平安证券研报指出，中国中免上半年归母净利润同比下滑20.81%至26.00亿元，其中单二季度归母净利润同比下滑32.21%至6.62亿元。最终业绩基本与快报一致。公司目前在全国拥有各类型免税店约200家，覆盖超过100个城市，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。近期两家市内店开业（深圳店于8月23日试营业，广州店于8月26日正式开业）。截至期末公司与全球约1600个知名品牌建立了长期稳定的合作关系，会员人数已经突破4500万。公司持续加强供应链建设，加强营销推广、全面提升公司品牌价值。考虑上半年经营情况及当前消费环境，该行调整公司2025-2027年业绩预测至47、56、61亿元（此前分别为50、59、66亿元），对应当前市值（以2025年8月29日收盘价计）对应估值分别为30.5、25.6、23.6倍PE。维持“推荐”评级。
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