Company Overview - China Duty Free Group Co., Ltd. is primarily engaged in the retail of tourism products and related services, with its main business divided into two departments: tourism retail and tourism retail complex investment and development [2] - The company's revenue composition includes 68.47% from duty-free sales, 30.27% from taxable sales, and 1.26% from other sources [2] - As of June 30, 2025, the number of shareholders was 289,700, a decrease of 4.30% from the previous period [2] Financial Performance - For the first half of 2025, the company reported operating revenue of 28.151 billion yuan, a year-on-year decrease of 9.96%, and a net profit attributable to shareholders of 2.600 billion yuan, down 20.81% year-on-year [2] - Cumulative cash dividends since the A-share listing amount to 18.405 billion yuan, with 7.241 billion yuan distributed over the last three years [3] Stock Market Activity - On August 29, the stock price increased by 2.09%, reaching 70.36 yuan per share, with a trading volume of 4.57 billion yuan and a turnover rate of 0.33%, resulting in a total market capitalization of 145.565 billion yuan [1] - Year-to-date, the stock price has risen by 6.67%, with a 4.27% increase over the last five trading days, 8.93% over the last 20 days, and 16.18% over the last 60 days [1] - The company has appeared on the "Dragon and Tiger List" once this year, with the most recent occurrence on April 10 [1] Institutional Holdings - As of June 30, 2025, the top ten circulating shareholders include Hong Kong Central Clearing Limited as the third-largest shareholder, holding 82.66 million shares, an increase of 15.7285 million shares from the previous period [3] - Other notable shareholders include Invesco Great Wall New Growth Mixed A and various ETFs, with increases in their holdings compared to the previous period [3]

Group 1 - The company reported a revenue of 28.151 billion yuan for H1 2025, a decrease of 9.96% year-on-year, with a net profit attributable to shareholders of 2.6 billion yuan, down 20.81% [1] - In Q2 2025, the company achieved a revenue of 11.405 billion yuan, a decline of 8.45%, and a net profit of 662 million yuan, down 32.21% [1] - The sales revenue from duty-free and taxable goods for H1 2025 was 20.3 billion yuan and 7.2 billion yuan, respectively, representing a year-on-year decrease of 6.1% and 21.5% [1] Group 2 - The comprehensive gross margin for H1 2025 was 32.8%, a decrease of 0.8 percentage points, with duty-free and taxable gross margins at 39.0% and 13.1%, respectively [2] - The shopping conversion rate for duty-free shopping in Hainan was 13.6%, down 4.5 percentage points, with a total of 18.31 million outbound travelers recorded, a decrease of 1.6% [2] - The average spending per customer increased by 22% to 6,594 yuan, despite a decline in shopping frequency and total shopping amount [2] Group 3 - The company is expected to benefit from the orderly advancement of new projects in Hainan and the recovery of inbound and outbound duty-free sales [3] - The projected net profits attributable to shareholders for 2025, 2026, and 2027 are 4.3 billion yuan, 4.9 billion yuan, and 5.5 billion yuan, respectively [3] - The company maintains a "buy" rating due to its strong market position and operational advantages despite short-term economic challenges [3]

旅游零售Ⅱ 执业证书编号：S0740524040004 1、《需求仍是核心变量，观察 25 年 收入情况》2025-03-31 2、《需求承压充分反映，当前仍是 交易预期》2024-11-11 Email：zhengch@zts.com.cn 执业证书编号：S0740523060001 Email：zhangji01@zts.com.cn 基本状况 | 总股本(百万股) | 2,068.86 | | --- | --- | | 流通股本(百万股) | 2,068.86 | | 市价(元) | 68.69 | | 市值(百万元) | 142,109.93 | | 流通市值(百万元) | 142,109.93 | 中国中免（601888.SH） 证券研究报告/公司点评报告 2025 年 08 月 28 日 | 评级： | 买入（维持） | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | | 2023A | 2024A | 2025E | 2026E | 2027E | | 分析师： ...

证券之星消息，8月28日旅游零售板块较上一交易日上涨0.33%，中国中免领涨。当日上证指数报收于 3843.6，上涨1.14%。深证成指报收于12571.37，上涨2.25%。旅游零售板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | --- | | 601888 | 中国中免 | 68.92 | 0.33% | | 36.84万 | | 25.28亿 | 从资金流向上来看，当日旅游零售板块主力资金净流出2.01亿元，游资资金净流入2316.47万元，散户资 金净流入1.78亿元。旅游零售板块个股资金流向见下表： | 代码 名称 主力净流入 (元) 主力净占比 游资净流入 (元) 游资净占比 散户净流入 (元) 散户净占比 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 601888 中国中免 | -2.01亿 | -7.96% | 2316.47万 | 0.92% | 7.04% | 1. ...

事件：公司发布2025年中报。1H25公司实现营收 282亿元/同比-10%，归母净利26亿元/同比-21%，扣非 归母净利26亿元/同比-20%。其中，Q2公司实现营收114亿元/同比-8%，归母净利8.5亿元/同比-30%，扣 非归母净利6.6亿元/同比-32%%。 投资建议：预计2025-2027年归母净利润分别为44.8亿元/50.6亿元/56.4 亿元，对应PE分别为 33X/29X/26X，维持"推荐"评级。风险提示：宏观经济波动的风险，行业竞争加剧的风险，新业务拓展 进度不及预期的风险。 Q2离岛免税降幅逐步收窄，公司经营逐步筑底。据海口海关，4-6月海南离岛免税销售额合计 54.5亿元/ 同比-4.1%，环比Q1有所改善。量价方面，虽然购物人数Q2同比降幅仍超20%，但被客单价提升所抵 消。整体而言，受海南地区拖累影响，1H25公司免税商品收入203亿元/同比-6%，含税商品收入72亿元/ 同比-22%。其中，线下收入197亿元，线上收入78亿元。毛利率略降，经营杠杆作用下 Q2利润率环比 下滑。1H25公司毛利率32.8%/同比-0.7pct，其中Q2毛利率32.5%/同比-1.4pct。费 ...

8月26日晚，全球免税巨头中国中免发布2025年上半年财报。 截自中国中免最新财报 据悉，中国中免从事以免税为主的旅游零售业务，其经营品类有烟酒、香化、腕表、珠宝等，与迪奥、雅 诗兰黛、资生堂、兰蔻等约1600个全球知名品牌建立了合作关系。报告期内，其免税商品销售额为203.43 亿元。 从经营地区来看，报告期内，中国中免在海南地区的营收为150.31亿元，在上海地区的营收为68.70亿元。 其中，该公司在海南省拥有6家离岛免税店，海南离岛免税销售呈现企稳态势，公司在海南离岛免税市场的 优势地位进一步稳固，市场占有率同比提升近1个百分点。 此外，财报还披露，中国中免持续拓展海外业务版图，报告期内首次进入越南市场，河内内排国际机场与 富国国际机场免税店开业；稳步推进"国潮"出海，与华熙生物、巨子生物等国潮品牌签署战略合作协议， 推动国潮精品进驻越南、柬埔寨、日本等海外渠道，促进中国品牌与全球市场深度融合。 数据显示，今年上半年，中国中免营业收入为281.51亿元，同比下降9.96%；归属于上市公司股东的净利润 为26.0亿元，同比下降20.81%。同时，实现主营业务收入275.31亿元，其中线下收入197.03 ...

广州海关所属天河海关副关长李娟告诉智通财经，市内免税店将采取"CBD购物、机场提货"的方式，面向60天内从广州离境的中外游客进行销售，店内进口 商品免征关税、进口环节增值税和消费税，提货点设置在白云机场T2航站楼，以及即将启用的T3航站楼，旅客出境前凭有效身份证件及离境航班信息快速 提货。 居民陈静（化名）是当天的首批顾客，在店内购买了合计2000元的护肤品和酒品。陈静告诉智通财经，接下来将到曼谷旅游，"反正出国也要买这些东西， 还不如就在市内买了，而且价格很吸引人，有5折到8.8折的折扣。" 以陈静为代表的中国离境消费者，是此次市内免税店扩围的面向群体之一。过去两年，国际航班恢复带动了出入境旅游。在提振消费的背景下，宏观政策开 始瞄向体量并不算大的免税市场，以市内免税店为抓手，吸引中国离境消费者和外国入境游客。2024年8月底，财政部等五部门印发《关于完善市内免税店 政策的通知》，推动市内免税店扩容，将在八个城市各新增一家市内免税店。 智通财经记者 | 张熹珑 广州市天河区CBD迎来一个新地标。8月26日，广州首家市内免税店在此处正式开业，坐落于珠江新城核心地带的广州友谊国金店，由中免集团、岭南集团 旗下子 ...

记者丨高江虹 编辑丨张伟贤 免税巨头的漫长冬日还未结束。 8月26日，中国中免披露2025年半年度报告，上半年实现营业收入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，同比下滑 20.81%，且较2021年同期峰值缩水超过51%。 在消费需求放缓与行业周期影响下，这家免税巨头的经营状况还未好转。截至报告期末，中国中免毛利率为32.77%，同比下降0.77个百分点，净利率为 10.32%，同比下降1.34个百分点。 不过，随着深圳广州市内免税店相继开业，海南市场占有率逆势提升近1个百分点，这家全球免税巨头正通过多元布局寻求突围。 多个主要指标持续负增长 根据海南省统计局统计数据，今年上半年海南省港口和机场旅客吞吐量为3519.52万人次，同比下降 1.4%，其中离港旅客为1831.03万人次，同比下降 1.6%。海南三亚和海口机场的统计数据则显示，2025年上半年，三亚凤凰国际机场的旅客吞吐量为 1181.38 万人次，同比增长8.49%；海口美兰国际机场 的旅客吞吐量为 1390.72 万人次，同比下降 4.05%。 在这个大环境下，2025 年上半年海南离岛免税市场承压前行。海 ...

记者丨 高江虹 编辑丨张伟贤 免税巨头的漫长冬日还未结束。 8月26日，中国中免披露2025年半年度报告，上半年实现营业收入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，同比下滑20.81%，且较2021年同期峰值缩 水超过51%。 在消费需求放缓与行业周期影响下，这家免税巨头的经营状况还未好转。截至报告期末，中国 中免毛利率为32.77%，同比下降0.77个百分点，净利率为10.32%，同比下降1.34个百分点。 不过，随着深圳广州市内免税店相继开业，海南市场占有率逆势提升近1个百分点，这家全球 免税巨头正通过多元布局寻求突围。 多个主要指标持续负增长 根据海南省统计局统计数据，今年上半年海南省港口和机场旅客吞吐量为3519.52万人次，同 比下降 1.4%，其中离港旅客为1831.03万人次，同比下降 1.6%。海南三亚和海口机场的统计 数据则显示，2025年上半年，三亚凤凰国际机场的旅客吞吐量为 1181.38 万人次，同比增长 8.49%；海口美兰国际机场的旅客吞吐量为 1390.72 万人次，同比下降 4.05%。 在这个大环境下，2025 年上半年海南离岛免税市场 ...

Macro Strategy - The core viewpoint highlights the unprecedented removal of Federal Reserve Governor Cook by Trump, raising concerns about the independence of the Federal Reserve and the potential for more "Trump-aligned" appointees, which could lead to increased expectations for interest rate cuts in the future [1] - Following the removal announcement, market reactions included rising long-term U.S. Treasury yields and gold prices, while the U.S. dollar index declined, indicating a shift in investor sentiment towards risk assets [1] Fixed Income - The report indicates a cautious approach in the convertible bond market, suggesting a reduction in exposure to high-priced targets while increasing allocations to ETFs to balance risks [2][3] - The 10-year government bond yield increased from 1.745% to 1.785%, reflecting market adjustments to macroeconomic conditions [2] Industry Insights - New Lai Ying Material (300260) reported improved Q2 performance, benefiting from growth in the semiconductor and liquid cooling sectors, with a focus on domestic substitution and an optimized customer structure [5][6] - Li Yuan Heng (688499) achieved profitability with a robust order backlog in solid-state battery equipment, indicating a strong operational cash flow and successful delivery to major clients [7] - Jin Zai Food (003000) is experiencing a Q2 adjustment period, leading to a downward revision of profit forecasts for 2025-2027, reflecting a mismatch between internal expansion strategies and external market conditions [8][9] - Anpei Long (301413) reported steady growth in its temperature and pressure sensor business while investing in humanoid robotics, adjusting profit forecasts for 2025-2026 [10] - Xinde New Materials (301349) is seeing significant growth in fast-charging products, with profit forecasts adjusted upwards due to improved margins [11] - The report on China National Railway (601766) indicates strong growth in H1 2025, driven by recovery in railway fixed asset investments [18] - The report on China Duty Free Group (601888) highlights a narrowing revenue decline in Q2 2025, with a focus on expanding city store operations to boost sales [31] - Yun Aluminum (000807) reported a 17.98% increase in revenue for H1 2025, with a focus on maintaining high profit margins amid fluctuating aluminum prices [32][33]