Core Viewpoint - China Duty Free Group (中国中免) reported a decline in both revenue and net profit for the first half of 2025, continuing the downward trend observed since 2024, with a focus on strategic transformation and market adaptation in the face of increasing competition and changing consumer behavior [1][4][5]. Financial Performance - The company achieved a total revenue of 28.151 billion yuan, a year-on-year decrease of 9.96% [1][3]. - The net profit attributable to shareholders was 2.6 billion yuan, down 20.81% compared to the previous year [1][3]. - The gross profit margin decreased, with the net profit margin reported at 6%, which is below market expectations [4]. - The total assets at the end of the reporting period were 75.152 billion yuan, reflecting a decrease of 1.45% from the beginning of the period [3]. Market Position - Despite the decline in overall revenue and profit, the company's market share in the Hainan offshore duty-free market increased by nearly 1 percentage point [1][5]. - The shopping amount in Hainan for the first half of the year was 16.761 billion yuan, showing a decline of 9.2% year-on-year [4]. Strategic Initiatives - The company is accelerating its strategic transformation by expanding its "duty-free+" boundaries and focusing on exclusive, co-branded, and customized products to stimulate consumer spending [5]. - Plans to enhance the dual-drive model of "duty-free + taxable" and "online + offline" are in place to adapt to upcoming changes in the market [8]. Management Changes - The company has experienced significant management turnover, with three chairpersons in the last two years, indicating potential instability in leadership during challenging times [7]. Future Outlook - With the upcoming full closure of the Hainan Free Trade Port on December 18, 2025, the company anticipates benefiting from policy incentives and consumer upgrades, aiming for high-quality development through strategic adjustments [8].

证券之星消息，8月1日旅游零售板块较上一交易日下跌0.57%，中国中免领跌。当日上证指数报收于 3559.95，下跌0.37%。深证成指报收于10991.32，下跌0.17%。旅游零售板块个股涨跌见下表： | 代码 名称 主力净流入 (元) 主力净占比 游资净流入 (元) 游资净占比 散户净占比 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 601888 中国中免 | -5498.99万 | -6.95% | 2165.43万 | 2.74% | 333.56万 | 4.21% | | ** | | | | | | | 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 从资金流向上来看，当日旅游零售板块主力资金净流出5498.99万元，游资资金净流入2165.43万元，散户 资金净流入3333.56万元。旅游零售板块个股资金流向见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | | 成交额(元) | | | --- | --- | --- ...

Core Insights - The State Council held a meeting on July 31, 2025, to implement personal consumption loan interest subsidy policies and service industry loan interest subsidy policies, aimed at reducing credit costs for residents and financing costs for service industry entities, thereby stimulating consumption potential and enhancing market vitality [1] Group 1: Beneficiary Analysis - The "policy intensity - industry elasticity - valuation safety margin" three-dimensional model was constructed to identify beneficiaries, leading to three main beneficiary lines [2] - Key beneficiaries in the consumer finance infrastructure layer include: - China Merchants Bank (招商银行) with over 20% market share in consumer loans, expected to see growth in its consumer loan business due to the subsidy policy [2] - BYD (比亚迪) benefiting from reduced car purchase costs through auto loan subsidies, likely to boost sales in the electric vehicle sector [2] - Hengsheng Electronics (恒生电子) anticipated to receive numerous orders for bank subsidy system upgrades due to increased demand [2] - Tongqinglou (同庆楼), a regional restaurant leader, expected to expand operations and improve service quality due to reduced financing costs [2] - Ningbo Bank (宁波银行), which has the highest proportion of small and micro loans in the industry, will see new growth opportunities from the subsidy policy [2] Group 2: Consumption Recovery and Upgrade - Beneficiaries in the consumption recovery layer include: - Wuliangye (五粮液), a high-end liquor brand, expected to benefit from the recovery of high-end consumption in banquet scenarios [3] - Songcheng Performance (宋城演艺), a leader in the cultural tourism sector, likely to attract more visitors and enhance performance due to tourism subsidies [3] - Yili (伊利股份), a dairy industry leader, expected to benefit from the upgrade in dairy consumption and cost reductions [3] - Midea Group (美的集团), anticipated to see increased demand for home appliances due to the combination of old-for-new policies and interest subsidies [3] - Haitian Flavoring (海天味业), expected to experience growth in demand for condiments as the restaurant industry recovers [3] - Yanghe (洋河股份), benefiting from the recovery of banquet consumption in the mid-range liquor segment [3] Group 3: Long-term Value and Innovation - Beneficiaries in the consumption upgrade empowerment layer include: - Heng Rui Medicine (恒瑞医药), expected to see growth in innovative drugs and medical consumption due to increased resident spending [5] - Aier Eye Hospital (爱尔眼科), benefiting from rising demand for refractive surgery as consumer spending on eye health increases [5] - Haier Smart Home (海尔智家), anticipated to see growth in high-end smart home product sales due to interest subsidies [5] - China Duty Free Group (中国中免), expected to benefit from the recovery of inbound tourism and support for duty-free consumption [5] - Gree Electric (格力电器), likely to see increased demand for home appliances due to favorable policies and channel reforms [5] Group 4: Economic Impact - The "double interest subsidy" policy is distinct from traditional infrastructure stimulus, as it aims to precisely activate consumer demand to drive economic circulation, demonstrating stronger targeting and effectiveness [7]

Group 1 - The core viewpoint of the articles highlights the significant growth in China's duty-free sales and the expansion of duty-free stores, with a nearly 100% year-on-year increase in duty-free sales and over 7,200 stores, marking an 80% growth since the end of 2024 [1] - The "Buy in China" initiative has become a popular consumption trend among both domestic residents and international tourists, with various themed events such as the International Consumption Season and Premium Launch Season being organized [1] - The duty-free policy has notably boosted the performance of leading companies in the duty-free retail sector, such as China Duty Free Group and Wangfujing, while also benefiting port economy stocks due to increased passenger flow [1] Group 2 - Local governments are leveraging regional resources and cultural characteristics to host distinctive "Buy in China - Local Station" events, catering to diverse consumer needs [2] - Cities like Shenzhen and Guangxi are showcasing their unique advantages through innovative events, such as the "Smart Summer Brand Exhibition" and the "ASEAN Fruit Gathering in Guangxi," respectively [2] - Various regions are focusing on four key areas: premium shopping, exquisite dining, exciting tourism, and fine performances, to create diverse consumption scenarios, with notable events like the Shanghai Summer International Consumption Season attracting around 2.6 million visitors [2]

证券之星消息，7月31日旅游零售板块较上一交易日下跌1.99%，中国中免领跌。当日上证指数报收于 3573.21，下跌1.18%。深证成指报收于11009.77，下跌1.73%。旅游零售板块个股涨跌见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | --- | | 601888 | 中国中免 | 64.96 | -1.99% | | 25.49万 | | 16.61亿 | 从资金流向上来看，当日旅游零售板块主力资金净流出1.9亿元，游资资金净流入279.12万元，散户资金 净流入1.87亿元。旅游零售板块个股资金流向见下表： | 代码 名称 主力净流入 (元) 主力净占比 游资净流入 (元) 游资净占比 散户净流入 (元) 散户净占比 | | | | | | | --- | --- | --- | --- | --- | --- | | 601888 ...

今后也将逐步配备多语言服务人员，强化英文导购和指示牌等。通过英文培训提升员工跨文化沟通能力，确保从咨询到售后全程无障碍服务，同时收集 消费者反馈以持续优化体验，增强吸引力。 境外旅客可享"即买即退"，税金最快5分钟内到账 今年4月，离境退税"即买即退"政策在全国推广。中免集团厦门分公司则以最快速度响应离境退税政策升级要求，旗下厦门cdf国潮店作为首批试点单 位，于5月30日成功在中华城落地首单"即买即退"业务，实现政策红利的高效转化。该模式通过海关、税务、企业的数据实时互通，将境外旅客退税时效压 缩至"分钟级"，提升消费便利的同时，助力国货出海，彰显了厦门打造国际消费中心城市的创新魄力。 2025年7月18日，由厦门市商务局、厦门市文化和旅游局、思明区人民政府主办，思明区商务局、思明区文化和旅游局等众多单位协办支持的"暑期随心 GO 游厦门行"活动，在厦门市中山路顺利举办。 其中，中免集团厦门分公司也受邀成为此次活动的协办单位，联合商圈多家重点企业共同打造全市首个"入境游友好型街区"示范项目。积极响应国家相 关要求，推出"离境免税+即买即退+外币结算"一站式服务。中山路商圈也将通过完善服务、优化支付、推出优惠 ...

董秘作为连接投资者与上市公司的"桥梁"，在上市公司资本运作中发挥着关键作用。新浪《2024年度A股董秘数据报告》显示，2024年A股上市公司董秘薪酬合计达40.86亿元，平均年薪75.4 从商贸零售行业看，2024年董秘薪酬为7，951.86万元，较上年整体下滑2%；从人均薪酬看，2024年环保行业董秘人均薪酬为81.14万元，上一年为82.98万元。 登录新浪财经APP 搜索【信披】查看更多考评等级 专题：专题|2024年度A股董秘数据报告：1144位董秘年薪超百万 占比超21% 综上，根据相关规定，广西证监局决定对新迅达以及公司董事长、实际控制人吴成华，董事、董事会秘书、副总经理王法彬，时任总经理闫明，时任财务总监陈公，时任董事会秘书李衍钢，时任 此外，商贸零售行业从学历发布看，98家企业中，49家本科学历、46家硕士学历，而专科学历仅为2家，分别为国光连锁、武商集团。此外，从董秘年龄分布看，剔除异常值93家公司中，30岁 责任编辑：公司观察 从薪酬分布情况下，98家商贸零售行业上市公司董秘中位数为60.71万元，其中薪酬在30万元至60万元为30家，占比为31%；其次薪酬在60万元至90万元为22家，占 ...

Core Viewpoint - The company forecasts a decline in revenue and net profit for the first half of 2025, with total revenue expected to be 28.15 billion, down 10% year-on-year, and net profit of 2.6 billion, down 26% year-on-year, indicating underperformance in Q2 2025 [1][2]. Group 1: Performance Overview - The company anticipates Q2 2025 revenue of 11.4 billion, a decrease of 8.5% year-on-year, and a net profit of 660 million, down 32.2% year-on-year, which is below expectations [1]. - Revenue decline in Q2 is slightly less severe compared to Q1, which saw a year-on-year decline of 11% [1]. - The recovery of airport duty-free store revenue is ongoing, supported by the resurgence of inbound and outbound tourism [2]. Group 2: Market Trends and Future Outlook - From late June, cross-border flight frequencies have recovered to over 80% of the levels seen in the same period in 2019, suggesting continued improvement in airport duty-free business for H2 [2]. - The company has strengthened its market position in Hainan, with a nearly 1 percentage point increase in market share year-on-year, and expects a positive trend to continue in the second half of the year [2]. - The opening of new duty-free stores and the introduction of tax refund services in Sanya International Duty-Free City are expected to enhance the company's operational layout [2]. Group 3: Long-term Prospects - The Hainan Free Trade Port is set to officially close on December 18, 2025, which is expected to boost local economic vitality and enhance the positioning of Hainan as an international tourism island, benefiting the company's operations in Hainan [2]. - The company has revised its profit forecasts downward for 2025-2027, expecting net profits of 4.52 billion, 5.14 billion, and 5.67 billion, representing year-on-year growth of 6%, 13.7%, and 10.4% respectively [2]. - The current stock price corresponds to H-share P/E ratios of 24x, 21x, and 19x for the years 2025, 2026, and 2027, respectively, indicating potential for expansion as the Hainan Free Trade Port develops [2].

专题：专题|2024年度A股董秘数据报告：1144位董秘年薪超百万 占比超21% 董秘作为连接投资者与上市公司的"桥梁"，在上市公司资本运作中发挥着关键作用。新浪《2024年度A 股董秘数据报告》显示，2024年A股上市公司董秘薪酬合计达40.86亿元，平均年薪75.43万元。 从商贸零售行业看，2024年董秘薪酬为7，951.86万元，较上年整体下滑2%；从人均薪酬看，2024年环 保行业董秘人均薪酬为81.14万元，上一年为82.98万元。 从薪酬分布情况下，98家商贸零售行业上市公司董秘中位数为60.71万元，其中薪酬在30万元至60万元 为30家，占比为31%；其次薪酬在60万元至90万元为22家，占比为23%。从上述数据可以看出，30万至 90万董秘薪酬，为行业占比一半左右。 剔除任期不满一年或2025年新上任的董秘，商贸零售行业薪酬前三分别豫园股份、美凯龙、中国中免， 年薪分别为641.07万元、514.51万元、297.41万元；商贸零售行业薪酬倒数前三的分别为银座股份、国 芳集团、凯瑞德（维权），对应薪酬分别为26.57万元、28.09万元、29万元。 商贸零售行业董秘薪酬TOP15均超百万， ...

| 表格序號 | 大股東/董事/最高行政人員名稱作出披露的 買入 / 賣出或涉及的 每股的平均價 | | | 持有權益的股份數目 佔已發行的 有關事件的日期 | | | --- | --- | --- | --- | --- | --- | | | 股份數目 | 原因 | | (請參閱上述 * 註 | 有投票權股 (日 / 月 / 年) | | | | | | 能 | 份百分比 | | | | | | | ( % ) | | CS20250729E00552 | HKD 63.0819 Barclays PLC | 1001(L) | 4.590.900(L) | 6.126.400(L | 5.26(L)24/07/2025 | | | | 14015(S) | 929.600(S) | 2.283.700(S) | 1.96(S) | | 股份代號: | 01880 | | --- | --- | | 上市法國名稱: | 中國旅遊集團中免股份有限公司 - H | | 日期 (日 / 月 / 年): | 30/06/2025 - 31/07/2025 | 格隆汇7月31日丨根据联交所最新权益披露资料显示，2 ...