21世纪经济报道记者贺泓源、实习生李音桦 海南全岛封关运作进入倒计时。 海航控股提到，在1-10月，该公司在海口美兰机场的国际旅客运输量同比增长79%，创近五年新高。 这在波动市场中，是难得的利好。 财报显示，三季度，海航控股营收同比增长1.84%至203.54亿元；归母净利润同比下滑0.75%至27.88亿 元。作为对比，同期，国航营收同比增长0.9%至491亿元；归母净利润同比下滑11.3%至36.8亿元。 对于未来，海航控股显得颇具信心。 该公司在近期的机构交流中提到，封关运作后，海航控股可享受多项税收优惠政策，将有效降低财务成 本并吸引高端紧缺人才；飞机购置零关税、部分航材零关税，以及最大化实现保税航油政策全面落地， 将大幅降低核心运营成本。 此外，海航控股正在大力发展中转经济。 比如，在海口机场中转厅改造启用仅1个月内，成功开通海口首条国际转国际航线，实现海南省国际转 国际业务"零的突破"。同时，全面开通在飞洲际航线通程业务（含悉尼、墨尔本、奥克兰、莫斯科、伦 敦），实现海口洲际通程中转开通率为100%。 同时，海航控股协同边检完成旅客证件核验专项培训工作，于11月5日正式落实"24小时国际转国际过 ...

Core Viewpoint - The official operation of the Hainan Free Trade Port will commence on December 18, 2025, leading to increased market attention on local financial institutions, particularly Haide Co., which has demonstrated confidence through significant share buybacks [1][2]. Group 1: Company Actions and Confidence - Haide Co.'s management has completed a share buyback plan, totaling 20.85 million yuan, exceeding the original target [1]. - The share buyback involved 22 individuals, including directors and executives, with a voluntary lock-up period of six months, indicating a strong alignment of management interests with long-term company performance [3]. Group 2: Business Fundamentals and Market Position - Haide Co. is the only financial listed company in Hainan, with a strong focus on non-performing asset management (AMC), where 86.95% of its revenue comes from asset disposal as of mid-2025 [2]. - The company has established a solid foundation for future market changes post-free trade port operation, particularly in energy and listed companies, ensuring stable long-term revenue [2]. - The individual loan non-performing asset segment shows significant growth potential, with a total of approximately 16.876 billion yuan in non-performing loans, positioning the company among the industry leaders [2]. Group 3: Strategic Planning and Governance - The company has developed a systematic "2025 Investor Relations Management Plan" to enhance communication with the capital market through various channels, reflecting a commitment to investor relations [3]. - Post-free trade port operation, Haide Co. aims to leverage its capital operation and local advantages to participate in the restructuring and revitalization of distressed assets in Hainan [3].

三亚深化改革开放实现新高度。推行"一枚印章管审批"新模式，行政审批服务效率大幅提升。跨境电 商、大宗商品交易等开放型经济新业态加快发展，外贸持续提档升级。打开第五航权客货两运新局面， 成功举办多个国际级农业科技大会，三亚国际影响力和感召力持续提升。 海南这五年：三亚发展能力能级实现新跨越 中新网三亚12月2日电 (张月和)三亚市委常委、常务副市长陈景进2日在三亚市"十四五"时期经济社会发 展成就新闻发布会上说，"十四五"时期，三亚全市社会经济实现高质量发展，发展能力能级实现新跨 越。 陈景进说，从当前来看，三亚市主要经济指标稳步增长，2024年地区生产总值(GDP)首次突破千亿大 关，2025年前三季度GDP达到720.1亿元，2021年至2024年间年均增长5.5%，经济综合实力进一步增 强。 随着海南自贸港封关日益临近，三亚7个封关运作项目已建设完成，"二线口岸"查验设施顺利通过国家 验收，8个反走私综合执法站、3个海警工作站进驻运行，压力测试工作有序开展。以"零关税、低税 率、简税制""五自由便利一安全有序流动"为特征的核心政策落地见效。 编辑：董文博 广告等商务合作，请点击这里 本文为转载内容，授权事 ...

Group 1: Impact of Hainan Free Trade Port - The tourism sector may benefit from product innovation opportunities due to the Hainan Free Trade Port's closure, with increased collaboration with overseas destinations like Russia and promotion of inbound tourism products [3] - The food sector will see cost advantages through lower tariffs on imports via Hainan ports, enhancing competitive edge and optimizing cost structures [4] - The marine cultural tourism sector aims to leverage Hainan's resources to create a comprehensive service ecosystem focused on leisure, health, and cultural experiences [5][6] Group 2: Long-term Strategic Planning - 2025 is identified as a transformative year for the company, focusing on domestic and international tourism trends while enhancing core business segments [7] - The company aims to create a comprehensive tourism solution integrating travel, shopping, entertainment, dining, and accommodation [7] - Strategic investments will be made to enhance resource barriers and upgrade business models for diversified growth [7] Group 3: Profitability Improvement Plans - The company is optimizing its organizational structure and performance incentives to boost operational efficiency [8] - Expansion of sales channels through online platforms like Xiaohongshu and Douyin, alongside acquisitions to enhance offline presence [9] - Development of a B2B/B2C food supply chain service platform to improve operational efficiency and market reach [9] Group 4: Channel Development and Expansion - The company is implementing a multi-channel strategy, including offline retail, online sales, and partnerships with other businesses [11][12] - Plans to establish regional centers in key markets to enhance service responsiveness and operational efficiency [12] - Focus on integrating online and offline channels to improve customer acquisition and retention [12] Group 5: Resource Integration and Acquisitions - The company is pursuing strategic acquisitions to enhance its core business capabilities and market competitiveness [15] - Emphasis on light asset investments while maintaining a balance with necessary financial investments for sustainable growth [15] - Recent acquisition of Qingdao Hansha to strengthen production capacity and expand into high-growth markets [16] Group 6: Asset Optimization - The company is divesting from low-performing assets to streamline operations and focus on core business areas [18] - The transfer of shares in Beijing Zhenxiang Culture Development is aimed at eliminating non-productive assets and enhancing financial health [18]

11月27日，知名民营企业助力海南自贸港高质量发展大会重点项目集中签约活动在海口举行，现场 集中签约26个项目，涵盖旅游业、现代服务业、热带特色高效农业、高新技术产业等领域。中新社记者 骆云飞 摄 今年10月以来，中国侨商投资(海南)大会、中国·澄迈国际经济贸易洽谈会、中国产业转移发展对接 活动(海南)、知名民营企业助力海南自贸港高质量发展大会等一系列活动接连举行，格鲁吉亚航空、泰 国正大集团等中外企业与海南签约项目超400个。 安永(中国)企业咨询有限公司大中华区税收政策主管合伙人沈瑛华接受中新社记者采访时指出，中 外企业踊跃签约的背后，是高度看好封关后海南的投资价值。"借助自贸港政策红利组合优势，企业将 有效提升利润空间，加速全球布局，推动商业模式创新。" 自今年7月23日海南自贸港全岛封关运作时间公布以来，进口征税商品目录、海关监管办法等配套 政策陆续出台，封关政策制度体系基本建立。 中新社海口12月1日电 (记者 王子谦)随着海南自贸港全岛封关的日子一天天逼近，越来越多中外企 业到海南考察洽谈、签约项目，掀起"投资自贸港"的热潮。 "封关后的'一线放开'将有效降低研发与进口成本，15%企业所得税政策也 ...

(经济观察)"投资自贸港"热 中外企业抢抓海南封关机遇 中新社海口12月1日电 (记者 王子谦)随着海南自贸港全岛封关的日子一天天逼近，越来越多中外企业到 海南考察洽谈、签约项目，掀起"投资自贸港"的热潮。 封关为企业带来哪些利好？海南省商务厅副厅长李枝平以"三重红利"概括：成本更低，得益于"零关 税""低税率"政策；政策更优，可叠加享受个人所得税优惠、加工增值免关税、新增境外直接投资免税 等多项政策；市场更开放，海南拥有全国最短的外商投资准入负面清单和最多的鼓励类产业条目，企业 可进入领域更广泛。 "封关后的'一线放开'将有效降低研发与进口成本，15%企业所得税政策也使企业享有更低税负。"永道 控股集团股份有限公司董事长钟立钊透露，公司计划投资33亿元人民币，建设海南总部、国际结算中 心、节能环保装备制造工业园、农业农机装备产业园、跨境国际职业教育等重点项目。 11月27日，知名民营企业助力海南自贸港高质量发展大会重点项目集中签约活动在海口举行，现场 集中签约26个项目，涵盖旅游业、现代服务业、热带特色高效农业、高新技术产业等领域。 中新社记 者 骆云飞 摄 随着自贸港政策落地生效、产业基础不断夯实、营商环 ...

Group 1 - Company received a notice from the China Securities Regulatory Commission regarding historical non-operating fund occupation, which has been fully repaid as of April 24, 2025 [1] - The company reported that its production and operational activities are normal and orderly, and the incident will not have a significant impact on its operations and management [1] - The company has completed the rectification of the fund occupation issue, confirmed by regulatory authorities and accountants, indicating a typical "negative news has landed" scenario [1] Group 2 - The third-quarter report for 2025 shows robust operational resilience and clear growth potential, with net cash flow from operating activities reaching 1.267 billion yuan, a year-on-year increase of 782.20% [2] - As of September 30, 2025, the company's cash balance was 340 million yuan, a 166.37% increase from the end of the previous year, indicating enhanced short-term payment capability [2] - The company's equity attributable to shareholders reached 5.392 billion yuan, a 3.27% year-on-year growth, reinforcing its risk resistance [2] Group 3 - The company is well-positioned to benefit from the special policy dividends of the Hainan Free Trade Port, which is entering a critical implementation phase [2] - The company’s existing business in non-performing asset management and capital management aligns well with the regional policies, providing opportunities for deep collaboration [3] - The company’s strong operating cash flow and optimized financial structure support its ability to seize opportunities in cross-border business expansion [3]

最近，像这样实战化的压力测试所有与封关之后货物运往内地相关的部门都要参与其中，就是要检测"零关税"货物离岛即将实施的新查验与通行管理方式。 目前，海南自贸港封关任务整体顺利推进，全岛8个对外开放口岸和10个"二线口岸"的各类设备已基本完备，"二线口岸"试运行都已经启动，6项封关政策及 配套13项省内制度文件已全部印发，各项工作正在有条不紊地推进。 央视网消息（新闻联播）：今年的12月18日，海南自贸港全岛封关运作。目前，海南自贸港封关运作准备工作基本就绪。作为自贸港"样板间"，洋浦承接了 全岛超七成的进口货物量。当前，在封关最后冲刺阶段，他们在干什么？来看记者的调研。 记者来到洋浦国际集装箱码头的时候，码头扩建工程正在加紧施工，其中新增的488米岸线和泊位刚刚投入运营就迎来首靠船舶，旁边的堆场也进入了建设 的最后阶段。 李俊铮告诉记者，此次扩建后，码头可满足目前全球最大集装箱船舶靠泊作业需求，年设计通过能力也将提升超30%。这次扩建就是在为封关后，洋浦即将 增长约一倍的"零关税"货物提前做好准备。 全岛封关运作后，"零关税"商品范围将由目前的1900个税目扩大至约6600个税目，比封关前提高了近53个百分点。 ...

Company Overview - Established in 2002 by five shareholders, including Hainan Port and Shenzhen Yantian Port, and listed on Shenzhen Stock Exchange in 2009 [3] - Acquired 100% equity of COSCO Shipping Passenger in 2025, increasing the roll-on/roll-off fleet to 64 vessels [3] - Main operations focus on passenger and cargo transport in Hainan and Bohai Bay, with routes including Haikou to Hai'an and Yantai to Dalian [3] Financial Performance - Net profit for Q3 2025 showed a decline due to increased costs from strategic investments and acquisitions [3] - New investments in personnel and fleet, including two new flat-deck cargo ships for transporting new energy vehicles, have contributed to rising operational costs [3][4] New Route Development - Launched Haikou to Fangchenggang route, covering 157 nautical miles with a travel time of approximately 12 hours [3] - The "Chess Bay" vessel on this route can carry 844 passengers and 69 trucks, enhancing service offerings [3] Strategic Initiatives - Investment in flat-deck cargo ships aims to safely transport new energy vehicles, addressing fire risks associated with battery transport [4] - Comprehensive typhoon response plan established to mitigate disruptions caused by approximately 20 days of annual service interruptions [5] Future Outlook - The implementation of favorable tax policies in Hainan Free Trade Port is expected to lower operational costs and attract more investors [9][10] - Infrastructure improvements, such as the completion of the circular tourism road, are anticipated to boost passenger traffic [10] - Ongoing capital expenditures include the construction of two new passenger vessels expected to be operational in two years [10] Shareholder Engagement - The company maintains a commitment to providing stable dividends while ensuring sustainable growth [6] - Future dividend policies will consider profitability, cash flow, and investment plans to achieve long-term shareholder value [6]

Core Viewpoint - China Duty Free Group (中国中免) shares rose over 3%, currently up 3.62% at HKD 74.4, with a trading volume of HKD 179 million, driven by the upcoming launch of the Hainan Free Trade Port's closure operations on December 18 [1] Group 1: Hainan Free Trade Port Developments - The Hainan Free Trade Port is set to officially start its closure operations, with preparations progressing smoothly and foundational conditions in place [1] - Key policies and supporting documents, including the import tax product catalog and tax policies for goods flow, have been established [1] Group 2: Market Trends and Performance - Hainan's offshore duty-free shopping is experiencing a recovery, with shopping amounts reaching CNY 506 million and visitor numbers at 72,900 from November 1 to 7, marking increases of 34.86% and 3.37% year-on-year, respectively [1] - The growth is attributed to a low base effect, new offshore duty-free policies, large events like concerts, and promotional activities [1] - The decline in Japanese tourism is expected to redirect some overseas shopping demand back to Hainan, alongside a wealth effect from the stock market this year, benefiting winter tourism and duty-free sales in Hainan [1]