Market Overview - The Hang Seng Index (HSI) closed at 25,524 points, down 304 points or 1.2%[1] - The Shanghai Composite Index fell 15 points or 0.39%, closing at 3,868 points[1] - The total market turnover for the day was 317.871 billion HKD[1] Economic Indicators - The People's Bank of China conducted a 405.8 billion CNY reverse repurchase operation at a steady rate of 1.4%[1] - The CNY/USD midpoint was adjusted down by 27 points to 7.1188[1] Corporate Earnings - China Petroleum reported a net profit of 84.007 billion CNY, a year-on-year decline of 5.4%[3] - Nongfu Spring's revenue increased by 15.6% to 25.622 billion CNY, with a net profit rise of 22.2% to 7.622 billion CNY[3] - China Ping An's total revenue was 546.469 billion CNY, down 1.4% year-on-year, with a net profit of 68.047 billion CNY, down 8.8%[3] - China Duty Free's revenue decreased by 10% to 28.151 billion CNY, with a net profit decline of 20.7% to 2.622 billion CNY[4] Other Corporate Results - Zijin Mining reported a revenue increase of 11.5% to 167.711 billion CNY, with a net profit growth of 54.4% to 23.292 billion CNY[4] - Conch Cement's revenue fell by 9.4% to 41.292 billion CNY, while net profit rose by 32.8% to 4.631 billion CNY[4] - China Resources Land's revenue increased by 19.9% to 94.921 billion CNY, with a net profit growth of 16.2% to 11.88 billion CNY[4]

Core Viewpoint - China Duty Free Group (China CDF) reported a decline in both revenue and net profit for the first half of 2025, primarily due to fluctuations in the Hainan offshore duty-free market and intensified industry competition [2][3]. Financial Performance - In the first half of 2025, China CDF achieved operating revenue of 28.151 billion yuan, a year-on-year decrease of 9.96% - The net profit attributable to shareholders was 2.599 billion yuan, down 20.81% year-on-year - The net profit after deducting non-recurring gains and losses was 2.595 billion yuan, a decline of 19.84% year-on-year [2]. Business Segments - Main business revenue reached 27.531 billion yuan, with offline revenue at 19.703 billion yuan and online revenue at 7.828 billion yuan [3]. - The Hainan offshore duty-free shopping amount was 16.76 billion yuan, a year-on-year decrease of 9.2%, indicating a still weak overall market demand - The number of duty-free shoppers was 2.482 million, down 26.2% year-on-year, while the average shopping amount per person increased by 23.0% to approximately 6,754 yuan [3]. Market Dynamics - The Hainan offshore duty-free market faced challenges, but measures such as "duty-free + cultural tourism" integration and digital marketing were implemented to stabilize the market [3]. - China CDF operates six offshore duty-free stores in Hainan, with sales showing signs of stabilization - The Sanya International Duty-Free City was recognized as a national AAAA-level tourist attraction, reflecting the success of the "duty-free + cultural tourism" strategy [3]. Digital and Channel Expansion - The number of members exceeded 45 million, with improved user conversion and repurchase rates [4]. - China CDF successfully won the operating rights for the outbound duty-free store at Guangzhou Baiyun International Airport T3 terminal and several other port duty-free stores - The company made significant progress in overseas expansion, entering the Vietnamese market with duty-free stores at Hanoi's Noi Bai International Airport and Phu Quoc International Airport [4]. Cost Management - China CDF demonstrated strong cost management capabilities, with sales and promotion expenses decreasing by 8.11% to 4.794 billion yuan - Administrative expenses fell by 7.03% to 1.045 billion yuan, and employee costs decreased by 11.21% to 1.545 billion yuan [5].

Core Viewpoint - China Duty Free Group (China Duty Free) reported a decline in both revenue and net profit for the first half of 2025, indicating ongoing challenges in the Hainan duty-free market [1][2]. Group 1: Financial Performance - For the first half of 2025, China Duty Free achieved operating revenue of 28.151 billion yuan, a year-on-year decrease of 9.96% [1]. - The net profit attributable to shareholders was 2.6 billion yuan, reflecting a year-on-year decline of 20.81% [1]. - Revenue from Hainan region dropped to 15.031 billion yuan, showing a significant decrease compared to the same period last year [1]. Group 2: Market Conditions - The decline in performance is attributed to ongoing adjustments in the Hainan duty-free market, characterized by intensified competition and diversified consumer demand [1][2]. - Traditional stores are facing pressure regarding foot traffic and repurchase rates due to these market dynamics [1]. Group 3: Expansion Strategies - Despite the performance challenges, China Duty Free is actively expanding to find new growth opportunities [2]. - The company operates six duty-free stores in Hainan and has seen a stabilization in sales within the region [2]. - China Duty Free has successfully bid for duty-free stores at Guangzhou Baiyun International Airport and several border ports, indicating a focus on enhancing its retail footprint [2]. - The company has also entered the overseas market, opening duty-free stores at Hanoi's Noi Bai International Airport and Phu Quoc International Airport in Vietnam [2].

格隆汇8月26日丨中国中免(601888.SH)发布2025年半年度报告，报告期实现营业收入281.51亿元，同比 下降9.96%；归属上市公司股东的净利润26亿元，同比下降20.81%；扣除非经常性损益后的归属于上市 公司股东的净利润25.95亿元，同比下降19.84%；基本每股收益1.2566元。 ...

证券之星消息，中国中免2025年中报显示，公司主营收入281.51亿元，同比下降9.96%；归母净利润 26.0亿元，同比下降20.81%；扣非净利润25.95亿元，同比下降19.84%；其中2025年第二季度，公司单 季度主营收入114.05亿元，同比下降8.45%；单季度归母净利润6.62亿元，同比下降32.21%；单季度扣 非净利润6.6亿元，同比下降29.72%；负债率18.61%，投资收益-2317.69万元，财务费用-5.01亿元，毛 利率32.77%。 财报数据概要请见下图: 销售毛利率 (%) 32.77 同比 -2.29% 净资产收益率(%) 4.65 同比 -22.11% 每股营业收入(元) 13.61 同比 -9.96% 每股收益(元) 1.26 同比 -20.80% 每股净资产(元) 26.68 同比 +2.54% 每股经营性现金流(元) 1.26 同比 -39.49% 2023 2024 2025 ■ 营业总收入-中报(亿) ■ 单季度营业总收入-第二季度(亿) 一 归母净利润 一 归母净利润-中报(亿) 26.00 同比 -20.80% 单季度归母净利润-第二季度(亿) 6.62 ...

智通财经APP讯，中国中免(601888.SH)发布2025年半年度报告，该公司营业收入为281.51亿元，同比减 少9.96%。归属于上市公司股东的净利润为26亿元，同比减少20.81%。归属于上市公司股东的扣除非经 常性损益的净利润为25.95亿元，同比减少19.84%。基本每股收益为1.2566元。 公告称，公司在海南离岛免税市场的优势地位进一步稳固，市场占有率同比提升近1个百分点。 ...

Core Viewpoint - China Duty Free Group Co., Ltd. (China Duty Free) reported a decline in both revenue and net profit for the first half of 2025, with revenue down 9.96% and net profit down 20.81% year-on-year, amid ongoing adjustments in the Hainan offshore duty-free market [1][3]. Group 1: Financial Performance - For the first half of 2025, China Duty Free achieved operating revenue of 28.151 billion yuan, a decrease of 9.96% year-on-year, and a net profit attributable to shareholders of 2.6 billion yuan, down 20.81% year-on-year [3]. - The company's main business revenue was 27.531 billion yuan, with offline revenue at 19.703 billion yuan and online revenue at 7.828 billion yuan [3]. - In Hainan, the company's revenue fell to 15.031 billion yuan in the first half of 2025, compared to 16.785 billion yuan in the same period of 2024 [3][6]. Group 2: Market Strategy - Despite the pressure on performance, China Duty Free is actively expanding its operations to seek new growth points, including increasing its presence in city duty-free stores and overseas markets [5][6]. - The company has secured the operation rights for several duty-free stores at major international airports and border ports, enhancing its channel advantages [6]. - China Duty Free has also entered the Vietnamese market, opening duty-free stores at Hanoi's Noi Bai International Airport and Phu Quoc International Airport, indicating a strategy to expand its international footprint [6]. Group 3: Market Challenges - The company faces increasing competition and a diversified consumer demand, leading to pressure on foot traffic and repurchase rates at traditional stores [3][7]. - Experts suggest that to cope with market challenges, China Duty Free should enhance promotional activities and marketing efforts to attract customers and improve performance [7].

具体业务方面，上半年，中国中免的王牌业务——离岛免税业务面临着不小的压力。根据海口海关数 据，2025年1月至6月，海南离岛免税购物金额为167.6亿元，同比下降9.2%；免税购物人数为248.2万人 次，同比下降26.2%。 在此背景下，中国中免上半年拓宽了在海南的业务，如打造文娱赛事联动及主题营销IP（具有商业价值 的创意内容或品牌）活动，引入明星演唱会、泡泡玛特Dimoo首展、迪士尼主题IP等。 8月26日晚间，免税龙头企业中国中免（601888.SH，股价71.41元，市值1477.37亿元）发布2025年半年 度报告。今年上半年，公司实现营业收入281.51亿元，同比下降9.96%；归属于上市公司股东的净利润 25.99亿元，同比减少20.81%。 报告期内，中国中免主营业务收入275.31亿元，其中线下收入197.03亿元，线上收入78.28亿元。 口岸渠道方面，报告期内，中国中免中标了广州白云国际机场T3航站楼出境免税店，以及磨憨口岸、 勐康口岸、猴桥口岸、打洛口岸、黑河口岸等多家口岸免税店的经营权；位于青岛、厦门、哈尔滨等地 的市内店也焕新开业。 境外业务方面，根据中国中免的说法，公司获得了香 ...

Core Viewpoint - China Duty Free Group (China CDF) reported a decline in both revenue and net profit for the first half of 2025, indicating ongoing challenges in the Hainan duty-free market while seeking growth through expansion into new markets and store openings [1][3][5]. Financial Performance - For the first half of 2025, China CDF achieved revenue of 28.151 billion yuan, a year-on-year decrease of 9.96% - The net profit attributable to shareholders was 2.6 billion yuan, down 20.81% - Main business revenue was 27.531 billion yuan, with offline revenue at 19.703 billion yuan and online revenue at 7.828 billion yuan [3][5]. Market Challenges - The decline in performance is attributed to the ongoing adjustment in the Hainan duty-free market, with Hainan's revenue dropping to 15.031 billion yuan from 16.785 billion yuan in the same period last year - Increased market competition and diversified consumer demand are putting pressure on traditional stores regarding foot traffic and repurchase rates [3][5][6]. Growth Strategies - Despite the performance challenges, China CDF is actively expanding its presence in the Hainan duty-free market, with six duty-free stores in the region and a market share increase of nearly 1 percentage point year-on-year - The company is also focusing on opening new stores, having secured operating rights for several duty-free shops at major airports and border ports, including Guangzhou Baiyun International Airport and multiple other locations [5][6]. - Additionally, China CDF has entered the overseas market, launching duty-free stores at Hanoi's Noi Bai International Airport and Phu Quoc International Airport in Vietnam [5].

Core Viewpoint - The performance of China Duty Free Group (601888.SH) continues to decline in H1, with a 20.81% drop in net profit, but the opening of city duty-free stores and the upcoming "Hainan closure" may present new market opportunities for the duty-free industry [1] Group 1: Financial Performance - In H1, China Duty Free achieved operating revenue of 28.151 billion yuan, a year-on-year decrease of 9.96% [1] - The net profit attributable to shareholders was 2.6 billion yuan, down 20.81% year-on-year [1] - In Q2, revenue was 11.4 billion yuan, reflecting an 8.4% year-on-year decline, while net profit was 662 million yuan, a significant drop of 32.22% [1] Group 2: Market Trends - From January to June, the total amount of duty-free shopping in Hainan was 16.76 billion yuan, a decrease of 9.2% year-on-year [1] - The number of duty-free shopping items fell by 24.8% to 14.875 million, and the actual number of shoppers decreased by 26.2% to 2.482 million [1] - In July, these three indicators continued to decline, with year-on-year decreases of 6.7%, 20.6%, and 19.6% respectively [1] Group 3: Market Share and Expansion - China Duty Free's market share in Hainan has increased, with the company introducing over 60 new brands during the reporting period [1] - The company has opened city duty-free stores in Dalian, Sanya, Qingdao, and Xiamen, with additional stores in preparation [2] - The first city duty-free store in Shenzhen began trial operations on August 23, and the first store in Guangzhou opened today, featuring a new operational model that combines duty-free and taxable goods [2]