2025年度業績快報 本公告乃根據香港法例第571章證券及期貨條例第XIVA部項下內幕消息條文（定 義見香港聯合交易所有限公司證券上市規則（「上市規則」））及上市規則第13.09(2) 和第13.10B條而作出。 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 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） 本公告所載中國旅遊集團中免股份有限公司（「本公司」）2025年度的主要財務數據 為初步核算數據，未經會計師事務所審計，具體數據以本公司2025年年度報告中 披露的數據為準，提請投資者注意投資風險。 一、 2025年度（「本報告期」）主要財務數據和指標 單位：人民幣萬元 | 項目 | 本報告期 | 上年同期 | 增減變動 幅度(%) | | --- | --- | --- | --- | | 營業 ...

Core Viewpoint - China Duty Free Group is facing significant challenges as evidenced by its recent performance report, indicating a structural decline in both revenue and profit margins [1][4][5] Financial Performance - The company reported total revenue of 53.694 billion yuan, a year-on-year decline of 4.92% [1][4] - Net profit attributable to shareholders was 3.586 billion yuan, showing a substantial year-on-year decrease of 15.97% [1][4] - Operating profit decreased by 14.14%, and total profit fell by 13.67% [1][4] - The weighted average return on equity dropped from 7.88% in the previous year to 6.48%, indicating a significant reduction in shareholder return efficiency [1][4] Market Dynamics - The performance of China Duty Free Group is closely linked to the high-end consumer market's health, with revenue decline suggesting that consumer purchasing power and willingness for duty-free goods have not returned to pre-pandemic levels [2][5] - The diminishing benefits from offshore duty-free sales, coupled with weak consumer confidence, have pressured average transaction values and conversion rates [2][5] - Fixed costs and operational expenses, including store rents, labor costs, and marketing investments, are rigid and have not adjusted in line with revenue declines, revealing negative operating leverage effects [2][5] Competitive Landscape - The gradual opening of duty-free licenses has shifted the industry from an oligopoly to a more competitive landscape, with increasing participants in the Hainan offshore duty-free market [2][5] - Price wars and channel diversion pressures are intensifying, eroding the competitive moat that the company previously built on scale and licensing advantages [2][5] - Basic earnings per share decreased from 2.0625 yuan to 1.7332 yuan, leading to cautious market expectations regarding future growth [2][5] Strategic Challenges - The dual decline in revenue and profit is not merely a cyclical fluctuation but reflects structural challenges faced by the company amid changing consumer dynamics and competitive evolution [2][5] - The company must urgently address how to reconstruct its growth logic, optimize cost structures, and respond to increasingly fierce competition [2][5]

Group 1 - The core viewpoint of the article is that China National Pharmaceutical Group Corporation (China National Medicine) reported its financial performance for the fiscal year 2025, highlighting significant revenue and profit figures [1] - The company achieved a total operating revenue of 5,369,357.92 thousand yuan, which translates to approximately 5.37 billion yuan [1] - The net profit attributable to shareholders of the listed company was reported at 358,583.85 thousand yuan, equivalent to about 358.58 million yuan [1]

Group 1 - The core viewpoint of the article is that China Duty Free Group reported a decline in total operating revenue and net profit for the fiscal year 2025, indicating potential challenges in the company's financial performance [1] - In 2025, the total operating revenue was 53.694 billion yuan, a year-on-year decrease of 4.92% [1] - The net profit attributable to the parent company was 3.586 billion yuan, reflecting a year-on-year decline of 15.97% [1] Group 2 - In the fourth quarter of 2025, the company achieved an operating revenue of 13.831 billion yuan, which represents a year-on-year growth of 2.81% [1] - The net profit for the fourth quarter attributable to the parent company was 534 million yuan, showing a significant year-on-year increase of 53.49% [1]

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 FF305 B. 贖回/購回股份 (擬註銷但截至期終結存日期尚未註銷) (註5及6) 第 2 頁 共 6 頁 v 1.3.0 公司名稱： 中國旅遊集團中免股份有限公司 呈交日期： 2026年3月19日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | 01880 | 說明 | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | ...

| 项目 | 本报告期 | 上年同期 | 增减变动幅度（%） | | --- | --- | --- | --- | | 营业总收入 | 5,369,357.92 | 5,647,384.83 | -4.92 | | 营业利润 | 530,427.06 | 617,795.32 | -14.14 | | 利润总额 | 530,746.67 | 614,813.67 | -13.67 | | 归属于上市公司股东的净 利润 | 358,583.85 | 426,711.17 | -15.97 | | 归属于上市公司股东的扣 除非经常性损益的净利润 | 354,397.40 | 414,416.67 | -14.48 | | 基本每股收益（元） | 1.7332 | 2.0625 | -15.97 | | 加权平均净资产收益率 （%） | 6.48 | 7.88 | 减少 1.40 个百分点 | | | 本报告期末 | 本报告期初 | 增减变动幅度（%） | | 总 资 产 | 7,487,480.12 | 7,626,037.37 | -1.82 | 证券代码：601888 证券简称：中国中免 公告编号：临202 ...

Core Viewpoint - China Duty Free Group (601888.SH) reported its 2025 annual performance, focusing on quality improvement and innovation to stabilize operational performance [1] Financial Performance - In Q4 2025, the company achieved revenue of 13.831 billion yuan, a year-on-year increase of 2.81% [1] - The net profit attributable to the parent company was 534 million yuan, reflecting a year-on-year growth of 53.49% [1] - The gross margin of the main business improved, with a year-on-year increase of 0.51 percentage points [1] - Inventory turnover rate increased by approximately 10% year-on-year [1] - In Q4 2025, the gross margin of the main business increased by 4.12 percentage points year-on-year [1] - Excluding goodwill impairment losses, the net profit attributable to the parent company increased by 150.63% year-on-year [1] Strategic Initiatives - The company capitalized on the new duty-free policy in Hainan and the official closure of the entire island, achieving record sales and customer traffic during the Spring Festival [1] - The company is steadily advancing key projects related to equity and asset acquisitions, effectively transitioning and opening key airport stores to meet domestic consumption recovery and increased global tourist demand [1]

Group 1 - The core point of the article is that China Duty Free Group (601888.SH) reported its 2025 annual performance, showing a decline in both total revenue and net profit compared to the previous year [2] - The total operating revenue for the company reached 53.694 billion yuan, representing a year-on-year decrease of 4.92% [2] - The net profit attributable to shareholders of the listed company was 3.586 billion yuan, which reflects a year-on-year decline of 15.97% [2]

Core Viewpoint - China Duty Free Group announced a projected revenue of 13.831 billion yuan for 2025, representing a year-on-year growth of 2.81% and a net profit attributable to shareholders of 534 million yuan, reflecting a significant year-on-year increase of 53.49% [1] Financial Performance - The company expects to achieve a revenue of 13.831 billion yuan in 2025, which is an increase of 2.81% compared to the previous year [1] - The net profit attributable to the parent company is projected to be 534 million yuan, showing a substantial growth of 53.49% year-on-year [1] Operational Efficiency - The gross profit margin of the main business has improved, with a year-on-year increase of 0.51 percentage points [1] - Inventory turnover rate has increased by approximately 10% year-on-year, indicating enhanced operational efficiency [1]

Core Insights - The company reported a total operating revenue of 53.694 billion yuan for the fiscal year 2025, representing a year-on-year decrease of 4.92% [1] - The net profit for the same period was 3.586 billion yuan, reflecting a year-on-year decline of 15.97% [1] - In the fourth quarter of 2025, the company achieved an operating revenue of 13.831 billion yuan, which is a year-on-year increase of 2.81% [1] - The net profit attributable to the parent company's shareholders in the fourth quarter was 534 million yuan, showing a significant year-on-year growth of 53.49% [1]