Shareholder Information - As of the end of the reporting period, the total number of ordinary shareholders was 296,063[2]. - The largest shareholder, China Tourism Group Co., Ltd., holds 1,040,642,690 shares, representing 50.30% of the total shares[2]. - The second largest shareholder, Hong Kong Central Clearing Limited, holds 130,933,968 shares, accounting for 6.33%[2]. - The company has not reported any significant changes in the status of pledged, marked, or frozen shares among the top shareholders[2]. - The top ten shareholders collectively hold a significant portion of the company's shares, with the top three alone accounting for over 62%[2]. - The company has confirmed that there are no undisclosed related party transactions among the top shareholders[3]. - The report indicates that no major shareholder participated in margin financing or securities lending activities during the reporting period[4]. - The company has maintained a stable shareholder structure with no significant changes in shareholding percentages among the top shareholders[3]. Financial Performance - The company's operating revenue for the three months ended March 31, 2024, was RMB 18,807,168,696.39, representing a decrease of 9.45% compared to the same period last year[5]. - Net profit attributable to shareholders of the listed company was RMB 2,306,454,931.34, showing a slight increase of 0.25% year-over-year[5]. - The net cash flow from operating activities decreased significantly by 28.59%, amounting to RMB 5,301,855,586.86[5]. - Total assets as of March 31, 2024, reached RMB 80,252,536,507.12, reflecting a growth of 1.75% from the end of the previous year[5]. - Shareholders' equity attributable to the listed company increased by 4.31% to RMB 56,152,200,758.25 compared to the end of the previous year[5]. - The weighted average return on net assets decreased by 0.45 percentage points to 4.19%[5]. - The company reported a total of RMB 7,363,093.24 in non-recurring gains and losses for the reporting period[6]. Cash Flow and Assets - Cash and cash equivalents increased to RMB 36,385,670,879.44, up from RMB 31,838,425,096.10 at the end of the previous year[7]. - The company's inventory decreased to RMB 17,593,450,843.28, down from RMB 21,056,914,824.36 at the end of the previous year[8]. - Current liabilities totaled RMB 14,240,916,287.69, a decrease from RMB 15,328,502,011.00 at the end of the previous year[9]. - The total assets as of March 31, 2024, amounted to RMB 80,252,536,507.12, an increase from RMB 78,869,406,192.71 as of December 31, 2023[10]. - The total liabilities decreased to RMB 18,628,723,894.60 from RMB 19,687,771,057.47, reflecting a reduction of 5.39%[10]. - The equity attributable to shareholders increased to RMB 56,152,200,758.25 from RMB 53,833,949,495.02, marking an increase of 4.83%[10]. Earnings and Expenses - Basic earnings per share for Q1 2024 were RMB 1.1148, down from RMB 1.3129 in Q1 2023, a decrease of 15.06%[13]. - The company reported a total comprehensive income of RMB 2,444,902,061.57 for Q1 2024, compared to RMB 2,162,078,538.60 in Q1 2023, an increase of 13.06%[13]. - Research and development expenses for Q1 2024 were RMB 355,002.40, significantly lower than RMB 699,056.60 in Q1 2023, a decrease of 49.05%[12]. Cash Flow Activities - Operating cash flow for Q1 2024 was RMB 5,301,855,586.86, a decrease of 28.5% from RMB 7,424,636,587.15 in Q1 2023[14]. - Cash inflow from operating activities totaled RMB 19,479,675,572.83, down 15.8% from RMB 22,896,726,189.80 in the same period last year[14]. - Cash outflow from operating activities was RMB 14,177,819,985.97, a reduction of 8.4% compared to RMB 15,472,089,602.65 in Q1 2023[14]. - Net cash flow from investing activities was -RMB 418,523,186.44, slightly worse than -RMB 408,159,228.50 in Q1 2023[15]. - Cash inflow from investing activities increased significantly to RMB 425,793,309.00 from RMB 109,481.25 year-over-year[15]. - Cash outflow from investing activities rose to RMB 844,316,495.44, compared to RMB 408,268,709.75 in the previous year[15]. - Net cash flow from financing activities was -RMB 256,125,481.32, worsening from -RMB 94,431,487.35 in Q1 2023[15]. - The impact of exchange rate changes on cash and cash equivalents was -RMB 79,764,135.76, an improvement from -RMB 617,894,179.16 in the same quarter last year[16]. - The net increase in cash and cash equivalents for Q1 2024 was RMB 4,547,442,783.34, down from RMB 6,304,151,692.14 in Q1 2023[16]. - The ending balance of cash and cash equivalents reached RMB 36,299,634,567.48, up from RMB 32,066,294,878.78 a year earlier[16].

证券代码：601888 证券简称：中国中免 公告编号：临 2024-014 中国旅游集团中免股份有限公司 第五届董事会第十一次会议决议公告 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"）第五届董事会第十一次 会议于 2024 年 4 月 9 日以电子邮件方式发出通知，于 2024 年 4 月 23 日在公司会议 室召开。本次会议应参加表决董事 5 人，实际参加表决董事 5 人：王轩、陈国强、 葛明、王瑛、王强。会议由董事长王轩主持，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 具体内容详见公司于同日在《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《公司 2024 年第一季度报告》。 2、审议通过《公司 2023 年度内部审计工作报告及 2024 年内部审计工作计划》 提交董事会审议前，该议案已经公司审 ...

证券代码：601888 证券简称：中国中免 公告编号：临2024-015 中国旅游集团中免股份有限公司 关于修订《公司章程》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。 为进一步提高中国旅游集团中免股份有限公司（以下简称"公司"）治理水 平，促进公司规范运作，根据《公司法》《上市公司章程指引》《上市公司独立董 事管理办法》《上市公司监管指引第 3 号——上市公司现金分红》《上海证券交易 所股票上市规则》《香港联合交易所有限公司证券上市规则》等相关规定，同时， 鉴于《国务院关于股份有限公司境外募集股份及上市的特别规定》《到境外上市 公司章程必备条款》等规定已被废止，结合公司实际情况，经公司第五届董事会 第十一次会议审议通过，公司拟对《公司章程》相关条款进行修订，具体内容详 见附件。 本次修订尚需提交公司股东大会以特别决议方式审议通过。在此之前，现行 《公司章程》将继续有效。 特此公告。 附件：《中国旅游集团中免股份有限公司章程修订对照表》 中国旅游集团中免股份有限公司 董 事 会 | 第十七条 公司发行的股票，均为有面 ...

Financial Performance - The company's operating revenue for Q1 2024 was ¥18,807,168,696.39, representing a decrease of 9.45% compared to the same period last year[4] - The net profit attributable to shareholders for Q1 2024 was ¥2,306,454,931.34, showing a slight increase of 0.25% year-on-year[4] - The basic earnings per share for Q1 2024 was ¥1.1148, an increase of 0.24% year-on-year[4] - The total comprehensive income for Q1 2024 is approximately ¥2,444.90 million, compared to ¥2,162.08 million in Q1 2023, indicating an increase of 13.06%[18] Cash Flow - The net cash flow from operating activities decreased by 28.59% to ¥5,301,855,586.86 in Q1 2024[4] - The total cash inflow from operating activities in Q1 2024 is approximately ¥19,479.68 million, compared to ¥22,896.73 million in Q1 2023, reflecting a decrease of 15.88%[20] - The total cash outflow from operating activities in Q1 2024 is approximately ¥14,177.82 million, down from ¥15,472.09 million in Q1 2023, a reduction of 8.36%[20] - The company reported a net increase in customer deposits and interbank deposits of approximately ¥18,666.80 million in Q1 2024, compared to ¥21,404.54 million in Q1 2023, a decrease of 12.87%[20] - The company’s cash received from other operating activities in Q1 2024 is approximately ¥356.40 million, down from ¥1,313.72 million in Q1 2023, a decrease of 72.94%[20] Assets and Liabilities - The total assets at the end of Q1 2024 were ¥80,252,536,507.12, reflecting a growth of 1.75% from the end of the previous year[5] - Total assets reached ¥80,252,536,507.12, an increase of 1.8% from ¥78,869,406,192.71 at the end of 2023[15] - Total liabilities decreased to ¥18,628,723,894.60 from ¥19,687,771,057.47, a reduction of 5.4%[15] - The equity attributable to shareholders increased by 4.31% to ¥56,152,200,758.25 compared to the end of the previous year[5] - Shareholders' equity increased to ¥61,623,812,612.52, up from ¥59,181,635,135.24, representing a growth of 4.1%[15] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 296,063[7] - The top shareholder, China Tourism Group Co., Ltd., held 50.30% of the shares, amounting to 1,040,642,690 shares[8] - The company has not reported any significant changes in its major shareholders or their holdings during the reporting period[10] Investment Activities - The company’s investment cash outflow in Q1 2024 is approximately ¥844.32 million, compared to ¥408.27 million in Q1 2023, indicating an increase of 106.67%[20] - The net cash flow from investing activities for Q1 2024 was -$418.52 million, compared to -$408.16 million in the previous period[21] Financing Activities - The net cash flow from financing activities was -$256.13 million, a significant increase from -$94.43 million year-over-year[21] - The cash inflow from financing activities totaled $84.58 million, while cash outflow was $256.13 million, resulting in a net cash flow from financing activities of -$256.13 million[21] Other Financial Metrics - Non-recurring gains and losses for the period totaled ¥7,363,093.24, primarily from government subsidies and other income[6] - The weighted average return on equity decreased by 0.45 percentage points to 4.19% in Q1 2024[4] - The company’s other comprehensive income after tax for Q1 2024 is approximately ¥9.70 million, a significant recovery from a loss of ¥303.89 million in Q1 2023[18] - The company did not apply new accounting standards or interpretations for the first time in 2024[21]

智通财经APP获悉，中国中免(01880)现跌超4%，低见63.6港元创上市新低。截至发稿，跌4.14%，报 63.7港元，成交额2456.58万港元。 消息面上，中国中免此前发布业绩快报，2024年一季度营业收入为188.07亿元，同比下滑9.45%；归母 净利润23.08亿元，同比增长0.33%，环比增长53%。报告期内，公司主营业务毛利率为32.70%，较去年 同期增加了3.95个百分点，盈利能力稳中有升。 信达证券指出，打击代购、消费力疲软以及出境游分流等因素影响下，海南板块短期需求承压，高基数 下预计收入同比或下滑超20%；随着线下恢复性增长及线上维稳，日上上海同比或增长20%；其他板块 贡献受益于口岸店陆续恢复，收入占比或稳步提升。 展望24年，随着出境游恢复和机场租金新合同实施，口岸免税店收入及利润弹性可观，有望成为24年业 绩超预期的重要来源；盈利能力改善空间仍在：23年公司受到汇率影响较大，折扣力度稳定较小且6月 起修改积分政策，免税销售占比提升、收入结构改善，综合影响下毛利率有望进一步修复，叠加公司持 续降本控费，利润率改善可期；若市场对封关政策变化的利好形成共识，估值有望逐步上行。 ...

智通财经APP获悉，中国中免(01880)跌超4%，截至发稿，跌3.97%，报65.35港元，成交额7244.36万港元。 消息面上，信达证券近日发布研报称，24Q1公司营收188.07亿元，拆分来看，我们预计海南板块贡献收入100+亿元，打击代购、消费力疲软以及出境游分流等因素影响下，海南板块短期需求承压，预计24Q1收入同比下滑20+%；预计其他板块贡献收入约30+亿元，收入占比稳步提升，或源于口岸店陆续恢复所贡献。 此外，中国中免2023年财报显示，公司去年实现营业收入675.4亿元，同比增长24.08%；净利润67.14亿元，同比增长33.46%。尽管去年营收、净利实现双增长，但公司盈利水平与2021年高峰时期相比仍存在一定差距，归母净利润仅为2021年的七成。 ...

智通财经APP获悉，中国中免(01880)跌近4%，截至发稿，跌3.98%，报68.8港元，成交额9353.05万港元。 消息面上，大和近日研报指出，中国中免首季收入同比跌9.5%，盈利大致持平，主要因为有效税率下跌，收入受压则受去年同期高基数影响。该行估计，其销售毛利率今年将会继续改善，但人均消费下跌可能拖累整体表现。该行将其今明两年每股盈利预测下调25%至39%，以反映消费市道的市道的压力，将其评级由“买入”下调至“跑赢大市”，目标价由135港元下调至80港元。 此外，中国中免2023年财报显示，公司去年实现营业收入675.4亿元，同比增长24.08%；净利润67.14亿元，同比增长33.46%。尽管去年营收、净利实现双增长，但公司盈利水平与2021年高峰时期相比仍存在一定差距，归母净利润仅为2021年的七成。 ...

[Table_Page] 公告点评|旅游零售Ⅱ 证券研究报告 [中Table_国Title] 中免(601888.SH/01880.HK) 公[Ta司ble评_Inv级est ] 买入-A/买入-H 当前价格 79.03元/72.50港元 毛利率改善，经营持续优化 合理价值 98.18元/90.07港元 前次评级 买入/买入 [Table_Summary] 核心观点： 报告日期 2024-04-10 ⚫ 业绩概况：公司发布2024年一季度业绩快报，2024Q1实现营收188.1 [相Tab对le_P市icQ场uote表] 现 亿元，同比-9.5%，利润总额29.1亿元，同比-7.8%，归母净利润23.1 亿元，同比+0.3%，扣非归母净利润23亿元，同比+0.2%。 2% 04/23 06/23 08/23 10/23 12/23 02/24 04/24 -10% ⚫ 利润总额增速和净利润增速差异较大，主要在于所得税税率整体有所 -23% 降低。此外多重因素推动公司盈利能力改善，其中毛利率同比提升 -35% 3.95pp至32.7%，净利率同比提升1.2pp至12.3%，我们预计主要受 -48% 益于：（1） ...

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。 中國•北京 2024年4月11日 （股份代號：1880） 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4月23日（星期二）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3月31日止三個月的第一季度業績及其刊發，及其他議題。 承董事會命 中國旅遊集團中免股份有限公司 董事會主席 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） 於本公告日期，董事會成員包括執行董事王軒先生及陳國強先生，及獨立非執行 董事葛明先生、王瑛女士及王強先生。 ...

Business Expansion and Operations - In 2023, the company opened the Sanya International Duty Free City C Zone, becoming the world's first standalone travel retail plaza specializing in fragrance products[12]. - The company successfully secured the operation rights for duty-free shops at Tianjin Binhai International Airport and three outbound duty-free shops in Yunnan, further consolidating its channel advantages in major domestic airports and ports[12]. - The company launched over 30 promotional events, including the Hainan offshore duty-free shopping festival, enhancing product offerings and service quality[12]. - The company established 14 "S Stores" (Super Service) to improve service standards and customer service capabilities, aligning with first-tier brand operations[12]. - The company obtained the operation rights for duty-free shops at Siem Reap Angkor International Airport in Cambodia and opened operations, as well as winning the rights for a boutique store at Singapore Changi Airport[12]. - The company is advancing the Sanya International Duty Free City Phase III project in collaboration with Swire Properties, aimed at enhancing long-term development[12]. - The company expanded its operations to include duty-free shops on cruise ships, such as the "Ida Magic" and "Mediterranean" cruise lines[12]. - The company continues to enhance its brand offerings and service quality in the Hainan offshore duty-free market, contributing to the construction of the Hainan Free Trade Port[12]. - The company is focused on optimizing its business layout to become a world-class travel retail operator[12]. Financial Performance - In 2023, the company achieved a revenue of RMB 67,540 million, an increase of RMB 13,107 million (24.1%) compared to RMB 54,433 million in 2022[14]. - The gross profit for 2023 was RMB 20,853 million, up by RMB 5,993 million (40.3%) from RMB 14,860 million in 2022, resulting in a gross margin of 30.88%[14]. - The net profit attributable to equity shareholders was RMB 6,790 million, representing an increase of RMB 1,676 million (32.8%) from RMB 5,114 million in 2022[14]. - The company’s total assets reached RMB 78,662 million, an increase of RMB 3,043 million (4.0%) from RMB 75,619 million in 2022[14]. - The total liabilities decreased to RMB 19,688 million, down by RMB 2,092 million (9.6%) from RMB 21,780 million in 2022[14]. - Cash and cash equivalents increased to RMB 31,752 million, up by RMB 5,990 million (23.2%) from RMB 25,762 million in 2022[14]. - The equity-to-debt ratio improved to 33.38%, a decrease of 7.07 percentage points from 40.45% in 2022[14]. - The company’s other income, including interest income, increased by 255.48% to RMB 1.49 billion in 2023, primarily due to new large-term deposits[33]. - The sales cost rose by 17.98% year-on-year to RMB 46.69 billion in 2023, driven by the increase in sales revenue[33]. Market Trends and Projections - In 2024, the company aims to strengthen its position as a leading global travel retail operator, focusing on strategic development in the tourism retail sector[13]. - The global duty-free and travel retail market is expected to achieve sales of USD 74.76 billion (approximately RMB 529.5 billion) in 2023, reflecting a year-on-year growth of 16.3%[29]. - The number of domestic tourists is expected to exceed 6 billion and domestic tourism revenue to reach RMB 6 trillion in 2024, recovering to or surpassing 2019 levels[29]. - The implementation of new policies is anticipated to gradually shift tourism consumption from post-pandemic recovery to sustained expansion[30]. Customer Engagement and Membership - The company expanded its membership base to over 32 million members, utilizing AI analysis for targeted promotions[13]. - The number of shoppers in Hainan's duty-free stores was 6.756 million, reflecting a year-on-year increase of 59.9%[26]. - The average shopping amount per person in Hainan was RMB 6,478[26]. Corporate Governance and Leadership - The company reported a significant leadership change with Wang Xuan becoming the Chairman of the Board and General Manager as of October 2023[61]. - Chen Guoqiang transitioned from General Manager to Vice Chairman in February 2023, indicating a strategic shift in management roles[62]. - The company has appointed several independent non-executive directors, enhancing governance and oversight capabilities[63]. - The company has a strong emphasis on human resources management, with Li Hui overseeing the Human Resources Department since September 2019[64]. - The leadership team has extensive experience in finance and management, with members holding advanced degrees and professional qualifications[62][63]. Risk Management and Compliance - The company has established a comprehensive risk management system, including the implementation of risk assessment and monitoring procedures[99]. - The company emphasizes the importance of compliance with legal regulations and has engaged external legal advisors for guidance[101]. - The company has implemented strict internal controls to manage confidential information and ensure accurate information disclosure[102]. - The board confirmed that there are no significant uncertainties regarding the company's ability to continue as a going concern[106]. Employee Development and Training - The company conducted approximately 1,520 key training programs, with a total of 148,000 participants and 547,000 training hours completed, averaging 32.8 hours per employee[156]. - The online training platform "China Duty-Free Academy" was utilized, with 25 course topics and 15 live training sessions conducted in 2023, totaling over 410,000 participants[155]. - The average training hours per employee reached 32.8 hours in 2023, reflecting the company's commitment to employee development[156]. Shareholder Communication and Dividends - The company proposed a final dividend of RMB 1.65 per share for the year ended December 31, 2023, totaling RMB 3,413.62 million (tax included) based on the total number of shares issued as of the report date[120]. - The company has established a shareholder communication policy to ensure that shareholder opinions and concerns are properly addressed and reviewed regularly[115]. - The company actively expanded investor communication channels through various formats, including performance briefings and investor reception days, ensuring effective interaction with investors[115]. Environmental, Social, and Governance (ESG) Initiatives - The company aims to enhance its ESG initiatives, having been listed in the "Top 20 ESG Excellence" at the 2023 International Climate Summit[71]. - The company has implemented detailed internal rules regarding environmental protection and has not incurred any additional costs due to environmental compliance as of December 31, 2023[122].