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: 2026年1月31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 II. 已發行股份及/或庫存股份變動及足夠公眾持股量的確認 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 已發行股份（不包括庫存股份）數目 庫存股份數目 已發行股份總數 上月底結存 116,383,500 0 116,383,500 增加 / 減少 (-) 0 0 本月底結存 116,383,500 0 116,383,500 足夠公眾持股量的確認(註4) 呈交日期: 2026年2月3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 ...

Core Viewpoint - China Duty Free Group (CDFG) is advancing its international strategy through the acquisition of DFS's Greater China business and a Hong Kong private placement involving LVMH, solidifying its position as a leader in the duty-free industry in China [1] Group 1: Company Overview - CDFG has developed core competitive advantages over 40 years, including channels, scale, refined operational management, and brand strength [1] - The company is expected to continue its efforts in expanding both domestic and international markets, enriching product categories, enhancing consumer experience, and optimizing store operations [1] Group 2: Financial Projections - The forecasted net profit attributable to shareholders for 2025, 2026, and 2027 is projected to be 3.686 billion, 4.267 billion, and 4.966 billion yuan respectively [1] - Corresponding price-to-earnings (PE) ratios for these years are estimated to be 50.16, 43.33, and 37.23 times [1] Group 3: Investment Recommendation - The company maintains a "Buy" rating, reflecting confidence in its innovative capabilities and stable growth trajectory [1]

以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 证券之星消息，2月2日旅游零售板块较上一交易日下跌0.47%，中国中免领跌。当日上证指数报收于 4015.75，下跌2.48%。深证成指报收于13824.35，下跌2.69%。旅游零售板块个股涨跌见下表： 从资金流向上来看，当日旅游零售板块主力资金净流入3025.03万元，游资资金净流出2796.47万元，散户 资金净流出228.56万元。旅游零售板块个股资金流向见下表： | 代码 名称 主力净流入 (元) 主力净占比 游资净流入 (元) 游资净占比 散户净占比 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 601888 中国中免 LLL LED L LEWILLI LED LL MIN .. MILL 1 . L . MOLL 1 . 1 . MARL . 1 | 3025.03万 | 1.02% | -2796.47万 | -0.94% | -228.56万 | -0.08% | | 代码 | 名称 | 收盘价 ...

Core Viewpoint - The company is experiencing a narrowing decline in revenue for the third quarter, with expectations for a recovery in the fourth quarter due to the peak travel season and favorable tax policies [1][2]. Group 1: Financial Performance - The company's revenue for the first three quarters was 39.862 billion RMB, a year-on-year decline of 7.3%, while net profit was 3.052 billion RMB, down 22.1% [1]. - In the third quarter, revenue was 11.711 billion RMB, showing a slight year-on-year decline of 0.4%, which is an improvement compared to a 10% decline in the first half of the year [1]. - Sales from Hainan's duty-free shops from July to September totaled 5.402 billion RMB, a year-on-year decrease of 2.6%, with the decline narrowing by 1.6 percentage points compared to the previous quarter [1]. Group 2: Market Trends and Opportunities - The duty-free sales in Hainan are expected to see double-digit year-on-year growth from October to November, driven by the peak travel season and the opening of new city duty-free stores [1]. - The recent policy changes have expanded the duty-free shopping scope and customer base, allowing all travelers leaving Hainan to benefit from tax exemptions, which is anticipated to boost sales further [2]. - The company has acquired DFS's Hong Kong and Macau businesses for over 3 billion RMB, which is expected to enhance its store network and operational synergies in procurement, logistics, and customer management [2][3]. Group 3: Luxury Market Insights - There are early signs of recovery in the luxury goods market, positively impacting duty-free consumption, with some luxury brands showing improved sales in the Asian market [3]. - The market expects a compound annual growth rate (CAGR) of 12% for revenue and 26% for net profit from 2025 to 2027, with current valuations reflecting a price-to-earnings ratio of approximately 35 times for 2026 forecasts [3]. - If policies post-Hainan's closure are further optimized and tourism recovery exceeds expectations, there may be upward potential for the company's earnings growth and valuation [3].

证券之星消息，1月30日旅游零售板块较上一交易日下跌3.17%，中国中免领跌。当日上证指数报收于 4117.95，下跌0.96%。深证成指报收于14205.89，下跌0.66%。旅游零售板块个股涨跌见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 | 代码 | 名称 | 收盘价 | | 涨跌幅 | 成交量(手) | | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 601888 | 中国中免 | | 89.37 | -3.17% | | 46.44万 | | 41.82亿 | 从资金流向上来看，当日旅游零售板块主力资金净流出5.66亿元，游资资金净流入2.47亿元，散户资金净 流入3.2亿元。旅游零售板块个股资金流向见下表： | 代码 名称 主力净流入 (元) 主力净占比 游资净流入 (元) 游资净占比 散户净占比 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 6 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the Hang Seng Index [7]. Core Insights - The company's revenue for the first three quarters was 39.862 billion RMB, a year-on-year decline of 7.3%, with net profit at 3.052 billion RMB, down 22.1%. However, the third quarter revenue showed a slight decline of only 0.4%, an improvement from the 10% drop in the first half of the year [2]. - The sales in Hainan's duty-free sector from July to September totaled 5.402 billion RMB, a year-on-year decrease of 2.6%, but the decline was less than the previous quarter. Notably, September saw a 3.4% year-on-year increase in sales, marking the first growth in 18 months [2]. - The upcoming peak travel season is expected to drive a recovery in revenue, with double-digit year-on-year growth anticipated in October and November due to new city duty-free store openings and favorable duty-free policies [2]. - The Hainan Free Trade Port officially commenced full island closure operations on December 18, 2025, expanding duty-free benefits to all travelers departing from Hainan. This policy change is expected to significantly boost consumer spending [3]. - The company has acquired DFS's Hong Kong and Macau businesses for over 3 billion RMB, which will enhance its store network in Greater China and create synergies in procurement, logistics, and customer management [4]. - The luxury goods market is showing signs of recovery, which positively impacts duty-free consumption. Sales for some luxury brands in Asia have stabilized, indicating improved consumer willingness to spend [5]. - Market forecasts predict a compound annual growth rate (CAGR) of 12% for revenue and 26% for net profit from 2025 to 2027. The current valuation corresponds to a projected price-to-earnings (PE) ratio of approximately 35 times for 2026 [6]. Summary by Sections Financial Performance - First three quarters revenue: 39.862 billion RMB, down 7.3% YoY; net profit: 3.052 billion RMB, down 22.1% YoY [2]. - Third quarter revenue: 11.711 billion RMB, down 0.4% YoY, an improvement from earlier declines [2]. Market Dynamics - Hainan duty-free sales from July to September: 5.402 billion RMB, down 2.6% YoY, with September showing a 3.4% increase [2]. - Anticipated double-digit growth in October and November due to peak travel season and new store openings [2]. Strategic Developments - Acquisition of DFS's businesses enhances store network and operational synergies [4]. - Expansion of duty-free benefits under Hainan's new policies expected to boost consumer spending [3]. Industry Outlook - Signs of recovery in the luxury goods market positively influencing duty-free consumption [5]. - Projected CAGR of 12% for revenue and 26% for net profit from 2025 to 2027, with potential for valuation re-rating [6].

证券之星消息，1月29日旅游零售板块较上一交易日上涨2.74%，中国中免领涨。当日上证指数报收于 4157.98，上涨0.16%。深证成指报收于14300.08，下跌0.3%。旅游零售板块个股涨跌见下表： 从资金流向上来看，当日旅游零售板块主力资金净流入3.31亿元，游资资金净流出1.78亿元，散户资金净 流出1.53亿元。旅游零售板块个股资金流向见下表： | 代码 名称 主力净流入（元） 主力净占比 游资净流入（元） 游资净占比 散户净占比 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 601888 中国中免 | 3.31亿 | 5.53% | -1.78亿 | -2.98% | -1.53亿 | -2.55% | | WILL - A TT WILL CLASS | | | | | | | | 代码 | 名称 | 收盘价 | | 涨跌幅 | 成交量(手) | | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 601888 | 中国中免 | | ...

每经AI快讯，中国中免(01880.HK)午后涨超5%，截至发稿，涨4.85%，报94港元，成交额2.07亿港元。 ...

Core Viewpoint - China Duty Free Group (中国中免) shares rose over 5%, indicating positive market sentiment following government announcements and strategic acquisitions [1] Group 1: Government Policy Impact - The Ministry of Finance and four other departments issued a notice on January 21, proposing the establishment of one new duty-free shop at 41 ports, including Wuhan Tianhe International Airport [1] - This initiative is expected to increase the number of duty-free shops in China, expanding coverage and facilitating duty-free shopping for inbound travelers, thereby supporting consumer spending [1] Group 2: Strategic Acquisition - China Duty Free Group plans to acquire DFS's Greater China business for $395 million, marking its first cross-border acquisition [1] - The acquisition aims to strengthen China Duty Free's market position in the Hong Kong and Macau regions, integrating DFS's member, brand, and store resources to expand overseas channels and advance its international strategy [1] - LVMH will become a new shareholder and strategic partner, enhancing collaboration between its brands and China Duty Free across various channels [1]

Core Viewpoint - The announcement of new duty-free shops at 41 ports in China is expected to enhance consumer shopping experiences and boost overall consumption in the country [1] Group 1: Market Impact - China Duty Free Group (01880) saw its stock rise over 5%, trading at 94 HKD with a transaction volume of 207 million HKD [1] - The establishment of new duty-free shops at ports like Wuhan Tianhe International Airport will expand the coverage and convenience for inbound travelers [1] Group 2: Strategic Developments - China Duty Free Group plans to acquire DFS's Greater China business for 395 million USD, marking its first cross-border acquisition [1] - The acquisition aims to strengthen China Duty Free's market position in the Hong Kong and Macau regions, integrating DFS's member, brand, and store resources [1] - LVMH will become a new shareholder, facilitating further collaboration between its brands and China Duty Free across various channels [1]