收购DFS大中华区旅游零售业务 与LVMH集团战略合作 公告显示，本次交易完成后，中国中免将通过中免国际持有DFS Cotai Limitada 100%的股权，DFS香港持有的2家门店的相关资产，以及DFS大中华区无形资 产包括品牌所有权、会员体系、知识产权等。 近日，中国中免发布公告称，其全资孙公司中免国际与DFS新加坡、DFS香港签署《框架协议》，约定中免国际以不超过3.95亿美元现金方式收购DFS大中 华区旅游零售业务相关股权及资产。 1月21日，南都·湾财社记者就此次收购及未来发展计划等相关问题，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 此次收购还涉及DFS在香港、澳门的9家旅游零售门店。其中，香港2家店铺分别为香港尖沙咀新太阳广场广东道店、希慎广场铜锣湾店，澳门7家店铺则分 别位于伦敦人购物中心、澳门银河、美狮美高梅、澳门美高梅、永利皇宫、四季名店及新濠影汇。 公开资料显示，DFS成立于1960年，是全球领先的高端旅游零售商，隶属于LVMH集团。中国香港是DFS免税及旅游零售业务的发源地，DFS在中国澳门市 场区域亦具有较强竞争力。2024年，DFS港澳地区旅游零售门店营收为41. ...

Core Viewpoint - The duty-free store sector has experienced a decline of 1.16%, ranking among the top declines in concept sectors, with companies like GuoBai Co., DongBai Group, and Hainan Development showing significant drops in stock prices [1]. Group 1: Market Performance - The duty-free store concept saw a net outflow of 194 million yuan in main funds today, with 22 stocks experiencing net outflows, and 6 stocks seeing outflows exceeding 30 million yuan [2]. - Hainan Development led the outflows with a net outflow of 60.64 million yuan, followed by China Duty Free Group and GuoBai Co. with net outflows of 55.33 million yuan and 48.69 million yuan respectively [2][3]. Group 2: Individual Stock Performance - Hainan Development's stock price decreased by 2.64% with a turnover rate of 8.09% and a main fund flow of -60.64 million yuan [3]. - China Duty Free Group's stock price fell by 1.04% with a turnover rate of 2.29% and a main fund flow of -55.33 million yuan [3]. - GuoBai Co. experienced a decline of 3.83% with a turnover rate of 10.54% and a main fund flow of -48.69 million yuan [3]. - Other notable declines include Caesar Travel with a drop of 2.34% and a main fund flow of -39.08 million yuan, and DongBai Group with a decrease of 3.58% and a main fund flow of -33.93 million yuan [3][4].

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | --- | | 601888 | 中国中免 | 60'56 | -1.04% | | 44.68万 | | 42.58亿 | | 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 散户净占比 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 601888 中国中免 | -4146.46万 | -0.97% | 7375.94万 | 1.73% | -3229.48万 | -0.76% | | 【大】【大】【。 八丁】【一】【日】【，】【十】【六】【六】【 | | | | | | | 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 证券之星消息，1月21日旅游零售板块较上一交易日下跌1.04%，中国中免领跌。当日上证指数报收于 4116.94，上涨0.08%。深证成 ...

花旗发布研报称，维持"买入"评级，予中国中免（601888）H股(01880)目标价100港元，中国中免A股 (601888.SH)目标价106元人民币，料海南离岛免税销售强劲将成为短期催化剂。 中国中免公布以不多于3.95亿美元，收购DFS大中华区零售业务，包括港澳9间旅游零售店铺及无形资 产。同时，公司将按每股77港元，向LVMH旗下Delphine SAS和DFS联合创办人Miller家族旗下 Shoppers，配发最多约1,196.75万股新H股，约占总股本0.57%，净筹不超过9.24亿港元。 该行认为此举对中国中免具战略意义，有助进一步巩固其在大中华区的市场领导地位、提升零售能力， 并推动国潮品牌走向国际，同时对短期财务影响有限。该行预期，引入LVMH作为股东及战略合作伙 伴，亦可加强中国中免在奢侈品供应方面的优势。 ...

智通财经APP获悉，花旗发布研报称，维持"买入"评级，予中国中免H股(01880)目标价100港元，中国 中免A股(601888.SH)目标价106元人民币，料海南离岛免税销售强劲将成为短期催化剂。 该行认为此举对中国中免具战略意义，有助进一步巩固其在大中华区的市场领导地位、提升零售能力， 并推动国潮品牌走向国际，同时对短期财务影响有限。该行预期，引入LVMH作为股东及战略合作伙 伴，亦可加强中国中免在奢侈品供应方面的优势。 中国中免公布以不多于3.95亿美元，收购DFS大中华区零售业务，包括港澳9间旅游零售店铺及无形资 产。同时，公司将按每股77港元，向LVMH旗下Delphine SAS和DFS联合创办人Miller家族旗下 Shoppers，配发最多约1,196.75万股新H股，约占总股本0.57%，净筹不超过9.24亿港元。 ...

中银证券研报指出，中国中免收购DFS大中华区业务，携手LVMH，全面深化国际业务布局。此次增发 股份将公司与LV集团在股权层面实现绑定，也展现出了奢侈品集团对于公司渠道的认可，有望深化两 者的合作，强化公司的供应链和品牌优势，实现互利共赢。中长期来看，封关后离岛免税销售热度持续 高涨，政策端多重利好持续释放，公司在各渠道布局逐步完善，看好公司作为龙头企业在免税行业景气 上行的基础上迎来业绩增长，维持"买入"评级。 ...

瑞银发表研报指，根据海口海关数据，去年12月18日至今年1月17日期间，海南离岛免税销售额按年增 47%至48.6亿元，免税购物人次、人均免税消费额分别增30.2%、12.7%。据瑞银估算，三亚的离岛免税 销售额增47%至约33.6亿元，约占海南总额的69%；海口的离岛免税销售额按年增长46%至15亿元。该 行预计，今年海南离岛免税销售额按年增逾25%，偏好中国中免A股及港股，均予"买入"评级。 ...

Summary of China Duty Free Group Conference Call Company Overview - **Company**: China Duty Free Group (中国中免) - **Industry**: Duty-Free Retail Key Points Financial Performance and Revenue Sources - **Gross Margin Potential**: Significant potential for gross margin improvement due to factors such as economies of scale, the proportion of high-margin products (gold, mobile phones), the ratio of duty-free channels, RMB exchange rate, and discount levels. Recent reductions in discounts have led to a 2-3 percentage point recovery in gross margins for duty-free products [2][4] - **Revenue Breakdown**: In 2024, the revenue sources are as follows: - Duty-Free Sales from Hainan: 41% (largest source, but net profit contribution has declined due to sales drop and high fixed costs) - Taxable Sales: 30% (low gross margin of approximately 13%, limited contribution to net profit) - Port Duty-Free Sales: 28% (important profit source despite high rental costs) [6][9] Profitability Insights - **Net Profit Contribution**: The net profit contribution from Hainan duty-free sales has decreased due to sales decline and high fixed costs. Historical data shows potential for recovery in profitability [6][9] - **Port Duty-Free Sales**: Shanghai Duty-Free (51% owned by China Duty Free) is projected to generate revenue of 16 billion RMB in 2024, with taxable sales contributing 10 billion and airport sales 6 billion, resulting in a net profit margin of about 5% [6][9] Future Growth Projections - **2024-2026 Revenue Forecast**: - 2024 revenue is expected to be around 10 billion RMB, with a slight decrease in 2025. By 2026, revenue may decline due to business transfers, but the impact on overall performance is expected to be limited due to low profit margins from taxable sales [9][10] - **New Projects**: The Haikou International Duty-Free City is expected to reach 5.6 billion RMB in revenue in 2024 and is in a growth phase, anticipated to become a key driver of performance in 2025-2026 [7][9] Cost Management and Currency Impact - **Cost Reduction Potential**: Reducing labor and operational costs by 1% could increase net profit by several hundred million RMB. Effective cost management is crucial for improving profitability [3][15] - **Currency Appreciation**: A 1% appreciation of the RMB is expected to increase net profit by 110 million RMB. If the RMB appreciates by 2% in 2026, it could add 200 million RMB to profits [3][16] Product Category Analysis - **High-Margin Products**: The increase in the proportion of high-margin products like gold and mobile phones is expected to positively impact gross margins. For instance, a significant increase in gold jewelry sales could enhance net profit by 400 million RMB [14] - **Low-Margin Products**: Mobile phone sales, despite high growth rates, have a limited impact on overall performance due to their lower margins [14] Strategic Acquisitions - **M&A Activities**: The company is optimizing procurement resources through acquisitions, such as the DFS projects in Hong Kong and Macau, which are expected to enhance overall performance elasticity [5] Regional Performance - **Hainan Subsidiaries**: The performance of subsidiaries in Hainan, including Sanya International Duty-Free City and Haikou International Duty-Free City, indicates significant growth potential for the region [8] Operational Challenges - **Sales Decline**: The Shanghai Duty-Free operations are facing revenue shrinkage due to supply chain changes, with Hainan taxable sales expected to grow only by 1-2 billion RMB annually [11] Internal Supply Chain - **Role of CDF International**: CDF International acts as an internal supplier, responsible for procurement and internal pricing, with a commission rate of approximately 5% [12] Conclusion China Duty Free Group is positioned for potential growth through strategic management of its revenue sources, cost control, and product mix. The company faces challenges from sales declines in certain areas but has opportunities for recovery and growth through new projects and acquisitions.

摘要 2019-2021 年海南离岛免税销售额连续翻倍增长，2022 年受疫情影响 断崖式下滑，2023 年有所回升但未达预期，2024 年国际航班开放后高 端客群转向海外消费，销售额略降。2025 年新政扩大适用人群和品类， 实现动态平衡。预计 2026 年有税比例下降，整体销售稳定或略增。 海南免税市场中免占有率约 85%-90%，海发控 2025 年销售额约 50 亿元，但 80%以上来自有税业务。2026 年客流量预计达 3,500 万人次， 高单价商品表现良好，转化率向好，整体销售预期乐观，中高端消费恢 复趋势明显。 海南免税市场价格优势复杂，不同时间、SKU 维度表现各异。香化产品 平时优势显著，大促期间直播平台突出；精品因免税便宜 10-15%；黄 金价差显著，便宜 10-20%；手机比内地便宜 200-500 元。各平台各 有优势，无绝对最优。 2026 年中免销售强劲归因于价格优势、海南旅游旺季和封关宣传效应。 岛民和离境客群贡献显著，提升客单价亦有增量。中高端消费具韧性， 推动中免销售增长。 Q&A 海南离岛免税政策的历史和现状是怎样的？ 海南离岛免税政策自实施以来，经历了多次调整和扩展。 ...

格隆汇1月21日｜花旗发表研究报告指，中国中免公布以不多于3.95亿美元收购DFS大中华区零售业 务，包括港澳9间旅游零售店铺及无形资产。同时，公司将按每股77港元，向LVMH旗下Delphine SAS 和DFS联合创办人Miller家族旗下Shoppers，配发最多约1196.75万股新H股，约占总股本0.57%，净筹不 超过9.24亿港元。 该行认为此举对中国中免具战略意义，有助进一步巩固其在大中华区的市场领导地 位、提升零售能力，并推动国潮品牌走向国际，同时对短期财务影响有限。该行预期，引入LVMH作为 股东及战略合作伙伴，亦可加强中国中免在奢侈品供应方面的优势。该行维持中国中免"买入"评级，予 其H股目标价100港元，A股目标价106元，料海南离岛免税销售强劲将成为短期催化剂。 ...