上海浦东国际机场T1航站楼，国际到达区近百米通道前方，"日上免税行"的标识醒目矗立。入境旅客鱼贯而出，推着行李箱的许多人便顺其自然地拐向左右 两侧通道。 12月10日18时许，日上免税店迎来了当天入境航班的客流高峰。收银台前排起长队，烟、酒、化妆品被频繁装进印有日上标志的黄色购物袋。刚从布宜诺斯 艾利斯回国的张立昂（化名）抱着刚买的两条香烟走出来："浦东机场入境到'日上'买烟酒划算，我每次下飞机都会直奔而来，已经是习惯了。" 12月10日，上海浦东国际机场T1航站楼日上免税店内顾客正在购买免税商品。新京报贝壳财经记者俞金旻摄 据悉，当前上海浦东、虹桥机场免税经营合同即将于2025年12月31日到期。原合同下各标段均由日上上海经营。中免集团持有日上上海51%股权，上海机场 持有日上互联、日上上海分别约10%、16%股权，目前各品类扣点比例范围在18%-36%。回顾过去几年，2023年日上上海实现收入178.21亿元，为历史最 高，当年归属于中免净利润为6.90亿元，2024年实现收入160.35亿元。 12月10日，上海浦东国际机场T1航站楼日上免税店。新京报贝壳财经记者俞金旻摄 中免的"最优选择"？ 贝壳财经 ...

Investment Rating - The investment rating for the company is "Hold" [6][4] Core Views - The company's performance in 2024 aligns with previous earnings reports, with total revenue of 56.47 billion yuan, down 16.4% year-on-year, and a net profit attributable to shareholders of 4.27 billion yuan, down 36.4% year-on-year [1][2] - The decline in revenue and profit is attributed to slower-than-expected recovery in consumer demand, particularly in the duty-free segment, which saw sales of approximately 38.67 billion yuan, a decrease of 12.58% year-on-year [2][3] - The Hainan duty-free market experienced a significant downturn, with revenue of 28.89 billion yuan, down 27% year-on-year, accounting for 51% of total revenue [2][3] - The company is actively expanding its channels, having secured operating rights for duty-free projects at 10 airports and ports, with notable revenue growth at existing duty-free stores in major airports [2][3] Summary by Sections Financial Performance - In Q4 2024, the company reported revenue of 13.45 billion yuan, down 19.5% year-on-year, and a net profit of 0.35 billion yuan, down 76.9% year-on-year [1] - The overall gross margin for the company in 2024 was 32.0%, an increase of 0.2% year-on-year [2] Market Opportunities - The introduction of the new policy on city duty-free stores is expected to provide a new growth avenue for the company, with the opening of a duty-free store in Dalian and additional stores planned in cities like Shenzhen and Guangzhou [3][4] Future Projections - The company is projected to recover its growth rate under supportive policies and consumer recovery trends, with estimated net profits of 4.9 billion yuan, 5.5 billion yuan, and 6.3 billion yuan for 2025, 2026, and 2027 respectively [4][13]