Investment Rating - The report maintains a "Recommended" investment rating for China Duty Free Group (601888.SH) [1] Core Views - The macro consumption environment has impacted operations, but the company continues to strengthen its competitive advantages [10] - Despite a challenging environment, the company has maintained its market position and is expected to recover in the coming years [10] Financial Summary - In 2024, the company achieved total operating revenue of 56.474 billion yuan, a year-on-year decrease of 16.38%, and a net profit attributable to shareholders of 4.267 billion yuan, down 36.44% year-on-year [5] - The gross profit margin for 2024 was 32.03%, an increase of 0.21 percentage points, while the net profit margin was 8.61%, a decrease of 2.15 percentage points [5] - The company reported a net cash flow from operating activities of 7.939 billion yuan, a year-on-year decrease of 47.51% [5] - The company plans to distribute a cash dividend of 1.05 yuan per share, with a total dividend payout of 2.172 billion yuan, maintaining a payout ratio of 50.91% [5] Revenue Breakdown - In 2024, sales revenue from duty-free goods was 38.666 billion yuan, a decrease of 12.58% year-on-year, accounting for 68.45% of total revenue [9] - Sales revenue from taxable goods was 17.095 billion yuan, down 23.49% year-on-year [9] - Revenue from Hainan region was 28.892 billion yuan, a decline of 27.13% year-on-year, while Shanghai region revenue was 16.035 billion yuan, down 10.02% year-on-year [9] Future Projections - The company is projected to achieve net profits of 5.015 billion yuan in 2025, 5.925 billion yuan in 2026, and 6.582 billion yuan in 2027 [10] - The estimated P/E ratios for the upcoming years are approximately 25.4 for 2025, 21.5 for 2026, and 19.4 for 2027 [10] Competitive Positioning - The company has introduced over 200 well-known international and domestic brands and has strengthened its online and offline collaboration [10] - It has secured operating rights for 10 airport and port duty-free projects, contributing to significant growth in domestic duty-free sales [10]

长江商报消息 ●长江商报记者 沈右荣 "免税茅"中国中免（601888.SH）经营业绩再现下滑。 3月28日晚，中国中免披露了2024年年度报告。公司实现营业收入564.74亿元，同比下降逾16%；归属 母公司股东的净利润（以下简称"归母净利润"）42.67亿元，同比下降逾36%。 2009年A股上市以来，中国中免曾表现出较高的成长性。但是，近年来，其业绩增长压力较大。2024 年，是公司继2022年营收净利首次双降以来的第二次。其中，第四季度，公司归母净利润同比降幅更是 高达76%左右。 针对2024年经营业绩，中国中免解释称，受市场环境及行业周期等多重因素影响。 长江商报记者发现，中国中免的高层不太稳定。近两年，公司换了3名董事长、2名总经理。 二级市场上，中国中免股价从2021年2月高点开始持续下跌，目前市值仅为1275亿元，较巅峰时缩水了 逾6600亿元。 投资者似乎看不到中国中免短期内摆脱困境的希望，曾经持股比超过10%、位居第二大股东的陆股通， 持股比已降至3.57%，创近八年来新低。 净利连续三个季度大幅下降 抵御行业周期乏力，中国中免的经营业绩再度下降。 根据年报，2024年，中国中免实现的营 ...

这个周末我摄入的信息里，最有意思的是金沙创投朱啸虎的一篇采访，它起了一个比较醒目的标题：《我们正批量退出人形机器人公司》。 朱啸虎在创投圈名声很响，因为他不但投的准，压中了多个独角兽，更难得的是他卖的也挺准。他最著名的两个案例是滴滴和小黄车ofo，早期进 入，然后中间在估值高峰期果断退出股份，先后避开了网约车的政策转向，以及共享单车的行业大崩盘。 就是这么一个人，说目前批量退出人形机器人公司，让我很感兴趣他是怎么思考的。 朱啸虎的理由主要是两个： 人型机器人商业化路径不清晰 缺乏真实可持续的客户需求，现有客户多为高校研究机构、竞争对手或展示用途（如央企购买作前台展示），并非可持续的商 业化场景。 市场共识过高 行业估值因市场情绪快速上涨，但商业化能力未得到验证，多年从业经验告诉他这种时候该撤了。 说白了一句话，就是这些机器人公司估值涨太多了，但是又没想好怎么挣钱。 大致就这些，诸位也不必过于在乎他的观点，我前面没说朱啸虎也有不成功的交易，他卖小红书就卖的太早，踏空了后面巨大的利润空间。他这 次抛出的观点可以作为参考，尤其是现在全市场对人型机器人几乎全是溢美之词，很难看到泼冷水的话。 他提到的那两点，起码市场共 ...

Suspension and Resumption of Trading - Xiangcai Co. plans to conduct a share swap to absorb Dazhihui and raise no more than 8 billion yuan in supporting funds, with stock resuming trading [1] - Huada Jiutian intends to acquire 100% of Xinhe Semiconductor, with trading resuming tomorrow; Xinhe Semiconductor has become a leading EDA company in China [1] - Haiyuan Composite Materials is set to undergo a change in control, with trading resuming tomorrow [1] - Guizhou Gas plans to purchase 100% equity of Guizhou Shale Gas Exploration and Development Co., Ltd. through share issuance, leading to a trading suspension [2] Private Placement - China Construction Bank, Bank of China, Bank of Communications, and Postal Savings Bank announced plans to raise funds through A-share issuance to specific investors, with total fundraising amounts of up to 105 billion yuan, 165 billion yuan, 120 billion yuan, and 130 billion yuan respectively [3] Share Buybacks - Kingsoft Office's shareholders plan to transfer 7.7618 million shares, accounting for 1.68% of the company's total equity [4] - Midea Group intends to repurchase shares worth 5 billion to 10 billion yuan, with over 70% of the repurchased shares to be canceled [5] - Haige Communication plans to repurchase shares worth 200 million to 400 million yuan [6] - Changfei Fiber plans to repurchase A-shares worth 160 million to 320 million yuan for an employee stock ownership plan [7] Investment Cooperation and Business Conditions - Tongwei Co.'s subsidiary Yongxiang Co. plans to introduce strategic investors with a capital increase of no more than 10 billion yuan [8] - China Metallurgical Group plans to implement a valuation enhancement plan [9] Performance Changes - Guoda Special Materials expects a net profit of 75 million yuan in Q1 2025, a year-on-year increase of 1504.79%, driven by strong demand in downstream industries [10] - Shengnuo Bio anticipates a net profit increase of 22.72 million to 31.43 million yuan in Q1 2025, representing a growth of 137.97% to 190.85% [10] - Anhui Weaving High-tech expects a net profit of 90 million yuan in Q1 2025, a year-on-year increase of 90.85% to 154.47% [11] - China Shipbuilding Defense expects a net profit of 377 million yuan in 2024, a year-on-year increase of 684.86% [12] - Chifeng Gold anticipates a net profit increase of 1.764 billion yuan in 2024, representing a growth of 119.46% [13] - Chipong Micro expects a net profit of 111 million yuan in 2024, a year-on-year increase of 87.18% [14] - Zhaosheng Micro expects a net profit decline of 64.20% in 2024, proposing a dividend of 1.02 yuan per 10 shares [15] - SF Holding anticipates a net profit of 10.17 billion yuan in 2024, a year-on-year increase of 23.51% [16] - China Duty Free Group expects a net profit of 4.267 billion yuan in 2024, a year-on-year decrease of 36.44% [16]

Core Viewpoint - The company plans to distribute a cash dividend of RMB 1.05 per share (including tax), which represents 50.91% of the net profit attributable to shareholders for the year 2024 [1][2]. Profit Distribution Plan - The total cash dividend amount is RMB 2,172,301,996.20 for the current year, compared to RMB 3,413,617,422.60 in the previous year and RMB 1,655,087,235.20 in the year before that [1]. - The company's retained earnings at the end of the current year amount to RMB 5,241,149,013.42 [1]. - The average net profit over the last three accounting years is RMB 5,337,059,971.28 [1]. - The cumulative cash dividends over the last three accounting years total RMB 7,241,006,654.00 [1]. Decision-Making Process - The board of directors approved the profit distribution plan during the 22nd meeting of the 5th board on March 28, 2025, with 8 votes in favor and no opposition [1][3]. - The supervisory board believes the profit distribution plan complies with relevant laws and the company's articles of association, considering the company's profitability, financial status, and future development plans [3].

一直以来，中免集团始终坚守对产品和服务品质的严格把控。从采购端到零售端，中免集团精细化 运营管理，确保每一件商品都能成为品牌良好形象的有力载体。中免集团矢志不渝做品牌商开拓中国市 场最值得信赖的合作伙伴，成为国潮出海最可信赖的通道，助力更多优秀的中国品牌迈向国际舞台。 未来，中免集团将继续积极助力国潮品牌的国际化进程，通过海外渠道拓展、文化融合创新等方 式，推动国潮品牌走向世界，携手全球伙伴共同书写旅游零售行业高质量发展的新篇章。 会上进行了国潮出海及战略品牌签约活动，中免集团与华熙生物科技股份有限公司、巨子生物集 团、上海自然堂集团有限公司、依文控股有限公司、仙游三鼎文化艺术有限公司、莆田藏云堂艺术品有 限公司、青春之家（福建）体育用品有限公司以及厦门天行客数字科技有限公司等8家极具代表性的国 潮品牌签署了战略合作协议。 此次战略合作签约是中免集团持续深化与国潮品牌合作的重要里程碑。中免集团作为全球领先的旅 游零售商，将充分发挥自身在全球渠道网络、供应链管理和消费者洞察方面的优势，为国潮品牌提供从 产品推广到渠道拓展的全面支持。这些国潮品牌也将在深度合作的基础上加速海外市场布局，推动中国 文化与全球消费的深 ...