China Zhongbin (01880) released a quick performance report for the first three quarters. Net profit of 3.92 billion yuan decreased 24.7% year over year

According to the Zhitong Finance App, China Financial Services (01880) released a quick performance report for the first three quarters of 2024. The group obtained total operating revenue of RMB 43,021 billion (same unit), a year-on-year decrease of 15.38%; net profit attributable to shareholders of listed companies was RMB 3.92 billion, a decrease of 24.7% year on year; and basic earnings per share were RMB 1.895.

In the first three quarters of 2024, the company faced many difficulties and challenges in the general environment of slowing domestic consumption growth and insufficient desire to spend. During the reporting period, the company achieved operating income of 43,021 billion yuan, a year-on-year decrease of 15.38%; net profit attributable to shareholders of listed companies was 3.92 billion yuan, a year-on-year decrease of 24.70%. In the first three quarters of 2024, the gross margin of the company's main business was 32.57%, an increase of 1.09 percentage points over the previous year.

During the reporting period, benefiting from the continuous expansion of visa-free countries, the continuous optimization of visa-free transit policies, and the continuous increase in the number of international passenger flights, the company achieved a significant increase in sales at duty-free stores. Among them, revenue from duty-free stores at Beijing Airport (including Capital International Airport and Daxing International Airport) increased by more than 140% year on year, while revenue from duty-free stores at Shanghai Airport (including Pudong International Airport and Hongqiao International Airport) increased by more than 60% year over year.

During the reporting period, the company continued to increase the supply of best-selling products and broaden product boundaries. In the first three quarters, 165 brands of various products such as perfumery, luxury goods, food, tobacco and alcohol were introduced. The number of Chinese brands accounted for more than 40%, achieving good sales growth and enhancing consumers' sense of identity and belonging to domestic brands.

During the reporting period, the company has always adhered to the general tone of stability and progress, focusing on key points, making up shortcomings, strengths and weaknesses, closely innovating and optimizing various aspects of products, marketing, and channels around changes in consumer demand, enhancing the adaptability of products and services to supply and demand, promoting digital intelligence technology to empower business development, and making every effort to promote the company's high-quality development. The company insists on focusing internally on its main business, optimizing the management system, consolidating the business foundation, improving operational efficiency, strengthening cultural tourism integration, serving the national strategy, optimizing resource allocation, and promoting collaborative development. All efforts have achieved positive results.