Group 1 - The bidding for duty-free shops at Shanghai airports has concluded, with China Duty Free Group (CDFG) and foreign-owned Dufo Rui winning the contracts, marking the exit of Japan Duty Free (JDF) from the business [2][5] - JDF's failure to secure the bid was influenced by opposition from CDFG's board members, leading to JDF not being allowed to participate in the bidding process [3][4] - CDFG's victory is seen as beneficial for the company, as it will now operate in higher-quality areas of the airport, potentially increasing overall revenue despite losing one bidding segment [5][6] Group 2 - CDFG's recent performance has been under pressure, with a reported revenue of 39.862 billion yuan, a year-on-year decline of 7.34%, and a net profit of 3.052 billion yuan, down 22.13% [6] - In contrast, JDF has historically been a significant player in China's duty-free market, having secured exclusive rights at major airports since its establishment in 1999 [8][9] - JDF is exploring new avenues for growth, including a potential focus on online operations and the introduction of a new membership system on its platform [12] Group 3 - The bidding process for the duty-free shops was marked by legal disputes, with JDF submitting complaints against CDFG for alleged violations of legal agreements [4] - The outcome of the bidding could have significant implications for JDF, especially if it fails to secure contracts at Beijing Capital International Airport, which would result in the loss of all physical stores in major cities [10] - The competitive landscape in the duty-free market is shifting, with CDFG's strategy reflecting a response to its declining performance and the need to enhance operational efficiency [5][6]

Core Viewpoint - The bidding for duty-free shops at Shanghai airports has concluded, with China Duty Free Group (CDFG) and foreign-owned Dufoor winning the contracts, marking the exit of Japan Duty Free (JDF) from the Shanghai airport duty-free business [2][3]. Group 1: Bidding Outcome - CDFG won the rights to operate duty-free shops at Shanghai Pudong International Airport's T2 terminal and Hongqiao International Airport's T1 terminal, while Dufoor secured the T1 terminal and S1 satellite hall at Pudong [9]. - The bidding process saw JDF being blocked from participating due to opposition from CDFG's board members, leading to JDF's eventual withdrawal from the bidding [4][6]. Group 2: Financial Implications - CDFG's decision to operate the duty-free shops is seen as a strategy to address its declining performance, with a reported revenue of 39.862 billion yuan in Q3, down 7.34% year-on-year, and a net profit of 3.052 billion yuan, down 22.13% [10]. - The overall revenue for CDFG is projected to decline further in 2024, with expected revenues of 56.474 billion yuan and a net profit of 4.267 billion yuan, representing year-on-year declines of 16.38% and 36.44% respectively [10]. Group 3: JDF's Future Prospects - JDF, once a dominant player in China's duty-free market, is now facing challenges, especially with the potential loss of its presence at Beijing Capital International Airport if it fails to secure the upcoming tender [15]. - JDF is exploring new avenues for growth, including a focus on online operations and the introduction of a new membership system on its platform "CDFG JDF," which is separate from CDFG's membership system [16][19].

从资金流向上来看，当日旅游零售板块主力资金净流出5.24亿元，游资资金净流入1.38亿元，散户资金 净流入3.86亿元。旅游零售板块个股资金流向见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 证券之星消息，12月18日旅游零售板块较上一交易日下跌4.04%，中国中免领跌。当日上证指数报收于 3876.37，上涨0.16%。深证成指报收于13053.98，下跌1.29%。旅游零售板块个股涨跌见下表： ...

Core Points - The free trade port concept has seen a decline of 1.35%, ranking among the top declines in concept sectors [1] - Within the free trade port sector, notable declines were observed in companies such as China Duty Free Group (-4.04%), Haima Automobile (-9.34%), and Luoyang Longyuan (-9.92%) [2][3] - Conversely, there were 21 stocks that experienced price increases, with Zhongchuang Logistics, Pudong Construction, and Changlian Co., Ltd. leading the gains at 2.51%, 2.30%, and 2.26% respectively [1][2] Market Overview - The free trade port sector experienced a net outflow of 1.547 billion yuan, with 28 stocks seeing net outflows, and 6 stocks exceeding 100 million yuan in outflows [2] - The largest net outflow was from China Duty Free Group, amounting to 474 million yuan, followed by Haima Automobile (238 million yuan) and HNA Holding (176 million yuan) [2][3] - On the other hand, the stocks with the highest net inflows included Shanghai Port Group (28.91 million yuan), Pudong Construction (22.41 million yuan), and Xiamen Port (15.58 million yuan) [2][3] Sector Performance - The free trade port concept was among the sectors with the largest declines, alongside the Hainan Free Trade Zone, which fell by 3.37% [2] - Other sectors that performed well included DRG/DIP, which rose by 3.87%, and Family Doctors, which increased by 3.86% [2] - The overall market sentiment appears to be cautious, as indicated by the significant net outflows from the free trade port sector [2]

Core Viewpoint - The article discusses the official launch of the Hainan Free Trade Port's full island closure on December 18, which is expected to create a special customs regulatory area and implement a policy of "one line open, two lines controlled, and free within the island" [5][6]. Group 1: Policy Implications - The "one line open" policy allows for more freedom and convenience for people, capital, goods, and data from foreign countries and regions to enter Hainan [6]. - The "two lines controlled" policy means that special policies applicable only within Hainan will be managed by mainland policies when elements enter the mainland [6]. - The closure is anticipated to optimize the development environment for the private economy and stimulate investment activity, providing clear development opportunities for multiple industries [6]. Group 2: Beneficiary Industries - Industries such as import-export trade, international shipping, and logistics will directly benefit from customs facilitation and tax incentives [7]. - The tourism, hotel, exhibition, cultural entertainment, and healthcare sectors are expected to expand due to visa-free and tax-free policies, attracting more international visitors [7]. - High-end manufacturing and technology sectors, including biomedicine and digital economy, will benefit from zero tariffs and low tax rates, reducing R&D costs and attracting businesses [7]. Group 3: Investment Opportunities - The closure is seen as a significant opportunity for the trade sector and will help Hainan accelerate its development as an international tourism consumption center [7]. - Stakeholders in the tourism industry, including scenic spots, hotels, and travel retailers, are expected to benefit in the long term [7]. - Areas such as duty-free shopping, cross-border finance, and international shipping are projected to present investment opportunities post-closure [7].

2025 年 12 月 18 日 | 顾向君 | | | --- | --- | | H70420@capital.com.tw | | | 目标价(A 股) | 82 | 公司基本资讯 | 产业别 | | 休闲服务 | | --- | --- | --- | | A 股价(2025/12/18) | | 76.50 | | 上证指数(2025/12/18) | | 3876.37 | | 股价 12 个月高/低 | | 93.5/53.64 | | 总发行股数(百万) | | 2068.86 | | A 股数(百万) | | 1952.48 | | A 市值(亿元) | | 1556.51 | | 主要股东 | | 中国旅游集团 | | | | 有限公司 | | | | (50.30%) | | 每股净值(元) | | 26.66 | | 股价/账面净值 | | 2.99 | | | 一个月 三个月 | 一年 | | 股价涨跌(%) | -2.9 | 8.1 14.7 | 近期评等 | 出刊日期 | 前日收盘 | 评等 | | --- | --- | --- | | 2025-12-18 | 76.07 | ...

2025年12月18日，海南自由贸易港全岛封关运作正式启动，标志着中国高水平对外开放进入全新阶段。 零关税扩容等政策红利的持续释放，推动高新技术产业和现代服务业在海南集聚，为旅游零售行业注入 强劲发展动能。作为世界一流的旅游零售商，中免集团已构建起全方位战略布局，从渠道、供应链、会 员运营等维度构筑核心竞争力，迎接封关时代的到来。 在渠道网络方面，中免集团在全国30多个省、市、自治区、特别行政区和柬埔寨等地设立了涵盖机场、 机上、边境、外轮供应、客运站、火车站、外交人员、邮轮和市内九大类型约200家免税店，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。 作为海南离岛免税政策承接主力军，中免集团在海南省拥有6家离岛免税店，包括目前全球第一大和第 二大的免税商业综合体——cdf海口国际免税城和cdf三亚国际免税城，以"一岛多店"的错位布局，在海 南构建起"全岛免税生态圈"。其中，cdf三亚国际免税城累计销售额超千亿元，成为海南首家千亿级免 税门店，今年正式挂牌成为国家AAAA级旅游景区，是全国首个以免税商业为核心载体的国家级旅游景 区。cdf海口国际免税城以其宏大的规模 ...

瑞银将 中国中免 A股评级上调至买进；目标价99.59元人民币。 ...

Core Viewpoint - The ownership of the duty-free business at Shanghai Airport has been officially transferred to Dufry and China Duty Free Group, marking a significant shift in the airport's duty-free landscape after over 20 years of operation by Dayong Shanghai [1][3]. Group 1: Contractual Changes - Shanghai Airport has signed contracts with Dufry and China Duty Free Group for an 8-year term, from January 1, 2026, to December 31, 2033 [1]. - Dufry will operate the duty-free shops in the international areas of Terminal 1 and the S1 satellite hall at Pudong International Airport, while China Duty Free Group will manage Terminal 2 and the S2 satellite hall at Pudong, as well as Terminal 1 at Hongqiao International Airport [4]. Group 2: Financial Structure and Revenue Model - The contracts feature different term structures: Dufry's contract follows a "3+5 years" model, while China Duty Free Group's contract is structured as "5+3 years," both with performance assessment mechanisms [6]. - Shanghai Airport will invest up to 98 million yuan to establish joint ventures with both Dufry and China Duty Free Group, holding 49% stakes in each [7]. - The revenue model has shifted from a "minimum guarantee" to a "fixed rent + sales commission" structure, with specific monthly fixed rents set for different areas [10]. Group 3: Changes in Commission Rates - The sales commission rates have been significantly reduced, with new rates for Pudong Airport ranging from 8% to 24% and for Hongqiao Airport from 8% to 22%, compared to the previous range of 18% to 36% [11]. - The total operating area for duty-free shops has increased under the new contracts, with a requirement to introduce new product categories such as mobile phones and mini-drones [11]. Group 4: Regulatory Attention - The Shanghai Stock Exchange has issued an inquiry regarding the substantial decrease in both rental prices and sales commissions compared to the previous agreements, seeking clarification on the rationale and implications for future performance [11]. - The company anticipates that the new contracts will positively impact revenue from 2026 to 2033, reflecting a strategic shift towards a collaborative revenue-sharing model in response to intensified competition in the industry [11].

2025年12月18日，海南自由贸易港迎来全岛封关的历史性时刻，标志着海南对外开放迈入全新阶段，离岛免税产业也将登上更大的展示舞台。在此关键节 点，中免集团"封关启航"仪式在其标志性建筑"天际秘林"隆重举行。海南省人民政府副秘书长陈万馨、中国旅游集团副总经理刘昆出席活动，仪式标志着中 免集团旗下免税店将以全新姿态，积极迎接海南全岛封关运作的历史性机遇。中免集团以一场前所未有的消费盛事，将政策红利转化为惠及全球消费者的切 实福利，共迎自贸港新篇章。 中免将投入1.218亿元礼券于全岛发放，活动期间，使用指定支付方式可享"满1000元立减100元"优惠，海南居民凭有效证件更可专享中免海南门店免税购物 88折 。封关启动日当天，首单消费满100元即可获赠100中免积分。此外，12月18日至22日，支付宝"碰一下"支付顾客均有机会成为幸运"锦鲤"，赢取最高 1218元的随机免单。 本次年终盛典还特别设计了贯穿封关及跨年节庆的礼遇升级。2025年12月18日至2026年1月4日，覆盖香化、食品百货含金量十足的"低价换购"亦将在全岛六 店同步上线，进一步放大消费价值。 封关启航，中免集团以多维礼遇献礼时代新程 为迎接封关 ...