Core Insights - China National Pharmaceutical Group (China National Immunization) reported a revenue of 11.711 billion yuan for Q3 2025, reflecting a year-on-year decline of 0.38% [1] - The net profit attributable to shareholders of the listed company was 452 million yuan, down 28.94% year-on-year [1] Financial Performance - Revenue: 11.711 billion yuan, down 0.38% year-on-year [1] - Net Profit: 452 million yuan, down 28.94% year-on-year [1]

Core Viewpoint - China National Medicines Corporation (601888.SH) reported a decline in both revenue and net profit for the third quarter of 2025, indicating potential challenges in the company's financial performance [2]. Financial Performance - In Q3 2025, the company achieved a revenue of 11.711 billion yuan, a year-on-year decrease of 0.38% [2]. - The net profit attributable to shareholders for Q3 2025 was 452 million yuan, down 28.94% year-on-year [2]. - For the first three quarters of 2025, the total revenue was 39.862 billion yuan, reflecting a year-on-year decline of 7.34% [2]. - The net profit attributable to shareholders for the first three quarters was 30.520 billion yuan, which represents a year-on-year decrease of 22.13% [2].

Core Insights - China National Pharmaceutical Group (China National Medicine) reported a decline in both revenue and net profit for the third quarter of 2025, indicating ongoing pressure from slowing consumer demand [1] Financial Performance - The company's third-quarter revenue was 11.711 billion yuan, a year-on-year decrease of 0.38% [1] - Net profit for the third quarter was 452 million yuan, down 28.94% year-on-year [1] - For the first three quarters of 2025, total revenue reached 39.862 billion yuan, reflecting a year-on-year decline of 7.34% [1] - Net profit for the first three quarters was 3.052 billion yuan, a decrease of 22.13% compared to the same period last year [1] Market Conditions - The company's performance is under continuous pressure due to a slowdown in consumer demand, impacting overall operational results [1]

Core Viewpoint - China Duty Free Group (601888.SH) reported a decline in both revenue and net profit for the third quarter of 2025, indicating potential challenges in the market [1] Financial Performance - In Q3 2025, the company achieved revenue of 11.711 billion yuan, a year-on-year decrease of 0.38% [1] - The net profit attributable to shareholders for Q3 2025 was 452 million yuan, down 28.94% year-on-year [1] - For the first three quarters of 2025, the company reported total revenue of 39.862 billion yuan, reflecting a year-on-year decline of 7.34% [1] - The net profit attributable to shareholders for the first three quarters was 30.520 billion yuan, a decrease of 22.13% year-on-year [1]

证券代码：601888 证券简称：中国中免 公告编号：临 2025-031 中国旅游集团中免股份有限公司 关于取消监事会并修订《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》（2023 年修订）、中国证监会《关于新<公司 法>配套制度规则实施相关过渡期安排》、《上市公司章程指引》（2025 年修订）等 相关规定，结合公司实际，经公司第五届董事会第二十六次会议审议通过，公司 拟对《公司章程》部分条款进行修订，具体修订内容详见本公告附件。 本次《公司章程》修订尚需提交公司股东会以特别决议方式审议通过，董事 会提请股东会授权公司管理层办理后续工商变更登记、章程备案等相关具体事项， 具体变更内容最终以市场监督管理部门核准、登记的内容为准。 本次修订完成后，公司将不再设置监事会和监事，监事会的相关职权由审计 与风险管理委员会行使，《公司监事会议事规则》相应废止。 特此公告。 附件：《中国旅游集团中免股份有限公司章程 ...

中国旅游集团中免股份有限公司 第五届监事会第十三次会议（现场结合通讯方式） 决议公告 本公司监事会及全体监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。 证券代码：601888 证券简称：中国中免 公告编号：临2025-029 一、监事会会议召开情况 中国旅游集团中免股份有限公司（以下简称"公司"）第五届监事会第十三次会 议于2025年10月16日以电子邮件方式发出通知，于2025年10月30日以现场结合通讯 方式召开。本次会议应参加表决监事3人，实际参加表决监事3人：刘德福、李辉、 钭晓琼。会议由监事会主席刘德福主持。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》的规定。 二、监事会会议审议情况 经与会监事认真讨论，会议审议通过了以下议案： 1. 《公司2025年第三季度报告》 监事会认为，公司2025年第三季度报告的董事会编制和审议程序符合法律、行 政法规和中国证监会的规定；报告内容和格式符合中国证监会和证券交易所的各项 规定，能够真实、准确、完整地反映公司的实际情况。 表决结果：同意3票，反对0票，弃权 ...

证券代码：601888 证券简称：中国中免 公告编号：临 2025-028 中国旅游集团中免股份有限公司 第五届董事会第二十六次会议（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"）第五届董事会第二十六 次会议于 2025 年 10 月 16 日以电子邮件方式发出通知，于 2025 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，实际参加表决 董事 8 人（其中：委托出席董事 1 人，董事刘昆因公务原因委托非独立董事常筑军 代为出席和表决）。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： 1. 审议通过《公司 2025 年第三季度报告》 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审议通过。 2 ...

证券代码：601888 证券简称：中国中免 公告编号：临2025-030 中国旅游集团中免股份有限公司 2025年前三季度利润分配方案公告 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： 一、利润分配方案内容 截至 2025 年 9 月 30 日，公司母公司报表中期末未分配利润为人民币 332,828.08 万元（未经审计）。经董事会决议，公司 2025 年三季度拟以实施权 益分派股权登记日登记的总股本为基数分配利润。本次利润分配方案如下： 二、公司履行的决策程序 （一）董事会会议的召开、审议和表决情况 公司于 2025 年 10 月 30 日召开第五届董事会第二十六次会议，以 8 票同意、 0 票反对、0 票弃权审议通过了本利润分配方案。本方案符合《公司章程》规定 的利润分配政策。 （二）监事会意见 监事会认为，公司 2025 年前三季度利润分配方案符合相关法律法规及《公 司章程》的规定，综合考虑了公司盈利能力、财务状况、未来发展规划等因素， 严格执行了公司现金分红政策，履行了现金分红的相应决策程序，符合公司 ...

Financial Performance - The company's operating revenue for the third quarter was CNY 11,711,368,978.02, a decrease of 0.38% compared to the same period last year[4] - The total profit for the quarter was CNY 754,515,472.40, down 17.28% year-on-year[4] - The net profit attributable to shareholders was CNY 452,206,584.28, reflecting a decline of 28.94% compared to the previous year[4] - The net profit after deducting non-recurring gains and losses was CNY 440,971,561.34, a decrease of 30.56% year-on-year, primarily due to weakened consumer demand[8] - The basic earnings per share for the quarter was CNY 0.2186, down 28.93% year-on-year[4] - The weighted average return on equity was 0.82%, a decrease of 4.68 percentage points compared to the previous year[4] - The company's total operating revenue for the first three quarters of 2025 was CNY 39.86 billion, a decrease of 7.4% compared to CNY 43.02 billion in the same period of 2024[18] - Net profit for the first three quarters of 2025 was CNY 3.46 billion, down 19.7% from CNY 4.31 billion in the first three quarters of 2024[20] - Operating profit for the first three quarters of 2025 was CNY 4.48 billion, a decrease of 17.7% compared to CNY 5.46 billion in the same period of 2024[20] - Total comprehensive income for the first three quarters of 2025 was CNY 3.18 billion, a decrease of 24.5% from CNY 4.21 billion in 2024[20] Cash Flow and Assets - The net cash flow from operating activities for the year-to-date was CNY 3,387,993,629.01, down 33.62% compared to the previous year[4] - Cash flow from operating activities for the first three quarters of 2025 was CNY 3.39 billion, down 33.6% from CNY 5.10 billion in 2024[22] - Cash flow from investing activities showed a net outflow of CNY 3.31 billion in 2025, compared to a net outflow of CNY 408.93 million in 2024[23] - Cash and cash equivalents as of September 30, 2025, were CNY 31.97 billion, down from CNY 34.82 billion at the end of 2024[15] - Cash and cash equivalents at the end of the third quarter of 2025 were CNY 31.96 billion, slightly down from CNY 31.99 billion at the end of the third quarter of 2024[23] - Total assets at the end of the reporting period were CNY 75,496,310,802.94, a decrease of 1.00% from the end of the previous year[5] - The company's total assets as of September 30, 2025, were CNY 75.50 billion, a slight decrease from CNY 76.26 billion at the end of 2024[17] Shareholder Returns and Dividends - The company plans to distribute a cash dividend of CNY 2.50 per 10 shares, totaling CNY 517.21 million, which represents 16.95% of the net profit attributable to shareholders for the first three quarters of 2025[14] - The equity attributable to shareholders increased by 1.05% to CNY 55,673,889,506.75 compared to the end of the previous year[5] Non-Recurring Gains and Expenses - The company reported non-recurring gains of CNY 11,235,022.94 for the quarter, with significant contributions from asset disposal and government subsidies[7] - The company reported a tax expense of CNY 954.28 million for the first three quarters of 2025, down from CNY 1.14 billion in 2024[20] Market and Operational Developments - In Hainan, the monthly sales of offshore duty-free shopping increased by 3.4% year-on-year as of September 2025, marking a return to positive growth for nearly 18 months[12] - The company opened new duty-free stores in Shenzhen, Guangzhou, and Chengdu, adopting a dual-track operation model of "duty-free + taxable" to enhance consumer engagement[13] - The company is advancing the construction of the third phase of the Sanya International Duty-Free City project, among other ongoing projects[13] - The company is enhancing its market presence in Macau with the opening of a new concept store and the development of a duty-free shop at Macau International Airport[13] Inventory and Liabilities - The company's inventory as of September 30, 2025, was CNY 17.22 billion, slightly down from CNY 17.35 billion at the end of 2024[15] - The company's non-current liabilities totaled CNY 4.24 billion as of September 30, 2025, compared to CNY 4.34 billion at the end of 2024[17] Research and Development - Research and development expenses increased significantly to CNY 67.69 million in 2025 from CNY 8.73 million in 2024, reflecting a growth of 675.5%[20] Accounting Changes - The new accounting standards or interpretations will be implemented starting from 2025, affecting the financial statements at the beginning of the year[24] - The announcement was made by the board of directors of China Tourism Group Duty Free Corporation on October 30, 2025[25]

Group 1 - The tourism retail sector increased by 2.42% on October 30, with China Duty Free Group leading the gains [1] - The Shanghai Composite Index closed at 3986.9, down 0.73%, while the Shenzhen Component Index closed at 13532.13, down 1.16% [1] - China Duty Free Group's closing price was 73.10, reflecting a 2.42% increase, with a trading volume of 663,400 shares and a transaction value of 4.907 billion yuan [1] Group 2 - The tourism retail sector experienced a net inflow of 136 million yuan from institutional investors, while retail investors saw a net inflow of 448,330 yuan [1] - Retail investors had a net outflow of 140 million yuan, indicating a shift in investment dynamics within the sector [1] - The net inflow from institutional investors represented 2.76% of the total, while the net outflow from retail investors accounted for -2.85% [1]