Investment Rating - The report maintains a "Recommended" investment rating for the company, indicating an expectation of stock performance that is better than the market by 10% to 20% over the next six months [3][12]. Core Views - The company's revenue for the first half of 2024 was 31.265 billion yuan, a decrease of 12.81% year-on-year, with a net profit attributable to shareholders of 3.283 billion yuan, down 15.07% [6]. - The report highlights that the company's business structure and profitability have changed significantly since 2019, influenced by policy changes and the recovery of inbound tourism [6][10]. - The company is expected to benefit from the recent introduction of city duty-free policies, which will allow it to operate additional duty-free stores starting October 1, 2024 [10]. Summary by Sections Financial Performance - The company's gross margin improved to 33.53%, up 2.92 percentage points, while the net profit margin increased to 11.67%, up 0.25 percentage points [6]. - Sales expenses rose by 8.51% to 4.638 billion yuan, with a sales expense ratio of 14.83%, an increase of 2.91 percentage points [6]. - The company reported a significant decline in revenue from its Hainan operations, with sales of duty-free goods contributing 21.670 billion yuan and taxable goods contributing 9.158 billion yuan [6]. Market Dynamics - The report notes a recovery in international passenger traffic at Shanghai Airport, reaching 89% of 2019 levels, while Hainan's airports showed mixed performance [9]. - The number of visitors and their purchasing conversion rates are closely linked to the company's sales performance, with domestic tourism and inbound travel markets showing strong activity [7][9]. Future Outlook - The company is projected to achieve net profits of 6.41 billion yuan, 8.27 billion yuan, and 10.05 billion yuan for the years 2024 to 2026, respectively [10]. - The report emphasizes the company's competitive advantages in the global travel retail market and its ongoing efforts to optimize supply chains and improve operational efficiency [10].

Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Insights - The company reported a revenue of 31.27 billion and a net profit of 3.28 billion for the first half of 2024, reflecting a year-on-year decline of 13% and 15% respectively [1]. - The company's Hainan flagship project in Sanya experienced a revenue drop of 29%, which is slightly better than the overall Hainan duty-free market decline of 30%, indicating a competitive advantage [1]. - The second quarter saw a revenue of 12.46 billion, down 17% year-on-year, with a non-recurring net profit of 0.98 billion, down 38% year-on-year [1]. - The gross margin improved to 23%, up 0.8 percentage points year-on-year, while the net margin decreased to 7.8%, down 2.5 percentage points year-on-year due to minority interest losses and increased tax rates [1]. - The introduction of new policies for city duty-free shops is expected to create a market increment of 10-30 billion, providing new growth opportunities for the company [1]. - The profit forecasts for 2024-2026 have been adjusted to 6.26 billion, 7.65 billion, and 9.11 billion respectively, with corresponding PE ratios of 20X, 16X, and 14X [1]. Financial Performance Summary - For 1H24, the company achieved a revenue of 31.27 billion, a decrease of 13% year-on-year, and a net profit of 3.28 billion, down 15% year-on-year [1]. - The second quarter's revenue was 12.46 billion, reflecting a year-on-year decline of 17%, while the non-recurring net profit was 0.98 billion, down 38% year-on-year [1]. - The gross margin for Q2 was 23%, an increase of 0.8 percentage points year-on-year, while the net margin was 7.8%, a decrease of 2.5 percentage points year-on-year [1]. - The company’s financial forecasts for 2024-2026 indicate a revenue growth rate of -8.11%, 15.00%, and 10.00% respectively [2].

Investment Rating - The investment rating for the company is "Outperform the Market" [2][12][10] Core Views - The company's revenue and net profit attributable to shareholders were under pressure in the first half of 2024, with revenue at 31.27 billion yuan, down 12.8%, and net profit at 3.28 billion yuan, down 15.1% [1][5] - The performance in Hainan's duty-free sector remains under pressure, while there is an improvement in the profitability of airport duty-free operations [1][7] - The company is expected to benefit from new policies regarding city duty-free shops, which will be implemented on October 1, 2024, potentially enhancing revenue streams [1][10] Summary by Sections Financial Performance - In the first half of 2024, the company achieved revenue of 31.27 billion yuan, a decrease of 12.8%, and a net profit of 3.28 billion yuan, down 15.1% [1][5] - The second quarter saw revenue of 12.46 billion yuan, down 17.4%, and a net profit of 976 million yuan, down 37.6% [1][5] - Hainan's duty-free sales were significantly impacted, with a 29.9% decline in sales to 18.46 billion yuan and a 10% drop in visitor numbers [1][7] Profitability Metrics - The company's gross margin improved, with sales expense ratio increasing by 2.9 percentage points, while financial expense ratio decreased by 0.5 percentage points [1][7] - The net profit margin for the first half was down 0.28 percentage points, with a significant decline in Q2 due to Hainan's performance [1][7] Future Outlook - The company is focusing on enhancing its duty-free product offerings and operational efficiency to adapt to changing consumer trends [1][10] - The new city duty-free policy is expected to provide additional revenue opportunities, with plans to convert existing stores to cater to outbound travelers [1][10] - Revenue growth estimates for Hainan have been revised downwards for 2024-2026, reflecting ongoing challenges in the market [1][10]

Investment Rating - The report maintains a "Recommended" rating for the company [2][3]. Core Views - The company reported a revenue of 31.265 billion yuan in 1H24, a year-on-year decrease of 12.81%, with a net profit attributable to shareholders of 3.866 billion yuan, down 1.83% year-on-year [1]. - The gross margin improved to 33.53%, up 2.92 percentage points, driven by an optimized product sales structure and better promotional management [1]. - The company is experiencing a significant recovery in its inbound duty-free business, with revenue from domestic duty-free stores growing over 100% year-on-year [2]. Summary by Sections Financial Performance - In 1H24, the company achieved a revenue of 31.265 billion yuan, with a net profit of 3.866 billion yuan and a non-recurring net profit of 3.283 billion yuan, reflecting a year-on-year decrease of 15.07% [1]. - The second quarter of 2024 saw a revenue of 12.458 billion yuan, down 17.44% year-on-year, but net profit increased by 37.60% to 976 million yuan [1]. Product and Sales Strategy - The company optimized its product structure, increasing the proportion of high-margin products, which contributed to the improvement in gross margin [1]. - The sales expense ratio increased to 14.83%, attributed to rising leasing costs as new duty-free ports opened [1]. Regional Performance - The company's international operations reported a revenue of 22.549 billion yuan, down 10.98% year-on-year, while the Sanya duty-free store revenue fell by 28.97% to 11.986 billion yuan [2]. - The Shanghai duty-free store, however, reported a revenue increase of 3.70% to 8.500 billion yuan, with net profit soaring by 3599.41% to 310 million yuan, driven by recovering passenger flow and reduced airport rents [2]. Future Outlook - New rental agreements are expected to lower airport rental costs, and the recovery of passenger flow is anticipated to boost duty-free revenue [2]. - The company forecasts net profits of 6.342 billion yuan, 8.235 billion yuan, and 10.309 billion yuan for 2024, 2025, and 2026, respectively, with corresponding PE ratios of 20x, 15x, and 12x [2][3].

机场免税盈利高增，海南需求承压 中国中免(601888) 社会服务业 [Table_Industry] /社会服务 [Table_Invest] 评级： 增持 上次评级: 增持 [Table_Target] 目标价格： 85.20 上次预测: 88.29 ——中国中免 2024 年中报业绩点评 股票研究 /[Table_Date] 2024.09.01 本报告导读： [Table_Market] 交易数据 股 票 研 究 [table_Authors] 刘越男(分析师) 宋小寒(分析师) 021-38677706 010-83939087 liuyuenan@gtjas.com songxiaohan026736@gtjas.com [当前价格： Table_CurPrice] 61.01 登记编号 S0880516030003 S0880524080011 公 司 更 新 报 告 52 周内股价区间（元） 59.48-115.92 总市值（百万元） 126,221 总股本/流通A股（百万股） 2,069/1,952 流通 B 股/H 股（百万股） 0/116 [Table_Balance] 资产负债表摘要( ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a decline in revenue and net profit for H1 2024, with total revenue at 31.265 billion yuan, down 13% year-on-year, and net profit attributable to shareholders at 3.283 billion yuan, down 15% year-on-year [3] - The company's Q2 performance met previous forecasts, with a gross margin increase driven by a higher proportion of duty-free and premium products [3] - The new city duty-free store policy is expected to benefit the company, as it is positioned to take advantage of market expansion [3] - Long-term outlook remains positive due to the company's strong market position and expected recovery in outbound tourism [3] Financial Performance Summary - Total revenue (in million yuan): 54,433 (2022A), 67,540 (2023A), 60,934 (2024E) with a year-on-year change of -19.57%, +24.08%, and -9.78% respectively [2] - Net profit attributable to shareholders (in million yuan): 5,030 (2022A), 6,714 (2023A), 6,154 (2024E) with a year-on-year change of -47.89%, +33.46%, and -8.34% respectively [2] - Latest diluted EPS (in yuan/share): 2.43 (2022A), 3.25 (2023A), 2.97 (2024E) [2] - P/E ratios: 25.09 (2022A), 18.80 (2023A), 20.51 (2024E) [2] Market Data - Closing price: 61.01 yuan [5] - Market capitalization: 126.221 billion yuan [5] - P/B ratio: 2.34 [5] Operational Insights - The company’s core operational entities reported varying revenue performances, with Sanya city stores and Haikou duty-free city experiencing declines, while Dayang's growth remained stable [3] - The H1 sales in Hainan's duty-free market were reported at 18.5 billion yuan, down 30% year-on-year [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company adheres to a high-quality development approach, maintaining stable profitability despite market pressures [11] - The sales in Hainan's duty-free market faced challenges, with a significant decline in sales figures [11] - The company is expected to benefit from new policies regarding city duty-free shops, positioning it as a core beneficiary [11] - Revenue and profit forecasts for 2024-2026 indicate a recovery trend, with projected revenues of 628.8 billion, 689.8 billion, and 761.8 billion respectively [11] Financial Performance Summary - For the first half of 2024, the company reported revenue of 31.26 billion yuan, a year-on-year decrease of 12.8%, and a net profit of 3.28 billion yuan, down 15.1% [11] - The gross margin for the first half of 2024 was 33.53%, an increase of 2.9 percentage points year-on-year, attributed to improved sales structure [11] - The company’s net profit margin for the first half of 2024 was 11.7%, reflecting a slight increase despite sales pressures [11] - The company’s earnings per share (EPS) for 2024-2026 are projected to be 3.1, 3.6, and 4.1 yuan respectively [11] Market Context - The Hainan duty-free shopping market saw a 29.9% decline in shopping amounts in the first half of 2024, with a corresponding drop in the number of shoppers [11] - The company’s sales in Sanya's duty-free stores also experienced significant declines, with revenue down 29.0% [11] - The new city duty-free policy is expected to create additional growth opportunities for the company starting from October 1, 2024 [11]

中国旅游集团中免股份有限公司 董事、监事和高级管理人员所持公司股份 及其变动管理制度 （2024 年 8 月修订） 第一章 总则 公司董事、监事和高级管理人员就其所持股份变动相关事项作出承 诺的，应当严格遵守。 公司董事、监事和高级管理人员不得通过任何方式或者安排规避法 律、行政法规、部门规章、规范性文件及公司证券上市地证券交易 所的其他规定。 第三条 公司董事、监事和高级管理人员所持本公司股份，是指登记在其名 下和利用他人账户持有的所有本公司股份及其衍生品种。 公司董事、监事和高级管理人员从事融资融券交易的，其所持本公 司股份还包括记载在其信用账户内的本公司股份及其衍生品种。 1 公司董事、监事、高级管理人员不得从事以本公司股票为标的证券 的融资融券交易，不得开展以本公司股票合约标的物的衍生品交易。 公司董事、监事和高级管理人员通过沪港通买卖本公司股票的，还 应当符合境内外有关沪港通相关法律、行政法规、部门规章、规范 性文件及公司证券上市地证券交易所的规定。 第一条 为加强对中国旅游集团中免股份有限公司（以下简称"公司"、"本公 司"）董事、监事和高级管理人员所持公司股份及其变动的管理，保 护投资者合法权益 ...

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].

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 ...