Core Viewpoint - China Duty Free Group's net profit attributable to shareholders for the first three quarters of 2025 is 3.052 billion yuan, a year-on-year decrease of 22.13%, with Q3 net profit at 452 million yuan, down 28.94% year-on-year. However, a turning point in performance is being established in Q3 [1] Group 1: Financial Performance - The company's net profit for the first three quarters of 2025 is 3.052 billion yuan, reflecting a decline of 22.13% year-on-year [1] - In Q3, the net profit attributable to shareholders is 452 million yuan, showing a year-on-year decrease of 28.94% [1] Group 2: Market Dynamics - Consumer demand is slowing, leading to continued pressure on the company's operating performance [1] - The core business in Hainan's duty-free market is showing signs of recovery [1] Group 3: Strategic Initiatives - The company is innovating consumer scenarios by deepening the integration of "duty-free + cultural tourism," creating a new business model of "shopping + entertainment + experience" [1] - Collaborations with brands like Disney and Pop Mart for IP exhibitions and pop-up stores are successfully attracting younger consumers [1] Group 4: Future Outlook - The stabilization and recovery of the core Hainan business, along with the implementation of city duty-free policies, opens up new growth opportunities [1] - With the optimization of duty-free policies, recovery of port channels, and deepening of digital operations, the company is expected to return to a growth trajectory [1] Group 5: Valuation - The current stock price corresponds to price-to-earnings ratios of 45, 38, and 31 times for the next three years, maintaining a "buy" rating [1]

Group 1 - The tourism retail sector increased by 0.82% on November 26, with China Duty Free Group leading the gains [1] - The Shanghai Composite Index closed at 3864.18, down 0.15%, while the Shenzhen Component Index closed at 12907.83, up 1.02% [1] - China Duty Free Group's closing price was 80.34, with a trading volume of 393,700 shares and a transaction value of 3.151 billion yuan [1] Group 2 - The tourism retail sector saw a net inflow of 230 million yuan from main funds, while retail investors experienced a net outflow of 319 million yuan [1] - The main fund's net inflow for China Duty Free Group was 230 million yuan, accounting for 7.30% of the total, with retail funds showing a net outflow of 10.12% [1]

Core Viewpoint - China Duty Free Group (中国中免) shares rose over 3%, currently up 3.62% at HKD 74.4, with a trading volume of HKD 179 million, driven by the upcoming launch of the Hainan Free Trade Port's closure operations on December 18 [1] Group 1: Hainan Free Trade Port Developments - The Hainan Free Trade Port is set to officially start its closure operations, with preparations progressing smoothly and foundational conditions in place [1] - Key policies and supporting documents, including the import tax product catalog and tax policies for goods flow, have been established [1] Group 2: Market Trends and Performance - Hainan's offshore duty-free shopping is experiencing a recovery, with shopping amounts reaching CNY 506 million and visitor numbers at 72,900 from November 1 to 7, marking increases of 34.86% and 3.37% year-on-year, respectively [1] - The growth is attributed to a low base effect, new offshore duty-free policies, large events like concerts, and promotional activities [1] - The decline in Japanese tourism is expected to redirect some overseas shopping demand back to Hainan, alongside a wealth effect from the stock market this year, benefiting winter tourism and duty-free sales in Hainan [1]

Group 1 - China Duty Free Group (中国中免) shares rose over 3%, currently up 3.62% at HKD 74.4, with a trading volume of HKD 179 million [1] - Hainan Free Trade Port will officially start its closure operation on December 18, with overall preparations progressing smoothly [1] - The policy and institutional framework for Hainan Free Trade Port has been established, including key policies such as the import tax product catalog and tax policies for goods circulation [1] Group 2 - Hainan's offshore duty-free shopping is experiencing a recovery, with shopping amounts reaching RMB 506 million and visitor numbers at 72,900 from November 1 to 7, marking increases of 34.86% and 3.37% year-on-year respectively [1] - The growth is attributed to a low base effect, new offshore duty-free policies, large events like concerts, and promotional activities [1] - The decline in Japanese tourism is expected to drive some overseas shopping demand back to Hainan, alongside the wealth effect from the stock market this year, benefiting winter tourism and duty-free sales in Hainan [1]

Group 1 - The article discusses the dividend announcements of several companies, including Chao Gao Mei Group, China Duty Free Group, and Economic Daily Group, detailing their respective dividend per share, ex-dividend dates, and payment dates [1] - Chao Gao Mei Group will distribute a dividend of HKD 0.08 per share, with an ex-dividend date of December 4, 2025, and a payment date of December 22, 2025 [1] - China Duty Free Group will distribute a dividend of HKD 0.2745 per share, with an ex-dividend date of December 8, 2025, and a payment date of January 15, 2026 [1] - Economic Daily Group will distribute a dividend of HKD 0.03 per share, with an ex-dividend date of December 4, 2025, and a payment date of December 19, 2025 [1] Group 2 - The CSI Hong Kong Stock Connect Central Enterprises Dividend Index includes 50 listed companies with stable dividend levels and high dividend yields, with a one-year dividend yield of 5.68% as of November 24, which is higher than the 10-year government bond yield of 3.86% [2] - The Hang Seng High Dividend Yield Index for Mainland Chinese companies listed in Hong Kong has a one-year dividend yield of 5.35% as of November 24, also exceeding the 10-year government bond yield of 3.52% [2] - The Hong Kong Central Enterprises Dividend ETF is the largest investment vehicle tracking the CSI Hong Kong Stock Connect Central Enterprises Dividend Index [2]

Group 1 - The tourism retail sector increased by 1.48% on November 25, with China Duty Free Group leading the gains [1] - The Shanghai Composite Index closed at 3870.02, up 0.87%, while the Shenzhen Component Index closed at 12777.31, up 1.53% [1] - China Duty Free Group's closing price was 79.69, reflecting a rise of 1.48% with a trading volume of 305,400 shares and a transaction value of 2.428 billion yuan [1] Group 2 - The tourism retail sector experienced a net inflow of 168 million yuan from institutional investors, while retail investors saw a net outflow of 144 million yuan [1] - The net inflow from institutional investors for China Duty Free Group was 1.689 million yuan, accounting for 6.93% of the total, while retail investors had a net outflow of 1.44 billion yuan, representing a 5.94% share [1]

Group 1 - The article discusses dividend announcements from several companies, including Chao Gao Mei Group, China Duty Free Group, and Economic Daily Group, detailing their respective dividend per share, ex-dividend dates, and payment dates [1] - Chao Gao Mei Group will distribute a dividend of HKD 0.08 per share, with an ex-dividend date of December 4, 2025, and a payment date of December 22, 2025 [1] - China Duty Free Group will distribute a dividend of HKD 0.2745 per share, with an ex-dividend date of December 8, 2025, and a payment date of January 15, 2026 [1] - Economic Daily Group will distribute a dividend of HKD 0.03 per share, with an ex-dividend date of December 4, 2025, and a payment date of December 19, 2025 [1] Group 2 - The CSI Hong Kong Stock Connect Central Enterprise Dividend Index (931233.CSI) includes 50 listed companies with stable dividend levels and high dividend yields, with a one-year dividend yield of 5.68% as of November 24, which is higher than the 10-year government bond yield of 3.86% [2] - The Hang Seng High Dividend Yield Index (HSMCHYI.HI) focuses on high dividend stocks listed in Hong Kong from mainland companies, with a one-year dividend yield of 5.35% as of November 24, surpassing the 10-year government bond yield of 3.52% [2] - The Hong Kong Central Enterprise Dividend ETF (513910) is the largest investment vehicle tracking the CSI Hong Kong Stock Connect Central Enterprise Dividend Index, while the Hang Seng Dividend ETF (159726) is the only ETF tracking the Hang Seng High Dividend Yield Index [2]

Core Viewpoint - China Duty Free Group (中国中免) announced a dividend distribution of HKD 0.2745 per share for the first three quarters ending September 30, 2025, to be paid on January 15, 2026 [1] Summary by Category - **Company Announcement** - The company will distribute a dividend of HKD 0.2745 per share [1]

Group 1 - The company China Duty Free Group (01880) announced a dividend distribution of HKD 0.2745 per share for the nine months ending September 30, 2025, to be paid on January 15, 2026 [1]

| 代扣所得稅信息 | | | | | --- | --- | --- | --- | | 有人股息收入的稅務減免"段落。 | | 關於代扣所得稅的更多詳情，請參見本公司日期為2025年11月5日的通函"上市證券持 | | | | | 股東類型 稅率 | 有關代預扣所得稅之更多補充 （如適用） | | 非個人居民 | | | | | （非中國內地登記地址） | | 10% | 境內非外商投資企業在香港發行股 | | | | | 票，其境外居民個人股東根據其居 | | | | | 民身份所屬國家與中國簽署的稅收 | | | | | 協定或內地和香港（澳門）間稅收 | | | | | 安排的規定，享受相關稅收優惠 | | 非個人居民 | | | | | （非中國內地登記地址） | | 10% | 對於所在國與中國簽訂稅收協定規 | | | | | 定股息紅利所得稅率低於10%的居 | | | | | 民，可以自行向本公司主管稅務機 | | | | | 關提出享受稅收協定待遇的申請。 | | | | | 主管稅務機關審核後，應按已徵稅 款和根據稅收協定稅率計算的應納 | | | | | 稅款的差額予以退稅 | | ...