图片来 源：中免官网 8月26日，中国旅游集团中免股份有限公司（中国中免，601888.SH，1880.HK）发布2025年半年度报 告。受海南离岛免税市场波动及行业竞争加剧影响，公司上半年业绩呈现"双降"态势。 上半年，中国中免实现营业收入281.51亿元，同比下降9.96%；归属于上市公司股东的净利润25.99亿 元，同比减少20.81%；扣除非经常性损益后的净利润25.95亿元，同比下滑19.84%。 其中，主营业务收入275.31亿元，线下收入 197.03 亿元，线上收入 78.28 亿元。 作为中免集团的核心业务支柱，海南离岛免税业务上半年呈现出复杂的发展态势。据海口海关数据，离 岛免税购物金额167.6亿元，同比下降9.2%，降幅有所收窄，但市场整体需求仍显疲软。免税购物人数 248.2万人次，同比下降26.2%；人均免税购物金额约人民币6754.0元，同比上升23.0%。 同期，海南港口和机场旅客吞吐量3519.52万人次，同比下降1.4%，其中离港旅客同比下降1.6%，这一 数据也直接影响到免税消费人群规模。 中国中免的报告显示，2025年上半年，海南离岛免税市场顶压前行。在海南省政府的积极 ...

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.

Group 1 - During the "May Day" holiday from May 1 to May 5, Haikou Customs reported a total of 510 million yuan in duty-free shopping, with 79,100 shoppers participating [1] - Duty-free shopping has become a key highlight of tourism consumption in Hainan, integrating deeply into the cultural and tourism industry chain [1] - The local government and businesses actively promoted sales during the holiday to expand the "duty-free + cultural tourism" market [1] Group 2 - Haikou City began distributing 18.68 million yuan in duty-free consumption vouchers starting April 29, while Sanya issued 16 million yuan in dining and duty-free consumption vouchers during the holiday [3] - Various duty-free stores launched promotional activities, including five times the points on selected brands and discounts on cosmetics [3] - The Sanya International Duty-Free City, China's first national 4A-level tourist attraction centered on duty-free commerce, saw a significant increase in visitor traffic during the holiday, with a nearly 98% rise compared to the pre-holiday period [3]

Core Viewpoint - The company is enhancing the shopping experience by integrating duty-free shopping with cultural tourism, creating immersive consumer experiences during the May Day holiday [1][2][4][9] Group 1: Duty-Free Shopping and Cultural Integration - The company is launching various "duty-free + cultural tourism" activities across its six stores in Hainan, aiming to transform duty-free shops into cultural and tourism hubs [2][9] - The cdf Sanya International Duty-Free City is the world's first AAAA-level scenic area focused on "duty-free commerce," featuring a new outdoor sports street and a series of themed events [2][4] Group 2: Unique Consumer Experiences - The cdf Haikou International Duty-Free City will introduce the first national style aesthetic space, featuring interactive points and cultural activities to enhance visitor engagement [4] - The company is offering personalized services at its whiskey museum, which showcases over 1,400 selected whiskeys, including rare and exclusive products [4] Group 3: Promotions and Incentives - The company is implementing a range of promotional activities, including five times points on purchases, discounts on beauty products, and exclusive limited-edition items [8][9] - Special offers include a "buy gold, get gold" promotion and various vouchers for consumers at the cdf Haikou Meilan Airport Duty-Free Store [8] Group 4: Enhanced Customer Service - The company is focusing on improving customer service by offering exclusive member benefits, luggage storage, and electronic navigation systems in stores [9] - The introduction of immediate purchase and pick-up options for duty-free products aims to enhance the shopping experience for travelers [9] Group 5: Future Development Strategy - The company plans to leverage resources from its parent company, China Tourism Group, to further innovate in the "product + scene + service" model, enhancing the overall shopping experience [9]

Core Viewpoint - During the "May Day" holiday, China Duty Free Group (CDFG) is launching new duty-free shopping experiences in Hainan, integrating cultural tourism with shopping to enhance consumer engagement and drive sales [2][4]. Group 1: New Shopping Experiences - CDFG is creating immersive shopping experiences by combining duty-free shopping with cultural tourism, featuring over a thousand brands and various activities [2]. - The Haikou International Duty-Free City is introducing the first national style aesthetic space, "CDFG Enjoyment Garden," with interactive points and cultural performances [2][3]. Group 2: Promotional Activities - CDFG's six stores in Hainan are offering extensive promotional activities, including five times the points on selected brands, discounts on beauty products, and exclusive limited-edition items [4]. - Special events such as the "Main Character Night" by Estée Lauder and outdoor sports street openings are planned to attract consumers [3]. Group 3: Consumer-Centric Services - CDFG is enhancing consumer convenience by providing services like luggage storage, wheelchair rentals, and an electronic navigation system to assist travelers in finding stores easily [4]. - Membership benefits include gift upgrades, birthday vouchers, and exclusive VIP activities to improve the overall shopping experience [4].