Core Viewpoint - The report highlights a decline in key financial metrics for China Tourism Group Duty Free Corporation Limited in the first half of 2025, alongside a recovery in the tourism sector, indicating both challenges and opportunities in the duty-free retail market [1][2][3]. Financial Performance - The company's operating revenue for the first half of 2025 was approximately RMB 28.15 billion, a decrease of 9.96% compared to the same period in the previous year [2][3]. - Total profit for the period was RMB 3.66 billion, down 19.21% year-on-year [2][3]. - Net profit attributable to shareholders was RMB 2.60 billion, reflecting a 20.81% decline from the previous year [2][3]. - The net cash flow from operating activities decreased by 39.50% to RMB 2.61 billion [2][3]. Industry Overview - Domestic tourism in China saw a significant increase, with 3.285 billion trips taken in the first half of 2025, a year-on-year growth of 20.6% [3][4]. - The total expenditure by domestic travelers reached RMB 3.15 trillion, up 15.2% compared to the previous year [3][4]. - The international tourism sector also showed recovery, with global international tourist arrivals surpassing 300 million in the first quarter of 2025, a 5% increase from the same period in 2024 [3][4]. Business Operations - The company focuses on duty-free retail, with major product categories including tobacco, alcohol, cosmetics, watches, jewelry, clothing, electronics, and food [5][6]. - The operational model includes both offline and online sales, leveraging a comprehensive supply chain and digital marketing strategies [6][7]. - The company has expanded its presence in Hainan, enhancing the integration of duty-free shopping with cultural tourism [7][8]. Market Trends - The duty-free shopping market in Hainan is stabilizing, with sales amounting to RMB 16.76 billion in the first half of 2025, a decrease of 9.2% but showing signs of recovery [3][7]. - The company is actively exploring new retail models and expanding its product offerings to align with consumer trends, including the introduction of over 200 new brands [9][10]. - The company is also focusing on enhancing customer experience through innovative marketing and promotional activities [10][11]. Competitive Advantages - The company holds a strong brand presence in the duty-free sector, with a brand value of RMB 142.68 billion, ranking first in the tourism service industry [11]. - It has established a comprehensive retail channel network across China, including over 200 duty-free stores in more than 100 cities [11][12]. - The company benefits from strong support from its parent group, China Tourism Group, which enhances its operational capabilities and market reach [11][12].

Company Overview - China Tourism Group Duty Free Corporation Limited (stock code: 601888) is listed on the Shanghai Stock Exchange and Hong Kong Stock Exchange [1] - The company reported total assets of approximately CNY 75.01 billion at the end of the reporting period, a decrease of 1.45% compared to the previous year [1] - The net assets attributable to shareholders increased slightly by 0.18% to approximately CNY 55.20 billion [1] Financial Performance - The company's operating revenue for the reporting period was approximately CNY 28.15 billion, representing a decline of 9.96% year-on-year [1] - Total profit decreased by 19.21% to approximately CNY 3.66 billion [1] - The net profit attributable to shareholders was approximately CNY 2.60 billion, down 20.81% compared to the same period last year [1] - The net cash flow from operating activities decreased significantly by 39.50% to approximately CNY 2.61 billion [1] - The weighted average return on net assets decreased by 1.32 percentage points to 4.65% [1] - Basic and diluted earnings per share were both CNY 1.2566, down 20.81% year-on-year [1] Shareholder Information - The largest shareholder is China Tourism Group Co., Ltd., holding 50.30% of the shares [2] - Other significant shareholders include Hong Kong Central Clearing Limited and China Securities Finance Corporation, holding 5.63% and 2.82% respectively [2] - The total number of shareholders at the end of the reporting period was 289,728 [1]

证券代码：601888 证券简称：中国中免 公告编号：临 2025-023 中国旅游集团中免股份有限公司 第五届董事会第二十五次会议（现场结合通讯方式） 决议公告 提交董事会审议前，该议案已经公司审计与风险管理委员会审议通过。 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"）第五届董事会第二十五 次会议于 2025 年 8 月 12 日以电子邮件方式发出通知，于 2025 年 8 月 26 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 8 人，实际参加表决董 事 8 人：范云军、刘昆、常筑军、王月浩、王轩、葛明、王瑛、王强。会议由董事 长范云军主持，公司部分监事和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： 公司 2025 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 ...

证券代码：601888 证券简称：中国中免 公告编号：临2025-024 中国旅游集团中免股份有限公司 第五届监事会第十二次会议（通讯方式） 决议公告 二、监事会会议审议情况 经与会监事认真讨论，会议审议通过了以下议案： 监事会认为，公司2025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。 表决结果：同意3票，反对0票，弃权0票，该议案获得通过。 特此公告。 中国旅游集团中免股份有限公司 监 事 会 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。 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"）第五届监事会第十二次会 议于2025年8月12日以电子邮件方式发出通知，于2025年8月26日以通讯方式召开。 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 ...

Core Viewpoint - China Duty Free Group (01880.HK) reported a revenue decline of 9.96% year-on-year for the six months ending June 30, 2025, primarily due to a slowdown in consumer demand and industry cycles [1] - The group's profit decreased by 20.10% year-on-year for the same period, attributed to the reduction in sales revenue [1] Financial Performance - Revenue for the six months ending June 30, 2025, was RMB 281.51 billion, down from RMB 312.65 billion for the same period in 2024 [1] - Profit for the same period was RMB 29.30 billion, down from RMB 36.67 billion in the previous year [1] Future Outlook - The company plans to align with new industry trends and integrate national strategies with its operations, focusing on strategic transformation [1] - In the second half of 2025, the company aims to enhance its duty-free sales in Hainan, capitalize on opportunities in city and port stores, and expand overseas operations [1] - The company is committed to strengthening its core capabilities and achieving its annual operational goals through continuous development in tourism retail and quality retail [1]

海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 茲載列中國旅遊集團中免股份有限公司在上海證券交易所網站刊登的《中國旅遊 集團中免股份有限公司第五屆監事會第十二次會議（通訊方式）決議公告》，僅供 參閱。 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之內容概不負責，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 （一家於中華人民共和國註冊成立的股份有限公司） （股份代號：1880） 特此公告。 承董事會命 中國旅遊集團中免股份有限公司 董事會主席 范雲軍先生 中國•北京 2025年8月26日 於本公告日期，董事會成員包括非執行董事范雲軍先生及劉昆女士，執行董事常 築軍先生、王月浩先生及王軒先生及獨立非執行董事葛明先生、王瑛女士及王強 先生。 证券代码：601888 证券简称：中国中免 公告编号：临2025-024 中国旅游集团中免股份有限公司 第五 ...

Core Insights - The first city duty-free store in Guangzhou officially opened on August 26, marking a significant step in the city's development as an international consumption center [1] - This store is part of the first batch of city duty-free stores established following the Ministry of Finance's policy announcement in August 2024 [1][2] - The store features a dual-track model of "duty-free + taxable" products, covering key categories such as cosmetics, bags, jewelry, and high-end alcoholic beverages [1][3] Company and Industry Summary - The city duty-free store is a collaboration among major players including China Duty Free Group, Guangzhou Baiyun International Airport, and others, strategically located in a prime commercial area [1][2] - Consumers can shop in the city up to 60 days before departure, benefiting from a seamless "in-city ordering, port pickup" service without purchase limits, adhering to customs regulations [2] - The store offers promotional activities such as discounts up to 45% and membership rewards, enhancing customer engagement and shopping experience [3] - The integration of duty-free shopping with tourism and cultural experiences aims to create a vibrant commercial ecosystem, linking dining, accommodation, and cultural activities [3] - The Guangzhou Municipal Bureau of Commerce plans to enhance the product mix and service quality of city duty-free stores, positioning them as a new landmark for international consumption and trade [3]

Group 1: Company Performance - Qingdao Beer reported a net profit of 3.904 billion yuan for the first half of the year, representing a year-on-year increase of 7.21% [1] - China Duty Free Group announced a net profit of 2.6 billion yuan for the first half of the year, down 20.81% year-on-year [2] - Hema NB achieved revenue of approximately 8 billion yuan in the first half of the year, with a double-digit growth compared to the same period last year [3] - Beike's total transaction value reached 878.7 billion yuan in the second quarter, with net income of 26 billion yuan, reflecting a year-on-year growth of 11.3% [4] - Tim Hortons China reported revenue of 349 million yuan in the second quarter, with system sales increasing by 1.4% to 409.5 million yuan [5] Group 2: Strategic Developments - Taobao Tmall's book industry signed a cooperation agreement with the National Library of China to introduce standard data for book cataloging [6] - Cambridge Technology clarified that it currently does not produce chips containing CPO technology, with related core components still in the R&D phase [7] - German automaker Opel has abandoned its previous electrification strategy, extending the supply time for fuel models due to customer demand [8] Group 3: Market Trends and Economic Impact - Klarna plans to restart its IPO in the U.S. next month, with an estimated valuation between 13 billion to 14 billion dollars [10] - Suzuki Motor Corporation announced plans to invest approximately 8 billion dollars in India over the next five to six years to increase production and launch new models [10] - The Mexican Football Association stated that the 2026 World Cup is expected to bring about 3 billion dollars in economic benefits to Mexico [13]

更多消息，持续更新中 风险提示及免责条款 中国中免：2025年上半年营业收入281.51亿元，同比下降9.96%。净利润26亿元，同比下降20.81%。 更新中...... 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况 或需要。用户应考虑本文中的任何意见、观点或结论是否符合其特定状况。据此投资，责任自负。 ...

每经AI快讯，8月26日，中国中免(601888.SH)公告称，上半年营业收入为281.51亿元，同比下降 9.96%；归属于上市公司股东的净利润为26亿元，同比下降20.81%。 ...