证券代码：601888 证券简称：中国中免 公告编号：临 2024-027 中国旅游集团中免股份有限公司 关于召开 2024 年半年度业绩说明会的公告 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 9 月 20 日（星期五）至 9 月 26 日（星期四）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。 中国旅游集团中免股份有限公司（以下简称"公司"）已于 2024 年 8 月 31 日发布《公司 2024 年半年度报告》，为便于广大投资者更全面深入地了解公司 2024年半年度经营成果、财务状况，公司计划于2024年9月27日下午14:00-15:00 举行 2024 年半年度业绩说明会，就投资者关心的问题进行交流。 一、 说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2024 年半年度的经营 成果及财务指标的具体 ...

[Table_MainInfo] 公司研究/旅游服务业/旅游综合 证券研究报告 中国中免（601888）公司半年报点评 2024 年 09 月 17 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |--------------------------------------------------------|----------------| | 股票数据 | | | 09 [ Table_StockInfo 月 13 日收盘价（元） ] | 54.84 | | 52 周股价波动（元） | 54.00-111.60 | | 总股本 / 流通 A 股（百万股） | 2069/1952 | | 总市值 / 流通市值（百万元） | 113456/113456 | | 相关研究 | | | [Table_ReportInfo] 《 2023 年收入 675 亿同比增 | 24% ，分红比例 | | 大幅提升》 2024.04.02 | | | 《 3Q23 毛利率环比改善，旺季表现值得期待》 | | | 2023.11.07 | | 市场表现 [Table_Quot ...

Investment Rating - The report maintains an "Accumulate" rating for the company [2][6]. Core Views - The company reported a revenue of 31.265 billion yuan and a net profit of 3.283 billion yuan for the first half of 2024, reflecting a year-on-year decline of 12.81% and 15.07% respectively [6][8]. - The decline in revenue is primarily attributed to a significant drop in sales in Hainan, with daily shopping visitors and duty-free sales decreasing [6][9]. - The gross profit margin improved to 33.53% in H1 2024, up 2.92 percentage points year-on-year, due to optimized product structure and enhanced supply chain efficiency [6][9]. - The net profit margin for H1 2024 was 11.67%, a slight increase of 0.25 percentage points year-on-year, but the Q2 net profit margin decreased to 9.73% [6][9]. Summary by Sections Financial Performance - In H1 2024, the company achieved a revenue of 31.265 billion yuan, a net profit of 3.283 billion yuan, and a net profit excluding non-recurring items of 3.238 billion yuan, with year-on-year declines of 12.81%, 15.07%, and 16.00% respectively [6][8]. - Q2 2024 figures showed a revenue of 12.458 billion yuan, net profit of 0.976 billion yuan, and net profit excluding non-recurring items of 0.939 billion yuan, with year-on-year changes of -17.44%, -37.60%, and -39.79% [6][8]. Sales and Market Dynamics - The sales in Hainan faced significant pressure, leading to a revenue decline in H1 2024, with daily shopping visitors and duty-free sales showing negative trends [6][9]. - The company’s various segments showed mixed results, with significant declines in Hainan and Sanya, while the Shanghai duty-free store saw a remarkable recovery [6][22]. Profitability and Margins - The gross profit margin for H1 2024 was 33.53%, an increase of 2.92 percentage points year-on-year, attributed to product structure optimization and improved operational efficiency [6][9]. - The net profit margin for H1 2024 was 11.67%, with a decrease in Q2 to 9.73%, influenced by rising rental costs and higher tax rates [6][9]. Future Outlook - The company is expected to benefit from the implementation of city duty-free store policies, which may attract additional demand and open up growth opportunities in the industry [6][28]. - Forecasts for net profit from 2024 to 2026 are projected at 6.099 billion yuan, 7.187 billion yuan, and 8.639 billion yuan respectively, with corresponding price-to-earnings ratios of 19.9, 16.9, and 14.1 [6][28].

Investment Rating - The investment rating for the company is "Hold" [5] Core Views - The company is expected to benefit from the recovery of port duty-free sales and the implementation of new policies for city duty-free shops, despite facing challenges in its Hainan operations [7] - The company's revenue for the first half of 2024 was 31.265 billion yuan, a decrease of 12.81% year-on-year, with a net profit of 3.283 billion yuan, down 15.07% year-on-year [1][2] - The company has adjusted its profit forecasts for 2024-2026, with expected net profits of 6.2 billion yuan, 7.2 billion yuan, and 8.6 billion yuan respectively, reflecting a downward revision due to ongoing pressures in the Hainan duty-free business [7] Summary by Sections Financial Performance - In H1 2024, the company's revenue from Hainan and Shanghai was 16.785 billion yuan and 8.5 billion yuan respectively, with Hainan's revenue down 28.97% year-on-year [2] - The gross margin for Q2 2024 was 33.87%, an increase of 1.03 percentage points year-on-year, while the net profit margin was 7.83%, a decrease of 2.54 percentage points year-on-year [3] Market Opportunities - The new city duty-free shop policies are expected to enhance the company's growth prospects, with several cities set to establish new duty-free shops [4] - The company is focusing on improving service offerings to capitalize on the anticipated growth in the duty-free market [4] Profitability Outlook - The company has seen improvements in gross profit margins due to a higher proportion of mid-to-high-end product sales, although overall sales performance has pressured net profit margins [3] - The projected earnings per share for 2024 is 2.985 yuan, with a price-to-earnings ratio of 20.44 [9]

Business Overview - The company's main business focuses on duty-free retail, including wholesale and retail of tobacco, alcohol, cosmetics, luxury goods, clothing, and electronics[9]. - The company operates through two main segments: Travel Retail and Property, focusing on the sale of duty-free and taxable goods and property development[56]. Financial Performance - The company's revenue decreased by 12.81% from RMB 358.58 billion for the six months ended June 30, 2023, to RMB 312.65 billion for the six months ended June 30, 2024, primarily due to a decline in product sales[18]. - Revenue for the six months ended June 30, 2024, was RMB 31,264,998 thousand, a decrease of 12.5% compared to RMB 35,858,486 thousand for the same period in 2023[44]. - Gross profit for the same period was RMB 10,242,678 thousand, down 4.8% from RMB 10,754,378 thousand in 2023[44]. - Operating profit decreased to RMB 4,647,975 thousand, a decline of 9.4% from RMB 5,131,975 thousand in the previous year[44]. - Net profit for the period was RMB 3,666,551 thousand, representing a decrease of 11.3% compared to RMB 4,136,512 thousand in 2023[44]. - Total comprehensive income for the period was RMB 3,800,544 thousand, down 19.4% from RMB 4,713,735 thousand in the same period last year[44]. - The company reported a decrease in inventory to RMB 19,014,520 thousand from RMB 21,056,915 thousand at the end of 2023[45]. - The operating cash flow for the six months ended June 30, 2024, was RMB 4,309,150 thousand, down from RMB 8,573,228 thousand in the same period of 2023, indicating a decline of about 49.7%[49]. Cost and Expenses - Sales cost decreased by 16.26% from RMB 251.04 billion to RMB 210.22 billion, attributed to the reduction in sales revenue[19]. - Sales and promotion expenses increased by 3.41% from RMB 50.45 billion to RMB 52.17 billion, mainly due to higher airport leasing costs[19]. - Administrative expenses decreased by 7.64% from RMB 12.17 billion to RMB 11.24 billion, primarily due to reduced employee compensation and financial service fees[19]. - Employee costs rose by 2.11% from RMB 17.04 billion to RMB 17.40 billion, due to an increase in the number of employees in some stores[19]. - Financial costs decreased by 39.13% from RMB 1.61 billion to RMB 0.98 billion, mainly due to a reduction in borrowings and interest expenses[19]. Market Expansion and Strategy - The company successfully won the operating rights for duty-free shops at Guangzhou Baiyun International Airport T1, Kunming Changshui International Airport, and other key locations, with domestic duty-free store revenue increasing by over 100% year-on-year[11]. - Approximately 50 new brands were introduced in the Hainan region, including luxury brands such as Prada and Gucci, enhancing the brand portfolio[10]. - The company is actively expanding its overseas business, with new openings at Singapore Changi Airport and the launch of a duty-free shop on the Aida Magic cruise ship[11]. - The company is promoting "national trend" brands overseas, signing strategic cooperation agreements to expand brand presence in international markets[11]. - The company plans to focus on upstream brand and duty-free operator acquisition opportunities in the future[24]. - The company aims to expand overseas channels with an allocation of HKD 3,493.65 million for overseas duty-free shops and acquisitions of overseas travel retail operators, also expected to be completed by the end of 2027[33]. Membership and Customer Engagement - As of now, the company has over 35 million members, reflecting a strong marketing push and engagement strategies[14]. - The company is enhancing its online and offline collaboration, focusing on market, product, and member resources to increase customer retention and conversion rates[12]. - User data showed a growth in active customers by 15%, reaching a total of 3 million users by June 30, 2024[118]. Corporate Governance and Compliance - The company has adopted the corporate governance code and has ensured compliance with all relevant provisions, maintaining high standards of corporate governance throughout the reporting period[35]. - The audit and risk management committee, consisting of three independent non-executive directors, reviewed the interim report for the six months ending June 30, 2024, confirming its compliance with applicable accounting standards and legal regulations[37]. - The company emphasizes the importance of good corporate governance to enhance management and protect shareholders' interests[35]. Future Outlook - The company expects a revenue growth guidance of 25% for the second half of 2024, driven by new product launches and market expansion strategies[118]. - Future outlook remains positive, with a focus on sustainability and digital transformation initiatives[118]. - The company is implementing cost-cutting measures aimed at reducing operational expenses by 15% over the next year[118].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the next six months [5][14]. Core Insights - The company's revenue for the first half of 2024 (24H1) was 31.3 billion yuan, a year-on-year decrease of 12.8%, while the net profit attributable to shareholders was 3.28 billion yuan, down 15.1% year-on-year. However, the gross margin improved to 33.5%, an increase of 2.92 percentage points year-on-year [1][2]. - The company faced challenges in the Hainan region due to weak sales in offshore duty-free shopping, but the overall revenue decline was mitigated by steady growth in the Shanghai duty-free store [2][3]. - The implementation of new city duty-free policies is expected to benefit the company, enhancing domestic consumption and potentially increasing sales [3]. Financial Performance Summary - For 24H1, the company's gross margin was 33.5%, with a net profit margin of 10.5%. The second quarter (24Q2) saw a revenue of 12.5 billion yuan, down 17.4% year-on-year, with a net profit of 980 million yuan, down 37.6% year-on-year [1][2]. - The report projects revenue for 2024 to be 64.7 billion yuan, with net profit expected to be 6.5 billion yuan. This is a downward revision from previous forecasts due to lower-than-expected performance in 2023 and ongoing challenges in Hainan [3][9]. Market Position and Strategy - The company is recognized as a leading duty-free operator with strong channel capabilities and brand strength. The new city duty-free policies are anticipated to provide additional growth opportunities [3][5]. - The report highlights the importance of optimizing product sales structure and pricing strategies, which have contributed to the improvement in gross margins despite overall revenue challenges [1][2].

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8月31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 第 2 頁 共 10 頁 v 1.1.0 呈交日期: 2024年9月3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 | | 0 | | 本月底結存 | | | 116,383,500 RMB | | | 1 RMB | | 116,383,500 | | 2 ...

Investment Rating - The report maintains a "Recommended" rating for China Duty Free Group Co., Ltd. (601888.SH) [1][7] Core Views - The company's performance is under pressure in the short term due to weak demand in the duty-free sales market, particularly in offshore duty-free shopping, while there is potential for recovery in port channels and expansion of city stores [1][7] - The domestic tourism market is showing a steady recovery, with a 14.3% year-on-year increase in domestic tourist numbers and a 19% increase in spending, but the appeal of offshore duty-free shopping has declined, leading to a 29.9% drop in monitored offshore duty-free shopping amounts [5][6] - The company is expected to benefit from the implementation of new city duty-free policies starting October 1, 2024, which will enhance its competitive position in the market [6][7] Summary by Sections Company Overview - China Duty Free Group Co., Ltd. was established on March 28, 2008, and has become the largest travel retail operator globally, focusing on providing high-quality duty-free and taxable goods to domestic and international travelers [2] Financial Performance - In the first half of 2024, the company achieved revenue of 31.265 billion yuan, a year-on-year decrease of 12.81%, and a net profit attributable to shareholders of 3.283 billion yuan, down 15.07% [5] - The second quarter of 2024 saw revenue of 12.458 billion yuan, a decline of 17.44%, and a net profit of 976 million yuan, down 37.6% [5] Market Dynamics - The offshore duty-free business is experiencing sluggish growth, with a significant drop in consumer purchasing intent, leading to a decrease in sales from Sanya's city duty-free stores [5][6] - Port duty-free channels are recovering rapidly, with a 70.9% year-on-year increase in checked-in and out personnel, although recovery is still below pre-pandemic levels [5][6] Profitability and Cost Management - The company has improved its gross margin to 33.53%, up 2.92 percentage points year-on-year, through product structure optimization and discount management [6] - Sales expense ratio increased by 2.91 percentage points to 14.83%, while net profit margin slightly rose to 11.67% [6] Future Outlook - The introduction of city duty-free policies is expected to expand the consumer market, with the company positioned to benefit from this change [6][7] - The company has introduced approximately 50 new brands in Hainan, enhancing its appeal to consumers [6]

Investment Rating - The report maintains a "Recommended" investment rating for the company, indicating an expectation of stock performance that is better than the market by 10% to 20% over the next six months [3][12]. Core Views - The company's revenue for the first half of 2024 was 31.265 billion yuan, a decrease of 12.81% year-on-year, with a net profit attributable to shareholders of 3.283 billion yuan, down 15.07% [6]. - The report highlights that the company's business structure and profitability have changed significantly since 2019, influenced by policy changes and the recovery of inbound tourism [6][10]. - The company is expected to benefit from the recent introduction of city duty-free policies, which will allow it to operate additional duty-free stores starting October 1, 2024 [10]. Summary by Sections Financial Performance - The company's gross margin improved to 33.53%, up 2.92 percentage points, while the net profit margin increased to 11.67%, up 0.25 percentage points [6]. - Sales expenses rose by 8.51% to 4.638 billion yuan, with a sales expense ratio of 14.83%, an increase of 2.91 percentage points [6]. - The company reported a significant decline in revenue from its Hainan operations, with sales of duty-free goods contributing 21.670 billion yuan and taxable goods contributing 9.158 billion yuan [6]. Market Dynamics - The report notes a recovery in international passenger traffic at Shanghai Airport, reaching 89% of 2019 levels, while Hainan's airports showed mixed performance [9]. - The number of visitors and their purchasing conversion rates are closely linked to the company's sales performance, with domestic tourism and inbound travel markets showing strong activity [7][9]. Future Outlook - The company is projected to achieve net profits of 6.41 billion yuan, 8.27 billion yuan, and 10.05 billion yuan for the years 2024 to 2026, respectively [10]. - The report emphasizes the company's competitive advantages in the global travel retail market and its ongoing efforts to optimize supply chains and improve operational efficiency [10].

Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Insights - The company reported a revenue of 31.27 billion and a net profit of 3.28 billion for the first half of 2024, reflecting a year-on-year decline of 13% and 15% respectively [1]. - The company's Hainan flagship project in Sanya experienced a revenue drop of 29%, which is slightly better than the overall Hainan duty-free market decline of 30%, indicating a competitive advantage [1]. - The second quarter saw a revenue of 12.46 billion, down 17% year-on-year, with a non-recurring net profit of 0.98 billion, down 38% year-on-year [1]. - The gross margin improved to 23%, up 0.8 percentage points year-on-year, while the net margin decreased to 7.8%, down 2.5 percentage points year-on-year due to minority interest losses and increased tax rates [1]. - The introduction of new policies for city duty-free shops is expected to create a market increment of 10-30 billion, providing new growth opportunities for the company [1]. - The profit forecasts for 2024-2026 have been adjusted to 6.26 billion, 7.65 billion, and 9.11 billion respectively, with corresponding PE ratios of 20X, 16X, and 14X [1]. Financial Performance Summary - For 1H24, the company achieved a revenue of 31.27 billion, a decrease of 13% year-on-year, and a net profit of 3.28 billion, down 15% year-on-year [1]. - The second quarter's revenue was 12.46 billion, reflecting a year-on-year decline of 17%, while the non-recurring net profit was 0.98 billion, down 38% year-on-year [1]. - The gross margin for Q2 was 23%, an increase of 0.8 percentage points year-on-year, while the net margin was 7.8%, a decrease of 2.5 percentage points year-on-year [1]. - The company’s financial forecasts for 2024-2026 indicate a revenue growth rate of -8.11%, 15.00%, and 10.00% respectively [2].