Core Viewpoint - The new Hainan duty-free policy, effective from November 1, 2025, represents the most significant adjustment since the 2020 policy, expanding the consumer base and product categories for China Duty Free Group (CDFG) [1][4][10] Group 1: Policy Changes - The new policy allows "departing and outbound travelers" to shop at duty-free stores, broadening the market to include international travelers [4] - The number of duty-free product categories has increased from 45 to 47, adding pet supplies and portable musical instruments, while also allowing domestic products to be sold duty-free [4][10] - Shopping experience improvements include unlimited purchases for island residents and raising the shopping age from 16 to 18 [4] Group 2: Market Performance - During the 2025 Mid-Autumn Festival and National Day holiday, duty-free sales in Hainan reached 944 million yuan, a 13.6% year-on-year increase, with an average spending of 7,685 yuan per person, up 10% [5] - The new policy is expected to further enhance this growth momentum [5] Group 3: Competitive Advantages - CDFG's supply chain is a significant competitive advantage, with a procurement scale of 54 billion yuan in 2024, allowing for a 15%-20% price advantage over competitors [6] - CDFG holds eight national duty-free licenses and has a market share of 78% in Hainan, with over 1,500 brand partnerships [6] - The company is optimizing its channel layout, with new stores opening in Guangzhou and Shenzhen, achieving over 50 million yuan in sales in the first month [6] Group 4: Challenges Ahead - Despite policy benefits, CDFG faces uncertainties in consumer recovery, with a 26.2% year-on-year decline in shopping numbers in Hainan in the first half of 2025 [8] - Increased competition from new players like Wangfujing and Hainan Tourism Development, leading to a slight decrease in market share from 68% to 65% [8] - The transition in business structure is causing short-term pain, with a 21.5% year-on-year decline in taxable revenue in the first half of 2025 [8] Group 5: Future Growth Potential - The full closure of Hainan is set for December 18, 2025, with predictions that the tourism retail market could reach 250 billion yuan by 2030, potentially generating over 200 billion yuan in sales for CDFG [10] - CDFG is expanding its global footprint, with plans to enter markets in Thailand and Malaysia, aiming for overseas revenue to contribute over 30 billion yuan by 2030 [10]

Group 1 - The tourism retail sector increased by 0.43% on October 20, with China Duty Free Group leading the gains [1] - The Shanghai Composite Index closed at 3863.89, up 0.63%, while the Shenzhen Component Index closed at 12813.21, up 0.98% [1] - China Duty Free Group's closing price was 70.32, reflecting a 0.43% increase, with a trading volume of 277,400 shares and a transaction value of 1.966 billion yuan [1] Group 2 - The tourism retail sector saw a net inflow of 82.6014 million yuan from institutional investors, while retail investors experienced a net outflow of 25.094 million yuan [1] - The breakdown of fund flows indicates that institutional investors accounted for 4.20% of the net inflow, while retail investors had a net outflow of 1.28% [1]

Group 1 - The tourism retail sector increased by 0.09% on October 17, with China Duty Free Group leading the gains [1] - The Shanghai Composite Index closed at 3839.76, down by 1.95%, while the Shenzhen Component Index closed at 12688.94, down by 3.04% [1] - China Duty Free Group's closing price was 70.02, with a slight increase of 0.09% [1] Group 2 - The tourism retail sector saw a net inflow of 94.26 million yuan from main funds, while retail funds experienced a net outflow of 32.97 million yuan [1] - The main fund's net inflow for China Duty Free Group was 94.26 million yuan, accounting for 3.88% of the total [1] - Retail funds had a net outflow of 6.13 million yuan, representing a -2.52% change [1]

Core Viewpoint - The adjustment of the duty-free shopping policy for travelers in Hainan is expected to enhance consumer experience and support the development of Hainan Free Trade Port [1] Group 1: Policy Changes - The Ministry of Finance, along with the General Administration of Customs and the State Taxation Administration, has announced adjustments to the duty-free shopping policy for travelers in Hainan [1] - The range of duty-free products has been expanded from 45 categories to 47 categories, now including pet supplies, portable musical instruments, mini drones, and small appliances [1] - The policy allows for the inclusion of clothing, footwear, ceramics, scarves, and other items, which is anticipated to increase the supply of goods available to consumers [1] Group 2: Economic Impact - The policy adjustments are aimed at broadening the benefits of the duty-free shopping policy, improving consumer shopping experiences, and enhancing the sense of gain for residents on the island [1] - These changes are expected to contribute positively to the ongoing development of Hainan Free Trade Port [1]

Group 1 - The stock of China Duty Free Group (01880.HK) rose over 4% in the afternoon trading session on October 17, reaching a price of 63.5 HKD [2] - The trading volume for the stock was 276 million HKD at the time of reporting [2]

中国中免(01880)午后涨超4%，截至发稿，涨4.1%，报63.5港元，成交额2.76亿港元。 消息面上，为进一步扩大政策效应，支持海南自由贸易港建设，10月17日，财政部、海关总署、税务总 局联合印发公告，调整海南离岛旅客免税购物政策，并定于11月1日起实施。调整后的政策，包括扩大 离岛免税商品范围，优化后的离岛免税商品由45大类提高至47大类等。政策调整后将有利于扩大离岛免 税政策享惠面，增加商品供给，改善消费者购物体验，提升岛内居民获得感，推动海南自由贸易港建设 不断取得新成效。 财通证券指出，公司是国内免税行业龙头，持续深耕运营能力，该行认为随着海南离岛免税节假日数据 逐步改善，叠加出入境数据恢复较好，公司的离岛免税和口岸免税有望迎来拐点，同时公司积极发力市 内免税业务打造第二增长曲线。 ...

Core Viewpoint - The adjustment of the duty-free shopping policy for Hainan's offshore travelers is expected to enhance the consumer shopping experience and support the development of the Hainan Free Trade Port, benefiting companies in the duty-free industry, particularly China Duty Free Group. Group 1: Policy Changes - On October 17, the Ministry of Finance, General Administration of Customs, and State Taxation Administration jointly announced adjustments to the duty-free shopping policy for Hainan, effective from November 1 [1] - The number of categories of duty-free goods has increased from 45 to 47, which is expected to expand the benefits of the duty-free policy and improve the supply of goods [1] Group 2: Company Performance - China Duty Free Group's stock rose over 4%, reaching HKD 63.5, with a trading volume of HKD 276 million [1] - According to Caitong Securities, the company is a leader in the domestic duty-free industry and is expected to see a turning point in its offshore and port duty-free businesses as holiday data improves and inbound and outbound travel data recovers [1] - The company is also actively developing its domestic duty-free business to create a second growth curve [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因依 賴該等內容而引致的任何損失承擔任何責任。 China Tourism Group Duty Free Corporation Limited 中國旅遊集團中免股份有限公司 於本公告日期，董事會成員包括非執行董事范雲軍先生及劉昆女士，執行董事常 築軍先生、王月浩先生及王軒先生及獨立非執行董事葛明先生、王瑛女士及王強 先生。 （一家於中華人民共和國註冊成立的股份有限公司） （股份代號：1880） 董事會會議召開日期 中國旅遊集團中免股份有限公司（「本公司」）董事會（「董事會」）宣佈，將於2025 年10月30日（星期四）舉行董事會會議，藉以（其中包括）審議及批准本公司及其 附屬公司截至2025年9月30日止九個月的第三季度業績及其刊發，以及考慮建議 派發中期股息（如有）及其他議題。 承董事會命 中國旅遊集團中免股份有限公司 董事會主席 范雲軍先生 中國•北京 2025年10月16日 ...

格隆汇10月16日丨中国中免(01880.HK)宣布，将于2025年10月30日（星期四）举行董事会会议，藉以 （其中包括）审议及批准本公司及其附属公司截至2025年9月30日止九个月的第三季度业绩及其刊发， 以及考虑建议派发中期股息（如有）及其他议题。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因依 賴該等內容而引致的任何損失承擔任何責任。 China Tourism Group Duty Free Corporation Limited 董事會會議召開日期 中國旅遊集團中免股份有限公司（「本公司」）董事會（「董事會」）宣佈，將於2025 年10月30日（星期四）舉行董事會會議，藉以（其中包括）審議及批准本公司及其 附屬公司截至2025年9月30日止九個月的第三季度業績及其刊發，以及考慮建議 派發中期股息（如有）及其他議題。 承董事會命 中國旅遊集團中免股份有限公司 董事會主席 范雲軍先生 中國•北京 2025年10月16日 於本公告日期，董事會成員包括非執行董事范雲軍先生及劉昆女士，執行董事常 築軍先生、王月浩先生及王軒先生及獨立非執行董事葛明先生、王瑛女士及王強 先生。 中國旅遊集團中免股份有限公司 （一家於中華人民共和國註冊成立的股份有限公司） （股份代號：1880） ...