Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - In 2024, the company reported a revenue of 56.492 billion yuan, a year-on-year decrease of 16.36%. The net profit attributable to shareholders was 4.263 billion yuan, down 36.50% year-on-year. The adjusted net profit was 4.145 billion yuan, a decline of 37.68% year-on-year. In Q4 alone, revenue was 13.5 billion yuan, down 19% year-on-year, and net profit was 340 million yuan, down 77% year-on-year [2][4]. - The company is expected to reach a bottom in performance in 2024, with the upcoming closure of Hainan's borders potentially impacting market sentiment. However, the long-term outlook remains positive due to the company's core competitive advantages in scale, brand, and operational management. A recovery in the economic environment and consumer demand is anticipated to lead to a performance turnaround [2][4]. - Projected net profits for 2025 and 2026 are estimated at 5 billion yuan and 5.8 billion yuan, respectively, with corresponding price-to-earnings ratios of 25x and 22x [2][4]. Summary by Sections Financial Performance - For the full year of 2024, the company reported total revenue of 56.492 billion yuan, a decrease of 16.36% compared to the previous year. The net profit attributable to shareholders was 4.263 billion yuan, down 36.50% year-on-year, while the adjusted net profit was 4.145 billion yuan, reflecting a 37.68% decline [2][4]. - In Q4 2024, the company generated revenue of 13.5 billion yuan, a 19% decrease year-on-year, and a net profit of 340 million yuan, which is a 77% decline year-on-year [2][4]. Market Dynamics - The Hainan duty-free market faced challenges, with total sales of 30.94 billion yuan in 2024, down 29% year-on-year. The average transaction value decreased by 16% to 5,444 yuan, and the number of shoppers fell by 16% to 5.683 million [2][4]. - Despite the demand pressure, the company managed to increase its market share by nearly 2 percentage points [2][4]. Strategic Developments - The company has successfully bid for six new city duty-free stores, enhancing its "duty-free + taxable" and "imported + domestic" retail model. Following recent policy changes, the company is actively participating in the bidding for city duty-free store operating rights [2][4]. - The product matrix has been enriched, with over 40% of the brands introduced being domestic, which has positively impacted sales and consumer recognition of domestic brands [2][4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a decline in performance for 2024, with total revenue expected to be 56.49 billion yuan, a decrease of 16.36% year-on-year, and a net profit attributable to shareholders of 4.26 billion yuan, down 36.5% year-on-year [7] - Despite the challenges, the company has increased its market share in the Hainan duty-free market by nearly 2 percentage points year-on-year [7] - The company is expanding its city duty-free store projects, having successfully bid for six new stores in major cities, bringing the total to 13 [7] - The company anticipates a recovery in profits in 2025 and 2026, with projected net profits of 5.60 billion yuan and 6.76 billion yuan respectively [7] Financial Data and Profit Forecast - Total revenue for 2023 was 67.54 billion yuan, with a projected revenue of 67.57 billion yuan for 2025 and 80.57 billion yuan for 2026 [5][9] - The net profit for 2023 was 6.71 billion yuan, with forecasts of 4.28 billion yuan for 2024, 5.60 billion yuan for 2025, and 6.76 billion yuan for 2026 [5][9] - The company's gross margin is expected to stabilize around 30% from 2024 onwards [5] - The projected price-to-earnings ratio (PE) for 2025 and 2026 is 23 and 19 respectively [7]

Investment Rating - The report maintains a "Recommend" rating for China Tourism Group Duty Free Corporation (601888 SH) [3] Core Views - The company's performance continues to face pressure due to slowing consumer demand and industry cycles [5] - Revenue is significantly impacted by fluctuations in luxury consumption demand among domestic high-end consumers [5] - The decline in revenue is mainly driven by weak consumption demand in the Hainan offshore duty-free market, partially offset by recovery in domestic airport channel sales [5] - The company is actively expanding its city duty-free store projects and accelerating overseas business expansion [5] - Despite short-term challenges, the company remains a leader in the domestic duty-free industry with a clear competitive advantage [5] Financial Performance - 2024 revenue is expected to be 56492 16 million yuan, a year-on-year decrease of 16 36% [2] - 2024 net profit attributable to the parent company is forecasted at 4262 90 million yuan, a year-on-year decrease of 36 50% [2] - 2024 EPS is projected at 2 06 yuan, with a PE ratio of 29 90 [2] - 2024-2026 net profit forecasts are 42 6 billion, 51 3 billion, and 67 2 billion yuan respectively [5] - 2024-2026 PE ratios are expected to be 30X, 25X, and 19X respectively [5] Business Operations - The company has won bids for city duty-free store projects in Shenzhen, Guangzhou, Xi'an, and Fuzhou, totaling 9 city duty-free stores [5] - Overseas expansion includes new stores at Singapore Changi Airport, Hong Kong International Airport, Tokyo Ginza, and Sri Lanka [5] - Beijing and Shanghai airport duty-free store revenues increased by 115% and 32% respectively in 2024 [5] - The company's market share in Hainan increased by 2 percentage points, outperforming the overall industry decline [5] Financial Ratios - 2024 gross margin is expected to be 31 00%, slightly lower than 2023's 31 82% [2] - 2024 net profit margin is forecasted at 7 55%, down from 2023's 9 94% [7] - 2024 ROE is projected at 7 80%, compared to 2023's 12 47% [7] - 2024 asset-liability ratio is expected to be 22 72%, lower than 2023's 24 96% [7] - 2024 current ratio is forecasted at 4 40, an improvement from 2023's 3 81 [7]

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside in the stock price [6][10]. Core Insights - The company is expected to face challenges in 2024 due to a decline in offshore duty-free sales, but airport duty-free operations are showing signs of recovery. The overall revenue forecast for 2024 is RMB 56.49 billion, a decrease of 16.4% year-on-year, with a net profit of RMB 4.26 billion, down 36.5% year-on-year [6][8]. - The report anticipates a gradual improvement in the company's performance in 2025, driven by favorable policies and a rebound in tourism, particularly in Hainan. The net profit is projected to increase to RMB 5.02 billion in 2025, representing a year-on-year growth of 17.7% [8][6]. Summary by Sections Company Basic Information - The company operates in the leisure services industry, with an A-share price of RMB 61.60 as of January 16, 2025. The market capitalization is approximately RMB 120.27 billion, with major shareholder being China Tourism Group [2][6]. Recent Ratings - The company's stock ratings have fluctuated over the past year, with the most recent rating being "Buy" as of October 16, 2024. Previous ratings included "Trading Buy" and "Buy" [3][6]. Financial Performance - The company reported a net profit of RMB 6.71 billion in 2023, with a projected decline to RMB 4.26 billion in 2024, followed by a recovery to RMB 5.02 billion in 2025. The earnings per share (EPS) are expected to be RMB 2.06 in 2024, RMB 2.43 in 2025, and RMB 2.68 in 2026 [7][8]. Revenue and Profit Forecast - The forecasted revenue for 2024 is RMB 56.49 billion, with a gradual increase to RMB 62.85 billion in 2025 and RMB 68.09 billion in 2026. The company is expected to improve its profit margins as the market recovers [13][8]. Market Trends - The report highlights a significant increase in inbound tourism, with a 43.9% year-on-year rise in the number of travelers, which is expected to positively impact airport duty-free sales. The company is also expanding its presence in urban duty-free stores [8][6].

Investment Rating - The report assigns a **Neutral** rating to China Tourism Group Duty Free Corporation (China Duty Free) with a 12-month target price of RMB 71.50 [4][5] Core Views - China Duty Free expects **stable sales in Hainan** and **positive year-on-year growth in airport sales** by 2025 [1] - The company is adopting a **"small batch + high frequency" procurement strategy** to maintain normal inventory levels [1] - If more South Korean duty-free operators cease cooperation with Chinese daigou (shopping agents), it could lead to **consumption repatriation**, benefiting Chinese duty-free operators [1] - The current **Hainan duty-free shopping policy**, including the RMB 100,000 annual shopping quota per person, is expected to remain unchanged for the next 3-5 years [2] - The company is increasing its **market share in Hainan**, and **consumption vouchers** are seen as an effective way to boost duty-free sales, with every RMB 1 voucher generating RMB 16-17 in incremental revenue [2] - **Chanel** is considering entering Haitang Bay, which could further enhance the region's appeal [2] - Airport duty-free sales are expected to grow positively in 2025, driven by the recovery of outbound travel and the boom in inbound tourism, though challenges remain, including competition from cross-border e-commerce platforms and slow introduction of luxury brands [3] Financial Projections - The report forecasts **revenue growth** for China Duty Free, with revenues expected to increase from RMB 71.608 billion in 2024E to RMB 113.538 billion in 2028E [9] - **Net profit** is projected to rise from RMB 6.781 billion in 2024E to RMB 10.873 billion in 2028E [9] - **Earnings per share (EPS)** is expected to grow from RMB 3.28 in 2024E to RMB 5.26 in 2028E [9] - The **EBIT margin** is forecasted to remain stable at around 12.4% to 12.7% from 2024E to 2028E [9] - **ROIC (EBIT)** is projected to increase from 33.5% in 2024E to 45.2% in 2028E [9] Valuation and Market Data - The **target price of RMB 71.50** is based on a DCF valuation with a WACC of 9.4%, implying a 22x/19x 2024/25E PE ratio [4] - The stock price as of January 15, 2025, was RMB 61.29, with a **52-week range of RMB 53.76 to RMB 89.68** [5] - The company has a **market capitalization of RMB 127 billion (USD 17.3 billion)** and a **free float of 25%** [5] - The **average daily trading volume** is 21,368 thousand shares, with an average daily turnover of RMB 1.493 billion [5] Industry and Competitive Landscape - The **duty-free industry** faces structural challenges, including competition from cross-border e-commerce platforms, slow introduction of luxury brands, and the dilution effect of downtown duty-free stores [3] - The company is negotiating **airport pickup point fees**, and airports may become shareholders in downtown duty-free stores [3] - The **policy prohibiting individual shareholders** in duty-free entities remains unresolved, with individuals still holding over 30% of RiRi shares [1]

Financial Performance - Revenue for 2024 was RMB 56.492 billion, a decrease of 16.36% year-over-year[3][5] - Net profit attributable to shareholders was RMB 4.263 billion, down 36.50% year-over-year[3][5] - Basic earnings per share were RMB 2.0605, down 36.50% year-over-year[3] - Weighted average return on equity decreased by 5.25 percentage points to 7.87%[3] - Total assets decreased by 2.71% to RMB 76.729 billion[3] Duty-Free Store Performance - Beijing airport duty-free store revenue increased by over 115% year-over-year[6] - Shanghai airport duty-free store revenue grew by nearly 32% year-over-year[6] - Hainan duty-free market share increased by nearly 2 percentage points[6] Membership and Market Expansion - CDF membership exceeded 38 million, with a 1 percentage point increase in member repurchase rate[6] - The company secured new city duty-free store projects in Shenzhen, Guangzhou, Xi'an, and Fuzhou[6]

表决结果：同意 3 票，反对 0 票，弃权 0 票。 该议案尚需提交公司董事会审议。 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一次会议 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一次会议于2024年12月25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： 审议通过《关于与中国旅游集团有限公司签署<2025 年度日常关 联交易框架协议>的议案》 独立董事认为：公司与控股股东签署 2025 年度日常关联交易框架 协议为公司日常经营活动所需，关联交易遵循了公平、合理的定价政 策和原则，不存在损害公司及其他股东特别是中小股东利益的情形， 不会对公司的独立性和持续经营能力造成不利影响。同意将上述议案 提交公司董事会审议，在审议该项议案时，关联董事应回避表决。 独立董事：葛明、王瑛、王强 2 ...

证券代码：601888 证券简称：中国中免 公告编号：临 2024-038 中国旅游集团中免股份有限公司 第五届董事会第十九次会议决议公告 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"）第五届董事会第十九次 会议于 2024 年 12 月 13 日以电子邮件方式发出通知，于 2024 年 12 月 20 日在公司 会议室召开。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： 1、审议通过《关于公司 2023 年人工成本清算评价结果及 2024 年人工成本预 算的议案》 提交董事会审议前，公司薪酬与考核委员会认真审查了公司 2023 年人工成本清 算评价结果及 20 ...

证券代码：601888 证券简称：中国中免 公告编号：临2024-039 中国旅游集团中免股份有限公司 关于变更证券事务代表的公告 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。 近日，中国旅游集团中免股份有限公司（以下简称"公司"）董事会收到证券 事务代表何怡恒先生递交的书面辞职报告。因工作调动，何怡恒先生申请辞去公司 证券事务代表职务。 公司于2024年12月20日召开第五届董事会第十九次会议，审议通过了《关于聘 任证券事务代表的议案》，同意聘任郑铁球先生（简历详见附件）为公司证券事务 代表，任期自董事会审议通过之日起至第五届董事会任期届满之日止。郑铁球先生 拥有证券交易所颁发的董事会秘书资格证书，具备担任证券事务代表所必需的财务、 管理、法律等专业知识，具备良好的职业道德和个人品质，符合《上海证券交易所 股票上市规则》规定的任职条件。 邮箱：cdfir@ctg.cn 联系地址：北京市东城区东直门外小街甲2号-1正东国际大厦A座8层 特此公告。 1 公司证券事务代表联系方式如下： 联系电话：010-84479696 传真号 ...

FF301 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: 2024年11月30日 狀態: 新提交 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: 2024年12月2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 | ...