Core Viewpoint - The establishment of Wuhan's first city duty-free shop marks a significant development in the retail landscape, aligning with new government policies aimed at boosting consumer spending and tourism [2][3][4]. Group 1: City Duty-Free Shop Launch - Wuhan's first city duty-free shop will begin trial operations on May 30, making it the first of its kind to open following the new policy [2]. - The city duty-free shop is designed to sell duty-free goods to international travelers about to depart, with plans for similar shops in eight other cities [2]. Group 2: Investment and Operations - A joint venture agreement was signed between Wushang Group and Wangfujing to establish a city duty-free shop in Wuhan, with a registered capital of 80 million yuan, where Wushang holds 49% and Wangfujing 51% [3]. - The shop will offer a variety of consumer goods, including food, clothing, accessories, and electronics, catering to both international travelers and local citizens [3]. Group 3: Strategic Alignment and Financial Performance - The opening of the city duty-free shop aligns with Wushang Group's strategic goals to expand into new markets and enhance consumer spending [4]. - In Q1, Wushang Group reported total revenue of 1.787 billion yuan, a decrease of 8.62% year-on-year, while net profit attributable to shareholders increased by 2.85% to 143 million yuan [4].

Core Viewpoint - The company has approved a resolution to jointly invest in the establishment of a duty-free company in Guangzhou, aiming to expand its presence in the duty-free retail market and enhance its business growth through collaboration with other major stakeholders in the industry [1][6][28]. Group 1: Investment Details - The company will invest CNY 8.775 million, accounting for 19.5% of the registered capital of CNY 45 million for the new company [2][19]. - The joint investment partners include China Duty Free Group, Guangzhou Baiyun International Airport Co., Ltd., and Guangzhou Guangbai Co., Ltd. [2][19]. - The establishment of the new company aligns with the government's initiative to promote duty-free shopping in major cities, enhancing consumer spending and tourism [28][30]. Group 2: Approval Process - The board meeting held on May 16, 2025, saw unanimous approval from the attending directors, with three directors abstaining due to conflicts of interest [4][8]. - Independent directors also supported the investment, emphasizing its alignment with the company's core business and potential for synergistic growth [3][31]. Group 3: Strategic Implications - The investment is expected to create new business growth points by integrating tourism and retail, thereby enhancing the company's overall market position [28][29]. - The new duty-free business model is anticipated to attract more tourists and increase consumer spending, contributing to the company's long-term strategic goals [28][30].

广州市内免税店要来了！ 5月16日，岭南控股、广百股份、白云机场相继发布公告称，为共同开拓广州市内免税店免税业务，中免集团、广百股份、岭南控股和白云机场拟共同投资 设立中免市内免税品（广州）有限公司（暂定名），运营广州市市内免税店相关业务。 据了解，2024年8月，为进一步激发消费活力、扩大内需和引导消费回流，财政部、 商务部、文化和旅游部、海关总署、国家税务总局五部委正式下发了 《关于完善市内免税店政策的通知》（以下简称《通知》）。根据《通知》安排，在广州、成都、深圳、天津，武汉、西安、长沙和福州等8个城市各设立1 家市内免税店。 今后，随着我国出入境人数快速增长和市内免税店业务日益完善，市内免税店将在促进出入境旅客消费和引导消费回流等方面发挥重要作用。 （文章来源：南方都市报） 广州市广百股份有限公司主要从事百货零售业务，经营业态包括百货商场、购物中心、超市、专业店以及线上商品销售等，是广州市销售规模最大的百货零 售企业，是广东省百货连锁龙头企业。 广州岭南集团控股股份有限公司主营业务为商旅出行（旅行社）业务、住宿（酒店）业务及其他旅游产业链相关业务。 广州白云国际机场股份有限公司为，国内三大国际枢纽机场 ...

广州日报讯（全媒体记者许晓芳、罗磊）广州市内免税店要来啦！5月16日，记者获悉，为共同开拓广 州市内免税店免税业务，广百股份官宣与中免集团、岭南控股、白云机场拟共同投资设立中免市内免税 品（广州）有限公司（暂定名，最终以市场监督管理部门核定为准），拟集合各家企业资源与业务优 势，经营与发展广州市内免税店免税业务。 据悉，中免市内免税品（广州）有限公司的注册资本为人民币4500万元，其中，广百股份拟以自有资金 投资877.50万元，占注册资本的19.50%；中免集团拟投资2295.00万元，占注册资本的51.00%；岭南控 股拟投资877.50万元，占注册资本的19.50%；白云机场拟投资450.00万元，占注册资本的10.00%。 值得关注的是，5月15日，全国优化离境退税政策扩大入境消费工作推进会召开。会议指出，发展离境 退税是大力提振消费的重要抓手，是应对外部冲击的重要举措，是扩大高水平对外开放的重要途径。各 地商务主管部门要积极会同相关部门，加快推进扩商店、增商品、优服务工作，着力提高退税商店覆盖 面，提升退税商品吸引力，增强境外旅客获得感，扩大入境消费，为大力提振消费、推动经济持续回升 向好作出积极贡 ...

Group 1 - Guangzhou Baiyun International Airport Co., Ltd. and its partners have established a joint venture named "Duty-Free Goods (Guangzhou) Co., Ltd." to operate city duty-free stores in Guangzhou, with a registered capital of RMB 45 million [1] - The investment breakdown includes Guangzhou Baiyun's investment of RMB 8.775 million (19.5%), China Duty Free Group's investment of RMB 22.95 million (51%), Lingnan Holdings' investment of RMB 8.775 million (19.5%), and Baiyun Airport's investment of RMB 4.5 million (10%) [1] - The establishment of city duty-free stores is part of a broader initiative by the Chinese government to stimulate consumer spending and enhance domestic demand, as outlined in a notification from five ministries [2] Group 2 - The Chinese government aims to set up one city duty-free store in eight cities, including Guangzhou, to promote consumption among inbound travelers and encourage domestic spending [2] - The Ministry of Commerce has emphasized the importance of developing exit tax refund policies as a means to boost consumption and enhance the attractiveness of duty-free shopping for international travelers [3]

5月16日，A股主要指数集体下跌，沪指跌0.4%报3367点，深证成指跌0.07%，创业板指跌0.19%。 | 章 代码 | 名称 | 现价 | 涨跌 | 涨幅 | | --- | --- | --- | --- | --- | | 000001 | 上证指数 | 3367.46 | -13.36 | -0.40% | | 399001 | 深证成指 | 10179.60 | -6.85 | -0.07% | | 399006 | 创业板指 | 2039.45 | -3.80 | -0.19% | 盘面上，汽车零部件板块，豪恩汽电20CM涨停，均胜电子、亚太股份等十余股涨停；可控核聚变板块走高，中洲特材20CM涨停；人 形机器人板块，宜安科技涨超14%；创新药概念震荡走强，热景生物涨超12%；免税店板块尾盘拉升，珠免集团涨超6%。此外，小米 汽车、工业母机、新能源汽车等板块上涨。 另外，大金融板块集体走弱，保险、证券等方向领跌，中国太保、中国平安等股下跌；白酒板块低迷，山西汾酒跌超2%。美容护理、 物流、猪肉、统一大市场等板块下跌。 具体来看： 消息面上，备受关注的强制性国家标准《轻型汽车自动紧急制动系统技术 ...

Core Insights - The "China Travel" phenomenon has seen significant growth, particularly during the recent May Day holiday, with inbound tourism orders surging by 130% year-on-year [4][6][9] - The implementation of policies such as the 240-hour visa-free transit and the new "buy and refund" tax refund policy has stimulated this growth [2][8] - The tourism market in China is projected to enter a "super cycle" by 2025, with domestic travel expected to reach 314 million trips during the May Day holiday, a 6.4% increase from the previous year [3][10] Policy Impact - The 240-hour visa-free transit policy has led to 9.215 million inbound visitors, a 40.2% increase compared to the previous year, with 71.3% of these being visa-free entries [1][8] - The "buy and refund" tax refund policy has lowered the threshold for refunds, further encouraging spending among foreign tourists [8][9] Market Trends - The tourism and hotel indices have shown positive momentum in the stock market, with significant increases following the holiday [6][9] - The influx of high-spending tourists is expected to enhance the contribution of inbound tourism to China's GDP, which currently stands at 0.5% compared to 1%-2% in developed countries [9][10] Future Projections - Morgan Stanley and other international research institutions predict that China's inbound tourism market could grow by 4 to 8 times over the next decade [7][9] - The Asia-Pacific region is expected to be a key growth area for global tourism, with China's role being crucial in this expansion [11][12] Consumer Behavior - The rise of social media has significantly influenced travel trends, with platforms driving a 200% increase in hotel search indices during the holiday [6] - The appeal of cultural experiences and diverse activities has attracted a large number of foreign tourists, particularly in cities like Shenzhen and Beijing [4][5][9]

近日，当"8城新设市内免税店"消息传来，有网友跟帖——钱包：我感觉我又可以了。 2024年8月20日，财政部等5部门联合印发《关于完善市内免税店政策的通知》，明确自2024年10月1日起，按照《市内免税店管理暂行办法》规范市内免税 店管理工作，促进市内免税店健康有序发展。同时，明确将在广州、成都、深圳、天津、武汉、西安、长沙和福州8个城市，各新设1家市内免税店。 什么是市内免税店？其与一般的商店存在何种区别？消费者能够在免税店免除哪些税收？免税店应当如何规范经营？今天我们一起了解。 "小切口"打开"大市场" 免税购物，是指在特定地点或特定时期内，旅客可以购买商品而无须缴纳关税和其他税费的一种购物方式。免税店是由一国设立于经海关批准的特定地点或 交通工具上，向出入境旅客等特定人群销售免税商品的商店，其通常设立在机场、港口、边境地区等具有特殊地理位置或政策优势的区域，以吸引国内外旅 客或游客前来购物。长期以来，我国形成了以口岸免税店、离岛免税店、交通工具免税店以及市内免税店为代表的多元免税经营模式。 当前，我国出入境旅游加速回暖，出入境游客数量再创新高。数据显示，2024年1月—7月，全国口岸出入境人员3.41亿 ...

Group 1 - The core concept of the news highlights Manzhouli as a unique cross-border trade hub between China and Russia, featuring a duty-free zone that offers a blend of shopping and cultural experiences [1][3]. - The duty-free zone has evolved from a small barter market established in 1992 to a comprehensive trade area, significantly upgraded in 2015 with an investment of 500 million yuan, transforming it into a "super complex" for shopping, tourism, and logistics [1][3]. - The duty-free zone is the only cross-border area in China operated entirely by a single company, enhancing the efficiency of its services [1]. Group 2 - The duty-free zone allows each person a daily exemption limit of 8,000 yuan, catering to shopping enthusiasts with competitive prices on high-end cosmetics and unique Russian brands [3][5]. - The shopping experience is enriched by a variety of Russian and Mongolian specialty products, including caviar and vodka, alongside unique souvenirs like chocolate dolls that resemble traditional Russian nesting dolls [5][7]. - The zone also features cultural experiences, such as Russian cuisine and artisan crafts, providing visitors with a deeper understanding of the local culture [5][7]. Group 3 - The operational philosophy of the duty-free zone emphasizes product traceability and authenticity, utilizing a customs system to prevent counterfeit goods [7]. - Local farmers are involved in the economy by selling traditional products, showcasing a model that combines cultural heritage with modern market access [7]. - The zone hosts cultural performances that blend elements from China, Russia, and Mongolia, enhancing the visitor experience and promoting cultural exchange [11].

Investment Rating - The report maintains a "Buy" rating for the company [7][8] Core Views - The company's performance in Q1 2025 showed a revenue of 16.746 billion, a year-on-year decrease of 10.96%, with a gross margin of 32.98% [1] - The decline in offshore duty-free sales is expected to stabilize, with a potential recovery in operations as demand improves [1] - The company is positioned to benefit from various supportive policies, a rebound in inbound tourism, and an expansion of product offerings, which could enhance profitability [1][3] - The introduction of new tax refund policies is anticipated to boost consumer spending among inbound tourists [3] - The long-term value of the company remains promising, with target prices set at 79.1 RMB for A-shares and 73.08 HKD for H-shares [4] Summary by Sections Financial Performance - Q1 2025 revenue was 16.746 billion, with a net profit of 1.938 billion, reflecting a year-on-year decrease of 15.98% [1] - The company expects EPS for 2025, 2026, and 2027 to be 2.26, 2.56, and 2.91 RMB respectively [4] Market Trends - The sales figures for offshore duty-free in January, February, and March 2025 were 3.13 billion, 5.28 billion, and 2.90 billion respectively, with a narrowing year-on-year decline [2] - The recovery in airport passenger traffic is evident, with significant increases in international passenger throughput [2] Policy Impact - New tax refund policies are expected to enhance the shopping experience for inbound tourists, potentially increasing their spending [3] - The company is actively expanding its city store channels, which are expected to capture additional inbound tourist traffic [3]