Financial Performance - The company's operating revenue for the first half of 2024 was ¥31,264,998,401.66, a decrease of 12.81% compared to ¥35,858,486,322.26 in the same period last year[18]. - The net profit attributable to shareholders of the listed company was ¥3,282,896,475.77, down 15.07% from ¥3,865,590,208.06 in the previous year[18]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥3,237,700,262.00, a decrease of 16.00% compared to ¥3,854,476,238.55 in the same period last year[18]. - The net cash flow from operating activities was ¥4,309,149,718.53, down 49.74% from ¥8,573,227,548.05 in the previous year[18]. - Basic earnings per share for the reporting period is CNY 1.5868, a decrease of 15.08% compared to the same period last year[19]. - The weighted average return on equity decreased by 1.64 percentage points to 5.97% compared to the same period last year[19]. - The company reported a net profit of CNY 3.282 billion under Chinese accounting standards, down from CNY 3.866 billion in the previous year[21]. - The company’s net profit under international accounting standards was CNY 3.306 billion, compared to CNY 3.907 billion in the previous year[21]. - The company reported a significant decrease in other receivables by 37.73%, totaling 771.43 million RMB, mainly due to the recovery of investment intention funds[43]. - The company reported a net financial expense of CNY -471,428,550.68, worsening from CNY -357,371,012.95 in the previous year[93]. Assets and Liabilities - The total assets at the end of the reporting period were ¥75,837,180,013.93, a decrease of 3.84% from ¥78,869,406,192.71 at the end of the previous year[18]. - The net assets attributable to shareholders of the listed company were ¥53,829,360,897.89, a slight decrease of 0.01% from ¥53,833,949,495.02 at the end of the previous year[18]. - The company's total assets reached 756.56 billion RMB, with overseas assets accounting for 35.56% of total assets, amounting to 269.70 billion RMB[43][44]. - The company's accounts receivable increased by 31.30% year-on-year, totaling 182.29 million RMB, primarily due to increased sales[43]. - The company's long-term equity investments rose by 54.02% year-on-year, reaching 3.39 billion RMB, reflecting an increase in external equity investments[46]. - The total liabilities rose to CNY 16,935,263,560.40, an increase of 38.0% from CNY 12,240,786,359.12 in the same period last year[92]. - The total equity attributable to shareholders at the end of June 2024 was ¥53.83 billion, reflecting a decrease of 4.59% from the previous year[104]. - The company’s total liabilities were approximately ¥5.35 billion, indicating a stable financial position[104]. Market and Operational Strategies - The company is focusing on expanding its online sales channels and digital marketing strategies to enhance operational efficiency[27]. - The company is actively expanding its overseas business, with new openings in Singapore and Hong Kong, aligning with the "Belt and Road" initiative[35]. - The company is focusing on technology innovation, integrating data management systems to support refined management and operations[39]. - The company is facing intensified market competition due to the opening of duty-free operations and the entry of foreign competitors into the Chinese duty-free market[51]. - The company aims to enhance its core business capabilities and refine management practices to adapt to the competitive landscape[51]. - The company is committed to strengthening its financial risk management in response to foreign exchange fluctuations[51]. Environmental and Social Responsibility - The company has signed 129 responsibility agreements for energy conservation and environmental protection, ensuring 100% coverage of responsibilities[58]. - The company provided 5.9919 million eco-friendly shopping bags to customers in the first half of 2024 as part of its plastic reduction initiative[58]. - The company is actively promoting green consumption and has initiated a coral cultivation public welfare project in collaboration with the Lancaster brand[60]. - The company is focusing on enhancing its capabilities in "green construction, green warehousing, green duty-free complexes, and green consumption" to reduce carbon emissions[59]. - The company is committed to fulfilling its social responsibilities by supporting rural revitalization and poverty alleviation initiatives[61]. Shareholder Information - The number of ordinary shareholders as of the end of the reporting period is 309,530[80]. - The largest shareholder, China Tourism Group Co., Ltd., holds 1,040,642,690 shares, representing 50.30% of the total shares[81]. - The company has not experienced any changes in its total share capital or share structure during the reporting period[78]. - The company has not disclosed any significant contracts during the reporting period[77]. - The company has not reported any changes in restricted shares during the reporting period[79]. Taxation and Financial Management - The company has subsidiaries in Hainan that benefit from a reduced corporate income tax rate of 15% until December 31, 2024[1]. - The corporate income tax rate for various subsidiaries ranges from 12% to 30%, with the majority at 16.5%[1]. - The company is eligible for tax incentives under specific government policies aimed at supporting small and micro enterprises, with a reduced tax rate applicable until December 31, 2024[1]. - The company has implemented a strategy to enhance its financial position through tax optimization and management of cash reserves[1]. Investment and Development - The company has invested 2.12 billion RMB in the Haikou International Duty-Free City project during the reporting period[47]. - The Haikou International Duty-Free City project has accumulated investments of 7.399 billion RMB, generating total revenue of 1.318 billion RMB since its inception[47]. - The Sanya International Duty-Free City Phase I project has seen total investments of 1.635 billion RMB, with cumulative revenue of 186 million RMB[49]. - The company has established approximately 200 duty-free stores across more than 100 cities, making it the largest duty-free operator in a single country[30]. Compliance and Governance - The board of directors has ensured the authenticity, accuracy, and completeness of the semi-annual report[4]. - The company has not violated any decision-making procedures for providing guarantees to external parties[6]. - There are no significant non-operating fund occupation situations by controlling shareholders or other related parties[6]. - The company has not reported any changes in major shareholders or strategic investors during the reporting period[85]. - The company has not received any penalties or corrective actions related to violations of laws or regulations during the reporting period[67].

证券代码：601888 证券简称：中国中免 公告编号：临 2024-025 中国旅游集团中免股份有限公司 第五届董事会第十五次会议（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"）第五届董事会第十五次 会议于 2024 年 8 月 16 日以电子邮件方式发出通知，于 2024 年 8 月 30 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 6 人，实际参加表决董事 6 人：王轩、陈国强、常筑军、葛明、王瑛、王强。会议由董事长王轩主持，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 经与会董事认真讨论，会议审议通过了以下议案： 1、审议通过《公司 2024 年半年度报告及摘要》 公司 2024 年半年度报告包括 A 股半年度报告和 H 股中期报告，其中，A 股半 年度报告包括半年度报告全文及摘要，H ...

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。 证券代码：601888 证券简称：中国中免 公告编号：临2024-026 中国旅游集团中免股份有限公司 第五届监事会第七次会议（现场结合通讯方式） 决议公告 监事会认为，公司2024年半年度报告的董事会编制和审议程序符合法律、 行政法规和中国证监会的规定；报告内容和格式符合中国证监会和证券交易 所的各项规定，能够真实、准确、完整地反映公司的实际情况。 表决结果：同意3票，反对0票，弃权0票，该议案获得通过。 2、《关于对中旅集团财务有限公司的风险持续评估报告》 表决结果：同意3票，反对0票，弃权0票，该议案获得通过。 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"）第五届监事会第七次会 议于2024年8月16日以电子邮件方式发出通知，于2024年8月30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 ...

根据《上海证券交易所上市公司自律监管指引第5号—交易与关联交易》《关于 规范上市公司与企业集团财务公司业务往来的通知》《企业集团财务公司管理办法》 的要求，中国旅游集团中免股份有限公司（以下简称"本公司"）通过查验中旅集团 财务有限公司（以下简称"财务公司"）的《营业执照》与《金融许可证》等资料， 并审阅了包括2024年上半年度资产负债表、利润表、现金流量表等在内的定期财务 报告，对其经营资质、业务和风险状况进行了评估，具体情况报告如下： 一. 财务公司基本情况 财务公司成立于2012年7月10日，是经原中国银行保险监督管理委员会（银监 复[2012]312号文件）批准成立的非银行金融机构。财务公司企业信息如下： 注册地址：深圳市福田区深南路4011号香港中旅大厦19楼A-D 法定代表人：金鸿雁 金融许可证机构编码：L0153H244030001 企业法人营业执照注册号：914403000504698000 经营范围：（一）吸收成员单位存款；（二）办理成员单位贷款；（三）办理成 员单位票据贴现；（四）办理成员单位资金结算与收付；（五）提供成员单位委托贷 款、债券承销、非融资性保函、财务顾问、信用鉴证及咨询代理 ...

（一家於中華人民共和國註冊成立的股份有限公司） 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的內容概不負責，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 （股份代號：1880） 董事會會議召開日期 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，將於2024 年8月30日（星期五）舉行董事會會議，藉以（其中包括）審議及批准本公司及其附 屬公司截至2024年6月30日止六個月的中期業績及其刊發，及其他議題。 承董事會命 中國旅遊集團中免股份有限公司 董事會主席 王軒先生 中國‧北京 2024年8月20日 於本公告日期，本公司董事會成員包括執行董事王軒先生、陳國強先生及常築軍 先生，及獨立非執行董事葛明先生、王瑛女士及王強先生。 ...

公司名稱: 中國旅遊集團中免股份有限公司 FF301 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: 2024年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 呈交日期: 2024年8月2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 | | 0 | | 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 | ...

证券研究报告·公司点评报告·旅游零售Ⅱ 中国中免(601888) 2024H1 业绩快报点评:离岛免税承压,关注 市内店政策 2024 年 07 月 17 日 买入(维持) | --- | --- | --- | --- | --- | --- | |----------------------------|---------|-------|--------|-------|-------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入(百万元) | 54433 | 67540 | 60934 | 68412 | 76939 | | 同比(%) | (19.57) | 24.08 | (9.78) | 12.27 | 12.46 | | 归母净利润(百万元) | 5030 | 6714 | 6810 | 7894 | 9104 | | 同比(%) | (47.89) | 33.46 | 1.43 | 15.91 | 15.33 | | EPS-最新摊薄(元/股) | 2.43 | 3.25 | 3.29 | 3 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 78.96 RMB, reflecting a premium valuation due to its leading market position and strong overall capabilities [4][6][9]. Core Views - The company is expected to face revenue and profit pressure in 1H24, with projected revenue of 31.265 billion RMB (-12.81% YoY) and net profit of 3.288 billion RMB (-14.94% YoY). This decline is attributed to insufficient effective demand and a high comparative base from the previous year [1][2]. - The company anticipates a recovery in sales and net profit in the second half of 2024, driven by the restoration of inbound and outbound passenger flow, the opening of new projects, and favorable tax reforms [1][3]. - The gross margin is improving, with a reported 33.29% in 2Q24, up 0.82 percentage points YoY, supported by increased contributions from airport channels [2][3]. Summary by Sections Revenue and Profit Forecast - For 1H24, the company expects revenue of 31.265 billion RMB and net profit of 3.288 billion RMB, reflecting declines of 12.81% and 14.94% YoY, respectively. The second quarter is projected to generate revenue of 12.458 billion RMB, with a net profit of 0.982 billion RMB [1][2]. - The company forecasts EPS of 3.29 RMB, 3.74 RMB, and 4.05 RMB for 2024, 2025, and 2026, respectively [4][9]. Market Dynamics - The report highlights a significant increase in domestic duty-free store revenue, with some locations seeing over 100% growth YoY. The upcoming summer travel season is expected to further support recovery in sales [3][4]. - The company is actively expanding its airport channel operations and has won multiple bids for duty-free store management rights at various airports [2][3]. Valuation and Comparison - The target price of 78.96 RMB corresponds to a 24x PE ratio for 2024, which is a premium compared to the average PE of 17x for comparable companies [4][9]. - The company’s market capitalization is reported at 138.365 billion RMB, with a closing price of 66.88 RMB as of July 15 [7].

商贸零售 公 司 研 究/ 公 司 点 评 市场数据: 2024 年 07 月 15 日 收盘价(元) 66.88 一年内最高/最低(元) 130.26/61.75 市净率 2.5 息率(分红/股价) 3.66 流通 A 股市值(百万元) 130,582 上证指数/深证成指 2,974.01/8,801.62 注:"息率"以最近一年已公布分红计算 基础数据: 2024 年 03 月 31 日 每股净资产(元) 27.14 资产负债率% 23.21 总股本/流通 A 股(百万) 2,069/1,952 流通 B 股/H 股(百万) -/116 一年内股价与大盘对比走势: | --- | --- | |-------|----------| | | (收益率) | | | 20% | | | 0% | | | -20% | | | -40% | | | -60% | | 08-17 | | 相关研究 《中国中免(601888)点评:品类结构优 化,盈利水平显著提升》 2024/04/24 《中国中免(601888)点评:公司股利支 付超预期,关注口岸免税增量》 2024/03/28 2024 年 07 月 15 ...

一、提升经营质量，夯实企业内功 （一）聚焦免税主业，稳存量拓增量 一是全力做好海南市场布局。坚持"诚信经营、优质服务"理念，推进服务 品质升级，构建更加完善的服务标准体系，增强消费者全流程购物体验，不断提 升消费者满意度；巩固布局优势，加强品牌合作，提升商管能力，推动海南区域 重点门店向差异化、复合型商业迈进，加强营销协同，提升项目影响力和吸引力。 二是继续发力新零售业务。关注消费需求新变化，扩展商品和服务边界，完善线 上业务各链条协作机制，优化线上平台功能，增强线上平台吸引力，实现线上线 下协同发展。三是加强资源拓展。抓好现有口岸免税店经营管理，根据出入境消 费需求变化，及时调整经营策略；持续关注市内店政策动态，及时调整市内店运 营方案，完善与机场店的协同策略，推进业务流程优化、商品规划、招商采购等 各项准备，确保政策落地后实现良好运营。四是加速国际化发展布局。把握"一 带一路"及国人热门旅游目的地市场机遇，强化资本运作能力，保障重大项目资 金需求。五是扎实推进重点项目建设。贯彻落实中央重大决策部署，践行国家战 1 略，按计划推进海口国际免税城项目各地块、三亚国际免税城一期 2 号地酒店部 分以及三亚国际免 ...