Core Points - China Duty Free Group (01880.HK) announced that its A-shares experienced a cumulative price deviation of over 20% during three consecutive trading days from November 7 to November 11, 2025, indicating abnormal trading fluctuations [1] - The company conducted a self-examination and confirmed, in writing to its controlling shareholder, that there are no undisclosed significant matters or risk issues as of the date of this announcement [1] - The company urges investors to be aware of secondary market trading risks and to make rational decisions and investments [1]

Core Viewpoint - China National Pharmaceutical Group (01880.HK) announced that its A-share stock experienced a cumulative price fluctuation exceeding 20% over three consecutive trading days from November 7 to November 11, 2025, which is classified as an abnormal trading situation according to the Shanghai Stock Exchange regulations [1] Summary by Relevant Sections - **Stock Price Fluctuation** The company's A-share stock saw a cumulative price increase deviation of over 20% during the specified trading days [1] - **Self-Examination and Disclosure** Following a self-examination and written inquiry to its controlling shareholder, the company confirmed that there are no undisclosed significant matters or risk issues as of the date of this announcement [1] - **Investor Advisory** The company urges investors to be aware of secondary market trading risks and to make rational decisions and cautious investments [1]

Core Viewpoint - China Tourism Group Duty Free Corporation Limited (China Duty Free) announced the release of its Q3 2025 report on October 31, 2025, and plans to hold a performance briefing on November 19, 2025, to address investor concerns [1]. Group 1 - The company aims to provide a comprehensive understanding of its Q3 2025 operational results and financial status [1]. - The performance briefing is scheduled for November 19, 2025, from 10:00 to 11:00 [1].

证券代码：601888 证券简称：中国中免 公告编号：临2025-035 中国旅游集团中免股份有限公司 股票交易异常波动公告 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。 重要内容提示： ● 公司A股股票于2025年11月7日、2025年11月10日、2025年11月11日连续3个 交易日内日收盘价格涨幅偏离值累计超过20%，根据《上海证券交易所交易规则》 的有关规定，属于股票交易异常波动情形。 ● 经公司自查并向公司控股股东书面发函查证，截至本公告披露日，不存在应 披露而未披露的重大事项和风险事项。 ● 公司敬请广大投资者注意二级市场交易风险，理性决策，审慎投资。 一、股票交易异常波动的具体情况 中国旅游集团中免股份有限公司（以下简称"公司"）A股股票交易于2025年 11月7日、2025年11月10日、2025年11月11日连续3个交易日内日收盘价格涨幅偏离 值累计超过20%。根据《上海证券交易所交易规则》的有关规定，属于股票交易异 常波动情形。 二、公司关注并核实的相关情况 针对公司A股股票交易异常波动情况，公司对有关 ...

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 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。 （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） 海外監管公告 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股票交易異常波動公告》，僅供參閱。 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11月11日 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。 证券代码：601888 证券简称：中国中免 公告编号：临2025-035 中国旅游集团中免股份有限公司 股票交易异常波动公告 本公司 ...

证券代码：601888 证券简称：中国中免 公告编号：临 2025-034 中国旅游集团中免股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 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。 重要内容提示： （一） 会议召开时间：2025 年 11 月 19 日（星期三）10:00-11:00 1 会议召开时间：2025 年 11 月 19 日（星期三）10:00-11:00 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：上证路演中心网络互动 投资者可于 2025 年 11 月 12 日（星期三）至 11 月 18 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 2025 年 10 月 31 日发布《公司 2025 ...

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） 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關於召開2025年第三季度業績說明會的公告》，僅供參閱。 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 中国旅游集团中免股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 范雲軍先生 中國•北京 2025年11月11日 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： 会议召开时间：2025 年 11 月 ...

Core Viewpoint - China National Pharmaceutical Group (China National Immunization, 601888) announced on November 11 that its daily operations are normal and orderly, with no significant changes reported [1] Company Summary - The company has not identified any media reports or market rumors that could potentially impact its stock trading price [1] - There are no involvement in any hot concept matters at this time [1]

Core Viewpoint - China National Pharmaceutical Group announced that its A-share stock price has deviated by more than 20% over three consecutive trading days, indicating abnormal trading fluctuations [1] Group 1 - The company conducted a self-examination and confirmed that neither it nor its controlling shareholder has undisclosed significant information, including major asset restructuring or share issuance [1] - The company's daily operations are normal and orderly, with no significant changes reported [1] - The short-term volatility of the company's stock price is considerable, prompting a cautionary note for investors regarding secondary market trading risks and the importance of rational decision-making [1]

Investment Rating - The report maintains a "Buy" rating for the company [7][8]. Core Views - The new tax-free shopping policy in Hainan is expected to boost consumption and attract overseas spending back to the region, benefiting China Duty Free Group (CDFG) due to its scale and operational experience [1]. - The recent policy changes include an expansion of product categories, relaxed eligibility criteria, and simplified approval processes, which are anticipated to significantly enhance the performance of duty-free shopping in Hainan [2][3]. - CDFG has proactively positioned itself to leverage these policy benefits, focusing on product variety, membership systems, and expanding its duty-free store network [4]. Summary by Sections Investment Rating - The investment rating for CDFG is "Buy" for both A-shares and H-shares, with target prices set at RMB 104.16 and HKD 93.96 respectively [7]. Policy Changes - The new policies include the addition of two major product categories and six types of domestic goods eligible for tax exemption, as well as allowing island residents with departure records to purchase duty-free items without restrictions [2]. - The implementation of these policies has already shown positive results, with Hainan's duty-free shopping amounting to RMB 506 million from November 1 to November 7, reflecting a year-on-year increase of 34.86% [2]. Company Positioning - CDFG has introduced various domestic brands and is enhancing its membership system, which has grown to over 26 million members as of Q3 [4]. - The company is developing a comprehensive duty-free platform that includes island, airport, and city duty-free operations, with expectations of revenue and profit recovery as policies improve [4]. Financial Projections - The report projects an increase in net profit for CDFG, with estimates for 2026 and 2027 being RMB 47.60 billion and RMB 56.09 billion respectively, reflecting a 13% and 17% increase [5]. - The target price adjustments are based on a slight increase in premium rates, with the A-share target price reflecting a 45x PE ratio for 2026 [5].