Business Expansion and Market Presence - In 2024, the company introduced over 200 international and domestic well-known brands, launching 19 exclusive and globally limited product series with over 500 items[10]. - The number of company members exceeded 38 million, reflecting strong customer engagement and loyalty[10]. - The company secured operating rights for 10 airport and port duty-free projects, leading to significant sales growth in domestic duty-free stores[11]. - New international locations were opened, including duty-free shops at Singapore Changi Airport and Hong Kong International Airport, expanding the company's overseas business footprint[11]. - The company signed operating lease agreements for taxable business at Shanghai Hongqiao Airport and Harbin Taiping Airport, exploring new revenue streams[13]. - The company is actively expanding its market presence by winning operating rights for 10 new duty-free projects at major airports and ports, enhancing its channel advantages[26]. - The company is exploring new tax-inclusive business models and has partnered with various entities to develop retail projects at airports and cruise ports, indicating a strategic shift towards diversified revenue streams[27]. - The company plans to deepen its market presence in Hainan and enhance service offerings at the Sanya International Duty-Free City, targeting different travel customer segments[78]. - The company will expand its overseas business and leverage the "Belt and Road" initiative to explore opportunities in key countries, enhancing its international presence[79]. Financial Performance - Revenue for the year ended December 31, 2024, was RMB 56,474 million, a decrease of RMB 11,066 million compared to RMB 67,540 million in 2023, representing a decline of approximately 16.4%[16]. - Gross profit for the same period was RMB 17,347 million, down RMB 3,506 million from RMB 20,853 million in 2023, reflecting a decrease of about 16.8%[16]. - Net profit attributable to equity shareholders was RMB 4,324 million, a decrease of RMB 2,466 million from RMB 6,790 million in 2023, indicating a decline of approximately 36.3%[16]. - The company's gross margin slightly decreased to 30.72% from 30.88%, a reduction of 0.16 percentage points[16]. - Total assets as of December 31, 2024, were RMB 76,108 million, down RMB 2,554 million from RMB 78,662 million in 2023, a decrease of about 3.2%[18]. - Total liabilities decreased to RMB 15,312 million from RMB 19,688 million in 2023, a reduction of RMB 4,376 million, representing a decline of approximately 22.2%[18]. - Cash and cash equivalents increased by RMB 3,021 million to RMB 34,773 million from RMB 31,752 million in 2023, an increase of about 9.5%[16]. - The equity-to-debt ratio improved to 25.19% from 33.38%, a decrease of 8.19 percentage points, indicating a stronger financial position[16]. - The company's revenue decreased by 16.38% from RMB 67.54 billion in 2023 to RMB 56.47 billion in 2024[46]. - Sales of duty-free goods fell by 12.58% from RMB 44.23 billion in 2023 to RMB 38.67 billion in 2024[47]. - The company's gross profit decreased by 16.81% from RMB 20.85 billion in 2023 to RMB 17.35 billion in 2024[51]. - Operating profit declined by 28.12% from RMB 89.50 billion in 2023 to RMB 64.33 billion in 2024[59]. - Net profit decreased by 33.07% from RMB 7.35 billion in 2023 to RMB 4.92 billion in 2024[60]. Strategic Focus and Future Plans - The company aims to capture new market opportunities by focusing on market insights, consumer behavior, and collaboration[14]. - The strategic focus for 2025 includes enhancing core capabilities and fostering high-quality development through innovation and collaboration[14]. - The company plans to establish itself as a world-class travel retail operator with global competitiveness and influence[14]. - The company aims to enhance its core capabilities and improve service quality, focusing on customer insights and supply chain management to boost operational efficiency[81]. - The company will strengthen medium to long-term planning and annual investment management to control investment scale and pace, enhancing project investment estimation and review processes[83]. - The company will focus on foreign exchange risk management due to international business being settled in foreign currencies, aiming to improve asset and liability currency matching[84]. - The company plans to deepen existing advantages and enhance online and offline integration to strengthen competitive positioning amid increasing market competition[85]. Corporate Governance and Management - The company emphasizes good corporate governance practices, having complied with the majority of the recommended best practices outlined in the Corporate Governance Code[110]. - The board plays a crucial role in strategic decision-making and risk management, ensuring the company's best interests are prioritized[117]. - The company has a strong commitment to maintaining high levels of corporate governance, regularly reviewing its governance practices[116]. - The company has established a system to manage the trading of its securities by directors and supervisors to prevent insider trading[114]. - The company recognizes the importance of effective leadership and regularly assesses the contributions of its directors[118]. - The board consists of eight members, including three executive directors and three independent non-executive directors, ensuring a diverse governance structure[119]. - The company has adopted a board diversity policy, considering factors such as gender, age, ethnicity, and professional experience in the nomination and selection of board members[129]. - The board has a balanced mix of knowledge and skills, with 3 members holding doctoral degrees and 4 holding master's degrees[130]. - The company provides training and resources for directors to ensure they are well-informed about their responsibilities and regulatory requirements[127]. - The term for directors is three years, with independent non-executive directors limited to a maximum of six consecutive years[125]. - The company has arranged appropriate liability insurance for directors, supervisors, and senior management against legal actions arising from company activities during the reporting period[126]. Risk Management and Compliance - The company has established a comprehensive risk management system and has conducted annual major risk assessments to evaluate risks based on likelihood and impact[160]. - The company aims to enhance the scientific design and applicability of risk warning indicators to prevent and mitigate significant operational risks[162]. - The board has reviewed and monitored compliance with legal and regulatory requirements, ensuring adherence to the Corporate Governance Code[154]. - The company has implemented quarterly risk compliance training for all employees to improve risk control and compliance awareness[163]. - The company has developed a risk management report mechanism to summarize and evaluate risk management efforts across key subsidiaries[161]. - The company has established a compliance system focusing on eight key areas, including regulatory compliance and data security[170]. - The audit and risk management committee has confirmed that there are no significant internal control deficiencies in financial reporting as of the evaluation report date[169]. Shareholder Communication and Dividends - The company aims to distribute at least 30% of the average distributable profits over the last three years as cash dividends, provided that the company has positive retained earnings[192]. - The company has established a shareholder communication policy to ensure that shareholder opinions and concerns are properly addressed[188]. - The company has revised its investor relations management system to enhance communication mechanisms with investors[187]. - The company is committed to providing stable and reasonable returns to shareholders while considering long-term interests and sustainable development[191]. - The company has a cash dividend policy that prioritizes cash distributions when conditions permit[191]. - The board proposed a final dividend of RMB 1.05 per share for the year ending December 31, 2024, totaling RMB 2,172.30 million (tax included) based on the total number of shares issued at the end of the reporting period[199]. - The proposed dividend is subject to approval at the annual general meeting, with expected payment within two months after the meeting if approved[199].

Group 1 - The Hong Kong stock market opened lower but rebounded, with the Hang Seng Index rising by 0.56% to close at 20,798.63 points, and the Tech Index increasing by 1.68% to 4,894.48 points [1] - Chip stocks experienced significant gains, with notable increases in individual stocks such as Longi Green Energy rising nearly 23% and Huahong Semiconductor up 19% [1] - Other sectors showed mixed performance, with gold and precious metals rising, automotive stocks recovering, while agricultural stocks continued to decline and duty-free concept stocks lost momentum [1] Group 2 - Individual stock performances included notable gains for companies like Zhongjin Life Science (up nearly 23%), Huahong Semiconductor (up 19%), and Chifeng Jilong Gold (up 13.9%), while companies like Zhaoyan New Drug fell nearly 17% and China Duty Free Group dropped 4.4% [1] - The overall market sentiment reflected a positive trend in the semiconductor sector, indicating potential investment opportunities in this industry [1]

Core Insights - On April 10, China Duty Free Group (中国中免) made its first appearance on the Hong Kong Stock Connect active trading list in a month, with a trading volume of 1.655 billion HKD and a net sell of 0.046 billion HKD, closing down 1.32% [1][2] Trading Activity Summary - The total trading volume of active stocks on the Hong Kong Stock Connect on April 10 was 85.510 billion HKD, accounting for 48.89% of the day's total trading amount, with a net sell of 17.382 billion HKD [1] - The top three stocks by trading volume were: - Tracker Fund of Hong Kong (盈富基金) with 15.262 billion HKD - Tencent Holdings (腾讯控股) with 14.538 billion HKD - Alibaba Group (阿里巴巴-W) with 14.021 billion HKD [1] - The most frequently listed stocks in the past month were Alibaba Group and Tencent Holdings, each appearing 22 times, indicating strong interest from Hong Kong Stock Connect investors [1] Individual Stock Performance - China Duty Free Group's trading details on April 10: - Trading Amount: 1.655 billion HKD - Net Buy Amount: -0.046 billion HKD - Latest Closing Price: 55.950 HKD - Daily Change: -1.32% [2]

● 公司A股股票于2025年4月8日至2025年4月10日连续3个交易日内日收盘价 格涨幅偏离值累计超过20%，根据《上海证券交易所交易规则》的有关规定，属于 股票交易异常波动情形。 ● 经公司自查并向公司控股股东书面发函查证，截至本公告披露日，不存在应 披露而未披露的重大事项和风险事项。 ● 公司敬请广大投资者注意二级市场交易风险，理性决策，审慎投资。 一、股票交易异常波动的具体情况 中国旅游集团中免股份有限公司（以下简称"公司"）A股股票交易于2025年4 月8日至2025年4月10日连续3个交易日内日收盘价格涨幅偏离值累计超过20%。根据 《上海证券交易所交易规则》的有关规定，属于股票交易异常波动情形。 二、公司关注并核实的相关情况 证券代码：601888 证券简称：中国中免 公告编号：临2025-012 中国旅游集团中免股份有限公司 股票交易异常波动公告 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： 针对公司A股股票交易异常波动情况，公司对有关事项进行了自查，并书面征 询了公司控股股东中国旅游集团有限 ...

2、本公司未于 2025年 4 月 8 日至 2025年 4 月 10 日期间内买卖 你公司股票。 特此函复。 你公司发来的《关于中国旅游集团中免股份有限公司股票交易异 常波动征询函》已收阅,经认真核查,现就征询的有关事项回复如下: 1、本公司作为你公司控股股东,截至目前,不存在涉及你公司 的应披露而未披露的重大信息,包括但不限于重大资产重组、股份发 行、重大交易类事项、债务重组、业务重组、股份回购、股权激励、 破产重整、重大业务合作、引进战略投资者等重大事项。 中国旅游集团有限公司 关于中国旅游集团中免股份有限公司 股票交易异常波动的回函 中国旅游集团中免股份有限公司: ...

中国中免(01880.HK)涨超20%，成交额超10亿港元。 ...

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： 证券代码：601888 证券简称：中国中免 公告编号：临 2025-011 中国旅游集团中免股份有限公司 关于全资子公司与北京同仁堂国药有限公 司签订战略合作协议的公告 为贯彻落实国家关于大力开展国潮出海业务战略部署，助力中医药文化全球 传播，中国旅游集团中免股份有限公司（以下简称"公司"）全资子公司中免国 际有限公司（以下简称"中免国际"）与北京同仁堂国药有限公司（以下简称"同 仁堂国药"）签订了《战略合作协议》（以下简称"本协议"），本协议仅为合作 意向性协议，后续双方将根据实际需要签署具体合作协议以明确合作事宜并深化 双方合作。具体情况如下： 一、本协议签订的基本情况 （一）交易对方的基本情况 公司名称：北京同仁堂国药有限公司 地 址：中国香港湾仔港湾道1号会展广场办公大楼14楼1405-09室 商业登记号：34965494 成立时间：2004年3月18日 注册资本：938,789,465港币 1 本协议属于双方基于合作意愿而达成的战略性、框架性约定，后续合 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年3月31日 狀態: 新提交 FF301 致：香港交易及結算所有限公司 公司名稱: 中國旅遊集團中免股份有限公司 呈交日期: 2025年4月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01880 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 116,383,500 | RMB | | 1 RMB | | 116,383,500 | | 增加 / 減少 (-) | | | 0 | | | RMB | | | | 本月底結存 | | | 116,383,500 | RMB | | 1 RMB | | 116,383,500 | | 2. 股份分類 | 普通股 | 股份類別 | A ...

长江商报消息 ●长江商报记者 沈右荣 "免税茅"中国中免（601888.SH）经营业绩再现下滑。 3月28日晚，中国中免披露了2024年年度报告。公司实现营业收入564.74亿元，同比下降逾16%；归属 母公司股东的净利润（以下简称"归母净利润"）42.67亿元，同比下降逾36%。 2009年A股上市以来，中国中免曾表现出较高的成长性。但是，近年来，其业绩增长压力较大。2024 年，是公司继2022年营收净利首次双降以来的第二次。其中，第四季度，公司归母净利润同比降幅更是 高达76%左右。 针对2024年经营业绩，中国中免解释称，受市场环境及行业周期等多重因素影响。 长江商报记者发现，中国中免的高层不太稳定。近两年，公司换了3名董事长、2名总经理。 二级市场上，中国中免股价从2021年2月高点开始持续下跌，目前市值仅为1275亿元，较巅峰时缩水了 逾6600亿元。 投资者似乎看不到中国中免短期内摆脱困境的希望，曾经持股比超过10%、位居第二大股东的陆股通， 持股比已降至3.57%，创近八年来新低。 净利连续三个季度大幅下降 抵御行业周期乏力，中国中免的经营业绩再度下降。 根据年报，2024年，中国中免实现的营 ...

Core Viewpoint - The overall performance of China Duty Free Group (CDFG) continues to decline, with revenue and profit both showing significant drops, indicating ongoing challenges in the market [7][8]. Revenue Analysis - In Q4 2024, CDFG reported revenue of 135 billion RMB, a year-on-year decline of 19.5%, reflecting a consistent downward trend without signs of recovery [11][13]. - The overall sales in Hainan's duty-free market decreased by 21%, but CDFG's revenue decline did not show improvement, suggesting a potential loss of market share [11][13]. - The decline in taxable sales revenue (-26%) is significantly higher than the decline in duty-free sales revenue (-16%), indicating that taxable sales remain a major factor in the overall revenue downturn [2][16]. Profitability Metrics - CDFG's gross profit for Q4 was 38 billion RMB, with a gross margin dropping to 28.5%, marking a continuous decline over three consecutive quarters [3][18]. - The gross margin for taxable sales plummeted from 17.4% to 8.9%, highlighting the need for adjustments in this segment to signal a potential turnaround [3][20]. - The company reported a net profit of only 5.5 billion RMB for the quarter, down from 6.6 billion RMB in the previous quarter, which is insufficient for a company with a market capitalization of over 1 trillion RMB [5][31]. Marketing and Operational Expenses - Marketing expenses remained stable at 22.7 billion RMB for the quarter, with a slight reduction in marketing expense ratio to 16.9% [4][22]. - Management expenses increased to 5.9 billion RMB, indicating efforts to control costs, but the reduction was not sufficient to offset revenue declines, leading to a rise in management expense ratio [4][27]. Future Outlook - The recovery of airport channels has been noted, with significant growth in duty-free sales at Beijing and Shanghai airports, but this is not enough to compensate for the larger decline in Hainan's duty-free sales [2][16]. - The market expects a profit of around 60 billion RMB for 2025, suggesting that current valuations are based on optimistic recovery scenarios, which may not materialize [8][29].