离岛免税购物保持增长态势，消费热潮持续升温。 海南自由贸易港封关运作首周，据海口海关统计，12月18日至24日，海口海关共监管"一线"进口"零关税"享惠货 物超4亿元，监管"二线"内销加工增值免关税货物超2000万元。 与此同时，离岛免税购物保持增长态势，消费热潮持续升温。 元旦假期、寒假等将至，作为冬季度假胜地，三亚免税消费市场持续火爆。据三亚发布，12月18日~23日，三亚 凤凰国际机场旅客吞吐量达43.41万人次，客流平稳有序。而在海南封关后的六天里，三亚四家免税店销售额达6.3 亿元，同比增长47.2%，相当于每天销售额都破亿。 另据海口海关统计，封关运作首周（12月18日~24日），海口海关共监管离岛免税购物金额11亿元，同比增长 54.9%。 那么，普通消费者是否能在海南全岛享受到"零关税"带来的消费优惠？记者日前在三亚调研消费市场发现，"零关 税"货物只能在符合条件的享惠企业之间流通，并不能"免税"销售给个人。消费者要想享受"免税"优惠，依然需要 通过"离岛免税"规则，也就是在机场和市内免税店购买并带离海南的服装、化妆品等。 据新华社报道，封关运作将为海南服务业、旅游业和数字贸易发展注入新动力。 ...

Core Viewpoint - China Duty Free Group has won a bid for the duty-free project at Beijing Capital International Airport, which is expected to enhance its market position and improve operational performance in the coming years [1] Group 1 - The company received a bid notification confirming its subsidiary as the winning bidder for the duty-free project at Beijing Capital International Airport [1] - The bid amount includes a guaranteed operating fee of RMB 480 million for the first year and a sales commission rate of 5% for the first year [1] - The operational period for the contract is set from the start date until February 10, 2034, lasting no more than 8 years [1] Group 2 - The signing of this project is expected to enhance the company's channel advantages at core domestic airports [1] - The project aims to meet the diverse shopping needs of inbound and outbound travelers, thereby improving the duty-free shopping experience [1] - Successful implementation of the project is anticipated to have a positive impact on the company's future operational performance [1]

Core Insights - The China National Pharmaceutical Group's Shanghai duty-free store has relocated and resumed operations on December 27, 2025, at 293-5 Jiangning Road, providing convenient duty-free shopping for travelers departing within the next 60 days [1] Group 1 - The new store adopts a business model that combines "duty-free + taxable," "imported + domestic," and "duty-free + health," breaking traditional time and space limitations of duty-free shopping [1] - The product categories offered include skincare products, perfumes, cosmetics, alcoholic beverages, and luxury bags, featuring both international luxury brands and renowned domestic products like Moutai and Wuliangye [1] - The store also introduces traditional Chinese brands such as Lei Yun Shang, creating a dedicated area for "Shanghai gifts" [1]

在购物流程上，市内免税店实现了高度便捷化。消费者只需出示护照及60天内的出境凭证，即可完成购 买，待出境时在口岸提货，省去了传统机场购物的时间压力。 作为财政部等部委支持建设的重要项目，上海市内免税店打破了以往免税购物"只在口岸"的限制，让消 费者可以在城市核心商圈从容选购，提升了消费体验。 上海正加快建设国际消费中心城市。日前，位于静安区南京西路商圈的国药中服上海市内免税店完成迁 址升级，正式焕新开业。作为上海深化离境退税、免税消费和保税展示融合发展的重要载体，该项目将 进一步推动"免税+消费"场景创新，助力打造国际化消费高地。 新开业的市内免税店商品种类丰富，涵盖护肤彩妆、香水、酒类以及精品箱包等多个品类。开业期间， 店内推出多重优惠活动，部分商品低至一折，并为消费者提供到店礼赠等福利，吸引了不少市民和游客 前来选购。 前来购物的市民孙女士表示，她计划明年乘坐邮轮出境旅游，正好趁此次开业提前选购免税商品。"价 格很有吸引力，手续也很方便，正好可以提前准备。" 在保税功能方面，静安区还率先探索高端消费品在核心城区的保税展示和交易模式。位于张园的保税展 示平台自去年启用以来，已举办十余场国际品牌首发和首秀活动 ...

Core Viewpoint - The Sanya International Duty-Free City is undergoing a significant upgrade to become a benchmark for consumption in the Hainan Free Trade Port, leveraging its duty-free policy advantages and enhancing consumer experiences through innovative retail and service offerings [2][11]. Project Background - The Sanya International Duty-Free City was established by China Tourism Group in 2012 with an investment of 1.63 billion yuan, featuring a total construction area of 200,000 square meters and a retail area of 110,000 square meters, housing over 1,000 global brands across 45 categories [3][4]. - The project consists of two phases, with the first phase opening in September 2014 and the second phase, "Hearts Island," completed in January 2020, connecting the two phases and creating an experiential commercial district [3]. Challenges Before Renovation - The project faced issues such as a fragmented membership system, ineffective marketing strategies, and a lack of high-end luxury brand presence due to operational fragmentation and unclear market positioning [4]. Renovation Process - The renovation focused on integrating cultural, commercial, and tourism elements to drive high-quality development [5][6]. - Government support included issuing consumption vouchers and providing financial incentives to stimulate sales, while also facilitating a favorable business environment for duty-free stores [6][7]. Management and Operational Reforms - An integrated operational reform was implemented, allowing for unified management of the duty-free stores, breaking down internal barriers and establishing a foundation for coordinated marketing and membership systems [7][8]. - The project aims to attract high-end brands, with plans for multiple luxury brands to open by 2024, significantly enhancing the luxury brand matrix in the region [8]. Consumer Experience Enhancement - The project introduced various cultural and entertainment activities to enhance the shopping experience, targeting younger consumers with differentiated offerings in the second phase [9][10]. - Digital and intelligent upgrades were made to streamline shopping processes and improve customer service, including the launch of new shopping models and enhanced app functionalities [10]. Post-Renovation Outcomes - In 2024, the duty-free city achieved a sales revenue of 18.7 billion yuan, with daily sales exceeding 200 million yuan during peak periods, showcasing resilience despite a slowing market [12]. - Service quality improved significantly, with customer satisfaction rates consistently above 90%, and the project received multiple awards for excellence in service [13]. - The consumer experience was enhanced through improved connectivity between phases, promotional activities, and upgraded facilities, leading to increased customer engagement [14]. - The project has positively impacted the local tourism industry, hosting major events and collaborating with over 100 hotels and attractions, thereby enhancing the overall tourism ecosystem [15]. Innovation in Business Model - The project successfully integrated duty-free and taxable shopping, cultural tourism, and online-offline experiences, transforming into a comprehensive consumption destination [16]. - Management innovations included a unified operational model that standardized marketing and service protocols, enhancing overall efficiency [17]. - The project actively participated in policy innovations related to the Hainan Free Trade Port, facilitating the implementation of new business models and consumer incentives [18]. - A customer-centric service management system was established, focusing on high-quality service delivery and innovative customer engagement strategies [19].

Core Viewpoint - China Duty Free Group (中国中免) has won the bidding for duty-free projects at Beijing Capital International Airport and Shanghai airports, marking a significant shift in the domestic airport duty-free market as its subsidiary, Sunrise Duty Free (日上免税行), exits these operations due to lack of support from its major shareholder [3][4][5]. Group 1: Bidding Success - China Duty Free Group's subsidiary won the bid for the duty-free store project at Terminal 3 of Beijing Capital International Airport, with a guaranteed operating fee of 480 million yuan for the first year and a sales commission rate of 5% [3]. - The company has also recently secured two duty-free store projects at Shanghai Pudong International Airport and Shanghai Hongqiao International Airport, previously operated by Sunrise [3][6]. Group 2: Sunrise Duty Free's Exit - Sunrise Duty Free was forced to withdraw from the bidding for the Shanghai airport duty-free stores due to the lack of support from its major shareholder, China Duty Free Group, which holds approximately 51% of Sunrise [4][5]. - The decision to deny Sunrise's participation in the bidding was influenced by a requirement to avoid foreign partnerships in the duty-free business [5]. Group 3: Financial Performance - China Duty Free Group's net profit declined by 36% in 2024, with a further drop of 22.13% in the first three quarters of the current year [6]. - However, recent data from Haikou Customs indicates a 3.4% year-on-year increase in monthly sales for Hainan's duty-free shops as of September 2025, suggesting a recovery trend [6]. Group 4: Cost Structure Changes - The costs associated with operating duty-free stores at airports have decreased compared to pre-pandemic levels. For instance, the guaranteed operating fee for the first year at Beijing Capital International Airport is 480 million yuan, translating to a monthly rent of 3,757 yuan per square meter [6][7]. - In contrast, prior to the pandemic, Sunrise was required to pay 42.5% of its sales as rent to Shanghai Airport, or a minimum sales commission of approximately 6 billion yuan, whichever was higher [7]. Group 5: Market Reaction - Following the announcement of the successful bids, China Duty Free Group's stock price rose by 8.32%, closing at 92.3 yuan [8].

Core Viewpoint - China Duty Free Group (CDFG) has won the bidding for duty-free store projects at Beijing Capital International Airport, indicating the gradual exit of Sunrise Duty Free from the domestic airport duty-free operations [1][4]. Group 1: Bidding and Project Details - CDFG's subsidiary has been confirmed as the winning bidder for the duty-free store project at Terminal 3 of Beijing Capital International Airport, with a minimum operating fee of 480 million yuan for the first year and a sales commission rate of 5% [2]. - CDFG has also recently won bids for two duty-free store projects at Shanghai Pudong International Airport and Shanghai Hongqiao International Airport, all of which were previously operated by Sunrise [2][4]. - The operating period for the Beijing project is set from the contract start date until February 10, 2034, not exceeding eight years [2]. Group 2: Sunrise Duty Free's Exit - Sunrise Duty Free's exit from the bidding process was due to a lack of support from its major shareholder, CDFG, which holds approximately 51% of Sunrise [2][4]. - Sunrise did not participate in the bidding for the new duty-free store operations at Beijing Capital International Airport, as CDFG required that Sunrise not collaborate with foreign partners in the duty-free business [4]. Group 3: CDFG's Financial Performance - CDFG's performance has been under pressure, particularly due to declining sales from its six duty-free stores in Hainan, with a reported net profit decline of 36% year-on-year in 2024 and a further 22.13% drop in the first three quarters of the current year [5][6]. - However, recent data from Haikou Customs indicates a 3.4% year-on-year increase in monthly sales for Hainan's duty-free stores as of September 2025, marking a return to positive growth after 18 months [6]. - The recent wins for the airport duty-free projects are expected to positively impact CDFG's performance, enhancing its channel advantages in core domestic airports [6]. Group 4: Cost Structure Changes - The costs associated with operating duty-free stores at airports have decreased compared to pre-pandemic levels, with CDFG's minimum operating fee for the first year at Beijing Capital International Airport set at 480 million yuan, translating to a monthly rent of 3,757 yuan per square meter [6][7]. - In contrast, prior to the pandemic in September 2018, Sunrise was required to pay 42.5% of its sales as rent to Shanghai Airport or a minimum sales commission (approximately 6 billion yuan), whichever was higher [7].

（文章来源：证券时报） 海南自由贸易港封关运作首周，离岛免税购物保持增长态势，消费热潮持续升温。据海口海关统计，封 关运作首周（12月18日—24日），海口海关共监管离岛免税购物金额11亿元，同比增长54.9%。 ...

12月23日，"国货潮品"进免税品牌推介会在深圳市华富街道深业上城云客厅及市内免税店举行。活动由商务部流通发展司指导，深圳市商务局等单位共同参 与，汇聚了政府部门、免税企业及国潮品牌代表逾百人。 174个国货"潮品"首批名录发布，政企共探国潮出海新范式 会上正式发布了市内免税店国货"潮品"首批推介名录，共收录174个品牌，覆盖全国26个省市的19个经营品类，其中包含45个中华老字号。该名录旨在为免 税企业采购提供权威指引，助力国货品牌通过免税渠道从"入场"走向"出圈"。 深圳作为全国首批市内免税店政策试点城市，现场分享了以"免税+离境退税+有税"三维模式、"科技之光"国潮场景体验及政企协同引入机制为核心的实践成 果，为行业提供了可复制、可推广的范本。中免集团、荣耀、博士眼镜、刘氏竹编、海鸥手表等企业代表围绕品牌进免税店的模式创新、文化传播与国际拓 展进行了深入交流。 街区赋能与未来窗口：福田华富打造国潮国际"免税+文旅"消费枢纽 作为本次推介会举办地所在街道，华富街道积极联动深圳市内免税店，推动国潮消费与在地文化、社区生活深度融合。2025年，街道与免税店合作推出"暖 冬消费季"主题森活市集，设立国潮专区，引 ...

北京商报讯（记者 吴其芸）12月25日，北京商报记者从海关总署官方微信公众号"海关发布"获悉，据 海口海关统计，海南自贸港封关首周（12月18日—24日），海南离岛免税购物金额11亿元，购物人数 16.5万人次，购物件数77.5万件，分别同比上涨54.9%、34.1%、11.8%，充分体现了封关运作对消费市 场的带动效应。 ...