证券之星消息，9月16日旅游零售板块较上一交易日上涨2.29%，中国中免领涨。当日上证指数报收于 3861.87，上涨0.04%。深证成指报收于13063.97，上涨0.45%。旅游零售板块个股涨跌见下表： 从资金流向上来看，当日旅游零售板块主力资金净流入1.71亿元，游资资金净流出5294.65万元，散户资 金净流出1.18亿元。旅游零售板块个股资金流向见下表： | 代码 | 名称 | 收盘价 | | 涨跌幅 | 成交量(手) | | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 601888 | 中国中免 | | 71.54 | 2.29% | | 34.87万 | | 24.79 Z | 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 ...

Group 1 - The stock price of China Duty Free Group (中国中免) increased by 2.02% on September 16, reaching 71.35 CNY per share, with a trading volume of 344 million CNY and a market capitalization of 147.613 billion CNY [1] - Year-to-date, the stock price has risen by 8.17%, with a 0.46% increase over the last five trading days, an 8.55% increase over the last 20 days, and a 17.20% increase over the last 60 days [1] - The company has appeared on the "龙虎榜" (a stock market leaderboard) once this year, with the most recent appearance on April 10 [1] Group 2 - China Duty Free Group, established on March 28, 2008, and listed on October 15, 2009, primarily engages in the retail of tourism products and related services [2] - The company's main business segments include tourism retail, which accounts for 72.26% of revenue from duty-free and taxable goods, and tourism retail complex investment and development [2] - As of June 30, 2025, the company reported a revenue of 28.151 billion CNY, a year-on-year decrease of 9.96%, and a net profit attributable to shareholders of 2.600 billion CNY, down 20.81% year-on-year [2] Group 3 - Since its A-share listing, China Duty Free Group has distributed a total of 18.405 billion CNY in dividends, with 7.241 billion CNY distributed over the last three years [3] - As of June 30, 2025, the top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 82.66 million shares, an increase of 15.7285 million shares from the previous period [3] - Other significant shareholders include Invesco Great Wall New Growth Mixed Fund and various ETFs, with increases in their holdings compared to the previous period [3]

Summary of China Tourism Group Duty Free Conference Call Company Overview - **Company**: China Tourism Group Duty Free (CTG Duty Free) - **Ticker**: 1880.HK - **Market Cap**: HK$127 billion (US$16.4 billion) [5] Key Industry Insights - **Hainan Duty-Free Market**: Hainan is the key revenue source for CTG Duty Free, accounting for 55% of total revenue. The duty-free sales in Hainan are expected to improve, with a forecasted decline of only 1% in H225E, turning positive in Q425E [2][9]. - **Sales Performance**: Hainan duty-free sales decreased by 9% YoY in H125 but narrowed to a decline of 5% in June 2025, indicating a recovery trend [2][9]. Financial Performance - **Net Profit Forecast**: The net profit for Q425E is expected to increase YoY, with a projected NPM of 5.7% in H225E, up 1.8 percentage points YoY [3][9]. - **Earnings Per Share (EPS)**: EPS estimates for 2025-2027 have been cut by 14-12% due to lower-than-expected revenue and deteriorating margins. The revised EPS for 2025E is Rmb1.96, down from Rmb2.28 [6][12]. - **Revenue Projections**: Total revenue is expected to decline to Rmb53.647 billion in 2025E, with a gradual recovery to Rmb63.325 billion by 2027E [12][19]. Strategic Outlook - **Pricing Strategy**: The company plans to adjust its pricing strategy by reducing discounts and promotions, which is expected to stabilize margins and improve profitability [3][9]. - **Market Competition**: Cooling competition in Hainan's duty-free market is anticipated to support NPM expansion, alongside improved inventory management [9]. Valuation and Investment Rating - **Price Target**: The price target has been raised to HK$71.20 from HK$58.40, reflecting a 17% discount to the new price target for CTG-A [4][5]. - **Investment Rating**: The company maintains a "Buy" rating, with expectations of positive sales growth and margin improvement in the coming years [4][9]. Risks and Challenges - **Major Risks**: - A sharp decline in CDF International's net profit - Higher concession rates at airports post re-tendering - Lower Hainan NPM due to increased discounts and a higher sales contribution from lower-margin consumer electronics [9]. Additional Financial Metrics - **Gross Profit Margin (GPM)**: Expected to improve slightly, with GPM projected at 31.8% for 2025E [12]. - **Debt Metrics**: The net debt to EBITDA ratio is not meaningful (NM) for 2025E, indicating a strong balance sheet position [5]. Conclusion - The outlook for China Tourism Group Duty Free is cautiously optimistic, with expected improvements in sales and profitability driven by strategic pricing adjustments and a recovering Hainan market. However, potential risks related to competition and operational costs remain significant considerations for investors.

证券之星消息，9月15日旅游零售板块较上一交易日下跌0.65%，中国中免领跌。当日上证指数报收于 3860.5，下跌0.26%。深证成指报收于13005.77，上涨0.63%。旅游零售板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | --- | | 601888 | 中国中免 | 69.94 | -0.65% | | 24.63万 | | 17.28亿 | 从资金流向上来看，当日旅游零售板块主力资金净流出2.11亿元，游资资金净流入2010.27万元，散户资 金净流入1.91亿元。旅游零售板块个股资金流向见下表： | | 代码 名称 主力净流入 (元) 主力净占比 游资净流入 (元) 游资净占比 散户净占比 | | | | | | --- | --- | --- | --- | --- | --- | | 601888 中国中免 Active of a summer | -2.11/7 -12.22% | 2010.27万 | 1.16% | 1.91亿 | ...

Core Viewpoint - UBS reports that China Duty Free Group (601888)(01880) has seen a narrowing decline in revenue for the second quarter year-on-year, but the extent is below market expectations, leading to a downgrade in earnings per share forecasts for 2025 to 2027 by 14% to 12% [1] Group 1: Financial Performance - The company's gross margin and net profit margin have deteriorated due to the impact of sales costs and expenses [1] - UBS maintains a "Buy" rating while raising the target price from HKD 58.4 to HKD 71.2 [1] Group 2: Sales Outlook - It is anticipated that sales at the Hainan duty-free stores will decline by 1% in the second half of the year due to a lower base, with a potential recovery in the fourth quarter [1] - If average customer spending stabilizes, sales in Hainan are expected to grow by 5% and 10% year-on-year in 2026 and 2027, respectively [1]

Core Viewpoint - UBS reports that China Duty Free Group (01880) has seen a narrowing decline in Q2 revenue year-on-year, but the decline is below market expectations, and gross margin and net profit margin have worsened due to sales costs and expenses [1] Financial Performance - UBS has lowered the earnings per share estimates for China Duty Free Group for 2025 to 2027 by 14% to 12% [1] - The target price for the company has been raised from HKD 58.4 to HKD 71.2 while maintaining a "Buy" rating [1] Sales Outlook - Due to a lower base, sales at China Duty Free's Hainan duty-free stores are expected to decline by 1% in the second half of the year, with a potential recovery in Q4 [1] - If average customer spending stabilizes, sales in Hainan are projected to grow by 5% and 10% year-on-year in 2026 and 2027, respectively [1]

Core Viewpoint - UBS reported that China Duty Free Group's revenue decline in the second quarter has narrowed year-on-year, but the extent was below market expectations, leading to a downgrade in earnings per share forecasts for 2025 to 2027 by 14% to 12% [1] Group 1: Financial Performance - The company's gross margin and net profit margin have deteriorated due to the impact of sales costs and selling expenses [1] - UBS maintains a "Buy" rating on the company, raising the target price from HKD 58.4 to HKD 71.2 [1] Group 2: Sales Forecast - It is anticipated that sales at China Duty Free's Hainan duty-free stores will decline by 1% in the second half of the year due to a lower base, with a potential recovery in the fourth quarter [1] - If average customer spending stabilizes, the company's Hainan sales are expected to grow by 5% and 10% year-on-year in 2026 and 2027, respectively [1]

瑞银发表研究报告指，中国中免(01880.HK)次季收入跌幅按年收窄，但幅度低于市场预期，而且受到销 售成本和销售费用影响，毛利率和净利润率恶化，因此，该行下调公司2025至2027年的每股盈测14至 12%。该行重申"买入"评级，目标价由58.4港元上调至71.2港元。该行预期，由于基数降低，中国中免 的海南免税店销售额将于下半年下跌1%，并在第四季转正。如果顾客的平均消费稳定下来，预计公司 的海南销售额将在2026及2027年分别按年增长5%和10%。 ...

证券之星消息，9月12日旅游零售板块较上一交易日下跌1.33%，中国中免领跌。当日上证指数报收于 3883.69，上涨0.22%。深证成指报收于12996.38，上涨0.13%。旅游零售板块个股涨跌见下表： 从资金流向上来看，当日旅游零售板块主力资金净流出1.41亿元，游资资金净流入1.46亿元，散户资金 净流出479.95万元。旅游零售板块个股资金流向见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 ...

Group 1 - The establishment of a new company, China Duty Free (Fuzhou) Co., Ltd., with a registered capital of 20 million yuan [1] - The company's business scope includes the sale of duty-free goods, alcoholic beverages, food sales, online food sales, and retail of tobacco products [1] - The company is jointly held by China Duty Free Group Co., Ltd., a wholly-owned subsidiary of China Duty Free (601888) [1]