Group 1 - The tourism market in Guangdong is experiencing a surge due to favorable policies and the upcoming National Day and Mid-Autumn Festival holidays, with the provincial government implementing 23 measures to enhance inbound tourism [1] - The measures include optimizing visa and customs policies, improving service quality, and promoting marketing efforts to attract more tourists [1] - The Ministry of Commerce has launched platforms to stimulate consumption, and various cities are offering travel vouchers to boost tourism spending [1][2] Group 2 - Analysts suggest that consumption policies will enhance tourism demand and increase visitor numbers at attractions, with a notable rise in hotel bookings and travel spending expected during the peak season [2] - The upcoming "Golden Week" from October 1 to 8 will be the longest in history, leading to a significant increase in travel bookings, with a 130% year-on-year rise in travelers during this period [2] - Tuniu reports a notable increase in early bookings for the National Day holiday, particularly for outbound travel, with popular domestic destinations including major cities and tourist spots [3] Group 3 - Flight booking data indicates a 26% year-on-year increase in domestic flight reservations for the holiday period, with over 3.26 million tickets booked [3] - Morgan Stanley forecasts that China's inbound tourism retail market will triple over the next decade, growing from $14 billion in 2024 to $60 billion by 2034, driven by an increase in global brand presence and improved shopping experiences [3][4] Group 4 - Leading Chinese consumer electronics brands and companies like Pop Mart are expected to attract tourists and stimulate shopping demand, supported by favorable policies for tax-free shopping [4] - Retailers, shopping centers, and duty-free operators in China are anticipated to benefit significantly from these trends [4] Group 5 - Ctrip Group reported better-than-expected second-quarter results, with growth in hotel business and an increase in market share, leading to an upward revision of its target price [5] - Huazhu Group's second-quarter revenue increased by 4.52% year-on-year, with a significant rise in net profit, indicating strong performance in the hospitality sector [5][6] - China Duty Free Group's earnings forecasts have been adjusted downward due to weak demand, but expectations for improved performance post-Hainan Free Trade Port launch remain [6]

Group 1: Policy and Market Trends - The tourism market in Guangdong is experiencing a surge due to favorable policies and the upcoming National Day and Mid-Autumn Festival holidays, with the provincial government issuing 23 measures to enhance inbound tourism [1] - The Ministry of Commerce has launched platforms to promote consumption, and various cities are providing subsidies and vouchers to stimulate tourism spending [1][2] - The upcoming "Golden Week" from October 1 to 8 is expected to see a significant increase in travel bookings, with a 130% year-on-year rise in the number of travelers [2] Group 2: Consumer Behavior and Booking Trends - There is a notable increase in early bookings for the National Day holiday, particularly for outbound travel, with popular domestic destinations including Beijing, Shanghai, and Sanya [3] - Domestic flight bookings have surpassed 3.26 million, reflecting a 26% increase compared to the previous year, while international flight bookings have also risen by 15% [3] Group 3: Market Projections - Morgan Stanley forecasts that China's inbound tourism retail market will grow over threefold from $14 billion in 2024 to $60 billion by 2034, increasing its share of the overall tourism retail market from 10% to 25% [3] - The rise of Chinese consumer electronics and brands like Pop Mart is expected to attract tourists and boost shopping demand, supported by favorable policies for tax-free shopping [4] Group 4: Company Performance - Ctrip Group reported better-than-expected second-quarter results, with a growing market share and efficient marketing investments, leading to an upgraded target price [5] - Huazhu Group's second-quarter revenue increased by 4.52% year-on-year, with a significant rise in net profit, indicating strong operational performance [6] - China Duty Free Group's earnings forecasts have been adjusted downward due to weak demand, but future sales are expected to improve with the opening of Hainan Free Trade Port [6]

Core Viewpoint - The audit function at China Duty Free Group (中免) is not merely about identifying errors but serves as a governance radar and value protector, aiming to enhance management and mitigate risks [1][3]. Governance Foundation - The audit department is directly accountable to the Party Committee and the Board of Directors, establishing an independent and authoritative audit system under the leadership of the Chairman and Party Secretary [3]. - In 2024, the audit and risk management committee and the supervisory board held 11 meetings, reviewing 31 proposals to prevent unilateral decision-making and continuously optimize governance structure [3]. Risk Control - The company is implementing a dual mechanism of "mandatory audits" and "in-process audits" to ensure that power is confined within institutional frameworks [4]. - The audit department emphasizes proactive risk management, transitioning from post-event error checking to preemptive warnings, likening risk control to installing smoke detectors [7]. Management Empowerment - The audit is viewed as a "management doctor," diagnosing issues and recommending solutions, focusing on management pain points such as ineffective assets and funding issues [10]. - Audit reports are increasingly used as critical references for operational assessments and personnel decisions, significantly enhancing the rigor of corrective actions [10]. Public Trust - The audit function plays a crucial role in ensuring the authenticity and compliance of information disclosures, which are vital for investor confidence [13]. - In 2024, the company successfully completed various disclosure documents, reinforcing its commitment to high-quality information disclosure and market credibility [13]. Audit Philosophy - The audit department aims to evolve from merely identifying problems to actively driving solutions, focusing on both safeguarding operational boundaries and enabling value growth [14]. - Future plans include transitioning from localized audits to comprehensive audits, integrating strategic collaboration to support high-quality growth [14].

智通财经APP获悉，中国中免(01880)审计部负责人钭晓琼女士表示："审计不仅是'查错纠弊'，更是'治理雷达'与'价值卫士'"。审计部钭晓琼女士在接受专 访时指出，"中免审计工作的核心，是推动治理完善、管理提升和风险收敛，真正实现'审计一项、规范一片、提升一域'。" 治理筑基：审计是权力运行的"制度笼子" "公司治理不是虚的概念，它体现在每一个议事规则、每一次授权执行、每一笔业务流转中。"审计部钭晓琼女士开门见山。 中免审计部直接对党委和董事会负责，在董事长和党委书记的领导下，建立了独立、客观、权威的审计体系。2024年，审计与风险管理委员会、监事会共 召开会议11次，审议议案31项，从机制上杜绝"一言堂"，推动治理架构持续优化。 "我们正在推进'逢离必审'+'任中审计'双机制，针对特别问题开展专项审计，不仅要看结果，更要管过程、看常态，真正致力于把权力关进制度的笼子。" 中免海南门店掠影 中免审计一直坚持风险导向模式，并向"研究型审计"升级。2024年，围绕存货、资金、工程、合资等重点领域，开展多轮风险排查，致力于实现风险早发 现、早干预。审计不是找茬，而是要推动管理闭环，帮助企业'治病健体'，治已病防未 ...

Group 1 - The upcoming "Golden Week" during the National Day and Mid-Autumn Festival will last for 8 days, leading to a surge in travel bookings, with some popular routes already sold out [1] - Consumers are planning their trips earlier than in previous years, with a preference for domestic long-distance travel products, and a diverse range of travel experiences such as deep experience tours and cultural exploration tours are emerging to meet varied consumer demands [1] - The United Nations World Tourism Organization forecasts a 5% year-on-year increase in global international tourist arrivals in the first half of 2025, with approximately 690 million outbound trips recorded in the first half of this year, an increase of about 33 million compared to the same period last year [1] Group 2 - Morgan Stanley projects that China's inbound tourism retail market will grow over threefold in the next decade, from $14 billion in 2024 to $60 billion by 2034, increasing its share of the overall tourism retail market from 10% to 25% [2] - The rise of globally recognized brands and improved shopping experiences are key drivers for this growth, with Chinese consumer electronics and brands like Pop Mart attracting tourists and stimulating shopping demand [2] - Policy support is expected to enhance duty-free and tax refund shopping, benefiting domestic retailers, shopping centers, and duty-free operators [2] Group 3 - Relevant Hong Kong-listed travel-related stocks include online travel agencies like Trip.com Group and Tongcheng Travel, as well as companies in the tourism supply chain such as Macau sector stocks, China Travel International Investment Hong Kong, and China Duty Free Group [3]

Group 1 - The upcoming "Golden Week" during the National Day and Mid-Autumn Festival is expected to see a surge in travel bookings, with some popular products already sold out [1] - Consumers are planning their trips earlier than in previous years, showing a preference for domestic long-distance travel products, and a diverse range of travel experiences is emerging to meet varied consumer demands [1] - The United Nations World Tourism Organization forecasts a 5% increase in global international tourist arrivals in the first half of 2025, with a total of approximately 690 million outbound trips recorded in the first half of this year, marking an increase of about 33 million compared to last year [1] Group 2 - Morgan Stanley projects that China's inbound tourism retail market will grow over threefold in the next decade, from $14 billion in 2024 to $60 billion by 2034, increasing its share of the overall tourism retail market from 10% to 25% [2] - The rise of globally recognized brands and improved shopping experiences are key drivers for this growth, with Chinese consumer electronics and brands like Pop Mart attracting tourists and stimulating shopping demand [2] - Domestic retailers, shopping centers, and duty-free operators in China are expected to benefit significantly from policy support aimed at enhancing tax-free and refund shopping experiences [2] Group 3 - Relevant Hong Kong stocks in the tourism sector include online travel agencies like Trip.com Group and Tongcheng Travel, as well as companies in the tourism industry chain such as Macau-related stocks, China International Travel Service, and Huazhu Group [3]

Group 1 - The tourism retail sector experienced a decline of 0.48% on September 10, with China Duty Free Group leading the drop [1] - The Shanghai Composite Index closed at 3812.22, up 0.13%, while the Shenzhen Component Index closed at 12557.68, up 0.38% [1] - China Duty Free Group's closing price was 70.68, reflecting a decrease of 0.48%, with a trading volume of 224,500 shares and a transaction value of 1.591 billion yuan [1] Group 2 - The tourism retail sector saw a net outflow of 36.9608 million yuan from institutional investors, while retail investors contributed a net inflow of 4.7039 million yuan [1] - The breakdown of fund flows indicates that institutional investors had a net outflow of 2.32%, while speculative funds had a net inflow of 2.03% [1]

证券之星消息，9月9日旅游零售板块较上一交易日下跌0.67%，中国中免领跌。当日上证指数报收于 3807.29，下跌0.51%。深证成指报收于12510.6，下跌1.23%。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 | | 71.02 | -0.67% | | 26.88万 | | 19.06 7 | 从资金流向上来看，当日旅游零售板块主力资金净流出1.21亿元，游资资金净流入1541.79万元，散户资 金净流入1.06亿元。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 散户净流入（元） 散户净占比 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 601888 中国中免 | -1.21亿 | -6.36% | 1541.79万 | 0.81% | 1. ...

Group 1 - The tourism retail sector increased by 1.43% on September 8, with China Duty Free Group leading the gains [1] - The Shanghai Composite Index closed at 3826.84, up 0.38%, while the Shenzhen Component Index closed at 12666.84, up 0.61% [1] - China Duty Free Group's closing price was 71.50, reflecting a 1.43% increase, with a trading volume of 430,300 shares and a transaction value of 3.073 billion yuan [1] Group 2 - The tourism retail sector saw a net inflow of 12.7066 million yuan from institutional investors, while retail investors experienced a net outflow of 8.8773 million yuan [1] - The net inflow from institutional investors represented 0.41% of the total, while the net outflow from retail investors accounted for -0.29% [1] - The overall capital flow in the tourism retail sector indicates a mixed sentiment among different types of investors [1]

中國旅遊集團中免股份有限公司 China Tourism Group Duty Free Corporation Limited 股份代號 STOCK CODE : 601888.SH 1880.HK INTERIM REPORT 中期報告 2025 2025 INTERIM REPORT 中期報告 China Tourism Group Duty Free Corporation Limited 中國旅遊集團中免股份有限公司 目 錄 | 02 | 公司資料 | | --- | --- | | 05 | 管理層討論與分析 | | 16 | 其他資料 | | 22 | 獨立審閱報告 | | 23 | 中期簡明綜合損益及其他綜合收益表 | | 24 | 中期簡明綜合財務狀況表 | | 26 | 中期簡明綜合權益變動表 | | 27 | 中期簡明綜合現金流量表 | | 29 | 中期簡明綜合財務資料附註 | | 58 | 釋義 | 02 中國旅遊集團中免股份有限公司 • 2025 中期報告 公司資料 董事會 非執行董事 范雲軍先生 （主席） 劉昆女士 （副主席） 執行董事 常築軍先生 王月浩先生 王軒先生 獨立非執 ...