21世纪经济报道记者 李金萍 深圳报道 "市内免税店"，正在多城开花。 8月26日，广州第一家市内免税店亮相，位于广州友谊国金店一楼。 同日，深圳经济特区建立45周年之际，深圳市内免税店在福田深业上城正式开业，经营面积近3000㎡，是目前国内面积最大的市内免税店。 9月，长沙发布消息，长沙首家市内免税店也将开门迎客，位于五一广场的王府井百货商场8楼，一期面积1345㎡。 另据此前报道，成都市内首家免税店目前正在装修，预计十月开业。 以往，免税店多开在机场、港口和边境地区，本轮新开的免税店选址市内。 从口岸开到市中心 免税店开在市内，正成为国家推进免税消费增长的新导向。 免税店是面向即将出境的游客，为其出售免三税（进口关税、消费税、增值税）商品的特定经营场所。过去，我国免税店主要布局在口岸、港口和岛内，市 内免税店仅有北京、上海、青岛、大连、厦门、三亚等6家。 去年8月，财政部等五部门发布《关于完善市内免税店政策的通知》，在广州、成都、深圳、天津、武汉、西安、长沙和福州等8个城市新增8家免税商店， 同时将北京、上海、青岛、大连、南京、重庆、合肥、南昌、昆明、杭州、郑州、哈尔滨等13家外汇商品免税店转型为市内免税 ...

股价：69.29 元 主要数据 | 行业 | 社会服务 | | --- | --- | | 公司网址 | www.ctgdutyfree.com.cn | | 大股东/持股 | 中国旅游集团有限公司/50.30% | | 实际控制人 | 国务院国有资产监督管理委员会 | | 总股本(百万股) | 2,069 | | 流通 A 股(百万股) | 1,952 | | 流通 B/H 股(百万股) | 116 | | 总市值（亿元） | 1,419 | | 流通 A 股市值(亿元) | 1,353 | | 每股净资产(元) | 26.68 | | 资产负债率(%) | 18.6 | 社会服务 2025 年 09 月 01 日 中国中免(601888.SH) Q2降幅收窄，期待经营回暖 推荐（维持） 行情走势图 相关研究报告 【平安证券】中国中免（601888.SH）*首次覆盖报告* 行业回暖可期，全球旅游零售巨头，经营持续改善*推 荐20240409 【平安证券】中国中免（601888.SH ）*季报点评*Q1 海南离岛 免税 影响收 入，经 营开始 改善 向上*推荐 20240424 【平安证券】中国中免（6018 ...

Company Overview - China Duty Free Group Co., Ltd. is primarily engaged in the retail of tourism products and related services, with its main business divided into two departments: tourism retail and tourism retail complex investment and development [2] - The company's revenue composition includes 68.47% from duty-free sales, 30.27% from taxable sales, and 1.26% from other sources [2] - As of June 30, 2025, the number of shareholders was 289,700, a decrease of 4.30% from the previous period [2] Financial Performance - For the first half of 2025, the company reported operating revenue of 28.151 billion yuan, a year-on-year decrease of 9.96%, and a net profit attributable to shareholders of 2.600 billion yuan, down 20.81% year-on-year [2] - Cumulative cash dividends since the A-share listing amount to 18.405 billion yuan, with 7.241 billion yuan distributed over the last three years [3] Stock Market Activity - On August 29, the stock price increased by 2.09%, reaching 70.36 yuan per share, with a trading volume of 4.57 billion yuan and a turnover rate of 0.33%, resulting in a total market capitalization of 145.565 billion yuan [1] - Year-to-date, the stock price has risen by 6.67%, with a 4.27% increase over the last five trading days, 8.93% over the last 20 days, and 16.18% over the last 60 days [1] - The company has appeared on the "Dragon and Tiger List" once this year, with the most recent occurrence on April 10 [1] Institutional Holdings - As of June 30, 2025, the top ten circulating shareholders include Hong Kong Central Clearing Limited as the third-largest shareholder, holding 82.66 million shares, an increase of 15.7285 million shares from the previous period [3] - Other notable shareholders include Invesco Great Wall New Growth Mixed A and various ETFs, with increases in their holdings compared to the previous period [3]

Group 1 - The company reported a revenue of 28.151 billion yuan for H1 2025, a decrease of 9.96% year-on-year, with a net profit attributable to shareholders of 2.6 billion yuan, down 20.81% [1] - In Q2 2025, the company achieved a revenue of 11.405 billion yuan, a decline of 8.45%, and a net profit of 662 million yuan, down 32.21% [1] - The sales revenue from duty-free and taxable goods for H1 2025 was 20.3 billion yuan and 7.2 billion yuan, respectively, representing a year-on-year decrease of 6.1% and 21.5% [1] Group 2 - The comprehensive gross margin for H1 2025 was 32.8%, a decrease of 0.8 percentage points, with duty-free and taxable gross margins at 39.0% and 13.1%, respectively [2] - The shopping conversion rate for duty-free shopping in Hainan was 13.6%, down 4.5 percentage points, with a total of 18.31 million outbound travelers recorded, a decrease of 1.6% [2] - The average spending per customer increased by 22% to 6,594 yuan, despite a decline in shopping frequency and total shopping amount [2] Group 3 - The company is expected to benefit from the orderly advancement of new projects in Hainan and the recovery of inbound and outbound duty-free sales [3] - The projected net profits attributable to shareholders for 2025, 2026, and 2027 are 4.3 billion yuan, 4.9 billion yuan, and 5.5 billion yuan, respectively [3] - The company maintains a "buy" rating due to its strong market position and operational advantages despite short-term economic challenges [3]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation of stock price appreciation exceeding 15% over the next six months [6]. Core Views - The report highlights a narrowing decline in offshore duty-free sales, with expectations for city duty-free stores to contribute incremental growth. The company is positioned to benefit from the recovery in inbound and outbound duty-free shopping as new stores open [3][6]. - Despite short-term growth challenges due to macroeconomic fluctuations, the long-term outlook remains positive, with projected net profits for 2025, 2026, and 2027 at 4.3 billion, 4.9 billion, and 5.5 billion yuan respectively [3][5]. Financial Performance Summary - For the first half of 2025, the company reported revenue of 28.151 billion yuan, a decrease of 9.96% year-on-year, and a net profit of 2.6 billion yuan, down 20.81% [1]. - The company's gross margin slightly declined to 32.8%, with duty-free and taxable goods gross margins at 39.0% and 13.1%, respectively [2]. - The report indicates a mixed performance across different sales channels, with city store revenue at 10.34 billion yuan, down 14%, but with a net profit increase of 13% [2][3]. Sales and Market Trends - The report notes a 1.6% decline in outbound travelers from Hainan, with a shopping conversion rate of 13.6%, down 4.5 percentage points [3]. - The average spending per customer increased by 22% to 6,594 yuan, despite a decrease in shopping frequency [3]. - New city duty-free stores are expected to enhance sales, with several locations in cities like Guangzhou and Shenzhen recently opening [3]. Future Projections - Revenue projections for the company are set at 60.026 billion yuan for 2025, with a growth rate of 6.29% [5]. - The net profit is expected to stabilize and grow in the coming years, with a forecasted increase in net profit margin to 7.6% by 2027 [5][14].

8月27日，中国中免盘中下跌2.00%，截至13:13，报69.98元/股，成交18.42亿元，换手率1.34%，总市值 1447.79亿元。 分红方面，中国中免A股上市后累计派现184.05亿元。近三年，累计派现72.41亿元。 资金流向方面，主力资金净流出2.47亿元，特大单买入1.71亿元，占比9.27%，卖出3.25亿元，占比 17.65%；大单买入4.60亿元，占比24.98%，卖出5.52亿元，占比29.98%。 机构持仓方面，截止2025年6月30日，中国中免十大流通股东中，香港中央结算有限公司位居第三大流 通股东，持股8266.00万股，相比上期增加1572.85万股。景顺长城新兴成长混合A（260108）位居第五 大流通股东，持股2060.00万股，持股数量较上期不变。华夏上证50ETF（510050）位居第六大流通股 东，持股1914.72万股，相比上期增加127.86万股。华泰柏瑞沪深300ETF（510300）位居第七大流通股 东，持股1733.39万股，相比上期增加149.79万股。易方达沪深300ETF（510310）位居第八大流通股 东，持股1238.95万股，相比上期增加123 ...

据深圳市内免税店总经理张海涛介绍，店内涵盖免税商品及有税商品，构建以美妆护肤、腕表首饰、高 端酒水为主，国潮精品、科技电子为特色的多元化商品矩阵；汇聚国际知名品牌、中华老字号非遗品牌 及本土化优质国民科技品牌；为消费者提供更优质、多元、便捷的购物体验，让深圳市内免税店成为深 圳链接全球、展示魅力的"城市新客厅"。 记者在现场看到，免税店除了传统品类，还创新引入了"深圳智造"核心元素，创设"深圳之光"电子黑科 技体验廊。科大讯飞（002230）、影石、优必选、荣耀、华为、时光壶、RingConn等深圳本土优质国 民科技品牌汇聚于此，吸引一众外国游客驻足选购。凭借"陆、海、空、铁"立体口岸优势与科技创新基 因，深圳市内免税店有望拓展一条"科技好物免税"的差异化赛道。 "买完直接机场提货，很方便。现在开业还很多优惠，挺划算的。"8月26日，深圳首家市内免税店在深 业上城正式开业。深圳市民廖女士11时许在市内免税店买好了商品。"我明日出境飞泰国曼谷，到时在 机场出示提货单或者护照就能提货出境了。" 深圳首家市内免税店由中免集团、深圳免税集团、深业集团联合打造，面积近3000㎡，是国内面积最大 的市内免税店。 免税店内 ...

2024年8月，财政部等五部门联合印发《关于完善市内免税店政策的通知》，明确将在深圳等8个城市各设立 1家市内免税店。深圳积极推进，从市内免税店招标选址到筹备落地，再到如今的冲刺开业，成为全国新增 市内免税店项目中最早落地执行的城市之一。 深圳首家市内免税店由中免集团、深圳免税集团、深业集团联合打造，面积近3000平方米，位于深业上城一 层黄金地段，区位优势与空间规模兼具。该店将以"免税+有税""进口+国产""线下+线上"经营思路升级市内免 税店模式，在引入众多国际知名品牌的基础上，结合深圳特色，大力推广具有深圳元素的国货潮品，打造深 圳链接世界、展示魅力的"城市新客厅"。 据深圳市内免税店总经理张海涛透露，店内将涵盖免税商品及有税商品，构建以美妆护肤、腕表首饰、高端 酒水为主，国潮精品、科技电子为特色的多元化商品矩阵，汇聚国际知名品牌、中华老字号非遗品牌及本土 化优质国民科技品牌，包括智能手机、全景相机等众多"深圳智造"产品，为消费者提供更优质、多元、便捷 的购物体验。 深圳首家市内免税店位于深业上城一层。（受访单位供图） 【深圳商报讯】（首席记者 刘琼）8月23日，深圳首家市内免税店在试营业期间迎来首单成 ...

深圳商报·读创客户端首席记者 刘琼 2025年8月23日，深圳首家市内免税店在试营业期间迎来首单成交。上午10时许，顾客白先生在免税酒 水区完成购物结算，并将在下周一从深圳机场启程前往迪拜。在工作人员的专业引导下，顺利完成免税 购物流程，成为免税店试营业阶段的首单顾客。据悉，深圳市内免税店将于月26日正式开业。 市内免税店，是一种设立在城市核心区域，面向即将在规定期限内离境的旅客（包括但不限于中国籍旅 客）销售免税商品的零售业态，相比传统的口岸免税店，具有购物时间更灵活、购物环境更舒适、商品 品类更丰富，且更能与城市商业、文化、旅游资源深度融合的优势。 据深圳市内免税店总经理张海涛透露，店内将涵盖免税商品及有税商品，构建以美妆护肤、腕表首饰、 高端酒水为主，国潮精品、科技电子为特色的多元化商品矩阵，汇聚国际知名品牌、中华老字号非遗品 牌及本土化优质国民科技品牌，包括智能手机、全景相机等众多"深圳智造"产品，为消费者提供更优 质、多元、便捷的购物体验。 据悉，深圳市内免税店将采取"市内选购，机场、邮轮母港离境提货"的创新模式，为离境消费者提供便 捷的购物体验。与传统离境退税约8%至9%的优惠幅度相比，市内免税店 ...

Group 1 - The A-share duty-free store concept has shown strong performance, with notable stock increases for companies such as Wushang Group (up 7.19%) and Huayang Lianzhong (up 2.46%) [1] - The duty-free industry is benefiting from multiple favorable policies, including the implementation of personal consumption loan interest subsidies by the central government [1] - The Ministry of Finance announced that this is the first time the central government has provided interest subsidies for personal consumption loans, aimed at reducing consumer credit costs and stimulating consumption [1] Group 2 - The first city duty-free store in Shenzhen is set to open at the end of August, featuring a 3,000 square meter area and a business model that combines duty-free and taxable goods [2] - The Guangzhou city duty-free store will also open soon, showcasing a mix of international brands and local specialties, which is expected to drive growth in the duty-free sector [2] - The opening of these city duty-free stores is anticipated to create new growth points for the duty-free industry and enhance the prosperity of urban commercial districts [2]