Financial Performance - The company's operating revenue for the third quarter was approximately ¥11.76 billion, a decrease of 21.52% compared to the same period last year[2]. - Net profit attributable to shareholders was approximately ¥636.40 million, down 52.53% year-on-year[2]. - Basic earnings per share for the quarter were ¥0.3076, reflecting a decline of 52.53% compared to the previous year[2]. - The net profit excluding non-recurring gains and losses for the quarter was approximately ¥635.05 million, a decrease of 52.49% year-on-year[2]. - Total operating revenue for the first three quarters of 2024 was CNY 43.02 billion, a decrease of 15.4% compared to CNY 50.84 billion in the same period of 2023[12]. - Net profit for the first three quarters of 2024 was CNY 4.31 billion, a decline of 20.5% from CNY 5.42 billion in the same period of 2023[13]. - The total comprehensive income for the period was CNY 4,210,036,486.96, compared to CNY 5,908,745,924.37 in the same period last year, reflecting a decrease of approximately 28.7%[14]. - The basic and diluted earnings per share were both CNY 1.8944, down from CNY 2.5165 in the same period last year, reflecting a decrease of approximately 24.7%[14]. Cash Flow and Assets - The net cash flow from operating activities for the year-to-date period was approximately ¥5.10 billion, a decrease of 62.03% year-on-year[2]. - The net cash flow from operating activities was CNY 5,103,650,006.60, down from CNY 13,442,904,588.11 in the previous year, indicating a decline of about 62.1%[15]. - The total cash inflow from operating activities was CNY 46,730,451,257.33, compared to CNY 55,166,707,917.70 in the prior year, representing a decrease of approximately 15.4%[15]. - The total cash and cash equivalents at the end of the period were CNY 31,985,093,212.30, compared to CNY 33,854,625,563.83 at the end of the previous year, a decrease of about 5.5%[16]. - The company reported a net increase in cash and cash equivalents of CNY 232,901,428.16, a significant decrease from CNY 8,092,482,377.19 in the previous year[16]. Assets and Liabilities - Total assets at the end of the quarter were approximately ¥75.58 billion, down 4.17% from the end of the previous year[3]. - As of September 30, 2024, the total assets of China Tourism Group Duty Free Corporation amounted to RMB 75.58 billion, a decrease from RMB 78.87 billion at the end of 2023[10]. - The company's current assets totaled RMB 54.66 billion, down from RMB 58.46 billion at the end of 2023, indicating a decline of approximately 4.8%[10]. - The company's total liabilities decreased to CNY 15.63 billion from CNY 19.69 billion, reflecting a reduction of approximately 20.5%[12]. - The total equity attributable to shareholders increased to CNY 54.23 billion from CNY 53.83 billion, showing a growth of 0.74%[12]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 309,526[6]. - The largest shareholder, China Tourism Group Co., Ltd., held 50.30% of the shares[6]. Operational Challenges - The company attributed the decline in performance to insufficient consumer spending and external factors such as typhoons in September[5]. - The company has not disclosed any new product developments or market expansion strategies in the current report[9]. - The company plans to focus on market expansion and new product development in the upcoming quarters to drive growth[12]. Expenses - Research and development expenses for the first three quarters of 2024 were CNY 8.73 million, down from CNY 9.78 million in 2023, indicating a decrease of 10.7%[13]. - The company reported a financial expense of CNY -654.91 million, compared to CNY -581.83 million in the previous year, reflecting an increase in financial costs[13]. - The company’s tax expenses for the first three quarters of 2024 were CNY 1.14 billion, slightly down from CNY 1.15 billion in 2023[13].

证券代码：601888 证券简称：中国中免 公告编号：临 2024-035 中国旅游集团中免股份有限公司 第五届董事会第十八次会议（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"）第五届董事会第十八次 会议于 2024 年 10 月 16 日以电子邮件方式发出通知，于 2024 年 10 月 30 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：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，公司部分 监事和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： 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全票审议通过。 表决结果：同意 8 票，反对 0 票，弃权 0 票，该议案获得通过。 特此公告。 中国旅游集团中免股份有限公司 ...

Financial Performance - The group's operating revenue for the third quarter of 2024 was RMB 11,755,587,031.04, a decrease of 21.52% compared to the same period last year[3]. - Net profit attributable to shareholders for the third quarter was RMB 636,399,684.97, down 52.53% year-on-year[3]. - Basic earnings per share for the third quarter were RMB 0.3076, reflecting a decline of 52.53% compared to the previous year[3]. - Total operating revenue for the first three quarters of 2024 was RMB 43,020,585,432.70, a decrease of 15.5% compared to RMB 50,837,011,108.69 in the same period of 2023[15]. - Net profit for the first three quarters of 2024 was RMB 4,311,124,493.65, a decline of 20.5% from RMB 5,423,157,058.16 in the previous year[16]. - Earnings per share for the first three quarters of 2024 was RMB 1.8944, down from RMB 2.5165 in the same period of 2023[18]. - The total comprehensive income for the first three quarters of 2024 was RMB 4,210,036,486.96, down from RMB 5,908,745,924.37, a decrease of 28.7%[18]. Cash Flow and Liquidity - The net cash flow from operating activities for the year-to-date period decreased by 62.03%, totaling RMB 5,103,650,006.60[3]. - Operating cash flow for the first three quarters of 2024 was RMB 5,103,650,006.60, a decrease of 62% compared to RMB 13,442,904,588.11 in the same period of 2023[19]. - Cash inflow from operating activities totaled RMB 46,730,451,257.33, down 15% from RMB 55,166,707,917.70 year-over-year[19]. - Cash outflow from operating activities was RMB 41,626,801,250.73, slightly decreased from RMB 41,723,803,329.59 in the previous year[19]. - The net increase in cash and cash equivalents for the first three quarters of 2024 was RMB 232,901,428.16, a significant decrease from RMB 8,092,482,377.19 in the same period of 2023[21]. - The ending balance of cash and cash equivalents was RMB 31,985,093,212.30, down from RMB 33,854,625,563.83 at the end of the previous year[21]. Assets and Liabilities - Total assets at the end of the reporting period were RMB 75,583,918,638.29, a decrease of 4.17% from the end of the previous year[3]. - Total current assets amounted to RMB 54,664,240,918.26, a decrease of 6.09% from RMB 58,455,840,882.98 on December 31, 2023[10]. - Total non-current assets increased to RMB 20,919,677,720.03 from RMB 20,413,565,309.73, representing a growth of 2.48%[11]. - Total liabilities decreased to RMB 11,190,992,282.55 from RMB 15,328,502,011.00, a reduction of 27%[12]. - Total liabilities decreased to RMB 15,626,323,551.97 from RMB 19,687,771,057.47, reflecting a reduction of 20.8%[14]. - Total equity increased to RMB 59,957,595,086.32, up from RMB 59,181,635,135.24, indicating a growth of 1.3%[14]. Shareholder Information - The total number of ordinary shareholders as of the reporting period was 309,526[6]. - The largest shareholder, China Tourism Group Co., Ltd., holds 50.30% of the shares[6]. Government Support and Other Income - The company received government subsidies amounting to RMB 16,706,918.88 during the reporting period[4]. - Other income rose significantly to RMB 93,380,555.12, compared to RMB 21,656,802.06 in the previous year, marking an increase of 331.5%[16]. Costs and Expenses - Total operating costs decreased to RMB 37,307,165,216.62, down 15.0% from RMB 43,862,113,989.89 year-over-year[15]. - The company reported a decrease in research and development expenses to RMB 8,731,353.92 from RMB 9,779,717.25, a reduction of 10.7%[15]. Investment and Financing Activities - Cash inflow from financing activities was RMB 126,610,460.64, compared to RMB 159,501,151.76 in the previous year[20]. - Cash outflow from financing activities increased to RMB 4,258,518,427.04 from RMB 3,818,841,850.58 year-over-year[20]. - The company received RMB 1,783,556,900.00 from investment recoveries during the first three quarters of 2024[20]. - The company paid RMB 3,510,014,546.10 in dividends, an increase from RMB 1,769,063,295.25 in the previous year[20]. Market and Product Development - The company has not disclosed any new product developments or market expansion strategies in the current report[9].

Investment Rating - The report assigns a "Buy" rating for China Tourism Group Duty Free Corp with a target price of Rmb81.000, indicating an expected share price return of 17.3% and an expected total return of 19.5% [1][11]. Core Insights - The preliminary results for 9M24 show a revenue drop of 15% year-on-year to Rmb43 billion and a net profit decline of 25% year-on-year to Rmb3.9 billion. In 3Q24, revenue decreased by 22% year-on-year to Rmb11.7 billion, with net profit down by 53% year-on-year to Rmb632 million [3][4]. - The decline in performance is attributed to weak sales in the Hainan duty-free market, which saw a 34% year-on-year drop in sales during July and August 2024. However, there was a significant rebound in airport duty-free sales, with Beijing airports reporting over 140% year-on-year growth in 9M24 [3][4]. - The report anticipates that weak consumer sentiment will continue to impact sales trends into 4Q24 [3]. Summary by Sections Financial Performance - In 3Q24, total revenue was Rmb11.7 billion, a 22% decline year-on-year. The net profit margin fell to 5.4%, with operating profit dropping by 42% year-on-year [3][8]. - The core business gross margin improved by 1.09 percentage points year-on-year to 32.6%, although it was slightly lower than the 32.9% in the first half of 2024 [3][8]. Hainan Duty-Free Market - Hainan duty-free sales during the National Day Golden Week totaled Rmb785 million, with average daily sales down 33% year-on-year to Rmb112 million. The decline was primarily due to a 26% drop in the number of buyers [4][8]. - The report suggests that the Hainan duty-free market will remain soft in the short term, reflecting ongoing consumer sentiment challenges [4][8]. Valuation - The report utilizes a DCF-based valuation approach with a target price of Rmb81, based on a WACC of 11.0% and a terminal growth rate of 4% [11].

China Tourism Group Duty Free Corporation Limited 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。 董事會會議召開日期 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2024 年10月30日（星期三）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2024年9月30日止九個月的第三季度業績及其刊發。 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 2024年10月18日 於本公告日期，董事會成員包括執行董事常築軍先生、王月浩先生及王軒先生， 非執行董事范雲軍先生及劉昆女士及獨立非執行董事葛明先生、王瑛女士及王強 先生。 中國旅遊集團中免股份有限公司 （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） ...

執行董事 常築軍先生 王月浩先生 王軒先生 China Tourism Group Duty Free Corporation Limited 中國旅遊集團中免股份有限公司 （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） 董事名單與其角色和職能 中國旅遊集團中免股份有限公司（「本公司」）董事（「董事」）會（「董事會」）成員名 單載列如下： 薪酬與考核委員會 非執行董事 范雲軍先生 （主席） 劉昆女士 （副主席） 獨立非執行董事 葛明先生 王瑛女士 王強先生 本公司共設有四個董事會委員會，各董事會委員會的組成情況載列如下： 審計與風險管理委員會 葛明先生 （主席） 王瑛女士 王強先生 提名委員會 王強先生 （主席） 常築軍先生 王月浩先生 葛明先生 王瑛女士 1 王瑛女士 （主席） 葛明先生 王強先生 戰略與可持續發展委員會 范雲軍先生 （主席） 劉昆女士 常築軍先生 王軒先生 王強先生 中國‧北京 2024年10月17日 2 ...

北京市嘉源律师事务所 关于中国旅游集团中免股份有限公司 2024 年第一次临时股东大会的 法律意见书 西城区复兴门内大街 158 号远洋大厦 4 楼 中国 · 北京 中国中免 · 2024年第一次临时股东大会 嘉源 · 法律意见书 嘉源律师事务所 IA YUAN LAW OFFICES 为出具本法律意见书,本所指派律师现场见证了本次股东大会,查阅了公司 提供的与本次股东大会有关的文件和资料,并进行了必要的审查和验证。在前述 审查和验证的过程中,本所律师得到公司的如下确认:就本所认为出具本法律意 见书所必需审查的事项而言,公司已经提供了全部相关的原始书面材料或口头证 言,该等资料均属真实、准确、完整及有效,有关复印件与原件一致。 在本法律意见书中,本所律师仅对本次股东大会的召集、召开程序、出席会 议人员资格、召集人资格、会议表决程序、表决结果等所涉及的有关法律问题发 表意见,不对本次股东大会审议的议案内容以及该等议案所表述的事实或数据的 2 北京 BEI JING ·上海 SHANGHAI ·深圳 SHENZHEN · 香港 HONG KONG · 广州 GUANGZHOU · 西安 XI'AN 致:中国旅游集 ...

2024年9月19日，中国旅游集团中免股份有限公司（以下简称"公司"）董事会 收到副董事长陈国强先生递交的书面辞职报告。因退休原因，陈国强先生申请辞去 公司第五届董事会副董事长、董事及战略与可持续发展委员会委员职务。具体内容 详见公司于2024年9月20日在《证券日报》《上海证券报》、上海证券交易所网站 （www.sse.com.cn）披露的《关于副董事长辞职的公告》（临2024-028）。 近日，公司董事会收到董事长王轩先生递交的书面辞职报告。因工作调整，王 轩先生申请辞去公司第五届董事会董事长职务，同时亦辞去公司第五届董事会战略 与可持续发展委员会主席、提名委员会委员职务。辞职后，王轩先生将继续在公司 担任第五届董事会董事、战略与可持续发展委员会委员职务。 根据《公司法》等法律法规及《公司章程》的规定，王轩先生的辞职报告自送 达董事会之日起生效。公司及董事会对王轩先生在担任董事长期间为公司发展做出 的贡献表示衷心的感谢！ 2024年10月17日，经公司第五届董事会第十七次会议审议通过，同意选举范云 军先生为第五届董事会董事长、刘昆女士为第五届董事会副董事长，任期自董事会 审议通过之日起至第五届董事会任期届 ...

证券代码：601888 证券简称：中国中免 公告编号：临 2024-033 1、审议通过《关于选举公司第五届董事会董事长、副董事长的议案》 根据《公司法》及《公司章程》等相关规定，同意选举范云军先生为公司第五 届董事会董事长，刘昆女士为公司第五届董事会副董事长，任期均自董事会审议通 过之日起至第五届董事会届满之日止。 根据《公司章程》的相关规定，董事长为公司法定代表人。公司将根据有关规 定及时办理工商变更登记手续。 提交董事会审议前，公司董事会提名委员会对范云军先生、刘昆女士的简历及 中国旅游集团中免股份有限公司 第五届董事会第十七次会议（现场结合通讯） 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"）第五届董事会第十七次 会议于 2024 年 10 月 10 日以电子邮件方式发出通知，于 2024 年 10 月 17 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（其中：委托出席董事 1 人， ...

证券代码：601888 证券简称：中国中免 公告编号：临 2024-032 中国旅游集团中免股份有限公司 2024 年第一次临时股东大会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2024 年 10 月 17 日 (二)股东大会召开的地点：北京市朝阳区新源西里中街 18 号渔阳饭店会议厅 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | | 3,006 | | --- | --- | --- | | 其中：A | 股股东人数 | 3,005 | | 境外上市外资股股东人数（H | 股） | 1 | | 2、出席会议的股东所持有表决权的股份总数（股） | | 1,098,640,309 | | 其中：A | 股股东持有股份总数 | 1,086,526,447 | | 境外上市外资股股东持有股份总数（H | 股） | 12,113,862 | | 3、出席会议的股 ...