2024年8月，财政部、商务部等五部门联合发文，批准在8个城市新设立市内免税店。西安成为西北唯一获批市内免税店的城市。 去年12月，中国免税品（集团）有限责任公司（简称"中免集团"）成功中标西安市内免税店特许服务项目，标志着西安迎来了首家市内免税店，同时也开 启了西安免税购物的新时代。 据西安中大国际发布消息 西安市内免税店将于 11月26日正式开业 11月24日，记者从西安海关所属关中海关获悉：关中海关完成了西安市内免税店首批免税品入库监管，首批入库免税品共计3914件，货值261万元。该免 税店位于南大街30号中大国际南大街店，这是西北首家市内免税店，将于11月26日开门迎客。 关中海关正在进行首批免税品入库监管 市内免税店的开业将给出境的市民朋友及来陕外籍旅客带来更多的选择空间和更便捷的消费体验，对于持有效出入境证件且60日（含）内搭乘航空运输工 具从西安出境的中外旅客，在免税区购物可享受"市内选购、口岸提货"服务；对于符合条件的境外旅客，在完税区购物可享受"离境退税"优惠政策。 关中海关关长齐波表示，支持西安市内免税店落地运营，是海关服务西安市高水平开放的重要举措。下一步，关中海关将在前期工作基础上， ...

市内免税店的开业将给出境的市民朋友及来陕外籍旅客带来更多的选择空间和更便捷的消费体验，对于 持有效出入境证件且60日（含）内搭乘航空运输工具从西安出境的中外旅客，在免税区购物可享受"市 内选购、口岸提货"服务；对于符合条件的境外旅客，在完税区购物可享受"离境退税"优惠政策。 关中海关关长齐波表示，支持西安市内免税店落地运营，是海关服务西安市高水平开放的重要举措。下 一步，关中海关将在前期工作基础上，持续优化口岸营商环境，不断完善免税店监管与便利化服务举 措，助力国货"潮品"走向国际市场，为西安培育创建国际消费中心城市贡献海关力量。 2024年8月，财政部、海关总署等五部委联合发文，西安成功获批成为西北唯一享有市内免税店资质的 城市。其落地运营不仅能显著提升西安旅游服务国际化能级，更对引导海外消费回流、吸引外籍人员入 境消费、促进免税商品零售业务健康有序发展具有重要意义。西安免税店版图继T5航站楼入境、出境 免税店后实现历史性拓展，为陕西旅游与零售业高质量发展注入新动能。 一年来，关中海关锚定政策落地与企业需求，多措并举推进市内免税店筹备工作，在充分调研学习行业 先进经验的基础上，与西安市商务局、西安咸阳机场海 ...

关中海关关长齐波表示，支持西安市内免税店落地运营是海关服务西安市高水平开放的重要举措。下一 步，关中海关将在前期工作的基础上，持续优化口岸营商环境，不断完善免税店监管与便利化服务举 措，助力国货"潮品"走向国际市场，为西安培育创建国际消费中心城市贡献海关力量。 转自：陕西日报 来源：陕视新闻 11月24日，记者从西安海关所属关中海关获悉：关中海关完成西安市内免税店首批免税品入库监管，首 批入库免税品共计3914件，货值261万元。该免税店位于西安市南大街30号中大国际南大街店内，是西 北首家市内免税店，将于11月26日开门迎客。 2024年8月，财政部、海关总署等五部委联合发文，西安获批成为西北唯一拥有市内免税店资质的城 市。其落地运营能显著提升西安旅游服务国际化能级，对引导海外消费回流、吸引外籍人员入境消费、 促进免税商品零售业务健康有序发展具有重要意义。西安免税店版图继T5航站楼入境、出境免税店后 实现历史性拓展，为陕西旅游与零售业高质量发展注入新动能。 一年来，关中海关锚定政策落地与企业需求，多措并举推进市内免税店筹备工作，在充分调研学习行业 先进经验的基础上，与西安市商务局、西安咸阳机场海关通力协作， ...

Core Viewpoint - China Duty Free Group reported a decline in revenue and net profit for the first three quarters of 2025, indicating a challenging financial environment but showing signs of recovery in Q3 [1] Financial Performance - For the first three quarters of 2025, the company achieved revenue of 39.862 billion yuan and net profit attributable to shareholders of 3.051 billion yuan, representing year-on-year declines of 7.34% and 22.13% respectively [1] - In Q3 alone, revenue and net profit were 11.711 billion yuan and 0.452 billion yuan, showing year-on-year changes of -0.38% and -28.94% [1] Market Trends - The monthly sales of Hainan's offshore duty-free shops increased by 3.4% year-on-year in September 2025, marking a return to positive growth for the first time in 18 months [1] - During the Mid-Autumn Festival and National Day holiday period, the total duty-free sales monitored by Haikou Customs reached 0.944 billion yuan, reflecting a year-on-year increase of 13.6% [1] Future Outlook - The company is expected to experience a turnaround in operations, supported by new development opportunities from the free trade port and potential growth in city duty-free stores [1] - The report initiates coverage of the company with a "Buy" rating, anticipating a new growth phase following the current recovery [1]

Investment Rating - The investment rating for China Duty Free Group (601888) is maintained as "Buy" [6]. Core Insights - The report indicates that the sales in Hainan's duty-free market are stabilizing and recovering, with policy benefits optimizing the business environment [6]. - Despite short-term profit pressures, the core business in Hainan shows signs of recovery, with monthly sales returning to positive growth and market share increasing [6]. - The company is expanding its duty-free store layout, adopting a dual-track operation model of "duty-free + taxable" in new city stores, which is expected to drive growth [6]. Financial Data and Earnings Forecast - For 2025, the total revenue is projected to be 55,146 million yuan, with a year-on-year decline of 2.4% [5]. - The net profit attributable to the parent company is expected to be 4,002 million yuan in 2025, reflecting a year-on-year decrease of 6.2% [5]. - The earnings per share (EPS) for 2025 is estimated at 1.93 yuan, with a projected return on equity (ROE) of 6.9% [5]. - The company plans to distribute a mid-term cash dividend amounting to 5.17 million yuan, which is 16.95% of the net profit for the first three quarters [6]. Market Performance - The closing price of the stock is 76.67 yuan, with a market capitalization of 149,696 million yuan [1]. - The stock has a price-to-book ratio of 2.8 and a dividend yield of 1.37% [1]. - The stock's performance over the past year has seen a high of 78.51 yuan and a low of 54.75 yuan [1].

Core Viewpoint - The company has experienced a significant decline in market value over the past five years, with overall performance ranking among the worst in the market, leading to negative returns for investors [1] Financial Performance - In the first half of 2025, the company reported a net profit of 165 million, representing a year-on-year increase of 7.53%, while the non-recurring net profit reached 145 million, showing a substantial growth of 21.45% [1] - Over the past three years, the company has distributed a total of 303 million in dividends (including tax), which accounts for 124.94% of the average annual distributable profit [1] - The planned dividend for 2024 is 226 million (including tax), exceeding the net profit for that year, and the mid-year dividend for 2025 is set at 75 million (including tax), representing 45.38% of the current period's profit [1] Management and Strategy - The management team has adhered to relevant laws and regulations regarding the nomination and selection of board members, ensuring compliance with the company's articles of association [1] - The current board is focused on maintaining the core retail business while optimizing shopping center operations and brand matrix to enhance operational efficiency [1] - The company is strategically expanding into new industries, emphasizing digital transformation, self-operated business development, light-asset projects, and urban duty-free shops, while seizing economic opportunities to foster new growth points [1]

Core Viewpoint - The article discusses the establishment and regulation of duty-free shops in China, highlighting the types of products sold, applicable customer groups, shopping limits, and tax policies related to these shops [3]. Group 1: Duty-Free Shops - Duty-free shops are approved by the State Council or its authorized departments to sell duty-free goods to international travelers [3]. - Major products sold include food, beverages, alcohol, textiles, leather goods, watches, jewelry, cosmetics, and baby products, totaling 19 categories [3]. - The applicable customer group includes travelers holding valid entry and exit documents who are departing within 60 days [3]. - There are no shopping limits, but purchases must comply with customs regulations regarding personal use and reasonable quantities [3]. - Imported goods in these shops are exempt from customs duties, VAT, and consumption tax, while domestic goods are treated as exports and eligible for tax refunds [3]. Group 2: Hainan Duty-Free Shops - Hainan duty-free shops are authorized to implement offshore duty-free policies and currently operate only in Hainan Province [3]. - The main products sold include jewelry, crafts, watches, perfumes, cosmetics, and pens, covering 45 categories [3].

Core Insights - Chengdu's first city duty-free store will open on September 25, located in the Chengdu Renheng Plaza, offering a variety of consumer goods including food, clothing, and accessories while promoting domestic products [1][10] Summary by Sections 1. Types of Duty-Free Stores in Chengdu - Duty-free stores are established in open airports, ports, and specific city areas, selling tax-free goods to outbound and inbound travelers [4] - Chengdu's duty-free stores include city duty-free stores and port duty-free stores [4] 2. Differences Between Duty-Free Stores and Departure Tax Refund Stores - Duty-free stores exempt imported goods from customs duties, VAT, and consumption tax, while departure tax refund stores refund VAT on purchased goods [6] - City duty-free stores cater to travelers departing within 60 days from Chengdu Tianfu International Airport, while departure tax refund stores are limited to foreign travelers [6][8] 3. Differences Between City Duty-Free Stores and Port Duty-Free Stores - City duty-free stores are located in urban centers, allowing travelers to purchase duty-free items in advance, while port duty-free stores are situated at airports and ports for immediate purchases [8] - City duty-free stores offer a wider variety of products, including domestic "trendy" items, while port duty-free stores focus on limited categories like cosmetics and tobacco [9] 4. Chengdu's Major Duty-Free and Tax Refund Stores - The new city duty-free store in Chengdu will be the most comprehensive in Southwest China, featuring a range of products including food, alcohol, and "national trend" items [10] - Chengdu has over 500 departure tax refund stores, with more than 150 offering immediate refunds [10]

Core Viewpoint - The newly opened city duty-free shops are performing well in terms of customer traffic, but the overall duty-free industry is still under pressure [12]. Group 1: City Duty-Free Shops Performance - The city duty-free shops in Guangzhou and Shenzhen opened on August 26 and have seen good customer traffic since their opening, especially on weekends [3][4]. - Popular products include electronic items like headphones and tablets, as well as "Guochao" (national trend) products [3][8]. - The shops cater to travelers who are about to depart within 60 days and require valid entry documents and tickets [6]. Group 2: Industry Challenges - Despite the positive performance of new city duty-free shops, the overall duty-free industry faces challenges, including a decline in sales at other types of duty-free stores [12]. - For instance, from January to June 2025, the duty-free shopping amount in Hainan's offshore duty-free stores was 16.76 billion yuan, down 9.2% year-on-year, with a significant drop in the number of shoppers [12]. - Major companies like China Duty Free Group reported a revenue of approximately 28.2 billion yuan in the first half of 2025, a decrease of 9.96% year-on-year, while Wangfujing's duty-free business saw a revenue drop of 15.93% [12][14]. Group 3: Future Outlook - The industry is transitioning from a "price war" to "value service," aiming for high-quality development [14]. - The opening of the first city duty-free shop in Wuhan has provided valuable operational experience for companies in this sector [14]. - The overall market is expected to benefit from the recovery of cross-border tourism and improved consumer purchasing power [14].

Core Viewpoint - The opening of new city duty-free shops in Guangzhou and Shenzhen is revitalizing the duty-free industry, attracting significant customer traffic and offering a diverse range of products [2][3][4]. Summary by Sections New City Duty-Free Shops - Two city duty-free shops in Guangzhou and Shenzhen opened on August 26, 2024, and have been operational for over two weeks, experiencing good customer traffic, especially on weekends [3][4]. - The shops are established by China Duty Free Group in collaboration with local partners, marking the first city duty-free stores in these cities [4]. Product Offerings and Customer Engagement - The shops feature a variety of products, including electronics, beauty products, high-end liquor, and cultural items, with a notable interest in "Guochao" (national trend) products [7][8]. - Sales personnel reported that customers are particularly interested in comparing prices, with significant savings noted on products like Apple devices compared to prices in Taiwan [7]. Industry Performance and Trends - Despite the positive performance of the new shops, the overall duty-free industry faces challenges, including a decline in sales at other types of duty-free stores [9][10]. - Data from Haikou Customs indicates a decrease in duty-free shopping amounts in Hainan, with a 9.2% drop in the first half of 2025, although the decline is slowing [9]. - Companies like China Duty Free Group and Wangfujing reported revenue declines in their duty-free segments, with China Duty Free achieving approximately 28.2 billion yuan in revenue, down 9.96% year-on-year [9][10].