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。 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 67.24 CNY [2][5] Core Insights - The company is expected to see a sales recovery in Q2 2025, supported by the implementation of departure tax refunds and the opening of new city stores [1][8] - The earnings per share (EPS) forecasts for 2025, 2026, and 2027 are adjusted to 2.24 CNY, 2.60 CNY, and 3.10 CNY respectively, reflecting a downward revision due to slower recovery in duty-free sales and lower-than-expected customer traffic [2] - The company is expanding its channels with new stores opening in Tianjin and enhancing customer engagement through innovative retail experiences [8] Financial Summary - Revenue projections for 2025, 2026, and 2027 are 61,865 million CNY, 67,993 million CNY, and 74,120 million CNY respectively, with growth rates of 9.5%, 9.9%, and 9.0% [4] - The company's gross margin is expected to improve slightly from 32.0% in 2024 to 32.8% in 2027, while net profit margin is projected to increase from 7.6% in 2024 to 8.7% in 2027 [4] - The return on equity (ROE) is forecasted to rise from 7.8% in 2024 to 10.3% in 2027, indicating improved profitability [4]

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6月30日 狀態: 新提交 第 1 頁 共 10 頁 v 1.1.1 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7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 (-) | | | | | | RMB | | | | 本月底結存 | | | 116,383,500 | RMB | | 1 RMB | | 116,383,500 | | 2. 股份 ...

Summary of China Duty Free Group Conference Call Company Overview - **Company**: China Duty Free Group (中国中免) - **Industry**: Duty-Free Retail and Tourism in Hainan, China Key Points and Arguments Industry Performance - Hainan's duty-free shopping in May saw a slight year-on-year decline of 0.86%, but the cumulative decline for the first five months narrowed to 9.59% [2][4] - The average spending per person increased from 4,000-5,000 RMB last year to 5,000-6,000 RMB, indicating an improvement in consumption quality [2][5] - The duty-free policy remains unchanged, with a yearly limit of 100,000 RMB per person [5] Company Strategies - China Duty Free Group is expanding its product range by introducing exclusive items and self-branded products, and attracting high-net-worth customers through charter flights [2][6] - The company is leveraging new media marketing to enhance customer conversion rates and is collaborating with government tourism activities and consumption vouchers to boost performance [2][6] - The core customer demographic is concentrated in the 20-49 age range, contributing 94% of total spending, with plans to target Gen X, Gen Z, seniors, and family groups for future growth [2][8] Future Projections - The company expects Hainan's business to stabilize or grow by 2025, with inbound and outbound business maintaining double-digit growth [2][9] - Overall revenue and profit are projected to increase steadily, although specific figures are yet to be disclosed [2][10] Customer Insights - The current customer base primarily consists of individuals aged 20-49, with strategies being developed to cater to various consumer segments [2][8] - The company is focusing on enhancing the shopping experience and product offerings to meet the preferences of different demographics [2][8] Marketing and Promotions - Marketing expenses are relatively low compared to competitors, with many promotional activities funded by brand partners [2][13] - The company has seen significant sales boosts from government-issued consumption vouchers, which have a reported multiplier effect of 1:18 [2][7] Economic Impact - The depreciation of the RMB is seen as beneficial for luxury goods demand, as it may enhance the attractiveness of domestic shopping [4][16] - Despite a pessimistic economic outlook, there are positive indicators such as strong performance from luxury brands like Hermès, suggesting potential for recovery in consumer spending [14][15] Brand and Product Management - The company is actively optimizing its brand matrix by phasing out underperforming brands and introducing new ones that meet market demand [4][17] - The product mix includes cosmetics (40% of sales), jewelry and watches (over 30%), with electronics and health products also contributing to sales growth [2][13] Shareholder Returns - China Duty Free Group has increased its dividend payout ratio to over 50% for the past two years, indicating a commitment to returning value to shareholders [2][23] - The company is considering stock buybacks but currently prioritizes cash dividends for direct shareholder benefits [2][24][25] Data Transparency - The company plans to continue updating key operational metrics such as conversion rates and average transaction values to provide better insights to investors [2][27] Additional Insights - The attractiveness of Hainan as a tourist destination is bolstered by large events and improved visa policies, which are expected to drive consumer spending [19][22] - The luxury goods market is anticipated to remain strong, with consumer demand likely to rebound as economic conditions improve [20][21]

证券代码：601888 证券简称：中国中免 公告编号：临 2025-021 中国旅游集团中免股份有限公司 2024年年度权益分派实施公告 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： 每股分配比例 A 股每股现金红利人民币1.05元（含税） 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/6/19 | － | 2025/6/20 | 2025/6/20 | 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 5 月 27 日的2024年年度股东大会审议通过。 二、 分配方案 本次利润分配以方案实施前的公司总股本2,068,859,044股为基数，每股派发现 金红利人民币1.05元（含税），共计派发现金红利人民币2,172,301,996.20元（含税）。 三、 相关日期 1. 发放年度：2024年年度 2. 分派对象： 截至股权登记日（2025 年 ...

Summary of China Duty Free Group's Conference Call Company Overview - **Company**: China Duty Free Group (中国中免) - **Industry**: Duty-Free Retail Key Points Financial Performance - In 2024, China Duty Free achieved a revenue of **564.74 billion RMB** and a net profit of **42.67 billion RMB** [3] - The gross profit margin improved to **32.02%**, an increase of **0.21 percentage points** year-on-year [3] - The cash dividend payout ratio was raised to **50.91%**, with total cash dividends amounting to **21.72 billion RMB** [2][3] Market Position and Strategy - The company's market share in the Hainan offshore duty-free market increased to **84%**, up by **2 percentage points** [4] - The Sanya International Duty-Free City was recognized as a **national 4A scenic area**, enhancing the integration of duty-free shopping and cultural tourism [4] Global Expansion - Currently operates **17 overseas duty-free stores** and **3 cruise duty-free stores** [5] - Successfully won bids for **10 airport and port projects**, including Guangzhou Baiyun and Kunming Changshui [5] Product and Brand Development - Introduced over **200 international brands**, including more than **20 exclusive brands** [6] - The total number of SKUs across all channels exceeded **360,000**, catering to diverse consumer needs [6] Digital Transformation and Membership Growth - Membership reached **43 million**, a **19%** increase year-on-year [7] - The company is enhancing its membership system to improve marketing and service levels [7] Inventory and Risk Management - End-of-year inventory decreased by **18%** compared to the previous year [2][3] - Implemented strategies to manage inventory effectively, with a projected **17.6%** reduction in inventory by the end of 2024 [13][14] - Achieved over **100 million RMB** in foreign exchange gains through effective risk management [15] ESG Initiatives - Achieved an **A rating** in ESG performance and was included in the **Central State-Owned Enterprises ESG Pioneer 100 Index** [8] - Engaged in various community service and environmental protection activities [8] Future Development Strategy - Focus on new consumption trends, enhancing customer experience, and expanding international operations [9] - Plans to accelerate the development of urban duty-free businesses and deepen the "national trend going abroad" strategy [9] Urban Duty-Free Store Developments - Several urban duty-free stores have completed transformation and are operational [10] - Successfully won the operating rights for urban duty-free stores in **six cities** [10] Board of Directors and Governance - New board members bring extensive experience in management, capital operations, and legal risk control [12] - The board aims to enhance governance and capture new market opportunities [12] Capital Expenditure and Project Updates - Capital expenditure is being managed conservatively, with no large-scale plans currently [20] - Significant progress in key projects, including the Sanya International Duty-Free City [21] Marketing and Consumer Engagement - Emphasis on user experience and high-quality service, with plans to innovate service offerings [23][24] - Engaging in thematic marketing through live streaming and new media channels [24] Impact of Policy Changes - The implementation of departure tax refund policies is expected to enhance shopping convenience for international travelers [22] - Observations indicate a preference among foreign tourists for Chinese electronic products and cultural items [22] This summary encapsulates the key insights and developments from the conference call, highlighting the company's strategic direction, financial performance, and market positioning within the duty-free retail industry.

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6月4日 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5月31日 狀態: 新提交 II. 已發行股份及/或庫存股份變動 | 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 | | | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | | 116,383,500 | | 0 | | 116,383,500 | | 增加 / 減少 (-) | | | | | | | | | | 本月底結存 | | | | 116,383,500 | | 0 | | 116,383,500 | | 2. 股份分類 | 普通股 | 股份類別 | A | 於香 ...