中信建投证券日前研报指出，中国中免把握京沪核心流量并持续拓展国内外标段，海南地区消费有触底 回暖迹象，公司持续投入核心商圈的价值营造，为后续自贸港全岛封关后的零售行业大发展做充分准 备。伴随最新政策出台也为提振消费和国货品牌出海提供战略基础，公司积极布局的市内免税店发展潜 力有望持续兑现。目前国内各个消费品类均在抓紧规范税收制度，公司所处的免税渠道相对优势再次回 归，把握核心流量入口，未来发展机遇可期。当前股价对应PE分别为40X、32X、26X，维持"增持"评 级。 ...

（编辑 任世碧） 证券日报网讯 12月8日，中国中免在互动平台回答投资者提问时表示，按照现行的市内免税店政策及优 化政策规定，并未新增城市及店面设立。公司持续加强存货动销控制，并在旺季到来前合理储备畅销 品。公司愿发挥自身采购和供应链优势，携手行业伙伴，共建开放、共赢的产业生态。 ...

Core Points - The first duty-free shop in Tianjin officially opened on November 28, operated by China Tourism Group Duty Free Co., Ltd [1] - The store covers an area of over 1,100 square meters and features both duty-free and taxable product sections [1] - Consumers holding exit-entry documents and a flight ticket for departure within 60 days can enjoy shopping benefits in the duty-free area [1] Group 1 - The duty-free area offers a variety of products including perfumes, cosmetics, watches, jewelry, sunglasses, alcoholic beverages, and travel electronics [1] - The taxable area includes health products, trendy toys, taxable alcoholic beverages, and domestic premium products [1] - A customer made the first purchase in the duty-free area, buying a down jacket at a discounted price of 3,740 yuan, which is approximately 30% off the original price [1] Group 2 - Tianjin's unique geographical advantages, consumer potential, and open environment provide a broad development space for duty-free projects [1] - The opening of the duty-free shop is expected to enhance the shopping experience for travelers and boost local tourism [1]

Core Insights - The first city duty-free shop in Tianjin will officially open on November 28, featuring a business model that combines "duty-free + taxable," "imported + domestic," and "offline + online" sales channels [1][4] - The store covers an area of 1,105.5 square meters and offers a variety of products, including perfumes, cosmetics, watches, jewelry, sunglasses, and alcoholic beverages in the duty-free section, while taxable goods include health products, trendy toys, and domestic premium products [1][4] Summary by Sections - **Store Operations** - The duty-free shop is located on the first floor of the Renheng Isetan A Building on Dongma Road in Nankai District [1] - The store's operational model integrates both duty-free and taxable items, catering to a diverse customer base [1] - **Product Offerings** - Duty-free products include categories such as perfumes, cosmetics, watches, jewelry, sunglasses, and alcoholic beverages [1] - Taxable products encompass health supplements, trendy toys, taxable alcoholic beverages, and domestic premium goods [1] - **Tax Regulations** - Imported goods in the city duty-free shop are exempt from tariffs, value-added tax, and consumption tax [4] - Domestic products sold in the duty-free shop are treated as exports, allowing for tax refunds on value-added tax and consumption tax [4] - **Customer Eligibility** - Sales of duty-free products are restricted to travelers holding exit-entry documents and who have purchased outbound flight tickets within 60 days from Tianjin Binhai Airport [4] - Foreigners and residents from Hong Kong, Macau, and Taiwan who have lived in China for no more than 183 days can enjoy immediate tax refunds on taxable goods under certain conditions [4]

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]