Group 1 - Goldman Sachs held an investor conference call discussing the latest trends and growth dynamics in Hainan's duty-free sales, with insights from a tourism retail expert [1] - The expert expressed cautious optimism for Hainan's duty-free sales growth by 2026, anticipating sustained healthy growth in inbound tourism and increased consumption of high-priced items like clothing and electronics [1] - The expert noted that competition among existing duty-free operators remains relatively stable, with China Duty Free Group expected to maintain a market share of 70% to 80% [1] Group 2 - The expert indicated that the issuance of consumption vouchers may slow down, as evidenced by a recent deceleration in distribution speed in Sanya [1] - The expert does not expect last year's policy relaxations to significantly boost sales among Hainan residents, as they contributed only 11 million RMB to sales, accounting for less than 1% [1] - China Duty Free Group continues to succeed by focusing on product variety and inventory levels, offering more bundled packages rather than aggressive price discounts [2]
高盛：专家料海南免税销售竞争环境相对稳定 中免(01880)维持70%至80%市占率