国泰海通｜批零社服：政策加码免税：频次、客群、品类三箭齐发

Core Viewpoint - The new duty-free policy in Hainan, effective from November 1, 2025, signals positive developments for the market, with increased shopping frequency, expanded customer base, and a broader range of product categories expected to stabilize and slightly boost sales [1][2]. Group 1: Policy Changes - The new policy allows island residents to purchase duty-free goods without limit on the number of transactions within a calendar year, enhancing convenience for local consumers [3]. - The policy introduces a new customer segment, allowing "departing and leaving travelers" to enjoy duty-free shopping, which includes both domestic and international travelers who meet specific criteria [3]. - The age requirement for duty-free shopping has been raised from 16 to 18 years, aligning with the new regulations [4]. Group 2: Product Category Expansion - The number of duty-free product categories has increased from 45 to 47, with new additions including pet supplies and portable musical instruments, which are expected to enhance the average transaction value and profit margins [2][4]. - The restructuring of product categories includes integrating air purifiers into small appliances and expanding wearable devices into electronic consumer products [2]. Group 3: Tax Benefits - Domestic products such as scarves, clothing, ceramics, and coffee will be sold in duty-free stores, treated as exports, and eligible for VAT and consumption tax exemptions [4].