本文自南都·湾财社 采写 | 南都·湾财社记者 王蕾娜 编辑 | 戴越 8月26日，中国旅游集团中免股份有限公司（以下简称"中国中免"）发布2025年半年度报告。在海南离岛免税市场持续调整、行业竞争加剧的背景下，公 司上半年实现营业收入281.51亿元，同比下降9.96%；净利润25.99亿元，同比减少20.81%。 8月27日，针对今年上半年营收净利双降的原因及未来发展计划等相关问题，南都·湾财社记者向中国中免发送采访函，截至发稿未收到回复。 营收净利双降 海南离岛免税购物人数减少 作为中国中免的核心业务，海南离岛免税市场上半年顶压前行。根据海口海关统计数据，2025年1-6月，离岛免税购物金额人民币167.6亿元，同比下降 9.2%，降幅明显收窄；免税购物人数248.2万人次，同比下降26.2%；人均免税购物金额约人民币6754.0元，同比上升23.0%。 根据海南省统计局统计数据，2025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%。 报告期内，中国中免实现营业收入281.51亿元，主营业务收入275.31亿元，其中线 ...

Core Viewpoint - The long winter for the duty-free giant China Duty Free Group (CDFG) has not yet ended, as it faces significant challenges in revenue and profit due to a slowdown in consumer demand and industry cycles [1][2]. Financial Performance - In the first half of 2025, CDFG reported revenue of 28.151 billion yuan, a year-on-year decline of 9.96%, and a net profit of 2.6 billion yuan, down 20.81% compared to the previous year, with profits shrinking over 51% from the peak in 2021 [1][2]. - The gross margin for CDFG was 32.77%, a decrease of 0.77 percentage points year-on-year, while the net margin was 10.32%, down 1.34 percentage points [1]. - The company's gross profit for the first half of 2025 was 8.99 billion yuan, a decrease of 12.23% year-on-year, indicating significant pressure on profitability [2][3]. - In Q2 2025, the net profit fell by 32.21% year-on-year, and cash flow from operating activities decreased by 39.5% due to reduced sales revenue [3]. Market Dynamics - The duty-free shopping market in Hainan faced pressure, with total shopping amounts of 16.76 billion yuan in the first half of 2025, down 9.2% year-on-year, while the number of shoppers decreased by 26.2% [2]. - Despite the overall decline, CDFG's market share in Hainan increased by nearly 1 percentage point, maintaining a leading position with a market share of 82% [3]. Strategic Initiatives - CDFG is expanding its presence through a multi-faceted approach, including the opening of city duty-free stores in Shenzhen and Guangzhou, which combine various retail models [5][6]. - The company is also targeting the growing inbound tourism market, with a notable increase in foreign visitors, which is expected to boost shopping experiences [6]. - CDFG has successfully entered overseas markets, including operations in Hong Kong, Macau, and Vietnam, and is collaborating with domestic brands to enhance its international presence [7]. Historical Performance Trends - CDFG experienced significant fluctuations in performance over the past seven years, with net profit peaking at 9.65 billion yuan in 2021 before dropping to 5.04 billion yuan in 2022 due to the pandemic [4]. - The company saw a partial recovery in 2023 with a net profit of 6.71 billion yuan, but faced another decline in 2024, with profits dropping 36.5% to 4.26 billion yuan [4]. Market Outlook - Analysts predict that CDFG's net profit for 2025 could stabilize around 5.155 billion yuan, with a market capitalization estimate between 128.8 billion and 154.6 billion yuan, although some institutions have lowered profit expectations due to ongoing pressure in duty-free consumption [7].

证券之星消息，8月27日旅游零售板块较上一交易日下跌3.81%，中国中免领跌。当日上证指数报收于 3800.35，下跌1.76%。深证成指报收于12295.07，下跌1.43%。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 | 68.69 | -3.81% | | 49.13万 | | 34.34亿 | 从资金流向上来看，当日旅游零售板块主力资金净流出5.36亿元，游资资金净流入1.9亿元，散户资金净 流入3.46亿元。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 -5.3617 -15.62% | 1.90亿 | 5.54% | 3.46亿 | 10.08% | | 第一十六石,八丁米与目或一周。同代 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation of stock price appreciation exceeding 15% over the next six months [6]. Core Views - The report highlights a narrowing decline in offshore duty-free sales, with expectations for city duty-free stores to contribute incremental growth. The company is positioned to benefit from the recovery in inbound and outbound duty-free shopping as new stores open [3][6]. - Despite short-term growth challenges due to macroeconomic fluctuations, the long-term outlook remains positive, with projected net profits for 2025, 2026, and 2027 at 4.3 billion, 4.9 billion, and 5.5 billion yuan respectively [3][5]. Financial Performance Summary - For the first half of 2025, the company reported revenue of 28.151 billion yuan, a decrease of 9.96% year-on-year, and a net profit of 2.6 billion yuan, down 20.81% [1]. - The company's gross margin slightly declined to 32.8%, with duty-free and taxable goods gross margins at 39.0% and 13.1%, respectively [2]. - The report indicates a mixed performance across different sales channels, with city store revenue at 10.34 billion yuan, down 14%, but with a net profit increase of 13% [2][3]. Sales and Market Trends - The report notes a 1.6% decline in outbound travelers from Hainan, with a shopping conversion rate of 13.6%, down 4.5 percentage points [3]. - The average spending per customer increased by 22% to 6,594 yuan, despite a decrease in shopping frequency [3]. - New city duty-free stores are expected to enhance sales, with several locations in cities like Guangzhou and Shenzhen recently opening [3]. Future Projections - Revenue projections for the company are set at 60.026 billion yuan for 2025, with a growth rate of 6.29% [5]. - The net profit is expected to stabilize and grow in the coming years, with a forecasted increase in net profit margin to 7.6% by 2027 [5][14].

Core Viewpoint - China Duty Free Group (中国中免) reported a decline in revenue and profit for the first half of 2025, reflecting challenges in the duty-free retail sector amid pressured consumer demand [1] Financial Performance - Revenue for the first half of 2025 was RMB 28.151 billion, a year-on-year decrease of 9.96% [1] - Gross profit amounted to RMB 8.99 billion, down 12.23% year-on-year [1] - Profit attributable to equity shareholders was approximately RMB 2.622 billion, representing a year-on-year decline of 20.68% [1] Market Position and Outlook - Dongwu Securities noted that the revenue decline in the second quarter narrowed, but profitability remains significantly pressured [1] - The company maintains a strong market position as a leader in tourism retail, with favorable policies from the Hainan Free Trade Port expected to drive long-term sales growth [1] - The gradual establishment of duty-free shops in the region is anticipated to contribute positively to sales in the future [1] - Despite the long-term potential, current duty-free consumption demand is under pressure, leading to a downward adjustment in profit expectations for the company [1]

智通财经APP获悉，中国中免(01880)跌超4%，截至发稿，跌4.23%，报62.2港元，成交额2.03亿港元。 消息面上，中国中免公布2025年中期业绩，实现收入人民币281.51亿元，同比减少9.96%；毛利为89.9 亿元，同比减少12.23%；公司权益股东应占利润约26.22亿元，同比减少20.68%。东吴证券指出，公司 二季度营收降幅收窄，盈利显著承压。该行认为，中免集团作为旅游零售龙头市场地位稳固，海南自贸 港2025年12月18日封关政策利好、市内免税店陆续落地，有望带来长期销售增量。考虑到当前免税消费 需求承压，下调公司盈利预期。 ...

8月27日，中国中免盘中下跌2.00%，截至13:13，报69.98元/股，成交18.42亿元，换手率1.34%，总市值 1447.79亿元。 分红方面，中国中免A股上市后累计派现184.05亿元。近三年，累计派现72.41亿元。 资金流向方面，主力资金净流出2.47亿元，特大单买入1.71亿元，占比9.27%，卖出3.25亿元，占比 17.65%；大单买入4.60亿元，占比24.98%，卖出5.52亿元，占比29.98%。 机构持仓方面，截止2025年6月30日，中国中免十大流通股东中，香港中央结算有限公司位居第三大流 通股东，持股8266.00万股，相比上期增加1572.85万股。景顺长城新兴成长混合A（260108）位居第五 大流通股东，持股2060.00万股，持股数量较上期不变。华夏上证50ETF（510050）位居第六大流通股 东，持股1914.72万股，相比上期增加127.86万股。华泰柏瑞沪深300ETF（510300）位居第七大流通股 东，持股1733.39万股，相比上期增加149.79万股。易方达沪深300ETF（510310）位居第八大流通股 东，持股1238.95万股，相比上期增加123 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report indicates that the revenue decline has narrowed and customer traffic has stabilized, with a focus on the increase in city store openings [1] - The company is expected to benefit from the long-term sales increment due to the Hainan Free Trade Port policy and the gradual opening of city duty-free stores [9] - The report has adjusted the profit forecast downwards due to current pressure on duty-free consumption demand, with expected net profits for 2025, 2026, and 2027 being 4.33 billion, 5.00 billion, and 5.52 billion respectively [9] Financial Performance Summary - Total revenue for 2023 is projected at 67.54 billion, with a year-on-year growth of 24.08%, while 2024 is expected to see a decline of 16.38% to 56.47 billion [1] - The net profit attributable to the parent company for 2023 is estimated at 6.71 billion, with a year-on-year increase of 33.46%, followed by a significant decline of 36.44% in 2024 to 4.27 billion [1] - The latest diluted EPS for 2023 is projected at 3.25 yuan, decreasing to 2.06 yuan in 2024 [1] Market Data Summary - The closing price of the stock is 71.41 yuan, with a market capitalization of approximately 147.74 billion [6] - The price-to-earnings ratio (P/E) is 22.01 for 2023, increasing to 34.62 for 2024 [1][6] - The company has a net asset value per share of 26.68 yuan and a debt-to-asset ratio of 18.61% [7]

图片来 源：中免官网 8月26日，中国旅游集团中免股份有限公司（中国中免，601888.SH，1880.HK）发布2025年半年度报 告。受海南离岛免税市场波动及行业竞争加剧影响，公司上半年业绩呈现"双降"态势。 上半年，中国中免实现营业收入281.51亿元，同比下降9.96%；归属于上市公司股东的净利润25.99亿 元，同比减少20.81%；扣除非经常性损益后的净利润25.95亿元，同比下滑19.84%。 其中，主营业务收入275.31亿元，线下收入 197.03 亿元，线上收入 78.28 亿元。 作为中免集团的核心业务支柱，海南离岛免税业务上半年呈现出复杂的发展态势。据海口海关数据，离 岛免税购物金额167.6亿元，同比下降9.2%，降幅有所收窄，但市场整体需求仍显疲软。免税购物人数 248.2万人次，同比下降26.2%；人均免税购物金额约人民币6754.0元，同比上升23.0%。 同期，海南港口和机场旅客吞吐量3519.52万人次，同比下降1.4%，其中离港旅客同比下降1.6%，这一 数据也直接影响到免税消费人群规模。 中国中免的报告显示，2025年上半年，海南离岛免税市场顶压前行。在海南省政府的积极 ...

一方面业绩持续承压，另一方面中国中免仍在不断扩张，寻找新的业绩增长点。财报显示，报告期内，中国中免在海南省拥有6家离岛免税店。海南离岛免税销售呈现企稳态势，中国中免在海南 不仅如此，"开店"也是中国中免改善业绩的重要手段。财报显示，口岸渠道方面，中国中免成功中标广州白云国际机场T3航站楼出境免税店以及磨憨口岸、勐康口岸、猴桥口岸、打洛口岸、黑 除了口岸以及市内店渠道外，中国中免还把目光瞄向海外市场。报告期内，中国中免首次进入越南市场，河内内排国际机场与富国国际机场免税店开业。不难看出，中国中免正在加速扩大境外业 资深旅游专家王兴斌表示，在当前免税市场整体调整的背景下，尽管中国中免拥有较大的市场份额，但其业绩仍要面临挑战。为应对当前的市场竞争，中国中免可以采取加强宣传推广、推出促销 责任编辑：高佳 来源：北京商报 8月26日，中国旅游集团中免股份有限公司（以下简称"中国中免"）发布2025年半年度报告。报告期内，中国中免营收净利再次出现双降态势，分别同比下降9.96%、20.81%。在海南离岛免税 根据中国中免公布的最新财报，2025年上半年，中国中免实现营业收入281.51亿元，同比下降9.96%；归属于上市 ...