金融界7月29日消息，上证指数低开高走，上证养老产业指数 (上证养老，H50043)报7533.04点。 从指数持仓来看，上证养老产业指数十大权重分别为：博瑞医药（4.66%）、科沃斯（3.2%）、新华保 险（2.96%）、恒瑞医药（2.7%）、中国平安（2.64%）、中国太保（2.62%）、南京商旅（2.58%）、 通策医疗（2.55%）、中国中免（2.54%）、石头科技（2.54%）。 从上证养老产业指数持仓的市场板块来看，上海证券交易所占比100.00%。 从上证养老产业指数持仓样本的行业来看，可选消费占比36.84%、医药卫生占比36.08%、主要消费占 比11.40%、金融占比10.76%、通信服务占比4.92%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个定期 调整日前，权重因子一般固定不变。特殊情况下将对指数进行临时调整。当样本退市时，将其从指数样 本中剔除。样本公司发生收购、合并、分拆等情形的处理，参照计算与维护细则处理。 数据统计显示，上证养老产业指数近一 ...

Group 1 - Goldman Sachs has downgraded the earnings per share forecast for China Duty Free Group (01880) by 12% to 13% for the years 2025 to 2027 due to weakened sales momentum in online channels [1] - The target price for A-shares remains at 59 RMB, while the target price for H-shares has been raised from 46.2 HKD to 51.3 HKD, narrowing the discount between A and H shares to 20% from 30% [1] - The company reported a 20% year-on-year decline in net profit for the first half of the year, amounting to 2.6 billion RMB, with a significant drop in the second quarter's net profit to 662 million RMB, down 32% year-on-year [1] Group 2 - The implementation of the free trade port policy in Hainan may expand market size by attracting more consumers, but it also poses a risk of increased competition as brand owners may establish their own stores [2] - The company is transitioning from being a pure duty-free operator to a platform operator that provides retail space, indicating a strategic shift in its business model [2]

Investment Rating - The investment rating for the company is "Buy" with a target price of HKD 68 per H-share [1][6]. Core Insights - The company is expected to experience a decline in net profit for the first half of 2025, with a forecasted decrease of 20.8% year-on-year. Total revenue for the same period is projected to be RMB 28.15 billion, down 10% year-on-year [6][8]. - The second quarter of 2025 is anticipated to show a revenue of RMB 11.4 billion, reflecting an 8.5% decline year-on-year, and a net profit of RMB 660 million, down 32.2% year-on-year. This performance is below expectations [6][8]. - The company is expected to benefit from the recovery of cross-border flights and the improvement of airport duty-free store operations in the second half of 2025, with a projected increase in market share in Hainan [8]. Financial Summary - The company’s net profit for 2025 is estimated at RMB 45.21 billion, with a year-on-year growth of 6%. The earnings per share (EPS) is projected to be RMB 2.19 [7][8]. - The price-to-earnings (P/E) ratio for H-shares is expected to be 24 times for 2025, decreasing to 19 times by 2027 [7][8]. - The company’s revenue is projected to grow from RMB 61.38 billion in 2025 to RMB 74.87 billion by 2027 [11]. Market Position and Strategy - The company is focusing on expanding its presence in the Hainan market, which is expected to improve as the Hainan Free Trade Port is set to officially close on December 18, 2025. This is anticipated to enhance local economic vitality and benefit the company's operations [8]. - The company plans to open multiple new city duty-free stores throughout the year, further enhancing its operational layout [8].

Core Viewpoint - The tourism industry is experiencing a rise in activity, yet China Duty Free Group (601888.SH) continues to face operational challenges, with significant declines in revenue and profit for the first half of 2025 [1][2][3]. Financial Performance - In the first half of 2025, the company reported approximately 28.15 billion yuan in revenue, a year-on-year decrease of about 10% [1][3]. - The net profit attributable to shareholders was around 2.6 billion yuan, reflecting a decline of over 20% compared to the previous year [1][3]. - The second quarter saw a net profit of approximately 662 million yuan, marking a decline of over 30%, the lowest level since 2018 [2][4][6]. Revenue Breakdown - The company's revenue for the second quarter was approximately 11.41 billion yuan, down 8.45% year-on-year [4]. - The first quarter revenue was reported at 16.75 billion yuan, a decrease of 10.96% year-on-year [3][4]. - The overall performance in the first half of 2025 indicates a continuous decline in both revenue and net profit, with the second quarter showing a more pronounced drop [5][7]. Market Position and Strategy - China Duty Free Group maintains a strong position in the Hainan duty-free market, with a market share increase of nearly 1 percentage point [9]. - The company plans to accelerate its strategic transformation and expand its "duty-free+" boundaries, focusing on innovation in its own health brand [10][14]. - The competitive landscape is intensifying, with the company facing challenges from increased competition and changing consumer preferences [12][13]. Historical Context - Since its listing in 2009, the company has shown significant growth, with peak revenues and profits in 2021, but has since experienced a notable decline [10][11]. - The stock price has dropped over 80% from its peak of 403.78 yuan per share in 2021, with a current market capitalization of approximately 140.8 billion yuan [11][12]. Financial Health - As of the end of the first quarter of 2025, the company had substantial cash reserves of 39.68 billion yuan and low interest-bearing debt of 4.62 billion yuan [15].

Financial Performance Summary - Total operating revenue for the first half of 2025 was CNY 2,815,075 million, a decrease of 9.96% compared to the same period last year [1] - Operating profit decreased by 18.20% to CNY 370,798.85 million from CNY 453,279.27 million [1] - Total profit fell by 19.21% to CNY 366,347.92 million from CNY 453,482.72 million [1] - Net profit attributable to shareholders decreased by 20.81% to CNY 259,975.29 million from CNY 328,289.65 million [1] - Basic earnings per share dropped by 20.81% to CNY 1.2566 from CNY 1.5868 [1] - The weighted average return on equity decreased to 4.65% from 5.97% [1] Asset and Equity Overview - Total assets at the end of the reporting period were CNY 7,515,202.79 million, a decrease of 1.45% from CNY 7,626,037.37 million at the beginning of the period [1] - The equity attributable to shareholders remained unchanged with a share capital of 206,885.90 million shares [1] Business Strategy and Market Position - The company is focusing on expanding its "duty-free+" boundaries while enhancing its core duty-free business [1] - The company has strengthened its market position in Hainan, with a market share increase of nearly 1 percentage point year-on-year [1] - Inventory turnover rate improved by 10% year-on-year, indicating enhanced operational efficiency [1] - Future strategies include strengthening strategic leadership, promoting strategic transformation, and driving innovation for high-quality development [1]

[I. Major Financial Data and Indicators for the Six Months Ended June 30, 2025 (the "Reporting Period")](index=1&type=section&id=I.%20Major%20Financial%20Data%20and%20Indicators%20for%20the%20Six%20Months%20Ended%20June%2030%2C%202025%20(the%20%22Reporting%20Period%22)) This section presents the company's key financial data and indicators for the first half of 2025, covering income statement and balance sheet figures [1.1 Income Statement Data](index=1&type=section&id=1.1%20Income%20Statement%20Data) The company experienced year-over-year declines in total operating revenue, operating profit, net profit, and basic earnings per share for the first half of 2025 | Item | Current Period (RMB 10,000) | Prior Period (RMB 10,000) | Change (%) | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 2,815,075.00 | 3,126,499.84 | -9.96 | | Operating Profit | 370,798.85 | 453,279.27 | -18.20 | | Total Profit | 366,347.92 | 453,482.72 | -19.21 | | Net Profit Attributable to Shareholders of the Listed Company | 259,975.29 | 328,289.65 | -20.81 | | Net Profit Attributable to Shareholders of the Listed Company (Excluding Non-recurring Gains and Losses) | 259,324.91 | 323,770.03 | -19.90 | | Basic Earnings Per Share (RMB) | 1.2566 | 1.5868 | -20.81 | | Weighted Average Return on Net Assets (%) | 4.65 | 5.97 | Decreased by 1.32 percentage points | [1.2 Balance Sheet Data](index=2&type=section&id=1.2%20Balance%20Sheet%20Data) As of the end of the first half of 2025, total assets slightly decreased, while equity attributable to shareholders and net assets per share saw minor increases | Item | End of Current Period (RMB 10,000) | Beginning of Current Period (RMB 10,000) | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 7,515,202.79 | 7,626,037.37 | -1.45 | | Total Equity Attributable to Shareholders of the Listed Company | 5,519,857.98 | 5,509,670.56 | 0.18 | | Share Capital (10,000 shares) | 206,885.90 | 206,885.90 | 0.00 | | Net Assets Per Share Attributable to Shareholders of the Listed Company (RMB) | 26.6807 | 26.6314 | 0.19 | - The above data is prepared based on consolidated financial statements[7](index=7&type=chunk) [II. Explanation of Operating Performance and Financial Condition](index=2&type=section&id=II.%20Explanation%20of%20Operating%20Performance%20and%20Financial%20Condition) Despite performance pressure, the company is accelerating strategic transformation, deepening duty-free business, expanding 'duty-free+' boundaries, and improving operational efficiency - The company is accelerating strategic transformation, deepening its duty-free business, actively expanding the "duty-free+" boundary, and driving innovation in its own brands through exclusive, first-launch, and co-branded custom products[8](index=8&type=chunk) - Hainan offshore duty-free sales show a stabilizing trend, with the company's market share increasing by nearly **1 percentage point** year-on-year, solidifying its dominant position in the Hainan market[8](index=8&type=chunk) - The company's operational efficiency continues to improve, with inventory turnover increasing by **10%** year-on-year[8](index=8&type=chunk) - The next steps involve continuously strengthening strategic guidance, advancing strategic transformation, and promoting corporate reform and innovation through business layout adjustments to achieve high-quality development[8](index=8&type=chunk) [III. Risk Warning](index=2&type=section&id=III.%20Risk%20Warning) The disclosed financial data for the first half of 2025 are preliminary and unaudited, requiring investors to exercise caution - The major financial data for the first half of 2025 are preliminary and unaudited by an accounting firm[9](index=9&type=chunk) - Specific data will be subject to the company's 2025 interim report, and investors are advised to be aware of investment risks[9](index=9&type=chunk) [IV. Supplementary Information to the Annual Report](index=3&type=section&id=IV.%20Supplementary%20Information%20to%20the%20Annual%20Report) This section provides supplementary disclosure of supervisors' remuneration from 2022 to 2024, as required by listing rules - Supplementary information on supervisors' remuneration from 2022 to 2024 is provided in accordance with disclosure requirements of paragraphs 24 and 24.4 of Appendix D2 to the Listing Rules[10](index=10&type=chunk) 2022-2024 Supervisors' Remuneration (RMB Thousand) | Year | Supervisor | Salaries and Allowances | Discretionary Bonus | Retirement Scheme Contributions | Total | | :--- | :--- | :--- | :--- | :--- | :--- | | **2024** | Ms. Li Hui | 787 | 351 | 173 | 1,311 | | | Ms. Dou Xiaoqiong | 787 | 438 | 173 | 1,398 | | **2023** | Ms. Li Hui | 802 | 935 | 170 | 1,907 | | | Ms. Dou Xiaoqiong | 812 | 815 | 170 | 1,797 | | **2022** | Ms. Li Hui | 834 | 746 | 156 | 1,736 | | | Ms. Dou Xiaoqiong | 888 | 595 | 156 | 1,639 | *Note: Mr. Liu Defu, Chairman of the Supervisory Committee, received no remuneration in any of the years* - The supplementary information does not affect other data contained in the annual report, and all other data remain unchanged[11](index=11&type=chunk)

证券代码：601888 证券简称：中国中免 公告编号：临2025-022 中国旅游集团中免股份有限公司 2025年半年度业绩快报公告 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。 本公告所载2025年半年度主要财务数据为初步核算数据，未经会计师事务所 审计，具体数据以中国旅游集团中免股份有限公司（以下简称"公司"）2025 年半年度报告中披露的数据为准，提请投资者注意投资风险。 三、风险提示 | 项目 | 本报告期 | 上年同期 | 增减变动幅度 | | --- | --- | --- | --- | | | | | （%） | | 营业总收入 | 2,815,075.00 | 3,126,499.84 | -9.96 | | 营业利润 | 370,798.85 | 453,279.27 | -18.20 | | 利润总额 | 366,347.92 | 453,482.72 | -19.21 | | 归属于上市公司股东的净利润 | 259,975.29 | 328,289.65 | -20.81 | | 归属于上市公司股东的 ...

南向资金今日净买入37.19亿元。港股通（沪）方面，腾讯控股、中国中免分别获净买入3.81亿港元、 1.12亿港元；中芯国际净卖出额居首，金额为6.84亿港元；港股通（深）方面，中芯国际、香港交易所 分别获净买入6.67亿港元、3.24亿港元；泡泡玛特净卖出额居首，金额为1.92亿港元。 ...

Group 1 - The core viewpoint is that the Hainan Free Trade Zone is set to officially launch its customs closure on December 18, 2025, which is expected to significantly enhance the region's tourism and retail market [1][2] - The announcement led to a strong market response, with companies like Kangzhi Pharmaceutical hitting a 20% limit up, and others such as Hainan Airport and Haixia Co. also reaching their limit up [1] - The customs closure will create a special customs supervision area across Hainan Island, implementing a policy characterized by "freeing up the first line, controlling the second line, and allowing freedom within the island" [1] Group 2 - The continued implementation of the offshore duty-free policy is expected to maintain the competitive advantage of duty-free operators, as it offers more relaxed limits for consumers entering the "second line" [2] - The closure is anticipated to enhance Hainan's attractiveness, increase the flow of people, and promote the overall development of the tourism retail market [2] - Companies that have established a leading advantage in core property layout, supply chain resources, and operational capabilities are likely to maintain their competitive position in Hainan's retail market under the new policies [2]

港股中国中免(01880.HK)涨超10%，成交额超2.8亿港元。 ...