Investment Rating - The investment rating for the company is "Accumulate" with a target price of 85.20 CNY, down from the previous forecast of 88.29 CNY [2]. Core Views - The profitability of airport duty-free operations has significantly improved, while the Hainan offshore duty-free market remains under pressure. The new city duty-free policy is expected to bring performance elasticity in the medium to long term [2]. Financial Performance Summary - For the first half of 2024, the company reported revenue of 31.265 billion CNY, a year-on-year decrease of 12.81%, and a net profit attributable to shareholders of 3.283 billion CNY, down 15.07% year-on-year. The second quarter of 2024 saw revenue of 12.558 billion CNY, a decline of 17.44% year-on-year, and a net profit of 976 million CNY, down 37.60% year-on-year [7]. - The gross profit margin for Q2 2024 was 33.87%, an increase of 1.03 percentage points year-on-year and 0.55 percentage points quarter-on-quarter. However, the profit margin was pressured by rising costs, particularly in Hainan [7]. - The company’s international passenger flow recovery and reduced commission rates have led to a substantial improvement in airport duty-free profitability, with a 3178% year-on-year increase in operating profit for the Shanghai airport duty-free operations in H1 2024 [7]. Financial Forecast - The company’s projected earnings per share (EPS) for 2024, 2025, and 2026 are 2.84 CNY, 3.20 CNY, and 3.58 CNY respectively, reflecting downward adjustments from previous estimates [7]. - The financial summary indicates a projected revenue increase from 69.45 billion CNY in 2024 to 83.25 billion CNY in 2026, with net profit expected to rise from 5.885 billion CNY in 2024 to 7.404 billion CNY in 2026 [8][10].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a decline in revenue and net profit for H1 2024, with total revenue at 31.265 billion yuan, down 13% year-on-year, and net profit attributable to shareholders at 3.283 billion yuan, down 15% year-on-year [3] - The company's Q2 performance met previous forecasts, with a gross margin increase driven by a higher proportion of duty-free and premium products [3] - The new city duty-free store policy is expected to benefit the company, as it is positioned to take advantage of market expansion [3] - Long-term outlook remains positive due to the company's strong market position and expected recovery in outbound tourism [3] Financial Performance Summary - Total revenue (in million yuan): 54,433 (2022A), 67,540 (2023A), 60,934 (2024E) with a year-on-year change of -19.57%, +24.08%, and -9.78% respectively [2] - Net profit attributable to shareholders (in million yuan): 5,030 (2022A), 6,714 (2023A), 6,154 (2024E) with a year-on-year change of -47.89%, +33.46%, and -8.34% respectively [2] - Latest diluted EPS (in yuan/share): 2.43 (2022A), 3.25 (2023A), 2.97 (2024E) [2] - P/E ratios: 25.09 (2022A), 18.80 (2023A), 20.51 (2024E) [2] Market Data - Closing price: 61.01 yuan [5] - Market capitalization: 126.221 billion yuan [5] - P/B ratio: 2.34 [5] Operational Insights - The company’s core operational entities reported varying revenue performances, with Sanya city stores and Haikou duty-free city experiencing declines, while Dayang's growth remained stable [3] - The H1 sales in Hainan's duty-free market were reported at 18.5 billion yuan, down 30% year-on-year [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company adheres to a high-quality development approach, maintaining stable profitability despite market pressures [11] - The sales in Hainan's duty-free market faced challenges, with a significant decline in sales figures [11] - The company is expected to benefit from new policies regarding city duty-free shops, positioning it as a core beneficiary [11] - Revenue and profit forecasts for 2024-2026 indicate a recovery trend, with projected revenues of 628.8 billion, 689.8 billion, and 761.8 billion respectively [11] Financial Performance Summary - For the first half of 2024, the company reported revenue of 31.26 billion yuan, a year-on-year decrease of 12.8%, and a net profit of 3.28 billion yuan, down 15.1% [11] - The gross margin for the first half of 2024 was 33.53%, an increase of 2.9 percentage points year-on-year, attributed to improved sales structure [11] - The company’s net profit margin for the first half of 2024 was 11.7%, reflecting a slight increase despite sales pressures [11] - The company’s earnings per share (EPS) for 2024-2026 are projected to be 3.1, 3.6, and 4.1 yuan respectively [11] Market Context - The Hainan duty-free shopping market saw a 29.9% decline in shopping amounts in the first half of 2024, with a corresponding drop in the number of shoppers [11] - The company’s sales in Sanya's duty-free stores also experienced significant declines, with revenue down 29.0% [11] - The new city duty-free policy is expected to create additional growth opportunities for the company starting from October 1, 2024 [11]

Revenue and Growth - For the first half of 2024, the company reported a significant increase in domestic duty-free store revenue, with a year-on-year growth exceeding 100%[10] - Total revenue for the six months ended June 30, 2024, was RMB 312.65 billion, a decrease of 12.81% compared to RMB 358.58 billion for the same period in 2023[18] - In the first half of 2024, domestic tourism expenditure reached RMB 2.73 trillion, a year-on-year increase of 19.0%[15] - The number of domestic tourists in the first half of 2024 was 2.725 billion, representing a growth of 14.3% year-on-year[15] - Hainan's offshore duty-free shopping sales amounted to RMB 18.46 billion, a decline of 29.9% year-on-year[16] - For the six months ended June 30, 2024, external customer revenue reached RMB 31,136,251 thousand in the retail segment and RMB 128,747 thousand in the property segment, totaling RMB 31,264,998 thousand[58] - The company reported a revenue of HKD 1.2 billion for the six months ending June 30, 2024, representing a year-on-year increase of 15%[118] Brand and Product Expansion - The company successfully introduced approximately 50 new brands in the Hainan region, enhancing its brand portfolio with luxury names such as Prada and Gucci[10] - The company is actively expanding its product categories, introducing brands in various sectors including home goods and health products[12] - The company has launched a Paris Olympic licensed product store at Haikou Meilan International Airport, tapping into new consumer trends[10] - The company is actively expanding its product lines and improving procurement negotiation capabilities to adapt to market changes and enhance competitiveness[26] Strategic Initiatives and Partnerships - The company secured operating rights for duty-free stores at key locations, including Guangzhou Baiyun International Airport and Kunming Changshui International Airport, expanding its domestic channel presence[11] - The company has established a strategic cooperation agreement with the Jinjiang Municipal Government to promote "Guochao" (national trend) brands in overseas markets[11] - The company opened new duty-free stores in international locations, including the Aida Magic cruise ship and Changi Airport in Singapore, as part of its overseas expansion strategy[11] - The company is focused on optimizing its business layout both domestically and internationally, aligning with the "Belt and Road" national strategy[11] Financial Performance - The company's main business gross profit margin increased to 32.94%, up by 2.62 percentage points year-on-year[12] - Gross profit fell by 4.75% year-on-year to RMB 10.24 billion for the six months ending June 30, 2024, compared to RMB 10.75 billion for the same period in 2023[19] - Operating profit decreased by 9.43% year-on-year to RMB 4.65 billion for the six months ending June 30, 2024, down from RMB 5.13 billion for the same period in 2023[20] - Profit for the period declined by 11.36% year-on-year to RMB 3.67 billion for the six months ending June 30, 2024, from RMB 4.14 billion for the same period in 2023[20] - The group plans to focus on strengthening its duty-free business in Hainan and enhancing its online and offline business development in the second half of 2024[24] Cost Management and Efficiency - The group's sales cost decreased by 16.26% year-on-year to RMB 21.02 billion for the six months ending June 30, 2024, from RMB 25.10 billion for the same period in 2023[19] - The company is committed to improving profitability and operational efficiency in its duty-free business, reflecting a robust recovery in the sector[11] - The company is focusing on enhancing its core business capabilities and fine management to strengthen its competitive edge in the increasingly competitive duty-free market[25] Cash Flow and Financial Position - Cash and cash equivalents increased to RMB 32.15 billion as of June 30, 2024, from RMB 31.75 billion as of December 31, 2023[22] - The group's total debt decreased slightly to RMB 5.48 billion as of June 30, 2024, from RMB 5.53 billion as of December 31, 2023[23] - The equity attributable to shareholders increased by 0.04% to RMB 53.67 billion as of June 30, 2024, from RMB 53.65 billion as of December 31, 2023[20] - The company reported a decrease in inventory by RMB 2,042,395 thousand, compared to a decrease of RMB 3,472,486 thousand in the same period last year[49] Corporate Governance and Management - The company has adopted corporate governance practices in compliance with the Hong Kong Listing Rules, ensuring the separation of roles between the Chairman and the CEO[35] - The Audit and Risk Management Committee reviewed the interim report for the six months ending June 30, 2024, confirming compliance with applicable accounting standards and legal regulations[37] - The company emphasizes the importance of good corporate governance to enhance management and protect shareholder interests[35] Future Outlook and Strategic Plans - The company provided a future outlook projecting a revenue growth of 10% for the next fiscal year, driven by market expansion strategies[118] - New product launches are expected to contribute an additional HKD 300 million in revenue, with a focus on enhancing customer experience[118] - The company is considering strategic acquisitions to enhance its product portfolio, with a budget of HKD 500 million allocated for potential deals[118] - The company plans to implement new marketing strategies that are expected to increase customer engagement by 25%[118]

中国旅游集团中免股份有限公司 董事、监事和高级管理人员所持公司股份 及其变动管理制度 （2024 年 8 月修订） 第一章 总则 公司董事、监事和高级管理人员就其所持股份变动相关事项作出承 诺的，应当严格遵守。 公司董事、监事和高级管理人员不得通过任何方式或者安排规避法 律、行政法规、部门规章、规范性文件及公司证券上市地证券交易 所的其他规定。 第三条 公司董事、监事和高级管理人员所持本公司股份，是指登记在其名 下和利用他人账户持有的所有本公司股份及其衍生品种。 公司董事、监事和高级管理人员从事融资融券交易的，其所持本公 司股份还包括记载在其信用账户内的本公司股份及其衍生品种。 1 公司董事、监事、高级管理人员不得从事以本公司股票为标的证券 的融资融券交易，不得开展以本公司股票合约标的物的衍生品交易。 公司董事、监事和高级管理人员通过沪港通买卖本公司股票的，还 应当符合境内外有关沪港通相关法律、行政法规、部门规章、规范 性文件及公司证券上市地证券交易所的规定。 第一条 为加强对中国旅游集团中免股份有限公司（以下简称"公司"、"本公 司"）董事、监事和高级管理人员所持公司股份及其变动的管理，保 护投资者合法权益 ...

Financial Performance - The company's operating revenue for the first half of 2024 was ¥31,264,998,401.66, a decrease of 12.81% compared to ¥35,858,486,322.26 in the same period last year[18]. - The net profit attributable to shareholders of the listed company was ¥3,282,896,475.77, down 15.07% from ¥3,865,590,208.06 in the previous year[18]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥3,237,700,262.00, a decrease of 16.00% compared to ¥3,854,476,238.55 in the same period last year[18]. - The net cash flow from operating activities was ¥4,309,149,718.53, down 49.74% from ¥8,573,227,548.05 in the previous year[18]. - Basic earnings per share for the reporting period is CNY 1.5868, a decrease of 15.08% compared to the same period last year[19]. - The weighted average return on equity decreased by 1.64 percentage points to 5.97% compared to the same period last year[19]. - The company reported a net profit of CNY 3.282 billion under Chinese accounting standards, down from CNY 3.866 billion in the previous year[21]. - The company’s net profit under international accounting standards was CNY 3.306 billion, compared to CNY 3.907 billion in the previous year[21]. - The company reported a significant decrease in other receivables by 37.73%, totaling 771.43 million RMB, mainly due to the recovery of investment intention funds[43]. - The company reported a net financial expense of CNY -471,428,550.68, worsening from CNY -357,371,012.95 in the previous year[93]. Assets and Liabilities - The total assets at the end of the reporting period were ¥75,837,180,013.93, a decrease of 3.84% from ¥78,869,406,192.71 at the end of the previous year[18]. - The net assets attributable to shareholders of the listed company were ¥53,829,360,897.89, a slight decrease of 0.01% from ¥53,833,949,495.02 at the end of the previous year[18]. - The company's total assets reached 756.56 billion RMB, with overseas assets accounting for 35.56% of total assets, amounting to 269.70 billion RMB[43][44]. - The company's accounts receivable increased by 31.30% year-on-year, totaling 182.29 million RMB, primarily due to increased sales[43]. - The company's long-term equity investments rose by 54.02% year-on-year, reaching 3.39 billion RMB, reflecting an increase in external equity investments[46]. - The total liabilities rose to CNY 16,935,263,560.40, an increase of 38.0% from CNY 12,240,786,359.12 in the same period last year[92]. - The total equity attributable to shareholders at the end of June 2024 was ¥53.83 billion, reflecting a decrease of 4.59% from the previous year[104]. - The company’s total liabilities were approximately ¥5.35 billion, indicating a stable financial position[104]. Market and Operational Strategies - The company is focusing on expanding its online sales channels and digital marketing strategies to enhance operational efficiency[27]. - The company is actively expanding its overseas business, with new openings in Singapore and Hong Kong, aligning with the "Belt and Road" initiative[35]. - The company is focusing on technology innovation, integrating data management systems to support refined management and operations[39]. - The company is facing intensified market competition due to the opening of duty-free operations and the entry of foreign competitors into the Chinese duty-free market[51]. - The company aims to enhance its core business capabilities and refine management practices to adapt to the competitive landscape[51]. - The company is committed to strengthening its financial risk management in response to foreign exchange fluctuations[51]. Environmental and Social Responsibility - The company has signed 129 responsibility agreements for energy conservation and environmental protection, ensuring 100% coverage of responsibilities[58]. - The company provided 5.9919 million eco-friendly shopping bags to customers in the first half of 2024 as part of its plastic reduction initiative[58]. - The company is actively promoting green consumption and has initiated a coral cultivation public welfare project in collaboration with the Lancaster brand[60]. - The company is focusing on enhancing its capabilities in "green construction, green warehousing, green duty-free complexes, and green consumption" to reduce carbon emissions[59]. - The company is committed to fulfilling its social responsibilities by supporting rural revitalization and poverty alleviation initiatives[61]. Shareholder Information - The number of ordinary shareholders as of the end of the reporting period is 309,530[80]. - The largest shareholder, China Tourism Group Co., Ltd., holds 1,040,642,690 shares, representing 50.30% of the total shares[81]. - The company has not experienced any changes in its total share capital or share structure during the reporting period[78]. - The company has not disclosed any significant contracts during the reporting period[77]. - The company has not reported any changes in restricted shares during the reporting period[79]. Taxation and Financial Management - The company has subsidiaries in Hainan that benefit from a reduced corporate income tax rate of 15% until December 31, 2024[1]. - The corporate income tax rate for various subsidiaries ranges from 12% to 30%, with the majority at 16.5%[1]. - The company is eligible for tax incentives under specific government policies aimed at supporting small and micro enterprises, with a reduced tax rate applicable until December 31, 2024[1]. - The company has implemented a strategy to enhance its financial position through tax optimization and management of cash reserves[1]. Investment and Development - The company has invested 2.12 billion RMB in the Haikou International Duty-Free City project during the reporting period[47]. - The Haikou International Duty-Free City project has accumulated investments of 7.399 billion RMB, generating total revenue of 1.318 billion RMB since its inception[47]. - The Sanya International Duty-Free City Phase I project has seen total investments of 1.635 billion RMB, with cumulative revenue of 186 million RMB[49]. - The company has established approximately 200 duty-free stores across more than 100 cities, making it the largest duty-free operator in a single country[30]. Compliance and Governance - The board of directors has ensured the authenticity, accuracy, and completeness of the semi-annual report[4]. - The company has not violated any decision-making procedures for providing guarantees to external parties[6]. - There are no significant non-operating fund occupation situations by controlling shareholders or other related parties[6]. - The company has not reported any changes in major shareholders or strategic investors during the reporting period[85]. - The company has not received any penalties or corrective actions related to violations of laws or regulations during the reporting period[67].

证券代码：601888 证券简称：中国中免 公告编号：临 2024-025 中国旅游集团中免股份有限公司 第五届董事会第十五次会议（现场结合通讯方式） 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"）第五届董事会第十五次 会议于 2024 年 8 月 16 日以电子邮件方式发出通知，于 2024 年 8 月 30 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 6 人，实际参加表决董事 6 人：王轩、陈国强、常筑军、葛明、王瑛、王强。会议由董事长王轩主持，公司 监事和部分高级管理人员列席了会议。本次会议的召开符合《公司法》等法律、行 政法规、部门规章、规范性文件以及《公司章程》的有关规定。 二、董事会会议审议情况 经与会董事认真讨论，会议审议通过了以下议案： 1、审议通过《公司 2024 年半年度报告及摘要》 公司 2024 年半年度报告包括 A 股半年度报告和 H 股中期报告，其中，A 股半 年度报告包括半年度报告全文及摘要，H ...

本公司监事会及全体监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。 证券代码：601888 证券简称：中国中免 公告编号：临2024-026 中国旅游集团中免股份有限公司 第五届监事会第七次会议（现场结合通讯方式） 决议公告 监事会认为，公司2024年半年度报告的董事会编制和审议程序符合法律、 行政法规和中国证监会的规定；报告内容和格式符合中国证监会和证券交易 所的各项规定，能够真实、准确、完整地反映公司的实际情况。 表决结果：同意3票，反对0票，弃权0票，该议案获得通过。 2、《关于对中旅集团财务有限公司的风险持续评估报告》 表决结果：同意3票，反对0票，弃权0票，该议案获得通过。 一、监事会会议召开情况 中国旅游集团中免股份有限公司（以下简称"公司"）第五届监事会第七次会 议于2024年8月16日以电子邮件方式发出通知，于2024年8月30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监事3人，实际参加表决监事3人：刘德 福、李辉、钭晓琼。会议由监事会主席刘德福主持。本次会议的召开符合《公司法》 等法律、行政法规、部门规章、规范性 ...

根据《上海证券交易所上市公司自律监管指引第5号—交易与关联交易》《关于 规范上市公司与企业集团财务公司业务往来的通知》《企业集团财务公司管理办法》 的要求，中国旅游集团中免股份有限公司（以下简称"本公司"）通过查验中旅集团 财务有限公司（以下简称"财务公司"）的《营业执照》与《金融许可证》等资料， 并审阅了包括2024年上半年度资产负债表、利润表、现金流量表等在内的定期财务 报告，对其经营资质、业务和风险状况进行了评估，具体情况报告如下： 一. 财务公司基本情况 财务公司成立于2012年7月10日，是经原中国银行保险监督管理委员会（银监 复[2012]312号文件）批准成立的非银行金融机构。财务公司企业信息如下： 注册地址：深圳市福田区深南路4011号香港中旅大厦19楼A-D 法定代表人：金鸿雁 金融许可证机构编码：L0153H244030001 企业法人营业执照注册号：914403000504698000 经营范围：（一）吸收成员单位存款；（二）办理成员单位贷款；（三）办理成 员单位票据贴现；（四）办理成员单位资金结算与收付；（五）提供成员单位委托贷 款、债券承销、非融资性保函、财务顾问、信用鉴证及咨询代理 ...

（一家於中華人民共和國註冊成立的股份有限公司） 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 （股份代號：1880） 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8月30日（星期五）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6月30日止六個月的中期業績及其刊發，及其他議題。 承董事會命 中國旅遊集團中免股份有限公司 董事會主席 王軒先生 中國‧北京 2024年8月20日 於本公告日期，本公司董事會成員包括執行董事王軒先生、陳國強先生及常築軍 先生，及獨立非執行董事葛明先生、王瑛女士及王強先生。 ...