（文章来源：证券日报） 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，根据现行的出入境免税、离岛免 税、市内免税等政策要求，机器人等电子产品尚未纳入免税品种范围。目前深圳市内免税店特别设立 了"深圳之光"电子黑科技体验廊，部分机器人等产品采用有税经营，可面向国外客户提供离境退税服 务。 ...

Group 1 - The company stated that there are no new cities or stores established under the current duty-free store policies and optimization regulations [1] - The company is focusing on inventory turnover control and is preparing to stock popular products ahead of the peak season [1] - The company aims to leverage its procurement and supply chain advantages to collaborate with industry partners and build an open and win-win industrial ecosystem [1]

Core Viewpoint - The board of directors of RiShang Duty Free (Shanghai) Co., Ltd. is in a dispute regarding participation in the Shanghai airport duty-free project bidding, with the majority of directors opposing the bid, potentially leading to the company's exit from the airport market [3][5]. Group 1: Company Background - RiShang Duty Free was established in June 1999 and is the first foreign company to operate airport duty-free shops in China [5]. - In 2018, China Tourism Group's subsidiary, China Duty Free Group, acquired a 51% stake in RiShang Duty Free, becoming the controlling shareholder [5]. - The company operates primarily at Beijing Capital International Airport and Shanghai's Pudong and Hongqiao International Airports [6][7]. Group 2: Current Situation - On December 6, 2025, a board meeting was held where the chairman, appointed by the major shareholder China Duty Free Group, indicated that the company would not participate in the bidding for the Shanghai airport duty-free project [3]. - The bidding process for the Shanghai airport duty-free shops began on November 17 and is set to close on December 9, 2025 [3]. - The disagreement among shareholders raises questions about the future of RiShang Duty Free's operations at Shanghai airport, as the chairman's refusal to sign the bidding documents could prevent the company from participating [3].

Core Viewpoint - Morgan Stanley reports that the bidding results for duty-free shops at Shanghai and Beijing airports are expected to be announced this month, with current operations managed by Sunrise, a company 51% owned by China Duty Free Group [1] Summary by Relevant Sections Financial Impact - For the first half of this year, offline sales at Shanghai Airport are projected to contribute approximately 10% to China Duty Free's revenue and 0.7% to its net profit, while the contribution from Beijing Airport is expected to be in the low single digits [1] Stock Price Projections - Morgan Stanley sets a target price of HKD 60 for China Duty Free's H-shares and CNY 66 for its A-shares, maintaining a "market perform" rating [1] Scenario Analysis - The base case scenario assumes China Duty Free secures one contract at each airport and utilizes its wholly-owned duty-free licenses, leading to stable stock prices - If China Duty Free secures contracts at both airports while using both its own licenses and Sunrise's licenses, stock prices may rise by 5% to 10% - Conversely, if Sunrise secures contracts at both airports, China Duty Free's stock could decline by 5% to 10% [1]

摩根士丹利发布研报称，上海机场（600009）及北京机场的免税店投标结果，预计将于本月公布。目前 两个机场的免税店，均是由中国中免（601888）(01880)占51%股权的Sunrise公司所经营。该行料今年上 半年，上海机场线下销售对中国中免的收入及净利润贡献分别约为10%及0.7%，而北京机场的收入贡献 应为低单位数。该行现予中国中免H股目标价60港元，中国中免(601888.SH)A股目标价66元人民币，均 予"与大市同步"评级。 该行列出多个假设情景，基准情形为中国中免在上海及北京机场各获得一份合约，并使用其自身全资持 有的免税牌照，集团将在线下渠道增加更多高利润产品，并在Sunrise线上平台提供具价格竞争力的产 品;此情况下，集团的股价将大致平稳。如中国中免在上海及北京机场各获得一份合约，同时使用其全 资持有牌照和Sunrise的牌照，股价可能上升5至10%。如Sunrise分别同时在两个机场各获得一份合约， 则中国中免的股价或下跌5%至10%。 ...

Core Viewpoint - The new offshore duty-free policy in China, effective from November 1, aims to expand the range of duty-free products and increase the number of eligible consumers, showing initial positive effects on sales and customer engagement [1] Group 1: Policy Implementation - The new offshore duty-free policy began on November 1, enhancing the variety of duty-free products and broadening the consumer base [1] - The Haikou Customs reported that from November 1 to 7, the total amount of duty-free shopping in Hainan reached 506 million yuan, with 72,900 shoppers, marking year-on-year increases of 34.86% and 3.37% respectively, indicating the policy's initial impact [1] Group 2: Retail Strategy - Duty-free shops at ports and in cities will actively promote the sale of domestic products in accordance with the new policy [1] - The expansion of product categories in duty-free stores aims to enhance shopping options for travelers and improve the overall shopping experience through online reservation services [1]

Core Viewpoint - The potential exclusion of RiShang Duty Free from the Shanghai airport duty-free bidding process raises concerns about the future of the company and the implications for foreign investment in China [1][2]. Group 1: Company Background - RiShang Duty Free (Shanghai) Co., Ltd. was established in June 1999 and is recognized as the first foreign enterprise operating airport duty-free shops in China [1]. - The company has been a prominent player in the Chinese airport duty-free market, ranking among the top 10 global travel retailers in 2015 and 2016 according to the Moodie Davitt Report [1]. Group 2: Recent Developments - On December 6, 2023, a board meeting was held where the chairman, appointed by the major shareholder China Duty Free Group (CDFG), opposed RiShang Shanghai's participation in the bidding for the Shanghai airport duty-free project [1]. - The bidding process for the Shanghai Pudong and Hongqiao International Airport duty-free shops commenced on November 17, 2023, and is set to close on December 9, 2023 [1]. Group 3: Legal and Regulatory Context - Following the implementation of the Foreign Investment Law in China, RiShang Shanghai is legally qualified to participate in the bidding process, as foreign investment restrictions no longer apply to duty-free operations [2]. - The bidding documents for Shanghai airport reaffirm that capable foreign-invested enterprises can participate, aligning with national laws and agreements with major shareholders [2]. Group 4: Potential Consequences - If RiShang Shanghai is unable to participate in the current bidding, it may lead to the loss of its main business, risking dissolution and affecting thousands of employees and related businesses [3]. - The situation is seen as a significant indicator of the foreign investment environment and the level of institutional openness in China [2].

Core Viewpoint - The recent upgrade of China's duty-free shop policy, effective from November 1, aims to expand the range of products available and enhance the shopping experience for travelers, thereby boosting the duty-free economy [1] Group 1: Policy Changes - The upgraded duty-free policy broadens the scope of benefits, catering to diverse consumer shopping needs and increasing the attractiveness of duty-free shops for inbound and outbound travelers [1] - The new policy allows for more domestic products to be sold in duty-free shops, including traditional Chinese brands and cultural heritage items [8] Group 2: Store Openings and Offerings - The first city-based duty-free shop in Tianjin opened on November 28, featuring a business model that combines duty-free and taxable goods, as well as online and offline sales [5] - The duty-free shop in Xi'an incorporates local cultural elements into product design and store decoration, creating a new consumption scene [11] Group 3: Market Dynamics - The relaxation of approval processes for duty-free shops grants more autonomy in establishing and scaling operations, allowing for tailored offerings based on local market conditions [14] - The introduction of online reservation services for duty-free products enhances the shopping experience for travelers, enabling them to pre-order items based on their travel itineraries [17]

Core Viewpoint - The recent policy changes regarding duty-free shops in China aim to enhance consumer spending and support the growth of the duty-free industry, with new stores opening in major cities and a focus on promoting domestic products [1][9]. Group 1: Policy Changes and Industry Impact - The Ministry of Finance, Ministry of Commerce, Ministry of Culture and Tourism, and other departments have issued a notification to improve duty-free shop policies starting November 1, 2025, to boost consumption [1]. - The new policy allows for more autonomy in the establishment and scale of duty-free shops, indicating a shift towards a more market-driven approach [9]. - The approval process for setting up and operating duty-free shops has been simplified, enhancing efficiency and allowing local governments to optimize shop layouts based on regional characteristics [11]. Group 2: New Store Openings - The first city-based duty-free shop in Tianjin has opened in a central commercial area, featuring a mix of duty-free and taxable zones, catering to travelers with outbound tickets [4]. - A new city-based duty-free shop has also opened in Xi'an, incorporating local cultural elements into its design and product offerings, creating a unique shopping experience [7]. Group 3: Promotion of Domestic Products - The new city-based duty-free shops are increasing the availability of domestic products, including traditional Chinese brands and cultural items, to enhance consumer choice [12][14]. - The customs authority has introduced measures to support the sale of domestic products in duty-free shops, with plans to include a wider range of goods such as electronics and health products [16]. - The policy encourages duty-free shops to allocate at least 25% of their sales area to domestic products, aiming to boost the market recognition and international competitiveness of Chinese goods [21]. Group 4: Enhanced Consumer Experience - The new regulations aim to improve the shopping experience by introducing online reservation services for duty-free products, allowing travelers to pre-order items based on their travel schedules [26].

Core Viewpoint - The opening of the first city duty-free store in Xi'an marks a significant milestone in filling the market gap in the northwest region, enhancing consumer experience and contributing to the city's consumption upgrade [1][12]. Group 1: Store Overview - The Xi'an city duty-free store, a collaboration between China Tourism Group's China Duty Free Group and Western Airport Group, spans 2,050 square meters and employs an innovative "duty-free + cultural tourism + consumption" model [3]. - The store operates on a dual-track model of "duty-free + taxable" to cater to both outbound travelers and local residents, offering a diverse range of products from luxury goods to local cultural items [3][5]. Group 2: Consumer Experience - The store emphasizes an immersive shopping experience, featuring dedicated areas for brand experiences, a whiskey bar, VIP services, and social interaction points, enhancing the overall consumer engagement [5][7]. - Local residents have shown interest in the store, with many visiting for leisure and social activities, indicating a successful integration of shopping and cultural experiences [7][9]. Group 3: Cultural Integration - The store incorporates elements of Xi'an's rich cultural heritage into its design and product offerings, creating a unique shopping environment that reflects the city's historical significance [9][10]. - Cultural products, such as those inspired by local icons like the Terracotta Warriors, have been well-received, suggesting a strong consumer interest in culturally themed merchandise [9][12]. Group 4: Economic Impact - The establishment of the duty-free store is pivotal for Xi'an's development as a distinctive international consumption center, stimulating high-end consumption and attracting both domestic and international tourists [10][12]. - The innovative model aligns with Xi'an's strategic focus on integrating cultural tourism and consumption, fostering a positive cycle of cultural engagement and economic growth [10][12].