[I. Major Financial Data and Indicators for the Six Months Ended June 30, 2025 (the "Reporting Period")](index=1&type=section&id=I.%20Major%20Financial%20Data%20and%20Indicators%20for%20the%20Six%20Months%20Ended%20June%2030%2C%202025%20(the%20%22Reporting%20Period%22)) This section presents the company's key financial data and indicators for the first half of 2025, covering income statement and balance sheet figures [1.1 Income Statement Data](index=1&type=section&id=1.1%20Income%20Statement%20Data) The company experienced year-over-year declines in total operating revenue, operating profit, net profit, and basic earnings per share for the first half of 2025 | Item | Current Period (RMB 10,000) | Prior Period (RMB 10,000) | Change (%) | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 2,815,075.00 | 3,126,499.84 | -9.96 | | Operating Profit | 370,798.85 | 453,279.27 | -18.20 | | Total Profit | 366,347.92 | 453,482.72 | -19.21 | | Net Profit Attributable to Shareholders of the Listed Company | 259,975.29 | 328,289.65 | -20.81 | | Net Profit Attributable to Shareholders of the Listed Company (Excluding Non-recurring Gains and Losses) | 259,324.91 | 323,770.03 | -19.90 | | Basic Earnings Per Share (RMB) | 1.2566 | 1.5868 | -20.81 | | Weighted Average Return on Net Assets (%) | 4.65 | 5.97 | Decreased by 1.32 percentage points | [1.2 Balance Sheet Data](index=2&type=section&id=1.2%20Balance%20Sheet%20Data) As of the end of the first half of 2025, total assets slightly decreased, while equity attributable to shareholders and net assets per share saw minor increases | Item | End of Current Period (RMB 10,000) | Beginning of Current Period (RMB 10,000) | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 7,515,202.79 | 7,626,037.37 | -1.45 | | Total Equity Attributable to Shareholders of the Listed Company | 5,519,857.98 | 5,509,670.56 | 0.18 | | Share Capital (10,000 shares) | 206,885.90 | 206,885.90 | 0.00 | | Net Assets Per Share Attributable to Shareholders of the Listed Company (RMB) | 26.6807 | 26.6314 | 0.19 | - The above data is prepared based on consolidated financial statements[7](index=7&type=chunk) [II. Explanation of Operating Performance and Financial Condition](index=2&type=section&id=II.%20Explanation%20of%20Operating%20Performance%20and%20Financial%20Condition) Despite performance pressure, the company is accelerating strategic transformation, deepening duty-free business, expanding 'duty-free+' boundaries, and improving operational efficiency - The company is accelerating strategic transformation, deepening its duty-free business, actively expanding the "duty-free+" boundary, and driving innovation in its own brands through exclusive, first-launch, and co-branded custom products[8](index=8&type=chunk) - Hainan offshore duty-free sales show a stabilizing trend, with the company's market share increasing by nearly **1 percentage point** year-on-year, solidifying its dominant position in the Hainan market[8](index=8&type=chunk) - The company's operational efficiency continues to improve, with inventory turnover increasing by **10%** year-on-year[8](index=8&type=chunk) - The next steps involve continuously strengthening strategic guidance, advancing strategic transformation, and promoting corporate reform and innovation through business layout adjustments to achieve high-quality development[8](index=8&type=chunk) [III. Risk Warning](index=2&type=section&id=III.%20Risk%20Warning) The disclosed financial data for the first half of 2025 are preliminary and unaudited, requiring investors to exercise caution - The major financial data for the first half of 2025 are preliminary and unaudited by an accounting firm[9](index=9&type=chunk) - Specific data will be subject to the company's 2025 interim report, and investors are advised to be aware of investment risks[9](index=9&type=chunk) [IV. Supplementary Information to the Annual Report](index=3&type=section&id=IV.%20Supplementary%20Information%20to%20the%20Annual%20Report) This section provides supplementary disclosure of supervisors' remuneration from 2022 to 2024, as required by listing rules - Supplementary information on supervisors' remuneration from 2022 to 2024 is provided in accordance with disclosure requirements of paragraphs 24 and 24.4 of Appendix D2 to the Listing Rules[10](index=10&type=chunk) 2022-2024 Supervisors' Remuneration (RMB Thousand) | Year | Supervisor | Salaries and Allowances | Discretionary Bonus | Retirement Scheme Contributions | Total | | :--- | :--- | :--- | :--- | :--- | :--- | | **2024** | Ms. Li Hui | 787 | 351 | 173 | 1,311 | | | Ms. Dou Xiaoqiong | 787 | 438 | 173 | 1,398 | | **2023** | Ms. Li Hui | 802 | 935 | 170 | 1,907 | | | Ms. Dou Xiaoqiong | 812 | 815 | 170 | 1,797 | | **2022** | Ms. Li Hui | 834 | 746 | 156 | 1,736 | | | Ms. Dou Xiaoqiong | 888 | 595 | 156 | 1,639 | *Note: Mr. Liu Defu, Chairman of the Supervisory Committee, received no remuneration in any of the years* - The supplementary information does not affect other data contained in the annual report, and all other data remain unchanged[11](index=11&type=chunk)

Corporate Announcements - Sanfeng Intelligent's director Chen Wei has been placed under investigation, but the company's operations remain normal and unaffected [3] - Shanghai Pharmaceuticals plans to acquire a 10% stake in Shanghai Shihua Group Financial Company for 143 million yuan, increasing its ownership from 30% to 40% [4] - Western Gold intends to acquire 100% of Xinjiang Meisheng Mining for 1.655 billion yuan, with a premium of 1421.66% over book value; the target company is expected to commence production in the second half of 2025 [5] - Hengrui Medicine plans to acquire approximately 1.46% of Chengdu Shengdi Pharmaceutical from minority shareholders for 40.144 million yuan, increasing its stake to 97.37% [6] - Dongshan Precision has approved an investment of up to 1 billion USD for a high-end printed circuit board project to meet long-term demand in emerging markets [7] - ST Wanfang and Rebecca have both received notices from the China Securities Regulatory Commission regarding investigations into information disclosure violations, but their operations remain normal [8][9] Financial Performance - China Duty Free Group reported a net profit of 2.6 billion yuan for the first half of 2025, a decrease of 20.81% year-on-year, with total revenue of 28.151 billion yuan, down 9.96% [13] - Digital Certification expects a loss of 80 to 96 million yuan for the first half of 2025, compared to a loss of 29.25 million yuan in the same period last year [14] - Western Mining reported a net profit of 1.869 billion yuan for the first half of 2025, an increase of 15% year-on-year, with total revenue of 31.619 billion yuan, up 27% [15] Major Contracts - ST Dongyi signed new orders worth 215 million yuan in the second quarter for its decoration business, with total uncompleted contracts amounting to 383 million yuan [17] - Guangshen Railway signed a cooperation agreement for the Guangzhou East Station renovation project, with a total investment of approximately 16.66 billion yuan [18] Shareholder Actions - Huajin Technology's employee stock ownership platform plans to reduce its stake by up to 4% within three months [20] - Liuyuan Group intends to repurchase shares worth between 100 million and 200 million yuan, with a maximum repurchase price of 25.7 yuan per share [22]

证券代码：601888 证券简称：中国中免 公告编号：临2025-022 中国旅游集团中免股份有限公司 2025年半年度业绩快报公告 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。 本公告所载2025年半年度主要财务数据为初步核算数据，未经会计师事务所 审计，具体数据以中国旅游集团中免股份有限公司（以下简称"公司"）2025 年半年度报告中披露的数据为准，提请投资者注意投资风险。 三、风险提示 | 项目 | 本报告期 | 上年同期 | 增减变动幅度 | | --- | --- | --- | --- | | | | | （%） | | 营业总收入 | 2,815,075.00 | 3,126,499.84 | -9.96 | | 营业利润 | 370,798.85 | 453,279.27 | -18.20 | | 利润总额 | 366,347.92 | 453,482.72 | -19.21 | | 归属于上市公司股东的净利润 | 259,975.29 | 328,289.65 | -20.81 | | 归属于上市公司股东的 ...

Group 1 - The Shanghai Composite Index decreased by 0.33%, while the Shanghai Elderly Industry Index reported at 7521.21 points [1] - The Shanghai Elderly Industry Index has increased by 8.07% in the past month, 11.86% in the past three months, and 12.60% year-to-date [2] - The index consists of 40 listed companies related to the elderly industry, including health management, leisure tourism, and life insurance, reflecting the overall performance of these companies in the Shanghai market [2] Group 2 - The top ten weighted companies in the Shanghai Elderly Industry Index include: BoRui Pharmaceutical (4.55%), Ecovacs (3.05%), New China Life Insurance (2.83%), China Duty Free Group (2.72%), Tongce Medical (2.64%), Ping An Insurance (2.58%), Nanjing Tourism (2.56%), Huatai Medical (2.51%), China Pacific Insurance (2.51%), and Heng Rui Pharmaceutical (2.5%) [2] - The index is fully composed of companies listed on the Shanghai Stock Exchange, with the following industry distribution: Consumer Discretionary (37.07%), Healthcare (36.05%), Consumer Staples (11.55%), Financials (10.39%), and Communication Services (4.94%) [3] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [3]

Group 1: Market Overview - The Hang Seng Index fell by 1.11%, down 284 points, closing at 25,383 points, while the Hang Seng Tech Index dropped by 1.69% [1] - The early trading volume in Hong Kong stocks reached 151 billion HKD [1] Group 2: Medical Sector - Medical device stocks rose in early trading, with the national drug procurement policy indicating a move away from internal competition, leading institutions to view this as a turning point for the industry [1] - Aikang Medical (01789) increased by 7.93%, and Weigao Group (01066) rose by 4.37% [1] - Yongsheng Medical (01612) saw a surge of over 27% following a profit warning, with sales orders increasing and expected mid-term net profit growth exceeding 50% year-on-year [2] - CRO concept stocks continued to rise, with Citigroup noting that the CXO sector is gaining market attention ahead of earnings season [2] - Kanglong Chemical (300759) (03759) rose by 8.4%, while Zhaoyan New Drug (603127) (06127) increased by 5.7%, and WuXi Biologics (02269) rose by 4.5% [2] Group 3: Consumer Sector - Nongfu Spring (09633) increased by over 3.56%, reaching a three-and-a-half-year high, with institutions expecting the company's first-half revenue growth to exceed market expectations [3] Group 4: Other Notable Stocks - Jihong Co., Ltd. (002803) (02603) rose by 16%, with two main business segments performing well, and expected first-half net profit growth of up to 65% [4] - China Merchants Port (01199) increased by over 4%, following reports that China Merchants Group plans to acquire assets from Cheung Kong Ports [5] - Guichuang Tongqiao (02190) rose by 2.6%, with expected mid-term net profit growth of 66.9%, as the company embraces procurement and actively expands overseas [6] Group 5: Lithium and Duty-Free Sector - News of supply disruptions in the lithium market led to Tianqi Lithium (002466) (09696) rising by 3.6% [7] - China Duty Free Group (601888) (01880) fell by over 6%, with pending details on Hainan's duty-free policies, and institutions noting that the closure operations have a dual impact on offshore duty-free business [7] Group 6: Technology Sector - Qianxun Technology (01640) fell by over 3%, having retreated 23% from its previous high, with recent comments from Yu Weiwen emphasizing the need to avoid excessive speculation on stablecoins [8]

Investment Rating - The report maintains an "Overweight" investment rating for the consumer services industry, expecting the industry index to outperform the market index by over 10% in the next six months [35]. Core Insights - The consumer services industry index rose by 4.92% from July 11 to July 24, 2025, outperforming the CSI 300 index by approximately 1.45 percentage points during the same period [8][10]. - The report highlights the positive impact of the upcoming closure of Hainan Free Trade Port on the duty-free shopping sector, with specific policies expected to be announced in the second half of the year [22][35]. - The report notes that while the tourism and hotel sectors are recovering, the education sector continues to decline, indicating a mixed performance across sub-sectors [10][35]. Summary by Sections Market Review - The consumer services index showed a significant increase, outperforming the broader market [8]. - Sub-sector performance varied, with tourism and hotel sectors rebounding while the education sector faced declines [10]. - A total of 35 companies in the industry reported positive returns, with notable gains from companies like Tibet Tourism and China Duty Free [14]. Industry News - Hainan Free Trade Port is set to officially close on December 18, 2025, with adjustments to the duty-free shopping policy anticipated [22]. - The visa application process for Chinese citizens traveling to India has resumed, expanding the visa-free travel range [23]. - In the first half of 2025, 333 million entries and exits were recorded, marking a 15.8% year-on-year increase [24]. Company Announcements - Companies such as Dalian Shengya and Beijing Renli reported significant changes in their financial forecasts, with some expecting substantial profit increases while others faced losses due to adverse weather conditions [28][30][31][34]. Weekly Outlook - The report suggests focusing on specific stocks that are expected to benefit from the upcoming summer season and policy changes, including China Duty Free and Jinjiang Hotels [35][36].

Market Overview - A-shares rose on Thursday, with the Shanghai Composite Index up 0.65% to 3,605 points, driven by the Hainan closure boosting related sectors[15] - European markets generally closed higher, with the Eurozone Stoxx 600 index up 0.24%, as the European Central Bank (ECB) maintained interest rates[9] - U.S. stock performance was mixed, with the Dow Jones down 0.70% to 44,693 points, while the S&P 500 slightly increased by 0.07%[9] Economic Indicators - U.S. economic data showed resilience, with initial jobless claims declining for the sixth consecutive week, indicating a strong labor market[29] - The ECB's decision to hold rates steady marked a shift from previous rate cuts, reflecting confidence in the Eurozone's economic resilience despite global uncertainties[9] Commodity and Currency Movements - Oil prices rose, with WTI crude increasing by 1.2% to $66.03 per barrel, supported by positive trade negotiations[26] - The U.S. dollar index rebounded by 0.2%, while gold prices fell, reflecting market adjustments following the ECB's announcements[24] Sector Performance - In the U.S., the technology sector saw gains, particularly in AI-related stocks, while the consumer discretionary sector lagged, with Tesla's stock dropping 8.20% due to disappointing earnings[9] - In Hong Kong, the Hang Seng Index rose 0.51%, with significant gains in the healthcare and materials sectors, while large tech stocks faced declines[11] Investment Opportunities - The China-Europe summit highlighted potential investment opportunities in energy equipment and engineering machinery, as China seeks to enhance its exports to Europe[6] - The beverage sector in China is expected to perform well this summer due to high temperatures and increased travel, with recommendations for leading brands like Nongfu Spring[13]

Summary of Hainan Free Trade Port Conference Records Industry Overview - The conference focuses on the Hainan Free Trade Port (FTP) and its implications for the duty-free industry and related businesses [1][2][4]. Key Points and Arguments 1. **Hainan FTP Closure Date**: The Hainan FTP is set to officially close on December 18, 2025, aligning with market expectations [1][2]. 2. **Expansion of Zero Tariff Goods**: The range of zero-tariff goods will increase from 1,900 to 6,600 items, covering 74% of all goods [1][2]. 3. **Continued Duty-Free Shopping Policy**: The Ministry of Finance confirmed the continuation of the offshore duty-free shopping policy, alleviating concerns regarding duty-free licenses [1][6]. 4. **Changes in Tax Management**: Post-closure, tax management will shift from a positive list to a negative list approach, simplifying import processes [1][8]. 5. **Limited Impact on Consumers**: The ongoing duty-free shopping policy means limited impact on consumers, as the current 100,000 yuan shopping limit provides ample space [1][9]. 6. **Manufacturing and Foreign Trade Benefits**: The negative list management will enhance competitiveness for manufacturing and foreign trade enterprises [1][10]. 7. **Stable Competitive Landscape for Duty-Free Industry**: The closure policy's impact on the duty-free industry is expected to be limited, with a stable competitive landscape for leading companies like China Duty Free Group (CDFG) [1][11]. 8. **Mature Commercial Layout**: The commercial layout in Hainan is mature, making it challenging for new entrants to achieve high investment returns [1][12]. 9. **CDFG's Competitive Advantage**: CDFG holds a significant competitive advantage in Hainan, with key projects in Haikou and Sanya, and is expected to perform well in line with economic cycles [1][13]. 10. **Other Companies in Hainan**: Besides CDFG, other companies like Wangfujing and local firms are also establishing a presence in Hainan, contributing to the region's commercial landscape [1][14]. Additional Important Content - The conference reiterated existing policies and discussed potential tax reforms, indicating a proactive approach to support the FTP's development [4][6]. - The research on tax policies for island residents is ongoing, with potential future developments in the "island resident duty-free" policy [7].

Market Performance - On July 24, the A-share market experienced a rise, with all three major indices reaching new highs for the year. The Shanghai Composite Index closed above 3600 points, up 0.65% to 3605.73 points, while the Shenzhen Component Index rose 1.21% to 11193.06 points, and the ChiNext Index increased by 1.5% to 2345.37 points. The total trading volume in the Shanghai and Shenzhen markets was 1.84 trillion yuan, a decrease of 199 billion yuan from the previous trading day [2] - The market showed a mixed performance with over 4300 stocks rising, while sectors such as Hainan Free Trade Zone, rare earth permanent magnets, lithium mining, and super hydropower led the gains. In contrast, sectors like precious metals, banking, and CPO saw declines [2] International Market Overview - In the U.S. stock market on July 24, the Dow Jones Industrial Average fell by 316.38 points, or 0.70%, closing at 44693.91 points. The S&P 500 index rose by 4.44 points, or 0.07%, to 6363.35 points, while the Nasdaq Composite Index increased by 37.94 points, or 0.18%, to 21057.96 points [4] - European markets showed mixed results as well, with the UK FTSE 100 index rising by 76.88 points, or 0.85%, to 9138.37 points, while the French CAC40 index fell by 32.15 points, or 0.41%, to 7818.28 points, and the German DAX index increased by 55.11 points, or 0.23%, to 24295.93 points [3] Commodity Prices - International oil prices rose on July 24, with light crude oil futures for September delivery increasing by $0.78 to $66.03 per barrel, a rise of 1.2%. Brent crude oil futures for September delivery also saw an increase of $0.67, closing at $69.18 per barrel [3] Financial Policies and Regulations - The People's Bank of China and the Ministry of Agriculture and Rural Affairs issued an opinion to enhance financial services for rural reform and promote comprehensive rural revitalization, focusing on increasing financial resources in key areas such as food security and rural industry development [6] - The People's Bank of China announced it will conduct a 400 billion yuan Medium-term Lending Facility (MLF) operation on July 25, with a one-year term [7] - The State-owned Assets Supervision and Administration Commission emphasized optimizing the allocation of state-owned assets and resisting "involution-style" competition, aiming for high-quality state-owned enterprise reforms [9] Industry Insights - The National Medical Insurance Administration announced that the latest round of centralized procurement will not solely rely on the lowest bid as a reference, aiming to promote quality competition and reasonable profit margins in the pharmaceutical sector [11] - In the photovoltaic industry, there are plans to revise the comprehensive energy consumption standards for polysilicon products to eliminate outdated production capacity, with current standards being ≤7.5, 8.5, and 10.5 kgce/kg, and proposed revisions to ≤5, 6, and 7.5 kgce/kg [12]

Market Overview - A-shares experienced a significant rise, with the Shanghai Composite Index closing at 3605.73 points, up 0.65% [1] - The Shenzhen Component Index and the ChiNext Index both increased by over 1%, reaching new highs for the year [1] - The total trading volume in the Shanghai, Shenzhen, and Beijing markets was 18,742 billion yuan, a decrease of 245 billion yuan from the previous day [1] Hainan Free Trade Zone - The Hainan Free Trade Zone concept saw a strong surge, with the overall sector rising by 9.59% and 29 constituent stocks all increasing, including 21 hitting the daily limit [2] - Key stocks such as Kangzhi Pharmaceutical and Hainan Airport reached their daily limit [2] - The National Development and Reform Commission announced that the full island customs closure for Hainan is set to officially start on December 18, 2025, marking a significant milestone for the free trade port [2][3] Energy Metals and Rare Earths - The energy metals and rare earth sectors led the market, with lithium and rare earth concepts showing significant activity [4] - Lithium stocks like Shengxin Lithium Energy and Tibet Mining saw substantial gains, with lithium futures prices reaching a new high of 77,000 yuan/ton, up over 30% since late June [4][5] - The rare earth sector also performed well, with companies like Longmag Technology and Baotou Steel hitting their daily limit, driven by improving domestic demand and limited supply growth [5] Film and Entertainment Sector - The film and entertainment sector experienced a notable increase, with the overall index rising by 3.06% [6] - Key stocks such as Happiness Blue Ocean and China Film saw significant gains, supported by local government initiatives to distribute movie vouchers [6] - The summer box office for 2025 has already surpassed 4.4 billion yuan, indicating a positive trend for the industry [6][7]