表决结果：同意 3 票，反对 0 票，弃权 0 票。 该议案尚需提交公司董事会审议。 中国旅游集团中免股份有限公司 第五届董事会独立董事专门会议第一次会议 决 议 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 会独立董事专门会议第一次会议于2024年12月25日以通讯方式召开。 本次会议应参加表决独立董事 3 人，实际参加表决独立董事 3 人：葛 明、王瑛、王强。经全体独立董事推举，会议由葛明先生主持。本次 会议的召开符合《公司法》《上市公司独立董事管理办法》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。经 与会独立董事认真审议，会议形成决议如下： 审议通过《关于与中国旅游集团有限公司签署<2025 年度日常关 联交易框架协议>的议案》 独立董事认为：公司与控股股东签署 2025 年度日常关联交易框架 协议为公司日常经营活动所需，关联交易遵循了公平、合理的定价政 策和原则，不存在损害公司及其他股东特别是中小股东利益的情形， 不会对公司的独立性和持续经营能力造成不利影响。同意将上述议案 提交公司董事会审议，在审议该项议案时，关联董事应回避表决。 独立董事：葛明、王瑛、王强 2 ...

证券代码：601888 证券简称：中国中免 公告编号：临2024-039 中国旅游集团中免股份有限公司 关于变更证券事务代表的公告 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。 近日，中国旅游集团中免股份有限公司（以下简称"公司"）董事会收到证券 事务代表何怡恒先生递交的书面辞职报告。因工作调动，何怡恒先生申请辞去公司 证券事务代表职务。 公司于2024年12月20日召开第五届董事会第十九次会议，审议通过了《关于聘 任证券事务代表的议案》，同意聘任郑铁球先生（简历详见附件）为公司证券事务 代表，任期自董事会审议通过之日起至第五届董事会任期届满之日止。郑铁球先生 拥有证券交易所颁发的董事会秘书资格证书，具备担任证券事务代表所必需的财务、 管理、法律等专业知识，具备良好的职业道德和个人品质，符合《上海证券交易所 股票上市规则》规定的任职条件。 邮箱：cdfir@ctg.cn 联系地址：北京市东城区东直门外小街甲2号-1正东国际大厦A座8层 特此公告。 1 公司证券事务代表联系方式如下： 联系电话：010-84479696 传真号 ...

证券代码：601888 证券简称：中国中免 公告编号：临 2024-038 中国旅游集团中免股份有限公司 第五届董事会第十九次会议决议公告 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"）第五届董事会第十九次 会议于 2024 年 12 月 13 日以电子邮件方式发出通知，于 2024 年 12 月 20 日在公司 会议室召开。本次会议应参加表决董事 8 人，实际参加表决董事 8 人：范云军、刘 昆、常筑军、王月浩、王轩、葛明、王瑛、王强。会议由董事长范云军主持，公司 监事和部分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《关于公司 2023 年人工成本清算评价结果及 2024 年人工成本预 算的议案》 提交董事会审议前，公司薪酬与考核委员会认真审查了公司 2023 年人工成本清 算评价结果及 20 ...

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: 2024年11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: 2024年12月2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 (-) | | | 0 | | | 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 | ...

Key Points Industry/Company Involved - **Industry**: Luxury retail and tourism - **Company**: A luxury retail company with a significant presence in China, particularly in Hainan Core Views and Arguments - **Hainan Market Performance**: - **Seasonality**: Hainan experiences a clear seasonal trend with peak sales during winter and the Chinese New Year. [1] - **Recent Developments**: The company is investing in enhancing customer experience and service at its stores in Hainan. [2] - **Supply Chain Improvement**: The company has improved its supply chain efficiency, reducing the time from purchase to delivery to as little as four hours. [5] - **Cost Optimization**: The company has established a regional operation center in Hainan to optimize resource allocation and reduce costs. [6] - **Online Sales**: - **Importance**: Online sales remain a significant revenue and profit contributor. [8] - **Strategies**: The company is continuously analyzing consumer trends and adjusting pricing and marketing strategies accordingly. [9] - **KOL Engagement**: The company encourages KOLs to promote its products on social media platforms like Xiaohongshu. [10] - **Capital Expenditure**: - **Electricity**: The company expects minimal capital expenditure for its electricity business, primarily due to existing contracts and the potential for expansion within existing properties. [12] - **Dividends and Repurchases**: The company aims to maintain a dividend payout ratio of 40% or higher. [13] - **Retail Operations**: - **Efficiency Improvement**: The company is focused on improving operational efficiency across its retail operations, including procurement and inventory management. [14] - **Growth Opportunities**: The company is exploring opportunities to expand its product range, particularly in the areas of domestic luxury brands and international expansion. [15] Other Important Points - **Luxury Consumption Trends**: The company acknowledges the shift in luxury consumption patterns, with a focus on experience-based spending and the rise of domestic luxury brands. [16] - **Brand Collaboration**: The company is working closely with luxury brands to adapt to changing consumer preferences and market conditions. [18] - **Domestic Luxury Brands**: The company is actively promoting domestic luxury brands within its stores and exploring opportunities for further collaboration. [19] - **Overall Outlook**: Despite the challenging environment, the company remains optimistic about its future performance, driven by its focus on operational efficiency and strategic initiatives. [21]

证券代码：601888 证券简称：中国中免 公告编号：临2024-037 中国旅游集团中免股份有限公司 董 事 会 2024 年 11 月 27 日 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。 根据《公司法》等法律法规及《公司章程》的规定，于晖先生的辞职报告自送 达董事会之日起生效。于晖先生的辞职不会影响公司的正常生产运营。公司将按照 有关规定尽快完成新任总会计师的聘任工作。 公司董事会对于晖先生在担任总会计师期间为公司做出的贡献表示衷心的感谢！ 特此公告。 中国旅游集团中免股份有限公司 关于总会计师辞职的公告 近日，中国旅游集团中免股份有限公司（以下简称"公司"）董事会收到总会 计师于晖先生递交的书面辞职报告。因工作调动原因，于晖先生申请辞去公司总会 计师职务。辞职后，于晖先生将不在公司及控股子公司担任任何职务。截至本公告 披露日，于晖先生未持有公司股份。 于晖先生确认，其与公司及董事会之间无任何意见分歧，亦无任何与其辞职有 关的事项须提请公司股东注意。 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 75.80 RMB as of November 8, 2024 [1][3] Core Views - The company's Q3 2024 performance was impacted by weak consumer demand and typhoon disruptions, with revenue and net profit declining by 21.52% and 52.53% YoY respectively [5] - Increased promotional activities in Q3 led to a decline in gross and net profit margins, with gross margin dropping by 2.43 percentage points YoY to 32.03% [5] - Despite challenges in Hainan's duty-free sales, October showed signs of recovery, supported by the company's anniversary promotions and recovering air passenger traffic [5] - Airport duty-free stores benefited significantly from the recovery of international passenger traffic, with Beijing airport stores seeing over 140% YoY growth and Shanghai airport stores growing nearly 60% [5] Financial Performance - The company's 2024E revenue is projected at 58,436 million RMB, a 13.5% YoY decline, with a recovery expected in 2025E and 2026E at 12.1% and 15.0% growth respectively [4] - Net profit attributable to shareholders is forecasted at 5,223 million RMB for 2024E, a 22.2% YoY decrease, with subsequent growth of 13.4% and 18.6% in 2025E and 2026E [4] - ROE is expected to decline to 9.4% in 2024E from 12.5% in 2023, with gradual recovery to 11.2% by 2026E [4] Market Position and Outlook - The company remains a leader in duty-free operations, with potential benefits from the recovery of international travel and upcoming city duty-free store openings [5] - The report highlights the company's strong position to benefit from macro policies stimulating domestic demand [5] - Valuation metrics show a 2024E PE of 30.0x, decreasing to 22.3x by 2026E, indicating potential for multiple expansion as earnings recover [4][5]

Investment Rating - The report maintains a "Buy" rating for China Tourism Group Duty Free Corporation (601888 SH/01880 HK) with a target price of 79 82 RMB for A-shares and 61 87 HKD for H-shares [5][24] Core Views - The company reported a 15 4% YoY decline in revenue to 430 2 billion RMB and a 24 7% YoY drop in net profit to 39 2 billion RMB for the first three quarters of 2024 [1] - Despite the overall decline, the company saw a significant recovery in outbound and inbound duty-free sales, with Beijing airport duty-free store revenue growing over 140% and Shanghai airport duty-free store revenue increasing nearly 60% [2] - Hainan duty-free sales remained weak due to factors such as consumer spending pressure and the impact of Typhoon Muji, with a 38 4% YoY decline in September 2024 [19] Financial Performance - The company's gross margin improved by 1 4 percentage points YoY to 33 1% for the first three quarters of 2024, driven by operational improvements and tighter discounts [2] - However, the net profit margin declined by 1 1 percentage points YoY to 9 1% for the same period [2] - For Q3 2024, the company's revenue was 117 6 billion RMB, down 21 5% YoY, with a net profit of 6 4 billion RMB, a 52 5% YoY decline [1] Business Segments - Duty-free business: Expected to generate revenue of 413 1 billion RMB in 2024, a 6 6% YoY decline, but projected to grow by 13 8% and 10 5% in 2025 and 2026, respectively [20] - Taxable business: Expected to generate revenue of 184 2 billion RMB in 2024, a 17 6% YoY decline, with a recovery projected in 2025 and 2026 [20] - Other businesses: Expected to remain stable, with revenue of 10 6 billion RMB in 2024, growing at a 10% annual rate [21] Future Outlook - The company is expected to benefit from the recovery of international passenger traffic and the potential growth of urban duty-free stores [2] - Hainan duty-free sales are expected to bottom out and recover in Q4 2024, driven by the peak season and macroeconomic recovery [24] - The company's leading position in the industry and competitive advantages are expected to support its performance recovery [24] Valuation and Peer Comparison - The company's 2024E PE ratio is 28 5x, with a projected PE of 22 8x and 19 7x for 2025 and 2026, respectively [3] - Compared to peers such as Wangfujing and Tianhong, the company's valuation is considered reasonable given its industry leadership and growth potential [25]

证券代码：601888 证券简称：中国中免 公告编号：临 2024-036 中国旅游集团中免股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 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。 重要内容提示： 会议召开时间：2024 年 11 月 21 日（星期四）13:00-14:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 11 月 14 日（星期四）至 11 月 20 日（星期三）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 cdfir@ctg.cn 进行提问。公司将在说明会上对投资者普遍关注的问题进行回答。 （二）会议召开地点：上证路演中心 （三）会议召开方式：上证路演中心网络互动 三、参加人员 公司董事、总经理兼董事会秘书常筑军先生，独立董事葛明先生，财务部 负责人丁丽女士（如有特殊情况，参会人员可能进 ...

Investment Rating - Buy rating maintained for China Tourism Group Duty Free Corp (601888 SH) [1][2] Core Views - Consumer demand pressure fully reflected, current stock price still trading on expectations [1][2] - Revenue and profit declined due to weak consumption demand [2] - Future consumption expectations may improve with macro policy support, benefiting the company [2] Financial Performance - 24Q1-Q3 revenue: 43021 million yuan, down 15 38% YoY [2] - 24Q1-Q3 net profit: 3919 million yuan, down 24 72% YoY [2] - 24Q3 revenue: 11756 million yuan, down 21 52% YoY [2] - 24Q3 net profit: 636 million yuan, down 52 53% YoY [2] - 24Q3 gross margin: 32 0%, down 1 9pct QoQ and 2 5pct YoY [2] - 24Q3 inventory: 18690 million yuan, down 330 million yuan QoQ [2] Business Operations - Hainan duty-free sales July-Sept 2024: 5549 million yuan, down 35 6% YoY [2] - Hainan duty-free shoppers July-Sept 2024: 11 million, down 27 2% YoY [2] - Hainan duty-free average spending July-Sept 2024: 5023 yuan, down 11 6% YoY [2] - Qingdao airport duty-free city project signed on Nov 1, 2024 [2] Financial Forecasts - 2024E revenue: 56475 million yuan, down 16 4% YoY [1][2] - 2025E revenue: 68290 million yuan, up 20 9% YoY [1][2] - 2026E revenue: 79790 million yuan, up 16 8% YoY [1][2] - 2024E net profit: 5146 million yuan, down 23 4% YoY [1][2] - 2025E net profit: 6280 million yuan, up 22 0% YoY [1][2] - 2026E net profit: 7617 million yuan, up 21 3% YoY [1][2] Valuation Metrics - 2024E P/E: 30 5x [1][2] - 2025E P/E: 25 0x [1][2] - 2026E P/E: 20 6x [1][2] - 2024E P/B: 2 7x [1][2] - 2025E P/B: 2 5x [1][2] - 2026E P/B: 2 2x [1][2]