Financial Performance Summary - Total operating revenue for the first half of 2025 was CNY 2,815,075 million, a decrease of 9.96% compared to the same period last year [1] - Operating profit decreased by 18.20% to CNY 370,798.85 million from CNY 453,279.27 million [1] - Total profit fell by 19.21% to CNY 366,347.92 million from CNY 453,482.72 million [1] - Net profit attributable to shareholders decreased by 20.81% to CNY 259,975.29 million from CNY 328,289.65 million [1] - Basic earnings per share dropped by 20.81% to CNY 1.2566 from CNY 1.5868 [1] - The weighted average return on equity decreased to 4.65% from 5.97% [1] Asset and Equity Overview - Total assets at the end of the reporting period were CNY 7,515,202.79 million, a decrease of 1.45% from CNY 7,626,037.37 million at the beginning of the period [1] - The equity attributable to shareholders remained unchanged with a share capital of 206,885.90 million shares [1] Business Strategy and Market Position - The company is focusing on expanding its "duty-free+" boundaries while enhancing its core duty-free business [1] - The company has strengthened its market position in Hainan, with a market share increase of nearly 1 percentage point year-on-year [1] - Inventory turnover rate improved by 10% year-on-year, indicating enhanced operational efficiency [1] - Future strategies include strengthening strategic leadership, promoting strategic transformation, and driving innovation for high-quality development [1]

Macro Dynamics - France will officially recognize the State of Palestine, with President Macron planning to announce this decision during the UN General Assembly in September [1] - China supports the "two-state solution" as the only realistic way to resolve the Palestinian issue and aims to work with the international community to alleviate the humanitarian crisis in Gaza [1] Foreign Exchange Market - In June 2025, China's foreign exchange market had a total transaction volume of 25.55 trillion RMB (approximately 3.56 trillion USD), with a cumulative transaction volume of 150.87 trillion RMB (approximately 21.00 trillion USD) from January to June 2025 [2] Fiscal Expenditure - In the first half of 2025, China's general public budget expenditure reached 141.27 billion RMB, a year-on-year increase of 3.4%, with significant growth in social security and employment (9.2%), science and technology (9.1%), education (5.9%), and health (4.3%) [3] Transportation and Mobility - In the first half of 2025, cross-regional personnel flow in China reached 33.76 billion person-times, a year-on-year increase of 4.2%, with freight volume and port cargo throughput also showing growth [5] Financial Institutions - Nanjing Securities announced the resignation of director Xiao Ling due to work arrangement adjustments [7] - HSBC Life Insurance increased its registered capital from 2.314 billion RMB to 2.676 billion RMB [8] Market Data - On July 25, 2025, A-shares saw a collective decline, with the Shanghai Composite Index down 0.33% and the Shenzhen Component down 0.22%, while the total market turnover was approximately 1.79 trillion RMB [10] - The Hong Kong stock market also experienced declines, with the Hang Seng Index down 1.09% [11] Company Dynamics - Chery Automobile clarified its collaboration with India's JSW Group, stating that it only involves parts supply and does not include technology transfer [12] - China Duty Free Group reported a net profit of 2.6 billion RMB in the first half of 2025, a year-on-year decrease of 20.81% [14][15] - Guangzhou-Shenzhen Railway signed a cooperation agreement for the Guangzhou East Station renovation project, with a total investment of approximately 16.66 billion RMB [16] - Yushu Technology launched its third humanoid robot, UnitreeR1, priced from 39,900 RMB [17] - Ceconomy AG confirmed ongoing discussions with JD.com regarding a potential acquisition, with a possible valuation of around 2.2 billion EUR [18] - Country Garden's offshore debt restructuring is progressing, with a compensation plan of 178 million USD supported by key banks, expected to be completed by the end of December [19][20]

Group 1 - The State Council, led by Li Qiang, is implementing measures to gradually promote free preschool education [1] - The China Securities Regulatory Commission (CSRC) is tightening restrictions on potential significant adverse impacts from peer competition on listed companies, enhancing the review responsibilities and decision-making requirements for related transactions [2] - According to Qunzhi Consulting, TV panel prices experienced a decline in July due to supply and demand dynamics, with expectations of a gradual stabilization starting in August [3] Group 2 - The Dalian Commodity Exchange has adjusted the trading limits for lithium carbonate futures (LC2509), capping the daily opening position at 3,000 contracts, while the Zhengzhou Commodity Exchange has set a limit of 500 contracts for coking coal futures (JM2509) [4] - Bond funds may face significant redemption pressure, with over 200 billion yuan in various bonds sold in the first four days of the week, including nearly 100 billion yuan sold in a single day on July 24 [5] - China Fortune Securities plans to issue H-shares and list on the Hong Kong Stock Exchange [6] - China Duty Free Group reported a net profit of 2.6 billion yuan for the first half of the year, a year-on-year decrease of 20.81% [6] - Dongshan Precision plans to invest up to 1 billion USD in a high-end printed circuit board project through its subsidiary [6] - Huaitong Group, which has seen a surge in stock prices, clarified that it did not participate in the construction of the hydropower station project downstream of the Yarlung Tsangpo River [6] - Guangsheng Pharmaceutical's innovative hepatitis B treatment drug, Nairu Kewei GST-HG141, has successfully enrolled its first subject in a Phase III clinical trial [6]

Group 1: Company Announcements - Guangshen Railway signed a cooperation agreement for the Guangzhou East Station renovation project with a total investment of approximately 16.66 billion yuan, including a reconstruction compensation investment of about 2.228 billion yuan [1] - Fushun Special Steel announced that Ningbo Meishan Bonded Port Area Jincheng Shazhou intends to make a partial tender offer to acquire 5% of the company's shares at a price of 5.6 yuan per share [2] - China Duty Free Group reported a net profit of 2.6 billion yuan for the first half of 2025, a year-on-year decrease of 20.81%, with total operating revenue of 28.151 billion yuan, down 9.96% [3] - Gaozheng Mining announced that its controlling shareholder, Cangjian Group, reduced its shareholding by 2.76 million shares, bringing its stake down to 57.6% [4] - Sanfeng Intelligent reported that its director Chen Wei is under investigation, but the company's operations remain normal [5] - Guangsheng Group's innovative hepatitis B treatment drug GST-HG141 has successfully enrolled its first participant in a Phase III clinical trial [6] - Western Gold announced plans to acquire 100% of Xinjiang Meisheng for 1.655 billion yuan, with a premium of 1421.66% over the book value [7] - Huqin Technology announced that shareholders holding more than 5% plan to reduce their holdings by up to 4% of the company's shares [8] - Dongshan Precision's subsidiary plans to invest up to 1 billion USD in a high-end printed circuit board project [10] - Yitian Intelligent plans to jointly invest in a private equity fund focusing on artificial intelligence and computing power, with a total subscription amount of 2 billion yuan [11] - *ST Wanfang is under investigation by the China Securities Regulatory Commission for suspected information disclosure violations [12] - Ruibeka and its controlling shareholder are also under investigation by the CSRC for similar reasons [13] - BioShares' subsidiary received clinical trial approval for a cat infectious peritonitis mRNA vaccine [14] - Ruipu Bio received the first clinical trial approval for an mRNA vaccine for economic animals in China [15] - Shengke Communication announced that a major fund plans to reduce its holdings by up to 3% of the company's shares [16] - ShenKai Co. announced a capital increase of 15 million yuan in Shandong Future Robotics, a deep-sea operation robot company [18] - Shouchuang Securities plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance capital strength [19] Group 2: Financial Performance - Western Mining reported a net profit of 1.869 billion yuan for the first half of the year, a year-on-year increase of 15% [20] - Digital Certification expects a loss of 80 million to 96 million yuan for the first half of the year [21] Group 3: Major Contracts and Share Buybacks - China Communications Construction Company signed new contracts worth 991.054 billion yuan in the first half of the year, a year-on-year increase of 3.14% [22] - Zhejiang Communications Technology's subsidiary won two projects totaling over 3.4 billion yuan [23] - Feilong Co. received a notification from SAIC Motor for a designated sales agreement, expecting sales revenue of over 400 million yuan during its lifecycle [24] - Liuyuan Group plans to repurchase shares worth 100 million to 200 million yuan [25] - Meikailong's shareholders plan to reduce their holdings by no more than 3.0011% of the company's shares [26]

Investment Rating - The report maintains an "Outperform" rating for the social services industry, indicating an expected performance that exceeds the broader market index by more than 10% [10]. Core Insights - The report highlights the upcoming full closure of Hainan Free Trade Port on December 18, 2025, which is anticipated to create investment opportunities, particularly in the duty-free sector [1]. - Key policy measures include an increase in the proportion of zero-tariff goods from 21% to 74%, more relaxed trade management, and efficient regulatory frameworks to support the implementation of these policies [6]. - The report suggests continued focus on bottoming stocks such as China Duty Free Group and Wangfujing, with expectations of sustained activity in the Hainan sector leading up to the closure [6]. Summary by Sections Industry Overview - The report discusses the significant developments in Hainan's free trade policies, which are expected to enhance the attractiveness of the duty-free market [1][6]. Policy Measures - The report outlines specific measures such as zero-tariff policies, relaxed import restrictions, and improved customs procedures to facilitate trade [6]. Investment Recommendations - The report recommends monitoring specific stocks in the duty-free sector, indicating potential for growth as the market prepares for the upcoming policy changes [6].

Core Viewpoint - The official announcement of Hainan's full closure operation on December 18, 2025, marks a significant milestone in the establishment of China's largest free trade port, which is expected to bring both opportunities and challenges to companies like China Duty Free Group (CDFG) [3][10][41]. Group 1: Impact of Hainan's Closure - Hainan's closure will implement a more favorable zero-tariff policy, increasing the proportion of zero-tariff goods from 21% to 74% and expanding the number of duty-free products from 1,900 to 6,600 [10]. - The closure is anticipated to lower import costs for companies and boost consumer spending among travelers in Hainan [11][12]. - Hainan aims to become a global shopping and service center, similar to Hong Kong, as it connects more closely with international markets [13]. Group 2: Challenges for China Duty Free Group - The closure presents a double-edged sword for CDFG, as it may lower costs and increase foot traffic but also reduce market entry barriers for competitors, allowing them to open their own duty-free stores [14][16]. - The increase in zero-tariff goods will lead to overall lower prices for imported products, diminishing CDFG's price advantage [17][21]. - CDFG's competitive edge, which previously relied on tax exemptions, will be significantly reduced, leaving only a small price difference compared to other retail stores [18][20]. Group 3: Financial Performance of China Duty Free Group - CDFG reported a revenue of 28.151 billion yuan for the first half of 2025, a year-on-year decline of 9.96%, with net profit down 20.81% [25]. - The company has experienced six consecutive quarters of revenue decline and five quarters of net profit decline [26]. - The overall consumption crisis in Hainan's duty-free shopping market is reflected in declining shopping amounts and visitor numbers [28]. Group 4: Market Dynamics and Future Outlook - CDFG's market position has been challenged by the rise of cross-border e-commerce, which has eroded its price advantage and profit margins [36][37]. - The changing consumer landscape, with a shift towards more price-sensitive purchasing behavior, poses additional risks for CDFG [39]. - Despite having over 30 billion yuan in cash and a low debt ratio of 21.8%, the company faces uncertainties regarding future growth prospects due to ongoing performance declines and a weak consumption environment [43][45].

[I. Major Financial Data and Indicators for the Six Months Ended June 30, 2025 (the "Reporting Period")](index=1&type=section&id=I.%20Major%20Financial%20Data%20and%20Indicators%20for%20the%20Six%20Months%20Ended%20June%2030%2C%202025%20(the%20%22Reporting%20Period%22)) This section presents the company's key financial data and indicators for the first half of 2025, covering income statement and balance sheet figures [1.1 Income Statement Data](index=1&type=section&id=1.1%20Income%20Statement%20Data) The company experienced year-over-year declines in total operating revenue, operating profit, net profit, and basic earnings per share for the first half of 2025 | Item | Current Period (RMB 10,000) | Prior Period (RMB 10,000) | Change (%) | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 2,815,075.00 | 3,126,499.84 | -9.96 | | Operating Profit | 370,798.85 | 453,279.27 | -18.20 | | Total Profit | 366,347.92 | 453,482.72 | -19.21 | | Net Profit Attributable to Shareholders of the Listed Company | 259,975.29 | 328,289.65 | -20.81 | | Net Profit Attributable to Shareholders of the Listed Company (Excluding Non-recurring Gains and Losses) | 259,324.91 | 323,770.03 | -19.90 | | Basic Earnings Per Share (RMB) | 1.2566 | 1.5868 | -20.81 | | Weighted Average Return on Net Assets (%) | 4.65 | 5.97 | Decreased by 1.32 percentage points | [1.2 Balance Sheet Data](index=2&type=section&id=1.2%20Balance%20Sheet%20Data) As of the end of the first half of 2025, total assets slightly decreased, while equity attributable to shareholders and net assets per share saw minor increases | Item | End of Current Period (RMB 10,000) | Beginning of Current Period (RMB 10,000) | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 7,515,202.79 | 7,626,037.37 | -1.45 | | Total Equity Attributable to Shareholders of the Listed Company | 5,519,857.98 | 5,509,670.56 | 0.18 | | Share Capital (10,000 shares) | 206,885.90 | 206,885.90 | 0.00 | | Net Assets Per Share Attributable to Shareholders of the Listed Company (RMB) | 26.6807 | 26.6314 | 0.19 | - The above data is prepared based on consolidated financial statements[7](index=7&type=chunk) [II. Explanation of Operating Performance and Financial Condition](index=2&type=section&id=II.%20Explanation%20of%20Operating%20Performance%20and%20Financial%20Condition) Despite performance pressure, the company is accelerating strategic transformation, deepening duty-free business, expanding 'duty-free+' boundaries, and improving operational efficiency - The company is accelerating strategic transformation, deepening its duty-free business, actively expanding the "duty-free+" boundary, and driving innovation in its own brands through exclusive, first-launch, and co-branded custom products[8](index=8&type=chunk) - Hainan offshore duty-free sales show a stabilizing trend, with the company's market share increasing by nearly **1 percentage point** year-on-year, solidifying its dominant position in the Hainan market[8](index=8&type=chunk) - The company's operational efficiency continues to improve, with inventory turnover increasing by **10%** year-on-year[8](index=8&type=chunk) - The next steps involve continuously strengthening strategic guidance, advancing strategic transformation, and promoting corporate reform and innovation through business layout adjustments to achieve high-quality development[8](index=8&type=chunk) [III. Risk Warning](index=2&type=section&id=III.%20Risk%20Warning) The disclosed financial data for the first half of 2025 are preliminary and unaudited, requiring investors to exercise caution - The major financial data for the first half of 2025 are preliminary and unaudited by an accounting firm[9](index=9&type=chunk) - Specific data will be subject to the company's 2025 interim report, and investors are advised to be aware of investment risks[9](index=9&type=chunk) [IV. Supplementary Information to the Annual Report](index=3&type=section&id=IV.%20Supplementary%20Information%20to%20the%20Annual%20Report) This section provides supplementary disclosure of supervisors' remuneration from 2022 to 2024, as required by listing rules - Supplementary information on supervisors' remuneration from 2022 to 2024 is provided in accordance with disclosure requirements of paragraphs 24 and 24.4 of Appendix D2 to the Listing Rules[10](index=10&type=chunk) 2022-2024 Supervisors' Remuneration (RMB Thousand) | Year | Supervisor | Salaries and Allowances | Discretionary Bonus | Retirement Scheme Contributions | Total | | :--- | :--- | :--- | :--- | :--- | :--- | | **2024** | Ms. Li Hui | 787 | 351 | 173 | 1,311 | | | Ms. Dou Xiaoqiong | 787 | 438 | 173 | 1,398 | | **2023** | Ms. Li Hui | 802 | 935 | 170 | 1,907 | | | Ms. Dou Xiaoqiong | 812 | 815 | 170 | 1,797 | | **2022** | Ms. Li Hui | 834 | 746 | 156 | 1,736 | | | Ms. Dou Xiaoqiong | 888 | 595 | 156 | 1,639 | *Note: Mr. Liu Defu, Chairman of the Supervisory Committee, received no remuneration in any of the years* - The supplementary information does not affect other data contained in the annual report, and all other data remain unchanged[11](index=11&type=chunk)

Corporate Announcements - Sanfeng Intelligent's director Chen Wei has been placed under investigation, but the company's operations remain normal and unaffected [3] - Shanghai Pharmaceuticals plans to acquire a 10% stake in Shanghai Shihua Group Financial Company for 143 million yuan, increasing its ownership from 30% to 40% [4] - Western Gold intends to acquire 100% of Xinjiang Meisheng Mining for 1.655 billion yuan, with a premium of 1421.66% over book value; the target company is expected to commence production in the second half of 2025 [5] - Hengrui Medicine plans to acquire approximately 1.46% of Chengdu Shengdi Pharmaceutical from minority shareholders for 40.144 million yuan, increasing its stake to 97.37% [6] - Dongshan Precision has approved an investment of up to 1 billion USD for a high-end printed circuit board project to meet long-term demand in emerging markets [7] - ST Wanfang and Rebecca have both received notices from the China Securities Regulatory Commission regarding investigations into information disclosure violations, but their operations remain normal [8][9] Financial Performance - China Duty Free Group reported a net profit of 2.6 billion yuan for the first half of 2025, a decrease of 20.81% year-on-year, with total revenue of 28.151 billion yuan, down 9.96% [13] - Digital Certification expects a loss of 80 to 96 million yuan for the first half of 2025, compared to a loss of 29.25 million yuan in the same period last year [14] - Western Mining reported a net profit of 1.869 billion yuan for the first half of 2025, an increase of 15% year-on-year, with total revenue of 31.619 billion yuan, up 27% [15] Major Contracts - ST Dongyi signed new orders worth 215 million yuan in the second quarter for its decoration business, with total uncompleted contracts amounting to 383 million yuan [17] - Guangshen Railway signed a cooperation agreement for the Guangzhou East Station renovation project, with a total investment of approximately 16.66 billion yuan [18] Shareholder Actions - Huajin Technology's employee stock ownership platform plans to reduce its stake by up to 4% within three months [20] - Liuyuan Group intends to repurchase shares worth between 100 million and 200 million yuan, with a maximum repurchase price of 25.7 yuan per share [22]

证券代码：601888 证券简称：中国中免 公告编号：临2025-022 中国旅游集团中免股份有限公司 2025年半年度业绩快报公告 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。 本公告所载2025年半年度主要财务数据为初步核算数据，未经会计师事务所 审计，具体数据以中国旅游集团中免股份有限公司（以下简称"公司"）2025 年半年度报告中披露的数据为准，提请投资者注意投资风险。 三、风险提示 | 项目 | 本报告期 | 上年同期 | 增减变动幅度 | | --- | --- | --- | --- | | | | | （%） | | 营业总收入 | 2,815,075.00 | 3,126,499.84 | -9.96 | | 营业利润 | 370,798.85 | 453,279.27 | -18.20 | | 利润总额 | 366,347.92 | 453,482.72 | -19.21 | | 归属于上市公司股东的净利润 | 259,975.29 | 328,289.65 | -20.81 | | 归属于上市公司股东的 ...

Group 1 - The Shanghai Composite Index decreased by 0.33%, while the Shanghai Elderly Industry Index reported at 7521.21 points [1] - The Shanghai Elderly Industry Index has increased by 8.07% in the past month, 11.86% in the past three months, and 12.60% year-to-date [2] - The index consists of 40 listed companies related to the elderly industry, including health management, leisure tourism, and life insurance, reflecting the overall performance of these companies in the Shanghai market [2] Group 2 - The top ten weighted companies in the Shanghai Elderly Industry Index include: BoRui Pharmaceutical (4.55%), Ecovacs (3.05%), New China Life Insurance (2.83%), China Duty Free Group (2.72%), Tongce Medical (2.64%), Ping An Insurance (2.58%), Nanjing Tourism (2.56%), Huatai Medical (2.51%), China Pacific Insurance (2.51%), and Heng Rui Pharmaceutical (2.5%) [2] - The index is fully composed of companies listed on the Shanghai Stock Exchange, with the following industry distribution: Consumer Discretionary (37.07%), Healthcare (36.05%), Consumer Staples (11.55%), Financials (10.39%), and Communication Services (4.94%) [3] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [3]