Core Insights - The article discusses the recent enhancements in China's departure tax refund policy aimed at boosting inbound consumption and facilitating foreign tourists' shopping experiences [1][6]. Group 1: Departure Tax Refund Policy Enhancements - The departure tax refund limit will increase from 10,000 RMB to 20,000 RMB, and the minimum purchase amount for refunds will decrease from 500 RMB to 200 RMB starting in April 2025 [1][6]. - The "immediate refund" service will be gradually promoted, making the refund process more straightforward and appealing to tourists [1][6]. Group 2: Impact on Retail and Consumption - Wangfujing Group reported a 67% increase in departure tax refund business volume in the second half of 2024 compared to the first half, with a staggering 633% year-on-year growth during the May Day holiday in 2025 [2]. - The optimization of departure tax refund policies is expected to unleash the potential of inbound tourism consumption, promoting "secondary consumption" and "related consumption" [2]. Group 3: Growth in Domestic Products and International Appeal - Domestic products, including traditional crafts and electronics, are gaining popularity among foreign tourists, with many expressing interest in unique Chinese goods [3][4]. - The structure of products eligible for departure tax refunds is continuously improving, with a focus on including more categories such as traditional Chinese medicine and robotics [4]. Group 4: Market Potential and Future Directions - The share of inbound consumption in China's GDP is approximately 0.5%, significantly lower than the 1% to 3% seen in major global economies, indicating substantial growth potential [5][6]. - The government aims to increase the number of departure tax refund stores and enhance service levels to better meet the needs of foreign tourists [6].

Group 1 - The stock price of Wangfujing (600859) closed at 13.67 yuan on June 27, 2025, down 0.44% with a turnover rate of 1.23% and a trading volume of 138,500 shares, amounting to a transaction value of 190 million yuan [1] - On June 27, 2025, the capital flow for Wangfujing showed a net outflow of 28.0167 million yuan from main funds, accounting for 14.77% of the total transaction value, while retail investors had a net inflow of 14.4725 million yuan, representing 7.63% of the total transaction value [2][4] - The company's board of directors approved the use of up to 1.5 billion yuan of idle self-owned funds to purchase structured deposit products, with a daily balance limit of 1.5 billion yuan, and the authorization is valid for 12 months from the date of approval [2][4] Group 2 - Wangfujing announced an adjustment to the total cash dividend for the 2024 profit distribution, reducing it from 90,058,625.92 yuan to 89,914,513.92 yuan (including tax), due to the completion of the repurchase and cancellation of 11,118,027 shares, changing the total share capital from 1,135,049,451 shares to 1,123,931,424 shares [3]

Group 1 - Wangfujing's stock price closed at 13.67 yuan on June 27, 2025, up 2.63% from the previous week's 13.32 yuan [1] - The highest intraday price for Wangfujing on June 26 was 13.81 yuan, while the lowest on June 23 was 13.18 yuan [1] - The current total market capitalization of Wangfujing is 15.364 billion yuan, ranking 7th out of 59 in the general retail sector and 1033rd out of 5151 in the A-share market [1] Group 2 - The board of directors authorized the use of up to 1.5 billion yuan of idle funds to purchase structured deposit products [2] - The total cash dividend for the 2024 fiscal year was adjusted from 90,058,625.92 yuan to 89,914,513.92 yuan (including tax) [2] - The revised profit distribution plan maintains a cash dividend of 0.08 yuan per share (including tax), based on the current total share capital of 1,123,931,424 shares [2]

王府井集团股份有限公司 关于授权使用闲置自有资金购买结构性存款的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 授权金额：单日结构性存款余额不超过 15 亿元人民币，在总额上限中进 行滚动使用。 授权有效期：自董事会审议通过之日起 12 个月。 履行的审议程序：本事项已经公司第十一届董事会第二十一次会议审议通 过，无需提交股东大会审议。 证券代码：600859 证券简称：王府井 编号：临 2025－049 公司拟购买的结构性存款以中短期产品为主，最长期限不超过 12 个月。 一、本次授权购买结构性存款概况 （一）购买结构性存款的目的 为提高资金使用效率，本着股东利益最大化的原则，在确保公司资金安全性、 流动性的基础上实现保值增值，公司拟购买银行发行有保本约定的结构性存款产 品。 （二）投资金额 董事会授权管理层使用不超过15亿元人民币的闲置自有资金购买银行结构性 存款产品，即单日结构性存款余额不超过 15 亿元人民币，该授权金额是在总额上 限中进行滚动使用。授权期限自董事会审议通过之日起 12 个月。 截 ...

证券代码：600859 证券简称：王府井 编号：临 2025－050 王府井集团股份有限公司 关于调整 2024 年度利润分配现金分红总额的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大 遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 王府井集团股份有限公司（以下简称"公司"）2024 年年度利润分配拟 派发现金分红的总额由 90,058,625.92 元调整为 89,914,513.92 元（含税）。 本次调整原因：截至 2025 年 5 月 15 日，公司回购股份事项已完成。回 购实施期限内，公司已实际回购股份 11,118,027 股。上述股份已于 2025 年 5 月 16 日在中国证券登记结算有限责任公司完成注销。截至本公告出具之日，公 司总股本已由 1,135,049,451 股变更为 1,123,931,424 股。公司将按照维持每股 分配比例不变的原则，对 2024 年年度利润分配现金分红总额进行相应调整。 一、调整前利润分配方案 公司于 2025 年 4 月 24 日召开第十一届董事会第十九次会议、第十一届监事 会第十五次会议，于 2 ...

证券代码：600859 证券简称：王府井 编号：临 2025－048 王府井集团股份有限公司 第十一届董事会第二十一次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大 遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、董事会会议召开情况 王府井集团股份有限公司第十一届董事会第二十一次会议于 2025 年 6 月 16 日以电子邮件和书面送达方式发出通知，2025 年 6 月 26 日在本公司会议室以现 场结合视频会议方式举行，应出席董事 9 人，实际出席 9 人。公司监事列席会议。 会议符合有关法律、法规、部门规章和《公司章程》的规定。会议由董事长白凡 先生主持。 二、董事会会议审议情况 1.通过关于授权使用闲置自有资金购买结构性存款的议案 2025 年 6 月 27 日 董事会授权管理层使用不超过 15 亿元人民币的闲置自有资金购买银行结构 性存款产品，即单日结构性存款余额不超过 15 亿元人民币，授权金额在总额上 限中滚动使用。授权期限自董事会审议通过之日起 12 个月。 表决情况：同意 9 票，反对 0 票，弃权 0 票。 2.通过关于修订《合规管理制度 ...

Core Viewpoint - The recent policy changes have led to the establishment of new city duty-free shops in several Chinese cities, aiming to boost domestic consumption and attract foreign tourists [1][4][9]. Group 1: Policy and Market Developments - The Ministry of Finance and other departments issued a notice on improving city duty-free shop policies, resulting in the opening of new shops in cities like Guangzhou, Chengdu, and Shenzhen [1][4]. - The city duty-free shops are positioned to facilitate the return of domestic residents' overseas consumption and promote tourism spending by foreign visitors [1][9]. - The new shops emphasize a mixed business model combining duty-free and taxable goods, as well as online and offline sales [4][10]. Group 2: Company Involvement and Operations - China Duty Free Group (CDFG) has secured contracts for several city duty-free shops, including locations in Chengdu and Tianjin, with a focus on high-traffic areas [3][4]. - The operational model allows for partnerships, as seen with the collaboration between Wangfujing and Wushang Group for the Wuhan duty-free shop [3][8]. - As of now, there are 27 city duty-free shops across 22 cities, with CDFG operating 12 of them [8][9]. Group 3: Market Potential and Consumer Base - The city duty-free shop market is projected to grow significantly, with short-term estimates below 4 billion yuan and long-term forecasts exceeding 30 billion yuan [9][10]. - The primary customer base consists of outbound travelers from airports and cruise ships, with a notable increase in foreign tourist spending encouraged by relaxed visa policies [9][10]. - The competition landscape is becoming increasingly diverse, with various stakeholders including local department stores and tourism companies entering the market [10].

Group 1: Industry Overview - The sales decline of Hainan's offshore duty-free shopping has narrowed, indicating marginal improvement in the market [1] - The average transaction value has reversed its two-year downward trend, with February's average price per item reaching a recent high [1] - The duty-free shopping visitor numbers still require time to recover due to a temporary decline in conversion rates [1] Group 2: Policy Impact - The implementation of the "simplified tax system" may weaken the advantages of duty-free channels, but its successful execution depends on mature supporting systems and regulatory capabilities [2] - The closure policy is expected to enhance Hainan's overall attractiveness in consumption, business, and logistics, thereby strengthening the core competitiveness of leading companies [2] Group 3: Taxation and Market Dynamics - The "immediate buy and refund" service for departure tax refunds is being promoted nationwide, which is expected to increase the shopping conversion rate for foreign consumers in China [3] - Duty-free channels have significant price advantages over taxed channels, allowing for substantial market share expansion [4] - The price of duty-free products can be significantly lower than taxed prices, with examples including cosmetics at 70-80% of taxed prices and tobacco at 45% [4] Group 4: Investment Recommendations - The duty-free industry is entering a new configuration window due to the narrowing sales decline and strong rebound in average transaction value [5] - Recommended stocks include China Duty Free Group (601888.SH, 01880) and Wangfujing (600859.SH) [5] - Attention is also drawn to China Duty Free Group's H-shares, which are currently at a discount compared to A-shares [5]

Group 1 - The core index of the China Securities Index for Food and Major Consumer Goods Retail has shown a decline of 2.40% over the past month, 6.58% over the past three months, and 6.48% year-to-date [1] - The index is composed of listed companies in the food and drug retail sector, reflecting the overall performance of these companies, with a base date of December 31, 2004, set at 1000.0 points [1] - The top ten weighted companies in the index include Yonghui Supermarket (6.61%), Digital China (6.21%), Wancheng Group (4.68%), Shanghai Pharmaceuticals (4.41%), Yifeng Pharmacy (4.32%), Jiuzhoutong (3.86%), Kidswant (3.41%), Sinopharm (3.25%), Wangfujing (3.17%), and TianKang (3.09%) [1] Group 2 - The market segments represented in the index include 43.94% in pharmaceutical commerce, 21.32% in supermarkets and convenience stores, 20.29% in specialty retail, and 14.46% in department stores [2] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December each year [2] - In special circumstances, the index may undergo temporary adjustments, such as when a sample company is delisted or undergoes mergers, acquisitions, or splits [2]

Core Viewpoint - The establishment of the first city duty-free shop in Guangzhou marks a significant expansion of the duty-free retail sector in China, with potential implications for consumer behavior and market dynamics in the region [3][4][6]. Group 1: Establishment of Duty-Free Shops - The first city duty-free shop in Guangzhou is located on the first floor of the Friendship Store in Zhujiang New Town, with plans to open around mid-August [3][8]. - A total of eight new city duty-free shops are set to open in cities including Wuhan and Guangzhou, as part of a broader initiative to enhance the duty-free shopping experience [2][4]. - The establishment of these shops is supported by a collaboration between Guangzhou Friendship Group, China Duty Free Group, and other local enterprises [3][4]. Group 2: Regulatory Framework - The "Interim Measures for the Management of City Duty-Free Shops" issued in August 2024 outlines the establishment of one duty-free shop in each of eight designated cities, promoting the sale of easily transportable consumer goods [6][14]. - The measures encourage the sale of domestic products, aiming to enhance the appeal of city duty-free shops to both domestic and international travelers [6][14]. Group 3: Market Dynamics and Consumer Behavior - The Guangzhou Friendship Store has a history of serving foreign guests and has been a pilot for the "buy and refund" tax refund policy, which has attracted international travelers [9][19]. - The store's offerings include a variety of high-end products, with electronics and cosmetics being particularly popular among foreign consumers due to competitive pricing and tax refund benefits [9][19]. - The growth of inbound tourism is expected to create new opportunities for city duty-free shops, as evidenced by a significant increase in foreign visitors during recent holidays [20][21]. Group 4: Industry Trends and Future Outlook - The duty-free market in China is evolving, with a shift from traditional duty-free formats to city-based retail, which offers more convenient shopping options [14][19]. - Despite the initial excitement surrounding new duty-free shops, experts caution that sustained success will depend on broader economic conditions and consumer preferences [19][20]. - The performance of existing duty-free operators, such as China Duty Free Group, reflects the challenges and opportunities within the market, with recent reports indicating a decline in revenue but a recovery in airport duty-free sales [16][17].