expert

　　After China CDFG goes public in H-shares, it can continue to maintain its leading position in China's duty-free industry and further increase its funding sources.

At present, other duty-free companies that can really compete with it still need to continue to work hard. Even if the Sanya duty-free market is currently greatly affected by the epidemic, it will not affect the long-term development of China Duty Free.

　　industry

　　At this time, whether it is the best time for China CDFG to enter the H-share market is still uncertain. How it performs in the capital market and whether it can be favored by the capital market also depends on the future path of CDFG. How to go.

　　China CDFG, known as the "tax-free mao", is one step closer to its H-share listing.

On August 9, according to the documents of the Hong Kong Stock Exchange, China Tourism Group CDFG (hereinafter referred to as "China CDFG") passed the Hong Kong Stock Exchange's listing hearing.

CICC and UBS are joint sponsors.

At present, under the influence of unfavorable factors such as the double decline of revenue and net profit in the first half of the year and the epidemic situation in Hainan, it remains to be seen whether China CDFG will finally seize the timing of its H-share listing.

　　Pass the listing hearing again

　　It is understood that as early as November 22, 2021, CDFG passed the listing hearing for the first time, but the document was later shown to be invalid.

On June 30 this year, CDFG re-submitted a listing application to The Stock Exchange of Hong Kong Limited, intending to be listed on the main board of the Stock Exchange.

Regarding the amount of funds raised this time, the reporter contacted the relevant person in charge of CDFG, and the other party said that they need to contact the Investor Relations Department.

　　According to the prospectus, in 2019, 2020 and 2021, the revenue of CDFG was 48.013 billion yuan, 52.598 billion yuan and 67.676 billion yuan respectively; the net profit was 5.471 billion yuan, 7.109 billion yuan and 12.441 billion yuan respectively.

From 2019 to 2021, CDFG's revenue will grow at a CAGR of 18.7%, while its net profit will grow at a CAGR of 50.8%.

As of March 31, 2021 and 2022, CDFG's revenue was 18.134 billion yuan and 16.782 billion yuan, respectively, and its net profit was 3.428 billion yuan and 2.934 billion yuan, respectively.

　　Revenue and net profit in the first half of the year fell

　　China CDFG, which is about to land on the H-share market, has also attracted the attention of the industry for its performance in the first half of this year and the performance of the capital market.

　　In mid-June this year, China CDF’s share price rebounded significantly, and even rose for several consecutive days.

As of the close on June 30, China's CDFG reported 232.93 yuan per share, and the total market value rebounded to about 454.8 billion yuan.

However, since then, China CDF’s share price has also hovered around 200 yuan per share.

As of the close of trading on August 10, China’s China Securities Regulatory Commission has reported 196 yuan per share, with a total market value of 382.7 billion yuan.

　　Not long ago, CDFG released the 2022 semi-annual performance bulletin. During the reporting period, CDFG achieved a total operating income of 27.651 billion yuan, a year-on-year decrease of 22.17%; the net profit attributable to shareholders of the listed company was 3.938 billion yuan. A year-on-year decrease of 26.49%.

　　CDFG said that since late May, with the easing of the domestic epidemic, especially the intensive introduction of a series of policies to stimulate consumption and stabilize growth, such as the resumption of work and production in Shanghai and the issuance of consumer coupons in Hainan and other places, domestic inter-provincial tourism The recovery of the company's store sales has rebounded significantly.

Into June, the company's sales increased significantly month-on-month, and the month's revenue increased by 13% year-on-year.

　　Is now the best time?

　　Entering the summer vacation, with the increase of tourists, Hainan's tourism market has recovered significantly. With the blessing of various festivals and promotional activities, the duty-free sales of Hainan's outlying islands have also increased significantly.

　　According to Hainan Daily, with the holding of the 2nd China International Consumer Goods Fair and the launch of the first Hainan International Outlying Islands Duty Free Shopping Festival, the sales of duty-free shops in Hainan Outlying Islands increased day by day during the Expo, with sales on July 27 and 28. Both exceed 200 million yuan.

Statistics show that on July 28, the sales of 10 duty-free shops in Hainan's outlying islands exceeded 212 million yuan, a year-on-year increase of 48%.

　　However, Sanya's tourism market has recently been affected by the epidemic, which will inevitably affect the duty-free industry.

Talking about China CDFG's H-share listing, senior tourism expert Wang Xingbin said that after China CDFG's H-share listing, it can continue to maintain its leading position in China's duty-free industry and further increase its funding sources.

At present, other duty-free companies that can really compete with it still need to continue their efforts. Even though the Sanya duty-free market is currently greatly affected by the epidemic, it will not affect the long-term development of China CDF.

　　Other industry players believe that it is not the best time for China CDFG to list H-shares at this time, and it is still uncertain whether it will perform in the capital market in the future and whether it will be favored by the capital market. How to avoid the future road.

According to the Beijing Business Daily

　　Further reading

　　China's CDFG ranks first in the world in ten years

　　The predecessor of CDFG was China International Travel Service, which was listed on the main board of the Shanghai Stock Exchange in 2009.

　　With the increasing demand for high-end duty-free goods, the company has gained a good opportunity for rapid development under the blessing of scarce duty-free licenses.

　　In May 2020, the company acquired a 51% stake in Hainan Duty Free Products Co., Ltd. held by the controlling shareholder, thus solving the problem of horizontal competition.

In June 2020, the company's securities abbreviation was changed from "China International Travel Service" to "China CDFG", and the development strategy was also changed to travel retail business with duty-free business as the core.

　　According to the prospectus, CDFG is the world's largest travel retail operator, currently operating 194 stores.

　　According to Frost & Sullivan data, in terms of retail sales, CDFG has risen rapidly in the global ranking in recent years, ranking 19th in 2010, 12th in 2015, and 4th in 2019. In 2020 It ranks first in the world, accounting for 22.6% of the global travel retail industry market share, and this only took ten years.

　　As of the end of 2020, CDF had a portfolio of 946 brands and sold more than 200,000 SKUs (units of inventory in and out).

Among various categories, fragrance cosmetics (fragrance) are the category with the highest sales, covering many first-tier international brands such as Dior, Estee Lauder, Lancome and Shiseido.

　　In 2020, China CDFG's sales of perfumes and cosmetics were RMB 18.034 billion, corresponding to a global market share of about 17.0% in the travel retail market of fragrances, ranking first among all duty-free operators in China.

　　In addition, CDFG's "fashion products and accessories" contributed 10.828 billion yuan in sales, accounting for 20.8%, including luxury brands such as Cartier, Hermes and Prada, as well as some watches and jewelry.

In addition, duty-free tobacco and alcohol also contributed a lot of sales.

　　Chengdu Business Daily-Red Star News reporter Li Weiming