多季度业绩下跌，中免“押宝”市内免税店

Core Insights - The opening of the first city duty-free store in Xi'an marks a significant upgrade in the city's commercial landscape and represents a crucial step in the strategic transformation of China Duty Free Group (CDFG) [1] - CDFG is facing challenges with declining revenue and profits for six consecutive quarters, and the city duty-free stores are seen as a potential solution to reverse this trend [1] - The company has recently won bids for projects in multiple cities including Shenzhen, Guangzhou, Xi'an, Fuzhou, Chengdu, and Tianjin, indicating a strategy of channel expansion to stimulate demand [1] Industry Context - The consumer recovery remains weak, raising questions about whether new stores can effectively activate demand [1] - The unique advantage of duty-free shopping is diminishing as the benefits extend from airports to urban areas, potentially impacting the attractiveness of these new stores [1] - The sustainability of growth driven by city duty-free stores is uncertain and will require time to evaluate their effectiveness [1]