Core Viewpoint - The opening of Chengdu's first city duty-free store marks a significant step in the city's development as an international consumption center, aiming to attract overseas consumption back to China and enhance the region's economic vitality [1][7][14]. Group 1: Store Overview - The Chengdu city duty-free store is a collaboration between China Tourism Group's subsidiary, China Duty Free Group, and local partners, featuring a theme of "Shop Chengdu, Enjoy Duty-Free" [1][3]. - The store is strategically located in the Renheng Land Plaza, adjacent to the core shopping district of Chunxi Road and Taikoo Li, enhancing its accessibility to consumers [8][11]. Group 2: Business Model and Offerings - The store operates on a dual-track business model of "duty-free + taxable" sales, offering a variety of products including cosmetics, alcohol, fashion items, and health products [11][12]. - It provides a "buy and refund" service for foreign travelers and residents from Hong Kong, Macau, and Taiwan, facilitating a seamless shopping experience [4][12]. Group 3: Economic and Cultural Impact - The establishment of the duty-free store is expected to inject new vitality into the Chengdu-Chongqing economic circle and strengthen the region's ability to connect with global resources [7][14]. - The store integrates local cultural elements, featuring themed areas that highlight Sichuan's unique products and culture, thus transforming cultural resources into consumer appeal [11][12]. Group 4: Promotional Activities - To celebrate its opening, the store launched significant promotional activities, including no-threshold shopping vouchers and exclusive membership benefits, aimed at enhancing the shopping experience for travelers [13][14]. Group 5: Future Prospects - The Chengdu duty-free store is positioned as a key platform for international consumption and cultural exchange, with plans to leverage global resources to promote local IPs and enhance the city's cultural presence worldwide [14][15].

Investment Rating - The report maintains a "Recommended" rating for China Duty Free Group (601888) with a target price of 79.31 CNY, compared to the current price of 70.15 CNY [4][8]. Core Insights - The core business shows signs of recovery, with the duty-free leader demonstrating operational resilience. In the first half of 2025, the company achieved operating revenue of 28.151 billion CNY, a year-on-year decrease of 9.96%. The net profit attributable to shareholders was 2.6 billion CNY, down 20.81% year-on-year [2][4]. Financial Performance Summary - For the second quarter of 2025, the company reported main revenue of 11.405 billion CNY, a decline of 8.45% year-on-year, with a gross margin of 32.77%. The net profit attributable to shareholders for the quarter was 662 million CNY, down 32.21% year-on-year [2][4]. - The forecast for total revenue from 2024 to 2027 shows a gradual recovery, with expected revenues of 56.474 billion CNY in 2024, 57.136 billion CNY in 2025, 61.330 billion CNY in 2026, and 65.822 billion CNY in 2027, reflecting a year-on-year growth rate of 1.2% in 2025 and 7.3% in 2026 and 2027 [4][9]. - The net profit attributable to shareholders is projected to be 4.267 billion CNY in 2024, increasing to 4.688 billion CNY in 2025, 5.268 billion CNY in 2026, and 5.970 billion CNY in 2027, with growth rates of -36.4% in 2024 and 9.9% in 2025 [4][9]. Business Development Summary - The core duty-free business is facing challenges, particularly in the Hainan offshore duty-free market, which saw sales drop by 9.2% year-on-year to 16.76 billion CNY, primarily due to a 26.2% decline in shopping visits. However, the average transaction value increased by 23.0% to 6,754 CNY, indicating effective strategies to enhance customer spending [4][8]. - The company is actively expanding its airport and port duty-free network, successfully winning bids for the operation rights of several key locations, including Guangzhou Baiyun International Airport [4][8]. - The company has made significant strides in diversifying its operations, with a notable increase in city duty-free store licenses from 7 to 13, and has entered the Vietnamese market with new stores [4][8]. Competitive Position and Outlook - As the only state-authorized enterprise to conduct duty-free business nationwide, the company holds a strong competitive position, owning nearly 50% of the 28 city duty-free stores in China. The market share in Hainan has increased by nearly 1 percentage point year-on-year [4][8]. - The digital transformation has been effective, with membership surpassing 45 million and online revenue accounting for 28.5% of total revenue. Although short-term performance may remain under pressure, the recovery of consumer confidence and international travel is expected to boost duty-free consumption demand [4][8].

Group 1 - The tourism retail sector experienced a slight decline of 0.16% on September 25, with China Duty Free Group leading the drop [1] - The Shanghai Composite Index closed at 3853.3, down 0.01%, while the Shenzhen Component Index rose by 0.67% to 13445.9 [1] - China Duty Free Group's stock closed at 70.15, reflecting a decrease of 0.16% with a trading volume of 244,700 shares and a transaction value of 1.712 billion yuan [1] Group 2 - The tourism retail sector saw a net outflow of 219 million yuan from major funds, while retail investors contributed a net inflow of 152 million yuan [1] - The breakdown of fund flows for China Duty Free Group indicates a net outflow of 21.947 million yuan from major funds, accounting for 12.78% of the total, with retail investors contributing a net inflow of 152 million yuan, representing 8.90% [1]

Market Overview - The Shanghai Composite Index fell by 0.18% on September 23, with five industries rising, led by banking and coal, which increased by 1.52% and 1.11% respectively [1] - The social services and retail trade sectors experienced the largest declines, with drops of 3.11% and 2.90% respectively [1] Capital Flow - The main capital outflow from both markets totaled 996.85 billion yuan, with only three sectors seeing net inflows: banking (14.00 million yuan), construction decoration (1.69 million yuan), and coal (399.41 thousand yuan) [1] - The electronics sector had the highest net outflow, totaling 200.43 billion yuan, followed by the computer sector with a net outflow of 166.60 billion yuan [1] Retail Sector Performance - The retail trade sector saw a decline of 2.90%, with a net capital outflow of 19.63 million yuan [2] - Out of 97 stocks in the retail sector, 11 rose while 85 fell, with one stock hitting the daily limit down [2] - The top net inflow stock in the retail sector was Huazhi Wine, with an inflow of 22.58 million yuan, followed by Huitong Energy and Zhejiang Dongri with inflows of 7.62 million yuan and 7.29 million yuan respectively [2][5] Notable Stocks in Retail Sector - Major stocks with significant net outflows included China Duty Free (51.30 million yuan), Small Commodity City (17.48 million yuan), and Supply and Marketing Big (13.54 million yuan) [2] - A detailed list of stocks in the retail sector showed various declines, with China Duty Free down by 4.15% and Small Commodity City down by 5.82% [2][3][4]

Group 1 - On September 22, 30 out of 31 primary industries in the Shenwan index received net financing inflows, with the electronics industry leading at a net inflow of 2.856 billion yuan [1] - Other industries with significant net financing inflows included computer, communication, machinery equipment, home appliances, public utilities, and chemicals, each exceeding 800 million yuan [1] Group 2 - A total of 2,053 individual stocks received net financing inflows on September 22, with 140 stocks having inflows exceeding 50 million yuan [1] - Among these, 15 stocks had net financing inflows over 200 million yuan, with Zhongke Shuguang leading at 1.305 billion yuan [1] - Other notable stocks with high net financing inflows included Zhongji Xuchuang, Haiguang Information, Sanhua Intelligent Control, Huagong Technology, Midea Group, China Duty Free Group, Changjiang Electric Power, and Zhangjiang Hi-Tech [1]

Group 1 - The core point of the article is the resignation of Zhao Feng, the Deputy General Manager of China Duty Free Group, due to retirement [2] Group 2 - The announcement was made on the evening of September 22, indicating a formal communication from the company's board [2] - Zhao Feng submitted a written resignation report to the board, highlighting the reason for her departure as retirement [2]

Market Overview - The Shanghai Composite Index rose by 0.22% on September 22, with 11 industries experiencing gains, led by the electronics and computer sectors, which increased by 3.71% and 1.70% respectively [1] - The retail trade sector saw a decline of 1.31%, with a net outflow of 1.49 billion yuan in main funds [2] Fund Flow Analysis - The electronics industry had the highest net inflow of main funds, totaling 9.36 billion yuan, while the computer sector followed with a net inflow of 2.08 billion yuan [1] - A total of 27 industries experienced net outflows, with the power equipment sector leading at 4.66 billion yuan, followed by the pharmaceutical and biological sector with a net outflow of 3.37 billion yuan [1] Retail Sector Performance - In the retail sector, out of 97 stocks, 16 rose, including one that hit the daily limit, while 81 fell [2] - The top three stocks with the highest net outflow in the retail sector were Kuaijingtong, China Duty Free, and Bubugao, with net outflows of 359 million yuan, 128 million yuan, and 107 million yuan respectively [2] Notable Stocks - The stock with the highest net inflow in the retail sector was Aishide, with a net inflow of 39.89 million yuan, followed by Huazhi Wine and Ningbo Zhongbai with inflows of 34.24 million yuan and 20.50 million yuan respectively [5] - The retail sector's fund flow ranking highlighted significant outflows from several companies, including Kuaijingtong and China Duty Free, which saw declines of 9.20% and 1.26% respectively [2][3]

Group 1 - The duty-free store concept declined by 1.90%, ranking among the top declines in the concept sector, with companies like Lingnan Holdings, Zhongxin Tourism, and Youhao Group experiencing significant drops [1] - The duty-free store sector saw a net outflow of 709 million yuan from major funds today, with 26 stocks experiencing net outflows, and 5 stocks seeing outflows exceeding 50 million yuan [2] - The stock with the highest net outflow was China Duty Free, with a net outflow of 128 million yuan, followed by Bubugao, Zhongxin Tourism, and Lingnan Holdings, with net outflows of 107 million yuan, 96.7 million yuan, and 58.9 million yuan respectively [2] Group 2 - The top stocks in the duty-free store concept with significant net outflows included China Duty Free (-1.26%), Bubugao (-2.08%), Zhongxin Tourism (-4.93%), and Lingnan Holdings (-6.95%) [3] - Other notable stocks with net outflows included Wangfujing (-2.07%), Youa Shares (-1.29%), and Tibet Zhufeng (-1.40%) [3] - Conversely, stocks with net inflows included Caesar Travel (+1.19%), Hainan Airport (-0.49%), and Rizhao Port (-1.85%) [3]

Group 1 - The core point of the news is the resignation of Zhao Feng as the Vice General Manager of China Duty Free Group due to retirement [1] - For the fiscal year 2024, the revenue composition of China Duty Free Group is projected to be 98.74% from merchandise sales and 1.26% from other businesses [1] Group 2 - As of the latest update, the market capitalization of China Duty Free Group is 151.1 billion yuan [2]

证券代码：601888 证券简称：中国中免 公告编号：临 2025-027 中国旅游集团中免股份有限公司 关于高级管理人员离任的公告 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。 近日，中国旅游集团中免股份有限公司（以下简称"公司"）董事会收到副 总经理赵凤女士递交的书面辞职报告。因退休原因，赵凤女士申请辞去公司副总 经理职务。具体情况如下： | 姓名 | 离任职务 | 离任时间 | | 原定任期 | 离任 | 是否继续在 上市公司及 | 具体职务 | 是否存在 未履行完 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 到期日 | | 原因 | 其控股子公 | （如适用） | 毕的公开 | | | | | | | | 司任职 | | 承诺 | | 赵凤 | 副总经理 | 年 2025 | 9 2026 | 年 6 | 退休 | 否 | 不适用 | 否 | | | | 月 22 日 | 月 28 | 日 | | | | | 一、提前离任的基本情 ...