中国旅游集团中免股份有限公司 股东会议事规则 （2025 年 11 月修订） 第一章 总则 公司在上述期限内不能召开股东会的，应当报告公司所在地中国证 券监督管理委员会（以下简称"中国证监会"）派出机构和公司股票 挂牌交易的证券交易所，说明原因并公告。 第四条 公司应当严格按照法律、行政法规、部门规章、规范性文件、公司 股票上市地证券交易所的规则、《公司章程》及本规则的相关规定召 开股东会，保证股东能够依法行使权利。 公司董事会应当切实履行职责，认真、按时组织股东会。公司全体 董事应当勤勉尽责，确保股东会正常召开和依法行使职权。 1 第一条 为维护中国旅游集团中免股份有限公司（以下简称"公司"）和股 东的合法权益，明确股东会的职责和权限，保证股东会规范、高效 运作及依法行使职权，根据《中华人民共和国公司法》（以下简称"《公 司法》"）《中华人民共和国证券法》（以下简称"《证券法》"）、《上市 公司章程指引》《上市公司股东会规则》《境内企业境外发行证券和 上市管理试行办法》《香港联合交易所有限公司证券上市规则》（以 下简称"《香港上市规则》"）等法律、行政法规、部门规章、规 范性文件、公司股票上市地证券交易所的 ...

中国旅游集团中免股份有限公司 独立董事制度 （2025 年 11 月修订） 第一章 总 则 第一条 为进一步完善中国旅游集团中免股份有限公司（以下简称"公司"） 的治理结构，规范独立董事行为，充分发挥独立董事在公司治理中的作用，促进 提高公司质量，根据《中华人民共和国公司法》（以下简称"《公司法》"）、 《国务院办公厅关于上市公司独立董事制度改革的意见》、中国证券监督管理委 员会（以下简称"中国证监会"）《上市公司独立董事管理办法》（以下简称"《独 立董事管理办法》"）、《上市公司治理准则》《上海证券交易所股票上市规则》 《香港联合交易所有限公司证券上市规则》《上海证券交易所上市公司自律监管 指引第 1 号——规范运作》及《公司章程》等有关规定，特制定本制度。 第二条 独立董事是指不在公司担任除董事外的其他职务，并与公司及其主 要股东、实际控制人不存在直接或者间接利害关系，或者其他可能影响其进行独 立客观判断的关系的董事。独立董事应当独立履行职责，不受公司及其主要股东、 实际控制人等单位或者个人的影响。 第三条 独立董事对公司及全体股东负有忠实与勤勉义务，应当按照法律、 行政法规、部门规章、规范性文件、公司证 ...

中国旅游集团中免股份有限公司 章 程 二〇二五年十一月 | 第一章 | 总则 | 1 | | --- | --- | --- | | 第二章 | 经营宗旨和范围 | 3 | | 第三章 | 股份 | 3 | | 第一节 | 股份发行 3 | | | 第二节 | 股份增减和回购 6 | | | 第三节 | 股份转让 7 | | | 第四章 | 股东和股东会 | 9 | | 第一节 | 股东 9 | | | 第二节 | 控股股东和实际控制人 13 | | | 第三节 | 股东会的一般规定 16 | | | 第四节 | 股东会的召集 20 | | | 第五节 | 股东会的提案与通知 22 | | | 第六节 | 股东会的召开 25 | | | 第七节 | 股东会的表决和决议 28 | | | 第八节 | 类别股东表决的特别程序 34 | | | 第五章 | 党委 | 36 | | 第六章 | 董事和董事会 | 38 | | 第一节 | 董事的一般规定 38 | | | 第二节 | 董事会 44 | | | 第三节 | 独立董事 50 | | | 第四节 | 董事会专门委员会 54 | | | 第七章 | 高级管理人 ...

Group 1 - The tourism retail sector experienced a decline of 0.66% on November 24, with China Duty Free Group leading the drop [1] - The Shanghai Composite Index closed at 3836.77, up 0.05%, while the Shenzhen Component Index closed at 12585.08, up 0.37% [1] - China Duty Free Group's stock closed at 78.53, reflecting a decrease of 0.66%, with a trading volume of 360,100 shares and a transaction value of 2.834 billion yuan [1] Group 2 - The tourism retail sector saw a net outflow of 79.0534 million yuan from institutional investors, while retail investors had a net inflow of 81.8057 million yuan [1] - The detailed fund flow indicates that institutional investors had a net outflow of 79.0534 million yuan, representing a -2.79% net share, and retail investors had a net inflow of 81.8057 million yuan, representing a 2.89% net share [1]

Group 1 - The Free Trade Port concept declined by 0.50%, ranking among the top declines in concept sectors, with Haima Automobile hitting the limit down [1] - Among the Free Trade Port stocks, Haima Automobile saw the largest net outflow of funds, totaling 1.82 billion yuan, followed by Haixia Shares and Hainan Airport with net outflows of 1.51 billion yuan and 1.05 billion yuan respectively [2][3] - In contrast, stocks like Shanghai Jianke and Zhongyuan Haike experienced gains of 3.24% and 2.69% respectively, indicating a mixed performance within the sector [1][3] Group 2 - The Free Trade Port sector experienced a net outflow of 720 million yuan today, with 26 stocks seeing outflows, and 6 stocks with outflows exceeding 50 million yuan [2] - The top gainers in the Free Trade Port sector included 22 stocks, with notable increases from Jiaoyun Shares (3.60%), Shanghai Jianke (3.24%), and Zhongyuan Haike (2.69%) [1][2] - The overall market sentiment for the Free Trade Port concept appears negative, as indicated by the significant net outflows and the performance of key stocks within the sector [2][3]

超配（维持） 强政策刺激消费，关注结构性机会 资料来源：iFind，东莞证券研究所 相关报告 投资要点： 消费者服务行业 2026 年投资策略 2025 年 11 月 24 日 推荐 分析师：邓升亮 SAC 执业证书编号： S0340523050001 电话：0769-22119410 邮箱： dengshengliang@dgzq.com.cn 分析师：魏红梅 SAC 执业证书编号： S0340513040002 电话：0769-22119462 邮箱：whm2@dgzq.com.cn 消费者服务指数走势 投 资 策 略 行 业 研 究 证 券 研 究 报 告 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 消费者服务行业 ◼ 行业回顾：2025年年初以来，消费者服务指数整体波动上涨。截至 2025年11月20日，消费者服务指数整体上涨9.82%，跑输沪深300指 数。细分板块均上涨，其中免税行业受到多重政策支持利好出现较大 幅度上涨，带动旅游休闲板块上升，酒店餐饮板块竞争仍较激烈但供 需格局有所缓和。在政 ...

Core Viewpoint - China Gold Group Jewelry Co., Ltd. has announced the establishment of its wholly-owned subsidiary, International Company, as a key component of its internationalization strategy, aiming to integrate into the national "dual circulation" development pattern and leverage the "Belt and Road" initiative [1][2] Group 1 - The International Company will be based in Hainan and will create a comprehensive platform for cross-border supply chain management, duty-free business expansion, and cultural export, benefiting from Hainan's favorable tax policies [1] - The establishment of the International Company is supported by effective negotiations with local government, banks, and regulatory bodies, ensuring a smooth setup for cross-border capital flow [2] - The company plans to collaborate with strategic partners such as China Duty Free Group and Macau Nanguang Group to develop cultural and creative products and promote them through large cultural and sports events in the Guangdong-Hong Kong-Macao Greater Bay Area [2] Group 2 - The International Company is positioned as an "innovation engine" for China Gold to penetrate the global jewelry industry chain and drive this process forward [2] - Future plans include exploring new cross-border cooperation models based on regional characteristics to enhance the international presence of Chinese brands [2]

Investment Rating - The industry investment rating is "stronger than the market," indicating an expected performance exceeding the market by more than 5% within the next six months [28]. Core Views - The report highlights a recent decline in the consumer sector, with the Shanghai and Shenzhen 300 index dropping by 3.77% from November 17 to November 21, 2025. All sub-sectors within the consumer industry experienced declines, with the most significant drop in consumer services at -6.53% [3][5]. - The report suggests focusing on bottom-fishing opportunities following the recent pullback in the consumer sector [3]. Summary by Sections Consumer Goods - Mass Market - The mass market segment shows high demand in functional beverages and snacks, with a notable performance from brands like Dongpeng Beverage and Salted Fish [3]. - The dairy sector is experiencing a steady recovery, with leading companies likely entering a profit recovery phase [3]. - The restaurant supply chain is stabilizing, with industries like condiments and frozen foods beginning to recover from previous lows [3]. Consumer Goods - Alcohol - Most liquor companies reported a deeper decline in net profits for Q3 2025 compared to Q2 2025, indicating ongoing challenges [3]. - The report identifies three key investment lines: high-end white liquor, mid-range white liquor with national expansion, and local market-focused liquor [3]. Social Services - The social services sector is entering a performance vacuum following Q3 reports, with a focus on companies like China Duty Free and Aimeike that may benefit from policy catalysts and mergers [3]. - The report notes the introduction of snow holidays in regions like Xinjiang, which may boost local tourism [17]. Home Appliances - The home appliance market is experiencing a rational adjustment, with significant declines in retail sales during the Double Eleven shopping festival [15]. - Air conditioning production is expected to drop by 22.6% in December, reflecting ongoing downward pressure in the industry [15]. Textile and Jewelry - The report recommends continued attention to investment opportunities in the gold and jewelry accessories sector, particularly brands with potential for market share growth [3]. Cultural Communication - The report emphasizes the importance of understanding consumer sentiment in niche markets, suggesting that companies in the media sector could benefit from this insight [3].

Summary of Conference Call Notes Industry Overview - **Industry**: China Duty-Free Sector - **Event**: Announcement of duty-free tender rules by Shanghai International Airport (SIA) for Shanghai Pudong International Airport (PVG) and Shanghai Hongqiao International Airport (SHA) [2][3] Key Points 1. **Tender Structure**: The tender consists of three sections: - Section 1: T1 and S1 of PVG - Section 2: T2 and S2 of PVG - Section 3: T1 of SHA - Sections 1 and 2 cannot be operated by the same duty-free operator [2][3] 2. **Eligibility for Bidders**: Bidders must be licensed domestic duty-free operators or foreign-funded duty-free operators [2][3] 3. **Operational Term**: The term of operation for the winning bidders is from January 1, 2026, to December 31, 2033 [2][3] 4. **Market Dynamics**: - Prior to this tender, the duty-free sector was only accessible to Chinese companies, with CTG holding 80% of the domestic market share [3] - CTG's leading position is attributed to its operations in major airports in Shanghai, Beijing, Guangzhou, and Hainan [3] 5. **Impact on CTG**: - If foreign or other domestic operators win the bid, Sunrise Duty Free (a subsidiary of CTG) may lose nearly 50% of its duty-free sales at PVG [3] - Duty-free sales at PVG are expected to recover to only 40% of the 2019 level, estimated at cRmb6 billion, contributing a profit of up to Rmb200 million to CTG [3] 6. **Potential Benefits of Foreign Operators**: - The entry of foreign duty-free operators could enhance the product mix at Chinese airports, particularly in luxury goods, which are currently underrepresented [4] - This could lead to increased per capita spending and faster recovery in duty-free rental income as international passenger volume continues to grow [4] Additional Considerations - **Risks**: The sector faces several downside risks, including: - Continued economic sluggishness - Slower-than-expected growth in peak season tourist traffic - Adverse weather conditions affecting travel - Natural disasters such as earthquakes and epidemics [6] - **Market Gap**: There is a noticeable gap in procurement capabilities and spending power between CTG and globally leading duty-free operators like Dufry and DFS [3][4] This summary encapsulates the critical insights from the conference call regarding the developments in the China duty-free sector, particularly focusing on the implications of the new tender rules and the competitive landscape.

Summary of Conference Call Notes Industry and Company Involved - The discussion revolves around the duty-free industry, specifically focusing on Shanghai Airport and its duty-free operations, including major players like Dayang Duty-Free and China Duty-Free Group (CDFG) [1][3][4]. Core Points and Arguments - **Bidding Process**: Shanghai Airport is undergoing a bidding process for duty-free operations. Dayang Duty-Free remains a key player due to its ability to participate as a foreign entity, maintaining a competitive edge [1][3]. - **Dispute on Terms**: There is a disagreement between Shanghai Airport and CDFG regarding rental fees and lease terms. CDFG aims to reduce the number of stores to increase commission rates, while the airport prefers to introduce more competitors to enhance overall competitiveness [1][3]. - **Current Competitors**: Currently, only Dayang and CDFG have purchased bidding documents and are preparing to participate. Other competitors have not been able to prepare adequately due to time constraints, leading to a relatively stable market landscape in the short term [1][4]. - **Commission Structure**: Shanghai Airport is expected to continue using a base rent plus a commission rate model, with an anticipated increase in overall commission rates to reflect performance growth, although specific details have yet to be disclosed [1][5]. - **Operational Pressure**: Increasing commission rates may add operational pressure. However, Shanghai Airport plans to adjust its channel strategy to mitigate costs, such as shifting resources from online to offline sales and optimizing supply chain management [1][6]. Additional Important Information - **Online Sales Suspension**: Dayang's online direct mail service in Shanghai has been suspended due to customs inspections revealing non-compliance with regulatory requirements. The future of this service depends on the progress of rectifications and customs reviews [1][7]. - **Rainbow Bridge Airport Segment**: The Rainbow Bridge Airport segment has been separately bid, but its sales volume is only about 10% of that of Pudong Airport, indicating a limited impact on the overall business layout. The participation of third parties in this segment remains uncertain [2][8].