CTG DUTY-FREE(SH:601888) Tou Bao Yan Jiu Yuan·2025-12-19 12:37Group 1: Hainan Tourism Retail Overview - Hainan's offshore duty-free policy is a core initiative for building an "International Tourism Island," significantly enhancing its international tourism consumption and ecological cultural competitiveness over the past decade[5] - The tourism industry in Hainan has evolved through three stages: policy-driven, factor aggregation, and innovation iteration, forming a tourism consumption system centered on high-end vacations, duty-free shopping, and all-region tourism[10] - The cumulative shopping amount is projected to exceed CNY 253 billion by 2025, with the duty-free shopping limit increasing from CNY 5,000 to CNY 100,000 per person per year[11] Group 2: Policy Impact and Market Dynamics - The offshore duty-free policy has undergone three phases: trial, expansion, and explosion, effectively stimulating tourism consumption and aligning with consumption upgrades[13] - The market has transitioned from basic needs to high-end, diversified, one-stop shopping experiences, with a significant increase in the proportion of imported goods and luxury brands[19] - The consumer demographic has shifted, with the Z generation's share rising from 25% in 2020 to 40% in 2023, indicating a trend towards younger and more personalized consumer needs[20] Group 3: Company Analysis - China Duty Free Group - China Duty Free Group operates six offshore duty-free stores in Hainan, establishing a "triangular" market structure centered around Sanya, Haikou, and Qionghai, thus controlling key traffic flows[27] - The company has expanded its channel layout through acquisitions, enhancing its market coverage and strategic positioning in Hainan[29] - The group is innovating its business model by integrating cultural experiences and marketing innovations, transforming duty-free shopping into a comprehensive lifestyle platform[30]