证券研究报告 非金融公司|公司点评|中国中免（601888） 收入降幅有所收窄，多措并举深化运营 请务必阅读报告末页的重要声明 glzqdatemark1 2025年09月02日 证券研究报告 |报告要点 公司公布 2025 年半年度报告。2025H1 公司收入 281.5 亿元，同比下降 10.0%，归母净利润为 26.0 亿元，同比下降 20.8%，扣非归母净利润为 26.0 亿元，同比下降 19.8%。分季度看，2025Q2 公司收入为 114.0 亿元，同比下降 8.5%；归母净利润为 6.6 亿元，同比下降 32.2%;扣非归母 净利润为 6.6 亿元，同比下降 29.7%。 |分析师及联系人 请务必阅读报告末页的重要声明 1 / 5 邓文慧 曹晶 SAC：S0590522060001 SAC：S0590523080001 非金融公司|公司点评 glzqdatemark2 2025年09月02日 中国中免(601888) 收入降幅有所收窄，多措并举深化运营 | 行 业： | 商贸零售/旅游零售Ⅱ | | --- | --- | | 投资评级： | 买入（维持） | | 当前价格： | 71.41 元 ...

商贸零售 | 证券研究报告 — 调整盈利预测 2025 年 9 月 1 日 原评级：买入 市场价格:人民币 69.29 板块评级:强于大市 股价表现 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 7.1 4.6 12.4 16.5 相对上证综指 (11.2) (2.3) (2.3) (20.2) 发行股数 (百万) 2,068.86 流通股 (百万) 2,068.86 总市值 (人民币 百万) 143,351.24 3 个月日均交易额 (人民币 百万) 1,282.93 (10%) 1% 11% 22% 32% 43% Aug-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 中国中免 上证综指 主要股东持股比例 中国旅游集团有限公司 50.3% 资料来源：公司公告， Wind ，中银证券 以 2025 年 8 月 29 日收市价为标准 相关研究报告 《中国中免》20250403 《中国中免》20241105 《中国中免》20240902 中银国际证券股份有限公司 具备证券投资咨询业务资格 ...

Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The company is expected to benefit from optimized duty-free policies at ports and anticipates growth in city duty-free sales [1][4] - The company's revenue for 2024 is reported at 56.47 billion yuan, a year-on-year decrease of 16.38%, with a net profit of 4.27 billion yuan, down 36.44% [1] - The company is focusing on enhancing its online, store, and supply chain capabilities, which are expected to contribute to long-term growth [4] Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 56.47 billion yuan, with a significant decline in net profit to 4.27 billion yuan [1] - The fourth quarter of 2024 saw a revenue of 13.45 billion yuan, down 19.46% year-on-year, and a net profit of 348 million yuan, down 76.93% [1] - The gross margin for Q4 2024 decreased by 3.50 percentage points to 28.54%, attributed to declining sales and increased promotional efforts [2] Market Dynamics - The company has seen a steady increase in its share of the duty-free market in Hainan, with a 2 percentage point increase in 2024 [3] - The company successfully won bids for duty-free operations at 10 airports, benefiting from the expansion of visa-free policies and increased international flight volumes [3] - The city duty-free stores are expected to contribute to growth, with new store openings planned in major cities [3] Future Projections - Revenue projections for 2025-2027 are estimated at 58.03 billion yuan, 63.55 billion yuan, and 68.73 billion yuan respectively, with net profits expected to reach 4.50 billion yuan, 4.93 billion yuan, and 5.28 billion yuan [4][5] - The company’s earnings per share (EPS) are projected to be 2.18 yuan, 2.38 yuan, and 2.55 yuan for the years 2025, 2026, and 2027 respectively [5]