What does China Zhong Mian do?

Company Profile: 1984, China Duty Free Company was formally established. In 2009, China International Travel Co., Ltd., which covers all the business and assets of PICC Group, was successfully listed on the Shanghai Stock Exchange. 20 1 1 Hainan's tax exemption policy for outlying islands was formally implemented. In the year of 20 17, China Exemption acquired 5 1% equity of China. In 2020, the Chinese name of China International Travel Service Co., Ltd. was changed to China Tourism Group Zhong Mian Co., Ltd. In 2022, the company focused on providing high-quality duty-free and taxable goods sales services for domestic and foreign tourists and mid-to high-end consumers, as well as all-round shopping experience.

Business segment: 202 1, the company achieved operating income of 67.676 billion yuan, up 28.67% year-on-year. Net profit; 9.654 billion yuan, a year-on-year increase of 57.23%; By product, the income from duty-free goods was 42.936 billion yuan, and the income from taxable goods was 24.006 billion yuan. Other income was 734 million yuan.

business introduction

★ China Bao Zhong's business is mainly divided into tax-free business and taxable business.

★ The first is the traditional duty-free business, that is, duty-free shops opened at border ports such as airports and auto shows. At present, the company has set up more than 90 duty-free shops in more than 30 provinces, municipalities and autonomous regions, covering more than 100 cities.

★ Followed by duty-free business on outlying islands. At present, the company has five duty-free shops on the outlying islands of Hainan, and the sixth one will open this year.

★ The last piece is the tourism retail business including tax. The company has set up brand stores and retail stores in airports, high-speed railway station and other areas, at the same time, it has built a tax-free city, and launched a tourism retail complex business integrating tax exemption, entertainment, catering and leisure.

Core executives

Peng Hui: Born in 1962, Han nationality, graduated from China Europe International Business School, and is an economist. At present, he is the chairman and party secretary of China Tourism Group Zhong Mian Co., Ltd. He used to be a cadre of the marketing department of China Inspection-free Company, deputy director of the general manager's office, deputy manager and general manager of China Product Department, general manager of China Product Marketing Branch, assistant to the general manager of China Inspection-free Company and general manager of duty-free goods marketing center, deputy general manager, general manager and director of China Inspection-free Company, member and director of the Party Committee of China Tourism Group, and deputy general manager of the company.

Chen Guoqiang: 1964, born in Han nationality, holds an advanced MBA degree. He is currently the director, general manager and deputy secretary of the Party Committee of China Tourism Group Zhong Mian Co., Ltd. He used to be the deputy manager of the purchasing department, the first deputy manager of the business department, the assistant to the first general manager of the business department, the general manager of the import and export department, the general manager of the wine marketing branch and the general manager of the import and export business branch, and the chief representative of China Free Europe Office.

equity structure

★ The company's shareholding structure is clear and stable, and the actual controller is the State Council State-owned Assets Supervision and Administration Commission.

financial target

In 2022, the company's income declined, mainly due to frequent epidemics, which had a certain impact on tourism. The gross profit of the company has declined in recent years, mainly due to the increase in the proportion of taxable business with low gross profit, intensified market competition and frequent epidemics. The company's debt ratio in the first half of 2022 was 32.44%, which remained at a normal low level. In 2022, affected by the epidemic, operating cash flow dropped sharply.

Industry trend

202 1 Affected by the COVID-19 epidemic, the international tourism industry recovered slightly, but the speed was slow. According to the estimation of the United Nations World Tourism Organization, the number of global tourists in 20021year increased by 4% year-on-year, reaching 4150,000, but it was still 72% lower than that in 20 19. The economic contribution of tourism in 20021year is estimated to be $65,438 +0.9 trillion, higher than $65,438 +0.6 trillion in 2020, but still far lower than $3.5 trillion in 20 19. According to the statistics of the Ministry of Culture and Tourism, the number of inbound tourists and outbound tourists is estimated to be 319800 and 25.62 million respectively, returning to 22 1% and 16.3% in 20 19.

According to the data released by the Ministry of Culture and Tourism, in 20021year, the total number of domestic tourists was 3.25 billion, an increase of 370 million, an increase of 12.8%, returning to 54% in 20 19, and the domestic tourism revenue was 2.9 trillion yuan, an increase of 0.69 trillion yuan, an increase of 3/3. Hainan received 8 1004300 tourists, up 25.5% year-on-year, and recovered to 97.5% in 20 19. The total tourism revenue was138.434 billion yuan, a year-on-year increase of 58.6% and an increase of 30.9% over 2065.438+09.

According to the data released by Hainan Provincial Department of Commerce, in 20021year, the sales of duty-free shops in Hainan Province 10 reached 6065438+73 million yuan, up 84% year-on-year, of which the duty-free sales amounted to 50.49 billion yuan, up 83% year-on-year. The number of duty-free shoppers was 9,676,600, a year-on-year increase of 73%; The number of people buying duty-free goods was 53.4925 million, a year-on-year increase of 765.438+0%.

★ According to the data released by the Ministry of Culture and Tourism, in the first half of 2022, the total number of domestic tourists was 654.38+45.5 million, a decrease of 22.2% over the previous year. Quarterly, the number of domestic tourists in the first quarter was 830 million, down19.0% year-on-year; In the second quarter, the number of domestic tourists was 625 million, a year-on-year decrease of 26.2%. In terms of consumption, domestic tourism revenue (total tourism consumption) in the first half of the year was 1. 1.7 trillion yuan, down 28.2% from the previous year. At the beginning of this year, duty-free sales of Hainan's outlying islands generally showed a good growth trend.

According to Haikou Customs statistics, during the Spring Festival, the total sales of 10 duty-free shops was 2 1.3 1 billion yuan, up 15 1% year-on-year. Among them, tax-free sales amounted to 65.438+94.4 million yuan, up 654.38+0.56% year-on-year; The number of duty-free shoppers was 30 1.80, a year-on-year increase of1.38%; The quantity of duty-free goods purchased was 18 1580, up 1.57% year-on-year. However, affected by the new epidemic, Hainan's tourism market declined after the Spring Festival. According to the statistics of Hainan Provincial Tourism, Culture, Radio, Film and Sports Department, from June to May 2022, Hainan received a total of 29,788,200 tourists, down by 20. 1%, and the total tourism revenue was 55.83 billion yuan, down by 2 1.9%.

In June, Hainan Provincial Department of Commerce issued "Action Plan for Promoting Duty-free Sales of Outlying Islands in 2022" to continuously enhance the international competitiveness of duty-free islands. Since June, the tourist flow in Hainan has increased substantially, and the duty-free sales of Hainan's outlying islands have gone out of a downward trend, showing rapid growth.

Knowledge refining

Duty-free shop: a shop that sells and supplies duty-free goods to people who go abroad and return home. It mainly includes port duty-free shops and city duty-free shops. Because the tariff, value-added tax and consumption tax are exempted, the price will be relatively cheaper.

Duty-free shops in the city refer to duty-free shops that shop in the city and pick up goods at exit ports. Compared with airport duty-free shops, consumers' shopping experience and time are more flexible. For merchants, the rental cost of stores in the city is relatively low.

Off-island duty-free: refers to the import duty-free shopping for off-island passengers (excluding departure) with a limited number of times, limited value and limited varieties. Hainan Island is the fourth duty-free zone for outlying islands in the world, and the other three are Okinawa Island in Japan, Jeju Island in South Korea and Penghu Island in Taiwan.

Fragrant products: perfume and cosmetics have always been the best-selling products in duty-free shops.

Tariff: that is, the tax levied by the customs on import and export commodities. It has the functions of safeguarding national economic interests and protecting domestic products.

Value-added tax: A tax levied on the value-added of goods through processing and other services, which is one of the most important taxes in China.

Consumption tax: that is, the collection of specific consumer goods, mainly including cigarettes, alcohol, cosmetics, jewelry, jewelry, jade and so on.

Duty-free license: that is, the license required to open a duty-free shop. At present, China head office has eight licenses, three of which are held by Zhong Mian, and the other five are Shenmian, Zhumian, Zhongchufu, Zhongqiao and Wangfujing.