Core Viewpoint - The audit function at China Duty Free Group (中免) is not merely about identifying errors but serves as a governance radar and value protector, aiming to enhance management and mitigate risks [1][3]. Governance Foundation - The audit department is directly accountable to the Party Committee and the Board of Directors, establishing an independent and authoritative audit system under the leadership of the Chairman and Party Secretary [3]. - In 2024, the audit and risk management committee and the supervisory board held 11 meetings, reviewing 31 proposals to prevent unilateral decision-making and continuously optimize governance structure [3]. Risk Control - The company is implementing a dual mechanism of "mandatory audits" and "in-process audits" to ensure that power is confined within institutional frameworks [4]. - The audit department emphasizes proactive risk management, transitioning from post-event error checking to preemptive warnings, likening risk control to installing smoke detectors [7]. Management Empowerment - The audit is viewed as a "management doctor," diagnosing issues and recommending solutions, focusing on management pain points such as ineffective assets and funding issues [10]. - Audit reports are increasingly used as critical references for operational assessments and personnel decisions, significantly enhancing the rigor of corrective actions [10]. Public Trust - The audit function plays a crucial role in ensuring the authenticity and compliance of information disclosures, which are vital for investor confidence [13]. - In 2024, the company successfully completed various disclosure documents, reinforcing its commitment to high-quality information disclosure and market credibility [13]. Audit Philosophy - The audit department aims to evolve from merely identifying problems to actively driving solutions, focusing on both safeguarding operational boundaries and enabling value growth [14]. - Future plans include transitioning from localized audits to comprehensive audits, integrating strategic collaboration to support high-quality growth [14].

Core Viewpoint - The audit department of China Duty Free Group emphasizes that auditing is not just about identifying errors but also serves as a governance radar and value protector, aiming to enhance governance, management, and risk mitigation [1][2]. Governance Foundation - Company governance is a tangible concept reflected in every decision-making rule, authorization execution, and business flow [1]. - The audit department operates independently and objectively, reporting directly to the board and party committee, which helps to optimize governance structures [1]. Risk Control - The company is implementing a dual mechanism of "mandatory audits" and "in-process audits" to ensure that power is confined within institutional frameworks [2]. - Risk control is proactive, focusing on early warning systems rather than reactive measures [3]. Management Empowerment - Auditing is viewed as a "management doctor," diagnosing issues and providing solutions to enhance management processes and cost savings [7]. - The audit department is shifting from a purely supervisory role to a service-oriented approach, becoming a key driver for management upgrades [9]. Public Trust - The audit department plays a crucial role in ensuring the authenticity and compliance of information disclosure, which is vital for investor confidence [10]. - The company is building a comprehensive supervision framework that integrates various functions to enhance compliance and market trust [10]. Future Direction - The audit department aims to transition from "partial audits" to "holistic audits" and from a "supervisory" to a "strategic collaborative" model, aligning closely with the company's development trajectory [10].

Group 1 - The upcoming "Golden Week" during the National Day and Mid-Autumn Festival will last for 8 days, leading to a surge in travel bookings, with some popular routes already sold out [1] - Consumers are planning their trips earlier than in previous years, with a preference for domestic long-distance travel products, and a diverse range of travel experiences such as deep experience tours and cultural exploration tours are emerging to meet varied consumer demands [1] - The United Nations World Tourism Organization forecasts a 5% year-on-year increase in global international tourist arrivals in the first half of 2025, with approximately 690 million outbound trips recorded in the first half of this year, an increase of about 33 million compared to the same period last year [1] Group 2 - Morgan Stanley projects that China's inbound tourism retail market will grow over threefold in the next decade, from $14 billion in 2024 to $60 billion by 2034, increasing its share of the overall tourism retail market from 10% to 25% [2] - The rise of globally recognized brands and improved shopping experiences are key drivers for this growth, with Chinese consumer electronics and brands like Pop Mart attracting tourists and stimulating shopping demand [2] - Policy support is expected to enhance duty-free and tax refund shopping, benefiting domestic retailers, shopping centers, and duty-free operators [2] Group 3 - Relevant Hong Kong-listed travel-related stocks include online travel agencies like Trip.com Group and Tongcheng Travel, as well as companies in the tourism supply chain such as Macau sector stocks, China Travel International Investment Hong Kong, and China Duty Free Group [3]

Group 1 - The upcoming "Golden Week" during the National Day and Mid-Autumn Festival is expected to see a surge in travel bookings, with some popular products already sold out [1] - Consumers are planning their trips earlier than in previous years, showing a preference for domestic long-distance travel products, and a diverse range of travel experiences is emerging to meet varied consumer demands [1] - The United Nations World Tourism Organization forecasts a 5% increase in global international tourist arrivals in the first half of 2025, with a total of approximately 690 million outbound trips recorded in the first half of this year, marking an increase of about 33 million compared to last year [1] Group 2 - Morgan Stanley projects that China's inbound tourism retail market will grow over threefold in the next decade, from $14 billion in 2024 to $60 billion by 2034, increasing its share of the overall tourism retail market from 10% to 25% [2] - The rise of globally recognized brands and improved shopping experiences are key drivers for this growth, with Chinese consumer electronics and brands like Pop Mart attracting tourists and stimulating shopping demand [2] - Domestic retailers, shopping centers, and duty-free operators in China are expected to benefit significantly from policy support aimed at enhancing tax-free and refund shopping experiences [2] Group 3 - Relevant Hong Kong stocks in the tourism sector include online travel agencies like Trip.com Group and Tongcheng Travel, as well as companies in the tourism industry chain such as Macau-related stocks, China International Travel Service, and Huazhu Group [3]

Group 1 - The tourism retail sector experienced a decline of 0.48% on September 10, with China Duty Free Group leading the drop [1] - The Shanghai Composite Index closed at 3812.22, up 0.13%, while the Shenzhen Component Index closed at 12557.68, up 0.38% [1] - China Duty Free Group's closing price was 70.68, reflecting a decrease of 0.48%, with a trading volume of 224,500 shares and a transaction value of 1.591 billion yuan [1] Group 2 - The tourism retail sector saw a net outflow of 36.9608 million yuan from institutional investors, while retail investors contributed a net inflow of 4.7039 million yuan [1] - The breakdown of fund flows indicates that institutional investors had a net outflow of 2.32%, while speculative funds had a net inflow of 2.03% [1]

证券之星消息，9月9日旅游零售板块较上一交易日下跌0.67%，中国中免领跌。当日上证指数报收于 3807.29，下跌0.51%。深证成指报收于12510.6，下跌1.23%。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 | | 71.02 | -0.67% | | 26.88万 | | 19.06 7 | 从资金流向上来看，当日旅游零售板块主力资金净流出1.21亿元，游资资金净流入1541.79万元，散户资 金净流入1.06亿元。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 | -1.21亿 | -6.36% | 1541.79万 | 0.81% | 1. ...

Group 1 - The tourism retail sector increased by 1.43% on September 8, with China Duty Free Group leading the gains [1] - The Shanghai Composite Index closed at 3826.84, up 0.38%, while the Shenzhen Component Index closed at 12666.84, up 0.61% [1] - China Duty Free Group's closing price was 71.50, reflecting a 1.43% increase, with a trading volume of 430,300 shares and a transaction value of 3.073 billion yuan [1] Group 2 - The tourism retail sector saw a net inflow of 12.7066 million yuan from institutional investors, while retail investors experienced a net outflow of 8.8773 million yuan [1] - The net inflow from institutional investors represented 0.41% of the total, while the net outflow from retail investors accounted for -0.29% [1] - The overall capital flow in the tourism retail sector indicates a mixed sentiment among different types of investors [1]

中國旅遊集團中免股份有限公司 China Tourism Group Duty Free Corporation Limited 股份代號 STOCK CODE : 601888.SH 1880.HK INTERIM REPORT 中期報告 2025 2025 INTERIM REPORT 中期報告 China Tourism Group Duty Free Corporation Limited 中國旅遊集團中免股份有限公司 目 錄 | 02 | 公司資料 | | --- | --- | | 05 | 管理層討論與分析 | | 16 | 其他資料 | | 22 | 獨立審閱報告 | | 23 | 中期簡明綜合損益及其他綜合收益表 | | 24 | 中期簡明綜合財務狀況表 | | 26 | 中期簡明綜合權益變動表 | | 27 | 中期簡明綜合現金流量表 | | 29 | 中期簡明綜合財務資料附註 | | 58 | 釋義 | 02 中國旅遊集團中免股份有限公司 • 2025 中期報告 公司資料 董事會 非執行董事 范雲軍先生 （主席） 劉昆女士 （副主席） 執行董事 常築軍先生 王月浩先生 王軒先生 獨立非執 ...

Core Viewpoint - China Gold Group Jewelry Co., Ltd. (referred to as "China Gold Jewelry") and China Tourism Group Duty Free Co., Ltd. (referred to as "China Duty Free") signed a strategic cooperation agreement, marking a significant step towards internationalizing national brands and enhancing collaboration between state-owned enterprises [1][5][11]. Group 1: Strategic Cooperation - The cooperation is seen as an important strategic deployment for China Gold Group to promote the internationalization of its brand, with China Gold Jewelry focusing on cultural empowerment, green development, digital operation, and international layout [5][7]. - Both companies aim to leverage their respective strengths to create a new growth curve, enhancing the cultural weight of "China Gold" in the retail ecosystem of China Duty Free [7][11]. Group 2: Operational Synergy - China Gold Jewelry will establish a regular communication mechanism with China Duty Free to facilitate the global distribution of gold products through duty-free channels, aiming for a synergistic effect that exceeds the sum of their parts [7][11]. - The partnership will focus on dual-driven cooperation, integrating consumer insights with product strength and retail capabilities to better meet consumer demands for gold jewelry [7][11]. Group 3: Future Goals - The collaboration is expected to serve as a model for state-owned enterprise cooperation and to illuminate the global market with the brand's presence [7][11]. - Both parties are committed to expanding global development paths and achieving breakthroughs for Chinese brands in international markets, aiming to establish a "golden paradigm" for Chinese brands in the global consumer market [11].

Group 1 - The tourism retail sector increased by 4.04% on September 5, with China Duty Free Group leading the gains [1] - The Shanghai Composite Index closed at 3812.51, up 1.24%, while the Shenzhen Component Index closed at 12590.56, up 3.89% [1] - China Duty Free Group's stock closed at 70.49, reflecting a 4.04% increase, with a trading volume of 486,500 shares and a transaction value of 3.378 billion yuan [1] Group 2 - The tourism retail sector saw a net inflow of 295 million yuan from institutional investors, while retail investors experienced a net outflow of 215 million yuan [1] - The breakdown of fund flows indicates that institutional investors accounted for 8.72% of the net inflow, while retail investors had a net outflow of 6.36% [1]