China Tourism Group Duty Free Corporation Limited 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。 董事會會議召開日期 中國旅遊集團中免股份有限公司（「本公司」）董事會（「董事會」）宣佈，將於2024 年10月30日（星期三）舉行董事會會議，藉以（其中包括）審議及批准本公司及其 附屬公司截至2024年9月30日止九個月的第三季度業績及其刊發。 承董事會命 中國旅遊集團中免股份有限公司 董事會主席 范雲軍先生 中國•北京 2024年10月18日 於本公告日期，董事會成員包括執行董事常築軍先生、王月浩先生及王軒先生， 非執行董事范雲軍先生及劉昆女士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 （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） ...

執行董事 常築軍先生 王月浩先生 王軒先生 China Tourism Group Duty Free Corporation Limited 中國旅遊集團中免股份有限公司 （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） 董事名單與其角色和職能 中國旅遊集團中免股份有限公司（「本公司」）董事（「董事」）會（「董事會」）成員名 單載列如下： 薪酬與考核委員會 非執行董事 范雲軍先生 （主席） 劉昆女士 （副主席） 獨立非執行董事 葛明先生 王瑛女士 王強先生 本公司共設有四個董事會委員會，各董事會委員會的組成情況載列如下： 審計與風險管理委員會 葛明先生 （主席） 王瑛女士 王強先生 提名委員會 王強先生 （主席） 常築軍先生 王月浩先生 葛明先生 王瑛女士 1 王瑛女士 （主席） 葛明先生 王強先生 戰略與可持續發展委員會 范雲軍先生 （主席） 劉昆女士 常築軍先生 王軒先生 王強先生 中國‧北京 2024年10月17日 2 ...

北京市嘉源律师事务所 关于中国旅游集团中免股份有限公司 2024 年第一次临时股东大会的 法律意见书 西城区复兴门内大街 158 号远洋大厦 4 楼 中国 · 北京 中国中免 · 2024年第一次临时股东大会 嘉源 · 法律意见书 嘉源律师事务所 IA YUAN LAW OFFICES 为出具本法律意见书,本所指派律师现场见证了本次股东大会,查阅了公司 提供的与本次股东大会有关的文件和资料,并进行了必要的审查和验证。在前述 审查和验证的过程中,本所律师得到公司的如下确认:就本所认为出具本法律意 见书所必需审查的事项而言,公司已经提供了全部相关的原始书面材料或口头证 言,该等资料均属真实、准确、完整及有效,有关复印件与原件一致。 在本法律意见书中,本所律师仅对本次股东大会的召集、召开程序、出席会 议人员资格、召集人资格、会议表决程序、表决结果等所涉及的有关法律问题发 表意见,不对本次股东大会审议的议案内容以及该等议案所表述的事实或数据的 2 北京 BEI JING ·上海 SHANGHAI ·深圳 SHENZHEN · 香港 HONG KONG · 广州 GUANGZHOU · 西安 XI'AN 致:中国旅游集 ...

2024年9月19日，中国旅游集团中免股份有限公司（以下简称"公司"）董事会 收到副董事长陈国强先生递交的书面辞职报告。因退休原因，陈国强先生申请辞去 公司第五届董事会副董事长、董事及战略与可持续发展委员会委员职务。具体内容 详见公司于2024年9月20日在《证券日报》《上海证券报》、上海证券交易所网站 （www.sse.com.cn）披露的《关于副董事长辞职的公告》（临2024-028）。 近日，公司董事会收到董事长王轩先生递交的书面辞职报告。因工作调整，王 轩先生申请辞去公司第五届董事会董事长职务，同时亦辞去公司第五届董事会战略 与可持续发展委员会主席、提名委员会委员职务。辞职后，王轩先生将继续在公司 担任第五届董事会董事、战略与可持续发展委员会委员职务。 根据《公司法》等法律法规及《公司章程》的规定，王轩先生的辞职报告自送 达董事会之日起生效。公司及董事会对王轩先生在担任董事长期间为公司发展做出 的贡献表示衷心的感谢！ 2024年10月17日，经公司第五届董事会第十七次会议审议通过，同意选举范云 军先生为第五届董事会董事长、刘昆女士为第五届董事会副董事长，任期自董事会 审议通过之日起至第五届董事会任期届 ...

证券代码：601888 证券简称：中国中免 公告编号：临 2024-033 1、审议通过《关于选举公司第五届董事会董事长、副董事长的议案》 根据《公司法》及《公司章程》等相关规定，同意选举范云军先生为公司第五 届董事会董事长，刘昆女士为公司第五届董事会副董事长，任期均自董事会审议通 过之日起至第五届董事会届满之日止。 根据《公司章程》的相关规定，董事长为公司法定代表人。公司将根据有关规 定及时办理工商变更登记手续。 提交董事会审议前，公司董事会提名委员会对范云军先生、刘昆女士的简历及 中国旅游集团中免股份有限公司 第五届董事会第十七次会议（现场结合通讯） 决议公告 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。 一、董事会会议召开情况 中国旅游集团中免股份有限公司（以下简称"公司"）第五届董事会第十七次 会议于 2024 年 10 月 10 日以电子邮件方式发出通知，于 2024 年 10 月 17 日在公司 会议室以现场结合通讯方式召开。本次会议应参加表决董事 8 人，实际参加表决董 事 8 人（其中：委托出席董事 1 人， ...

证券代码：601888 证券简称：中国中免 公告编号：临 2024-032 中国旅游集团中免股份有限公司 2024 年第一次临时股东大会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2024 年 10 月 17 日 (二)股东大会召开的地点：北京市朝阳区新源西里中街 18 号渔阳饭店会议厅 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | | 3,006 | | --- | --- | --- | | 其中：A | 股股东人数 | 3,005 | | 境外上市外资股股东人数（H | 股） | 1 | | 2、出席会议的股东所持有表决权的股份总数（股） | | 1,098,640,309 | | 其中：A | 股股东持有股份总数 | 1,086,526,447 | | 境外上市外资股股东持有股份总数（H | 股） | 12,113,862 | | 3、出席会议的股 ...

Investment Rating - The investment rating for China Duty Free Group (601888) is maintained as "Buy" [5]. Core Views - The company reported a decline in performance for the third quarter, with revenue of 43 billion yuan for the first three quarters of 2024, down 15% year-on-year, and a net profit of 3.9 billion yuan, down 24.7% year-on-year. The profit for Q3 2024 was 638 million yuan, a 52% decline year-on-year [5]. - The duty-free sales from offshore islands are under pressure due to a decrease in domestic passenger flow at two airports, although overall passenger flow has seen a year-on-year increase. The passenger throughput at Meilan International Airport increased by 18.19% year-on-year from January to July 2024, while domestic passenger flow at Sanya Phoenix Airport and Meilan International Airport decreased by 6% and 2% respectively in Q3 [5]. - The number of visa-free countries and international flights is increasing, significantly boosting the performance of inbound duty-free stores. Sales at duty-free stores in Beijing airports grew over 140% year-on-year, and those in Shanghai airports increased nearly 60% [5]. - A new policy for city duty-free stores was implemented on October 1, 2024, which standardizes management and aligns with international practices, potentially enhancing sales as inbound travel gradually recovers [6]. - The profit forecast for the company has been revised downwards, with expected net profits of 5.62 billion, 6.17 billion, and 6.89 billion yuan for 2024-2026, respectively, reflecting a PE ratio of 24, 22, and 20 times [6]. Financial Summary - For 2024, the expected total revenue is 61.67 billion yuan, with a year-on-year decline of 8.7%. The net profit is projected at 5.62 billion yuan, down 16.2% year-on-year [7]. - The gross profit margin for the first three quarters of 2024 is 32.57%, an increase of 1.09 percentage points year-on-year [5]. - The company’s total revenue for 2023 was 67.54 billion yuan, with a net profit of 6.71 billion yuan, reflecting a growth of 33.5% year-on-year [8].

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company reported a revenue of 43.02 billion yuan for the first three quarters of 2024, a year-on-year increase of 15.4%, while the net profit attributable to shareholders decreased by 24.7% to 3.92 billion yuan [10] - In Q3 2024, the company achieved a revenue of 11.76 billion yuan, down 21.5% year-on-year, with a net profit of 640 million yuan, reflecting a significant decline of 52.4% [10] - Sales in the Hainan market are under pressure, with declines in passenger throughput, shopping conversion rates, and average spending per customer [10] - The duty-free shopping amount in Hainan for July-August 2024 was 3.87 billion yuan, a decrease of 34.3% year-on-year, with the number of shoppers down 20.7% [10] - The company expects revenue for 2024-2026 to be 58.19 billion yuan, 64.93 billion yuan, and 71.87 billion yuan, with corresponding net profits of 5.05 billion yuan, 5.99 billion yuan, and 6.83 billion yuan [10] Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported a revenue of 43.02 billion yuan, a decrease of 15.4% year-on-year, and a net profit of 3.92 billion yuan, down 24.7% [10] - Q3 2024 results showed a revenue of 11.76 billion yuan, down 21.5% year-on-year, and a net profit of 640 million yuan, down 52.4% [10] Market Analysis - The Hainan duty-free market is experiencing significant sales pressure, with a decline in key metrics such as passenger throughput and average spending [10] - The average shopping amount during the National Day holiday in 2024 was 110 million yuan per day, a decrease of 32.5% year-on-year [10] Future Projections - The company forecasts revenues of 58.19 billion yuan, 64.93 billion yuan, and 71.87 billion yuan for 2024, 2025, and 2026, respectively, with net profits of 5.05 billion yuan, 5.99 billion yuan, and 6.83 billion yuan [10]

Investment Rating - The report maintains a "Buy" rating for China Duty Free Group (601888.SH) [4] Core Views - The company reported a revenue of 43.021 billion yuan for the first three quarters of 2024, a year-on-year decline of 15.38%, with a net profit attributable to shareholders of 3.92 billion yuan, down 24.7% [2][4] - The performance of the airport duty-free segment is strong, benefiting from various visa-free policies and the recovery of international flights, with significant revenue growth at major airports [3] - The offshore duty-free business continues to face challenges, with sales in Hainan declining significantly [3] Summary by Sections Financial Performance - In Q3 2024, the company achieved a revenue of 11.756 billion yuan, a year-on-year decrease of 21.5%, and a net profit of 640 million yuan, down 52.5% [2] - For the first three quarters of 2024, the net profit attributable to shareholders was 3.92 billion yuan, a decline of 24.7% compared to the previous year [2] Duty-Free Business Analysis - The airport duty-free segment saw revenue growth exceeding 140% at Beijing airports and nearly 60% at Shanghai airports [3] - The company introduced 165 new product brands in the first three quarters, with over 40% being domestic brands, indicating a rising consumer interest in local products [3] Outlook and Forecast - The profit forecasts for 2024, 2025, and 2026 have been revised downwards by 6.1%, 6.8%, and 6.9% respectively, with expected net profits of 6.69 billion, 7.66 billion, and 8.76 billion yuan [4] - The company is expected to benefit from the recovery of consumer spending and the implementation of city store policies [4]

Investment Rating - The report maintains a "Buy" rating for China Duty Free Group (601888 CH) with a target price of RMB 76.44 [7][5]. Core Views - The company is experiencing temporary pressure on profitability and is awaiting a recovery in demand, particularly in the Hainan tourism sector, which has been affected by cross-border travel diversions [2][3]. - The airport duty-free segment is on a recovery path, while the offshore duty-free demand faces challenges [3][4]. - The company is focusing on enhancing consumer experience and is set to benefit from the rollout of city store policies, which may contribute to revenue growth in the medium to long term [4][5]. Summary by Sections Financial Performance - For the first nine months of 2024, the company expects revenue of RMB 43.021 billion, down 15.4% year-on-year, and a net profit of RMB 3.874 billion, down 25.4% year-on-year [2]. - In Q3 2024, revenue was RMB 11.756 billion, a decrease of 21.5% year-on-year, with a net profit of RMB 638 million, down 52.4% year-on-year [2][3]. - The gross profit margin for Q3 2024 was 31.6%, down 2.67 percentage points year-on-year, and the net profit margin was 5.4%, down 3.5 percentage points year-on-year [4]. Market Dynamics - The company’s airport duty-free stores in Beijing and Shanghai saw revenue growth of over 140% and nearly 60% respectively in the first nine months of 2024, aligning with the recovery in international passenger flow [3]. - In contrast, the offshore duty-free sales in Hainan faced a decline, with average daily sales of RMB 88 million, down 31.2% year-on-year [3]. Future Outlook - The company anticipates a gradual recovery in airport duty-free sales, while the Hainan market is still in a bottoming phase [2][5]. - The introduction of city store policies is expected to enhance the company’s competitive position and drive growth [4][5]. - The projected earnings per share (EPS) for 2024, 2025, and 2026 are RMB 2.40, RMB 2.73, and RMB 2.98 respectively [5][6].