市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 风险提示及免责条款 中国中免：2025年上半年营业收入281.51亿元，同比下降9.96%。净利润26亿元，同比下降20.81%。 ...

（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） 截至2025年6月30日止六個月之 中期業績公告 中國旅遊集團中免股份有限公司（「本公司」）董事會（「董事會」）欣然宣佈本公司 及其附屬公司截至2025年6月30日止六個月之未經審核中期業績（「中期業績」）。 本公告載列本公司2025年中期報告（「中期報告」）全文，並符合香港聯合交易所有 限公司證券上市規則中有關中期業績初步公告附載資料之要求。 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 中期業績已由董事會審計與風險管理委員會審閱。 本公告將於香港交易及結算所有限公司（「香港交易所」）網站( www.hkexnews.hk ) 及本公司網站( www.ctgdutyfree.com.cn )刊載。中期報告將於適當時候於香港交易 所及本公司的上述網站 ...

Group 1 - The establishment of city duty-free shops in key business districts aims to meet consumer needs for dining, shopping, and entertainment [1] - The opening of city duty-free shops in Guangzhou and Shenzhen marks a significant step in the development of the duty-free industry in China [4] - The new city duty-free shops are primarily operated by state-owned enterprises, enhancing the availability of domestic products for outbound travelers [4] Group 2 - The city duty-free shops offer a mix of tax-free and taxable goods, including local specialty products and cultural items, to attract outbound travelers [1][4] - The recent trend of establishing city duty-free shops is supported by the implementation of the "Interim Measures for the Management of City Duty-Free Shops" [5] - Current limitations on pickup points for duty-free goods may affect consumer experience, with only Guangzhou Baiyun Airport serving as a pickup location for the Guangzhou store [5][6] Group 3 - The increase in foreign tourists visiting Guangzhou and Shenzhen is driven by policies such as the 240-hour visa-free transit, enhancing international market engagement [5] - Consumers express a desire for more flexible pickup options, including multiple locations within the city and cross-city delivery services [6]

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | --- | | 601888 | 中国中免 | 71.41 | 3.13% | | 56.70万 | | 40.25 Z | 证券之星消息，8月26日旅游零售板块较上一交易日上涨3.13%，中国中免领涨。当日上证指数报收于 3868.38，下跌0.39%。深证成指报收于12473.17，上涨0.26%。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7864.96万元，游资资金净流入265.59万元，散户 资金净流出8130.56万元。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 | 7864.96万 | 1.95% | 265.59万 | 0.07% | -81 ...

Group 1 - China Duty Free Group's stock price surged over 9% during trading, currently up 5.10% at HKD 65.90, with a trading volume of HKD 408.1 million [2] - The first city duty-free store in Guangzhou is set to open on August 26, developed in collaboration with Guangzhou Baiyun International Airport, Guangbai Co., and Lingnan Holdings [2] - A trial operation of a city duty-free store in Shenzhen successfully completed its first transaction on August 23, marking a significant milestone in the project's development and operation [2] Group 2 - CITIC Securities noted a decline in overall duty-free sales and Hainan duty-free sales in Q1 2025, with some recovery in Q2 as Hainan channels began to stabilize [2] - Multiple city duty-free stores are entering a cultivation phase, with tariff policies enhancing price advantages for certain products in duty-free channels [2] - The upcoming closure of Hainan is expected to maintain the independence of the offshore duty-free policy, which may benefit from consumption-boosting policies post-closure [2]

Core Viewpoint - China Duty Free Group (01880) saw its stock price surge over 9% during trading, currently up 5.10% at HKD 65.90, with a trading volume of HKD 408.1 million [1] Group 1: Company Developments - The first city duty-free store in Guangzhou is set to open on August 26, developed in collaboration with China Duty Free Group, Guangbai Co., Lingnan Holdings, and Baiyun Airport [1] - A city duty-free store in Shenzhen is currently in its trial operation phase as of August 23 [1] Group 2: Industry Insights - CITIC Securities noted a decline in overall duty-free sales and Hainan duty-free sales in Q1 2025, with the second quarter still facing some impacts [1] - The Hainan channel is gradually recovering in the second quarter, while many city duty-free stores are entering a cultivation phase [1] - Due to tariff policies, certain products in the duty-free channel are affected [1]

Group 1: Market Overview - The Hang Seng Index fell by 0.22%, down 56 points, closing at 25,773 points, while the Hang Seng Tech Index rose by 0.27% [1] - The early trading volume in the Hong Kong stock market reached 133.9 billion HKD [1] Group 2: Company Performances - Pop Mart (09992) surged by 2.88%, with new products selling out instantly and continued high growth in H1 performance [1] - China Duty Free Group (01880) soared over 5% following the opening of its first city duty-free store in Guangzhou, with multiple city stores entering the cultivation phase [1] - Genscript Biotech (01672) increased by 4.7%, as the company raised funds to enhance its weight loss drug development, with Citigroup suggesting attention on the upcoming ASC30 Phase II data [1] - China Gold International (02099) rose by 6.8%, reaching a new high, with core product output exceeding half of the annual guidance and significant expansion potential at the Jiamar mine [1] - Meitu (01357) saw an early gain of over 7%, officially entering the MSCI China Index, with Morgan Stanley optimistic about the company's long-term growth potential [1] - Innovent Biologics (02696) increased by 5.68% post-earnings, with ongoing internationalization strategy and overseas product profits more than doubling in H1 [1] - Angelalign Technology (06699) rose over 7%, with H1 net profit increasing by over 360%, and declared a special interim dividend of 0.46 HKD [1] - Oriental Selection (01797) fell over 7%, with annual net profit declining by 99.67%, while Goldman Sachs maintained a "sell" rating [1][2] Group 3: Financial Results - Kintor Pharmaceutical (01951) dropped by 5.97% post-earnings, reporting a loss of 1.04 billion CNY in H1, compared to a profit in the same period last year [2]

Group 1 - China Duty Free Group (中国中免) shares surged over 9%, currently up 7.26% at HKD 67.25, with a trading volume of HKD 327 million [1] - The first city duty-free store in Guangzhou is set to open on August 26, developed in collaboration with Guangbai Co., Lingnan Holdings, and Baiyun Airport [1] - The Shenzhen city duty-free store successfully completed its first transaction during trial operations on August 23, marking a significant milestone in project development and operations [1] Group 2 - CITIC Securities noted a decline in overall duty-free sales and Hainan duty-free sales in Q1 2025, with some impact continuing into Q2; however, Hainan channels are gradually recovering [1] - Multiple city duty-free stores are entering the cultivation phase, with tariff policies enhancing price advantages for certain products in duty-free channels [1] - The upcoming closure of Hainan is expected to maintain the independence of the offshore duty-free policy, which may benefit from consumption stimulus policies post-closure [1]

智通财经APP获悉，中国中免(01880)飙升逾9%，截至发稿，涨7.26%，报67.25港元，成交额3.27亿港 元。 消息面上，中免集团发布消息称，广州首家市内免税店将于8月26日开业。据悉，广州市内免税店由中 免集团、广百股份、岭南控股和白云机场联合打造。此前，8月23日，深圳市内免税店在试营业期间顺 利迎来首单成交。上午10时许，顾客白先生在免税酒水区完成购物结算，并将在下周一从深圳机场启程 前往迪拜，成为免税店试营业阶段的首单顾客。这也标志着项目建设和运营取得阶段性成果。 中信建投指出，25年第一季度整体免税销售额及海南免税销售额下滑，第二季度仍受一定影响。第二季 度海南渠道逐步转正。多地市内免税店进入落地培育阶段。关税政策下，免税渠道部分商品价格优势扩 大，预计市内免税店未来更好服务外国人离境场景下国货销售。年内海南封关将近，离岛免税政策独立 性预计仍维持，且有望受益封关后消费提振政策。 ...

从资金流向上来看，当日旅游零售板块主力资金净流出146.86万元，游资资金净流入873.44万元，散户资 金净流出726.57万元。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 III III I T I T M ... II MORIUL I MIN ... MIN ... IN LL .. I . MOLL .. I . M . I . | -146.86万 | -0.05% | 873.44万 | 0.33% | -726.57万 | -0.27% | 证券之星消息，8月25日旅游零售板块较上一交易日上涨2.61%，中国中免领涨。当日上证指数报收于 3883.56，上涨1.51%。深证成指报收于12441.07，上涨2.26%。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) | | | --- | --- | -- ...