换肤

主营介绍

  • 主营业务:

    提供旅游服务、免税品销售

  • 产品类型:

    旅游服务业、商品销售业

  • 产品名称:

    入境游 、 出境游 、 国内游 、 会奖旅游 、 签证服务 、 商旅服务 、 航空服务 、 电子商务

  • 经营范围:

    旅游服务及旅游商品相关项目的投资与管理;旅游服务配套设施的开发、改造与经营;旅游产业研究与咨询服务。

主营构成分析

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营业收入 X

单位(%) 单位(万元)
注:通常在中报、年报时披露 
业务名称 营业收入(元) 收入比例 营业成本(元) 成本比例 利润比例 毛利率
按行业 免税品板块 237.38亿 97.51% - - - -
旅游板块 6.09亿 2.50% - - - -
其他 1.82亿 0.75% - - - -
分部间抵销 -1.85亿 -0.76% - - - -
按产品 免税商品 229.08亿 94.95% 109.29亿 91.99% 97.82% 52.29%
有税商品 6.19亿 2.57% 4.20亿 3.54% 1.62% 32.10%
旅游服务业务 5.99亿 2.48% 5.31亿 4.47% 0.56% 11.44%

主要客户及供应商

您对此栏目的评价: 有用 没用 提建议
前5大客户:共销售了7.96亿元,占营业收入的8.91%
  • 第一名
  • 第二名
  • 第三名
  • 第四名
  • 第五名
  • 其他
客户名称 销售额(元) 占比
第一名
2.68亿 3.00%
第二名
1.95亿 2.18%
第三名
1.56亿 1.75%
第四名
1.10亿 1.23%
第五名
6722.30万 0.75%
前5大客户:共销售了9.18亿元,占营业收入的5.26%
  • 第一名
  • 第二名
  • 第三名
  • 第四名
  • 第五名
  • 其他
客户名称 销售额(元) 占比
第一名
5.30亿 3.04%
第二名
1.34亿 0.77%
第三名
9278.19万 0.53%
第四名
9237.66万 0.53%
第五名
6943.50万 0.40%

董事会经营评述

一、经营情况的讨论与分析 2019年上半年,公司坚持聚焦以免税为主的旅游零售主业,突出抓好重大战略项目,积极推进资源重组整合,以核心能力全面推动企业转型升级,进一步巩固了免税行业龙头地位,企业经营管理能力进一步提升。报告期内,公司免税业务通过投标、开设市内免税店等方式,进一步拓展大型免税渠道,优化资源整合,公司免税市场优势地位持续巩固;公司旅游投资业务有序开展,按计划推进三亚海棠湾河心岛项目、海口市国际免税城项目等重点项目建设。 报告期内,公司实现营业总收入243.44亿元,同比增长15.46%,其中商品销售业务实现营业收入235.27亿元,旅游服务业务实现营业收入5.99... 查看全部▼

一、经营情况的讨论与分析
2019年上半年,公司坚持聚焦以免税为主的旅游零售主业,突出抓好重大战略项目,积极推进资源重组整合,以核心能力全面推动企业转型升级,进一步巩固了免税行业龙头地位,企业经营管理能力进一步提升。报告期内,公司免税业务通过投标、开设市内免税店等方式,进一步拓展大型免税渠道,优化资源整合,公司免税市场优势地位持续巩固;公司旅游投资业务有序开展,按计划推进三亚海棠湾河心岛项目、海口市国际免税城项目等重点项目建设。
报告期内,公司实现营业总收入243.44亿元,同比增长15.46%,其中商品销售业务实现营业收入235.27亿元,旅游服务业务实现营业收入5.99亿元(因2019年1月公司将国旅总社100%股权转让给控股股东中国旅游集团,自2月份起公司营业收入不含旅游服务业务收入)。公司营业收入的增长主要来自于免税业务的贡献,报告期内,公司免税商品销售业务实现营业收入229.08亿元,同比增长53.26%,其中日上上海免税店实现免税收入73.77亿元,带来免税业务收入增量35.43亿元(自2018年3月开始纳入合并报表);三亚海棠湾免税购物中心实现免税业务收入51.81亿元,同比增加11.49亿元;首都机场免税店(含T2和T3航站楼)实现免税业务收入43.65亿元,同比增加8.88亿元(剔除T2、T3内部交易数据);香港机场免税店实现免税业务收入12.96亿元,同比增加3.44亿元;广州机场免税店实现免税业务收入8.44亿元,同比增加5.56亿元。
报告期公司主营业务毛利率为50.76%,比去年同期提高9.86个百分点,主要原因是报告期处置国旅总社及免税业务持续增长导致公司毛利率较高的商品销售业务收入占比由去年同期的73.99%提高至今年的97.52%。
报告期内公司实现营业利润49.52亿元,同比增长62.11%,实现利润总额50.13亿元,同比增长63.73%,实现归属于上市公司股东的净利润32.79亿元,同比增长70.87%。
1、商品销售业务
报告期内,公司免税业务重点工作取得积极进展。3月,中标北京大兴国际机场10年免税经营权,进一步巩固了公司在国内免税市场的龙头地位,市场竞争力不断提升;5月,北京、青岛、厦门、大连4家市内免税店开业,进一步扩大了公司业务发展空间,将更好地满足出境的外藉和港澳台藉旅客的购物需求;公司托管的海口、博鳌市内店顺利开业,进一步深化了公司在海南市场的免税业务布局,离岛免税市场优势地位进一步巩固;公司围绕“一带一路”和粤港澳大湾区建设,积极拓展海外市场,香港、澳门机场店及柬中免营业收入均有较大提升,进一步增强了公司在海外旅游零售渠道的影响力。
报告期内,公司积极开展与日上采购体系整合工作,加强与供应商的谈判与合作,有效降低了采购成本,毛利率进一步提升;推进可视化平台建设,陆续完成可视化平台与商业智能(BI)系统的对接、库存综合查询功能、关务一体化部分功能、国际运输跟踪功能、在途库存管理功能等开发工作,优化供应链水平及管理能力不断完善;积极推进免税业务大会员系统建设,探索在重点门店开展技术创新,设置VR购物体验区,不断提升消费者购物体验;有序实施线上预订业务,完成广州、西安机场店自营预订平台上线及杭州机场店在飞猪平台的上线,线上业务取得快速发展;开展NC系统升级项目实施工作,推进BI系统项目,提升了公司数字运营能力,信息化建设进一步加强。
2、旅游投资业务
报告期内,公司稳步推进旅游零售综合体项目建设。去年末,公司竞得海口市六块国有建设用地使用权,作为建设海口市国际免税城项目的商业配套用地。经充分调研和反复论证,完成了项目整体可研报告编制、产品策划定位、概念方案设计等工作,8月1日,公司股东大会审议通过了该投资项目,目前该项目一期已完成现场临水临电临排、施工道路及办公区建设等施工准备工作;河心岛项目工程施工在全面推进,招商工作按计划开展,目前已完成75个铺位,55个品牌,19,000余平米的招商工作,预计今年年末实现开业。

二、可能面对的风险
1、政策风险。免税专营政策变化风险。口岸进、出境免税店通过招标方式确定经营主体,免税业务的争夺进入了市场化阶段。公司面临国家免税专营政策逐步放开的风险,公司将利用政策窗口期提高核心能力,积极抢占免税渠道资源,努力打造具有世界一流运营水平的免税企业。
2、投资风险。战略项目投资未达预期的风险。公司将做好项目立项、审批、科学的可行性研究、档案管理等工作,保持与各级政府、合作方的良好沟通,争取项目按期推进。强化具备旅游零售商业综合体项目的开发能力和复合产业的综合运营能力的团队建设,提高投资管理、风险控制、招商管理、项目运作等能力,保证核心业态引进。
3、财务风险。人民币对美元汇率波动加大,汇率风险是影响公司经营的重要风险之一。公司将持续关注汇率变化加强研究,制定并实施基于汇率波动的价格调整办法,锁定远期结售汇业务,减少因汇率波动带来的影响,财务与业务部门共同制定汇率损失传导与分担办法。
4、市场风险。行业竞争愈发激烈,国外免税巨头觊觎中国免税市场。公司将加强信息化建设,打造线上线下一体化的竞争优势;继续推进集中采购,提高产品采购议价能力。加强产品自主研发力度,提升产品的核心竞争力,提升服务品质。利用品牌优势,发挥落地服务专长,增强市场竞争力。

三、报告期内核心竞争力分析
1、品牌优势
公司全资子公司中免公司作为中国免税行业代表企业,在大品牌供应商中的知名度高,积累了较强的品牌资源,CDF品牌在国人旅游购物市场具有较高的知名度。中免公司收购日上中国、日上上海后,公司在免税行业的品牌优势进一步提升。
2、渠道优势
公司全资子公司中免公司在全国33个省、市、自治区(包括香港和澳门地区)、柬埔寨设立涵盖机场、机上、边境、外轮供应、客运站、火车站、外交人员、邮轮和市内九大类型的200多家免税店,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,拥有目前全球最大的免税商业综合体,并建立起全国唯一的免税物流配送体系。
3、企业文化优势
“不怕困难、专业高效、团队合作、勇于创新”高度概括了公司发展过程中积淀凝聚出的企业文化,是公司勇敢面对挑战,不断攻克难关的动力源泉,也是公司实现转型升级、跨越式发展的核心竞争力。公司通过企业文化建设,打造了一支具有企业忠诚度和自豪感的专业团队,是公司可持续发展的基本保证。
4、业务协同优势
报告期内,公司控股股东中国旅游集团旅游产业链条和旅游主业实力不断增强,借助中国旅游集团平台资源,公司聚焦免税主业开展资源整合,激活旅游零售业务潜能,以客源流量建立竞争优势,实现免税业务的快速增长。
5、人才优势
公司全资子公司中免公司作为国内最大的免税运营商,经过30多年的免税品经营历史,已建立了一整套符合中国免税业实际情况和国际规范的人才专项培训体制、免税店工作交流机制和人才引进制度,能够有效地保障公司业务体系的良好运行。 收起▲