（文章来源：证券日报） 证券日报网讯 12月8日，中国中免在互动平台回答投资者提问时表示，公司围绕"首店经济、新品首 发、全域营销、服务升级"四大维度同步发力，通过首店集聚、限量首发、场景焕新与多品牌联动，构 建多层次、强体验的"免税+文旅"消费新生态。国庆中秋假期，中免海南区域六店累计接待顾客超45万 人次，销售额突破8亿元。 ...

证券日报网讯 12月8日，中国中免在互动平台回答投资者提问时表示，公司于11月底在三亚举行2025年 度中国中免投资者开放日，同时中免年终盛典疯狂扫货季也将同步拉开帷幕。 （文章来源：证券日报） ...

Group 1 - The company stated that there are no new cities or stores established under the current duty-free store policies and optimization regulations [1] - The company is focusing on inventory turnover control and is preparing to stock popular products ahead of the peak season [1] - The company aims to leverage its procurement and supply chain advantages to collaborate with industry partners and build an open and win-win industrial ecosystem [1]

（编辑 任世碧） 证券日报网讯 12月8日，中国中免在互动平台回答投资者提问时表示，公司的现金将充足保障日常商业 运营，并满足现金分红等市值管理工作需求。公司连续两年年度现金分红比例维持在50%以上，并于今 年三季报首次确认中期分红。同时，公司还将进一步提升整体资本运作能力。 ...

证券日报网讯 12月8日，中国中免在互动平台回答投资者提问时表示，公司非常重视股东权益，并通过 聚焦主业，提升经营效率和盈利能力，为股东带来长期稳定的回报。公司2024年度现金分红比例进一步 提升至50.91%。 （编辑 任世碧） ...

Core Viewpoint - The board of directors of RiShang Duty Free (Shanghai) Co., Ltd. is in a dispute regarding participation in the Shanghai airport duty-free project bidding, with the majority of directors opposing the bid, potentially leading to the company's exit from the airport market [3][5]. Group 1: Company Background - RiShang Duty Free was established in June 1999 and is the first foreign company to operate airport duty-free shops in China [5]. - In 2018, China Tourism Group's subsidiary, China Duty Free Group, acquired a 51% stake in RiShang Duty Free, becoming the controlling shareholder [5]. - The company operates primarily at Beijing Capital International Airport and Shanghai's Pudong and Hongqiao International Airports [6][7]. Group 2: Current Situation - On December 6, 2025, a board meeting was held where the chairman, appointed by the major shareholder China Duty Free Group, indicated that the company would not participate in the bidding for the Shanghai airport duty-free project [3]. - The bidding process for the Shanghai airport duty-free shops began on November 17 and is set to close on December 9, 2025 [3]. - The disagreement among shareholders raises questions about the future of RiShang Duty Free's operations at Shanghai airport, as the chairman's refusal to sign the bidding documents could prevent the company from participating [3].

Core Viewpoint - The article discusses the internal conflict within RiShang Duty Free (Shanghai) Co., Ltd. regarding its participation in the Shanghai airport duty-free project bidding, highlighting the influence of its major shareholder, China Tourism Group (CTG), which may lead to RiShang being excluded from the bidding process [2][4]. Group 1: Company Background - RiShang Shanghai was established in June 1999 and is the first foreign company to operate airport duty-free shops in China [4]. - In 2018, CTG acquired a 51% stake in RiShang Shanghai, becoming the controlling shareholder [4]. - The company operates primarily at Beijing Capital International Airport and Shanghai's Pudong and Hongqiao International Airports [6]. Group 2: Recent Developments - On December 6, 2023, a board meeting was held where CTG's appointed directors voted against RiShang Shanghai participating in the bidding for the Shanghai airport duty-free project [2]. - The bidding process for the Shanghai Pudong and Hongqiao International Airport duty-free shops began on November 17 and is set to close on December 9, 2023 [2]. - RiShang Shanghai's representatives expressed that the decision contradicts the agreement made when CTG took over the company in 2018 [2].

人民财讯12月8日电，中国中免（601888）12月8日在互动平台表示，目前机器人尚未纳入各渠道免税相 关政策规定的免税商品品类。 ...

Core Viewpoint - Morgan Stanley reports that the bidding results for duty-free shops at Shanghai and Beijing airports are expected to be announced this month, with current operations managed by Sunrise, a company 51% owned by China Duty Free Group [1] Summary by Relevant Sections Financial Impact - For the first half of this year, offline sales at Shanghai Airport are projected to contribute approximately 10% to China Duty Free's revenue and 0.7% to its net profit, while the contribution from Beijing Airport is expected to be in the low single digits [1] Stock Price Projections - Morgan Stanley sets a target price of HKD 60 for China Duty Free's H-shares and CNY 66 for its A-shares, maintaining a "market perform" rating [1] Scenario Analysis - The base case scenario assumes China Duty Free secures one contract at each airport and utilizes its wholly-owned duty-free licenses, leading to stable stock prices - If China Duty Free secures contracts at both airports while using both its own licenses and Sunrise's licenses, stock prices may rise by 5% to 10% - Conversely, if Sunrise secures contracts at both airports, China Duty Free's stock could decline by 5% to 10% [1]

摩根士丹利发布研报称，上海机场（600009）及北京机场的免税店投标结果，预计将于本月公布。目前 两个机场的免税店，均是由中国中免（601888）(01880)占51%股权的Sunrise公司所经营。该行料今年上 半年，上海机场线下销售对中国中免的收入及净利润贡献分别约为10%及0.7%，而北京机场的收入贡献 应为低单位数。该行现予中国中免H股目标价60港元，中国中免(601888.SH)A股目标价66元人民币，均 予"与大市同步"评级。 该行列出多个假设情景，基准情形为中国中免在上海及北京机场各获得一份合约，并使用其自身全资持 有的免税牌照，集团将在线下渠道增加更多高利润产品，并在Sunrise线上平台提供具价格竞争力的产 品;此情况下，集团的股价将大致平稳。如中国中免在上海及北京机场各获得一份合约，同时使用其全 资持有牌照和Sunrise的牌照，股价可能上升5至10%。如Sunrise分别同时在两个机场各获得一份合约， 则中国中免的股价或下跌5%至10%。 ...