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。 重要内容提示： 证券代码：601888 证券简称：中国中免 公告编号：临 2025-011 中国旅游集团中免股份有限公司 关于全资子公司与北京同仁堂国药有限公 司签订战略合作协议的公告 为贯彻落实国家关于大力开展国潮出海业务战略部署，助力中医药文化全球 传播，中国旅游集团中免股份有限公司（以下简称"公司"）全资子公司中免国 际有限公司（以下简称"中免国际"）与北京同仁堂国药有限公司（以下简称"同 仁堂国药"）签订了《战略合作协议》（以下简称"本协议"），本协议仅为合作 意向性协议，后续双方将根据实际需要签署具体合作协议以明确合作事宜并深化 双方合作。具体情况如下： 一、本协议签订的基本情况 （一）交易对方的基本情况 公司名称：北京同仁堂国药有限公司 地 址：中国香港湾仔港湾道1号会展广场办公大楼14楼1405-09室 商业登记号：34965494 成立时间：2004年3月18日 注册资本：938,789,465港币 1 本协议属于双方基于合作意愿而达成的战略性、框架性约定，后续合 ...

智通财经4月8日电，中国中免(601888.SH)公告称，中国旅游集团中免股份有限公司全资子公司中免国 际有限公司与北京同仁堂国药有限公司签订了《战略合作协议》，旨在通过合作实现共同发展、利益最 大化。合作内容包括扩大国内、海外渠道及产品合作范围，探索同仁堂活络油、中式抗衰老系列等产品 于中免渠道专供版本的合作，以及中式养生餐饮类创新业态合作。本协议为意向性协议，对公司2025年 度经营业绩不会构成重大影响，具体合作事宜和实施内容尚存在不确定性。 中国中免：全资子公司与北京同仁堂国药有限公司签订战略合作协议 ...

Core Insights - In 2024, China Duty Free Group (601888.SH) experienced a significant decline in performance due to fluctuations in consumer demand, with revenue dropping to 56.474 billion yuan, a decrease of over 16.4% year-on-year, and net profit falling to 4.27 billion yuan, down 36.4% [1][2] Group 1: Financial Performance - The company's revenue in Q4 2024 was 13.453 billion yuan, a year-on-year decline of 19.5%, while net profit plummeted by 76.9% to 348 million yuan, highlighting short-term operational pressures [1] - In Hainan, the revenue reached 28.892 billion yuan, a decrease of 27.13%, with a gross margin of 23.73%, down 2.03 percentage points [2] - The average spending per customer in Hainan's duty-free shopping dropped by 21.6% to 6,477 yuan per person in 2023, continuing into 2024 [3] Group 2: Market Dynamics - The share of Hainan sales in total sales has decreased from approximately 70% in 2021 to 51.4% recently, indicating a shift in consumer behavior as outbound tourism resumes [2] - The number of shoppers in Hainan's duty-free market fell by 15.9% to 5.683 million, and the number of items purchased decreased by 35.5% to 33.082 million [3] Group 3: Strategic Adjustments - To address the decline in mid-tier consumer spending, the company has adjusted its product mix since 2023, reducing the proportion of cosmetics and introducing high-end brands like LV and Dior [3] - Despite rapid growth in premium product revenue, it has not yet compensated for the decline in cosmetics sales [3] Group 4: Investment Projects - The company has invested 8.098 billion yuan in the Haikou International Duty-Free City project, with a total investment of 911 million yuan in 2024, generating 1.668 billion yuan in revenue to date [4] - The Sanya International Duty-Free City Phase I Project has seen a total investment of 1.846 billion yuan, with 911 million yuan invested in 2024, yielding 312 million yuan in revenue [4] Group 5: Business Expansion - The airport duty-free business showed strong performance, with revenue in Shanghai reaching 16.035 billion yuan, a decline of 10.02%, which is less than the decline in Hainan [5] - The company is expanding its city duty-free store network, having completed six stores in major cities and winning bids for six additional stores in cities like Guangzhou and Shenzhen [6][7]

Investment Rating - The report maintains a "Buy" rating for the company, with a previous rating also being "Buy" [1][4][6]. Core Views - The company faced significant pressure in 2024, with revenue of RMB 56.474 billion, a year-on-year decrease of 16.38%, and a net profit of RMB 4.267 billion, down 36.44% year-on-year. The report anticipates growth from the recovery of port stores and the gradual establishment of city stores [4][9]. - The report highlights the company's increasing market share in the offshore channel, despite a decline in duty-free sales. The company is expected to benefit from the upcoming closure of Hainan Island and ongoing property developments in the region [9]. - The international flight recovery has led to substantial growth in port duty-free sales, with the company's domestic duty-free store sales nearly doubling [9]. - The company is actively expanding its city duty-free operations, which are expected to contribute positively to revenue growth [9]. Financial Summary - The company’s projected revenue for 2025 is RMB 60.533 billion, reflecting a growth rate of 7.2% compared to 2024. The net profit is expected to be RMB 4.716 billion, with a growth rate of 10.5% [8][11]. - The report provides earnings per share (EPS) estimates of RMB 2.28 for 2025, with corresponding price-to-earnings ratios of 26.5, 22.3, and 19.0 for 2025, 2026, and 2027 respectively [6][8]. - The EBITDA for 2025 is projected at RMB 8.154 billion, with a growth rate of 24.5% [11].

Investment Rating - The investment rating for the company is "Outperform the Market" [6][15]. Core Views - The company's actual performance for 2024 aligns with previous reports, with a revenue of 56.474 billion yuan, down 16.38%, and a net profit of 4.267 billion yuan, down 36.44% [10][15]. - The company plans to distribute a cash dividend of 1.05 yuan per share, maintaining a dividend payout ratio of over 50% [10][15]. - The company is experiencing pressure in its Hainan operations but has increased its market share through product adjustments [2][11]. - The company benefits from the recovery of international passenger traffic, with significant revenue growth in airport stores [2][11]. Summary by Sections Financial Performance - In 2024, the company's revenue was 56.474 billion yuan, a decrease of 16.38%, and the net profit was 4.267 billion yuan, a decline of 36.44% [9][10]. - The fourth quarter of 2024 saw a revenue of 13.453 billion yuan, down 19.46%, and a net profit of 348 million yuan, down 76.93% [10][15]. - The gross profit margin for the main business was 31.5%, with a slight increase of 0.15 percentage points [3][12]. Market Dynamics - The company's sales in Hainan decreased by 27% to 28.9 billion yuan, with specific stores in Sanya and Haikou experiencing declines of 28% [2][11]. - The company's tax-free sales revenue decreased by 16%, while the taxable sales revenue fell by 23% [2][11]. - The company has gained nearly 2 percentage points in market share despite the challenging environment [2][11]. Future Outlook - The company is advised to monitor the recovery pace of overall consumption, especially in Hainan, as sales figures show signs of marginal improvement [4][14]. - The company has secured the operating rights for six new city duty-free stores, which are expected to contribute to future growth [4][14]. - The company maintains a strong position in the market with its multi-channel strategy, including Hainan, airports, online, and city stores [15].

Core Viewpoint - The company reported a decline in revenue and profit for the year 2024, primarily due to ongoing pressure in the Hainan offshore duty-free sales market [1][2]. Financial Performance - In 2024, the company achieved revenue of 56.474 billion yuan, down 16% year-on-year (yoy), and a net profit attributable to shareholders of 4.267 billion yuan, down 36% yoy [1]. - The fourth quarter of 2024 saw revenue of 13.453 billion yuan, a decrease of 20% yoy, with a net profit of 348 million yuan, down 77% yoy [1]. - The total duty-free shopping amount in Hainan for 2024 was 30.9 billion yuan, down 29% yoy, with actual shopping visitors at 5.683 million, down 16% yoy, and an average spending per visitor of 5,444 yuan, down 16% yoy [1]. Segment Analysis - Duty-free product sales in 2024 amounted to 38.665 billion yuan, down 13% yoy, with a gross margin of 39.5%, unchanged from the previous year [1]. - Taxable product sales generated revenue of 17.095 billion yuan, down 23% yoy, with a gross margin of 13.45%, a decrease of 1.8 percentage points yoy [1]. Subsidiary Performance - Sanya's duty-free stores generated revenue of 20.418 billion yuan, down 28% yoy, with a net profit of 367 million yuan, down 86% yoy, and a net profit margin of 1.8%, down 7.5 percentage points yoy [2]. - The Shanghai subsidiary achieved revenue of 16.035 billion yuan, down 10% yoy, with a net profit of 513 million yuan, up 100% yoy, and a net profit margin of 3.2%, up 1.8 percentage points yoy [2]. - Haikou International Duty-Free City reported revenue of 5.574 billion yuan, down 18% yoy, with a net loss of 176 million yuan [2]. - Hainan Duty-Free Company generated revenue of 3.554 billion yuan, down 28% yoy, with a net profit of 58 million yuan, down 71% yoy, and a net profit margin of 1.6%, down 2.4 percentage points yoy [2]. Future Outlook - In 2024, the company plans to consolidate its advantages in port channels, having won the operating rights for 10 airport and port duty-free projects, leading to significant growth in domestic duty-free store sales [2]. - The company aims to optimize its city store layout, having won bids for new duty-free store projects in six cities including Shenzhen and Guangzhou [2]. - Expansion of overseas business is planned, with openings at Changi Airport in Singapore, Hong Kong International Airport, and other locations [2]. - The company will explore taxable business development, signing leasing agreements for taxable operations at Shanghai Hongqiao Airport and Harbin Taiping Airport [2]. Market Trends - In January and February 2025, Hainan's duty-free shopping reached 8.41 billion yuan, down 13% yoy, with actual shopping visitors at 1.097 million, down 29% yoy [3]. - The average spending per visitor in January and February was 6,760 yuan and 8,315 yuan, respectively, showing increases of 16% and 25% yoy [3]. - The company plans to deepen its market presence in Hainan and expand its domestic and overseas store layouts, aiming for significant growth in the coming years [3]. Profit Forecast - Revenue projections for 2025-2027 are 61.6 billion yuan, 67.1 billion yuan, and 73.2 billion yuan, respectively, with a year-on-year growth of 9% each year [3]. - Net profit forecasts for the same period are 4.9 billion yuan, 5.5 billion yuan, and 6.3 billion yuan, with year-on-year growth of 16%, 12%, and 14% respectively [3]. - The current stock price corresponds to a price-to-earnings ratio of 25, 23, and 20 times for the years 2025, 2026, and 2027 [3].

Investment Rating - The investment rating for the company is "Buy" with a target price indicating a potential return of over 20% within the next six months [6][14]. Core Views - The company is expected to face performance pressure in 2024 due to a decline in traffic, particularly in Hainan's offshore duty-free shopping. However, it is anticipated to benefit from the expansion of city duty-free policies, which could stimulate domestic consumption [3][6]. - The company's market position remains strong, with an increase in market share despite the overall decline in Hainan's duty-free shopping amounts [2][3]. Financial Performance Summary - In Q4 2024, the company reported revenue of 13.5 billion yuan, a year-over-year decrease of 19.46%, and a net profit attributable to shareholders of 348 million yuan, down 76.93% year-over-year [1]. - For the full year 2024, the company expects revenue of 56.5 billion yuan, a decrease of 16.38% year-over-year, and a net profit of 4.3 billion yuan, down 36.44% year-over-year. The gross margin is projected to be 32.0%, slightly up by 0.2 percentage points [1][5]. - The company plans to distribute a cash dividend of 1.05 yuan per share for 2024, maintaining a dividend payout ratio of 50.91% [1]. Market Dynamics - In 2024, Hainan's offshore duty-free shopping amounted to 30.9 billion yuan, a decline of 29.3% year-over-year, with the number of shoppers decreasing by 15.9% [2]. - The company has seen a solidified market position, with a market share increase of nearly 2 percentage points despite the overall market decline [2]. Future Outlook - The company is expected to benefit from the new city duty-free policies implemented in October 2024, which are likely to enhance domestic consumption and facilitate the return of overseas shopping demand [3]. - Revenue projections for 2025-2027 are adjusted to 59 billion yuan, 63.5 billion yuan, and 69.4 billion yuan respectively, with net profits expected to be 4.7 billion yuan, 5.5 billion yuan, and 6.5 billion yuan [3][5].

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company experienced a decline in revenue and net profit in 2024, with total revenue of 56.47 billion yuan, down 16.38% year-on-year, and a net profit of 4.27 billion yuan, down 36.44% year-on-year [1][4]. - Despite the decline, the company is expected to benefit from the recovery of duty-free consumption and has strengthened its market share in the Hainan duty-free market, which increased by nearly 2 percentage points year-on-year [3][4]. - The company has expanded its operations in various channels, including winning bids for duty-free projects at multiple airports and renewing agreements for city duty-free stores [3]. Summary by Sections Financial Performance - In Q4 2024, the company reported revenue of 13.45 billion yuan, a year-on-year decrease of 19.46%, and a net profit of 0.35 billion yuan, down 76.93% year-on-year [1]. - The gross profit margin for Q4 2024 was 28.5%, with a year-on-year decline of 3.5 percentage points [2]. Market Trends - The decline in Hainan's duty-free sales has narrowed, with sales of 8.41 billion yuan in January-February 2025, down 13.3% year-on-year, compared to a 29.3% decline for the entire year of 2024 [2]. Profit Forecasts - The profit forecasts for 2025 and 2026 have been revised down by 35.2% and 36.2%, respectively, with expected net profits of 4.97 billion yuan and 5.59 billion yuan [4][5]. - The report also includes a new forecast for 2027, projecting a net profit of 6.18 billion yuan [4]. Valuation Metrics - The report provides valuation metrics, including an expected EPS of 2.40 yuan for 2025 and a P/E ratio of 25 [5][12].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年3月31日 狀態: 新提交 FF301 致：香港交易及結算所有限公司 公司名稱: 中國旅遊集團中免股份有限公司 呈交日期: 2025年4月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01880 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 116,383,500 | RMB | | 1 RMB | | 116,383,500 | | 增加 / 減少 (-) | | | 0 | | | RMB | | | | 本月底結存 | | | 116,383,500 | RMB | | 1 RMB | | 116,383,500 | | 2. 股份分類 | 普通股 | 股份類別 | A ...

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 中国中免 4Q2024营业收入134.5亿元，归母净利润3.5亿元 202 5年3月28日 , 中国中免（ 6 01888. SH）公布2 02 4年年度报告：2024年公司营业收入564.7亿元，同比 下降16 . 38 % ；归母净利润 42.7亿元，同比下降36.44 % ；扣非归母净利润 41.4亿元，同比下降37.70 % 。单季度来看， 4Q2024公司营业收入134.5亿元，同比下降19.46%；归母净利润3.5亿元，同比下降 76.93%；扣非归母净利润2.7亿元，同比下降81.42%。 风险提示： 消费复苏进度不及预期，新项目推进不及预期 。 发布日期： 2025-04-01 免责声明 本订阅号是光大证券股份 ...