基于杜邦分析法的中国中免盈利能力分析
Analysis of Profitability of China Tourism Group Duty Free Based on DuPont Analysis

中国中免公司作为文旅消费行业的龙头企业，在新冠肺炎持续性和反复性的影响下业绩产生了波动与下滑。作为曾经享有“免税茅”之称的公司，在新冠疫情以及“免税蛋糕”逐渐被分食的共同夹击下，中国中免的发展面临了新一轮的挑战。本文针对中国中免公司2019~2022年经营状况，运用杜邦分析法对其公司盈利能力与质量展开研究，发现中国中免公司存在营业成本占比增高、存货周转能力下降以及重大投资项目回报存在不确定性的问题，并提出相应建议。
As a leading enterprise in the tourism and consumption industry, China Tourism Group Duty Free’s performance has fluctuated and declined under the impact of the persistence and repetition of COVID-19. As a company once enjoyed the title of “Maotai Company” in the tax-free industry, the development of China Tourism Group Duty Free has faced a new round of challenges under the combined impact of COVID-19 and the gradual division of the “tax-free cake”. Based on the operating conditions of China Tourism Group Duty Free from 2019 to 2022, this paper studies the profitability and quality of China Tourism Group Duty Free by using DuPont analysis. It finds that China Tourism Group Duty Free has problems such as increased proportion of operating costs, declined inventory turnover ability, and uncertainty in returns of major investment projects, and puts forward corresponding suggestions.