Group 1 - The strong performance of Hainan Free Trade Port concept stocks is driven by significant policy support, with multiple stocks hitting the daily limit up [1] - The announcement of the full island customs closure operation starting on December 18, 2025, has injected confidence into the market, leading to a surge in investor interest in Hainan concept stocks [1] - The customs closure will introduce four key policy upgrades, including an expansion of the "zero tariff" policy from 1,900 to approximately 6,600 tax items, increasing coverage from 21% to 74% [1] Group 2 - The continued implementation of the duty-free shopping policy presents long-term development opportunities for related enterprises, with cumulative duty-free shopping amounts reaching 195.82 billion and 28.589 million shoppers over five years [2] - The tourism industry chain is expected to benefit from the customs closure policy, with the construction of an international tourism consumption center driving growth for various stakeholders [2] - Financial services are set to gain from the facilitation of cross-border capital flows, with ongoing tax reforms attracting high-end talent and quality enterprises to Hainan [2]

证券代码：000501 证券简称：武商集团 公告编号：2025-027 武商集团股份有限公司2023年度第一期 中期票据2025年度付息公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 为保证武商集团股份有限公司 2023 年度第一期中期票据 （债券简称：23 武商 MTN001，债券代码：102381720）付息工 作顺利进行，方便投资者及时领取付息资金，现将有关事宜公 告如下： 8.发行期限：3 年 9.本计息期债券利率：3.3% 一、本期债券基本情况 1.发行人：武商集团股份有限公司 2.债券名称：武商集团股份有限公司 2023 年度第一期中期 票据 3.债券简称：23 武商 MTN001 4.债券代码：102381720 5.发行总额：人民币玖亿肆仟万元（RMB940,000,000 元） 6.起息日：2023 年 7 月 19 日 7.到期兑付日：2026 年 7 月 19 日 10.付息日：2025 年 7 月 19 日（如遇法定节假日或休息日， 则顺延至其后的第一个工作日） 二、付息办法 托管在银行间市场清算所股份有限公司的债券，其付息资 金 ...

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].

证券代码：000501 证券简称：武商集团 公告编号：2025-026 武商集团股份有限公司 关于超短期融资券兑付完成公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 武商集团股份有限公司（以下简称"公司"）于 2024 年 9 月 23 日，发行了"武商集团股份有限公司 2024 年度第二期超短期 融资券"（债券简称：24 武商 SCP002，债券代码：012483154）， 发行金额 5 亿元人民币，发行期限为 270 天，票面利率为 2.14%， 到期兑付日为 2025 年 6 月 21 日。 公司已按期完成 2024 年度第二期 5 亿元超短期融资券的兑 付，本次兑付的相关情况可查阅中国货币网（www.chinamoney.c om.cn）、上海清算所（www.shclearing.com.cn）。 特此公告。 武商集团股份有限公司 董 事 会 2025 年 6 月 21 日 ...

证券代码：000501 证券简称：武商集团 公告编号：2025-025 武商集团股份有限公司 关于超短期融资券发行结果的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 特此公告。 武商集团股份有限公司 2024 年 7 月 9 日，公司收到交易商协会出具的《接受注册 通知书》（中市协注【2024】SCP208 号）:交易商协会决定接受公 司超短期融资券的注册，注册金额为 20 亿元，注册额度自通知 书落款之日起 2 年内有效，在注册有效期内可分期发行超短期融 资 券 【详见于 2024 年 7 月 10 日 刊登在 巨 潮 资 讯 网 （http://www.cninfo.com.cn）的 2024-021 号公告】。 2025 年 6 月 18 日，公司按相关程序在全国银行间债券市场 公开发行了武商集团股份有限公司 2025 年度第二期超短期融资 券（简称：25 武商 SCP002，债券代码：012581417），发行规模 为 5 亿元人民币，发行期限为 270 天。发行面值为 100 元人民 币，票面年利率 1.77%，起息日为 2025 年 6 月 ...

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].

Core Insights - A new batch of eight city duty-free shops is being established in cities like Wuhan and Guangzhou, with the first shop in Guangzhou set to open in mid-August 2024 [2][4] - The establishment of these shops marks a significant expansion of the duty-free business for companies like Wangfujing and Guangzhou Friendship, transitioning from offshore and airport duty-free to city-based operations [3][7] Company Developments - Guangzhou Friendship Group, in collaboration with China Duty Free Group and others, is launching a city duty-free store in Guangzhou, enhancing its retail offerings [2][4] - Wangfujing's first city duty-free store in Wuhan is currently in trial operation, representing a key step in its overall duty-free strategy [3][6] Market Context - The Ministry of Finance and other departments have issued guidelines for city duty-free shops, allowing one store each in eight major cities, focusing on easily transportable consumer goods and promoting domestic products [4][7] - The city duty-free market in China is expected to grow, with the potential for increased sales as it currently represents only 2% of the overall duty-free market, compared to over 50% in South Korea [7][8] Consumer Trends - The demand for duty-free shopping is anticipated to rise with the recovery of inbound tourism, as evidenced by a 43.1% increase in foreign visitors during the recent holiday period [11] - The Guangzhou Friendship store has already seen interest from international travelers, particularly in electronics and cosmetics, benefiting from a "buy and refund" policy [5][6] Financial Performance - China Duty Free Group reported a decline in revenue and net profit in 2024, with a notable drop in Hainan's revenue, but airport duty-free sales have shown recovery, with significant growth in Beijing and Shanghai [8][9] - The overall duty-free market is expected to see sustained growth due to the new city duty-free policies, although challenges remain in the broader retail environment [10]

武商集团股份有限公司投资者关系活动记录表 | | A 级、武商集团人工智能应用创新创业大赛十佳团队，2024 年 | | --- | --- | | | "我为湖北好货代言"直播电商大赛优秀奖等。 | | | 四、武商梦时代和南昌武商 MALL 项目是否已经开始扭亏为 | | | 盈？两个项目在品牌引进方面有哪些亮点？ | | | 答：目前，武商梦时代经营势头良好，南昌武商 MALL 于 2023 | | | 年 4 月开业，目前，仍处于提升经营质效阶段。武商梦时代在 | | | 品牌引进上，贴合新消费趋势，定位"以家庭欢聚为主题的社 | | | 交平台"，倡导城市中心"微度假"生活方式。2024 年"首 | | | 店首展首发"集群高频更新，如公司首个黄金珠宝自运营项目 | | | 周大福时尚店；点都德华中首店、蔡澜点心华中首店等特色餐 | | | 饮；运动品牌 Salomon、UAOUTDOOR 华中首店，安踏冠军湖北 | | | 首店；国际彩妆品牌华伦天奴湖北首家精品店，Crocs 卡骆驰 | | | 全球首家旗舰店、超级猩猩武汉首家综合训练店等相继登场， | | | 持续扩充国内外头部品牌矩阵，不断给 ...

Core Insights - The article discusses the rapid growth of domestic duty-free shops in China's first and second-tier cities, driven by increasing cross-border travel and supportive government policies [6][7][8] - The Ministry of Commerce has issued measures to support the establishment of international consumption centers, emphasizing the importance of domestic duty-free shops in attracting both outbound travelers and foreign tourists [7][11] - The duty-free sector is expected to play a crucial role in the retail landscape, providing new growth opportunities for local businesses and enhancing the shopping experience for consumers [11][19] Industry Trends - The cross-border travel market has seen a significant increase, with a reported 621.2 million entries and exits during the recent Qingming Festival, marking a 19.7% year-on-year growth [14] - Duty-free shopping in Hainan province has also surged, with tourism revenue reaching 1.661 billion yuan, a staggering 464.7% increase compared to the previous year [14] - Analysts predict that the ongoing tariff disputes between China and the U.S. may shift consumer spending towards duty-free channels, particularly for mid-to-high-end imported goods [13] Company Developments - Several companies, including China Duty Free Group and Wushang Group, are actively expanding their presence in the domestic duty-free market, with new stores set to open in cities like Wuhan and Chengdu [8][19] - The strategic locations of these duty-free shops, often near popular tourist attractions and in central urban areas, are designed to enhance consumer accessibility and shopping experience [20][22] - Local brands are expected to leverage this opportunity to increase their visibility and market share, with a focus on integrating cultural elements into their product offerings [19][22]

特此公告。 武商集团股份有限公司 证券代码：000501 证券简称：武商集团 公告编号：2025-024 武商集团股份有限公司 关于参加湖北辖区上市公司 2025 年投资者 网上集体接待日活动的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 为进一步加强与投资者的互动交流，武商集团股份有限公司 （以下简称"公司"）将参加由湖北证监局、湖北省上市公司协 会与深圳市全景网络有限公司联合举办的"2025 年湖北辖区上 市公司投资者集体接待日活动"，现将相关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景 路演"网站（https://rs.p5w.net），或关注微信公众号：全景财 经，或下载全景路演 APP，参与本次互动交流，活动时间为 2025 年 6 月 12 日（周四）14:00-16:40。届时公司高管将在线就公司 治理、经营状况和未来发展战略等投资者关心的问题，与投资者 进行沟通与交流，欢迎广大投资者踊跃参与！ 董 事 会 2025 年 6 月 7 日 ...