登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：600185 股票简称：珠免集团 编号：临2025-069 债券代码：250772 债券简称：23格地01 珠海珠免集团股份有限公司 关于2025年第三季度业绩说明会召开情况的公告 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个别及连带责任。 珠海珠免集团股份有限公司（以下简称"公司"）已于2025年11月28日15:00-16:00在价值在线通过网络文 字互动形式召开了公司2025年第三季度业绩说明会，现将本次说明会召开情况公告如下： 一、说明会类型 本次说明会以网络文字互动形式召开，公司就2025年第三季度经营业绩、财务状况等投资者普遍关注的 事宜与投资者互动交流，在信息披露允许的范围内进行回答。 二、说明会召开的时间、地点 （一）会议召开时间：2025年11月28日（星期五）15:00-16:00 （二）会议召开地点：价值在线（www.ir-online.cn） 三、参加人员 参加本次说明会的人员：董事长、总裁李向东先生，董事、副总裁、董事会秘书黄一桓先生，独立董事 何 ...

25 年10 月30 日，财政部等五部门联合印发《关于完善免税店政策支持提振消费的通知》，完善免税政 策支持提振消费。重点优化了国内商品的退（免）税政策，并放宽了口岸免税店审批权限。 核心逻辑：海南离岛免税销售情况边际改善，近期免税政策持续优化，行业拐点有望显现。中免作为免 税龙头，率先享受基本面复苏及估值催化。 海南离岛免税销售情况边际改善，带动中免25Q3 收入降幅收窄 2025Q3，海南离岛免税销售额合计54.03 亿元/yoy-2.6%（25Q1/25Q2 同比分别-11%/-4%），其中，离岛 免税购物人数合计94.60 万人次/yoy-14.4%，免税购物客单价5712 元/yoy+13.3%。2025 年9 月，海南离 岛免税销售额同比增长3.4%，为近18 个月以来的首次正增长；2025 年国庆中秋假期，离岛免税销售金 额为9.44 亿元/yoy+14%。海南免税大盘的边际改善带动中免整体收入降幅收窄，25Q3 公司收入yoy- 0.4%，较25Q1/25Q2的-11%/-8%大幅收窄。 免税相关的政策支持频出，提振运营商盈利预期 25 年10 月17 日，财政部、海关总署、税务总局联合印发公 ...

Investment Rating - The investment rating for the company is "Buy" [7][8] Core Views - The report highlights that the company's revenue for Q3 was 11.711 billion RMB, showing a year-over-year decline of 0.38%, while the net profit attributable to the parent company was 0.452 billion RMB, down 28.9% year-over-year [1] - The company plans to initiate a mid-term dividend, with a total dividend of 0.517 billion RMB for the first nine months of 2025, accounting for 16.95% of the net profit [1] - The report indicates that demand is stabilizing, supported by various stimulus policies in Hainan, leading to a marginal recovery in duty-free sales [1][2] - The company is accelerating its strategic transformation and expanding its boundaries to stimulate demand, with the establishment of city duty-free stores progressing steadily [3][4] Summary by Sections Financial Performance - For Q1-Q3, the company's total revenue was 39.862 billion RMB, a year-over-year decrease of 7.3%, and the net profit attributable to the parent company was 3.052 billion RMB, down 22.1% year-over-year [1] - The gross profit margin for Q3 was 32.0%, remaining stable year-over-year, with sales and management expense ratios at 18.7% and 3.9%, respectively [3] Market Trends - The duty-free sales in Hainan for Q3 2025 reached 5.403 billion RMB, a year-over-year decline of 2.6%, but showed signs of improvement with a positive year-over-year growth of 3.4% in September [2] - The average spending per person increased by 13.6% year-over-year to 5,707 RMB, indicating a significant improvement in consumer spending [2] Strategic Developments - The company opened three city duty-free stores in Shenzhen, Guangzhou, and Chengdu in Q3 2025, with plans for a store in Tianjin by the end of the year [4] - The report emphasizes the potential long-term benefits from the upcoming closure of Hainan's free trade port, expected to attract international brands and enhance the integration of culture, tourism, and shopping [3] Profit Forecast and Valuation - The net profit forecasts for 2025-2027 have been revised down by approximately 21.94%, 20.48%, and 20.53%, respectively, with expected net profits of 3.658 billion RMB, 4.209 billion RMB, and 4.788 billion RMB [5] - The target price for A-shares has been adjusted to 81.20 RMB and for H-shares to 75.84 HKD, reflecting a premium valuation based on comparable companies [5]

Core Viewpoint - China is enhancing its duty-free shop policies to stimulate domestic consumption, attract foreign visitors, and promote the healthy development of the duty-free retail business [1][2]. Group 1: Policy Enhancements - The Ministry of Finance, Ministry of Commerce, Ministry of Culture and Tourism, General Administration of Customs, and State Taxation Administration announced a notification to optimize the management of domestic goods tax refund (exemption) policies [1]. - The policy aims to support the sales of domestic products in both port exit duty-free shops and city duty-free shops, expanding the range of products available for travelers [1][2]. Group 2: Product and Operational Changes - The notification will allow for the expansion of product categories in duty-free shops, including mobile phones, mini drones, sports goods, health foods, over-the-counter drugs, and pet foods [1][2]. - There will be a simplification of the regulatory and operational procedures for tax refunds (exemptions) on domestic goods sold in duty-free shops, facilitating the entry of domestic products [2]. Group 3: Approval and Service Improvements - Starting from November 1, the notification will delegate approval authority for establishing port exit duty-free shops and determining the operating entities of these shops [2]. - The policy encourages online reservation services for duty-free shops, allowing travelers to reserve items in city duty-free shops and pick them up at port entry duty-free shops [2].