免税商品品类由45个商品大类提高至47个大类，同时，新政允许服装服饰、鞋帽、陶瓷制品、丝 巾、咖啡、茶等6类国内商品按离岛免税政策销售。 2025年11月1日起，完成新一轮优化调整的海南离岛免税政策正式实施，多重红利让市民游客买得 更尽兴。 从境外游客也能买到岛内居民随时买，从进口商品品类多元化到国货也能免税买，如今，海南离岛 免税政策越来越"给力"，也让海南自贸港的开放变得更加可感、可及。 为让更多消费者享受到离岛免税购物的乐趣，海南已连续多年举办离岛免税购物节，真金白银发放 消费券。今年底，海南还将推出年终购物盛典等系列活动。 到底"谁能买"? 过去，海南离岛免税只对从海南离岛但不离境的旅客开放，离境旅客只能通过市内免税店、出境免 税店、离境退税商店进行免税购物。而现在，从海南离岛且离境的旅客，也能在离岛免税店购物。离岛 且离境旅客购买离岛免税商品的金额，计入其每年10万元人民币的免税购物额度，不限次数。 今后，海南岛内居民，只需在一个自然年度内有离岛记录，就能在本年度内不限次数购买"即购即 提"的离岛免税商品。"一个自然年度"指每年的1月1日至当年的12月31日。岛内居民指年满18周岁，持 有海南省身份 ...

Core Insights - The implementation of the upgraded "duty-free" policy in Hainan from November 1 to 30 has resulted in a shopping amount of 2.38 billion yuan, marking a year-on-year increase of 27.1% [1] - The number of shoppers reached 329,000, with a total of 1.905 million items purchased, indicating a smooth and orderly operation in the first month of the policy [1] Group 1: Sales Performance - The new policy has led to the sale of 7,597 items in newly added categories such as pet supplies, portable musical instruments, small household appliances, and electronic consumer goods, generating sales of 13 million yuan [3] - Domestic products accounted for 126 items sold, with a total sales amount of 391,000 yuan [3] Group 2: Consumer Demographics - Out of the total purchases, departing travelers bought 4,100 items, with 1,213 individuals spending 9.063 million yuan, while local residents engaged in "immediate purchase and pick-up" shopping, totaling 4,357 individuals and 13,903 items purchased for 10.808 million yuan [3][5] Group 3: Consumer Feedback - Local residents expressed satisfaction with the new policy, highlighting the convenience it brings to daily shopping, particularly for imported goods like milk powder and diapers [5] - Tourists from Hong Kong noted the expanded range of duty-free items, including guitars, enhancing the appeal of Hainan's duty-free shopping experience [5] Group 4: Industry Response - The duty-free market in Hainan is experiencing increased consumer demand, with the sales volume of duty-free purchase orders steadily growing, reflecting the strong impact of the new policy on consumption [7] - The Hainan Customs is committed to enhancing regulatory efficiency and supporting the development of the duty-free industry, contributing to the establishment of Hainan as an international tourism consumption center [7]

海南离岛免税政策升级以来，多重利好持续激活消费市场。据海口海关数据，2025年11月1日至30日升 级政策实施首月，海南离岛免税购物金额23.8亿元，同比增长27.1%。 ...

准备就绪。 海关总署自贸区和特殊区域发展司司长潘城指出，目前海南自贸港封关海关监管制度体系已建成。具体来看，海关总署已研究制定并发布了《中华人民共和国海关 对海南自由贸易港监管办法》《中华人民共和国海关对海南自由贸易港加工增值免关税货物税收征管暂行办法》以及"径予放行"管理等5项配套制度；海口海关则 就"零关税"货物及适用加工增值免关税政策的货物等实施全流程监管、"分批出岛、集中申报"便利化措施、口岸监管等细化制定了12项关级配套制度。 分线监管 既精准管住又高效便捷 11月18日，海关总署举行海关支持海南自由贸易港建设总体情况介绍通报会，海口海关关长高瑞峰在会上表示，目前全岛封关运作所需的软硬件条件已准备就绪， 海关监管制度体系已建设完成，封关运作测试演练全面推进，海关监管风险防线持续加强，关地协同共管机制全面建立，封关运作人力和组织保障已整体到位。下 一步，海口海关将做好封关各项准备工作，确保封关运作平稳有序。 海南自贸港封关海关监管制度体系已建成 海南自由贸易港将于2025年12月18日正式启动全岛封关运作。所谓"封关"是指将海南岛全岛建成一个海关监管特殊区域，实施以"'一线'放开、'二线'管住、岛内自 ...

Investment Rating - The report maintains a "Buy" rating for the company [7][8]. Core Views - The new tax-free shopping policy in Hainan is expected to boost consumption and attract overseas spending back to the region, benefiting China Duty Free Group (CDFG) due to its scale and operational experience [1]. - The recent policy changes include an expansion of product categories, relaxed eligibility criteria, and simplified approval processes, which are anticipated to significantly enhance the performance of duty-free shopping in Hainan [2][3]. - CDFG has proactively positioned itself to leverage these policy benefits, focusing on product variety, membership systems, and expanding its duty-free store network [4]. Summary by Sections Investment Rating - The investment rating for CDFG is "Buy" for both A-shares and H-shares, with target prices set at RMB 104.16 and HKD 93.96 respectively [7]. Policy Changes - The new policies include the addition of two major product categories and six types of domestic goods eligible for tax exemption, as well as allowing island residents with departure records to purchase duty-free items without restrictions [2]. - The implementation of these policies has already shown positive results, with Hainan's duty-free shopping amounting to RMB 506 million from November 1 to November 7, reflecting a year-on-year increase of 34.86% [2]. Company Positioning - CDFG has introduced various domestic brands and is enhancing its membership system, which has grown to over 26 million members as of Q3 [4]. - The company is developing a comprehensive duty-free platform that includes island, airport, and city duty-free operations, with expectations of revenue and profit recovery as policies improve [4]. Financial Projections - The report projects an increase in net profit for CDFG, with estimates for 2026 and 2027 being RMB 47.60 billion and RMB 56.09 billion respectively, reflecting a 13% and 17% increase [5]. - The target price adjustments are based on a slight increase in premium rates, with the A-share target price reflecting a 45x PE ratio for 2026 [5].

Core Insights - The new duty-free policy in Hainan has led to significant increases in both shopping amounts and customer numbers during its first week of implementation, with a total shopping amount of 506 million yuan and 72,900 shoppers, representing year-on-year growth of 34.86% and 3.37% respectively [1][3]. Group 1: Sales Performance - The new categories of products, including pet supplies and portable musical instruments, have seen sales of 1,488 items amounting to 2.7468 million yuan [1]. - Departure travelers purchased 886 duty-free items worth 2.2047 million yuan, while local residents engaged in "immediate purchase and pick-up" for 403 items totaling 356,100 yuan [1]. Group 2: Consumer Behavior - The implementation of the new policy has prompted duty-free stores to launch various promotional activities to attract customers, particularly targeting younger consumers through trendy brands and engaging shopping experiences [3]. - The number of outbound travelers from Hainan has exceeded 2 million this year, marking a year-on-year increase of 22.4%, with foreign travelers accounting for over 1.06 million, a 45.1% increase [3]. Group 3: Policy Impact - The new duty-free policy extends benefits to departing travelers, allowing them to purchase duty-free items that were previously unavailable to them [3]. - Local residents with outbound travel records can now purchase unlimited quantities of 15 categories of "immediate purchase and pick-up" items within a calendar year, enhancing their shopping convenience [3][4].

Core Insights - The new duty-free policy in Hainan officially took effect on November 1, leading to a significant increase in sales and consumer participation on the first day of implementation [2][3] Group 1: Sales Performance - On the first day of the new policy, the customs reported a duty-free sales amount of 78.549 million yuan, with 54,800 items sold and 12,700 shoppers participating, marking a 6.1% increase in sales compared to the previous day [2] - The sales included 243 items from new categories such as pet supplies and portable musical instruments, generating over 410,000 yuan in sales [2] Group 2: Policy Impact - The new policy extends the benefits of the duty-free shopping to departing travelers, who previously relied on duty-free shops and tax refund stores when leaving the country [2] - Hainan has seen over 2 million inbound and outbound travelers this year, a year-on-year increase of 22.4%, with foreign travelers exceeding 1.06 million, reflecting a 45.1% growth [2] Group 3: Product Category Changes - The duty-free product catalog has been optimized, adding two new categories: pet supplies and portable musical instruments, which include 19 types of musical instruments such as flutes, guitars, violins, and accordions [2]

Core Viewpoint - The Ministry of Finance, General Administration of Customs, and State Taxation Administration jointly announced an upgrade to the duty-free shopping policy for Hainan's offshore travelers, effective November 1, which aims to enhance the shopping experience and support the construction of the Hainan Free Trade Port [1] Group 1: Policy Changes - The new policy increases the number of duty-free product categories from 45 to 47, adding items such as pet supplies and portable musical instruments [16] - Domestic products like clothing, coffee, and tea are now allowed in duty-free stores, exempting them from value-added tax and consumption tax [4] - The policy expands the eligible consumer base, allowing island residents to purchase duty-free items without limit as long as they have at least one record of leaving the island within a calendar year [6][9] Group 2: Implementation and Preparation - Hainan's duty-free stores, such as Haikou International Duty-Free City, have prepared for the new policy by creating special sections for new product categories and ensuring that new items are available on the first day of the policy [2][4] - The duty-free city has upgraded its checkout system to accommodate the new policy changes starting November 1 [6] - The "island resident immediate pickup" shopping option has been added to enhance the shopping process for local consumers [8] Group 3: Consumer Guidelines - Eligible island residents must be at least 18 years old and possess a valid Hainan ID, residence permit, or social security card; foreign residents must have a residence permit for working or living in Hainan [9][10] - The calculation of the "departure record" for residents is based on actual departures from January 1 to December 31 of each year, with the first valid record for the new policy starting from November 1, 2023 [12] - Residents can purchase "immediate pickup" duty-free items without limit, but these items must fall under specific categories and have a single item price below 20,000 RMB, with an annual shopping limit of 100,000 RMB [13]

Core Points - The announcement details the revised regulations for duty-free shopping for travelers leaving Hainan, effective from November 1, 2025, replacing the previous regulations from 2020 [2][3] - The revisions aim to enhance the management of duty-free shopping and promote Hainan as an international tourism consumption center [5] Regulatory Changes - Modifications were made to several articles of the previous regulations, specifically Articles 2, 3, 5, 7, 10, 12, 14, 17, and 19 [1] - New provisions were added to regulate domestic goods sold in duty-free shops that are subject to VAT and consumption tax exemptions [1] Duty-Free Shopping Process - Travelers must provide valid identification and relevant travel information when purchasing duty-free items [7] - Duty-free shopping is limited to a specific annual quota and item categories as defined by the relevant authorities [7] - Any excess purchases beyond the annual quota will incur import taxes based on the retail price of the items [8] Tax Payment Procedures - Duty-free shops are required to handle tax payments on behalf of travelers within a specified timeframe, with penalties for late payments [8] Legal Responsibilities - Duty-free shops must comply with regulations or face warnings, suspension of operations, or revocation of registration for serious violations [14][18] - Travelers engaging in prohibited activities, such as reselling duty-free items, may face penalties and restrictions on future duty-free shopping [17]

Core Viewpoint - The new round of adjustments to Hainan's offshore duty-free shopping policy will be implemented starting November 1, aiming to enhance consumer experience and support the development of Hainan as an international tourism consumption center [1][4]. Group 1: Policy Adjustments - The adjustments include "one new addition" and "three optimizations," expanding the product range to include pet supplies and portable musical instruments, while also allowing six categories of domestic products to be sold duty-free [4][5]. - The duty-free shopping limit has been significantly increased from 30,000 RMB to 100,000 RMB per person annually, and the number of product categories has expanded from 18 to 45 since 2020 [3][4]. Group 2: Market Impact - From 2020 to August 2025, the cumulative sales of Hainan's offshore duty-free shopping are projected to reach 206.9 billion RMB, which is 3.8 times the total sales from 2011 to 2019 [3][4]. - Hainan's offshore duty-free sales now account for over 8% of the global duty-free market, highlighting its significance as a key player in the industry [3]. Group 3: Consumer Demand - The adjustments are designed to meet the diverse shopping needs of consumers, reflecting a trend towards experiential and personalized consumption, with new categories like tech gadgets and home appliances being introduced [6][7]. - The policy aims to enhance the shopping experience for both domestic and international travelers, with a focus on integrating duty-free shopping into daily consumption for local residents [7][8]. Group 4: Future Outlook - The upcoming full closure operation of Hainan Free Trade Port on December 18 is expected to further stimulate the consumption market and provide new opportunities for growth [8].