中国中免（601888）(01880)涨超4%，截至发稿，涨4.12%，报65.75港元，成交额1.3亿港元。 消息面上，10月30日，财政部等五部门公开《关于完善免税店政策支持提振消费的通知》，从四方面完 善了现有的免税店政策，今年11月1日起实施。通知明确，优化国内商品退（免）税政策管理，积极支 持口岸出境免税店和市内免税店销售国产品，鼓励免税店引入更多能够体现中华优秀传统文化的特色优 质产品，增加国产品在免税店的销售。 中国中免昨晚公告，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%。此外，中国中免还披露了2025年前三季度分红方案，拟向全体股东每股 派发现金红利0.25元（含税），合计拟派发现金红利为5.17亿元（含税），占2025年前三季度归属于上 市公司股东净利润的比重为16.95%。这也是中国中免首次实施中期分红。 ...

Core Insights - The Ministry of Finance and four other departments issued a notification to enhance the duty-free shop policy to boost consumption, effective from November 1, 2025 [1][2] - The notification encourages duty-free shops to increase the sale of domestic products and expand the range of goods sold, including mobile phones and micro-drones [1] - The policy aims to attract foreign consumers and promote the return of overseas consumption [1] Group 1: Policy Enhancements - The notification optimizes the management of domestic goods tax refund (exemption) policies, encouraging qualified enterprises to increase the procurement of quality domestic products [1] - Duty-free shops will be allowed to treat the sale of domestic products as exports, thus benefiting from tax refunds [1] - The notification aims to streamline the tax refund supervision and operational procedures for domestic goods sold in duty-free shops [1] Group 2: Expansion of Product Categories - The notification expands the categories of goods that can be sold in duty-free shops, including portable consumer goods such as mobile phones, micro-drones, sports goods, health foods, over-the-counter drugs, and pet foods [1] - This expansion is intended to enrich the shopping options available to travelers [1] Group 3: Approval and Operational Improvements - The notification relaxes approval authority for duty-free shops, allowing local authorities to optimize the layout of duty-free shops based on local conditions [2] - It also enhances convenience and regulatory measures for duty-free shops, including online booking services for travelers [2] - Travelers will be able to reserve items at city duty-free shops and pick them up at port duty-free shops, improving the shopping experience [2]

Core Viewpoint - The Chinese government is enhancing the duty-free shop policy starting November 1, 2023, to support domestic products and improve the shopping experience for travelers [1] Group 1: Policy Enhancements - The new policy aims to optimize the management of domestic product tax refunds and exemptions, encouraging duty-free shops to sell more domestic products that reflect traditional Chinese culture [1] - The range of products available in duty-free shops will be expanded to include more portable consumer goods such as mobile phones, micro-drones, sports equipment, health foods, over-the-counter drugs, and pet food [1] Group 2: Regulatory Adjustments - The approval process for duty-free shops will be relaxed, allowing local authorities to have more control over the establishment and operational changes of outbound and inbound duty-free shops [1] - The criteria for determining the operational area of duty-free shops will be optimized to support local adaptations and integration of duty-free shop layouts [1] Group 3: Consumer Experience Improvements - The policy includes measures to enhance convenience and regulation for duty-free shops, such as allowing online booking services and enabling travelers to pick up pre-ordered items at inbound duty-free shops [1]

Core Points - The Ministry of Finance and four other departments issued a notification to enhance duty-free shop policies to boost consumption, effective from November 1, 2025 [1] - The notification encourages duty-free shops to increase the sale of domestic products and expand the range of products sold, including mobile phones and mini drones [1] - The notification aims to attract foreign consumption and facilitate the return of overseas spending [1] Group 1 - The notification optimizes the management of domestic product tax refund (exemption) policies, encouraging qualified enterprises to increase the procurement of quality domestic products [1] - Enterprises procuring domestic products for sale in duty-free shops will be treated as exports, allowing for tax refunds on value-added tax and consumption tax [1] - The notification supports the sale of more products reflecting traditional Chinese culture in duty-free shops [1] Group 2 - The notification expands the categories of products that can be sold in duty-free shops, including portable consumer goods such as sports equipment, health foods, over-the-counter drugs, and pet food [1] - The notification relaxes approval authority for duty-free shops, allowing local authorities to optimize the layout of duty-free shops based on local conditions [2] - It also improves convenience and regulatory measures for duty-free shops, including online booking services for travelers [2]

2025.10. 30 本文字数：1344，阅读时长大约3分钟 作者 | 第一财经 陈益刊 为了引导海外消费回流，吸引外籍人员入境消费，提振消费，中国对免税店政策进行大幅优化。 10月30日，财政部等五部门公开《关于完善免税店政策支持提振消费的通知》（下称《通知》），从四方面完善 了现有的免税店政策，今年11月1日起实施。 所谓免税店是指经海关总署批准，由经营单位在中华人民共和国国务院或其授权部门批准的地点设立符合海关监 管要求的销售场所和存放免税品的监管仓库，向规定的对象销售、供应免税品的商店。目前主要有口岸出境免税 店、市内免税店等。 目前免税商品种类相对单一，以奢侈品为主，缺乏具有中国特色的本土品牌和文化产品，难以满足入境游客多元 化需求。此次《通知》一大举措是优化国内商品退（免）税政策管理，积极支持口岸出境免税店和市内免税店销 售国产品。 《通知》要求，口岸出境免税店、市内免税店应加大对国产品的推介力度，提升国产品的影响力和吸引力，引入 老字号产品、文创产品、非遗产品等能够体现中华优秀传统文化的特色优质产品，增加国产品在免税店的销售。 口岸出境免税店、市内免税店用于销售国产品的经营面积原则上不少于其经 ...

目前免税商品种类相对单一，以奢侈品为主，缺乏具有中国特色的本土品牌和文化产品，难以满足入境 游客多元化需求。此次《通知》一大举措是优化国内商品退（免）税政策管理，积极支持口岸出境免税 店和市内免税店销售国产品。 《通知》要求，口岸出境免税店、市内免税店应加大对国产品的推介力度，提升国产品的影响力和吸引 力，引入老字号产品、文创产品、非遗产品等能够体现中华优秀传统文化的特色优质产品，增加国产品 在免税店的销售。口岸出境免税店、市内免税店用于销售国产品的经营面积原则上不少于其经营面积的 四分之一。 为了引导海外消费回流，吸引外籍人员入境消费，提振消费，中国对免税店政策进行大幅优化。 10月30日，财政部等五部门公开《关于完善免税店政策支持提振消费的通知》（下称《通知》），从四 方面完善了现有的免税店政策，今年11月1日起实施。 所谓免税店是指经海关总署批准，由经营单位在中华人民共和国国务院或其授权部门批准的地点设立符 合海关监管要求的销售场所和存放免税品的监管仓库，向规定的对象销售、供应免税品的商店。目前主 要有口岸出境免税店、市内免税店等。 为了提高免税店吸引力，此次《通知》的第二大举措是进一步扩大免税店经营品 ...

Core Viewpoint - The announcement by the Ministry of Finance and other departments aims to enhance the duty-free shop policy to boost consumption, attract foreign spending, and promote the healthy development of the duty-free retail business starting from November 1, 2025 [1] Group 1: Policy Enhancements - The policy will optimize the management of domestic goods tax refund (exemption) policies, supporting both outbound and city duty-free shops in selling domestic products [1] - Duty-free shops are encouraged to introduce more high-quality products that reflect traditional Chinese culture, increasing the sales of domestic goods [1] Group 2: Expansion of Product Categories - The range of products available in duty-free shops will be expanded to include more portable consumer goods, such as mobile phones, micro-drones, sports equipment, health foods, over-the-counter drugs, and pet foods [1] - This expansion aims to enrich the shopping options for travelers [1] Group 3: Approval and Regulatory Measures - The approval authority for duty-free shops will be relaxed, allowing local authorities to determine the establishment of outbound duty-free shops and changes in operating entities [1] - The method for determining the operating area of outbound and inbound duty-free shops will be optimized to support local integration and layout adjustments [1] Group 4: Convenience and Experience Improvement - The policy will enhance convenience and regulatory measures for duty-free shops, supporting online reservation services [1] - Travelers will be allowed to reserve products at city duty-free shops and pick them up at inbound duty-free shops, improving the overall shopping experience [1]

Core Viewpoint - The Chinese government aims to enhance the duty-free shop policy to stimulate consumption, attract foreign visitors, and promote the healthy development of duty-free retail business [1] Group 1: Optimization of Tax Policies - The government encourages enterprises with duty-free qualifications to increase the procurement of quality domestic products for sale in duty-free shops, treating these sales as exports eligible for tax refunds [2][3] - Customs will regulate domestic products sold in duty-free shops as duty-free goods, allowing companies to apply for export customs clearance for sold domestic products [2] - The management and operational procedures for tax refunds on domestic products in duty-free shops will be optimized to facilitate sales [2] Group 2: Expansion of Product Categories - The government plans to expand the product categories available in duty-free shops, including mobile phones, drones, sports goods, health foods, over-the-counter drugs, and pet foods [3] - Authorities will optimize the regulatory approach for imported duty-free goods to accelerate the listing of popular overseas products in Chinese duty-free shops [3] Group 3: Approval Process and Layout Optimization - The approval authority for establishing and changing the operating entities of duty-free shops will be delegated to local governments, allowing them to tailor the layout and construction of duty-free shops based on regional needs [4][5] - Local governments will integrate and optimize the layout of duty-free shops, considering factors like passenger flow and tourism development [6] Group 4: Improvement of Shopping Experience - Duty-free shops will offer online reservation services, allowing travelers to pre-order products based on their travel schedules [7] - Travelers can pick up pre-ordered items at designated duty-free shops upon arrival, enhancing convenience [7] - Continuous optimization of the shopping process and regulatory measures will be implemented to improve the overall shopping experience for travelers [7] Group 5: Implementation and Coordination - The Ministry of Finance will coordinate with relevant departments to ensure the effective implementation of the new policies, while local governments will oversee the management of duty-free shops [8][9] - The new policies will take effect from November 1, 2025, superseding previous regulations that conflict with these new guidelines [9]