Core Viewpoint - China Duty Free Group Co., Ltd. (formerly known as China National Travel Service Group Corporation) has experienced a decline in stock price over four consecutive trading days, with a cumulative drop of -1.56% [1] Company Overview - China Duty Free Group is a large joint-stock enterprise focused on tourism retail, controlled by China Tourism Group Co., Ltd. [1] - The company is listed and is one of the major players in the tourism retail sector in China [1] Financial Performance - In the first quarter of this year, the Invesco Great Wall New Emerging Growth Mixed A fund remains one of the top ten shareholders of China Duty Free, with a year-to-date return of -0.17%, ranking 3010 out of 4581 in its category [1][2] - The fund's performance over various time frames shows a near-term increase of 1.10% over the past week, but a decline of -0.23% over the past month and -8.83% over the past six months [2] Fund Management - The fund manager, Liu Yanchun, has a management experience of over 16 years and has held various positions in different financial institutions before joining Invesco Great Wall in January 2015 [3][4] - Liu Yanchun is currently managing multiple funds, including the Invesco Great Wall New Emerging Growth Mixed Fund and others, with a total fund size of 410.20 billion yuan and a cumulative return of 162.55% [4]

Group 1 - The company reported its Q1 2025 earnings, showing a revenue of 16.746 billion yuan, a year-on-year decline of 10.96%, and a net profit attributable to shareholders of 1.938 billion yuan, down 15.98% year-on-year [1] - The Hainan market remains under pressure, but the company is actively optimizing operations, with inventory improving continuously. As of the end of Q1 2025, inventory stood at 15.751 billion yuan, a decrease of 9.21% from the beginning of the year [1] - The company's gross profit margin for Q1 2025 was 32.98%, a slight year-on-year decrease of 0.33 percentage points, while the sales expense ratio was 13.12%, a slight increase of 0.28 percentage points [1] Group 2 - The number of visa-free countries and international flight volumes are increasing, leading to a positive trend in airport duty-free business. Duty-free store revenue at Beijing airports grew over 115% year-on-year, while Shanghai airports saw a nearly 32% increase [2] - The company is responding to policy changes by adding city duty-free store projects, with 13 foreign exchange commodity duty-free stores transitioning to city duty-free stores within three months, enhancing the synergy between various sales channels [2] - The company is optimistic about the growth of duty-free business in Hainan post-border closure, with city duty-free business expected to contribute to performance in upcoming quarters [3]

Investment Rating - The report maintains a "Buy" rating for the company [9][10]. Core Insights - In Q1 2025, the company reported revenue of 16.746 billion yuan, a year-on-year decrease of 10.96%, and a net profit attributable to shareholders of 1.938 billion yuan, down 15.98% year-on-year. The non-recurring net profit was 1.936 billion yuan, reflecting a 15.81% decline year-on-year [2][6]. - The forecast for net profit attributable to shareholders for 2025-2027 is 4.296 billion, 4.383 billion, and 4.524 billion yuan, respectively, corresponding to current price-to-earnings ratios of 30.53, 29.92, and 28.99 times [2][6]. Revenue Analysis - The sales trend for Hainan offshore duty-free shopping is improving, with a year-on-year sales decrease of 11% in Q1 2025. The number of shoppers decreased by 28% year-on-year, while the average transaction value increased by 23%. The decline in shopper numbers is primarily due to a decrease in conversion rates [6]. - The number of inbound and outbound travelers in Q1 2025 reached 163 million, a 15.3% year-on-year increase, which is expected to drive steady growth in revenue from port stores [6]. Profitability Analysis - The company's gross margin and expense ratio remained stable, with a gross margin decrease of 0.33 percentage points and a period expense ratio decrease of 0.20 percentage points. The net profit margin decreased by 0.67 percentage points [6]. Industry Outlook - The duty-free and travel retail sectors are crucial components of the tourism industry, which is expected to benefit from favorable development prospects and trends. The company is well-positioned to capitalize on new growth opportunities in the duty-free sector [6]. - The tourism industry is a significant part of China's economy and is expected to be a key driver of domestic demand growth, supported by policy initiatives and consumer preferences [6]. Future Growth Strategy - The company aims to achieve steady revenue growth by expanding regional markets, diversifying product offerings, enhancing consumer experiences, and optimizing store operations [6].

Investment Rating - The report assigns a "BUY" rating for the company, indicating a potential upside of 15% to less than 35% from the current price [6][11]. Core Insights - The company reported a revenue of 16.75 billion RMB for Q1 2025, a year-on-year decline of 11%, and a net profit of 1.94 billion RMB, down 16% year-on-year, which was below expectations [7]. - The report highlights a marginal improvement in duty-free sales, particularly in Hainan, with a notable narrowing of sales decline in March 2025 [9]. - The company is expected to optimize its product categories, membership services, and supply chain management, projecting net profits of 5.26 billion RMB, 6 billion RMB, and 6.695 billion RMB for 2025, 2026, and 2027 respectively [9]. Summary by Sections Company Basic Information - The company operates in the retail trade sector, with an H-share price of 51.85 HKD as of May 7, 2025, and a market capitalization of 90.202 billion RMB [2]. - The stock has seen a 12-month high of 78.3 HKD and a low of 39.6 HKD, with a price-to-book ratio of 1.88 [2]. Recent Ratings - The company has had several ratings in the past year, including "BUY" on January 17, 2025, and "TRADING BUY" on October 16, 2024 [3]. Financial Performance - The company’s net profit for 2022 was 5.03 billion RMB, with projections for 2025 at 5.26 billion RMB, reflecting a year-on-year growth of 23.3% [8]. - The earnings per share (EPS) for 2025 is projected to be 2.54 RMB, with a corresponding P/E ratio of 19 [9]. Sales and Market Trends - Duty-free sales in Hainan saw a decline of 11.4% in Q1 2025, but the company anticipates improvements due to government initiatives and adjustments in product offerings [9]. - The report emphasizes the importance of the company's city store openings and their potential to enhance profitability [9].

Investment Rating - The report assigns a "Buy" rating to the company, indicating a potential upside of 15% to 35% from the current price [6][11]. Core Insights - The company reported a revenue of RMB 16.75 billion for Q1 2025, a year-on-year decline of 11%, and a net profit of RMB 1.94 billion, down 16% year-on-year, which was below expectations [7]. - The report highlights a marginal improvement in duty-free sales, particularly in Hainan, with a notable recovery in average transaction value [9]. - The company is expected to optimize its product categories, membership services, and supply chain management, leading to projected net profits of RMB 5.26 billion, RMB 5.96 billion, and RMB 6.70 billion for 2025, 2026, and 2027 respectively [9]. Company Overview - The company operates in the retail trade industry and has a current H-share price of HKD 51.85, with a market capitalization of RMB 90.20 billion [2]. - The major shareholder is China Tourism Group, holding 50.3% of the shares [2]. - The company's earnings per share (EPS) for 2025 is projected to be RMB 2.54, with a price-to-earnings (P/E) ratio of 19 times [9]. Financial Performance - The company’s net profit for 2022 was RMB 5.03 billion, with projections of RMB 6.71 billion for 2023 and RMB 4.27 billion for 2024, reflecting fluctuations in profitability [8]. - The revenue forecast for 2025 is RMB 62.93 billion, with a year-on-year growth expectation of 23.3% [15]. - The report indicates a stable cost structure, with a gross margin of 33% and a decrease in financial expenses [9].

Group 1 - Hong Kong tourism stocks showed strong performance during trading, with Ctrip Group (09961.HK) rising nearly 4% [1] - Tongcheng Travel (00780.HK) increased by nearly 3% [1] - Guangdong Transport (03399.HK) saw a rise of 2.8% [1] - China Duty Free Group (01880.HK) also experienced gains [1]

| | | 中国旅游集团中免股份有限公司 会议资料 2024 年年度股东大会 二〇二五年五月 1. 个人股东亲自出席会议的，应出示本人身份证或者其它能够表明其身份 的有效证件或者证明；代理他人出席会议的，应出示本人有效身份证件、委托人 身份证复印件、股东授权委托书； | 议案十：关于修订《公司章程》的议案 30 | | --- | 中国旅游集团中免股份有限公司 2024 年年度股东大会会议资料 2024 年年度股东大会须知 根据《公司法》《上市公司股东会规则》及《公司章程》等有关规定，为确 保股东大会的正常秩序和议事效率，保证大会顺利进行，特制定须知如下： 一、会议按照《公司法》等有关法律、行政法规、部门规章、规范性文件以 及《公司章程》的有关规定进行，请参会人员自觉维护会议秩序，防止不当行为 影响其他股东合法权益。 二、出席现场会议的股东请在会议召开前30分钟到达会议现场办理签到手续， 并按规定出示及提供如下文件： 2. 法人股东应由法定代表人或者法定代表人委托的代理人出席会议。法定 代表人出席会议的，应出示本人身份证、能证明其具有法定代表人资格的有效证 明、公司营业执照复印件；代理人出席会议的，代理人应出 ...

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4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5月6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 | A ...

证券代码：601888 证券简称：中国中免 公告编号：临 2025-016 中国旅游集团中免股份有限公司 关于召开2024年年度股东大会的通知 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： 一、 召开会议的基本情况 (一)股东大会类型和届次 2024年年度股东大会 (三)投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结合的 方式 (四)现场会议召开的日期、时间和地点 召开的日期时间：2025 年 5 月 27 日 14 点 00 分 召开地点：北京市朝阳区新源西里中街 18 号渔阳饭店会议厅 (五)网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 5 月 27 日 (二)股东大会召集人：董事会 1 股东大会召开日期：2025年5月27日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票系统 至2025 年 5 月 27 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock's performance in the near term [6]. Core Insights - The company's revenue for Q1 2025 was 16.746 billion yuan, a decrease of 10.96% year-on-year, with a net profit attributable to the parent company of 1.938 billion yuan, down 15.98% [1]. - The decline in duty-free sales has been narrowing, with a recovery in average transaction value, although shopping conversion rates remain a challenge. The duty-free shopping amount in Hainan for Q1 2025 was 11.31 billion yuan, down 11.4%, with the number of shoppers decreasing by 27.8% [2]. - The international passenger flow is recovering significantly, with Q1 2025 international passenger traffic at major airports showing increases of 20% to 26% compared to the previous year, suggesting a positive trend for duty-free sales [2][3]. Financial Summary - The company is projected to achieve net profits of 4.7 billion yuan, 5.2 billion yuan, and 5.7 billion yuan for the years 2025, 2026, and 2027 respectively, reflecting a recovery trend [3]. - The comprehensive gross margin for Q1 2025 was 33.0%, a slight decrease of 0.3 percentage points year-on-year, while the net profit margin was 11.6%, down 0.7 percentage points [2]. - The company’s revenue is expected to grow from 56.474 billion yuan in 2024 to 72.772 billion yuan in 2027, with a compound annual growth rate of approximately 6.25% [5].