 根据中国证券监督管理委员会《上市公司治理准则》、《上海证券交易所上市 公司自律监管指引第 1 号—规范运作》及《中国旅游集团中免股份有限公司章程》 等有关规定，作为中 ...

企业法人营业执照注册号：914403000504698000 中国旅游集团中免股份有限公司 关于对中旅集团财务有限公司的风险持续评估报告 根据《上海证券交易所上市公司自律监管指引第5号—交易与关联交易》、《关 于规范上市公司与企业集团财务公司业务往来的通知（证监发〔2022〕48号）》及 《关于做好主板上市公司2023年半年度报告披露工作的重要提醒》等要求，中国旅 游集团中免股份有限公司（以下简称"本公司"）通过查验中旅集团财务有限公司（以 下简称"财务公司"）的《营业执照》与《金融许可证》等资料，并审阅了包括2023 年上半年度资产负债表、利润表、现金流量表等在内的定期财务报告，对其经营资 质、业务和风险状况进行了评估，具体情况报告如下： 一、 财务公司基本情况 财务公司成立于2012年7月10日，是经原中国银行保险监督管理委员会（银监 复[2012]312号文件）批准成立的非银行金融机构。财务公司企业信息如下： 注册地址：深圳市福田区深南路4011号香港中旅大厦19楼A-D 法定代表人：金鸿雁 金融许可证机构编码：L0153H244030001 经营范围：对成员单位办理财务和融资顾问、信用鉴证及相关的咨询 ...

证券代码：601888 证券简称：中国中免 公告编号：临 2023-028 中国旅游集团中免股份有限公司 第五届董事会第二次会议（现场结合通讯方式） 决议公告 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。 一、董事会会议召开情况 中国旅游集团中免股份有限公司（以下简称"公司"）第五届董事会第二次会 议于 2023 年 8 月 10 日以电子邮件方式发出通知和议案资料，于 2023 年 8 月 24 日 以现场结合通讯方式召开。本次会议应参加表决董事 6 人，实际参加表决董事 6 人： 李刚、陈国强、王轩、葛明、王瑛、王强。会议由董事长李刚主持，公司监事和部 分高级管理人员列席了会议。本次会议的召开符合《公司法》等法律、行政法规、 部门规章、规范性文件以及《公司章程》的有关规定。 二、董事会会议审议情况 经与会董事认真审议，充分讨论，会议审议通过了以下议案： 1、审议通过《公司 2023 年半年度报告及摘要》 表决结果：同意 6 票，反对 0 票，弃权 0 票，该议案获得通过。 公司 2023 年半年度报告包括 A 股半年度报 ...

证券代码：601888 证券简称：中国中免 公告编号：临2023-029 中国旅游集团中免股份有限公司 第五届监事会第二次会议（现场结合通讯方式） 决议公告 本公司监事会及全体监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。 一、监事会会议召开情况 中国旅游集团中免股份有限公司（以下简称"公司"）第五届监事会第二次会议 于2023年8月11日以电子邮件方式发出通知，于2023年8月24日以现场结合通讯方式 召开。本次会议应参加表决监事3人，实际参加表决监事3人：刘德福、李辉、钭晓 琼。会议由监事会主席刘德福主持。本次会议的召开符合《中华人民共和国公司法》 等法律、行政法规、部门规章、规范性文件以及《公司章程》的规定。 二、监事会会议审议情况 经与会监事认真审议，充分讨论，会议审议通过了以下议案： 1、《公司2023年半年度报告及摘要》 表决结果：3 票同意，0 票反对，0 票弃权，该议案获得通过。 监事会认为，公司2023年半年度报告的董事会编制和审议程序符合法律、行政 法规和中国证监会的规定；报告内容和格式符合中国证监会和证券交易所的各项规 定 ...

中國旅遊集團中免股份有限公司（「本公司」）董事會（「董事會」）宣佈，將於2023 年8月24日（星期四）舉行董事會會議，藉以（其中包括）審議及批准本公司及其附 屬公司截至2023年6月30日止六個月的中期業績及其刊發，及其他議題。 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分內容而產生或因依 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 （一家於中華人民共和國註冊成立的股份有限公司） （股份代號：1880） 董事會會議召開日期 承董事會命 中國旅遊集團中免股份有限公司 董事會主席 李剛先生 中國‧北京 2023年8月14日 於本公告日期，董事會成員包括執行董事李剛先生、陳國強先生及王軒先生，及 獨立非執行董事葛明先生、王瑛女士及王強先生。 ...

证券代码：601888 证券简称：中国中免 公告编号：临 2023-016 中国旅游集团中免股份有限公司 关于召开2022年度业绩说明会的公告 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。 重要内容提示： 会议召开时间：2023 年 5 月 23 日（星期二）上午 10:00-11:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： http://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2023 年 5 月 16 日（星期二）至 5 月 22 日（星期一）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 cdfir@ctg.cn 进行提问。公司将在说明会上对投资者普遍关注的问题进行回答。 中国旅游集团中免股份有限公司（以下简称"公司"）已于 2023 年 3 月 31 日发布公司 2022 年年度报告，为便于广大投资者更全面深入地了解公司 2022 年度经营成果、财务状况，公司计划于 2023 年 ...

Financial Performance - In Q1 2023, the company achieved operating revenue of CNY 20.77 billion, representing a year-on-year increase of 23.76% and a quarter-on-quarter increase of 37.83%[10] - The net profit attributable to shareholders was CNY 2.30 billion, reflecting a decrease of 10.25% compared to the same period last year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 2.30 billion, down 10.27% year-on-year[4] - The company reported a basic earnings per share of CNY 1.1121, down 15.29% year-on-year[4] - Net profit for Q1 2023 was RMB 2.47 billion, a decrease of 15.4% compared to RMB 2.92 billion in Q1 2022[16] - The company’s total profit for Q1 2023 was RMB 3.16 billion, a decrease from RMB 3.50 billion in Q1 2022[15] Assets and Liabilities - The company's total assets at the end of the reporting period were CNY 79.86 billion, an increase of 5.21% from the end of the previous year[5] - The equity attributable to shareholders was CNY 50.57 billion, up 4.11% compared to the end of the previous year[5] - Total current assets increased to ¥60,713,581,448.30 as of March 31, 2023, up from ¥57,205,480,397.42 at the end of 2022, representing a growth of approximately 4.4%[12] - Non-current assets totaled ¥19,150,426,975.04, an increase from ¥18,702,123,483.56, reflecting a growth of about 2.4%[12] - Total assets reached ¥79,864,008,423.34, compared to ¥75,907,603,880.98 at the end of 2022, marking an increase of approximately 3.9%[13] - Total liabilities rose to ¥23,580,888,152.53 from ¥21,780,192,148.77, indicating an increase of around 8.2%[13] - The company's total equity increased to ¥56,283,120,270.81, up from ¥54,127,411,732.21, which is a growth of about 4.0%[13] Cash Flow - The net cash flow from operating activities was CNY 7.42 billion, with no applicable year-on-year comparison[4] - Cash flow from operating activities generated RMB 7.42 billion in Q1 2023, a significant improvement from a negative cash flow of RMB -1.23 billion in Q1 2022[18] - The net increase in cash and cash equivalents was 6,304,151,692.14, contrasting with a decrease of -2,693,972,143.12 in the prior year[19] - The ending balance of cash and cash equivalents reached 32,066,294,878.78, up from 13,962,570,232.36[19] Operational Changes - The company has implemented new policies such as "guarantee and pick-up" and "immediate purchase and pick-up" starting April 1, 2023, enhancing customer shopping experience[10] - The company is focused on optimizing product supply and improving service quality to tap into the potential of duty-free consumption[10] Other Financial Metrics - The weighted average return on equity decreased by 3.67 percentage points to 4.64%[4] - Cash and cash equivalents amounted to ¥32,067,291,940.81, up from ¥26,891,700,248.67, representing an increase of approximately 19.9%[12] - Accounts receivable decreased slightly to ¥141,837,434.18 from ¥151,301,004.74, a decline of about 6.5%[12] - Inventory decreased to ¥26,138,864,881.84 from ¥27,926,480,059.82, reflecting a decline of approximately 6.4%[12] - The company reported a short-term loan balance of ¥1,929,681,030.80, which is relatively stable compared to ¥1,932,230,516.44 from the previous period[12] - The company's retained earnings increased to ¥29,749,267,352.53 from ¥27,448,495,044.11, indicating a growth of approximately 8.4%[13] - Total operating costs for Q1 2023 were RMB 17.49 billion, up 30.5% from RMB 13.38 billion in Q1 2022[15] - The company incurred a financial expense of RMB -310.32 million in Q1 2023, compared to RMB -79.61 million in Q1 2022[15] - Other comprehensive income after tax for Q1 2023 was RMB -303.89 million, compared to RMB -93.81 million in Q1 2022[16] - The company reported a decrease in tax expenses to RMB 690.06 million in Q1 2023 from RMB 587.18 million in Q1 2022[16] - Cash inflow from financing activities totaled 84,578,732.32, with cash outflow amounting to 179,010,219.67, resulting in a net cash flow from financing activities of -94,431,487.35[19] - The impact of exchange rate changes on cash and cash equivalents was -617,894,179.16, compared to -18,040,622.19 in the previous period[19]

Financial Performance - In Q1 2023, the company achieved revenue of RMB 20.77 billion, representing a year-on-year increase of 23.76% and a quarter-on-quarter increase of 37.83%[2] - The net profit attributable to shareholders of the listed company was RMB 2.30 billion, showing a decrease of 10.25% compared to the same period last year[7] - The basic earnings per share for the period was RMB 1.1121, reflecting a decline of 15.29% year-on-year[7] - Total operating revenue for Q1 2023 reached RMB 20.77 billion, a 23.7% increase from RMB 16.78 billion in Q1 2022[13] - Net profit for Q1 2023 was RMB 2.47 billion, down 15.4% from RMB 2.92 billion in Q1 2022[14] - Operating profit for Q1 2023 was RMB 3.15 billion, compared to RMB 3.50 billion in Q1 2022, reflecting a decrease of 9.9%[14] - The company reported a total comprehensive income of RMB 2.16 billion for Q1 2023, down from RMB 2.82 billion in Q1 2022[15] - Basic and diluted earnings per share for Q1 2023 were both RMB 1.1121, a decrease from RMB 1.3129 in Q1 2022[15] Cash Flow and Liquidity - The net cash flow from operating activities for the period was RMB 7.42 billion, with no applicable year-on-year comparison[7] - Cash flow from operating activities for Q1 2023 was RMB 7.42 billion, a significant improvement compared to a negative cash flow of RMB 1.23 billion in Q1 2022[16] - The ending balance of cash and cash equivalents as of March 31, 2023, was 32,066,294,878.78 RMB, a substantial increase from 13,962,570,232.36 RMB in the same period last year[18] - The total cash and cash equivalents at the beginning of Q1 2023 were 25,762,143,186.64 RMB, indicating a strong liquidity position compared to -2,693,972,143.12 RMB at the start of Q1 2022[18] - The cash inflow from financing activities in Q1 2023 was 84,578,732.32 RMB, while the cash outflow was 179,010,219.67 RMB, resulting in a net cash flow of -94,431,487.35 RMB, significantly better than -862,188,340.08 RMB in Q1 2022[17] Assets and Liabilities - Total assets as of March 31, 2023, reached RMB 79.86 billion, an increase of 5.21% compared to RMB 75.91 billion at the end of the previous year[9] - The total liabilities as of March 31, 2023, were RMB 23.58 billion, compared to RMB 21.78 billion at the end of the previous year, showing an increase in financial obligations[12] - Non-current liabilities totaled RMB 4.65 billion, an increase from RMB 4.30 billion, indicating a rise in long-term financial commitments[12] - Shareholders' equity attributable to the parent company increased to RMB 50.57 billion, reflecting a growth of 4.11% from RMB 48.57 billion year-over-year[12] - Cash and cash equivalents amounted to RMB 32.07 billion, up from RMB 26.89 billion, indicating a significant increase in liquidity[10] Operational Highlights - The company has implemented new policies such as "guarantee immediate pick-up" and "immediate purchase and pick-up" starting April 1, enhancing customer shopping experience and reducing logistics costs[2] - The company continues to optimize product supply and improve service quality to tap into the potential of duty-free consumption[2] - The company is focused on expanding its market presence and enhancing customer service through various strategies[2] Inventory and Other Metrics - The company’s inventory decreased to RMB 26.14 billion from RMB 27.93 billion, reflecting a reduction in stock levels[10] - The company’s other comprehensive income decreased to RMB 214.57 million from RMB 518.66 million, indicating a decline in certain financial metrics[12] - The company’s long-term equity investments increased slightly to RMB 1.98 billion from RMB 1.97 billion, suggesting stable investment performance[10] - The company’s total current assets amounted to RMB 60.71 billion, an increase from RMB 57.21 billion, indicating growth in short-term financial resources[10] Income and Expenses - Total costs for Q1 2023 amounted to RMB 17.49 billion, an increase of 30.5% from RMB 13.38 billion in Q1 2022[13] - The company reported a total of RMB 5.14 million in non-operating income for the current period, after accounting for taxes and minority interests[8] - The total income from interest and commission fees in Q1 2023 was RMB 144.45 million, compared to RMB 68.79 million in Q1 2022, indicating a growth of 109.5%[13] - The company incurred a net loss from asset impairment of RMB 138.97 million in Q1 2023, contrasting with a gain of RMB 45.24 million in Q1 2022[13] Shareholder Information - As of the end of the reporting period, the total number of ordinary shareholders was 233,121[3] - The largest shareholder, China Tourism Group Co., Ltd., holds 50.30% of the shares, totaling 1,040,642,690 shares[3] Return on Investment - The weighted average return on net assets was 4.64%, a decrease of 3.67 percentage points compared to the previous year[7]

Business Expansion and Strategy - In 2022, the company opened the world's largest single duty-free store, Haikou International Duty Free City, which became a new growth point for the business[18]. - The company successfully won the operating rights for duty-free stores at multiple locations, including Hangzhou Xiaoshan Airport T4 terminal and Chengdu Shuangliu Airport[18]. - The company plans to focus on the "Deepening Hainan" strategy to enhance core business capabilities and market competitiveness in 2023[18]. - The company aims to accelerate overseas expansion, leveraging the "A+H" dual capital platform to seize opportunities in popular tourist destinations[18]. - The company will advance the construction of duty-free retail complexes, including projects in Haikou and Sanya[18]. - The company is actively exploring innovative marketing strategies, including live streaming and online-to-offline (OTO) promotions, to attract younger consumers[29]. - The company is enhancing its core competitiveness by optimizing procurement strategies and strengthening strategic cooperation with suppliers[30]. - The potential for the Hainan duty-free market is expected to provide new opportunities for the company's future growth[43]. Financial Performance - Revenue for 2022 was RMB 54,433 million, a decrease of RMB 13,243 million (approximately 19.6%) compared to RMB 67,676 million in 2021[20]. - Gross profit for 2022 was RMB 14,860 million, down RMB 7,434 million (approximately 33.4%) from RMB 22,294 million in 2021[20]. - Net profit attributable to equity shareholders was RMB 5,114 million, a decline of RMB 4,613 million (approximately 47.4%) from RMB 9,727 million in 2021[20]. - The gross margin decreased to 27.30%, down 5.64 percentage points from 32.94% in 2021[20]. - The operating profit of the group decreased by 48.25% from RMB 14.94 billion for the year ended December 31, 2021, to RMB 7.73 billion for the year ended December 31, 2022, primarily due to a significant decline in customer traffic impacting offline business[58]. - The group's profit attributable to equity shareholders decreased by 49.59% from RMB 12.44 billion for the year ended December 31, 2021, to RMB 6.27 billion for the year ended December 31, 2022, mainly due to the same reasons as above[58]. - The company's sales and promotion expenses decreased by 8.52% from RMB 5.41 billion in 2021 to RMB 4.95 billion in 2022[52]. - Other income, including interest income and government subsidies, decreased by 46.56% from RMB 786 million in 2021 to RMB 420 million in 2022[49]. Membership and Customer Engagement - The total number of members exceeded 26 million, reflecting a significant increase in online business layout and brand categories[18]. - The total number of members exceeded 26 million, enhancing the membership system to meet the differentiated service needs of high-end members[30]. Corporate Governance - The company is committed to maintaining high standards of corporate governance through the expertise of its independent directors and supervisory board members[74][75][76][77]. - The board comprises experienced professionals with diverse backgrounds in finance, law, and management, enhancing strategic decision-making capabilities[74][75][76][77]. - The company has adopted corporate governance practices in accordance with the principles and code provisions of the Corporate Governance Code as per the Hong Kong Listing Rules[85]. - The board believes that during the reporting period, the company has complied with all code provisions of the Corporate Governance Code and met the majority of the recommended best practices[85]. - The management team has a strong educational background, with degrees from prestigious institutions, contributing to informed decision-making processes[74][75][76][77]. Risk Management - The company emphasizes the importance of risk management, identifying key operational risks including market conditions and regulatory changes[118]. - The company has established internal audit and risk control functions to assess and improve the effectiveness of its risk management[131]. - The board confirmed the effectiveness and adequacy of the company's risk management and internal control systems as of December 31, 2022[131]. Sustainability and ESG - The company is committed to sustainable development and has introduced an ESG report to the capital market for the first time[18]. - The board of directors is responsible for the company's ESG strategy, with a dedicated committee overseeing sustainable development strategies and ESG policy implementation[122]. - The company actively identifies and analyzes climate-related risks and opportunities, developing measures to address potential impacts on operations and costs[125]. Employee Development and Training - The company conducted 27 training sessions in 2022, totaling approximately 80 hours of training[185]. - The online training platform "China Duty-Free Academy" provided 17 course topics and organized 17 live training sessions, with over 710,000 participants in total[185]. - The company aims to enhance its talent development mechanism to improve organizational competitiveness[185]. Shareholder Communication and Dividends - The company actively expanded investor communication channels through various events, including performance briefings and investor reception days[138]. - The company aims to distribute at least 5% of its distributable profits in cash dividends annually, with a cumulative distribution of at least 30% over any three consecutive fiscal years[142]. - The proposed annual caps for transactions under the framework service procurement agreement are RMB 1,288 million for 2022, RMB 1,807 million for 2023, and RMB 2,000 million for 2024[194].

Financial Performance - In 2022, the company's operating revenue was approximately ¥54.43 billion, a decrease of 19.57% compared to ¥67.68 billion in 2021[19]. - The net profit attributable to shareholders was approximately ¥5.03 billion, down 47.89% from ¥9.65 billion in the previous year[19]. - The net cash flow from operating activities was negative at approximately -¥3.42 billion, a decline of 141.01% compared to ¥8.33 billion in 2021[19]. - The total assets at the end of 2022 were approximately ¥75.91 billion, an increase of 36.84% from ¥55.47 billion in 2021[19]. - The net assets attributable to shareholders increased by 64.00% to approximately ¥48.57 billion from ¥29.62 billion in 2021[19]. - The basic earnings per share decreased by 48.88% to ¥2.53 from ¥4.94 in 2021[20]. - The company reported a significant decrease in revenue and operating income, indicating potential challenges in profitability[189]. - The net profit for 2022 was approximately ¥6.19 billion, a decrease of 50% compared to ¥12.36 billion in 2021[190]. - The total profit for 2022 was approximately ¥7.62 billion, down from ¥14.80 billion in 2021, representing a decline of 48%[190]. Dividends and Shareholder Returns - In 2022, the company distributed a cash dividend of RMB 8 per 10 shares, totaling RMB 1,655,087,235.20, which accounts for 32.90% of the net profit attributable to shareholders[3]. - The company distributed a cash dividend of RMB 15.00 per 10 shares, totaling RMB 2,928,713,316.00, which represents 30.34% of the net profit attributable to shareholders for 2021[115]. Market Expansion and Business Development - The company opened the world's largest single duty-free store, Haikou International Duty-Free City, which has become a new growth point for the business[9]. - The company successfully won the land for the third phase of Sanya International Duty-Free City in collaboration with Swire Properties, aiming to create a world-class tourism commercial landmark[9]. - The company aims to optimize its business layout and structure in 2023, focusing on improving operational capabilities and capital management[9]. - The company plans to expand its new retail business and integrate online and offline operations to adapt to new consumer trends[10]. - The company is accelerating its overseas expansion and leveraging its dual capital platform to seize opportunities in the "Belt and Road" initiative[10]. - The company aims to solidify its leadership in the Hainan duty-free market by enhancing service quality and operational capabilities, with plans for the opening of the Sanya International Duty-Free City Phase I[81]. User Engagement and Membership Growth - The total number of company members exceeded 26 million, indicating a significant growth in user data[9]. - The company has over 26 million members, enhancing its membership system to meet the differentiated service needs of high-end customers[33]. - User data showed a 20% increase in active users, reaching 5 million by the end of 2022, indicating strong market engagement[97]. Sustainability and Corporate Social Responsibility - The company is committed to sustainable development and has introduced an Environmental, Social, and Governance (ESG) report to the capital market for the first time[9]. - The company invested RMB 1,025,500 in environmental protection initiatives during the reporting period[125]. - The company implemented energy-saving renovations, eliminating high-energy-consuming equipment, resulting in a total electricity savings of 960,000 kWh[131]. - The company actively promoted green consumption, encouraging customers to reduce plastic use and purchase energy-saving products[129]. - The company conducted training for 1,266 technical personnel to enhance local talent for rural revitalization efforts[137]. Financial Management and Governance - The company has established a governance structure that includes a party committee, shareholders' meeting, board of directors, supervisory board, and management team to ensure effective decision-making and risk management[88]. - The company has been recognized for its governance performance, being listed as a "Demonstration Enterprise of State-owned Enterprise Governance" and receiving multiple awards[89]. - The company maintains independence from its controlling shareholder in terms of assets, personnel, finance, and operations, ensuring compliance with regulatory requirements[90]. - The company has implemented a systematic management approach to mitigate project management risks, focusing on bidding, budget control, and safety[85]. - The company has revised its internal management rules, including the audit committee's meeting rules, to improve governance[104]. Investment and Capital Management - The company is investing 500 million RMB in research and development for new technologies aimed at improving customer experience and operational efficiency[98]. - The company plans to enhance its supply chain management by establishing new warehouses and improving customs efficiency in Hainan[83]. - The company signed a three-year financial service agreement with the financial company to reduce financing costs and improve overall fund operation capabilities, with a deposit balance of RMB 482.65 million at the end of the reporting period[146]. - The company has a comprehensive credit limit of up to RMB 5 billion from the financial company, with an annual credit service limit not exceeding RMB 5 billion for each year from 2022 to 2024[153]. Challenges and Risks - The company recognizes potential risks from increased competition in the duty-free sector and will focus on enhancing core business capabilities and refined management practices[84]. - The company faces financial risks due to foreign currency settlement, leading to exchange losses that impact operational goals[85]. - The competitive landscape in the duty-free market is intensifying, with domestic companies applying for duty-free qualifications and foreign giants eyeing the Chinese market[85]. Future Outlook - The company provided a positive outlook for 2023, projecting a revenue growth of 12% to 15% based on current market trends and expansion strategies[98]. - The company anticipates a recovery in the Chinese luxury goods market in 2023, following a temporary setback in 2022[71]. - The domestic tourism revenue is expected to reach approximately 4 trillion yuan in 2023, representing a year-on-year growth of about 89% and recovering to 71% of 2019 levels[78].