Core Viewpoint - The company forecasts a decline in revenue and net profit for the first half of 2025, with total revenue expected to be 28.15 billion, down 10% year-on-year, and net profit of 2.6 billion, down 26% year-on-year, indicating underperformance in Q2 2025 [1][2]. Group 1: Performance Overview - The company anticipates Q2 2025 revenue of 11.4 billion, a decrease of 8.5% year-on-year, and a net profit of 660 million, down 32.2% year-on-year, which is below expectations [1]. - Revenue decline in Q2 is slightly less severe compared to Q1, which saw a year-on-year decline of 11% [1]. - The recovery of airport duty-free store revenue is ongoing, supported by the resurgence of inbound and outbound tourism [2]. Group 2: Market Trends and Future Outlook - From late June, cross-border flight frequencies have recovered to over 80% of the levels seen in the same period in 2019, suggesting continued improvement in airport duty-free business for H2 [2]. - The company has strengthened its market position in Hainan, with a nearly 1 percentage point increase in market share year-on-year, and expects a positive trend to continue in the second half of the year [2]. - The opening of new duty-free stores and the introduction of tax refund services in Sanya International Duty-Free City are expected to enhance the company's operational layout [2]. Group 3: Long-term Prospects - The Hainan Free Trade Port is set to officially close on December 18, 2025, which is expected to boost local economic vitality and enhance the positioning of Hainan as an international tourism island, benefiting the company's operations in Hainan [2]. - The company has revised its profit forecasts downward for 2025-2027, expecting net profits of 4.52 billion, 5.14 billion, and 5.67 billion, representing year-on-year growth of 6%, 13.7%, and 10.4% respectively [2]. - The current stock price corresponds to H-share P/E ratios of 24x, 21x, and 19x for the years 2025, 2026, and 2027, respectively, indicating potential for expansion as the Hainan Free Trade Port develops [2].

| 表格序號 | 大股東/董事/最高行政人員名稱作出披露的 買入 / 賣出或涉及的 每股的平均價 | | | 持有權益的股份數目 佔已發行的 有關事件的日期 | | | --- | --- | --- | --- | --- | --- | | | 股份數目 | 原因 | | (請參閱上述 * 註 | 有投票權股 (日 / 月 / 年) | | | | | | 能 | 份百分比 | | | | | | | ( % ) | | CS20250729E00552 | HKD 63.0819 Barclays PLC | 1001(L) | 4.590.900(L) | 6.126.400(L | 5.26(L)24/07/2025 | | | | 14015(S) | 929.600(S) | 2.283.700(S) | 1.96(S) | | 股份代號: | 01880 | | --- | --- | | 上市法國名稱: | 中國旅遊集團中免股份有限公司 - H | | 日期 (日 / 月 / 年): | 30/06/2025 - 31/07/2025 | 格隆汇7月31日丨根据联交所最新权益披露资料显示，2 ...

Group 1 - The stock price of China Duty Free Group (中国中免) on July 30 was 66.28 yuan, with a slight increase of 0.05 yuan, representing a 0.08% rise. The trading volume reached 267,870 hands, with a transaction amount of 1.78 billion yuan [1] - China Duty Free Group is a leading duty-free operator in China, primarily engaged in the retail of duty-free goods. The company operates duty-free stores in key cities and tourist destinations across the country, covering various categories such as cosmetics, luxury goods, clothing, and electronics [1] - Haikou Customs has recently implemented smart supervision measures, significantly enhancing the customs clearance efficiency of offshore duty-free goods through technologies like electronic tags and remote video inspections. Data shows that the time from warehousing to shelf for duty-free goods can be as short as 2 hours, saving 1.4 days compared to traditional methods. Since 2025, Sanya Customs has inspected 329 batches of offshore duty-free imported goods, with 80% adopting facilitation policies [1] Group 2 - On July 30, the net outflow of main funds for China Duty Free Group was 16.5697 million yuan, accounting for 0.01% of the circulating market value [2]

智通财经APP获悉，香港联交所最新数据显示，7月24日，Barclays PLC增持中国中免(01880)459.09万 股，每股作价63.0819港元，总金额约为2.90亿港元。增持后最新持股数目为612.64万股，持股比例为 5.26%。 ...

香港联交所最新数据显示，7月24日，Barclays PLC增持中国中免（601888）(01880)459.09万股，每股作 价63.0819港元，总金额约为2.90亿港元。增持后最新持股数目为612.64万股，持股比例为5.26%。 ...

从资金流向上来看，当日旅游零售板块主力资金净流出1656.97万元，游资资金净流入4823.38万元，散户 资金净流出3166.41万元。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 | -1656.97万 | -0.93% | 4823.38万 | 2.71% | -3166.41万 | -1.78% | | ** | | | | | | | 证券之星消息，7月30日旅游零售板块较上一交易日上涨0.08%，中国中免领涨。当日上证指数报收于 3615.72，上涨0.17%。深证成指报收于11203.03，下跌0.77%。旅游零售板块个股涨跌见下表： 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。 | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | | 成交额(元) | | | --- | --- | ...

智通财经APP获悉，里昂发布研报称，中国中免(01880,601888.SH)的次季及中期业绩预告逊于市场预 期，该行认为，中国中免表现弱势应与非海南业务的波动性有关。公司提到，虽然持续受压，惟正通过 扩展免税+产品和推动自身品牌创新来加快战略转型。因此，公司在海南的市场份额同比上升近1%。 该行表示，中国中免虽然销售降幅有所收窄，但该行预计，由于去杠杆化、产品组合变化、渠道组合变 化和折扣的影响，盈利能力仍然面临压力。海南离岛免税政策在过去几天成为股价催化剂，因此不排除 获利了结的可能性。 ...

Core Viewpoint - The report from CICC indicates that China Duty Free Group (601888) has underperformed in its Q2 and interim earnings forecast, primarily due to volatility in non-Hainan operations [1] Group 1: Performance Analysis - The company has experienced a decline in sales, although the rate of decline has narrowed [1] - The market share in Hainan has increased by nearly 1% year-on-year, indicating some positive movement despite overall challenges [1] Group 2: Strategic Initiatives - The company is focusing on accelerating its strategic transformation through the expansion of duty-free products and promoting brand innovation [1] Group 3: Profitability Concerns - Profitability remains under pressure due to factors such as deleveraging, changes in product mix, channel mix, and discounts [1] - Recent Hainan offshore duty-free policies have acted as a catalyst for stock price movements, suggesting potential profit-taking opportunities [1]

证券之星消息，7月29日旅游零售板块较上一交易日下跌0.21%，中国中免领跌。当日上证指数报收于 3609.71，上涨0.33%。深证成指报收于11289.41，上涨0.64%。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 | 66.23 | -0.21% | | 24.28万 | | 16.06亿 | 从资金流向上来看，当日旅游零售板块主力资金净流出1.53亿元，游资资金净流入4989.99万元，散户资 金净流入1.03亿元。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。 | | | | 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 ...

金融界7月29日消息，上证指数低开高走，上证养老产业指数 (上证养老，H50043)报7533.04点。 从指数持仓来看，上证养老产业指数十大权重分别为：博瑞医药（4.66%）、科沃斯（3.2%）、新华保 险（2.96%）、恒瑞医药（2.7%）、中国平安（2.64%）、中国太保（2.62%）、南京商旅（2.58%）、 通策医疗（2.55%）、中国中免（2.54%）、石头科技（2.54%）。 从上证养老产业指数持仓的市场板块来看，上海证券交易所占比100.00%。 从上证养老产业指数持仓样本的行业来看，可选消费占比36.84%、医药卫生占比36.08%、主要消费占 比11.40%、金融占比10.76%、通信服务占比4.92%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个定期 调整日前，权重因子一般固定不变。特殊情况下将对指数进行临时调整。当样本退市时，将其从指数样 本中剔除。样本公司发生收购、合并、分拆等情形的处理，参照计算与维护细则处理。 数据统计显示，上证养老产业指数近一 ...