虽然业绩依旧承压，但中国中免在海南离岛免税市场的份额仍在增长。报告期内，中国中免在海南省拥 有6家离岛免税店。中国中免方面表示，在海南离岛免税市场的优势地位进一步稳固，市场份额同比提 升近2个百分点。 与海南地区业绩承压相比，中国中免机场免税业务在不断增长。中国中免方面表示，受益于免签国家范 围持续扩容、过境免签政策不断优化和国际客运航班量的持续增加，公司境内出入境免税门店销售实现 大幅增长。 不过境内免税赛道愈发拥挤，也让中国中免将目光投向境外市场以寻找增量。财报显示，2024年中国中 免持续扩大境外业务版图，实现新加坡樟宜机场精品店、香港国际机场精品店、日本东京银座珠宝类品 牌免税专柜以及斯里兰卡免税店开业。 资深旅游专家王兴斌认为，中国中免需要从供应链管理、渠道优化及价格策略等多维度提升竞争力，以 巩固其在海南市场的优势地位。随着市场竞争愈演愈烈，包括中国中免在内的各家免税企业，亟待开拓 新的业绩增长点。 北京商报记者 吴其芸 近日，中国旅游集团中免股份有限公司（以下简称"中国中免"）发布2024年财报。一方面，旗下海南离 岛免税板块业绩持续承压；另一方面，其机场免税店业务正在持续增长。随着免税玩家不断 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance for 2024 aligns with the forecast, with a narrowing decline in Hainan duty-free sales [8] - The company is expected to benefit from the gradual recovery of outbound tourism and the implementation of city duty-free store policies, despite current pressures on duty-free consumption [8] - The report anticipates a significant contribution from new city duty-free stores, with potential sales in the tens of billions [8] Financial Performance Summary - For 2024, the company achieved total revenue of 56.47 billion yuan, a year-on-year decline of 16% [8] - The net profit attributable to the parent company for 2024 was 4.27 billion yuan, down 36% year-on-year [8] - The fourth quarter of 2024 saw revenue of 13.45 billion yuan, a year-on-year decrease of 19% [8] - The gross profit margin for 2024 was 32.0%, an increase of 0.2 percentage points year-on-year [8] Sales and Market Position - The sales of duty-free goods accounted for 68% of total revenue, while taxable goods accounted for 30% in 2024 [8] - The company’s market share in Hainan increased by nearly 2 percentage points, despite a 29% year-on-year decline in total duty-free sales in the region [8] - The report highlights the potential for growth in city duty-free sales, particularly with new store openings in major cities [8] Earnings Forecast - The forecast for net profit attributable to the parent company for 2025, 2026, and 2027 is 4.98 billion yuan, 5.76 billion yuan, and 6.69 billion yuan respectively [8] - The corresponding P/E ratios for these years are projected to be 26, 22, and 19 times [8] - The report indicates that the current valuation is at the lower end of the historical valuation range of 25-40 times [8]

Core Viewpoint - The overall performance of China Duty Free Group (CDFG) continues to decline, with revenue and profit both showing significant drops, indicating ongoing challenges in the market [7][8]. Revenue Analysis - In Q4 2024, CDFG reported revenue of 135 billion RMB, a year-on-year decline of 19.5%, reflecting a consistent downward trend without signs of recovery [11][13]. - The overall sales in Hainan's duty-free market decreased by 21%, but CDFG's revenue decline did not show improvement, suggesting a potential loss of market share [11][13]. - The decline in taxable sales revenue (-26%) is significantly higher than the decline in duty-free sales revenue (-16%), indicating that taxable sales remain a major factor in the overall revenue downturn [2][16]. Profitability Metrics - CDFG's gross profit for Q4 was 38 billion RMB, with a gross margin dropping to 28.5%, marking a continuous decline over three consecutive quarters [3][18]. - The gross margin for taxable sales plummeted from 17.4% to 8.9%, highlighting the need for adjustments in this segment to signal a potential turnaround [3][20]. - The company reported a net profit of only 5.5 billion RMB for the quarter, down from 6.6 billion RMB in the previous quarter, which is insufficient for a company with a market capitalization of over 1 trillion RMB [5][31]. Marketing and Operational Expenses - Marketing expenses remained stable at 22.7 billion RMB for the quarter, with a slight reduction in marketing expense ratio to 16.9% [4][22]. - Management expenses increased to 5.9 billion RMB, indicating efforts to control costs, but the reduction was not sufficient to offset revenue declines, leading to a rise in management expense ratio [4][27]. Future Outlook - The recovery of airport channels has been noted, with significant growth in duty-free sales at Beijing and Shanghai airports, but this is not enough to compensate for the larger decline in Hainan's duty-free sales [2][16]. - The market expects a profit of around 60 billion RMB for 2025, suggesting that current valuations are based on optimistic recovery scenarios, which may not materialize [8][29].

Core Insights - China Duty Free Group (CDFG) reported a decline in revenue and net profit for 2024, with revenue down 16.38% to 56.474 billion yuan and net profit down 36.44% to 4.267 billion yuan [1][2] Group 1: Financial Performance - CDFG's revenue from Hainan decreased by 27.13% to 28.892 billion yuan, accounting for approximately 51.16% of total revenue, down from 58.71% the previous year [2] - The overall duty-free shopping market in Hainan saw a decline, with shopping amounts down 29.3% to 30.94 billion yuan and the number of shoppers down 15.9% to 5.683 million [2] Group 2: Market Challenges - The decline in Hainan's duty-free sales is attributed to factors such as natural disasters, outbound consumption diversion, increased competition from domestic brands, and consumers seeking better value [3] - Despite the challenges, CDFG's market share in Hainan increased by nearly 2 percentage points during the reporting period [3] Group 3: Growth Strategies - CDFG is expanding its airport duty-free business, benefiting from the increase in visa-free countries and the optimization of transit visa policies, leading to significant sales growth in domestic duty-free stores [3] - The company has also won the operating rights for 10 airport and port duty-free projects in the year [3] Group 4: Expansion into Overseas Markets - CDFG is actively seeking new growth opportunities by expanding its overseas presence, opening new stores in locations such as Singapore Changi Airport, Hong Kong International Airport, and Sri Lanka [4] - Recent government policies support the establishment of duty-free stores in qualified cities and promote tax refund services for outbound shopping, encouraging competition in the duty-free market [4] Group 5: Industry Outlook - The increasing number of duty-free players in the market poses ongoing challenges for CDFG, necessitating improvements in supply chain management, channel optimization, and pricing strategies to maintain its competitive edge [5]

Core Viewpoint - The report provides an audit of China Tourism Group Duty Free Co., Ltd.'s non-operating fund occupation and related party transactions for the year 2024, ensuring the authenticity and legality of the financial disclosures [1][2][3]. Financial Summary - The total amount of non-operating fund occupation reported is approximately ¥9.18 billion, with a total of related party transactions amounting to approximately ¥107.44 billion [2][3]. - The report indicates that the company has a significant amount of receivables and payables with related parties, including various subsidiaries and affiliated companies [2][3]. Audit Findings - The audit conducted by Ernst & Young provided a standard unqualified opinion on the financial statements for the year ending December 31, 2024, confirming no inconsistencies were found in the major aspects of the financial data [1][2]. - The report emphasizes that the summary table should be read in conjunction with the audited financial statements for a comprehensive understanding of the company's financial position [1][2]. Compliance and Responsibility - The company is responsible for the truthful preparation and disclosure of the summary table, ensuring its completeness and legality as per regulatory requirements [1][2]. - The audit report is intended solely for the disclosure purposes of the 2024 annual report and is not applicable for other uses [1].

Core Viewpoint - The company plans to distribute a cash dividend of RMB 1.05 per share (including tax), which represents 50.91% of the net profit attributable to shareholders for the year 2024 [1][2]. Profit Distribution Plan - The total cash dividend amount is RMB 2,172,301,996.20 for the current year, compared to RMB 3,413,617,422.60 in the previous year and RMB 1,655,087,235.20 in the year before that [1]. - The company's retained earnings at the end of the current year amount to RMB 5,241,149,013.42 [1]. - The average net profit over the last three accounting years is RMB 5,337,059,971.28 [1]. - The cumulative cash dividends over the last three accounting years total RMB 7,241,006,654.00 [1]. Decision-Making Process - The board of directors approved the profit distribution plan during the 22nd meeting of the 5th board on March 28, 2025, with 8 votes in favor and no opposition [1][3]. - The supervisory board believes the profit distribution plan complies with relevant laws and the company's articles of association, considering the company's profitability, financial status, and future development plans [3].

Meeting Overview - The fifth meeting of the Supervisory Board of China Tourism Group Duty Free Co., Ltd. was held on March 28, 2025, combining in-person and communication methods [1] - The meeting was attended by all three supervisory members, and the proceedings complied with relevant laws and regulations [1] Resolutions Passed - The Supervisory Board approved the 2024 annual financial settlement report, which accurately reflects the company's financial status and operating results, supported by a standard unqualified audit report [1] - The board also approved the 2024 annual report, confirming that its preparation and review processes met legal and regulatory requirements, and that the report accurately represents the company's situation [1] - The profit distribution plan for 2024 was deemed compliant with laws and regulations, considering the company's profitability, financial status, and future development plans, enhancing investor satisfaction [1] - The board approved the provision for asset impairment, stating that the reasons for the provision are sufficient and comply with accounting standards, ensuring a fair representation of the company's financial condition [1]

证券代码：601888 证券简称：中国中免 公告编号：临2025-005 中国旅游集团中免股份有限公司 第五届监事会第十次会议（现场结合通讯方式） 决议公告 本公司监事会及全体监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、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"）第五届监事会第十次会议 于2025年3月14日以电子邮件方式发出通知，于2025年3月28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、监事会会议审议情况 经与会监事认真讨论，会议审议通过了以下议案： 1. 《公司2024年度监事会工作报告》 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2024年年度股东大会审议。 2. 《公司2024年度财务决算报告》 监事会认为，公司2024年度财务决算报告真实反映了公司的财务状况和 经营成果， ...

证券代码：601888 证券简称：中国中免 公告编号：临 2025-004 中国旅游集团中免股份有限公司 第五届董事会第二十二次会议（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"）第五届董事会第二十二 次会议于 2025 年 3 月 14 日以电子邮件方式发出通知，于 2025 年 3 月 28 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 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，弃权 0 票，该议案获得通过。 该议案尚需提交公司 2024 年年度股东大会审议。 2. 审议通 ...

证券代码：601888 证券简称：中国中免 公告编号：临2025-006 中国旅游集团中免股份有限公司 2024年年度利润分配方案公告 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）利润分配的具体内容 截至 2024 年 12 月 31 日，公司母公司报表中期末未分配利润为人民币 524,114.90 万元。经董事会决议，公司 2024 年年度拟以实施权益分派股权登记 日登记的总股本为基数分配利润。本次利润分配方案如下： 公司拟向全体股东每股派发现金红利 1.05 元（含税）。截至 2024 年 12 月 31 日，公司总股本 2,068,859,044 股，以此计算合计拟派发现金红利为人民币 217,230.20 万元（含税）。本年度公司现金分红总额为人民币 217,230.20 万元， 占本年度归属于上市公司股东净利润的比例 50.91%。 如在本公告披露之日起至实施权益分派股权登记日期间，因可转债转股/回 购股份/股权激励授予股份回购注销/重大资产重组股份回购注销等致使公司总股 本发生变动的，公司拟维持分配总额不 ...