三亚免税城焕新升级，铸就自贸港消费标杆。 编辑：RBF内容组 出品：零售商业财经 ID：Retail-Finance 2025年12月9-10日，全国零售业创新发展大会在北京召开。会议期间，商务部流通发展司印发《零售业创新提升案例集》，系统梳理并推广34家优秀零售 企业的典型经验与实践做法。 为深入总结推广案例中的先进经验，充分发挥典型示范引领作用，助力零售业创新转型与高质量发展，以高质量供给持续激活内需潜力，「零售商业财 经」将对上述优秀案例开展系列报道，为行业人士提供可借鉴、可推广的实践参考。 三亚国际免税城是海南的重要商业项目，依托离岛免税政策优势，积极创新消费场景、升级消费业态、提升服务质量，逐步发展成为集免税购物、有税购 物、餐饮娱乐、文化展示于一体的零售商业综合体。 01 项目改造前情况 （一）项目基本信息。 中国旅游集团（原中国国旅集团）于2012年投资16.3亿元，在海棠湾建设三亚国际免税城项目。2014年9月1日，原三亚市内免税店整体搬迁，正式开业。 项目分两期建设：一期分为A、B、C三栋建筑，总建筑面积20万平方米，经营面积11万平方米，汇聚45大类商品、全球1,000余个品牌。二期"河心 ...

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, but there are signs of stabilization in its operations, particularly in the duty-free segment, with potential for future growth driven by strategic initiatives and market conditions [1][2]. Financial Performance - In 1H25, the company achieved revenue of 28.2 billion yuan, a year-on-year decrease of 10%, and a net profit attributable to shareholders of 2.6 billion yuan, down 21% year-on-year [1]. - For Q2, the company reported revenue of 11.4 billion yuan, a decline of 8% year-on-year, and a net profit of 850 million yuan, down 30% year-on-year [1]. - The company's gross margin for 1H25 was 32.8%, a decrease of 0.7 percentage points year-on-year, while Q2 gross margin was 32.5%, down 1.4 percentage points year-on-year [2]. Duty-Free Segment Insights - The duty-free sales in Hainan showed a slight improvement, with total sales of 5.45 billion yuan from April to June, a year-on-year decline of 4.1% [2]. - The company’s duty-free product revenue for 1H25 was 20.3 billion yuan, down 6% year-on-year, with offline revenue at 19.7 billion yuan and online revenue at 7.8 billion yuan [2]. Strategic Initiatives - The company is exploring new strategic directions to accelerate recovery, including expanding duty-free offerings, introducing events and collaborations, and enhancing product categories to align with consumer trends [2]. - The company plans to open new duty-free stores in urban areas and expand into Southeast Asia, aiming to capture new market segments [2]. Market Position and Future Outlook - Despite the current downturn, the company managed to increase its market share by nearly 1 percentage point year-on-year in a challenging industry environment [2]. - The company expects to benefit significantly from the upcoming closure of the free trade port, which is anticipated to enhance business flow and customer traffic [2]. - Profit forecasts for 2025-2027 are 4.48 billion yuan, 5.06 billion yuan, and 5.64 billion yuan, with corresponding price-to-earnings ratios of 33X, 29X, and 26X [3].