Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance for 2024 aligns with the forecast, with a narrowing decline in Hainan duty-free sales [8] - The company is expected to benefit from the gradual recovery of outbound tourism and the implementation of city duty-free store policies, despite current pressures on duty-free consumption [8] - The report anticipates a significant contribution from new city duty-free stores, with potential sales in the tens of billions [8] Financial Performance Summary - For 2024, the company achieved total revenue of 56.47 billion yuan, a year-on-year decline of 16% [8] - The net profit attributable to the parent company for 2024 was 4.27 billion yuan, down 36% year-on-year [8] - The fourth quarter of 2024 saw revenue of 13.45 billion yuan, a year-on-year decrease of 19% [8] - The gross profit margin for 2024 was 32.0%, an increase of 0.2 percentage points year-on-year [8] Sales and Market Position - The sales of duty-free goods accounted for 68% of total revenue, while taxable goods accounted for 30% in 2024 [8] - The company’s market share in Hainan increased by nearly 2 percentage points, despite a 29% year-on-year decline in total duty-free sales in the region [8] - The report highlights the potential for growth in city duty-free sales, particularly with new store openings in major cities [8] Earnings Forecast - The forecast for net profit attributable to the parent company for 2025, 2026, and 2027 is 4.98 billion yuan, 5.76 billion yuan, and 6.69 billion yuan respectively [8] - The corresponding P/E ratios for these years are projected to be 26, 22, and 19 times [8] - The report indicates that the current valuation is at the lower end of the historical valuation range of 25-40 times [8]

3 月 28 日晚，中国中免公布了2024年度报告：全年实现营收565亿、同比下滑16%，实现归母净利润42.7亿、同比下滑36%，财务指引持续萎缩的势头不止。由于 业绩基本情况在先前的业绩快报中已经公布，海豚投研还是分两个角度解读，① 季度业绩展现出的最新变化动向；② 仅在半/全年报中公布细项数据透露出的信 号，详细情况如下： 1、 营收层面， 中国中免24年4季度营收135亿元，同比下滑19.5%，处于2Q/3Q同比跌幅的中间。没有明显的跌幅扩大或有所缩窄的倾向信号。 对比行业数据， 四季度海南离岛免税整体销售额同比下降了21%，较前两个季度近40%的同比跌幅是明显缩窄的，但中免自身的营收增速并没呈现出跌幅缩窄的 迹象。由此可见，四季度中免在海南免税市场可能丢失了份额 结合其他指标，海南免税市场呈现出， 购物的客流量好于比销售额，是受单顾客平均购买件数更大幅下降的拖累（ 有清理代购的影响 ）。 不过， 人均消费金额 跌幅继续快速缩窄，本季已仅为-3%。暗示免税消费品牌、品类上行应当有不错的进展 。 2、 分收入类型， 有税收入的同比降幅（-26%）依然明显高于免税销售收入（-16%），是导致公司整体销售跌 ...

Core Insights - China Duty Free Group (CDFG) reported a decline in revenue and net profit for 2024, with revenue down 16.38% to 56.474 billion yuan and net profit down 36.44% to 4.267 billion yuan [1][2] Group 1: Financial Performance - CDFG's revenue from Hainan decreased by 27.13% to 28.892 billion yuan, accounting for approximately 51.16% of total revenue, down from 58.71% the previous year [2] - The overall duty-free shopping market in Hainan saw a decline, with shopping amounts down 29.3% to 30.94 billion yuan and the number of shoppers down 15.9% to 5.683 million [2] Group 2: Market Challenges - The decline in Hainan's duty-free sales is attributed to factors such as natural disasters, outbound consumption diversion, increased competition from domestic brands, and consumers seeking better value [3] - Despite the challenges, CDFG's market share in Hainan increased by nearly 2 percentage points during the reporting period [3] Group 3: Growth Strategies - CDFG is expanding its airport duty-free business, benefiting from the increase in visa-free countries and the optimization of transit visa policies, leading to significant sales growth in domestic duty-free stores [3] - The company has also won the operating rights for 10 airport and port duty-free projects in the year [3] Group 4: Expansion into Overseas Markets - CDFG is actively seeking new growth opportunities by expanding its overseas presence, opening new stores in locations such as Singapore Changi Airport, Hong Kong International Airport, and Sri Lanka [4] - Recent government policies support the establishment of duty-free stores in qualified cities and promote tax refund services for outbound shopping, encouraging competition in the duty-free market [4] Group 5: Industry Outlook - The increasing number of duty-free players in the market poses ongoing challenges for CDFG, necessitating improvements in supply chain management, channel optimization, and pricing strategies to maintain its competitive edge [5]

Core Viewpoint - The report provides an audit of China Tourism Group Duty Free Co., Ltd.'s non-operating fund occupation and related party transactions for the year 2024, ensuring the authenticity and legality of the financial disclosures [1][2][3]. Financial Summary - The total amount of non-operating fund occupation reported is approximately ¥9.18 billion, with a total of related party transactions amounting to approximately ¥107.44 billion [2][3]. - The report indicates that the company has a significant amount of receivables and payables with related parties, including various subsidiaries and affiliated companies [2][3]. Audit Findings - The audit conducted by Ernst & Young provided a standard unqualified opinion on the financial statements for the year ending December 31, 2024, confirming no inconsistencies were found in the major aspects of the financial data [1][2]. - The report emphasizes that the summary table should be read in conjunction with the audited financial statements for a comprehensive understanding of the company's financial position [1][2]. Compliance and Responsibility - The company is responsible for the truthful preparation and disclosure of the summary table, ensuring its completeness and legality as per regulatory requirements [1][2]. - The audit report is intended solely for the disclosure purposes of the 2024 annual report and is not applicable for other uses [1].

Core Viewpoint - The company plans to distribute a cash dividend of RMB 1.05 per share (including tax), which represents 50.91% of the net profit attributable to shareholders for the year 2024 [1][2]. Profit Distribution Plan - The total cash dividend amount is RMB 2,172,301,996.20 for the current year, compared to RMB 3,413,617,422.60 in the previous year and RMB 1,655,087,235.20 in the year before that [1]. - The company's retained earnings at the end of the current year amount to RMB 5,241,149,013.42 [1]. - The average net profit over the last three accounting years is RMB 5,337,059,971.28 [1]. - The cumulative cash dividends over the last three accounting years total RMB 7,241,006,654.00 [1]. Decision-Making Process - The board of directors approved the profit distribution plan during the 22nd meeting of the 5th board on March 28, 2025, with 8 votes in favor and no opposition [1][3]. - The supervisory board believes the profit distribution plan complies with relevant laws and the company's articles of association, considering the company's profitability, financial status, and future development plans [3].

Meeting Overview - The fifth meeting of the Supervisory Board of China Tourism Group Duty Free Co., Ltd. was held on March 28, 2025, combining in-person and communication methods [1] - The meeting was attended by all three supervisory members, and the proceedings complied with relevant laws and regulations [1] Resolutions Passed - The Supervisory Board approved the 2024 annual financial settlement report, which accurately reflects the company's financial status and operating results, supported by a standard unqualified audit report [1] - The board also approved the 2024 annual report, confirming that its preparation and review processes met legal and regulatory requirements, and that the report accurately represents the company's situation [1] - The profit distribution plan for 2024 was deemed compliant with laws and regulations, considering the company's profitability, financial status, and future development plans, enhancing investor satisfaction [1] - The board approved the provision for asset impairment, stating that the reasons for the provision are sufficient and comply with accounting standards, ensuring a fair representation of the company's financial condition [1]

证券代码：601888 证券简称：中国中免 公告编号：临2025-005 中国旅游集团中免股份有限公司 第五届监事会第十次会议（现场结合通讯方式） 决议公告 本公司监事会及全体监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。 一、监事会会议召开情况 中国旅游集团中免股份有限公司（以下简称"公司"）第五届监事会第十次会议 于2025年3月14日以电子邮件方式发出通知，于2025年3月28日在公司会议室以现场 结合通讯方式召开。本次会议应参加表决监事3人，实际参加表决监事3人：刘德福、 李辉、钭晓琼。会议由监事会主席刘德福主持。本次会议的召开符合《公司法》等 法律、行政法规、部门规章、规范性文件以及《公司章程》的规定。 二、监事会会议审议情况 经与会监事认真讨论，会议审议通过了以下议案： 1. 《公司2024年度监事会工作报告》 表决结果：同意3票，反对0票，弃权0票，该议案获得通过。 该议案尚需提交公司2024年年度股东大会审议。 2. 《公司2024年度财务决算报告》 监事会认为，公司2024年度财务决算报告真实反映了公司的财务状况和 经营成果， ...

证券代码：601888 证券简称：中国中免 公告编号：临 2025-004 中国旅游集团中免股份有限公司 第五届董事会第二十二次会议（现场结合通讯方式） 决议公告 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。 一、董事会会议召开情况 中国旅游集团中免股份有限公司（以下简称"公司"）第五届董事会第二十二 次会议于 2025 年 3 月 14 日以电子邮件方式发出通知，于 2025 年 3 月 28 日在公司 会议室以现场结合通讯方式召开。本次会议应参加表决董事 8 人，实际参加表决董 事 8 人：范云军、刘昆、常筑军、王月浩、王轩、葛明、王瑛、王强。会议由董事 长范云军主持，公司监事和部分高级管理人员列席了会议。本次会议的召开符合《公 司法》等法律、行政法规、部门规章、规范性文件以及《公司章程》的有关规定。 二、董事会会议审议情况 提交董事会审议前，该议案已经公司审计与风险管理委员会审议通过。 表决结果：同意 8 票，反对 0 票，弃权 0 票，该议案获得通过。 该议案尚需提交公司 2024 年年度股东大会审议。 2. 审议通 ...

证券代码：601888 证券简称：中国中免 公告编号：临2025-006 中国旅游集团中免股份有限公司 2024年年度利润分配方案公告 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。 （一）利润分配的具体内容 截至 2024 年 12 月 31 日，公司母公司报表中期末未分配利润为人民币 524,114.90 万元。经董事会决议，公司 2024 年年度拟以实施权益分派股权登记 日登记的总股本为基数分配利润。本次利润分配方案如下： 公司拟向全体股东每股派发现金红利 1.05 元（含税）。截至 2024 年 12 月 31 日，公司总股本 2,068,859,044 股，以此计算合计拟派发现金红利为人民币 217,230.20 万元（含税）。本年度公司现金分红总额为人民币 217,230.20 万元， 占本年度归属于上市公司股东净利润的比例 50.91%。 如在本公告披露之日起至实施权益分派股权登记日期间，因可转债转股/回 购股份/股权激励授予股份回购注销/重大资产重组股份回购注销等致使公司总股 本发生变动的，公司拟维持分配总额不 ...

中国旅游集团中免股份有限公司 目 录 中国旅游集团中免股份有限公司 已审财务报表 2024年度 | | 页 | | 次 | | --- | --- | --- | --- | | 审计报告 | 1 – | | 6 | | 已审财务报表 | | | | | 合并资产负债表 | 7 | – | 9 | | 公司资产负债表 | 10 | – | 12 | | 合并利润表 | 13 | – | 14 | | 公司利润表 | 15 | – | 16 | | 合并现金流量表 | 17 | – | 18 | | 公司现金流量表 | 19 | – | 20 | | 合并股东权益变动表 | 21 | – | 23 | | 公司股东权益变动表 | 24 | – | 25 | | 财务报表附注 | 26 | – | 142 | | 补充资料 | | | | | 1. 非经常性损益明细表 | | 143 | | | 2. 净资产收益率和每股收益 | | 143 | | | 3. 境内外会计准则下会计数据差异 | | 144 | | 审计报告 安永华明（2025）审字第70067812_A01号 中国旅游集团中免股份有限公司 中国旅游 ...