Group 1 - Zhao Feng has resigned from her position as Vice President of China National Pharmaceutical Group (China National Pharmaceutical) due to retirement, effective from the date her resignation report is delivered to the board of directors, which is September 22, 2025 [1] - After her resignation, Zhao Feng will not hold any position in the company or its subsidiaries [1]

Core Viewpoint - The company announced the resignation of Deputy General Manager Zhao Feng due to retirement, effective immediately upon delivery of the resignation letter to the board of directors [1] Group 1 - Zhao Feng's resignation will not affect the normal operations and management of the company [1] - The company expressed heartfelt gratitude to Zhao Feng for his service during his tenure [1]

Group 1 - The tourism retail sector experienced a decline of 1.26% on September 22, with China Duty Free Group leading the drop [1] - The Shanghai Composite Index closed at 3828.58, up 0.22%, while the Shenzhen Component Index closed at 13157.97, up 0.67% [1] - China Duty Free Group's closing price was 73.04, reflecting a decrease of 1.26%, with a trading volume of 399,400 shares and a transaction value of 2.916 billion yuan [1] Group 2 - The tourism retail sector saw a net outflow of 76.3572 million yuan from institutional investors, while retail investors contributed a net inflow of 51.3743 million yuan [1] - The breakdown of fund flows indicates that institutional investors had a net outflow of 2.62%, while retail investors accounted for a net inflow of 1.76% [1]

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） 副總經理辭任 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，趙鳳女士 因退休原因辭任本公司副總經理職務，自辭職報告送達董事會之日（即2025年9月 22日）起生效。辭任後，趙鳳女士將不在本公司及附屬公司擔任任何職務。 趙鳳女士已確認彼與本公司和董事會之間並無意見分歧，亦無任何與彼辭任有關 的事宜須敦請本公司股東或香港聯合交易所有限公司垂注。 趙鳳女士在任職期間，恪盡職守、勤勉盡責，董事會對趙鳳女士在任職期間為本 公司做出的貢獻表示衷心的感謝。 承董事會命 中國旅遊集團中免股份有限公司 董事會主席 范雲軍先生 中國 • 北京 2025年9月22日 於本公告日期，董事會成員包括非執行董事 ...

Group 1 - The industrial metal sector increased by 1.17% on September 19, with Hongchuang Holdings leading the gains [1] - The Shanghai Composite Index closed at 3820.09, down 0.3%, while the Shenzhen Component Index closed at 13070.86, down 0.04% [1] - Key stocks in the industrial metal sector showed various performance, with Hongchuang Holdings rising by 4.97% and closing at 17.33 [1] Group 2 - Major stocks that declined included Liyuan Co., down 6.05% to 2.64, and Beifang Copper, down 5.12% to 13.71 [2] - The industrial metal sector experienced a net outflow of 838 million yuan from main funds, while retail investors saw a net inflow of 804 million yuan [2][3] - The stock with the highest net inflow from main funds was China Aluminum, with 79.77 million yuan, while Xinjiang Zhonghe had a net outflow of 5.73 million yuan from retail investors [3]

Group 1 - The core viewpoint is that the travel demand is expected to increase significantly during the 2025 National Day and Mid-Autumn Festival holiday, with a search volume increase of over 20% year-on-year [1] - Flight bookings for both domestic and international routes show a notable recovery, with domestic flight bookings exceeding 3.26 million per day, up 26% year-on-year, and international bookings exceeding 1.16 million, up 15% [2] - High-quality hotel bookings are experiencing a surge, with a year-on-year increase of 58% for popular hotels and over 20% for high-quality hotels during the holiday period [3] Group 2 - The outbound travel market is benefiting from visa-free policies, with significant increases in travel to South Korea, the Middle East, and Africa, with outbound travel numbers up 130% year-on-year [4] - Investment recommendations include focusing on OTA sectors such as Tongcheng Travel and Trip.com Group, as well as companies in the ice and snow industry like Changbai Mountain and Dalian Shengya, and tourism retail companies like China Duty Free Group and Wangfujing [5]

Group 1 - The stock price of China Duty Free Group (中国中免) increased by 2.01% on September 19, reaching 73.12 CNY per share, with a trading volume of 2.471 billion CNY and a turnover rate of 1.77%, resulting in a total market capitalization of 151.275 billion CNY [1] - Year-to-date, the stock price has risen by 10.86%, with a 3.86% increase over the last five trading days, an 8.36% increase over the last 20 days, and a 20.68% increase over the last 60 days [2] - The company has a primary business focus on tourism retail, with 72.26% of revenue from duty-free sales, 25.54% from taxable goods, and 2.20% from other sources [2] Group 2 - As of June 30, the number of shareholders for China Duty Free Group was 289,700, a decrease of 4.30% from the previous period, with an average of 0 circulating shares per shareholder [3] - For the first half of 2025, the company reported operating revenue of 28.151 billion CNY, a year-on-year decrease of 9.96%, and a net profit attributable to shareholders of 2.600 billion CNY, down 20.81% year-on-year [3] - The company has distributed a total of 18.405 billion CNY in dividends since its A-share listing, with 7.241 billion CNY distributed over the last three years [4] Group 3 - The top ten circulating shareholders include Hong Kong Central Clearing Limited as the third-largest shareholder with 82.66 million shares, an increase of 15.7285 million shares from the previous period [4] - Other significant shareholders include Invesco Great Wall New Growth Mixed Fund and Huaxia SSE 50 ETF, with respective holdings of 20.60 million shares and 19.1472 million shares, both showing increases from the previous period [4]

Group 1 - The core advantage of China Duty Free Group (CDFG) lies in its state-owned enterprise brand and strong resource integration capabilities, which enhance its global competitiveness [1][2] - CDFG has signed contracts with over 400 Chinese brands since the establishment of the "National Tide Going Abroad Project Team" in 2024, creating a new path for internationalization from a product perspective [1][2] - The company has adopted innovative cooperation models and upgraded resource integration strategies, leading to optimized resource allocation and improved market competitiveness [2][3] Group 2 - CDFG's international business growth is supported by three innovative features: breakthrough cooperation models, upgraded resource integration, and strengthened strategic attributes [3][5] - The Colombo Port City duty-free store in Sri Lanka offers over 400 international brands and has adjusted its product structure to meet local consumer preferences, effectively driving local consumption [3][6] - The temporary store of Chow Tai Fook in Tokyo exemplifies CDFG's "brand reverse linkage" strategy, showcasing its ability to assist Chinese brands in entering international markets [5][6] Group 3 - The global duty-free market is projected to reach 743.7 billion yuan by 2026, with China's share expected to rise to 44.8%, presenting significant growth opportunities for the industry [6][7] - CDFG aims to establish a dual-cycle pattern of "local deep cultivation + international expansion" to become a globally competitive tourism retail operator [7][9] - The company plans to implement a dual-track regional layout strategy, focusing on deepening core markets while testing mature markets with low-risk approaches [7][9]

Summary of Key Points from the Conference Call Industry Overview - **Industry**: Inbound Travel Retail in China - **Key Growth Indicators**: - By the end of August 2025, there were 10,000 merchants in China eligible for tax-free shopping, which is three times the number from December 2024 [1] - The number of shoppers claiming tax refunds increased by 248% year-over-year (YoY) in the first eight months of 2025, while retail sales from tax-refund shopping grew by 98% YoY [1] Core Insights - **Government Support**: The Central government is focusing on expanding "service consumption," with inbound travel being a key area for policy support aimed at boosting consumption [2] - **Market Acceleration**: The growth rates for tax-free shopping have accelerated compared to the first half of 2025, where the YoY growth was 186% for shoppers and 95% for retail sales [1][2] Stock Implications - **Beneficiaries**: Shopping malls and duty-free operators in China are expected to benefit significantly from this trend. Notable companies include: - Hang Lung Properties (101.HK) rated Overweight [3] - China Tourism Group Duty Free (601888.SS/1880.HK) rated Equal-weight [3] - **Potential Risks**: The strong growth in tax-free shopping in Shenzhen may negatively impact Wharf REIC (1997.HK), which is rated Underweight, due to potential spending leakage [3] Additional Data - **Retail Sales Performance**: - Retail sales with tax refunds showed a YoY increase of 98% overall in China, with specific growth rates of 72% in Shanghai and 160% in Shenzhen [5] - **Market Sentiment**: The overall industry view is currently rated as In-Line, indicating expectations of performance in line with the broader market [8] Risks and Opportunities - **Upside Risks**: - Faster-than-expected recovery in retail sales and tourism could enhance growth prospects [17] - Favorable policy outcomes for duty-free zones may further stimulate consumption [18] - **Downside Risks**: - Economic slowdown and pressure on disposable income could hinder growth [18] - Price competition among retail channels and insufficient supply of luxury products may pose challenges [18] This summary encapsulates the key points discussed in the conference call regarding the inbound travel retail sector in China, highlighting growth indicators, stock implications, and potential risks and opportunities.

Group 1 - The company, Guangbai Co., has opened its first city duty-free store in Guangzhou on August 26, 2025, in collaboration with China Duty Free Group and others [2] - The company invested 8.775 million yuan and holds a 19.5% stake in the duty-free store [2] - The city duty-free store business aligns with the company's retail main business and promotes the integration of cultural, commercial, and tourism industries, helping to create new business growth points [2]