Core Viewpoint - The State Taxation Administration of China has announced the nationwide promotion of the "immediate refund" service for outbound travelers, enhancing the shopping experience for foreign tourists and potentially boosting the inbound tourism market [1][2]. Group 1: Policy Overview - The "immediate refund" policy allows foreign travelers to receive a refund in RMB at the point of purchase after signing an agreement and pre-authorizing a credit card, creating a "shopping-refund-reconsume" cycle [1]. - This policy is expected to significantly increase the attractiveness of shopping in China for foreign tourists, especially in conjunction with the "240-hour" visa-free policy and recent RMB exchange rate trends [1]. Group 2: Market Impact - Previous trials of the "immediate refund" policy in cities like Shanghai and Beijing have already shown substantial growth in inbound consumption, with the number of travelers, sales of refund-eligible goods, and total refunds increasing by 2.3 times, 1.2 times, and 1.3 times respectively in 2024 [2]. - Analysts predict that if the penetration rate of outbound tax refund travelers reaches 15%, it could result in approximately 21.8 million travelers annually, leading to a potential sales volume of 109 billion RMB in future years [3]. Group 3: Stock Market Reaction - Following the announcement of the "immediate refund" policy, stocks in the duty-free sector have surged, with companies like Zhongbai Group experiencing multiple trading halts due to price increases, and China Duty Free's stock rising over 24% in three trading days [3].

中国中免（601888）24 年年报点评： 关注市内免税政策落地 渠道拓展巩固出入境免税业务优势：2024 年中免积极拓宽渠道，中标广州白 云国际机场、昆明长水机场等 10 个机场及口岸免税项目经营权。现有的北京 机场（首都国际机场、大兴国际机场等）免税店收入同比增长 115%以上，上 海机场（浦东国际机场、虹桥国际机场等）免税店门店收入同比增长 32%左 右，展现出出入境市场消费复苏态势良好，具备较强发展潜力。 市内免税有望带来新增长点：2024 年 8 月《关于完善市内免税店政策的通 知》为中免发展市内免税店业务提供政策支撑。24 年末中免大连市内免税店 开业，且预计其中标的深圳、广州、西安等 6 家免税店有望短期内带动营收 增长。 投资建议 事件描述 公司 24 年全年表现符合之前业绩快报披露值：年收入 564.7 亿元，yoy- 16.4%；归母净利润 42.7 亿元，yoy-36.4%；扣非归母净利润 41.4 亿元，yoy- 37.7%。 公司 24 年 Q4 营收 134.5 亿元，yoy-19.5%；营业利润 7.2 亿元，yoy-66%； 归母净利润 3.5 亿元，yoy-76.9%；扣非归 ...

恒生科技指数收盘涨2.64%。半导体股大涨，中芯国际涨约10%，华虹半导体涨约8%。地产股上涨，融 创中国涨约13%。部分科技股上涨，小米集团涨约8%。南向资金净买额约356亿元，创历史新高。 ...

港股收盘，恒指收涨0.68%，科指收涨2.64%，芯片股、免税概念股走强，中国中免(01880.HK)涨 23.7%，中芯国际(00981.HK)涨10.5%，南向资金全天净买额近350亿元，创历史最高单日净买入纪录。 ...

港股大消费股尾盘走强，中国中免（601888）涨超20%，海底捞、华润啤酒、美团、周黑鸭等跟涨。 ...

中国中免(01880.HK)涨超20%，成交额超10亿港元。 ...

中国中免港股一度涨超18%，创逾六个月盘中最大涨幅。 ...

中国中免（601888）涨幅扩大至5.20%，旅游ETF(159766)持有该股票15.31%，当前涨幅为0.45%，成交 额9639.09万元，近1月份额增加30.28%，增加10.79亿份。 打包市场龙头，抢反弹就买指数ETF>> ...

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。 重要内容提示： 证券代码：601888 证券简称：中国中免 公告编号：临 2025-011 中国旅游集团中免股份有限公司 关于全资子公司与北京同仁堂国药有限公 司签订战略合作协议的公告 为贯彻落实国家关于大力开展国潮出海业务战略部署，助力中医药文化全球 传播，中国旅游集团中免股份有限公司（以下简称"公司"）全资子公司中免国 际有限公司（以下简称"中免国际"）与北京同仁堂国药有限公司（以下简称"同 仁堂国药"）签订了《战略合作协议》（以下简称"本协议"），本协议仅为合作 意向性协议，后续双方将根据实际需要签署具体合作协议以明确合作事宜并深化 双方合作。具体情况如下： 一、本协议签订的基本情况 （一）交易对方的基本情况 公司名称：北京同仁堂国药有限公司 地 址：中国香港湾仔港湾道1号会展广场办公大楼14楼1405-09室 商业登记号：34965494 成立时间：2004年3月18日 注册资本：938,789,465港币 1 本协议属于双方基于合作意愿而达成的战略性、框架性约定，后续合 ...

Core Insights - In 2024, China Duty Free Group (601888.SH) experienced a significant decline in performance due to fluctuations in consumer demand, with revenue dropping to 56.474 billion yuan, a decrease of over 16.4% year-on-year, and net profit falling to 4.27 billion yuan, down 36.4% [1][2] Group 1: Financial Performance - The company's revenue in Q4 2024 was 13.453 billion yuan, a year-on-year decline of 19.5%, while net profit plummeted by 76.9% to 348 million yuan, highlighting short-term operational pressures [1] - In Hainan, the revenue reached 28.892 billion yuan, a decrease of 27.13%, with a gross margin of 23.73%, down 2.03 percentage points [2] - The average spending per customer in Hainan's duty-free shopping dropped by 21.6% to 6,477 yuan per person in 2023, continuing into 2024 [3] Group 2: Market Dynamics - The share of Hainan sales in total sales has decreased from approximately 70% in 2021 to 51.4% recently, indicating a shift in consumer behavior as outbound tourism resumes [2] - The number of shoppers in Hainan's duty-free market fell by 15.9% to 5.683 million, and the number of items purchased decreased by 35.5% to 33.082 million [3] Group 3: Strategic Adjustments - To address the decline in mid-tier consumer spending, the company has adjusted its product mix since 2023, reducing the proportion of cosmetics and introducing high-end brands like LV and Dior [3] - Despite rapid growth in premium product revenue, it has not yet compensated for the decline in cosmetics sales [3] Group 4: Investment Projects - The company has invested 8.098 billion yuan in the Haikou International Duty-Free City project, with a total investment of 911 million yuan in 2024, generating 1.668 billion yuan in revenue to date [4] - The Sanya International Duty-Free City Phase I Project has seen a total investment of 1.846 billion yuan, with 911 million yuan invested in 2024, yielding 312 million yuan in revenue [4] Group 5: Business Expansion - The airport duty-free business showed strong performance, with revenue in Shanghai reaching 16.035 billion yuan, a decline of 10.02%, which is less than the decline in Hainan [5] - The company is expanding its city duty-free store network, having completed six stores in major cities and winning bids for six additional stores in cities like Guangzhou and Shenzhen [6][7]