格隆汇9月1日｜平安证券研报指出，中国中免上半年归母净利润同比下滑20.81%至26.00亿元，其中单 二季度归母净利润同比下滑32.21%至6.62亿元。最终业绩基本与快报一致。公司目前在全国拥有各类型 免税店约200家，覆盖超过100个城市，已发展成为世界上免税店类型最全、单一国家零售网点最多的免 税运营商。近期两家市内店开业（深圳店于8月23日试营业，广州店于8月26日正式开业）。截至期末公 司与全球约1600个知名品牌建立了长期稳定的合作关系，会员人数已经突破4500万。公司持续加强供应 链建设，加强营销推广、全面提升公司品牌价值。考虑上半年经营情况及当前消费环境，该行调整公司 2025-2027年业绩预测至47、56、61亿元（此前分别为50、59、66亿元），对应当前市值（以2025年8月 29日收盘价计）对应估值分别为30.5、25.6、23.6倍PE。维持"推荐"评级。 ...

华泰证券发表报告指，中国中免上半年收入281.5亿元，按年跌9.96%；净利润26亿元，按年跌20.81%； 扣非净利润26亿元，按年跌19.8%，对应扣非净利率9.2%，按年跌1.1个百分点。报告指，公司加速推进 战略转型发展、积极拓宽边界以激发需求端活力，市内免税店落地有条不紊；长期有望受益于海南封关 带来的部分可选品类回流与增量。该行维持对其"买入"评级，目标价由73.08港元上调至78.55港元。 ...

航司的日子，越来越不好过了。 近日，韩国仁川国际机场计划提高已冻结20多年的机场设施使用费，并酝酿上调包含在机票价格中的机场使用费。 换句话说，未来无论是航空公司，还是普通旅客，经过仁川机场的成本，都很可能水涨船高。 这座国际机场看似风光，背后实则面临财政紧张的现实。 根据CADAS发布的数据，2024年仁川机场旅客吞吐量达7121.3万人次，全球排名第13。 | 排名 | 机场 | 机场简称 | 所属国家 | 旅客吞吐量 | | --- | --- | --- | --- | --- | | 1 | ATL | 亚特兰大 | 美国 | 10806.8 | | 2 | DXB | 迪拜 | 阿联酋 | 9233.2 | | 3 | DFW | 达拉斯沃晨堡 | 美国 | 8781.8 | | 4 | HND | 乐京 羽間 | 日本 | 8571.3 | | 5 | LHR | 希慧罗 | 英国 | 8388.5 | | 6 | DEN | 母佛 | 美国 | 8235.9 | | 7 | ાટા | 伊斯坦布尔 | 千直道 | 8007.3 | | 8 | ORD | 奧黑尔 | 美国 | 8005.4 | ...

Core Insights - The global duty-free market experienced a slowdown last year, failing to return to pre-pandemic levels, with Hainan's offshore duty-free market also facing challenges due to various factors [1][2] Financial Performance - In Q1 2025, the company's operating income was RMB 16.75 billion, a year-on-year decline of 10.96% compared to RMB 18.81 billion in the same period last year [1][2] - The net profit attributable to shareholders was RMB 1.94 billion, down 15.98% from RMB 2.31 billion year-on-year [1][2] - The net cash flow from operating activities was RMB 4.80 billion, a decrease of 9.52% from RMB 5.30 billion in the previous year [1][2][5] Cost and Expense Management - The company's gross margin showed slight pressure, with operating costs decreasing by approximately 10.51%, which was slightly lower than the revenue decline [2] - Sales expenses were RMB 2.20 billion, down about 9.0% year-on-year, while management expenses were RMB 423 million, down about 11.0% [2] Asset and Equity Position - As of March 31, 2025, the total assets of the company reached RMB 80.46 billion, an increase of 5.51% from the beginning of the year, while equity attributable to shareholders was RMB 56.97 billion, up 3.40% [2] Inventory Management - The company's inventory balance at the end of the reporting period was RMB 15.75 billion, a decrease of approximately 9.21% from RMB 17.35 billion at the end of 2024 [3]