Core Viewpoint - The performance of duty-free concept stocks, particularly China Duty Free Group (CDFG), has shown significant volatility amid the ongoing trade war, with initial gains followed by a decline as market sentiment fluctuated [1][2][6]. Group 1: Market Performance and Trends - In early April, CDFG's stock surged, with a notable increase of 7.45% on April 8, followed by a limit-up on April 9 and a further rise of 4.99% on April 10, reaching a recent high [1]. - However, following these gains, CDFG's stock price experienced a decline over several trading days, reflecting investor uncertainty regarding the impact of the trade war on duty-free operators [1][2]. - Prior to the trade war, CDFG's performance was poor, with a projected revenue of 56.474 billion yuan for 2024, a year-on-year decrease of 16.38%, and a net profit of 4.267 billion yuan, down 36.44% [2][4]. Group 2: Impact of Trade War - The trade war has led to increased tariffs, with the U.S. imposing a 34% tariff on imports from China, which initially raised concerns about the duty-free market [6][7]. - Despite these concerns, duty-free operators reported that their businesses were not affected by the tariffs, as the duty-free policy remains unchanged, allowing them to attract consumers despite the trade tensions [8][9]. - The duty-free market has been viewed as a potential beneficiary of the trade war, as the tax differential between imported goods and duty-free products may enhance sales for operators like CDFG [7][10]. Group 3: Financial Performance and Future Outlook - CDFG's revenue from Hainan reached 28.892 billion yuan in 2024, while the company also benefited from a significant increase in airport duty-free sales, with Beijing airport sales growing over 115% [10][11]. - The company has established a strong supply chain with over 430 suppliers and 1,400 brands, enhancing its bargaining power and cost advantages [10][11]. - There is potential for growth in the Hainan duty-free market, with experts suggesting that the average spending of tourists could increase significantly, indicating a larger market opportunity [12].

文｜化妆品财经在线CBO 据接近欧莱雅中国的业内人士透露，集团中国旅游零售部门正推进大规模组织调整，裁员比例或接近 50%，主因是国内旅游零售渠道业绩持续承压。 对此，欧莱雅中国回应CBO称："受影响员工比例不实"。并进一步表示，欧莱雅旅游零售业务正积极推 进转型，旨在加速业务增长，进一步巩固集团市场领导地位。 这一回应侧面印证了美妆巨头在旅游零售渠道的集体焦虑。无独有偶，海南免税销售暴跌直接拖累中国 区业绩，资生堂启动了中国与旅游零售业务重组；雅诗兰黛、高丝等企业财报亦显示，亚洲旅游零售所 面临的难题。旅游零售的深层困境正倒逼国际美妆集团重构旅游零售战略逻辑。 01 旅游零售渠道业绩持续承压 近几年，旅游零售渠道因疫情因素遭受不小的挑战。从旅游零售商巨头及各大国际美妆巨头的财报来 看，虽然疫后线下经济逐步恢复，但国际大牌们在华旅游零售渠道却仍表现不佳。 《穆迪达维特杂志》公布的2024年全球旅游零售商排名显示，Avolta（原Dufry）目前居于第一，曾连 续三年登顶的中国中免集团位居第二，反映国内免税渠道增长乏力。中国中免的最新公布的财报数据显 示，2024年其营收为564.74亿元，同比下降16.38% ...

Company Overview - China Tourism Group Duty Free Co., Ltd. (China Duty Free) was established in 2008 and is located in Beijing, primarily engaged in business services [1] - The registered capital of the company is approximately 20.69 billion RMB [1] Stock Performance - On April 17, China Duty Free's stock closed down by 2.05% [1] - The fund managed by Invesco Great Wall, Invesco Great Wall Emerging Growth Mixed A, reduced its holdings in China Duty Free in the fourth quarter of the previous year [1] - Year-to-date return for the fund is -0.29%, ranking 1882 out of 4559 in its category [1][2] Fund Management - The fund manager for Invesco Great Wall Emerging Growth Mixed A is Liu Yanchun, who has a Master's degree in Management [3] - Liu Yanchun has extensive experience in the investment field, having worked in various research and management roles since 2002 [3][4] - As of now, Liu Yanchun manages multiple funds, including Invesco Great Wall Emerging Growth Mixed Fund and Invesco Great Wall Domestic Demand Growth Mixed Fund [4] Fund Performance Metrics - The fund's performance over different time frames shows a near-term decline, with a -0.34% return over the past week and a -5.12% return over the past month [2] - The fund's year-to-date performance is -0.29%, which is slightly better than the average of its peers at -0.38% [2]

Core Viewpoint - The phenomenon of "ice and fire" is evident in China Duty Free Group (China Duty Free), where a new tax refund policy boosts stock prices despite ongoing declines in company performance and valuation [1][3]. Group 1: Policy Impact - The State Taxation Administration announced the nationwide implementation of the "immediate purchase and refund" tax refund policy, which simplifies the refund process and stimulates inbound tourism potential [1][7]. - The new policy allows foreign tourists to experience tax refunds more directly, potentially increasing their willingness to spend [8]. - Historical data from Japan indicates that similar tax refund policies significantly enhance inbound tourist spending, suggesting a positive outlook for the Chinese market [7]. Group 2: Company Performance - In 2024, China Duty Free is projected to see a revenue decline of 16.38% to 56.474 billion yuan and a net profit drop of 36.44% to 4.267 billion yuan, indicating significant performance pressure [3][4]. - The company's sales from duty-free goods decreased by 12.58% to approximately 38.666 billion yuan, while taxable goods sales fell by 23.49% to about 17.095 billion yuan, reflecting a contraction in online business due to competition [3][4]. - The Hainan region, a core market for the company, experienced a revenue decline of 27.13%, significantly impacting overall performance [3][4]. Group 3: Market Dynamics - Despite an increase in market share in Hainan, the overall market contraction means that this gain did not translate into revenue growth [4]. - The competitive landscape has intensified with the opening of new duty-free stores, reducing the company's monopoly advantage [4][10]. - The company's profit margins are under pressure due to increased discounting and rising operational costs, with a notable 76.9% drop in net profit in the fourth quarter [5][6]. Group 4: Future Outlook - The recovery of the Hainan market is expected to rely on policy stimuli, such as increased tax refund limits, and will face challenges from international competition post-border closure [6]. - The overall trend of policy support and consumer recovery suggests a potential for sustained recovery in the duty-free market [10]. - China Duty Free holds an 81.74% market share in the domestic duty-free market, positioning it well to benefit from the anticipated growth in inbound tourism [8][10].

Group 1 - The A-share market's three major indices closed mixed, with the Shanghai Consumer 50 Index rising by 0.43% to 8251.36 points, with a trading volume of 39.565 billion yuan [1] - The Shanghai Consumer 50 Index has decreased by 4.50% over the past month, increased by 1.55% over the past three months, and has fallen by 3.01% year-to-date [1] - The index reflects the overall performance of consumer-related securities listed on the Shanghai Stock Exchange, with a base date of December 31, 2004, and a base point of 1000.0 [1] Group 2 - The top ten weighted stocks in the Shanghai Consumer 50 Index include Kweichow Moutai (10.51%), Yili Group (10.44%), and others, with the total weight of the top ten accounting for a significant portion of the index [1] - The index's holdings are entirely composed of stocks listed on the Shanghai Stock Exchange, with optional consumption accounting for 51.26% and major consumption accounting for 48.74% of the holdings [1] - The index sample is adjusted every six months, with adjustments typically occurring on the next trading day after the second Friday of June and December, with a sample adjustment ratio not exceeding 10% [2]

这几只票暗盘资金正在偷偷流入，立即查看>> 零售板块探底回升，欧亚集团（600697）、国光连锁（605188）涨停，王府井（600859）、万辰集团 （300972）、新华百货（600785）、中国中免（601888）等跟涨。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因依 賴該等內容而引致的任何損失承擔任何責任。 China Tourism Group Duty Free Corporation Limited 中 國 旅 遊 集 團 中 免 股 份 有 限 公 司 中國旅遊集團中免股份有限公司（「本公司」）董事會（「董事會」）宣佈，將於 2025 年 4月 29日（星期二）舉行董事會會議，藉以（其中包括）審議及批准本公司及其附 屬公司截至 2025年 3月 31日止三個月的第一季度業績及其刊發，及其他議題。 承董事會命 中國旅遊集團中免股份有限公司 董事會主席 范雲軍先生 中國•北京 2025年 4月 15日 於本公告日期，董事會成員包括非執行董事范雲軍先生及劉昆女士，執行董事常 築軍先生、王月浩先生及王軒先生及獨立非執行董事葛明先生、王瑛女士及王強 先生。 （一家於中華人民共和國註冊成立的股份有限公司） （股份代號：1880） 董事會會議召開日期 ...

Group 1 - China Duty Free Group Co., Ltd. (中国中免) experienced a significant stock decline of 3.38% on April 15 [1] - The company was established in 2008 and is primarily engaged in business services, with a registered capital of approximately 20.69 billion RMB [1] - In the fourth quarter of the previous year, Invesco Great Wall Fund's Invesco Great Wall Emerging Growth Mixed A reduced its holdings in China Duty Free [1] Group 2 - The fund manager of Invesco Great Wall Emerging Growth Mixed A is Liu Yanchun, who has extensive experience in investment research and management [3][4] - Liu Yanchun has been with Invesco Great Wall Fund Management Co., Ltd. since January 2015 and currently serves as the assistant general manager and head of the research department [4] - The total assets under management for Invesco Great Wall Fund Management Co., Ltd. amount to approximately 42.73 billion RMB, with a return of 162.12% during his tenure [4]

Business Expansion and Market Presence - In 2024, the company introduced over 200 international and domestic well-known brands, launching 19 exclusive and globally limited product series with over 500 items[10]. - The number of company members exceeded 38 million, reflecting strong customer engagement and loyalty[10]. - The company secured operating rights for 10 airport and port duty-free projects, leading to significant sales growth in domestic duty-free stores[11]. - New international locations were opened, including duty-free shops at Singapore Changi Airport and Hong Kong International Airport, expanding the company's overseas business footprint[11]. - The company signed operating lease agreements for taxable business at Shanghai Hongqiao Airport and Harbin Taiping Airport, exploring new revenue streams[13]. - The company is actively expanding its market presence by winning operating rights for 10 new duty-free projects at major airports and ports, enhancing its channel advantages[26]. - The company is exploring new tax-inclusive business models and has partnered with various entities to develop retail projects at airports and cruise ports, indicating a strategic shift towards diversified revenue streams[27]. - The company plans to deepen its market presence in Hainan and enhance service offerings at the Sanya International Duty-Free City, targeting different travel customer segments[78]. - The company will expand its overseas business and leverage the "Belt and Road" initiative to explore opportunities in key countries, enhancing its international presence[79]. Financial Performance - Revenue for the year ended December 31, 2024, was RMB 56,474 million, a decrease of RMB 11,066 million compared to RMB 67,540 million in 2023, representing a decline of approximately 16.4%[16]. - Gross profit for the same period was RMB 17,347 million, down RMB 3,506 million from RMB 20,853 million in 2023, reflecting a decrease of about 16.8%[16]. - Net profit attributable to equity shareholders was RMB 4,324 million, a decrease of RMB 2,466 million from RMB 6,790 million in 2023, indicating a decline of approximately 36.3%[16]. - The company's gross margin slightly decreased to 30.72% from 30.88%, a reduction of 0.16 percentage points[16]. - Total assets as of December 31, 2024, were RMB 76,108 million, down RMB 2,554 million from RMB 78,662 million in 2023, a decrease of about 3.2%[18]. - Total liabilities decreased to RMB 15,312 million from RMB 19,688 million in 2023, a reduction of RMB 4,376 million, representing a decline of approximately 22.2%[18]. - Cash and cash equivalents increased by RMB 3,021 million to RMB 34,773 million from RMB 31,752 million in 2023, an increase of about 9.5%[16]. - The equity-to-debt ratio improved to 25.19% from 33.38%, a decrease of 8.19 percentage points, indicating a stronger financial position[16]. - The company's revenue decreased by 16.38% from RMB 67.54 billion in 2023 to RMB 56.47 billion in 2024[46]. - Sales of duty-free goods fell by 12.58% from RMB 44.23 billion in 2023 to RMB 38.67 billion in 2024[47]. - The company's gross profit decreased by 16.81% from RMB 20.85 billion in 2023 to RMB 17.35 billion in 2024[51]. - Operating profit declined by 28.12% from RMB 89.50 billion in 2023 to RMB 64.33 billion in 2024[59]. - Net profit decreased by 33.07% from RMB 7.35 billion in 2023 to RMB 4.92 billion in 2024[60]. Strategic Focus and Future Plans - The company aims to capture new market opportunities by focusing on market insights, consumer behavior, and collaboration[14]. - The strategic focus for 2025 includes enhancing core capabilities and fostering high-quality development through innovation and collaboration[14]. - The company plans to establish itself as a world-class travel retail operator with global competitiveness and influence[14]. - The company aims to enhance its core capabilities and improve service quality, focusing on customer insights and supply chain management to boost operational efficiency[81]. - The company will strengthen medium to long-term planning and annual investment management to control investment scale and pace, enhancing project investment estimation and review processes[83]. - The company will focus on foreign exchange risk management due to international business being settled in foreign currencies, aiming to improve asset and liability currency matching[84]. - The company plans to deepen existing advantages and enhance online and offline integration to strengthen competitive positioning amid increasing market competition[85]. Corporate Governance and Management - The company emphasizes good corporate governance practices, having complied with the majority of the recommended best practices outlined in the Corporate Governance Code[110]. - The board plays a crucial role in strategic decision-making and risk management, ensuring the company's best interests are prioritized[117]. - The company has a strong commitment to maintaining high levels of corporate governance, regularly reviewing its governance practices[116]. - The company has established a system to manage the trading of its securities by directors and supervisors to prevent insider trading[114]. - The company recognizes the importance of effective leadership and regularly assesses the contributions of its directors[118]. - The board consists of eight members, including three executive directors and three independent non-executive directors, ensuring a diverse governance structure[119]. - The company has adopted a board diversity policy, considering factors such as gender, age, ethnicity, and professional experience in the nomination and selection of board members[129]. - The board has a balanced mix of knowledge and skills, with 3 members holding doctoral degrees and 4 holding master's degrees[130]. - The company provides training and resources for directors to ensure they are well-informed about their responsibilities and regulatory requirements[127]. - The term for directors is three years, with independent non-executive directors limited to a maximum of six consecutive years[125]. - The company has arranged appropriate liability insurance for directors, supervisors, and senior management against legal actions arising from company activities during the reporting period[126]. Risk Management and Compliance - The company has established a comprehensive risk management system and has conducted annual major risk assessments to evaluate risks based on likelihood and impact[160]. - The company aims to enhance the scientific design and applicability of risk warning indicators to prevent and mitigate significant operational risks[162]. - The board has reviewed and monitored compliance with legal and regulatory requirements, ensuring adherence to the Corporate Governance Code[154]. - The company has implemented quarterly risk compliance training for all employees to improve risk control and compliance awareness[163]. - The company has developed a risk management report mechanism to summarize and evaluate risk management efforts across key subsidiaries[161]. - The company has established a compliance system focusing on eight key areas, including regulatory compliance and data security[170]. - The audit and risk management committee has confirmed that there are no significant internal control deficiencies in financial reporting as of the evaluation report date[169]. Shareholder Communication and Dividends - The company aims to distribute at least 30% of the average distributable profits over the last three years as cash dividends, provided that the company has positive retained earnings[192]. - The company has established a shareholder communication policy to ensure that shareholder opinions and concerns are properly addressed[188]. - The company has revised its investor relations management system to enhance communication mechanisms with investors[187]. - The company is committed to providing stable and reasonable returns to shareholders while considering long-term interests and sustainable development[191]. - The company has a cash dividend policy that prioritizes cash distributions when conditions permit[191]. - The board proposed a final dividend of RMB 1.05 per share for the year ending December 31, 2024, totaling RMB 2,172.30 million (tax included) based on the total number of shares issued at the end of the reporting period[199]. - The proposed dividend is subject to approval at the annual general meeting, with expected payment within two months after the meeting if approved[199].

Core Points - The Shanghai Composite Index opened high and the CSI All Retail Index reported at 2456.24 points [1] Group 1: Index Performance - The CSI All Retail Index has decreased by 1.82% over the past month, increased by 7.68% over the past three months, and has declined by 4.78% year-to-date [2] - The index is designed to reflect the overall performance of different industry companies within the CSI All Index, categorized into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries [2] Group 2: Index Composition - The top ten weights in the CSI All Retail Index are: Yonghui Supermarket (10.98%), China Duty Free Group (9.78%), Digital China (8.64%), Wangfujing (5.27%), Kidswant (4.25%), Aishide (3.57%), Bailian Group (3.23%), Nanjing E-commerce (3.07%), Chongqing Department Store (3.03%), and Tianyin Holdings (2.81%) [2] - The market share of the CSI All Retail Index is composed of 50.64% from the Shenzhen Stock Exchange and 49.36% from the Shanghai Stock Exchange [2] Group 3: Industry Breakdown - The composition of the CSI All Retail Index by industry shows that general retail accounts for 49.17%, specialty retail for 26.73%, internet retail for 14.31%, and travel retail for 9.78% [2] Group 4: Sample Adjustment - The index samples are adjusted biannually, with adjustments implemented on the next trading day following the second Friday of June and December [3] - Weight factors are generally fixed until the next scheduled adjustment, with temporary adjustments made in response to changes in the CSI All Index samples [3]