Investment Rating - The investment rating for China Duty Free Group (601888) is maintained as "Buy" [5]. Core Views - The company reported a decline in performance for the third quarter, with revenue of 43 billion yuan for the first three quarters of 2024, down 15% year-on-year, and a net profit of 3.9 billion yuan, down 24.7% year-on-year. The profit for Q3 2024 was 638 million yuan, a 52% decline year-on-year [5]. - The duty-free sales from offshore islands are under pressure due to a decrease in domestic passenger flow at two airports, although overall passenger flow has seen a year-on-year increase. The passenger throughput at Meilan International Airport increased by 18.19% year-on-year from January to July 2024, while domestic passenger flow at Sanya Phoenix Airport and Meilan International Airport decreased by 6% and 2% respectively in Q3 [5]. - The number of visa-free countries and international flights is increasing, significantly boosting the performance of inbound duty-free stores. Sales at duty-free stores in Beijing airports grew over 140% year-on-year, and those in Shanghai airports increased nearly 60% [5]. - A new policy for city duty-free stores was implemented on October 1, 2024, which standardizes management and aligns with international practices, potentially enhancing sales as inbound travel gradually recovers [6]. - The profit forecast for the company has been revised downwards, with expected net profits of 5.62 billion, 6.17 billion, and 6.89 billion yuan for 2024-2026, respectively, reflecting a PE ratio of 24, 22, and 20 times [6]. Financial Summary - For 2024, the expected total revenue is 61.67 billion yuan, with a year-on-year decline of 8.7%. The net profit is projected at 5.62 billion yuan, down 16.2% year-on-year [7]. - The gross profit margin for the first three quarters of 2024 is 32.57%, an increase of 1.09 percentage points year-on-year [5]. - The company’s total revenue for 2023 was 67.54 billion yuan, with a net profit of 6.71 billion yuan, reflecting a growth of 33.5% year-on-year [8].

理想 L6 明年冲击 3 万月产能，投资 1 亿元扩产。 10 月 15 日，理想汽车（2015.HK）供应链副总裁孟庆鹏在公司百万辆整车下线活动后的一场群访 中告诉我们，公司决定明年冲刺每月生产 3 万辆 L6。据他介绍，当前理想 L6 每月生产 2.6 多万 辆，理想工厂和供应商产能已经基本打满。产能迈过 3 万辆的节点大概率在明年新的改款以后，自 身工厂预计投资 1 亿多元，大约 3-5 家现在达到产能瓶颈的供应商也需要投资。 名字叫 "24H 超级店"，计划年内开 800 家，提前备货不打烊。消费者线上下单，最快 30 分钟送 达。美团（3690.HK）核心本地商业 CEO 王莆中和名创优品 CEO 叶国富都去了签约现场。今年 1 月至今，名创已经开了 500 家 24H 超级店，累计销售额破亿元。 名创优品和美团合作闪电仓。 同期收入下滑了约 15%、至 430 亿元。中免（601888.SH）称由于国内消费增长放缓、消费意愿不 足，经营面临诸多困难和挑战。不过受益于国际客运量增加，出入境免税门店的收入大幅增长。 据媒体援引知情人士，海天味业（603288.SH）正考虑在香港二次上市、可能筹集至少 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company reported a revenue of 43.02 billion yuan for the first three quarters of 2024, a year-on-year increase of 15.4%, while the net profit attributable to shareholders decreased by 24.7% to 3.92 billion yuan [10] - In Q3 2024, the company achieved a revenue of 11.76 billion yuan, down 21.5% year-on-year, with a net profit of 640 million yuan, reflecting a significant decline of 52.4% [10] - Sales in the Hainan market are under pressure, with declines in passenger throughput, shopping conversion rates, and average spending per customer [10] - The duty-free shopping amount in Hainan for July-August 2024 was 3.87 billion yuan, a decrease of 34.3% year-on-year, with the number of shoppers down 20.7% [10] - The company expects revenue for 2024-2026 to be 58.19 billion yuan, 64.93 billion yuan, and 71.87 billion yuan, with corresponding net profits of 5.05 billion yuan, 5.99 billion yuan, and 6.83 billion yuan [10] Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported a revenue of 43.02 billion yuan, a decrease of 15.4% year-on-year, and a net profit of 3.92 billion yuan, down 24.7% [10] - Q3 2024 results showed a revenue of 11.76 billion yuan, down 21.5% year-on-year, and a net profit of 640 million yuan, down 52.4% [10] Market Analysis - The Hainan duty-free market is experiencing significant sales pressure, with a decline in key metrics such as passenger throughput and average spending [10] - The average shopping amount during the National Day holiday in 2024 was 110 million yuan per day, a decrease of 32.5% year-on-year [10] Future Projections - The company forecasts revenues of 58.19 billion yuan, 64.93 billion yuan, and 71.87 billion yuan for 2024, 2025, and 2026, respectively, with net profits of 5.05 billion yuan, 5.99 billion yuan, and 6.83 billion yuan [10]

Investment Rating - The report maintains a "Buy" rating for China Duty Free Group (601888.SH) [4] Core Views - The company reported a revenue of 43.021 billion yuan for the first three quarters of 2024, a year-on-year decline of 15.38%, with a net profit attributable to shareholders of 3.92 billion yuan, down 24.7% [2][4] - The performance of the airport duty-free segment is strong, benefiting from various visa-free policies and the recovery of international flights, with significant revenue growth at major airports [3] - The offshore duty-free business continues to face challenges, with sales in Hainan declining significantly [3] Summary by Sections Financial Performance - In Q3 2024, the company achieved a revenue of 11.756 billion yuan, a year-on-year decrease of 21.5%, and a net profit of 640 million yuan, down 52.5% [2] - For the first three quarters of 2024, the net profit attributable to shareholders was 3.92 billion yuan, a decline of 24.7% compared to the previous year [2] Duty-Free Business Analysis - The airport duty-free segment saw revenue growth exceeding 140% at Beijing airports and nearly 60% at Shanghai airports [3] - The company introduced 165 new product brands in the first three quarters, with over 40% being domestic brands, indicating a rising consumer interest in local products [3] Outlook and Forecast - The profit forecasts for 2024, 2025, and 2026 have been revised downwards by 6.1%, 6.8%, and 6.9% respectively, with expected net profits of 6.69 billion, 7.66 billion, and 8.76 billion yuan [4] - The company is expected to benefit from the recovery of consumer spending and the implementation of city store policies [4]

Investment Rating - The report maintains a "Buy" rating for China Duty Free Group (601888 CH) with a target price of RMB 76.44 [7][5]. Core Views - The company is experiencing temporary pressure on profitability and is awaiting a recovery in demand, particularly in the Hainan tourism sector, which has been affected by cross-border travel diversions [2][3]. - The airport duty-free segment is on a recovery path, while the offshore duty-free demand faces challenges [3][4]. - The company is focusing on enhancing consumer experience and is set to benefit from the rollout of city store policies, which may contribute to revenue growth in the medium to long term [4][5]. Summary by Sections Financial Performance - For the first nine months of 2024, the company expects revenue of RMB 43.021 billion, down 15.4% year-on-year, and a net profit of RMB 3.874 billion, down 25.4% year-on-year [2]. - In Q3 2024, revenue was RMB 11.756 billion, a decrease of 21.5% year-on-year, with a net profit of RMB 638 million, down 52.4% year-on-year [2][3]. - The gross profit margin for Q3 2024 was 31.6%, down 2.67 percentage points year-on-year, and the net profit margin was 5.4%, down 3.5 percentage points year-on-year [4]. Market Dynamics - The company’s airport duty-free stores in Beijing and Shanghai saw revenue growth of over 140% and nearly 60% respectively in the first nine months of 2024, aligning with the recovery in international passenger flow [3]. - In contrast, the offshore duty-free sales in Hainan faced a decline, with average daily sales of RMB 88 million, down 31.2% year-on-year [3]. Future Outlook - The company anticipates a gradual recovery in airport duty-free sales, while the Hainan market is still in a bottoming phase [2][5]. - The introduction of city store policies is expected to enhance the company’s competitive position and drive growth [4][5]. - The projected earnings per share (EPS) for 2024, 2025, and 2026 are RMB 2.40, RMB 2.73, and RMB 2.98 respectively [5][6].

Investment Rating - The report maintains a "Buy" rating for China Duty Free Group (601888) [1] Core Views - The company reported a decline in profits for the first three quarters of 2024, with expected revenue of 43.021 billion yuan, down 15% year-on-year, and a net profit of 3.92 billion yuan, down 25% year-on-year [3] - The sales in Hainan's duty-free market continue to face pressure, with a reported sales figure of 22.3 billion yuan from January to August 2024, down 31% year-on-year [3] - The implementation of the city duty-free store policy is expected to benefit the company, as it will allow domestic travelers to shop in city stores before departure [3] - The long-term outlook for the company remains positive due to its strong market position and potential benefits from the recovery of outbound tourism and the new city duty-free store policy [3] Financial Summary - For 2024, the company expects total revenue of 58.4 billion yuan, a decrease of 13.53% year-on-year, and a net profit of 5.519 billion yuan, a decrease of 17.79% year-on-year [2][3] - The earnings per share (EPS) for 2024 is projected to be 2.67 yuan, with a price-to-earnings (P/E) ratio of 25.87 [2] - The gross profit margin for the first three quarters is reported at 32.57%, with a slight decrease in the third quarter to 31.6% [3] Market Data - The closing price of the stock is 69.03 yuan, with a market capitalization of approximately 142.81 billion yuan [6] - The company has a price-to-book (P/B) ratio of 2.65 and a debt-to-asset ratio of 21.51% [7][6]

Financial Performance - Total revenue for the first three quarters of 2024 was RMB 4,302,058.54 million, a decrease of 15.38% compared to the same period last year[3] - Net profit attributable to shareholders for the first three quarters was RMB 392,047.79 million, down 24.70% year-on-year[3] - The net profit after deducting non-recurring gains and losses was RMB 387,392.98 million, a decline of 25.37% year-on-year[3] - The weighted average return on equity decreased by 3 percentage points to 7.23%[3] - Total assets at the end of the reporting period were RMB 7,558,510.03 million, a decrease of 4.16% from the beginning of the period[3] Business Operations - The gross profit margin for the main business increased by 1.09 percentage points to 32.57% during the reporting period[5] - Sales from duty-free stores at Beijing airports increased by over 140% year-on-year, while sales at Shanghai airports grew by nearly 60%[5] - The company introduced 165 new product brands in the first three quarters, with over 40% being domestic brands[5] - The company is focusing on optimizing management systems and improving operational efficiency to enhance high-quality development[5] - The company continues to expand its product offerings and innovate in marketing and channels to adapt to changing consumer demands[5]

呈交日期: 2024年10月8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 | | 0 | | 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 | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 6018 ...

证券代码：601888 证券简称：中国中免 公告编号：2024-030 中国旅游集团中免股份有限公司 关于召开 2024 年第一次临时股东大会的通知 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。 召开地点：北京市朝阳区新源西里中街 18 号渔阳饭店会议厅 (五)网络投票的系统、起止日期和投票时间 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2024 年 10 月 17 日 至 2024 年 10 月 17 日 1 重要内容提示： 一、 召开会议的基本情况 (一)股东大会类型和届次 2024 年第一次临时股东大会 召开的日期时间：2024 年 10 月 17 日 14 点 30 分 (六)融资融券、转融通、约定购回业务账户和沪股通投资者的投票程序 涉及融资融券、转融通业务、约定购回业务相关账户以及沪股通投资者的投 票，应按照《上海证券交易所上市公司自律监管指引第 1 号—规范运作》《香港 中央结算有限公司参与沪股通上市公司网络投票实施指引》等有关规定执行。 (七)涉及公开征集股东投票权 无 二、 会 ...

目 录 | 2024 | 年第一次临时股东大会须知 2 | | --- | --- | | 2024 | 年第一次临时股东大会会议议程 3 | | | 议案：关于增选公司第五届董事会非独立董事的议案 4 | 1 2024年第一次临时股东大会会议资料 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会议资料 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会议资料 2024 年第一次临时股东大会须知 根据《公司法》《上市公司股东大会规则》及《公司章程》等有关规定，为 确保股东大会的正常秩序和议事效率，保证大会顺利进行，特制定须知如下： 一、会议按照《公司法》等有关法律、行政法规、部门规章、规范性文件以 及《公司章程》的有关规定进行，请参会人员自觉维护会议秩序，防止不当行为 影响其他股东合法权益。 二、出席现场会议的股东请在会议召开前30分钟到达会议现场办理签到手 续，并按规定出示填妥的股东大会回执以及如下文件： 1、个人股东亲自出席会议的，应出示本人身份证或其它能够表明其身份的 有效证件或证明、股票账户卡；委托代理人出席会议的，代理人应出示本人有效 身份证件、委托人身份证复印件、股东授权 ...