证券日报网讯 1月26日，中国中免在互动平台回答投资者提问时表示，公司始终秉持"分享购物的快 乐，延伸旅游的享受"的企业使命，服务各行各业群体的消费需求。公司非常重视数字化转型带来的机 遇，目前已经在购物小程序上实现云逛店服务，并通过算法模型应用在商品计划采购以及供应链履约环 节等，提升公司运营管理效率。公司还在持续探索AI在销售及对客服务等过程中的应用。 （文章来源：证券日报） ...

从资金流向上来看，当日旅游零售板块主力资金净流出1.84亿元，游资资金净流入2.62亿元，散户资金净 流出7816.6万元。旅游零售板块个股资金流向见下表： 证券之星消息，1月26日旅游零售板块较上一交易日下跌0.71%，中国中免领跌。当日上证指数报收于 4132.61，下跌0.09%。深证成指报收于14316.64，下跌0.85%。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 | 92.66 | -0.71% | | 57.67万 | | 54.12 亿 | | 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 | -1.84/Z 7 | -3.41% | 2.62亿 | 4.85% | -7816.60万 | -1.44% ...

Group 1 - The core point of the news is that China Duty Free Group (CDFG) announced its subsidiary, CDF International, plans to acquire DFS's equity and assets related to the Greater China travel retail business for a maximum of $395 million in cash [1] - CDFG will issue up to 7.33 million H shares to LVMH's subsidiary Delphine SAS and the Miller family's trust Shoppers Holdings HK at a price of HKD 77.21 per share, raising up to approximately HKD 924 million [1][2] - The acquisition marks CDFG's first cross-border merger, aiming to strengthen its position in the Hong Kong and Macau duty-free market and enhance its international strategy by integrating DFS's member, brand, and store resources [1] Group 2 - DFS, established in 1960, is a leading global luxury travel retailer with significant presence in major airports and city centers, particularly in the Greater China region where it operates 9 stores [1] - In 2024, the 9 DFS stores in Hong Kong and Macau generated revenue of CNY 4.15 billion and a net profit of CNY 130 million, resulting in a price-to-earnings (PE) ratio of 25 based on the acquisition price [1] - The sales performance of Hainan's offshore duty-free market remains strong, with a projected sales figure of CNY 3.42 billion for December 2025, reflecting a year-on-year increase of 17% [2] Group 3 - CDFG's strategic partnership with LVMH is expected to deepen cooperation in the Greater China region, with LVMH holding 0.35% and the Miller family holding 0.22% post-share issuance [2] - The company has adjusted its profit forecasts for 2025-2027, estimating net profits of CNY 3.87 billion, CNY 5.22 billion, and CNY 5.81 billion respectively, with corresponding PE ratios of 50, 37, and 33 [3] - The overall market outlook for CDFG remains positive, driven by favorable policies and the anticipated growth of sales from both offshore and onshore duty-free stores [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights the acquisition of DFS's Greater China operations by the company, which aims to deepen strategic cooperation with LVMH [8] - The acquisition is expected to enhance the company's position in the Hong Kong and Macau duty-free market, integrating DFS's resources to expand international channels [8] - The company anticipates a recovery in sales due to favorable policies and the opening of new duty-free stores, projecting a significant increase in net profit in the coming years [8] Financial Projections - Total revenue is projected to be 67.54 billion yuan in 2023, with a year-on-year growth of 24.08%, followed by a decline in 2024 to 56.47 billion yuan, and a gradual recovery thereafter [1] - Net profit attributable to the parent company is expected to be 6.71 billion yuan in 2023, with a growth rate of 33.46%, declining to 4.27 billion yuan in 2024, and then recovering to 5.81 billion yuan by 2027 [1] - The latest diluted EPS is forecasted to be 3.25 yuan in 2023, decreasing to 2.06 yuan in 2024, and gradually increasing to 2.81 yuan by 2027 [1] Market Data - The closing price of the company's stock is 93.32 yuan, with a market capitalization of approximately 193.07 billion yuan [5] - The price-to-earnings ratio (P/E) is projected to be 28.76 for the current price and latest diluted earnings [1] Strategic Developments - The company is set to strengthen its presence in the Hong Kong and Macau markets through the acquisition of DFS, which has a significant brand presence and strategic locations [8] - The partnership with LVMH is expected to facilitate further collaboration across various channels, enhancing the company's competitive edge [8]

2026 年 01 月 26 日 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 67,540 | 56,474 | 55,174 | 61,618 | 66,074 | | 同比（%） | 24.08 | (16.38) | (2.30) | 11.68 | 7.23 | | 归母净利润（百万元） | 6,714 | 4,267 | 3,865 | 5,222 | 5,813 | | 同比（%） | 33.46 | (36.44) | (9.42) | 35.11 | 11.31 | | EPS-最新摊薄（元/股） | 3.25 | 2.06 | 1.87 | 2.52 | 2.81 | | P/E（现价&最新摊薄） | 28.76 | 45.25 | 49.95 | 36.97 | 33.21 | [Table_Tag] [Table_Summary] 投资要点 证券研究报告·公司点评报告·旅游零售Ⅱ 中国中 ...

Summary of China Duty Free Group's Conference Call Company Overview - **Company**: China Duty Free Group (CDFG) - **Acquisition**: CDFG acquired 100% equity of DFS Macau and retail stores in Hong Kong, along with intangible assets in Greater China, including brand, membership system, IT systems, and intellectual property [2][3][5] Core Points and Arguments Strategic Acquisition - The acquisition aims to optimize business layout, enhance international capabilities, and solidify CDFG's position in the global duty-free industry [2][5] - CDFG established a strategic partnership with LVMH to expand cooperation in product sales, store openings, brand promotion, cultural exchange, tourism services, and customer experience [2][3] Market Expansion - CDFG plans to strengthen overseas expansion, focusing on mature markets (bidding), growth markets (acquisitions like Hong Kong and Macau), and high-potential markets (self-pilot projects in Cambodia, Sri Lanka, and Vietnam) [2][6] - The retail performance in Hong Kong exceeded expectations, particularly in cosmetics, jewelry, watches, and gifts, leading to confidence in future profitability [2][7] Financial Aspects - CDFG's subsidiary, CDF International, acquired DFS's retail stores and intangible assets for up to $395 million [3] - The acquisition is expected to enhance CDFG's backend capabilities and facilitate broader market expansion, especially in Southeast Asia and along the Belt and Road Initiative [2][8] DFS Group Overview - DFS Group, established in 1960, is a leading high-end retail and travel retail operator, collaborating with 1,800 global brands [4] - The acquisition not only focuses on store resources but also on brand value, membership value, and supply chain systems [4][5] Future Plans and Market Strategy - CDFG aims to explore further cooperation opportunities with LVMH in overseas channels and may re-enter previously exited markets [5][10] - The company is optimistic about the retail industry's growth in Hong Kong and Macau, viewing it as a key pillar for future profitability [7][17] Integration and Operational Strategy - CDFG plans to integrate DFS into its existing system, ensuring a smooth transition in supply chain, talent, and channel resources [20][22] - The company will leverage its extensive membership base to enhance revenue and attract high-net-worth customers [9][11] Profitability and Valuation - CDFG's valuation logic is based on market comparisons, with the acquisition price reflecting a protective measure for the company and investors [17] - The expected revenue for the acquired business in 2023 is approximately 6 billion RMB, with a net profit of around 1 billion RMB [17] Cash Utilization and Future Investments - CDFG plans to utilize its ample cash reserves for future investments and acquisitions, aiming to optimize its investment strategy for better performance in the capital market [24] Other Important Insights - CDFG is considering introducing more high-potential Chinese brands into its offerings, particularly in spaces with significant display potential [11][21] - The company is focused on maximizing the value of the acquisition through post-merger integration and synergy effects across various business segments [21][22] This summary encapsulates the key points from the conference call regarding China Duty Free Group's strategic acquisition of DFS and its implications for future growth and market positioning.

Group 1 - The core point of the article is that China Duty Free Group (CDFG) announced the acquisition of DFS's travel retail business in Greater China for up to $395 million (approximately 2.8 billion RMB) [1][4] - The acquisition includes DFS's retail stores in Hong Kong and Macau, as well as intangible assets related to a series of brands and IP exclusive to Greater China [4] - DFS operates 2 stores in Hong Kong (including 1 beauty world) and 8 stores in Macau (including 3 beauty worlds) [4] Group 2 - The DFS Group, established in 1960, is a leading high-end travel retailer co-owned by LVMH Group and Robert Miller [4] - In the first three quarters of 2025, DFS's travel retail business in Hong Kong and Macau generated revenue of 2.754 billion RMB, with a net profit of 133 million RMB [4] - Following the acquisition announcement, LVMH Group and the Miller family will participate in a capital increase for CDFG by subscribing to newly issued H-shares in Hong Kong, with the subscription amount being part of the sale consideration [4] Group 3 - CDFG has signed a strategic cooperation memorandum with LVMH Group to collaborate in areas such as product sales, store openings, brand promotion, cultural exchange, tourism services, and customer experience [4] - The completion of the transaction is subject to customary closing conditions and is expected to be finalized in approximately two months [5] - Recent financial reports indicate that CDFG achieved revenue of 39.862 billion RMB in the first three months of 2025, a year-on-year decrease of 7.34%, and a net profit of 3.052 billion RMB, down 22.13% year-on-year [6]

Group 1 - The tourism retail sector experienced a decline of 0.31% on January 23, with China Duty Free Group leading the drop [1] - The Shanghai Composite Index closed at 4136.16, up by 0.33%, while the Shenzhen Component Index closed at 14439.66, up by 0.79% [1] - The trading volume for China Duty Free Group was 736,100 shares, with a closing price of 93.32 [1] Group 2 - The tourism retail sector saw a net outflow of 338 million yuan from institutional investors, while retail investors contributed a net inflow of 48.67 million yuan [1] - The net inflow from speculative funds was 289 million yuan, accounting for 4.14% of the total [1] - The net outflow from China Duty Free Group was 338 million yuan, representing a net institutional share of -4.83% [1]

Group 1 - LVMH established a stake in China Duty Free Group (1880.HK) on January 19, with a holding percentage of 6.30% [1]

Group 1 - The tourism retail sector experienced a decline of 1.56% on January 22, with China Duty Free Group leading the drop [1] - The Shanghai Composite Index closed at 4122.58, up 0.14%, while the Shenzhen Component Index closed at 14327.05, up 0.5% [1] - China Duty Free Group's stock price closed at 93.61, reflecting a decrease of 1.56% with a trading volume of 439,200 shares and a transaction value of 4.147 billion yuan [1] Group 2 - The tourism retail sector saw a net outflow of 320 million yuan from institutional investors, while retail investors contributed a net inflow of 57.6375 million yuan [1] - The net inflow from speculative funds was 262 million yuan, accounting for 6.32% of the total [1] - The net outflow from China Duty Free Group was 320 million yuan, representing a net institutional share of -17% to -19% [1]