Core Viewpoint - China Duty Free Group (601888) has seen a stock price increase of over 4%, currently trading at 70.05 HKD with a transaction volume of 263 million HKD, driven by the upcoming full closure operation of Hainan Free Trade Port on December 18 this year [1] Group 1: Market Dynamics - The full closure of Hainan is expected to usher in a new chapter of openness, with the offshore duty-free policy remaining a core pillar of Hainan's consumer market [1] - The inclusion of international travelers in the duty-free shopping policy is anticipated to boost the recovery and development of the offshore duty-free sector [1] Group 2: Company Performance - According to Shenwan Hongyuan's research report, China Duty Free Group's profits were under pressure in the first three quarters, but there are signs of stabilization with monthly sales in core Hainan business showing year-on-year growth and an increase in market share [1] - The revenue began to rebound in the third quarter, supported by the ongoing recovery of airport channels and the opening of new large-scale city duty-free stores, which are expected to provide new growth momentum for the company [1] Group 3: Long-term Outlook - The long-term value of the company is viewed positively due to the expected increase in business traffic following the closure of Hainan Free Trade Port, as well as the company's multi-channel strategy encompassing "Hainan + airport + online + city" [1]

Core Viewpoint - China Duty Free Group (中国中免) shares have increased by over 4%, currently trading at 70.05 HKD, with a transaction volume of 263 million HKD, indicating positive market sentiment towards the company amid upcoming policy changes in Hainan [1] Group 1: Market Developments - The Hainan Free Trade Port is set to officially commence full island closure operations on December 18, which is expected to open a new chapter in external openness for Hainan [1] - The offshore duty-free policy remains a core pillar of Hainan's consumer market, with the inclusion of international travelers expected to boost the recovery and development of the duty-free sector [1] Group 2: Company Performance - According to Shenwan Hongyuan's research report, China Duty Free Group's profits were under pressure in the first three quarters, but there are signs of stabilization with monthly sales in core Hainan operations showing year-on-year growth and an increase in market share [1] - The revenue in the third quarter has begun to rebound from the bottom, supported by the ongoing recovery of airport channels and the opening of new large-scale city duty-free stores, which are anticipated to provide new growth momentum for the company [1] Group 3: Long-term Outlook - The long-term value of the company is viewed positively due to the expected increase in business traffic following the closure of Hainan's free trade port, as well as the company's multi-channel strategy encompassing "Hainan + airport + online + city" [1]

Summary of China Tourism Group Duty Free Corp. Conference Call Company Overview - **Company Name**: China Tourism Group Duty Free Corp. (CTGDF) - **Ticker**: 601888.SS (A-shares), 1880.HK (H-shares) - **Market Position**: Largest travel retail operator globally with approximately 80% market share in China's duty-free industry [26][27] Key Industry Insights - **Favorable Duty-Free Policies**: New policies effective from November 1, 2025, aim to boost consumption and recapture overseas spending onshore. Key measures include: - Tax refund/exemption for domestic products - Expansion of product categories in duty-free stores - Support for online reservations and pick-up services at duty-free stores [2][9][11] - **Hainan Free Trade Port**: Expected to enhance growth prospects starting December 18, 2025, with independent customs operations and favorable policies [2][9] Financial Performance - **3Q25 Results**: - Revenue showed a sequential improvement with a year-over-year decline narrowing to -0.4% - Earnings decreased by 29% year-over-year primarily due to lower gross margins and increased SG&A expenses [1] - Gross Profit Margin (GPM) slightly declined to 29.8% due to a higher sales mix of lower-margin mobile phones [3] - **Sales Trends**: - Hainan offshore duty-free sales increased by 3.4% in September and 13.6% during the Golden Week (October 1-8) [1] - Anticipated positive growth trajectory into the peak season due to improved execution and recovery in outbound travel [1] Strategic Initiatives - **Margin Improvement**: Management aims to enhance margins through product mix optimization, store efficiency improvements, and cost reductions [3] - **Inventory Management**: Increased inventory levels in 3Q25 to prepare for the peak season, particularly in cosmetics, while maintaining healthy inventory levels [3] Shareholder Returns - **Dividend Announcement**: The company declared its first interim dividend of RMB 517 million, representing a 17% payout ratio based on 9M25 net profit, with plans to maintain a high payout ratio [1] Valuation and Recommendations - **Target Price**: DCF-based target price set at RMB 78.00, reflecting the long-term growth potential of the duty-free business [28] - **Investment Rating**: Buy rating maintained for CTGDF, supported by structural growth in the duty-free industry and expected benefits from favorable policies and market dynamics [27] Additional Insights - **Product Diversification**: The expansion of product categories in duty-free stores is expected to cater to varying consumer preferences and enhance sales [2][11] - **Operational Efficiency**: Focus on digitalization and cost control measures to improve overall operational efficiency and profitability [3] This summary encapsulates the critical insights and financial performance of China Tourism Group Duty Free Corp. as discussed in the conference call, highlighting the company's strategic initiatives and market outlook.

Market Overview - After a rebound yesterday, the markets continued to rise today, with the Hang Seng Index increasing by 2.12% [1] - The potential end of the government shutdown is seen as a positive for the stock market, as President Trump urged the Republican Party to pass the spending bill quickly [1] - AI sector developments, particularly comments from NVIDIA's CEO Jensen Huang regarding China's advantages in AI, have fueled market sentiment [1] Company Performance - Hua Hong Semiconductor reported a record third-quarter revenue of $635.2 million, with expectations for fourth-quarter revenue between $650 million and $660 million [2] - The company's 12-inch wafer business now accounts for 59.3% of total revenue, driving overall growth [2] - The utilization rate of the 8-inch wafer plant is at 109.5%, indicating strong market demand in specialty processes [2] Strategic Partnerships - Ceres Power signed a manufacturing license agreement with Weichai Power for solid oxide fuel cells, aiming to produce batteries for data centers and industrial markets [3] - A strategic cooperation agreement was signed between DayOne and Weisheng Holdings to deepen collaboration in the data center sector [3] Resource Sector Developments - Major gas turbine orders in North America are projected to extend to 2030, driven by increased capital expenditure in data centers [3] - The aluminum industry is experiencing a positive trend, with companies like China Aluminum and China Hongqiao seeing stock increases of over 10% due to improved profit margins [3] Robotics and AI Applications - Xpeng Motors showcased its new generation humanoid robot, which is expected to begin commercialization next year [4] - Blues Technology has received an order for 10,000 quadruped robots, highlighting its manufacturing capabilities in the intelligent hardware sector [5] Financial Transactions - Cathay Pacific announced a share buyback agreement with Qatar Airways for approximately 9.57% of its shares, valued at HKD 6.969 billion [6] - The buyback price represents a 4% discount compared to the closing price before the announcement, which is seen as favorable for the company [6] Industry Events - The Fourth China Nuclear Energy High-Quality Development Conference will be held in November 2025, showcasing innovations in nuclear technology [7] PCB Industry Insights - Kingboard Laminates reported a revenue increase of 11% year-on-year, driven by rising prices of copper-clad laminates [8] - The company is advancing in high-end product development, with plans for new production lines for low dielectric materials [9]

Core Viewpoint - The tourism retail sector experienced a decline of 2.91% on November 6, with China Duty Free Group leading the drop, while the overall market indices showed positive performance with the Shanghai Composite Index rising by 0.97% and the Shenzhen Component Index increasing by 1.73% [1] Group 1: Market Performance - The tourism retail sector's decline was primarily driven by China Duty Free Group, which closed at 75.34, reflecting a decrease of 2.91% [1] - The Shanghai Composite Index closed at 4007.76, marking an increase of 0.97% [1] - The Shenzhen Component Index closed at 13452.42, showing an increase of 1.73% [1] Group 2: Capital Flow - The tourism retail sector saw a net outflow of 369 million yuan from institutional investors, while retail investors contributed a net inflow of 219 million yuan [1] - The capital flow data indicates that speculative funds had a net inflow of 150 million yuan into the sector [1] - China Duty Free Group specifically experienced a net outflow of 369 million yuan from institutional investors, representing a net institutional share of -11.43% [1]

Core Viewpoint - The Shanghai Composite Index rose by 0.23% on November 5, with 20 industries experiencing gains, particularly in the power equipment and coal sectors, which increased by 3.40% and 1.39% respectively [1] Industry Performance - The power equipment industry led the gains with a net inflow of 146.08 billion yuan, contributing to its 3.40% increase [1] - The coal industry also saw a positive performance, ranking second in net inflow [1] - The retail trade industry ranked third in terms of gains, with a 1.22% increase and a net inflow of 9.01 billion yuan [1] Fund Flow Analysis - Overall, the main funds in the two markets experienced a net outflow of 86.38 billion yuan [1] - Among the 20 industries with net outflows, the computer industry had the largest outflow at 63.63 billion yuan, followed by the electronics industry with 46.16 billion yuan [1] - Other industries with significant net outflows included telecommunications, non-bank financials, and automotive sectors [1] Stock Performance in Retail Trade - In the retail trade sector, out of 97 stocks, 77 saw an increase, with one hitting the daily limit, while 18 stocks declined [1]

Group 1 - The company plans to hold an investor open day on November 28, 2025, in Sanya, Hainan Province [1] - The purpose of the event is to provide investors with a comprehensive understanding of the company's operational results, strategic planning, and core competitiveness [1] - The initiative aims to enhance investor recognition and confidence in the company, fostering closer and more effective interactions between the company and its investors [1]

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之內容概不負責，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 承董事會命 中國旅遊集團中免股份有限公司 董事會主席 （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） 范雲軍先生 中國•北京 2025年11月5日 於本公告日期，董事會成員包括非執行董事范雲軍先生及劉昆女士，執行董事常 築軍先生、王月浩先生及王軒先生及獨立非執行董事葛明先生、王瑛女士及王強 先生。 中國旅遊集團中免股份有限公司 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 茲載列中國旅遊集團中免股份有限公司在上海證券交易所網站刊登的《中國旅遊 集團中免股份有限公司關於舉辦投資者開放日活動的公告》，僅供參閱。 特此公告。 2. 活动地点：海南省三亚市海棠区海棠北路 118 号 cdf 三亚国际免税城 3. 活动对象：公司股东及对公司感兴趣的投资 ...

Group 1 - The tourism retail sector increased by 2.85% on November 5, with China Duty Free Group leading the gains [1] - The Shanghai Composite Index closed at 3969.25, up 0.23%, while the Shenzhen Component Index closed at 13223.56, up 0.37% [1] - China Duty Free Group's closing price was 77.60, reflecting a 2.85% increase, with a trading volume of 648,000 shares and a transaction value of 5.044 billion yuan [1] Group 2 - The tourism retail sector saw a net inflow of 364 million yuan from main funds, while retail investors experienced a net outflow of 271 million yuan [1] - The main funds for China Duty Free Group had a net inflow of 72.2% with a net outflow of 93.4145 million yuan from speculative funds [1]

证券代码：601888 证券简称：中国中免 公告编号：临2025-033 中国旅游集团中免股份有限公司 关于举办投资者开放日活动的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 为便于广大投资者全面、立体、深入地了解中国旅游集团中免股份有限公司 （以下简称"公司"）的经营成果、战略规划及核心竞争力，增进投资者对公司 的认知和投资信心，促进公司与投资者之间建立更为紧密、良好的互动关系，实 现公司与投资者的共赢发展，公司拟于 2025 年 11 月 28 日在海南省三亚市举办 投资者开放日活动，现将有关事项公告如下： 一、活动安排 1. 活动时间：2025 年 11 月 28 日（周五）9:00-12:00 5. 出席人员：公司领导及相关业务负责人等 二、报名方式 为更好地安排本次活动，请有意参与此次活动的投资者于 2025 年 11 月 21 日中午 12:00 前通过如下方式报名参加： 1. 点击链接预约报名 https://www.yuediaoyan.com/research/index.php/Home/Strat ...