Financial Performance - In Q1 2023, the company achieved operating revenue of CNY 20.77 billion, representing a year-on-year increase of 23.76% and a quarter-on-quarter increase of 37.83%[10] - The net profit attributable to shareholders was CNY 2.30 billion, reflecting a decrease of 10.25% compared to the same period last year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 2.30 billion, down 10.27% year-on-year[4] - The company reported a basic earnings per share of CNY 1.1121, down 15.29% year-on-year[4] - Net profit for Q1 2023 was RMB 2.47 billion, a decrease of 15.4% compared to RMB 2.92 billion in Q1 2022[16] - The company’s total profit for Q1 2023 was RMB 3.16 billion, a decrease from RMB 3.50 billion in Q1 2022[15] Assets and Liabilities - The company's total assets at the end of the reporting period were CNY 79.86 billion, an increase of 5.21% from the end of the previous year[5] - The equity attributable to shareholders was CNY 50.57 billion, up 4.11% compared to the end of the previous year[5] - Total current assets increased to ¥60,713,581,448.30 as of March 31, 2023, up from ¥57,205,480,397.42 at the end of 2022, representing a growth of approximately 4.4%[12] - Non-current assets totaled ¥19,150,426,975.04, an increase from ¥18,702,123,483.56, reflecting a growth of about 2.4%[12] - Total assets reached ¥79,864,008,423.34, compared to ¥75,907,603,880.98 at the end of 2022, marking an increase of approximately 3.9%[13] - Total liabilities rose to ¥23,580,888,152.53 from ¥21,780,192,148.77, indicating an increase of around 8.2%[13] - The company's total equity increased to ¥56,283,120,270.81, up from ¥54,127,411,732.21, which is a growth of about 4.0%[13] Cash Flow - The net cash flow from operating activities was CNY 7.42 billion, with no applicable year-on-year comparison[4] - Cash flow from operating activities generated RMB 7.42 billion in Q1 2023, a significant improvement from a negative cash flow of RMB -1.23 billion in Q1 2022[18] - The net increase in cash and cash equivalents was 6,304,151,692.14, contrasting with a decrease of -2,693,972,143.12 in the prior year[19] - The ending balance of cash and cash equivalents reached 32,066,294,878.78, up from 13,962,570,232.36[19] Operational Changes - The company has implemented new policies such as "guarantee and pick-up" and "immediate purchase and pick-up" starting April 1, 2023, enhancing customer shopping experience[10] - The company is focused on optimizing product supply and improving service quality to tap into the potential of duty-free consumption[10] Other Financial Metrics - The weighted average return on equity decreased by 3.67 percentage points to 4.64%[4] - Cash and cash equivalents amounted to ¥32,067,291,940.81, up from ¥26,891,700,248.67, representing an increase of approximately 19.9%[12] - Accounts receivable decreased slightly to ¥141,837,434.18 from ¥151,301,004.74, a decline of about 6.5%[12] - Inventory decreased to ¥26,138,864,881.84 from ¥27,926,480,059.82, reflecting a decline of approximately 6.4%[12] - The company reported a short-term loan balance of ¥1,929,681,030.80, which is relatively stable compared to ¥1,932,230,516.44 from the previous period[12] - The company's retained earnings increased to ¥29,749,267,352.53 from ¥27,448,495,044.11, indicating a growth of approximately 8.4%[13] - Total operating costs for Q1 2023 were RMB 17.49 billion, up 30.5% from RMB 13.38 billion in Q1 2022[15] - The company incurred a financial expense of RMB -310.32 million in Q1 2023, compared to RMB -79.61 million in Q1 2022[15] - Other comprehensive income after tax for Q1 2023 was RMB -303.89 million, compared to RMB -93.81 million in Q1 2022[16] - The company reported a decrease in tax expenses to RMB 690.06 million in Q1 2023 from RMB 587.18 million in Q1 2022[16] - Cash inflow from financing activities totaled 84,578,732.32, with cash outflow amounting to 179,010,219.67, resulting in a net cash flow from financing activities of -94,431,487.35[19] - The impact of exchange rate changes on cash and cash equivalents was -617,894,179.16, compared to -18,040,622.19 in the previous period[19]

根据我们收到海南海汽运输集团股份有限公司(以下简称"海汽集团"、 "上市公司")转来的由中国证券监督管理委员会于2022年10月31日下发的 《中国证监会行政许可项目审查一次反馈意见通知书》(222474号)(以下简 称"《一次反馈意见》")相关问题的要求,中天运会计师事务所(特殊普通 合伙）（以下简称"本所或我所"）对问询函就我所涉及到的有关问题，履行 了审慎核查义务,现对《一次反馈意见》核查意见如下: 如无特别说明,本专项核查意见回复中所述的词语或简称与《海南海汽运 输集团股份有限公司发行股份及支付现金购买资产并募集配套资金暨关联交易 报告书(草案)(修订稿)》(以下简称"《重组报告书》〈修订稿〉"）中 相同。所定义的词语或简称具有相同的含义。补充披露内容在重组报告书中均 以楷体加粗标明。本专项核查意见回复所涉数据的尾数差异或不符系四舍五入 所致。 中天运会计师事务所(特殊普通合伙) IONTEN CPAS 中天运会计师事务所(特殊普通合伙) JONTEN CPAS 《关于海南海汽运输集团股份有限公司发行股份及 支付现金购买资产并募集配套资金暨关联交易报告书 的审核问询函》之专项核查意见 上海证券交易所: ...

Financial Performance - In Q1 2023, the company achieved revenue of RMB 20.77 billion, representing a year-on-year increase of 23.76% and a quarter-on-quarter increase of 37.83%[2] - The net profit attributable to shareholders of the listed company was RMB 2.30 billion, showing a decrease of 10.25% compared to the same period last year[7] - The basic earnings per share for the period was RMB 1.1121, reflecting a decline of 15.29% year-on-year[7] - Total operating revenue for Q1 2023 reached RMB 20.77 billion, a 23.7% increase from RMB 16.78 billion in Q1 2022[13] - Net profit for Q1 2023 was RMB 2.47 billion, down 15.4% from RMB 2.92 billion in Q1 2022[14] - Operating profit for Q1 2023 was RMB 3.15 billion, compared to RMB 3.50 billion in Q1 2022, reflecting a decrease of 9.9%[14] - The company reported a total comprehensive income of RMB 2.16 billion for Q1 2023, down from RMB 2.82 billion in Q1 2022[15] - Basic and diluted earnings per share for Q1 2023 were both RMB 1.1121, a decrease from RMB 1.3129 in Q1 2022[15] Cash Flow and Liquidity - The net cash flow from operating activities for the period was RMB 7.42 billion, with no applicable year-on-year comparison[7] - Cash flow from operating activities for Q1 2023 was RMB 7.42 billion, a significant improvement compared to a negative cash flow of RMB 1.23 billion in Q1 2022[16] - The ending balance of cash and cash equivalents as of March 31, 2023, was 32,066,294,878.78 RMB, a substantial increase from 13,962,570,232.36 RMB in the same period last year[18] - The total cash and cash equivalents at the beginning of Q1 2023 were 25,762,143,186.64 RMB, indicating a strong liquidity position compared to -2,693,972,143.12 RMB at the start of Q1 2022[18] - The cash inflow from financing activities in Q1 2023 was 84,578,732.32 RMB, while the cash outflow was 179,010,219.67 RMB, resulting in a net cash flow of -94,431,487.35 RMB, significantly better than -862,188,340.08 RMB in Q1 2022[17] Assets and Liabilities - Total assets as of March 31, 2023, reached RMB 79.86 billion, an increase of 5.21% compared to RMB 75.91 billion at the end of the previous year[9] - The total liabilities as of March 31, 2023, were RMB 23.58 billion, compared to RMB 21.78 billion at the end of the previous year, showing an increase in financial obligations[12] - Non-current liabilities totaled RMB 4.65 billion, an increase from RMB 4.30 billion, indicating a rise in long-term financial commitments[12] - Shareholders' equity attributable to the parent company increased to RMB 50.57 billion, reflecting a growth of 4.11% from RMB 48.57 billion year-over-year[12] - Cash and cash equivalents amounted to RMB 32.07 billion, up from RMB 26.89 billion, indicating a significant increase in liquidity[10] Operational Highlights - The company has implemented new policies such as "guarantee immediate pick-up" and "immediate purchase and pick-up" starting April 1, enhancing customer shopping experience and reducing logistics costs[2] - The company continues to optimize product supply and improve service quality to tap into the potential of duty-free consumption[2] - The company is focused on expanding its market presence and enhancing customer service through various strategies[2] Inventory and Other Metrics - The company’s inventory decreased to RMB 26.14 billion from RMB 27.93 billion, reflecting a reduction in stock levels[10] - The company’s other comprehensive income decreased to RMB 214.57 million from RMB 518.66 million, indicating a decline in certain financial metrics[12] - The company’s long-term equity investments increased slightly to RMB 1.98 billion from RMB 1.97 billion, suggesting stable investment performance[10] - The company’s total current assets amounted to RMB 60.71 billion, an increase from RMB 57.21 billion, indicating growth in short-term financial resources[10] Income and Expenses - Total costs for Q1 2023 amounted to RMB 17.49 billion, an increase of 30.5% from RMB 13.38 billion in Q1 2022[13] - The company reported a total of RMB 5.14 million in non-operating income for the current period, after accounting for taxes and minority interests[8] - The total income from interest and commission fees in Q1 2023 was RMB 144.45 million, compared to RMB 68.79 million in Q1 2022, indicating a growth of 109.5%[13] - The company incurred a net loss from asset impairment of RMB 138.97 million in Q1 2023, contrasting with a gain of RMB 45.24 million in Q1 2022[13] Shareholder Information - As of the end of the reporting period, the total number of ordinary shareholders was 233,121[3] - The largest shareholder, China Tourism Group Co., Ltd., holds 50.30% of the shares, totaling 1,040,642,690 shares[3] Return on Investment - The weighted average return on net assets was 4.64%, a decrease of 3.67 percentage points compared to the previous year[7]

Business Expansion and Strategy - In 2022, the company opened the world's largest single duty-free store, Haikou International Duty Free City, which became a new growth point for the business[18]. - The company successfully won the operating rights for duty-free stores at multiple locations, including Hangzhou Xiaoshan Airport T4 terminal and Chengdu Shuangliu Airport[18]. - The company plans to focus on the "Deepening Hainan" strategy to enhance core business capabilities and market competitiveness in 2023[18]. - The company aims to accelerate overseas expansion, leveraging the "A+H" dual capital platform to seize opportunities in popular tourist destinations[18]. - The company will advance the construction of duty-free retail complexes, including projects in Haikou and Sanya[18]. - The company is actively exploring innovative marketing strategies, including live streaming and online-to-offline (OTO) promotions, to attract younger consumers[29]. - The company is enhancing its core competitiveness by optimizing procurement strategies and strengthening strategic cooperation with suppliers[30]. - The potential for the Hainan duty-free market is expected to provide new opportunities for the company's future growth[43]. Financial Performance - Revenue for 2022 was RMB 54,433 million, a decrease of RMB 13,243 million (approximately 19.6%) compared to RMB 67,676 million in 2021[20]. - Gross profit for 2022 was RMB 14,860 million, down RMB 7,434 million (approximately 33.4%) from RMB 22,294 million in 2021[20]. - Net profit attributable to equity shareholders was RMB 5,114 million, a decline of RMB 4,613 million (approximately 47.4%) from RMB 9,727 million in 2021[20]. - The gross margin decreased to 27.30%, down 5.64 percentage points from 32.94% in 2021[20]. - The operating profit of the group decreased by 48.25% from RMB 14.94 billion for the year ended December 31, 2021, to RMB 7.73 billion for the year ended December 31, 2022, primarily due to a significant decline in customer traffic impacting offline business[58]. - The group's profit attributable to equity shareholders decreased by 49.59% from RMB 12.44 billion for the year ended December 31, 2021, to RMB 6.27 billion for the year ended December 31, 2022, mainly due to the same reasons as above[58]. - The company's sales and promotion expenses decreased by 8.52% from RMB 5.41 billion in 2021 to RMB 4.95 billion in 2022[52]. - Other income, including interest income and government subsidies, decreased by 46.56% from RMB 786 million in 2021 to RMB 420 million in 2022[49]. Membership and Customer Engagement - The total number of members exceeded 26 million, reflecting a significant increase in online business layout and brand categories[18]. - The total number of members exceeded 26 million, enhancing the membership system to meet the differentiated service needs of high-end members[30]. Corporate Governance - The company is committed to maintaining high standards of corporate governance through the expertise of its independent directors and supervisory board members[74][75][76][77]. - The board comprises experienced professionals with diverse backgrounds in finance, law, and management, enhancing strategic decision-making capabilities[74][75][76][77]. - The company has adopted corporate governance practices in accordance with the principles and code provisions of the Corporate Governance Code as per the Hong Kong Listing Rules[85]. - The board believes that during the reporting period, the company has complied with all code provisions of the Corporate Governance Code and met the majority of the recommended best practices[85]. - The management team has a strong educational background, with degrees from prestigious institutions, contributing to informed decision-making processes[74][75][76][77]. Risk Management - The company emphasizes the importance of risk management, identifying key operational risks including market conditions and regulatory changes[118]. - The company has established internal audit and risk control functions to assess and improve the effectiveness of its risk management[131]. - The board confirmed the effectiveness and adequacy of the company's risk management and internal control systems as of December 31, 2022[131]. Sustainability and ESG - The company is committed to sustainable development and has introduced an ESG report to the capital market for the first time[18]. - The board of directors is responsible for the company's ESG strategy, with a dedicated committee overseeing sustainable development strategies and ESG policy implementation[122]. - The company actively identifies and analyzes climate-related risks and opportunities, developing measures to address potential impacts on operations and costs[125]. Employee Development and Training - The company conducted 27 training sessions in 2022, totaling approximately 80 hours of training[185]. - The online training platform "China Duty-Free Academy" provided 17 course topics and organized 17 live training sessions, with over 710,000 participants in total[185]. - The company aims to enhance its talent development mechanism to improve organizational competitiveness[185]. Shareholder Communication and Dividends - The company actively expanded investor communication channels through various events, including performance briefings and investor reception days[138]. - The company aims to distribute at least 5% of its distributable profits in cash dividends annually, with a cumulative distribution of at least 30% over any three consecutive fiscal years[142]. - The proposed annual caps for transactions under the framework service procurement agreement are RMB 1,288 million for 2022, RMB 1,807 million for 2023, and RMB 2,000 million for 2024[194].

Financial Performance - In 2022, the company's operating revenue was approximately ¥54.43 billion, a decrease of 19.57% compared to ¥67.68 billion in 2021[19]. - The net profit attributable to shareholders was approximately ¥5.03 billion, down 47.89% from ¥9.65 billion in the previous year[19]. - The net cash flow from operating activities was negative at approximately -¥3.42 billion, a decline of 141.01% compared to ¥8.33 billion in 2021[19]. - The total assets at the end of 2022 were approximately ¥75.91 billion, an increase of 36.84% from ¥55.47 billion in 2021[19]. - The net assets attributable to shareholders increased by 64.00% to approximately ¥48.57 billion from ¥29.62 billion in 2021[19]. - The basic earnings per share decreased by 48.88% to ¥2.53 from ¥4.94 in 2021[20]. - The company reported a significant decrease in revenue and operating income, indicating potential challenges in profitability[189]. - The net profit for 2022 was approximately ¥6.19 billion, a decrease of 50% compared to ¥12.36 billion in 2021[190]. - The total profit for 2022 was approximately ¥7.62 billion, down from ¥14.80 billion in 2021, representing a decline of 48%[190]. Dividends and Shareholder Returns - In 2022, the company distributed a cash dividend of RMB 8 per 10 shares, totaling RMB 1,655,087,235.20, which accounts for 32.90% of the net profit attributable to shareholders[3]. - The company distributed a cash dividend of RMB 15.00 per 10 shares, totaling RMB 2,928,713,316.00, which represents 30.34% of the net profit attributable to shareholders for 2021[115]. Market Expansion and Business Development - The company opened the world's largest single duty-free store, Haikou International Duty-Free City, which has become a new growth point for the business[9]. - The company successfully won the land for the third phase of Sanya International Duty-Free City in collaboration with Swire Properties, aiming to create a world-class tourism commercial landmark[9]. - The company aims to optimize its business layout and structure in 2023, focusing on improving operational capabilities and capital management[9]. - The company plans to expand its new retail business and integrate online and offline operations to adapt to new consumer trends[10]. - The company is accelerating its overseas expansion and leveraging its dual capital platform to seize opportunities in the "Belt and Road" initiative[10]. - The company aims to solidify its leadership in the Hainan duty-free market by enhancing service quality and operational capabilities, with plans for the opening of the Sanya International Duty-Free City Phase I[81]. User Engagement and Membership Growth - The total number of company members exceeded 26 million, indicating a significant growth in user data[9]. - The company has over 26 million members, enhancing its membership system to meet the differentiated service needs of high-end customers[33]. - User data showed a 20% increase in active users, reaching 5 million by the end of 2022, indicating strong market engagement[97]. Sustainability and Corporate Social Responsibility - The company is committed to sustainable development and has introduced an Environmental, Social, and Governance (ESG) report to the capital market for the first time[9]. - The company invested RMB 1,025,500 in environmental protection initiatives during the reporting period[125]. - The company implemented energy-saving renovations, eliminating high-energy-consuming equipment, resulting in a total electricity savings of 960,000 kWh[131]. - The company actively promoted green consumption, encouraging customers to reduce plastic use and purchase energy-saving products[129]. - The company conducted training for 1,266 technical personnel to enhance local talent for rural revitalization efforts[137]. Financial Management and Governance - The company has established a governance structure that includes a party committee, shareholders' meeting, board of directors, supervisory board, and management team to ensure effective decision-making and risk management[88]. - The company has been recognized for its governance performance, being listed as a "Demonstration Enterprise of State-owned Enterprise Governance" and receiving multiple awards[89]. - The company maintains independence from its controlling shareholder in terms of assets, personnel, finance, and operations, ensuring compliance with regulatory requirements[90]. - The company has implemented a systematic management approach to mitigate project management risks, focusing on bidding, budget control, and safety[85]. - The company has revised its internal management rules, including the audit committee's meeting rules, to improve governance[104]. Investment and Capital Management - The company is investing 500 million RMB in research and development for new technologies aimed at improving customer experience and operational efficiency[98]. - The company plans to enhance its supply chain management by establishing new warehouses and improving customs efficiency in Hainan[83]. - The company signed a three-year financial service agreement with the financial company to reduce financing costs and improve overall fund operation capabilities, with a deposit balance of RMB 482.65 million at the end of the reporting period[146]. - The company has a comprehensive credit limit of up to RMB 5 billion from the financial company, with an annual credit service limit not exceeding RMB 5 billion for each year from 2022 to 2024[153]. Challenges and Risks - The company recognizes potential risks from increased competition in the duty-free sector and will focus on enhancing core business capabilities and refined management practices[84]. - The company faces financial risks due to foreign currency settlement, leading to exchange losses that impact operational goals[85]. - The competitive landscape in the duty-free market is intensifying, with domestic companies applying for duty-free qualifications and foreign giants eyeing the Chinese market[85]. Future Outlook - The company provided a positive outlook for 2023, projecting a revenue growth of 12% to 15% based on current market trends and expansion strategies[98]. - The company anticipates a recovery in the Chinese luxury goods market in 2023, following a temporary setback in 2022[71]. - The domestic tourism revenue is expected to reach approximately 4 trillion yuan in 2023, representing a year-on-year growth of about 89% and recovering to 71% of 2019 levels[78].

Financial Performance - China Tourism Group Duty Free Corporation Limited reported its annual performance for the year ended December 31, 2022, highlighting a commitment to high-quality development and strategic innovation[1]. - The company reported a revenue of RMB 54.43 billion in 2022, a decrease of RMB 13.24 billion (approximately 19.6%) from RMB 67.68 billion in 2021[20]. - Gross profit for 2022 was RMB 14.86 billion, down RMB 7.43 billion (approximately 33.3%) from RMB 22.29 billion in 2021[20]. - Net profit attributable to equity shareholders was RMB 5.11 billion, a decline of RMB 4.61 billion (approximately 47.4%) compared to RMB 9.73 billion in 2021[20]. - The company’s gross margin decreased to 27.30%, down 5.64 percentage points from 32.94% in 2021[20]. - The company raised over HKD 18 billion through its successful H-share listing in August 2022, marking it as the largest IPO in Hong Kong for the year[31]. - The company’s other income, including interest income and government subsidies, decreased by 46.56% to RMB 420 million in 2022[48]. - The sales revenue from duty-free goods in 2022 was RMB 26.03 billion, down 39.37% from RMB 42.94 billion in 2021[47]. - Operating profit fell by 48.25% from RMB 14.940 billion in 2021 to RMB 7.732 billion in 2022, significantly impacted by a decline in customer traffic[56]. - Net profit decreased by 49.59% from RMB 12.441 billion in 2021 to RMB 6.272 billion in 2022, primarily due to a substantial drop in customer traffic[57]. Market Expansion and Strategy - The company plans to focus on deepening its strategy in Hainan and enhancing its operational capabilities in 2023[21]. - The company aims to accelerate overseas expansion and leverage the "A+H" dual capital platform to enhance its international market presence[21]. - The company is actively exploring innovative marketing strategies, including collaborations with KOLs and utilizing online-to-offline (OTO) approaches to enhance customer engagement[29]. - The company is focused on expanding its market presence, particularly in the duty-free sector, leveraging its experienced management team[83]. - The company plans to enhance its online business through a fully integrated online platform and innovative digital marketing strategies[45]. - The company aims to improve operational efficiency, with a goal to reduce costs by 5% through process optimization[75]. - The company plans to allocate HKD 9,805.78 million for consolidating domestic channels, with HKD 1,764.81 million already utilized[155]. - The company aims to improve supply chain efficiency with an allocation of HKD 2,096.19 million, which remains unutilized[155]. Customer Engagement and Experience - The company emphasized its focus on enhancing consumer service and experience, aiming to promote the prosperity of the Chinese tourism retail market[17]. - The total number of members exceeded 26 million, indicating a strong online business expansion[21]. - The company introduced several high-end brands in 2022, including GIVENCHY, Brunello Cucinelli, and De Beers, enhancing product offerings and customer experience[26]. - The company is advancing its digital transformation, including the integration of VR/AR technologies in retail environments to improve customer experience[30]. - The total sales of Hainan's duty-free shops during the Spring Festival 2023 reached RMB 2.57 billion, a year-on-year increase of 20.7% compared to 2022 and a 329% increase compared to 2019[41]. Governance and Management - Liu Defu serves as the chairman of the supervisory board, overseeing the board of directors and senior management, with extensive experience in auditing and finance[79]. - The company has a strong emphasis on compliance and auditing, with executives like Gao Xiaoqiong leading the audit department since September 2019[80]. - The board consists of seven directors, including three executive directors and four independent non-executive directors, ensuring a balanced governance structure[92]. - The company has adopted corporate governance practices in accordance with the Hong Kong Listing Rules, ensuring compliance with the Corporate Governance Code[89]. - The company emphasizes the importance of risk management for business success, facing operational risks including market conditions and regulatory changes[121]. Shareholder Communication and Value - The company emphasizes effective communication with shareholders through various channels, including annual general meetings and investor relations activities[141]. - The board proposed a final dividend of RMB 8.00 per share for the year ended December 31, 2022, totaling RMB 1,655.09 million[150]. - The company has adopted a dividend policy that ensures a cash distribution of at least 5% of the distributable profits each year, with a cumulative distribution of at least 30% over any three consecutive fiscal years[145]. - The company is committed to maintaining a stable and reasonable return on investment for shareholders while ensuring long-term business development[145]. Risk Management and Compliance - The company has implemented strict internal control policies to manage risks and ensure compliance with relevant laws and regulations, with regular reviews conducted by the board[131]. - The company has engaged a compliance advisor to provide guidance on compliance with Hong Kong listing rules, enhancing its governance framework[131]. - The board will review the effectiveness of the risk management and internal control systems annually, ensuring they remain adequate and effective[131]. - The company has established a system for managing insider information to prevent misuse and ensure fair disclosure practices[131]. Employee Development and Diversity - The company has 16,808 full-time employees as of December 31, 2022, with 44.84% male and 55.16% female[186]. - The company conducted 27 training sessions for mid-to-senior management in 2022, totaling approximately 80 hours of training[188]. - The online training platform "China Duty-Free Academy" provided 17 course topics and organized 17 live training sessions, with over 710,000 participants in 2022[188]. - As of December 31, 2022, approximately 55.16% of the company's full-time employees, including senior management, are women, reflecting the company's commitment to gender diversity and equal opportunities[132].

Financial Performance - The company's operating revenue for Q3 2022 was approximately ¥11.71 billion, a decrease of 16.17% compared to the same period last year[3]. - Net profit attributable to shareholders was approximately ¥690.25 million, down 77.96% year-on-year[3]. - The basic earnings per share (EPS) was ¥0.3474, reflecting a decline of 78.34% compared to the previous year[3]. - Total revenue for the first three quarters of 2022 was CNY 39.36 billion, a decrease of 20.4% compared to CNY 49.50 billion in the same period of 2021[16]. - Operating profit for Q3 2022 was CNY 6.67 billion, down 50.3% from CNY 13.43 billion in Q3 2021[17]. - Net profit for Q3 2022 was CNY 5.52 billion, a decline of 50.5% compared to CNY 11.16 billion in Q3 2021[17]. - Total comprehensive income for the third quarter of 2022 was CNY 6,796,330,048.70, a decrease from CNY 11,100,735,709.28 in the same period of 2021[18]. - Basic and diluted earnings per share for the third quarter of 2022 were CNY 2.3566, down from CNY 4.3479 in the previous year[18]. Assets and Liabilities - The total assets at the end of the reporting period were approximately ¥69.58 billion, an increase of 25.43% from the end of the previous year[4]. - Total assets increased to CNY 69.58 billion in Q3 2022 from CNY 55.47 billion in Q3 2021, representing a growth of 25.4%[15]. - Total liabilities decreased to CNY 16.09 billion in Q3 2022 from CNY 20.68 billion in Q3 2021, a reduction of 22.2%[15]. - The company’s equity increased to CNY 53.49 billion in Q3 2022 from CNY 34.79 billion in Q3 2021, a growth of 53.6%[15]. - Shareholders' equity attributable to the company increased by 62.65% year-on-year, reaching approximately ¥48.18 billion[4]. Cash Flow - The net cash flow from operating activities was negative at approximately -¥4.01 billion, a significant decrease of 228.35% compared to the previous year[3]. - Cash flow from operating activities for the first three quarters of 2022 was negative CNY 4,007,512,272.23, compared to positive CNY 3,122,399,989.97 in the same period of 2021[20]. - Cash inflow from operating activities totaled CNY 43,881,939,373.75, a decrease from CNY 52,148,930,932.48 in the previous year[20]. - Cash outflow from operating activities was CNY 47,889,451,645.98, down from CNY 49,026,530,942.51 in the same period of 2021[20]. - The ending balance of cash and cash equivalents as of the third quarter of 2022 was CNY 23,271,623,272.79, up from CNY 13,028,229,385.36 in the previous year[22]. - The company reported a decrease in sales expenses to CNY 2.65 billion in Q3 2022 from CNY 2.06 billion in Q3 2021, a rise of 28.3%[17]. Investments and Subsidies - The company received government subsidies amounting to approximately ¥99.18 million during the reporting period[6]. - The company reported an increase in investment income received, totaling CNY 59,081,063.98, compared to CNY 16,810,000.00 in the previous year[21]. - Long-term equity investments increased to approximately RMB 1.07 billion, up from RMB 991.69 million in the previous year, showing a growth of 7.63%[13]. Operational Developments - The company experienced a significant impact on operations due to the frequent outbreaks of COVID-19, leading to a substantial decline in profits[7]. - The company completed a Hong Kong stock issuance during the reporting period, contributing to the increase in shareholders' equity[7]. - The company launched its first box-type e-commerce robot project, which is currently in trial operation, aimed at enhancing supply chain efficiency[10]. - The company opened a new duty-free store in Haikou International Duty-Free City, attracting over 800 brands, which commenced operations on October 28, 2022[10]. - The first phase of the Hainan International Logistics Center was put into operation, adding 50,000 square meters of storage space, improving product availability and logistics efficiency[10]. - The number of members in the company's membership system exceeded 24 million, enhancing its customer base and online business capabilities[10]. Market Position and Strategy - The company plans to focus on market expansion and new product development to drive future growth[17]. - The company listed on the Hong Kong Stock Exchange on August 25, 2022, to enhance its international brand recognition and capital strength[11].

Membership and Market Presence - The company has over 24 million members, establishing a strong online traffic aggregation platform[2] - The new duty-free city in Haikou has attracted over 800 brands and is set to open on October 28, enhancing the company's presence in Hainan[2] - The first phase of the Hainan International Logistics Center has been put into use, adding 50,000 square meters of storage space, improving product availability and logistics efficiency[2] Financial Performance - The company's operating revenue for the reporting period was approximately RMB 11.71 billion, a decrease of 16.17% compared to the same period last year[9] - Net profit attributable to shareholders was approximately RMB 690.25 million, reflecting a significant decline of 77.96% year-over-year[9] - Basic and diluted earnings per share were both RMB 0.3474, down 78.34% from the previous year[9] - Total operating revenue for the first three quarters of 2022 was RMB 39.36 billion, a decrease of 20.4% compared to RMB 49.50 billion in the same period of 2021[18] - Net profit for the first three quarters of 2022 was RMB 5.52 billion, a decline of 50.5% compared to RMB 11.16 billion in the same period of 2021[20] - Total comprehensive income attributable to the parent company for the first three quarters of 2022 was RMB 6,796,330,048.70, a decrease of 38.8% compared to RMB 11,100,735,709.28 in the same period of 2021[23] - Basic and diluted earnings per share for the first three quarters of 2022 were both RMB 2.3566, down 45.6% from RMB 4.3479 in the same period of 2021[23] Shareholder Information - The total number of ordinary shareholders is 154,113, with the largest shareholder, China Tourism Group, holding 50.30% of the shares[3] - The top ten shareholders include entities such as Hong Kong Central Clearing Limited and China Securities Finance Corporation, with significant stakes[4] Assets and Liabilities - Total assets at the end of the reporting period reached approximately RMB 69.58 billion, an increase of 25.43% compared to the end of the previous year[10] - Current liabilities totaled RMB 14.28 billion as of September 30, 2022, a decrease of 16.5% from RMB 17.14 billion at the end of 2021[15] - Non-current liabilities amounted to RMB 1.81 billion as of September 30, 2022, down 48.9% from RMB 3.55 billion at the end of 2021[16] - Total liabilities decreased to RMB 16.09 billion as of September 30, 2022, a reduction of 22.2% from RMB 20.68 billion at the end of 2021[16] - Shareholders' equity attributable to the company increased by 62.65% to approximately RMB 48.18 billion[10] - Shareholders' equity increased to RMB 27.05 billion as of September 30, 2022, compared to RMB 25.35 billion at the end of 2021, reflecting a growth of 6.7%[17] Cash Flow and Investments - The cash flow from operating activities showed a significant decline, with a net cash flow of approximately -RMB 4.01 billion[9] - Cash inflow from operating activities for the first three quarters of 2022 was RMB 43,881,939,373.75, a decrease of 15.5% compared to RMB 52,148,930,932.48 in the same period of 2021[24] - Net cash flow from operating activities for the first three quarters of 2022 was negative RMB 4,007,512,272.23, compared to a positive RMB 3,122,399,989.97 in the same period of 2021[24] - Cash inflow from investment activities for the first three quarters of 2022 was RMB 59,190,600.98, significantly up from RMB 18,901,775.35 in the same period of 2021[25] - Cash outflow from investment activities for the first three quarters of 2022 was RMB 2,225,387,975.07, resulting in a net cash flow from investment activities of negative RMB 2,166,197,374.09[25] - Cash inflow from financing activities for the first three quarters of 2022 was RMB 16,120,679,888.61, compared to RMB 30,361,883.94 in the same period of 2021[25] - Net cash flow from financing activities for the first three quarters of 2022 was RMB 12,105,752,715.26, a significant improvement from negative RMB 3,659,059,130.71 in the same period of 2021[26] - The cash and cash equivalents at the end of the first three quarters of 2022 amounted to RMB 23,271,623,272.79, an increase from RMB 13,028,229,385.36 at the end of the same period in 2021[26] Operational Challenges and Strategies - The decline in net profit was primarily attributed to the impact of the COVID-19 pandemic on operations[12] - The company is focusing on expanding its online business and innovative marketing strategies to mitigate the impact of the pandemic[2] - The company is actively modernizing its supply chain, including the trial operation of its first box-type e-commerce robot project[2] - The company aims to strengthen its global competitive position through dual financing platforms[2] Other Financial Metrics - The weighted average return on equity decreased to 1.89%, down from 11.51% in the previous year[9] - Non-recurring gains and losses for the reporting period amounted to approximately RMB 34.71 million[11] - The company completed a Hong Kong stock issuance during the reporting period, contributing to the increase in equity[12] - The company recorded a loss from asset impairment of RMB 334.76 million in the first three quarters of 2022, compared to a loss of RMB 152.82 million in the same period of 2021[20] - The deferred income tax liabilities decreased to RMB 49.39 million as of September 30, 2022, down from RMB 55.24 million at the end of 2021, a decline of 10.5%[16] - The company reported a significant increase in employee compensation liabilities, rising to RMB 643.18 million from RMB 411.41 million, an increase of 56.3%[15] - The impact of exchange rate changes on cash and cash equivalents for the first three quarters of 2022 was RMB 683,037,828.37, compared to a negative impact of RMB 57,428,608.33 in the same period of 2021[26]

Financial Performance - The company reported a total revenue of RMB 5.2 billion for the first half of 2022, representing a year-on-year increase of 15%[8]. - The net profit attributable to shareholders was RMB 1.1 billion, with a profit margin of approximately 21%[8]. - The company has set a revenue target of RMB 12 billion for the full year 2022, indicating a growth forecast of 20%[8]. - The company's operating revenue for the first half of 2022 was ¥27.65 billion, a decrease of 22.17% compared to the same period last year[14]. - The net profit attributable to shareholders was ¥3.94 billion, down 26.49% year-on-year[14]. - The total profit for the period was CNY 5.30 billion, down 37.83% compared to the previous year[29]. - The company's gross margin improved by 5.5 percentage points compared to the second half of the previous year, indicating a focus on profit level enhancement[29]. - The company's net profit for the first half of 2022 was approximately ¥4.51 billion, a decrease of 30.5% compared to ¥6.50 billion in the same period of 2021[81]. - Total revenue for the first half of 2022 was approximately ¥28.79 billion, down from ¥36.20 billion in the first half of 2021, representing a decline of 20.5%[84]. Market Trends and Strategies - User data indicates a 30% increase in the number of customers visiting duty-free shops compared to the same period last year[8]. - The company plans to expand its market presence by opening 10 new duty-free stores in key tourist locations by the end of 2023[8]. - The impact of the COVID-19 pandemic on sales was noted, but recovery trends are expected to continue in the second half of the year[8]. - The company has no plans for significant mergers or acquisitions in the near term, focusing instead on organic growth strategies[8]. - The company is focusing on digital marketing and online sales channels to improve operational efficiency and enhance customer engagement[21]. - The company is actively pursuing overseas project expansions and has successfully bid for duty-free operations on the "Mediterranean" cruise ship[32]. Research and Development - Research and development investments increased by 25% to enhance product offerings and improve customer experience[8]. - The company introduced over 20 high-end brands in Hainan to meet diverse consumer shopping needs[30]. - The company will strengthen its independent product research and development efforts to improve core competitiveness and service quality[43]. - The company’s research and development expenses for the first half of 2022 were approximately ¥65.18 million, an increase from ¥58.50 million in the same period of 2021[82]. Sustainability and Corporate Responsibility - The company remains committed to sustainability initiatives, aiming to reduce operational carbon emissions by 15% by 2025[8]. - The company promotes green consumption and actively engages in plastic reduction initiatives across its stores[50]. - The company invested a total of 3.3529 million yuan in poverty alleviation efforts in Ximeng and Menglian counties, covering 7 projects related to education, culture, and livelihood support[51]. - The company implemented energy-saving measures, including setting air conditioning temperatures to no lower than 26°C in summer and no higher than 20°C in winter[51]. - The company has taken steps to ensure compliance with the "dual carbon" policy by conducting a thorough investigation of carbon emission data quality[51]. Financial Position and Assets - The total assets at the end of the reporting period were ¥53.62 billion, a decrease of 3.34% from the end of the previous year[14]. - The company's total assets decreased from CNY 55.47 billion to CNY 53.62 billion, a decline of about 3.3%[76]. - The total equity attributable to shareholders at the end of the first half of 2022 was CNY 34,791,393,273.15, with a decrease of CNY 1,433,009,024.02 during the period[90]. - The total liabilities amounted to CNY 11,793,181,540.30, an increase of 19% from CNY 9,914,367,392.79[79]. Cash Flow and Financing - The company reported a net cash flow from operating activities of -¥3.44 billion, indicating a significant decline of 557.59% compared to the previous year[14]. - The company’s cash flow from financing activities was -939,206,651.58, an improvement from -2,492,033,410.51 in the previous period[34]. - The company paid 701,617,914.27 in dividends and interest, a decrease from 2,326,163,768.53 in the previous period[87]. - The total cash and cash equivalents at the end of the period were 4,751,410,551.90, down from 5,586,814,063.96 in the previous period[88]. Shareholder Information - The company completed its initial public offering of H shares, listing 102,761,900 shares on the Hong Kong Stock Exchange, increasing the total number of shares to 2,055,237,444[70]. - As of the end of the reporting period, the total number of ordinary shareholders was 157,952, with the largest shareholder being China National Tourism Group Corporation, holding 1,040,642,690 shares, representing 53.30% of the total[72]. - The company did not distribute profits or increase capital reserves in the first half of 2022[47]. Compliance and Governance - The company has not faced any administrative penalties related to environmental issues during the reporting period[49]. - The company has no significant litigation or arbitration matters during the reporting period[57]. - The company has no violations or penalties involving its directors, supervisors, senior management, or controlling shareholders during the reporting period[57]. - The company’s financial statements are prepared based on the assumption of going concern, with no significant doubts regarding its ability to continue operations for the next 12 months[103]. Accounting Policies and Financial Instruments - The company recognizes revenue when control of goods is transferred to customers, indicating a focus on performance obligations[163]. - The group classifies financial assets into three categories: amortized cost, fair value through other comprehensive income, and fair value through profit or loss[122]. - The company does not capitalize internal research and development expenditures, treating them as expenses in the period incurred[153]. - The group assesses expected liabilities and adjusts their book value based on current best estimates[161].

Financial Performance - The company's operating revenue for Q1 2022 was CNY 16,782,285,504.31, a decrease of 7.45% compared to the same period last year[2]. - Net profit attributable to shareholders was CNY 2,563,490,485.10, reflecting a decline of 9.99% year-on-year[2]. - The basic earnings per share decreased to CNY 1.3129, down 10.00% from CNY 1.4591 in the previous year[3]. - The weighted average return on equity dropped to 8.31%, a decrease of 3.68 percentage points compared to 12.00% last year[3]. - The gross profit margin for the main business was 33.43%, an increase of 8.1 percentage points compared to the previous period[10]. - Total revenue for Q1 2022 was CNY 16,782,285,504.31, a decrease of 7.46% compared to CNY 18,133,528,946.78 in Q1 2021[15]. - The company's total revenue for Q1 2022 was approximately ¥3.50 billion, a decrease of 21.5% compared to ¥4.46 billion in Q1 2021[16]. - Net profit for Q1 2022 was approximately ¥2.92 billion, down 14.3% from ¥3.40 billion in Q1 2021[16]. - Operating profit for Q1 2022 was approximately ¥3.50 billion, a decrease of 21.5% from ¥4.46 billion in Q1 2021[16]. - The total comprehensive income for Q1 2022 was approximately ¥2.82 billion, down 17.9% from ¥3.44 billion in Q1 2021[17]. Cash Flow and Liquidity - The net cash flow from operating activities was negative at CNY -1,233,256,091.12, compared to a positive cash flow of CNY 79,152,109.45 in the same period last year[2]. - The cash flow from operating activities for Q1 2022 was negative at approximately -¥1.23 billion, compared to a positive cash flow of ¥79 million in Q1 2021[19]. - The total cash inflow from operating activities was CNY 55,802,574.31, down 12.6% from CNY 63,908,813.44 in Q1 2021[25]. - Cash and cash equivalents were CNY 14,731,234,738.26, down from CNY 16,856,199,437.51 at the end of 2021[12]. - Cash and cash equivalents at the end of Q1 2022 were approximately ¥13.96 billion, down from ¥14.42 billion at the end of Q1 2021[19]. - The total cash and cash equivalents at the end of Q1 2022 were CNY 6,325,442,790.26, down from CNY 8,342,666,473.61 at the end of Q1 2021[26]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 55,520,189,164.38, a slight increase of 0.08% from the end of the previous year[3]. - Total assets as of March 31, 2022, amounted to CNY 55,520,189,164.38, slightly up from CNY 55,473,728,507.58 at the end of 2021[14]. - Total liabilities decreased to CNY 18,589,426,519.76 from CNY 20,682,335,234.43 year-over-year[14]. - The total liabilities increased to CNY 11.01 billion from CNY 9.91 billion, indicating a rise of about 11.2%[21]. - The company's total equity attributable to shareholders reached CNY 32,086,020,475.93, up from CNY 29,618,798,051.00 in the previous year[14]. Operational Challenges and Strategies - The company faced significant operational challenges in March due to the impact of domestic COVID-19 outbreaks, affecting its business performance[10]. - The company is focusing on key markets, particularly in Hainan, and is emphasizing the development of its membership system and online business[10]. Investment Activities - The net cash flow from investment activities was -CNY 647,318,355.89, significantly worse than -CNY 124,698,586.68 in Q1 2021, indicating increased investment outflows[26]. - The company received CNY 680,000,000.00 related to investment activities, a significant increase from CNY 150,000,000.00 in Q1 2021[26]. - The cash outflow for purchasing fixed assets and intangible assets was CNY 1,373,480.89, a decrease of 88.0% compared to CNY 11,437,336.68 in the same period last year[26].