从资金流向上来看，当日旅游零售板块主力资金净流入1247.39万元，游资资金净流入1156.8万元，散户 资金净流出2404.19万元。旅游零售板块个股资金流向见下表： | 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 LLL LEW LEWILLI PRODULL POLL | 1247.39万 | 1.39% | 1156.80万 | 1.29% | -2404.19万 | -2.68% | 证券之星消息，8月4日旅游零售板块较上一交易日上涨0.06%，中国中免领涨。当日上证指数报收于 3583.31，上涨0.66%。深证成指报收于11041.56，上涨0.46%。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 | 64 ...

Group 1 - The core index of the entertainment and media sector, the CSI Entertainment and Media Index, has shown a positive performance with a 2.65% increase over the past month, an 8.83% increase over the past three months, and an 11.33% increase year-to-date [2] - The CSI Entertainment and Media Index includes companies involved in video, live streaming, gaming, film, IPTV/OTT, digital publishing, digital marketing, online education, and event performances, reflecting the overall performance of listed companies in the cultural, entertainment, and media sectors [2] - The top ten weighted companies in the CSI Entertainment and Media Index are: Focus Media (9.68%), China Duty Free Group (8.37%), Giant Network (4.34%), Kunlun Wanwei (4.21%), Kaiying Network (4.13%), Light Media (3.92%), Leo Group (3.51%), 37 Interactive Entertainment (3.39%), BlueFocus Communication Group (3.37%), and Shenzhou Taiyue (3.29%) [2] Group 2 - The CSI Entertainment and Media Index is primarily composed of companies listed on the Shenzhen Stock Exchange, which accounts for 73.17% of the index, while the Shanghai Stock Exchange accounts for 26.83% [2] - In terms of industry composition, the index has a significant focus on communication services, which make up 87.48% of the holdings, followed by consumer discretionary at 11.27%, and information technology at 1.25% [2] - The index samples are adjusted semi-annually, with adjustments occurring on the next trading day after the second Friday of June and December each year [3]

Core Points - The Shanghai Composite Index decreased by 0.37%, while the AMAC Leasing Business Index fell by 0.22%, closing at 3143.4 points with a trading volume of 23.395 billion [1] - Over the past month, the AMAC Leasing Business Index has increased by 4.42%, by 9.83% over the last three months, and by 11.06% year-to-date [1] - The AMAC Leasing Business Index is based on the classification of industries as per the guidelines from the China Securities Association, comprising 16 category indices and 27 sub-category indices, with a base date of January 1, 2009, set at 1000.0 points [1] Index Holdings - The top ten holdings of the AMAC Leasing Business Index are: Focus Media (14.27%), China Duty Free Group (11.85%), Small Commodity City (10.56%), LEO Group (4.96%), BlueFocus Communication Group (4.77%), Jianfa Group (3.33%), Hainan Huatian (3.24%), Bohai Leasing (2.81%), Province Advertising Group (2.64%), and Xiamen International Trade (1.8%) [1] - The market share of the AMAC Leasing Business Index holdings is 59.06% from the Shenzhen Stock Exchange and 40.94% from the Shanghai Stock Exchange [1] Industry Composition - In terms of industry composition, the AMAC Leasing Business Index shows that industrial sector accounts for 42.06%, communication services for 39.38%, consumer discretionary for 15.54%, real estate for 1.75%, and information technology for 1.28% [2]

Core Viewpoint - The recent performance report from China Tourism Group Duty Free Corporation (China Duty Free) indicates a decline in both revenue and net profit for the first half of 2025, raising concerns in the market about the company's financial health and future prospects [1][2]. Financial Performance - In the first half of 2025, China Duty Free reported total revenue of 28.152 billion yuan, a year-on-year decrease of 9.96% [1]. - The total profit for the same period was 3.663 billion yuan, down 19.21% year-on-year, while the net profit attributable to shareholders was 2.6 billion yuan, reflecting a decline of 20.81% [1]. - For Q1 2025, the company achieved revenue of 16.746 billion yuan, a decrease of 10.96%, with net profit down 15.98% to 1.938 billion yuan [2]. - In Q2 2025, revenue was 11.406 billion yuan, down 8.45%, and net profit fell significantly by 32% to 662 million yuan [2]. Market Position and Strategy - China Duty Free maintains a strong market position in Hainan, with a market share increase of nearly 1 percentage point year-on-year, despite overall sales challenges [1]. - The company is focusing on strategic transformation, expanding its "duty-free+" boundaries, and innovating its own brand products to stimulate consumer demand [1]. - Over 50% of the company's revenue is derived from Hainan, where duty-free sales account for nearly 70% of total revenue, with a gross margin of 39.5% compared to 13.45% for taxable goods [2]. Hainan Duty-Free Market Trends - The Hainan duty-free market showed continued weakness in the first half of 2025, with duty-free shopping amounts reaching 16.761 billion yuan, down 9.2% year-on-year [4]. - The number of actual duty-free shopping visitors was 2.482 million, a decline of 26.2%, and the number of items purchased fell by 24.8% to 14.875 million [4]. - Although June's year-on-year decline was less severe than in 2024, there was still a notable drop compared to May 2025 across key metrics [4]. Future Developments - The full island closure operation in Hainan is set to begin on December 18, 2025, which will change the management of imported "zero-tariff" goods to a negative list system, expanding the range of zero-tariff items significantly [6]. - While this may lower procurement costs, it could diminish the price advantage of duty-free stores as regular retailers will also benefit from similar policies [6]. - China Duty Free plans to enhance strategic leadership and drive innovation through business adjustments to achieve high-quality development [6].

Core Viewpoint - China Duty Free Group (中国中免) reported a decline in both revenue and net profit for the first half of 2025, continuing the downward trend observed since 2024, with a focus on strategic transformation and market adaptation in the face of increasing competition and changing consumer behavior [1][4][5]. Financial Performance - The company achieved a total revenue of 28.151 billion yuan, a year-on-year decrease of 9.96% [1][3]. - The net profit attributable to shareholders was 2.6 billion yuan, down 20.81% compared to the previous year [1][3]. - The gross profit margin decreased, with the net profit margin reported at 6%, which is below market expectations [4]. - The total assets at the end of the reporting period were 75.152 billion yuan, reflecting a decrease of 1.45% from the beginning of the period [3]. Market Position - Despite the decline in overall revenue and profit, the company's market share in the Hainan offshore duty-free market increased by nearly 1 percentage point [1][5]. - The shopping amount in Hainan for the first half of the year was 16.761 billion yuan, showing a decline of 9.2% year-on-year [4]. Strategic Initiatives - The company is accelerating its strategic transformation by expanding its "duty-free+" boundaries and focusing on exclusive, co-branded, and customized products to stimulate consumer spending [5]. - Plans to enhance the dual-drive model of "duty-free + taxable" and "online + offline" are in place to adapt to upcoming changes in the market [8]. Management Changes - The company has experienced significant management turnover, with three chairpersons in the last two years, indicating potential instability in leadership during challenging times [7]. Future Outlook - With the upcoming full closure of the Hainan Free Trade Port on December 18, 2025, the company anticipates benefiting from policy incentives and consumer upgrades, aiming for high-quality development through strategic adjustments [8].

证券之星消息，8月1日旅游零售板块较上一交易日下跌0.57%，中国中免领跌。当日上证指数报收于 3559.95，下跌0.37%。深证成指报收于10991.32，下跌0.17%。旅游零售板块个股涨跌见下表： | 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 | -5498.99万 | -6.95% | 2165.43万 | 2.74% | 333.56万 | 4.21% | | ** | | | | | | | 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310104345710301240019号），不构成投资建议。 从资金流向上来看，当日旅游零售板块主力资金净流出5498.99万元，游资资金净流入2165.43万元，散户 资金净流入3333.56万元。旅游零售板块个股资金流向见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | | 成交额(元) | | | --- | --- | --- ...

证券之星消息，7月31日旅游零售板块较上一交易日下跌1.99%，中国中免领跌。当日上证指数报收于 3573.21，下跌1.18%。深证成指报收于11009.77，下跌1.73%。旅游零售板块个股涨跌见下表： 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310104345710301240019号），不构成投资建议。 | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | --- | | 601888 | 中国中免 | 64.96 | -1.99% | | 25.49万 | | 16.61亿 | 从资金流向上来看，当日旅游零售板块主力资金净流出1.9亿元，游资资金净流入279.12万元，散户资金 净流入1.87亿元。旅游零售板块个股资金流向见下表： | 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 散户净流入 (元) 散户净占比 | | | | | | | --- | --- | --- | --- | --- | --- | | 601888 ...

Core Viewpoint - The company forecasts a decline in revenue and net profit for the first half of 2025, with total revenue expected to be 28.15 billion, down 10% year-on-year, and net profit of 2.6 billion, down 26% year-on-year, indicating underperformance in Q2 2025 [1][2]. Group 1: Performance Overview - The company anticipates Q2 2025 revenue of 11.4 billion, a decrease of 8.5% year-on-year, and a net profit of 660 million, down 32.2% year-on-year, which is below expectations [1]. - Revenue decline in Q2 is slightly less severe compared to Q1, which saw a year-on-year decline of 11% [1]. - The recovery of airport duty-free store revenue is ongoing, supported by the resurgence of inbound and outbound tourism [2]. Group 2: Market Trends and Future Outlook - From late June, cross-border flight frequencies have recovered to over 80% of the levels seen in the same period in 2019, suggesting continued improvement in airport duty-free business for H2 [2]. - The company has strengthened its market position in Hainan, with a nearly 1 percentage point increase in market share year-on-year, and expects a positive trend to continue in the second half of the year [2]. - The opening of new duty-free stores and the introduction of tax refund services in Sanya International Duty-Free City are expected to enhance the company's operational layout [2]. Group 3: Long-term Prospects - The Hainan Free Trade Port is set to officially close on December 18, 2025, which is expected to boost local economic vitality and enhance the positioning of Hainan as an international tourism island, benefiting the company's operations in Hainan [2]. - The company has revised its profit forecasts downward for 2025-2027, expecting net profits of 4.52 billion, 5.14 billion, and 5.67 billion, representing year-on-year growth of 6%, 13.7%, and 10.4% respectively [2]. - The current stock price corresponds to H-share P/E ratios of 24x, 21x, and 19x for the years 2025, 2026, and 2027, respectively, indicating potential for expansion as the Hainan Free Trade Port develops [2].

| 表格序號 | 大股東/董事/最高行政人員名稱作出披露的 買入 / 賣出或涉及的 每股的平均價 | | | 持有權益的股份數目 佔已發行的 有關事件的日期 | | | --- | --- | --- | --- | --- | --- | | | 股份數目 | 原因 | | (請參閱上述 * 註 | 有投票權股 (日 / 月 / 年) | | | | | | 能 | 份百分比 | | | | | | | ( % ) | | CS20250729E00552 | HKD 63.0819 Barclays PLC | 1001(L) | 4.590.900(L) | 6.126.400(L | 5.26(L)24/07/2025 | | | | 14015(S) | 929.600(S) | 2.283.700(S) | 1.96(S) | | 股份代號: | 01880 | | --- | --- | | 上市法國名稱: | 中國旅遊集團中免股份有限公司 - H | | 日期 (日 / 月 / 年): | 30/06/2025 - 31/07/2025 | 格隆汇7月31日丨根据联交所最新权益披露资料显示，2 ...

Group 1 - The stock price of China Duty Free Group (中国中免) on July 30 was 66.28 yuan, with a slight increase of 0.05 yuan, representing a 0.08% rise. The trading volume reached 267,870 hands, with a transaction amount of 1.78 billion yuan [1] - China Duty Free Group is a leading duty-free operator in China, primarily engaged in the retail of duty-free goods. The company operates duty-free stores in key cities and tourist destinations across the country, covering various categories such as cosmetics, luxury goods, clothing, and electronics [1] - Haikou Customs has recently implemented smart supervision measures, significantly enhancing the customs clearance efficiency of offshore duty-free goods through technologies like electronic tags and remote video inspections. Data shows that the time from warehousing to shelf for duty-free goods can be as short as 2 hours, saving 1.4 days compared to traditional methods. Since 2025, Sanya Customs has inspected 329 batches of offshore duty-free imported goods, with 80% adopting facilitation policies [1] Group 2 - On July 30, the net outflow of main funds for China Duty Free Group was 16.5697 million yuan, accounting for 0.01% of the circulating market value [2]