公告称，本报告期内，公司坚持战略引领，在深耕免税业务的同时，持续深化"商品+场景+服务"创新 模式，紧跟消费者需求变化，持续创新消费场景，激发消费活力。本报告期内，海南区域各店深化"免 税+文旅"场景融合，打造强大的首店矩阵，引入泡泡玛特DIMOO"自然的形状"主题全国首展、迪士尼 商店三亚首家快闪店，通过"免税+体验+社交"的复合模式，将免税购物空间升级为可游、可玩、可分 享的文旅目的地。据海口海关公布数据显示，2025年9月海南离岛免税月度销售额同比增长3.4%，喜获 近18个月以来的正增长回归态势。 智通财经APP讯，中国中免(01880)发布公告，该集团2025年前三季度取得营业收入398.62亿元，同比减 少7.34%;归母净利润30.52亿元，同比减少22.13%;基本每股收益1.4752元。 ...

全球消费环境整体疲软的背景下，中国中免三季度营收停滞不前，净利润同比大幅下滑。尽管业绩承 压，公司仍计划首次实施中期分红，派发前三季度现金红利超5亿元。 核心要点如下： 前三季度营业成本268.89亿元，同比下降6.54%。销售费用64.57亿元，同比下降4.98%，但销售费用率 却从15.80%上升至16.20%。 海南免税迎来正增长，渠道扩张提速 在整体业绩承压的背景下，海南免税业务出现了值得关注的积极信号。根据海口海关数据，2025年9月 海南离岛免税销售额同比增长3.4%，这是近18个月以来首次实现正增长。 公司在报告期内深化"免税+文旅"场景融合，引入泡泡玛特全国首展、迪士尼商店三亚首家快闪店等， 试图通过"免税+体验+社交"的复合模式激活消费。 业绩持续承压，现金流恶化值得警惕 三季度，中国中免继续显现出明显的经营压力。营收同比降幅收窄至0.38%，但归母净利润仅4.52亿 元，同比暴跌28.94%。 Q3加权平均ROE仅0.82%，较去年同期下降0.36个百分点，股东回报率处于极低水平。 现金流状况同样不容乐观。前三季度经营性现金流净额33.88亿元，同比大降33.62%。公司解释主要是 销售收 ...

Core Insights - The article highlights the successful integration of duty-free shopping and cultural experiences at the CDF Haikou International Duty-Free City, particularly through the Whisky Museum, which has welcomed over 4.9 million visitors and won the 2025 AWE Award for "Whisky Experience Space" [1][3] Group 1: Whisky Museum and Events - The Whisky Museum features a massive whisky wall displaying over 2,000 whiskies from more than 130 brands, including the top ten global whisky brands, enhancing consumer engagement through immersive experiences [1][3] - The "Whisky Carnival" launched on October 25 includes various activities such as a 30-day unlimited tasting card for 199 yuan, blind tasting competitions, and pop-up stores from international brands [3][4] - The museum aims to provide a multi-dimensional immersive experience, combining education, tasting, and shopping, thereby enriching the duty-free shopping experience [4][8] Group 2: Brand Collaboration and Market Strategy - The event showcases the ability of the company to connect global brands with the Chinese market, featuring both international classics and emerging local distilleries [4][9] - The museum's design incorporates elements of traditional Chinese aesthetics, aiming to create a unique "Chinese flavor" in whisky, thus appealing to local consumers [9][10] - The company plans to leverage upcoming adjustments in the Hainan duty-free policy to further enhance the integration of duty-free shopping and cultural tourism, aiming to improve customer experience and consumption value [10]

Core Insights - The Chinese tourism retail industry is experiencing a recovery, supported by policy effects and expanding domestic demand, as highlighted in the "2024-2025 China Duty-Free Consumption White Paper" released by China Duty-Free Group [1][7] - The global duty-free and tourism retail market is projected to reach $74.13 billion in 2024, reflecting a 3% year-on-year growth and recovering to 85.8% of 2019 levels [3] - The market concentration in the tourism retail sector is increasing, with China Duty-Free Group maintaining a leading market share of 78.7% [8] Industry Trends - The integration of online and offline shopping experiences is redefining the duty-free shopping landscape, with a focus on "online ordering + offline experience" [13] - The consumer base is evolving, with a shift from broad coverage to precise segmentation, identifying nine distinct consumer categories based on preferences and demographics [12] - The demand for domestic brands is rising, particularly among younger consumers, leading to a shift in market dynamics traditionally dominated by international brands [13] Market Opportunities - The ongoing policy support, including the Hainan duty-free policy and the expansion of city duty-free stores, is expected to create additional market space [15] - The diversification of consumer needs is generating structural opportunities in product categories, driven by differentiated demands from various consumer segments [15] - China Duty-Free Group has introduced over 200 new brands and exclusive products, enhancing its product matrix to include more than 360,000 SKUs [16]

Group 1 - During the National Day and Mid-Autumn Festival holiday in 2025, China Duty Free Group (CDFG) achieved impressive results in Hainan, with over 450,000 customers and total sales exceeding 800 million yuan [1] - CDFG leveraged the "first-store economy" and brand matrix effects to promote the deep integration of "duty-free + cultural tourism," enhancing the attractiveness of shopping experiences [1] - The introduction of various international brand pop-up stores and interactive projects at CDFG's locations significantly increased customer engagement and participation [2][1] Group 2 - CDFG implemented a "stacked discount" promotional strategy across six stores, including lucky draws, multiple points, bank privileges, and government consumption vouchers, creating a "discount on discount" effect [3] - The proactive service and precise discounting approach adopted by sales staff have been key in enhancing transaction conversion and customer trust [3] - CDFG continuously optimized service details to improve customer experience, such as enhancing traffic flow and introducing drone logistics for quicker pickup times [5] Group 3 - As the holiday concluded, CDFG focused on the "duty-free +" strategic core, integrating brands, cultural tourism, and innovative scene resources to enrich consumer experiences [5]

Core Insights - The National Day and Mid-Autumn Festival holiday period saw China Duty Free Group (CDFG) in Hainan achieve impressive results, with over 450,000 customers and total sales exceeding 800 million yuan [1][3][5] Group 1: Sales Performance - CDFG's six stores in Hainan reported a total customer reception of over 450,000 and sales surpassing 800 million yuan during the holiday [1] - The integration of international brand flagship stores and new duty-free products contributed to a vibrant shopping experience, enhancing the appeal of Hainan's duty-free market [1][3] Group 2: First Store Economy and Brand Matrix - CDFG leveraged the "first store economy" by introducing several key projects, including the first national exhibition of DIMOO and the first mainland store of Care Bears [3] - The stores featured interactive installations and themed pop-up stores, significantly increasing customer engagement and foot traffic [3] Group 3: Promotional Strategies - CDFG implemented a series of layered promotional activities, including lottery draws, multiple points rewards, and government consumption vouchers, creating a "discount on discount" effect [5] - Sales staff actively engaged with customers to explain the cumulative discounts available, enhancing customer trust and transaction conversion [5] Group 4: Service Optimization - CDFG focused on fine-tuning service quality, optimizing traffic flow, and providing personalized services for specific customer groups, such as those affected by flight delays [7] - Innovations like drone logistics for quick delivery of duty-free goods and enhanced parking facilities improved overall customer experience [7] Group 5: Strategic Vision - CDFG aims to continue its "duty-free plus" strategy, integrating brands, cultural tourism, and innovative scenarios to create differentiated consumer experiences [8] - The company plans to optimize its brand portfolio and deepen service offerings to inject sustained momentum into Hainan's consumption market [8]

Group 1 - The core viewpoint is that Hainan's offshore duty-free industry is experiencing significant growth during the holiday economy, with sales reaching 944 million yuan during the National Day and Mid-Autumn Festival holidays, marking a 13.6% increase compared to the previous year [1] - The number of shoppers reached 122,900, with an average spending of 7,685 yuan per person, indicating a stable growth trend in consumer spending [1] - Hainan's duty-free stores are creating a multi-layered, experiential "duty-free + cultural tourism" consumption ecosystem, enhancing the shopping experience for consumers [2] Group 2 - Sanya International Duty-Free City achieved a single-day sales record of 120 million yuan on October 5, showcasing the strong vitality of the duty-free market under the "duty-free + cultural tourism" integration model [2] - The integration of duty-free shopping with tourism and entertainment is transforming traditional commercial spaces into diverse value platforms, creating immersive leisure experiences for consumers [2] - To ensure the rapid availability of popular products, Haikou Customs is implementing smart regulatory measures, including "traceability code" management for duty-free goods, ensuring real-time tracking of products from import to sale [3]

Core Insights - Hainan has become a popular domestic tourist destination during the Mid-Autumn and National Day holidays, with a significant increase in tourism and shopping activities [1] - China Duty Free Group (CDF) achieved impressive sales, with CDF Sanya International Duty Free City recording over 120 million yuan in a single day, showcasing the effectiveness of its strategies focused on "first-store economy, new product launches, all-region marketing, and service upgrades" [1][6] - The integration of duty-free shopping with cultural tourism has energized the consumer market in Hainan, reflecting strong market vitality [1][7] Group 1: First-Store Economy - The "first-store economy" is gaining momentum, with international brands like Coach, Estée Lauder, and Lancôme opening their first retail stores in Hainan during this holiday season [3] - CDF has launched a strong matrix of first-store and flagship stores, featuring over 45 categories of duty-free products and more than 800 well-known domestic and international brands [4][6] - The introduction of pop-up stores for brands like Gucci and Tom Ford has enhanced the shopping experience, allowing tourists to engage with brand culture while shopping [4][6] Group 2: Consumer Engagement and Experience - CDF Sanya International Duty Free City has created unique shopping experiences through themed exhibitions and interactive performances, contributing to the record sales during the holiday [6][10] - The introduction of innovative shopping experiences, such as the "MAX Coin" system, connects various consumption scenarios, enhancing the overall shopping and entertainment experience [9] - CDF has implemented various promotional activities and customer service initiatives, such as lucky draws and discounts, to enhance the shopping experience during the holiday [10][12] Group 3: Future Prospects - The continuous optimization of Hainan's offshore duty-free policies is expected to further enhance consumer experiences and attract more tourists [12] - CDF aims to leverage its "duty-free+" strategy to create diverse shopping experiences and strengthen Hainan's position as an international tourism consumption destination [12]

Core Viewpoint - The continuous optimization of Hainan's duty-free policies has transformed the region into a "duty-free shopping paradise," making shopping a core experience for tourists visiting Hainan [5][21]. Industry Summary - Hainan's duty-free shopping has become a significant part of the tourism experience, with consumers increasingly favoring duty-free stores for their competitive pricing and convenient services like "immediate purchase and pickup" [7][11]. - The sales landscape in duty-free stores has evolved, with rapid growth in categories such as cosmetics and digital products, driven by a younger consumer demographic [9][17]. - The cdf Haikou International Duty-Free City has launched over 800 domestic and international brands during the National Day and Mid-Autumn Festival, focusing on "price concessions, interactive scenes, and upgraded experiences" to attract customers [11][13]. - Hainan's duty-free shopping has seen significant figures since the new duty-free quota policy was implemented, with over 200 billion yuan in shopping amounts, 30 million shoppers, and 247 million items sold, accounting for over 8% of the global duty-free market [13][20]. - The integration of duty-free shopping with cultural tourism is deepening, creating diverse consumption scenarios, such as children's theaters and themed parades, enhancing the overall shopping experience [13][14]. - The logistics and cross-border trade sectors are also benefiting from the duty-free shopping boom, with the establishment of a high-tech logistics center to support the distribution of goods to duty-free stores and airports [20]. Company Summary - The cdf Haikou International Duty-Free City is enhancing customer engagement through innovative marketing strategies, including interactive installations and a universal currency system to promote cross-category consumption [11][19]. - The Sanya International Duty-Free City is focusing on a "first" economy, enriching its brand offerings and experiences to attract younger consumers, with nearly 1,000 well-known brands available [17][19]. - The logistics operations of the China Duty Free Group in Hainan are being optimized with advanced systems to improve efficiency and accuracy in the supply chain, supporting the growing demand for duty-free shopping [20].

Core Insights - The optimization of Hainan's duty-free policy has transformed the region into a "duty-free shopping paradise," making shopping a core experience for tourists visiting Hainan [1][2] Group 1: Duty-Free Shopping Experience - The introduction of the "immediate purchase and pick-up" policy has made shopping at duty-free stores more convenient, attracting a younger demographic as the main consumer group [1] - CDF Haikou International Duty-Free City has launched over 800 domestic and international brands during the National Day and Mid-Autumn Festival, focusing on price reductions, interactive experiences, and upgraded shopping experiences [2] - Since the implementation of the new duty-free shopping quota policy, over 200 billion yuan in duty-free shopping has been monitored by Haikou Customs, with 30 million shoppers and 247 million items purchased [2] Group 2: Enhanced Consumer Engagement - CDF Haikou International Duty-Free City has introduced interactive installations like giant capsule machines and large-screen scratch cards to enhance customer engagement and prolong their stay [2] - The integration of various activities such as children's theater and themed parades has transformed shopping into a multi-faceted experience, combining shopping, dining, and entertainment [3] Group 3: Logistics and Infrastructure Development - The establishment of the China Duty-Free Group's Hainan International Logistics Center, with an investment of approximately 780 million yuan, supports the logistics and distribution for both offline and online duty-free businesses [4] - The logistics center employs advanced automation and intelligent systems to improve operational efficiency and accuracy in sorting and delivery [4] Group 4: Future Prospects - The transition from "overseas shopping" to "Hainan shopping" reflects Hainan's goal of becoming an international tourism consumption center, facilitating global trade and investment [5] - As Hainan approaches full customs closure, it is expected to become a hub for new global brands and innovative business models, enhancing its status as an international consumption hotspot [5]