Traditional Dividend Assets - White appliances' cash flow ratio decreased to 26% in Q2 2025, primarily due to increased allocation of financial assets impacting cash flow space[11] - The cash flow ratio for liquor reached 55% in Q2 2025, with a reduction in the allocation of financial assets compared to previous quarters[19] Cash Flow Improvement Assets - Black appliances' cash flow ratio was 24% in Q2 2025, with capital expenditure reduced to a historical low of 0.7, indicating a potential shift to a new high expenditure cycle[24] - Lighting equipment's cash flow ratio improved to 31% in Q2 2025, as financial asset allocation decreased, allowing cash flow to return to positive[33] - Beauty care's cash flow ratio was 47% in Q2 2025, driven by reduced capital expenditure, which fell to a historical low of 1.4[39] Stable Cash Flow Assets - Textile manufacturing maintained a cash flow ratio of 21% in Q2 2025, with stable cash flow generation since 2022[47] - The apparel and home textile sector achieved a cash flow ratio of 52% in Q2 2025, entering a phase of stable cash flow generation due to reduced capital expenditure[51] Assets Under Pressure - Traditional Chinese medicine and beverage sectors are under pressure, with profitability not showing signs of improvement, particularly in the context of centralized procurement affecting traditional Chinese medicine[3] - The non-liquor beverage sector, including beer and wine, continues to face challenges, with profitability remaining under pressure[3]

金融工程 证 券 研 究 报 告 【金工周报】（20250922-20250926） 部分指数依旧看多，后市或先抑后扬 ❖ 本周回顾 本周市场普遍上涨，上证指数单周上涨 0.21%，创业板指单周上涨 1.96%。 A 股模型： 短期：成交量模型所有宽基指数中性。低波动率模型中性。特征龙虎榜机构模 型看多。特征成交量模型看空。智能算法沪深 300 模型看空，智能算法中证 500 模型看空。 中期：涨跌停模型中性。月历效应模型中性。 长期：长期动量模型看多。 综合：A 股综合兵器 V3 模型看空。A 股综合国证 2000 模型看空。 港股模型： 中期：成交额倒波幅模型看多。 本周行业指数涨少跌多，涨幅前五的行业为：电子、有色金属、电力设备及新 能源、电力及公用事业、传媒，跌幅前五的行业为：消费者服务、商贸零售、 轻工制造、纺织服装、食品饮料。从资金流向角度来说，所有行业主力资金净 流出，其中电子、计算机、机械、医药、通信主力资金净流出居前。 本周股票型基金总仓位为 93.70%，相较于上周增加了 31 个 bps，混合型基金 总仓位 92.73%，相较于上周减少了 36 个 bps。 本周股票型 ETF 平均收益 ...

Investment Rating - The report gives a "Buy" rating for the company with a target price of 52.1 CNY, indicating a potential upside of 16.6% from the current price of 44.72 CNY [2][7][10]. Core Insights - The company is a leader in the electric forklift industry, focusing on product innovation and smart logistics solutions, which are expected to drive future growth [7][8][9]. - The demand for forklifts is expected to remain strong due to the ongoing electrification and automation trends in the industry, with lithium battery technology playing a crucial role [7][8][9]. - The company has established a solid presence in overseas markets through localized operations and strategic partnerships, enhancing its competitive advantage [7][8][9]. Financial Performance - The company’s total revenue is projected to grow from 6,552 million CNY in 2024 to 9,472 million CNY in 2027, with a compound annual growth rate (CAGR) of 14.5% [3][10]. - Net profit attributable to shareholders is expected to increase from 840 million CNY in 2024 to 1,248 million CNY in 2027, reflecting a CAGR of 19.4% [3][10]. - Earnings per share (EPS) are forecasted to rise from 2.09 CNY in 2024 to 3.11 CNY in 2027 [3][10]. Market Position and Strategy - The company has maintained its position as the top seller of electric forklifts in China for over a decade, with a market share exceeding 35% in 2021 [14][15]. - The introduction of innovative products like the "Little King Kong" series has significantly contributed to the company's growth and market recognition [7][15]. - The company is actively expanding its smart logistics product offerings, which are expected to become a significant growth driver alongside traditional forklift sales [7][9][10]. Industry Trends - The global forklift market is experiencing a steady increase in demand, with electric forklifts gaining a larger market share due to their environmental benefits and operational efficiency [38][39]. - The transition to electric forklifts is being accelerated by advancements in lithium battery technology, which enhances performance and reduces operational costs [51][54]. - The company is well-positioned to benefit from the growing trend of automation and smart logistics in various industries, including e-commerce and manufacturing [7][8][9].

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Views of the Report - In the fourth week of September, the peak-season effect on the demand side was gradually released, especially the investment-related indicators showed a month-on-month recovery. Inflation-wise, food prices stopped falling and rebounded. In terms of exports, both the CCFI and SCFI indices continued to decline month-on-month, while port freight volume remained high and volatile. Industrially, industrial electricity consumption decreased before the holiday, coal consumption entered the off-season, and the increase in the operating rate slowed down. In investment, the price increases of cement and rebar expanded, and the operating rate of asphalt accelerated, indicating that the infrastructure investment climate may be improving. In the real estate sector, the sales of new homes further soared while second-hand homes remained stable month-on-month. Overall, the "Golden September" was mediocre, and the year-on-year growth of new homes remained negative [2][32]. - For the bond market, production weakened marginally before the holiday, but the signs of investment stabilization became more prominent this week. The release of peak-season investment demand, the expectation of supply contraction, and the increase in costs may boost the prices of midstream investment products. Attention should be paid to the month-on-month improvement of PPI. Although the "Golden September" was mediocre in terms of real estate sales and investment indicators, demand began to improve in the last week of September. After the holiday, attention should be paid to its sustainability. Especially in October, the weather is conducive to construction, and policy-based financial tools are expected to be implemented, so the fourth quarter may be the period when the "broad credit" effect is realized. Short-term macro expectations may still disturb the bond market sentiment [2][32]. Group 3: Summary by Relevant Catalogs Inflation-related - Food prices stopped falling and rebounded. This week (September 22 - 26), the average wholesale price of pork in the country decreased by 0.94% month-on-month and continued to fall. Vegetable and fruit prices rose. The 200-index of agricultural product wholesale prices and the wholesale price index of basket products increased by 0.41% and 0.48% month-on-month, respectively, ending the decline [7]. Import and Export-related - The CCFI and SCFI indices continued to decline. This week, the CCFI index decreased by 2.93% month-on-month, and the SCFI decreased by 6.98% month-on-month, continuing the downward trend. The demand for China's export container transportation weakened, and the freight rates in the ocean shipping market continued to adjust. Among them, the demand on the North American route had not improved, and the spot booking prices continued to fall. The freight rates on the West and East Coast routes of the United States decreased by 10.8% and 6.7% month-on-month, respectively. In terms of port freight volume, from September 15 to September 21, the container throughput and cargo throughput of ports increased by 0.18% and 0.14% month-on-month, respectively, and the year-on-year increases were 12.95% and 18.76%, respectively, with a significant expansion of the increase, indicating that the export boom remained high [9]. - The BDI index continued to rise, but the increase narrowed. This week, the BDI and CDFI indices increased by 2.2% and 1.7% month-on-month, respectively, continuing the upward trend. Before the holiday, the coal cargo volume increased, and the typhoon affected the ship turnover, driving up the bulk shipping rental prices [9]. Industry-related - The price of thermal coal continued to rise. This week, the price of thermal coal (Q5500) at Qinhuangdao Port increased by 1.6% month-on-month (2.6% the previous week). In terms of demand, this week, the typhoon brought heavy rainfall to the South China coast, effectively alleviating the high temperature in the south. Coupled with the maintenance of power plant units, the civilian electricity load significantly decreased, and coal consumption entered the off-season. As the National Day holiday approached, downstream industrial enterprises would enter a centralized shutdown period, and industrial electricity demand would also weaken accordingly [13][15]. - The price of rebar increased slightly, and the inventory reduction accelerated. The spot price of rebar (HRB400 20mm) increased by 0.2% month-on-month (0.6% the previous week). The rebar inventory decreased by 2.8% month-on-month, with an accelerated reduction. This week, both the factory and social inventories of rebar decreased, and the apparent demand rebounded. According to Jinlian Chuang statistics, the rebar production has been continuously decreasing since September. In some regions, the profit decreased, and steel mills actively reduced production. The supply side shrank significantly, and the dual-energy control policy fermented in some regions, restricting the release of production capacity. The survey showed that as of the end of September, the terminal procurement volume in East China had only recovered to 92% of the same period last year, and it was still less than 90% in North and Northeast China. The "Golden September" was mediocre. Looking forward to October, as engineering projects enter the year-end sprint stage, attention should be paid to the demand performance of rebar [15]. - The increase in copper prices slightly expanded. This week, the average prices of Yangtze River Nonferrous Copper and LME Copper increased by 0.66% and 0.57% month-on-month, respectively, maintaining an upward trend. This week, the suspension of copper mines in Indonesia led to an expectation of supply contraction, the social inventory of Shanghai copper decreased, and the expectation of interest rate cuts by the Federal Reserve in October and December increased, all of which boosted copper prices [17]. - The increase in glass futures narrowed. At the beginning of the week, the glass trading was mediocre. During the week, boosted by macro expectations, manufacturers generally raised their price expectations significantly, and the downstream procurement rhythm accelerated accordingly, resulting in a significant increase in the market price. However, the actual improvement in the glass demand side was limited [17]. Investment-related - The price increase of cement significantly expanded, supported by both cost and demand. This week, the weekly average of the cement price index increased by 2.0% month-on-month (0.01% the previous week). Recently, the cost of cement raw materials has increased, the demand in the traditional peak season has been gradually released, and environmental protection policies require some regions to implement staggered kiln shutdowns, jointly driving up the general increase in cement prices [21]. - In the fourth week of September, the sales volume of new homes increased at an accelerated pace month-on-month but was lower year-on-year. From last Friday to this Thursday (September 19 - 25), the transaction area of new homes in 30 cities was 1.793 million square meters, a month-on-month increase of 52.4% and a year-on-year decrease of 4.6%. New homes entered the end-of-month sprint stage and improved at an accelerated pace compared with the previous week, but the year-on-year performance was still low, and the overall performance was mediocre. The sales of second-hand homes decreased slightly. This week, the transaction area of second-hand homes in 17 cities was 1.973 million square meters, a month-on-month decrease of 0.5% and a year-on-year increase of 8.3% (61.6% last week), with the upward momentum weakening marginally [23]. Consumption-related - The retail sales of passenger cars turned positive year-on-year in the first three weeks of September. According to the Passenger Car Association, from September 1 to 21, the retail sales of passenger cars increased by 1% year-on-year and 8% month-on-month. The retail growth rate of passenger cars improved in the third week, but to some extent, it was supported by the low base caused by the Mid-Autumn Festival holiday in mid-September last year, and the market trend was generally stable [25]. - The increase in crude oil prices expanded. As of Friday, the prices of Brent crude oil and WTI crude oil increased by 5.2% and 4.9% month-on-month, respectively, turning from a decline to an increase. During the week, the uncertainty of Iraq's crude oil export supply and the month-on-month decrease in US commercial crude oil inventories supported the oil prices [25].

Investment Rating - The report maintains a "Recommendation" rating for the pesticide industry, indicating a favorable outlook for investment opportunities in this sector [1]. Core Insights - The pesticide industry is experiencing a new upward cycle, driven by long-term demand growth linked to global food security and population increases. The global pesticide market has seen a compound annual growth rate of approximately 4.2% from 2017 to 2023 [4][6]. - In particular, insecticides are highlighted as a strong sector within the pesticide industry, with significant export growth expected. For instance, insecticide export value reached 4.5 billion yuan in Q2 2025, a 59% increase compared to Q2 2022 [4][7]. - The report emphasizes the importance of monitoring pest outbreaks, as rising temperatures are expected to increase pest populations, thereby boosting demand for insecticides [8][49]. Summary by Sections 1. Insecticides as a Preferred Sector - Insecticides are projected to outperform other pesticide categories, with a notable recovery in demand and export performance. The export value of insecticides has shown a significant increase, with Q4 2024 reaching 3.974 billion yuan, a 14.2% year-on-year growth [12][18]. - The supply expansion of insecticides has been relatively limited, which supports a favorable supply-demand balance [32]. 2. Focus on Pest Outbreaks - The report identifies pest outbreaks as a critical investment opportunity, particularly in light of climate change, which is expected to exacerbate pest issues. For example, the predicted area affected by major wheat pests in 2025 is estimated at 950 million mu [8][48]. - The correlation between rising temperatures and increased pest reproduction rates is emphasized, indicating a potential surge in demand for insecticides [49][51]. 3. Impact of Chikungunya Fever - The report discusses the Chikungunya virus outbreak as a catalyst for increased demand for insecticides, particularly those effective against mosquitoes. The outbreak in Guangdong has led to a significant rise in confirmed cases, highlighting the urgent need for pest control measures [61][62]. - The effectiveness of specific insecticides, such as Pirimiphos-methyl and Propoxur, is noted, as they are recommended for mosquito control [75]. 4. Investment Recommendations - The report suggests focusing on leading companies in the pesticide sector, such as Runfeng Co. and Yangnong Chemical, particularly those involved in high-toxicity insecticides like carbamate pesticides [4][5].

证 券 研 究 报 告 老百姓（603883）2025 年半年报点评 推荐（维持） 多维度变革下，2Q 业绩有所转暖 目标价：18.3 元 事项： ❖ 剔除额外因素影响，2Q25 业绩环比改善。公司 1H25 收入 107.7 亿元（-1.5% yoy），1H25 归母净利 4.0 亿元（-20.9% yoy）、扣非净利 3.8 亿元（-20.9% yoy）。 2Q25 收入 53.4 亿元（-1.1% yoy）、归母净利 1.5 亿元（-18.9% yoy）、扣非净 利 1.4 亿元（-19.6% yoy），业绩环比降幅收窄。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 22,358 | 23,335 | 25,033 | 27,264 | | 同比增速(%) | -0.4% | 4.4% | 7.3% | 8.9% | | 归母净利润(百万) | 519 | 695 | 821 | 952 | | 同比增速(%) | - ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report From September 6th to September 19th, 2025, the bank wealth - management market was dominated by fixed - income products, especially fixed - income plus products. The fund new - issue market showed the characteristics of "total volume recovery and structural differentiation", with bond - type funds regaining the mainstream. The insurance market's new - issue products' quantity stabilized, and the structural adjustment trend continued to strengthen, with dividend - type insurance products becoming more prominent [2][3][8]. Summary According to Relevant Catalogs Bank Wealth - Management Products - **New - Issue Overall Situation**: In this bi - weekly period, 1214 new wealth - management products were issued. Fixed - income products accounted for 97.69%, with fixed - income plus as the mainstream. Wealth - management subsidiaries were the main issuers (72.82%), and medium - to long - term products (1 - 3 years) were the most popular. Product yields were significantly differentiated, and leading institutions achieved excess returns through multi - asset strategies [11]. - **New - Issue Market Trend Summary** - **Fixed - income plus Products**: 818 new fixed - income plus products were issued, accounting for over 60% of the market. They met investors' income needs and balanced risks, and wealth - management institutions' strategies were evolving [13]. - **Medium - to Long - term Products**: Medium - to long - term products accounted for nearly 80%. They could obtain higher coupon rates by locking in the duration and smooth net - value fluctuations. Policy guidance also encouraged their issuance [16]. - **Outstanding Products and Institutions** - **Bohai Bank Wealth - Management "Caishou Youlue" Series**: It was the largest - issued product series this period, with one - year closed - end fixed - income plus products as the core, attracting a large amount of retail funds [17]. - **BlackRock CCB Wealth - Management "Beiyuan US Dollar Fixed - Income" Products**: It could access high - interest US dollar assets through the global research platform, forming a differentiated advantage in foreign - currency wealth - management [18]. Fund Products - **New - Issue Fund Market Overall Situation**: From September 6th to 19th, 2025, 95 funds were newly issued, with a total share of 96.622 billion. Bond - type funds with a share of 51.318 billion became the mainstream again, accounting for 53.11%. Market hotspots were concentrated on science - innovation bond ETFs and technology - themed funds [19]. - **Fund New - Issue Rule Summary** - **Issuance Scale and Rhythm**: The issuance showed a pattern of "slow in the first week, explosive in the second week". The second week of September was affected by the concentrated issuance of science - innovation bond ETFs, but short - term issuance heat might be affected by market sentiment [20]. - **Product Type Structure**: Bond - type funds dominated, with 26 issues and a scale of 5.1318 billion yuan, accounting for 53.11%. Stock - type funds had 45 issues but only 3.2522 billion shares, and hybrid funds had 19 issues with 0.9053 billion shares [23]. - **Representative New - Issue Fund Products Analysis** - **Active Equity - type**: Active equity - type products had outstanding returns, but their scales were generally small, and their performance was affected by short - term market fluctuations [27]. - **Science - innovation Bond ETFs**: Many new - issue science - innovation bond ETFs had large scales, driven by policies and meeting institutional low - risk allocation needs [29]. - **Low - risk Products**: The New China CSI Inter - bank Certificate of Deposit Index 7 - day Holding Fund supplemented the market's demand for liquidity management tools [30]. Insurance Products - **Overall Situation**: From September 6th to 19th, 2025, 64 new insurance products were issued, a 79.81% decrease from the previous period. The proportion of dividend - type products in life insurance and annuity insurance increased significantly, mainly due to the asymmetric reduction of the predetermined interest rate [8]. - **Life Insurance**: Among the 43 newly issued life insurance products, 23 were dividend - type, accounting for 53.49%, replacing traditional products as the main force [34]. - **Annuity Insurance** - **New - Issue Situation**: Among the 21 newly issued annuity insurance products, 17 were dividend - type, accounting for 80.95%. Traditional products were absent this period [37]. - **IRR Calculation**: Dividend - type annuity insurance's IRR was mainly measured by the dividend IRR. Pension annuity dividend - type insurance was more suitable for long - term holding, and in the short - term, the IRR might decline slightly, while in the long - term, it was expected to stabilize and rise [41].

Investment Rating - The report gives a "Buy" rating for the company, 康龙化成, for the first time [1][9]. Core Views - 康龙化成 is positioned as a leading global drug research and development enterprise with a comprehensive, integrated, international, and multi-therapy approach. The company is expected to experience significant growth across its various service segments, including laboratory services, small molecule CDMO, clinical CRO, and large molecule and cell gene therapy services [6][8][9]. Financial Summary - Total revenue projections for 康龙化成 are as follows: - 2024: 12,276 million CNY - 2025: 13,816 million CNY - 2026: 15,688 million CNY - 2027: 17,879 million CNY - The expected growth rates are 6.4% for 2024, 12.5% for 2025, 13.5% for 2026, and 14.0% for 2027 [2]. - Net profit attributable to shareholders is projected to be: - 2024: 1,793 million CNY - 2025: 1,689 million CNY - 2026: 1,959 million CNY - 2027: 2,257 million CNY - The expected growth rates for net profit are 12.0% for 2024, -5.8% for 2025, 15.9% for 2026, and 15.2% for 2027 [2]. Business Segments Laboratory Services - Laboratory services are the most competitive segment for 康龙化成, contributing significantly to revenue and profit. In 2024, this segment is expected to generate revenue of 70.47 billion CNY, accounting for 57.4% of total revenue [23]. - The segment has shown a compound annual growth rate (CAGR) of 24.25% in revenue from 2015 to 2024 [23][26]. CMC (Small Molecule CDMO) Services - The CMC segment is entering a commercialization phase, with revenue expected to reach 29.89 billion CNY in 2024, representing 24% of total revenue [45]. - The company has established four FDA-approved production bases in China, the UK, and the US, enhancing its capacity for global clients [49][53]. Clinical CRO Services - The clinical CRO segment is expected to generate revenue of 18.26 billion CNY in 2024, accounting for 14.87% of total revenue [63]. - The company has built a comprehensive clinical CRO service platform across China, the US, and the UK, which is anticipated to enhance efficiency and profitability [66]. Large Molecule and Cell Gene Therapy Services - The company is rapidly advancing in large molecule and cell gene therapy services, with expectations of approximately 10% revenue growth over the next three years [6][20]. Valuation and Price Target - The target price for 康龙化成 is set at 47.73 CNY based on a 40x PE ratio for 2026 adjusted net profit. The corresponding target price for the Hong Kong market is 39.34 HKD based on a 30x PE ratio [2][9].

Investment Rating - The report assigns a "Strong Buy" rating to the company, Heng Rui Medicine [1][9]. Core Views - Heng Rui Medicine is positioned as a leading domestic innovative pharmaceutical company, leveraging innovation and internationalization to achieve rapid growth. The company is expected to see significant revenue from external licensing, which is anticipated to become a normalized business practice [6][9]. Financial Projections - Total revenue is projected to reach 27,985 million in 2024, with a year-on-year growth rate of 22.6%. By 2027, revenue is expected to grow to 43,314 million, reflecting a growth rate of 14.8% [2]. - Net profit attributable to shareholders is forecasted to be 6,337 million in 2024, increasing to 12,821 million by 2027, with growth rates of 47.3% and 15.4% respectively [2]. - Earnings per share are expected to rise from 0.95 in 2024 to 1.93 in 2027 [2]. Company Overview - Heng Rui Medicine, established in 1970, focuses on the research, production, and promotion of high-quality drugs, particularly in oncology, metabolism, cardiovascular diseases, immunology, respiratory diseases, and neuroscience [6][13]. - The company has experienced significant growth, with revenue increasing from 364 million in 1998 to 27,985 million in 2024, representing a compound annual growth rate of 18% [13]. Market Position and Growth Potential - Despite concerns about future growth, the company has substantial room for expansion based on the proportion of innovative drug revenue, market share in covered areas, and international revenue [14][15]. - The company’s innovative drug revenue is projected to grow significantly, with estimates of 153 billion, 192 billion, and 240 billion for the years 2025 to 2027, respectively, indicating a compound annual growth rate exceeding 20% [8][9]. Internationalization and Licensing - The company is making strides in internationalization, having initiated 20 clinical trials overseas by mid-2025. External licensing is expected to become a regular business practice, enhancing the company's global influence [6][9]. - Revenue from external licensing is projected to reach 61.1 billion in 2025, with 19.5 billion confirmed in the first half of 2025 [9]. Risk Mitigation and Stability - The peak impact of centralized procurement on the company’s generic drug business has passed, with current risks being minimal. The company is also actively pursuing export opportunities for its formulations, which are expected to become new growth points [6][8][41].

Investment Rating - The report maintains a "Recommended" rating for China Duty Free Group (601888) with a target price of 79.31 CNY, compared to the current price of 70.15 CNY [4][8]. Core Insights - The core business shows signs of recovery, with the duty-free leader demonstrating operational resilience. In the first half of 2025, the company achieved operating revenue of 28.151 billion CNY, a year-on-year decrease of 9.96%. The net profit attributable to shareholders was 2.6 billion CNY, down 20.81% year-on-year [2][4]. Financial Performance Summary - For the second quarter of 2025, the company reported main revenue of 11.405 billion CNY, a decline of 8.45% year-on-year, with a gross margin of 32.77%. The net profit attributable to shareholders for the quarter was 662 million CNY, down 32.21% year-on-year [2][4]. - The forecast for total revenue from 2024 to 2027 shows a gradual recovery, with expected revenues of 56.474 billion CNY in 2024, 57.136 billion CNY in 2025, 61.330 billion CNY in 2026, and 65.822 billion CNY in 2027, reflecting a year-on-year growth rate of 1.2% in 2025 and 7.3% in 2026 and 2027 [4][9]. - The net profit attributable to shareholders is projected to be 4.267 billion CNY in 2024, increasing to 4.688 billion CNY in 2025, 5.268 billion CNY in 2026, and 5.970 billion CNY in 2027, with growth rates of -36.4% in 2024 and 9.9% in 2025 [4][9]. Business Development Summary - The core duty-free business is facing challenges, particularly in the Hainan offshore duty-free market, which saw sales drop by 9.2% year-on-year to 16.76 billion CNY, primarily due to a 26.2% decline in shopping visits. However, the average transaction value increased by 23.0% to 6,754 CNY, indicating effective strategies to enhance customer spending [4][8]. - The company is actively expanding its airport and port duty-free network, successfully winning bids for the operation rights of several key locations, including Guangzhou Baiyun International Airport [4][8]. - The company has made significant strides in diversifying its operations, with a notable increase in city duty-free store licenses from 7 to 13, and has entered the Vietnamese market with new stores [4][8]. Competitive Position and Outlook - As the only state-authorized enterprise to conduct duty-free business nationwide, the company holds a strong competitive position, owning nearly 50% of the 28 city duty-free stores in China. The market share in Hainan has increased by nearly 1 percentage point year-on-year [4][8]. - The digital transformation has been effective, with membership surpassing 45 million and online revenue accounting for 28.5% of total revenue. Although short-term performance may remain under pressure, the recovery of consumer confidence and international travel is expected to boost duty-free consumption demand [4][8].