证券代码：601888 证券简称：中国中免 公告编号：临2025-014 中国旅游集团中免股份有限公司 第五届监事会第十一次会议（现场结合通讯方式） 决议公告 1. 《公司2025年第一季度报告》 监事会认为，公司2025年第一季度报告的董事会编制和审议程序符合法 律、行政法规和中国证监会的规定；报告内容和格式符合中国证监会和证券 交易所的各项规定，能够真实、准确、完整地反映公司的实际情况。 表决结果：同意3票，反对0票，弃权0票，该议案获得通过。 2. 《关于与中旅集团财务有限公司签订<金融服务协议>暨关联交易的 议案》 表决结果：同意3票，反对0票，弃权0票，该议案获得通过。 该议案尚需提交公司股东大会审议。 一、监事会会议召开情况 中国旅游集团中免股份有限公司（以下简称"公司"）第五届监事会第十一次会 议于2025年4月16日以电子邮件方式发出通知，于2025年4月29日在公司会议室以现 场结合通讯方式召开。本次会议应参加表决监事3人，实际参加表决监事3人：刘德 福、李辉、钭晓琼。会议由监事会主席刘德福主持。本次会议的召开符合《公司法》 等法律、行政法规、部门规章、规范性文件以及《公司章程》的规定。 二 ...

中国旅游集团中免股份有限公司 第五届董事会独立董事专门会议第二次会议 决 议 中国旅游集团中免股份有限公司（以下简称"公司"）第五届董事 会独立董事专门会议第二次会议于 2025 年 4 月 24 日以通讯方式召开。 本次会议应参加表决独立董事 3 人，实际参加表决独立董事 3 人：葛 明、王瑛、王强。经全体独立董事推举，会议由葛明先生主持。本次 会议的召开符合《公司法》《上市公司独立董事管理办法》等法律、 行政法规、部门规章、规范性文件以及《公司章程》的有关规定。经 与会独立董事认真审议，会议形成决议如下： 1. 审议通过《关于与中旅集团财务有限公司签订<金融服务协议> 暨关联交易的议案》 公司与中旅集团财务有限公司（以下简称"中旅财务"）签订《金 融服务协议》是基于公司自身经营管理与业务发展需要，有利于降低 资金成本及交易费用，实现资金效益最大化。本次关联交易遵循了公 平、公正、公允的原则，协议条款合理、公允，符合公司和全体股东 的利益，不存在损害公司及中小股东利益的情形。 表决结果：同意 3 票，反对 0 票，弃权 0 票。 同意将该议案提交公司董事会审议。 表决结果：同意 3 票，反对 0 票，弃权 ...

证券代码：601888 证券简称：中国中免 公告编号：临 2025-013 中国旅游集团中免股份有限公司 第五届董事会第二十三次会议（现场结合通讯方式） 决议公告 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。 一、董事会会议召开情况 中国旅游集团中免股份有限公司（以下简称"公司"）第五届董事会第二十三 次会议于 2025 年 4 月 15 日以电子邮件方式发出通知，于 2025 年 4 月 29 日在公司 会议室以现场结合通讯方式召开。本次会议应参加表决董事 8 人，实际参加表决董 事 8 人：范云军、刘昆、常筑军、王月浩、王轩、葛明、王瑛、王强。会议由董事 长范云军主持，公司监事和部分高级管理人员列席了会议。本次会议的召开符合《公 司法》等法律、行政法规、部门规章、规范性文件以及《公司章程》的有关规定。 二、董事会会议审议情况 经与会董事认真讨论，会议审议通过了以下议案： （一）审议通过《公司 2025 年第一季度报告》 提交董事会审议前，该议案已经公司审计与风险管理委员会审议通过。 表决结果：同意 8 票，反对 0 票， ...

Financial Performance - The company's operating revenue for Q1 2025 was ¥16,746,050,116.23, a decrease of 10.96% compared to ¥18,807,168,696.39 in the same period last year[5] - Net profit attributable to shareholders was ¥1,937,854,243.40, down 15.98% from ¥2,306,454,931.34 year-on-year[5] - Basic and diluted earnings per share were both ¥0.9367, representing a decrease of 15.98% from ¥1.1148 in the same period last year[5] - Operating revenue for Q1 2025 was CNY 16.75 billion, a decrease of 10.9% compared to CNY 18.81 billion in Q4 2024[19] - Net profit for Q1 2025 was CNY 2.06 billion, down 15.5% from CNY 2.44 billion in Q4 2024[19] - The total comprehensive income for the period was CNY 1,989,279,773.44, a decrease from CNY 2,444,902,061.57 in the previous year[20] - Basic and diluted earnings per share were CNY 0.9367, down from CNY 1.1148 year-over-year[20] - The company reported a decrease in sales revenue from CNY 18,666,801,088.11 in Q1 2024 to CNY 16,991,314,793.25 in Q1 2025[21] Cash Flow and Assets - The net cash flow from operating activities was ¥4,796,979,888.31, reflecting a decline of 9.52% compared to ¥5,301,855,586.86 in the previous year[5] - Cash flow from operating activities for Q1 2025 was CNY 4,796,979,888.31, compared to CNY 5,301,855,586.86 in Q1 2024, reflecting a decline of approximately 9.5%[22] - Cash inflow from operating activities totaled CNY 17,533,010,301.60, down from CNY 19,479,675,572.83 in the previous year[22] - Cash outflow from operating activities was CNY 12,736,030,413.29, compared to CNY 14,177,819,985.97 in Q1 2024[22] - The company's total assets increased to CNY 80.46 billion as of March 31, 2025, up from CNY 76.26 billion at the end of 2024, representing a growth of approximately 5.8%[14] - Current assets totaled CNY 59.77 billion, up from CNY 55.96 billion, indicating a growth of 3.2%[14] - The company's total liabilities rose to CNY 17.54 billion, an increase of 14.5% from CNY 15.31 billion at the end of 2024[15] - The ending balance of cash and cash equivalents was CNY 39,645,949,676.26, up from CNY 36,299,634,567.48 at the end of Q1 2024[23] - The company’s cash and cash equivalents increased to CNY 39.68 billion, compared to CNY 34.82 billion, showing a growth of 13.5%[14] Shareholder Information - The total number of common shareholders at the end of the reporting period was 302,747[9] - The largest shareholder, China Tourism Group Co., Ltd., holds 50.30% of the shares, totaling 1,040,642,690 shares[9] - Shareholders' equity attributable to the parent company rose by 3.40% to ¥56,967,607,780.59 from ¥55,096,705,562.22 at the end of last year[6] Operational Highlights - The company reported non-recurring gains and losses totaling ¥2,176,186.37 for the period[7] - The weighted average return on equity decreased by 0.73 percentage points to 3.46% from 4.19%[5] - The company reported a significant increase in accounts receivable, which rose to CNY 269.47 million from CNY 66.60 million, marking a growth of 304.5%[14] - The total non-current assets amounted to CNY 20.69 billion, slightly up from CNY 20.30 billion, reflecting a growth of 1.9%[14] - The company’s operating costs decreased to CNY 14.08 billion from CNY 15.77 billion, a reduction of 10.7%[19] - The company plans to focus on market expansion and new product development in the upcoming quarters to enhance revenue growth[19] Cash Flow Activities - Net cash flow from investing activities was -CNY 257,075,174.83, an improvement from -CNY 418,523,186.44 year-over-year[23] - Net cash flow from financing activities was CNY 419,409,247.12, compared to -CNY 256,125,481.32 in the previous year, indicating a significant turnaround[23] - The company received CNY 14,700,000.00 from minority shareholders as part of financing activities[23]

4 月 29 日晚，中国中免正式公布了 2025 年 1 季度财报。由于不久前海豚投研刚详细点评过年度业绩，且 A 股季报披露的信息相当有限，本次就仅做一个简要的 快评： 1、最差时间已过？收入下滑趋于收窄 ：25 年一季度公司总收入 167.5 亿元，同比跌幅明显收窄到 11% 。虽然尚未完全扭转收入下滑的趋势，但相比之前 3 个季 度 20% 上下的收入跌幅，但 出现了初步的企稳迹象 ，最差的时间可能已经过去。 结合整体离岛免税行业的数据看，在海南旅游旺季、也是对免税行业最重要的 1 季度，海南岛接待游客数增长已同比回正到 6%。但 离岛免税购物人次和消费件数 仍同比分别下降了 28% 和 26%， 可见 "只看不买"、游客到消费者的转化率仍然偏低。 所幸 离岛免税客单价同比显著增长 19.5% 到 1,153 元， 在 持续的免税品销售结构逐渐向高价商品倾斜 的帮助下，虽然销售量仍比较萎靡， 本季离岛免税的销售 额同比跌幅已收窄到 11% 。相比先前 3 个季度 40% 上下的同比跌幅也是显著好转，同样呈现出最差情况已过的信号。 2、毛利率跌幅同样企稳： 伴随着营收跌幅的缩窄，中免在去年四季度呈现的重要 ...

Core Insights - The global duty-free market experienced a slowdown last year, failing to return to pre-pandemic levels, with Hainan's offshore duty-free market also facing challenges due to various factors [1][2] Financial Performance - In Q1 2025, the company's operating income was RMB 16.75 billion, a year-on-year decline of 10.96% compared to RMB 18.81 billion in the same period last year [1][2] - The net profit attributable to shareholders was RMB 1.94 billion, down 15.98% from RMB 2.31 billion year-on-year [1][2] - The net cash flow from operating activities was RMB 4.80 billion, a decrease of 9.52% from RMB 5.30 billion in the previous year [1][2][5] Cost and Expense Management - The company's gross margin showed slight pressure, with operating costs decreasing by approximately 10.51%, which was slightly lower than the revenue decline [2] - Sales expenses were RMB 2.20 billion, down about 9.0% year-on-year, while management expenses were RMB 423 million, down about 11.0% [2] Asset and Equity Position - As of March 31, 2025, the total assets of the company reached RMB 80.46 billion, an increase of 5.51% from the beginning of the year, while equity attributable to shareholders was RMB 56.97 billion, up 3.40% [2] Inventory Management - The company's inventory balance at the end of the reporting period was RMB 15.75 billion, a decrease of approximately 9.21% from RMB 17.35 billion at the end of 2024 [3]

Core Viewpoint - The China Securities Elderly Consumption Theme Index has shown a decline of 4.38% over the past month, while it has increased by 1.14% over the last three months and decreased by 2.70% year-to-date [1] Group 1: Index Performance - The China Securities Elderly Consumption Theme Index is currently at 1560.86 points, with a base date of December 31, 2009, set at 1000.0 points [1] - The index's top ten holdings include companies such as Kaiying Network (6.62%), 37 Interactive Entertainment (5.37%), and New China Life Insurance (5.2%) [1] Group 2: Market Composition - The index's holdings are primarily listed on the Shenzhen Stock Exchange (62.02%) and the Shanghai Stock Exchange (37.98%) [1] - The industry composition of the index includes Communication Services (41.10%), Consumer Discretionary (27.49%), and Healthcare (13.49%) [2] Group 3: Index Adjustment Mechanism - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2] - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [2]

Financial Performance - The group's operating revenue for the first quarter of 2025 was RMB 16,746,050,116.23, a decrease of 10.96% compared to RMB 18,807,168,696.39 in the same period last year[5] - Net profit attributable to shareholders was RMB 1,937,854,243.40, down 15.98% from RMB 2,306,454,931.34 year-on-year[5] - Basic and diluted earnings per share were both RMB 0.9367, reflecting a decline of 15.98% from RMB 1.1148[5] - Total revenue for Q1 2025 was RMB 16,746,050,116.23, a decrease of 10.9% compared to RMB 18,807,168,696.39 in Q1 2024[15] - In Q1 2025, the operating profit was RMB 2,518,777,915.07, a decrease of 13.4% compared to RMB 2,908,342,158.40 in Q1 2024[16] - The net profit for Q1 2025 was RMB 2,055,785,045.68, down 15.6% from RMB 2,435,203,776.12 in Q1 2024[16] - Total comprehensive income for Q1 2025 was RMB 1,989,279,773.44, a decline of 18.6% from RMB 2,444,902,061.57 in Q1 2024[17] - Basic and diluted earnings per share for Q1 2025 were both RMB 0.9367, compared to RMB 1.1148 in Q1 2024, reflecting a decrease of 16%[17] Cash Flow - The net cash flow from operating activities decreased by 9.52%, amounting to RMB 4,796,979,888.31 compared to RMB 5,301,855,586.86 in the previous year[5] - Cash flow from operating activities in Q1 2025 was RMB 4,796,979,888.31, down 9.5% from RMB 5,301,855,586.86 in Q1 2024[18] - Cash inflow from operating activities totaled RMB 17,533,010,301.60, a decrease of 10% from RMB 19,479,675,572.83 in the previous year[18] - Cash outflow from operating activities was RMB 12,736,030,413.29, down 10.2% from RMB 14,177,819,985.97 in Q1 2024[18] - The net cash flow from investing activities was -RMB 257,075,174.83 in Q1 2025, an improvement from -RMB 418,523,186.44 in Q1 2024[19] - The net cash flow from financing activities was RMB 419,409,247.12 in Q1 2025, compared to -RMB 256,125,481.32 in Q1 2024, indicating a positive shift[19] - The ending cash and cash equivalents balance as of March 31, 2025, was RMB 39,645,949,676.26, an increase from RMB 36,299,634,567.48 at the end of Q1 2024[20] Assets and Liabilities - Total assets at the end of the reporting period were RMB 80,462,334,902.91, an increase of 5.51% from RMB 76,260,373,740.60 at the end of the previous year[5] - Total liabilities increased to RMB 17,542,386,009.83 as of March 31, 2025, up from RMB 15,312,036,850.03 as of December 31, 2024, reflecting a growth of 14.5%[14] - Non-current assets totaled RMB 20,687,437,920.30 as of March 31, 2025, an increase of 1.9% from RMB 20,299,935,210.56 as of December 31, 2024[12] - Long-term borrowings rose to RMB 3,233,561,026.15 as of March 31, 2025, up from RMB 2,567,047,228.16 as of December 31, 2024, marking a 26.0% increase[14] Shareholder Information - Shareholders' equity attributable to the parent company increased by 3.40% to RMB 56,967,607,780.59 from RMB 55,096,705,562.22[5] - The total number of ordinary shareholders was 302,747 as of the end of the reporting period[7] - The largest shareholder, China Tourism Group Co., Ltd., holds 50.30% of the shares, totaling 1,040,642,690 shares[8] Inventory and Expenses - The group reported a decrease in inventory, which stood at RMB 15,751,001,779.30, down from RMB 17,348,382,658.40[11] - Total operating costs for Q1 2025 were RMB 14,080,625,510.04, down 10.7% from RMB 15,772,875,379.76 in Q1 2024[15] - The company reported a decrease in research and development expenses to RMB 12,165,946.01 in Q1 2025 from RMB 355,002.40 in Q1 2024, reflecting a significant increase in investment in innovation[15] Government Subsidies - The company received government subsidies amounting to RMB 3,224,834.44, which are closely related to its normal business operations[6] Deferred Tax Assets - Deferred tax assets decreased to RMB 1,078,353,695.92 as of March 31, 2025, from RMB 1,204,425,069.30 as of December 31, 2024, a decline of 10.5%[12]

Group 1 - As of April 28, a total of 495 stocks in the Shanghai and Shenzhen markets have experienced net outflows of main funds for five consecutive days or more [1] - The stock with the longest consecutive net outflow is Gao Meng New Materials, with 17 days, followed by *ST Jiu You with 16 days [1] - The largest total net outflow amount is from Light Media, with a cumulative net outflow of 2.024 billion yuan over five days [1] Group 2 - China Duty Free has seen a cumulative net outflow of 1.803 billion yuan over 13 days, ranking second in total outflow [1] - The stock with the highest net outflow ratio relative to trading volume is *ST Longyu, which has seen a 26.28% decline over the past six days [1] - The table lists various stocks with their respective net outflow days, amounts, ratios, and cumulative price changes, indicating a trend of declining stock prices among those with significant net outflows [1][2] Group 3 - The gold stock ETF (product code: 159562) tracks the CSI Hong Kong and Shanghai Gold Industry Stock Index and has seen a 1.39% decline over the past five days [4] - The ETF has a price-to-earnings ratio of 19.23 times and has experienced a net inflow of 3.337 million yuan, with the latest share count increasing by 1 million to 430 million [4]