好的 谢谢 再次欢迎我们现场及网络端的所有股东和我们的来宾党的二十大报告指出必须坚持在发展中保障和改善民生 鼓励共同奋斗创造美好生活 不断实现人民对美好生活的向往而上交所组织的本轮的业绩说明会恰好是以幸福生活为主题 我想呢对公司的这个使命是再契合不过了2023年以来公司呢紧抓消费复苏和出入境恢复的机遇为出入境旅客和离岛旅客提供优质的商品和提醒的服务满足旅客的这个购物的需求2023年呢公司全年实现了营收达到了675.4亿元同比增长了24.08% 归属上市公司的股东净利润达到67.14亿元同比增长了33.46%公司呢一直以来高度重视股东的回报在日前举行的年度股东大会上高票通过了公司2023年度利润分配方案现金分红比例呢大幅的提升到了50.85%分配的现金红利达到了创纪录的 34.14亿元2024年的一季度呢公司的盈利能力的持续修复种主营的业务的毛利率进一步的回升到了32.7%同比增长了近四个百分点公司呢一直的聚焦稳增长优结构提制效控风险强挡箭等工作重点实现了经营质量和效益的稳步提升 2024年是商务部确定的消费促进年作为行业的头燕我们将继续的保持战略定力聚焦旅游零售的业务全力以赴的打造具有全球竞争力和影响力的世界 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2024年5月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國旅遊集團中免股份有限公司 呈交日期: 2024年6月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 | 01880 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 116,383,500 | RMB | | 1 RMB | | 116,383,500 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 116,383,500 | RMB | | 1 RMB | | 116,383,500 | FF301 第 1 頁 共 6 頁 v 1.0.2 II. 已發行股份變 ...

会议召开时间：2024 年 06 月 05 日（星期三）上午 10:00-11:30 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心视频直播和网络互动 投资者可于 2024 年 05 月 29 日（星期三）至 06 月 04 日（星期二）16:00 前登录上证路演中心网站首页点击 "提问预征集"栏目或通过公司邮箱 cdfir@ctg.cn 进行提问。公司将在说明会上对投资者普遍关注的问题进行回答。 中国旅游集团中免股份有限公司（以下简称"公司"）已于 2024 年 3 月 28 日、 4 月 24 日发布《公司 2023 年年度报告》《公司 2024 年第一季度报告》，为便于 广大投资者更全面深入地了解公司 2023 年度及 2024 年第一季度经营成果、财务 状况，公司计划于 2024 年 06 月 05 日上午 10:00-11:30 举行 2023 年度暨 2024 年 第一季度业绩说明会，就投资者关心的问题进行交流。 证券代码：601888 证券简称：中国中免 公告 ...

Financial Data and Key Metrics Changes - The company reported an increase in revenue for 2023, but sales expenses also rose significantly due to increased airport rents and operational costs from new projects [3][4] - The company's return on equity (ROE) is approximately 12%, with a gross margin of 30% and a net profit margin below 10% [4][5] Business Line Data and Key Metrics Changes - The recovery of airport duty-free sales is strong, with major airports seeing recovery rates of 60% or higher compared to pre-pandemic levels [1] - The company is focusing on enhancing the shopping experience in its stores, particularly in Hong Kong, to adapt to changing consumer preferences [2][4] Market Data and Key Metrics Changes - The company has observed a shift in consumer behavior, with a decline in gift purchases and an increase in personalized consumption [1][5] - The purchasing power of inbound tourists from Southeast Asia and India is rising, prompting the company to adjust its product offerings accordingly [2] Company Strategy and Development Direction - The company aims to balance profit and revenue, focusing on quality, service, and differentiation to build long-term competitiveness [4] - Plans are in place to enhance the integration of online and offline sales channels, with a focus on key ports and Hainan as offline channels [5] Management Comments on Operating Environment and Future Outlook - Management does not view the company as being in a "darkest hour," but rather as adapting to market changes and pandemic impacts [5] - Future growth drivers include the combination of duty-free and taxable sales, expansion into international markets, and a focus on domestic products appealing to younger consumers [5] Other Important Information - The company is exploring stock buyback options, but this is subject to regulatory guidelines from the State-owned Assets Supervision and Administration Commission [5] - The company has initiated a "Super Service" program to enhance customer loyalty and improve profitability despite potential declines in sales volume [4] Q&A Session Summary Question: How is the recovery of airport duty-free sales compared to pre-pandemic levels? - The recovery is strong, with major airports seeing recovery rates of 60% or higher, and some sales data even exceeding 2019 levels [1] Question: What measures is the company taking to adapt to changing consumer behavior? - The company is focusing on enhancing service quality and offering differentiated products to meet the evolving demands of consumers [5] Question: Why have sales expenses increased significantly? - Sales expenses have risen due to increased airport rents and operational costs associated with new projects [3][4] Question: What is the company's approach to stock buybacks? - The company is considering stock buybacks but is constrained by regulatory guidelines [5] Question: What are the core growth drivers for the next two to three years? - Key growth drivers include the integration of online and offline sales, expansion of taxable sales, and a focus on domestic products [5]

Financial Data and Key Indicators Changes - The company reported a revenue of 67.54 billion yuan in 2023, representing a year-on-year increase of 24.08% and a compound annual growth rate (CAGR) of 15.61% from 2017 to 2023 [12] - The net profit attributable to the parent company was 6.714 billion yuan, up 33.46% year-on-year, indicating a continuous recovery [12] - The gross profit margin for 2023 was 31.4%, and the net profit margin was 9.9%, showing an improvement compared to 2022 [14] Business Line Data and Key Indicators Changes - The company's revenue is primarily derived from product sales, which include both tax-free and taxable goods. In 2023, the taxable business accounted for over 33.56% of total revenue, reflecting a shift from the previous focus on tax-free sales [12] - The company has established approximately 200 duty-free stores, covering over 100 cities, and has maintained a leading position in the domestic duty-free sales market, with a market share of over 85% [3][4] Market Data and Key Indicators Changes - The company has successfully secured duty-free store operating rights at major airports, including Guangzhou Baiyun International Airport and Shanghai Pudong International Airport, which are among the top three airports in terms of passenger throughput [20] - The duty-free business in Hainan has become a significant contributor, accounting for over 60% of the company's performance, supported by favorable policies and strategic store placements [20] Company Strategy and Development Direction and Industry Competition - The company aims to leverage its scale advantages and strong bargaining power to enhance competitiveness in the duty-free market, particularly as the Hainan Free Trade Port develops [4] - The company is also expanding its online taxable business, which has shown significant growth, indicating a strategic shift towards integrating online and offline sales channels [23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth of the duty-free market, driven by policies encouraging consumption return and the recovery of international travel [2] - The management highlighted that the recent agreements to reduce airport rental fees would significantly improve profitability as international passenger traffic recovers [4] Other Important Information - The company has a low debt-to-asset ratio of 23.21%, indicating a strong financial position [7] - The company is rated "Hold" with a target net profit forecast of 7.9 billion yuan for 2024, 9.6 billion yuan for 2025, and 10.9 billion yuan for 2026, with corresponding price-to-earnings ratios of 23x, 19x, and 17x respectively [4] Q&A Session Summary Question: What is the outlook for the duty-free market in Hainan? - Management indicated that the duty-free market in Hainan is expected to grow significantly, supported by government policies aimed at boosting consumption and the establishment of new duty-free stores [20] Question: How does the company plan to address increasing competition in the duty-free sector? - The company plans to leverage its scale and operational efficiencies to maintain its market leadership, as historical trends suggest that increased competition often leads to the exit of smaller players, benefiting larger firms [4][3]

Financial Data and Key Metrics Changes - The company reported an increase in revenue for 2023, but sales expenses also rose significantly due to increased airport rents and operational costs from new projects [3][4][6] - The company's return on equity (ROE) is approximately 12%, with a gross margin of 30% and a net profit margin below 10% [6] Business Line Data and Key Metrics Changes - The recovery of airport duty-free sales is strong, with major airports seeing a recovery rate of over 60%, and some sales data even exceeding 2019 levels [1] - The company is focusing on enhancing customer experience and adjusting product offerings in response to changing consumer behavior, particularly in high-end and personalized products [6][8] Market Data and Key Metrics Changes - The influx of inbound tourists from Southeast Asia and India is increasing, with their purchasing habits differing from Chinese consumers, prompting the company to adjust its supply sources [2] - The company is experiencing a decline in purchase rates and average transaction values, despite an increase in foot traffic [5][8] Company Strategy and Development Direction - The company aims to enhance its competitive edge through improved service quality, differentiation, and a focus on long-term profitability rather than solely competing on price [6][8] - Future strategies include integrating online and offline sales channels, expanding into urban duty-free markets, and leveraging both duty-free and taxable sales [6][8] Management Comments on Operating Environment and Future Outlook - Management believes the company is not in a "darkest hour" but is adapting to post-pandemic changes and market dynamics [6] - The company is optimistic about future growth driven by online-offline integration, urban duty-free expansion, and a focus on domestic and international markets [6][8] Other Important Information - The company is considering stock buyback options, but this is subject to regulatory guidelines from the State-owned Assets Supervision and Administration Commission [3][6] - The company has initiated a "Super Service" plan to enhance customer loyalty and improve profitability despite sales fluctuations [6] Q&A Session Summary Question: How is the recovery of airport duty-free sales compared to pre-pandemic levels? - The recovery rate is over 60% at major airports, with some sales exceeding 2019 levels [1] Question: What measures is the company taking in response to the rapid recovery of inbound and outbound tourism? - The company is adjusting its product offerings and enhancing shopping experiences in response to changing consumer preferences [2] Question: Why have sales expenses increased significantly? - Sales expenses rose due to increased airport rents and operational costs from new projects [3][4] Question: What measures are being taken for stock price management? - The company is focused on improving competitiveness and shareholder returns, including potential increases in dividend payouts [3] Question: What is the reason for the increase in prepaid equity investment? - The increase is due to the acquisition of a 49% stake in a subsidiary, with payments structured over time [4] Question: How does the company plan to enhance online and offline integration? - The company aims to balance revenue and profit while focusing on quality and service differentiation [6] Question: What is the company's outlook on ROE, gross margin, and net profit margin? - The company is working on improving these metrics through scale advantages and supply chain efficiency [6] Question: How does the company view its stock performance and market trends? - The company is optimistic about its market position and is adapting to consumer trends and competitive pressures [5][6]

Investment Rating - The report assigns a "Hold" rating for China Duty Free Group (601888.SH) with a first-time coverage [6]. Core Views - The report emphasizes the long-term positive outlook for the duty-free industry driven by national policies aimed at boosting domestic consumption and the recovery of high-quality consumer demand [2]. - It highlights the strong competitive position of China Duty Free as a leading player in the retail sector, benefiting from significant scale advantages and a robust market presence [3]. - The report also notes short-term profitability improvements due to reduced airport rental costs and enhanced inventory turnover rates [4]. Summary by Sections Long-term Perspective - The duty-free market is expected to grow significantly, with a target of attracting 300 billion yuan in duty-free shopping back to China, particularly in Hainan [2]. - The overall economic trend in China remains positive, with increasing demand for high-quality consumer goods [2]. Mid-term Perspective - China Duty Free has established itself as the largest travel retail operator globally, with a market share exceeding 85% in domestic duty-free sales since 2018 [3]. - The company operates approximately 200 duty-free stores across more than 100 cities, leveraging its strong brand and extensive distribution network [3]. Short-term Perspective - The company has signed rental agreements with major airports, significantly reducing base rental fees and commission rates, which is expected to enhance profitability as international travel recovers [4]. - The report argues that the opening of duty-free licenses will ultimately benefit leading companies like China Duty Free by accelerating the exit of smaller competitors [4]. Financial Projections - Revenue is projected to grow from 675 billion yuan in 2023 to 1,030 billion yuan by 2026, with corresponding net profits increasing from 67 billion yuan to 109 billion yuan during the same period [5]. - The report provides a price-to-earnings (PE) ratio forecast of 23x for 2024, 19x for 2025, and 17x for 2026, indicating a favorable valuation outlook [4].

时间：2024年5月9日 嘉宾：郑总(IR) 纪要核心要点 1.一季度业绩：一季度的利润可能略超预期，尽管消费环境艰难，但公司表现优秀。 消费β没有回升，但中免具有自身的α。 2.现金分红提升：现金分红比例提升至50.85%，股息率大约为2%多，较以往的30% （分红比例）出头有所提高。 3.海南市场表现：海南海口海关数据显示3月份客单价不佳，但五一期间略有提升， 提升部分归因于假期因素。海南省委书记冯飞召开工作会议，提出用超常规手段促进 消费增长。海棠湾LV门店自去年11月开业以来销售表现优异，从2月份开始成为全 国销售额最高的门店，甚至可能在全球范围内也是最高的，体现公司的运营能力。 4.机场表现：海南市场是存量市场，而机场市场则是增量市场。上海机场，尤其是日 上免税店的表现超出预期，毛利率良好。 5.对未来的展望：今年海南市场有更多弹性，特别是利润贡献的弹性，期待机场市场 能带来更多积极影响。 Q&A Q：海南和机场的收入拆分 A：海南市场贡献约55%的收入，日上上海占25%，北京日上体量很小，是上海的 10%，所以日上上海机场非常重要。 Q：封关政策推进情况，公司是否有缓冲或者过渡性措施？ A：封关政 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2024年4月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國旅遊集團中免股份有限公司 呈交日期: 2024年5月6日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 | 01880 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 116,383,500 RMB | | | 1 RMB | | 116,383,500 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 116,383,500 RMB | | | 1 RMB | | 116,383,500 | | 2. 股份分類 | 普通股 | 股份類別 A | | | 於香港聯交 ...

中国旅游集团中免股份有限公司 2023 年年度股东大会 会议资料 二〇二四年五月 | ਮ | | --- | | 附件五：《公司董事会议事规则》修订对照表 119 | | --- | 中国旅游集团中免股份有限公司 2023 年年度股东大会会议资料 一、会议按照《公司法》等有关法律、行政法规、部门规章、规范性文件以 及《公司章程》的有关规定进行，请参会人员自觉维护会议秩序，防止不当行为 影响其他股东合法权益。 二、出席现场会议的股东请在会议召开前30分钟到达会议现场办理签到手 续，并按规定出示及提供如下文件： 1、个人股东亲自出席会议的，应出示本人身份证或其它能够表明其身份的 有效证件或证明、股票账户卡；委托代理人出席会议的，代理人应出示本人有效 身份证件、委托人身份证复印件、股东授权委托书和股票账户卡； 2、法人股东定代表人出席会议的，应出示本人身份证、能证明其具有法定 代表人资格的有效证明、公司营业执照复印件；委托代理人出席会议的，代理人 应出示本人身份证、法人股东单位的法定代表人依法出具的书面授权委托书、公 司营业执照复印件。 三、出席大会的股东依法享有发言权、质询权、表决权等各项权利，但需由 公司统一安 ...