Core Viewpoint - China Duty Free Group (601888) (01880) experienced a decline of over 3% in stock price, closing at HKD 59.3, with a trading volume of HKD 139 million [1] Group 1: Sales Performance - Haikou Customs reported that during the National Day and Mid-Autumn Festival holiday, the total duty-free sales monitored reached CNY 9.44 billion, representing a year-on-year increase of 13.6% [1] - HSBC's report indicated that the adjusted average daily sales during the Golden Week in October only grew by 5% year-on-year [1] Group 2: Market Challenges - The domestic duty-free market, primarily led by China Duty Free Group, is being negatively impacted by weakened consumer spending and increased outbound tourism [1] - Despite a low base, the sales in the second quarter of this year still saw a year-on-year decline of 8.5%, which was worse than HSBC's earlier prediction of a low single-digit decline [1] Group 3: Future Outlook - HSBC anticipates that China Duty Free Group's revenue for the third quarter will decline in the mid-single digits year-on-year [1] - The revenue decline is expected to narrow to low single digits in the fourth quarter due to a low base, but the growth outlook for the company beyond this year remains uncertain [1]

Core Viewpoint - China Duty Free Group (01880) experienced a decline of over 3% in stock price, closing at HKD 59.3, with a trading volume of HKD 139 million [1] Group 1: Sales Performance - Haikou Customs reported that during the National Day and Mid-Autumn Festival holiday, the total duty-free sales monitored reached RMB 9.44 billion, marking a year-on-year increase of 13.6% [1] - HSBC's research indicated that the adjusted average daily sales during the Golden Week in October only grew by 5% year-on-year [1] Group 2: Market Challenges - The domestic duty-free market, primarily led by China Duty Free Group, is being negatively impacted by weakened consumer spending and increased outbound tourism [1] - Despite a low base, the sales in the second quarter of this year still saw a year-on-year decline of 8.5%, which was worse than HSBC's earlier forecast of a low single-digit decline [1] Group 3: Future Outlook - HSBC anticipates that China Duty Free Group's revenue for the third quarter will decline in the mid-single digits year-on-year [1] - The revenue decline is expected to narrow to low single digits in the fourth quarter due to a low base, but the growth outlook for the company beyond this year remains uncertain [1]

Core Viewpoint - China Duty Free Group Co., Ltd. (China Duty Free) has experienced fluctuations in stock performance, with a recent decline in share price and mixed trading activity, reflecting market sentiment and operational challenges [1][2]. Financial Performance - As of June 30, 2025, China Duty Free reported a revenue of 28.15 billion yuan, a year-on-year decrease of 9.96%, and a net profit attributable to shareholders of 2.60 billion yuan, down 20.81% compared to the previous year [2]. - The company has cumulatively distributed dividends of 18.40 billion yuan since its A-share listing, with 7.24 billion yuan distributed over the last three years [3]. Stock Market Activity - On October 10, 2023, China Duty Free's stock price fell by 2.01%, closing at 68.26 yuan per share, with a trading volume of 1.355 billion yuan and a turnover rate of 1.00% [1]. - The stock has seen a year-to-date increase of 3.49%, but has declined by 2.69% over the last five trading days [1]. Shareholder Structure - As of June 30, 2025, the number of shareholders decreased by 4.30% to 289,700, with an average of 0 circulating shares per shareholder [2]. - Major shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 15.73 million shares, and several ETFs that have also increased their positions [3]. Business Overview - China Duty Free primarily engages in the retail of duty-free and taxable goods, with 72.26% of revenue from duty-free sales and 25.54% from taxable goods [2]. - The company operates in both domestic and international markets, focusing on tourism retail and property leasing related to tourism retail complexes [2].

证券之星消息，10月9日旅游零售板块较上一交易日下跌2.67%，中国中免领跌。当日上证指数报收于 3933.97，上涨1.32%。深证成指报收于13725.56，上涨1.47%。旅游零售板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | --- | | 601888 | 中国中免 | 69.66 | -2.67% | | 35.59万 | | 24.86 Z | | 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 | -3.38亿 | -13.58% | 1.31亿 | 5.29% | 2.06亿 | 8.30% | | 学历日十六石,八丁学历书日中国 门/十分 女 女 下 中 中 八 小 | | | | | | | 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310 ...

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: 2025年9月30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 呈交日期: 2025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 (-) | | | | | | RMB | | | | 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 ...

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: 2025年9月30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 FF301 呈交日期: 2025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 (-) | | | | | | RMB | | | | 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 ...

Group 1 - The tourism retail sector increased by 0.71% on September 29, with China Duty Free Group leading the gains [1] - The Shanghai Composite Index closed at 3862.53, up 0.9%, while the Shenzhen Component Index closed at 13479.43, up 2.05% [1] Group 2 - The tourism retail sector experienced a net outflow of 94.30 million yuan from institutional investors, while retail investors saw a net inflow of 65.68 million yuan [2] - China Duty Free Group had a net outflow of 94.30 million yuan from institutional investors, representing a 5.30% net share [2]

Core Viewpoint - China Duty Free Group reported a net profit attributable to shareholders of 2.6 billion yuan for the first half of 2025, a year-on-year decrease of 20.81% [1] - The company successfully won the operating rights for duty-free shops at Guangzhou Baiyun International Airport T3 terminal and several other ports, enhancing its channel advantages in major international airports and ports [1] Financial Performance - The net profit for Q2 2025 was 662 million yuan, reflecting a year-on-year decline of 32.21% [1] - The company maintains a target price of 79.31 yuan based on a 35x PE ratio of the net profit attributable to shareholders for 2025 [1] Business Expansion - As of January 2025, the company has obtained operating rights for duty-free shops in 13 cities, nearly doubling from the previous 7 [1] - New stores have been awarded in Shenzhen, Guangzhou, Xi'an, Fuzhou, Chengdu, and Tianjin, enhancing the core city layout [1] International Market Development - The company has made significant strides in overseas expansion, entering the Vietnamese market for the first time this year with duty-free shops now open at Hanoi Noi Bai and Phu Quoc airports [1] - In the Hong Kong and Macau regions, the company has secured operating rights for the MCM pop-up store at Hong Kong Airport and the M8 city store in Macau, with plans to open these stores in the second half of the year [1] Market Outlook - With the recovery of consumer confidence, the restoration of international routes, and the introduction of visa-free policies, the demand for duty-free consumption is expected to be released [1] - The company's diversified channel layout is anticipated to drive long-term quality growth, maintaining solid value [1]

Group 1 - The tourism retail sector increased by 0.07% on September 26, with China Duty Free Group leading the gains [1] - The Shanghai Composite Index closed at 3828.11, down 0.65%, while the Shenzhen Component Index closed at 13209.0, down 1.76% [1] - The trading volume for China Duty Free Group was 284,700 shares, with a closing price of 70.20 [1] Group 2 - The tourism retail sector experienced a net outflow of 14.29 million yuan from institutional investors and 31.92 million yuan from speculative funds, while retail investors saw a net inflow of 46.21 million yuan [1] - The net outflow from institutional investors for China Duty Free Group was 14.29 million yuan, accounting for -0.72% of the total, and from speculative funds was 31.92 million yuan, accounting for -1.60% [1] - Retail investors contributed a net inflow of 46.21 million yuan, representing 2.32% of the total for China Duty Free Group [1]

Investment Rating - The report maintains a "Recommended" rating for China Duty Free Group (601888) with a target price of 79.31 CNY, compared to the current price of 70.15 CNY [4][8]. Core Insights - The core business shows signs of recovery, with the duty-free leader demonstrating operational resilience. In the first half of 2025, the company achieved operating revenue of 28.151 billion CNY, a year-on-year decrease of 9.96%. The net profit attributable to shareholders was 2.6 billion CNY, down 20.81% year-on-year [2][4]. Financial Performance Summary - For the second quarter of 2025, the company reported main revenue of 11.405 billion CNY, a decline of 8.45% year-on-year, with a gross margin of 32.77%. The net profit attributable to shareholders for the quarter was 662 million CNY, down 32.21% year-on-year [2][4]. - The forecast for total revenue from 2024 to 2027 shows a gradual recovery, with expected revenues of 56.474 billion CNY in 2024, 57.136 billion CNY in 2025, 61.330 billion CNY in 2026, and 65.822 billion CNY in 2027, reflecting a year-on-year growth rate of 1.2% in 2025 and 7.3% in 2026 and 2027 [4][9]. - The net profit attributable to shareholders is projected to be 4.267 billion CNY in 2024, increasing to 4.688 billion CNY in 2025, 5.268 billion CNY in 2026, and 5.970 billion CNY in 2027, with growth rates of -36.4% in 2024 and 9.9% in 2025 [4][9]. Business Development Summary - The core duty-free business is facing challenges, particularly in the Hainan offshore duty-free market, which saw sales drop by 9.2% year-on-year to 16.76 billion CNY, primarily due to a 26.2% decline in shopping visits. However, the average transaction value increased by 23.0% to 6,754 CNY, indicating effective strategies to enhance customer spending [4][8]. - The company is actively expanding its airport and port duty-free network, successfully winning bids for the operation rights of several key locations, including Guangzhou Baiyun International Airport [4][8]. - The company has made significant strides in diversifying its operations, with a notable increase in city duty-free store licenses from 7 to 13, and has entered the Vietnamese market with new stores [4][8]. Competitive Position and Outlook - As the only state-authorized enterprise to conduct duty-free business nationwide, the company holds a strong competitive position, owning nearly 50% of the 28 city duty-free stores in China. The market share in Hainan has increased by nearly 1 percentage point year-on-year [4][8]. - The digital transformation has been effective, with membership surpassing 45 million and online revenue accounting for 28.5% of total revenue. Although short-term performance may remain under pressure, the recovery of consumer confidence and international travel is expected to boost duty-free consumption demand [4][8].