恒生科技指数收盘涨2.64%。半导体股大涨，中芯国际涨约10%，华虹半导体涨约8%。地产股上涨，融 创中国涨约13%。部分科技股上涨，小米集团涨约8%。南向资金净买额约356亿元，创历史新高。 ...

港股收盘，恒指收涨0.68%，科指收涨2.64%，芯片股、免税概念股走强，中国中免(01880.HK)涨 23.7%，中芯国际(00981.HK)涨10.5%，南向资金全天净买额近350亿元，创历史最高单日净买入纪录。 ...

港股大消费股尾盘走强，中国中免（601888）涨超20%，海底捞、华润啤酒、美团、周黑鸭等跟涨。 ...

中国中免(01880.HK)涨超20%，成交额超10亿港元。 ...

中国中免港股一度涨超18%，创逾六个月盘中最大涨幅。 ...

中国中免（601888）涨幅扩大至5.20%，旅游ETF(159766)持有该股票15.31%，当前涨幅为0.45%，成交 额9639.09万元，近1月份额增加30.28%，增加10.79亿份。 打包市场龙头，抢反弹就买指数ETF>> ...

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 证券代码：601888 证券简称：中国中免 公告编号：临 2025-011 中国旅游集团中免股份有限公司 关于全资子公司与北京同仁堂国药有限公 司签订战略合作协议的公告 为贯彻落实国家关于大力开展国潮出海业务战略部署，助力中医药文化全球 传播，中国旅游集团中免股份有限公司（以下简称"公司"）全资子公司中免国 际有限公司（以下简称"中免国际"）与北京同仁堂国药有限公司（以下简称"同 仁堂国药"）签订了《战略合作协议》（以下简称"本协议"），本协议仅为合作 意向性协议，后续双方将根据实际需要签署具体合作协议以明确合作事宜并深化 双方合作。具体情况如下： 一、本协议签订的基本情况 （一）交易对方的基本情况 公司名称：北京同仁堂国药有限公司 地 址：中国香港湾仔港湾道1号会展广场办公大楼14楼1405-09室 商业登记号：34965494 成立时间：2004年3月18日 注册资本：938,789,465港币 1 本协议属于双方基于合作意愿而达成的战略性、框架性约定，后续合 ...

Core Insights - In 2024, China Duty Free Group (601888.SH) experienced a significant decline in performance due to fluctuations in consumer demand, with revenue dropping to 56.474 billion yuan, a decrease of over 16.4% year-on-year, and net profit falling to 4.27 billion yuan, down 36.4% [1][2] Group 1: Financial Performance - The company's revenue in Q4 2024 was 13.453 billion yuan, a year-on-year decline of 19.5%, while net profit plummeted by 76.9% to 348 million yuan, highlighting short-term operational pressures [1] - In Hainan, the revenue reached 28.892 billion yuan, a decrease of 27.13%, with a gross margin of 23.73%, down 2.03 percentage points [2] - The average spending per customer in Hainan's duty-free shopping dropped by 21.6% to 6,477 yuan per person in 2023, continuing into 2024 [3] Group 2: Market Dynamics - The share of Hainan sales in total sales has decreased from approximately 70% in 2021 to 51.4% recently, indicating a shift in consumer behavior as outbound tourism resumes [2] - The number of shoppers in Hainan's duty-free market fell by 15.9% to 5.683 million, and the number of items purchased decreased by 35.5% to 33.082 million [3] Group 3: Strategic Adjustments - To address the decline in mid-tier consumer spending, the company has adjusted its product mix since 2023, reducing the proportion of cosmetics and introducing high-end brands like LV and Dior [3] - Despite rapid growth in premium product revenue, it has not yet compensated for the decline in cosmetics sales [3] Group 4: Investment Projects - The company has invested 8.098 billion yuan in the Haikou International Duty-Free City project, with a total investment of 911 million yuan in 2024, generating 1.668 billion yuan in revenue to date [4] - The Sanya International Duty-Free City Phase I Project has seen a total investment of 1.846 billion yuan, with 911 million yuan invested in 2024, yielding 312 million yuan in revenue [4] Group 5: Business Expansion - The airport duty-free business showed strong performance, with revenue in Shanghai reaching 16.035 billion yuan, a decline of 10.02%, which is less than the decline in Hainan [5] - The company is expanding its city duty-free store network, having completed six stores in major cities and winning bids for six additional stores in cities like Guangzhou and Shenzhen [6][7]

Investment Rating - The report maintains a "Buy" rating for the company, with a previous rating also being "Buy" [1][4][6]. Core Views - The company faced significant pressure in 2024, with revenue of RMB 56.474 billion, a year-on-year decrease of 16.38%, and a net profit of RMB 4.267 billion, down 36.44% year-on-year. The report anticipates growth from the recovery of port stores and the gradual establishment of city stores [4][9]. - The report highlights the company's increasing market share in the offshore channel, despite a decline in duty-free sales. The company is expected to benefit from the upcoming closure of Hainan Island and ongoing property developments in the region [9]. - The international flight recovery has led to substantial growth in port duty-free sales, with the company's domestic duty-free store sales nearly doubling [9]. - The company is actively expanding its city duty-free operations, which are expected to contribute positively to revenue growth [9]. Financial Summary - The company’s projected revenue for 2025 is RMB 60.533 billion, reflecting a growth rate of 7.2% compared to 2024. The net profit is expected to be RMB 4.716 billion, with a growth rate of 10.5% [8][11]. - The report provides earnings per share (EPS) estimates of RMB 2.28 for 2025, with corresponding price-to-earnings ratios of 26.5, 22.3, and 19.0 for 2025, 2026, and 2027 respectively [6][8]. - The EBITDA for 2025 is projected at RMB 8.154 billion, with a growth rate of 24.5% [11].

Investment Rating - The investment rating for the company is "Outperform the Market" [6][15]. Core Views - The company's actual performance for 2024 aligns with previous reports, with a revenue of 56.474 billion yuan, down 16.38%, and a net profit of 4.267 billion yuan, down 36.44% [10][15]. - The company plans to distribute a cash dividend of 1.05 yuan per share, maintaining a dividend payout ratio of over 50% [10][15]. - The company is experiencing pressure in its Hainan operations but has increased its market share through product adjustments [2][11]. - The company benefits from the recovery of international passenger traffic, with significant revenue growth in airport stores [2][11]. Summary by Sections Financial Performance - In 2024, the company's revenue was 56.474 billion yuan, a decrease of 16.38%, and the net profit was 4.267 billion yuan, a decline of 36.44% [9][10]. - The fourth quarter of 2024 saw a revenue of 13.453 billion yuan, down 19.46%, and a net profit of 348 million yuan, down 76.93% [10][15]. - The gross profit margin for the main business was 31.5%, with a slight increase of 0.15 percentage points [3][12]. Market Dynamics - The company's sales in Hainan decreased by 27% to 28.9 billion yuan, with specific stores in Sanya and Haikou experiencing declines of 28% [2][11]. - The company's tax-free sales revenue decreased by 16%, while the taxable sales revenue fell by 23% [2][11]. - The company has gained nearly 2 percentage points in market share despite the challenging environment [2][11]. Future Outlook - The company is advised to monitor the recovery pace of overall consumption, especially in Hainan, as sales figures show signs of marginal improvement [4][14]. - The company has secured the operating rights for six new city duty-free stores, which are expected to contribute to future growth [4][14]. - The company maintains a strong position in the market with its multi-channel strategy, including Hainan, airports, online, and city stores [15].