离岛免税新政实施首周，海南旅游消费市场持续升温，这是该政策实施以来第10次优化调整。据海口海关统计，11月1日至7日，海 口海关共监管海南省离岛免税购物金额5.06亿元，购物人数7.29万人次，同比分别增长34.86%和3.37%。 央视网消息：11月1日起，海南离岛免税购物新政正式实施。新政实施首周，海口海关共监管海南省离岛免税购物金额5.06亿元。 为抓住离岛免税新政政策机遇，海南各大免税店开展了各类优惠促销活动，提前备好了"即购即提"适用的一系列热销商品，吸引了 大量的旅客前来购买。 三亚国际免税城销售部总监助理苏海云介绍他们在新政发布之后，快速组织工作。对所有员工全面培训，以及上机实操准备应对消 费者进店后，快速回答消费者提出关于新政的问题。 为保障此次离岛免税新政平稳落地、高效运行，海口海关提前开展需求调研，做好系统升级准备。对免税企业实施信用分级监管试 点，以精准投放监管资源提升效能，构建全链条、智能化、高效率的海关监管服务模式。 ...

Summary of Conference Call Notes Industry Overview - The conference call discusses the duty-free market in Hainan, China, highlighting the growth in customer traffic and sales performance in 2025 compared to previous years [1][2]. Key Points and Arguments Customer Traffic and Sales Performance - Hainan's overall customer traffic increased by approximately 2-3% year-on-year, with Sanya showing over 7% growth and a peak of 15% from November 1 to 4 [2] - Sales in Hainan turned positive starting September 2025, primarily due to a low base from the previous year and strong performance during the National Day holiday [2] - Average transaction value increased by over 30%, driven by sales of electronic products and premium goods, although conversion rates remain negative [1][2] Product Category Performance - Electronic products' share in the duty-free category rose to about 10%, aided by the launch of Huawei phones in the duty-free market and relaxed purchase restrictions [1][3] - Premium goods benefited from economic recovery and promotional activities, while the share of cosmetics declined, though year-on-year growth rates did not significantly drop [4] Impact of New Policies - The new policies in Hainan, which include the addition of pet supplies and musical instruments, have had a limited impact on the duty-free market [5] - The policy allowing island residents to shop multiple times has made purchasing more convenient, but its effects will take time to manifest [5] Border Closure Policy - The border closure policy has not had a substantial impact on Hainan's offshore duty-free business, with existing policies remaining unchanged [6] - Mainstream duty-free product categories are still on the negative list, meaning they do not enjoy zero tariffs, and taxable goods still incur normal customs duties, consumption taxes, and value-added taxes [6] Company-Specific Insights - Nichi's sales have continued to decline, with half-year reports showing a drop from over 8 billion to over 6 billion, primarily due to a contraction in taxable business rather than poor performance in duty-free sales [7] - Nichi is expected to explore new business models, such as online reservations, to address current challenges and seek new growth opportunities [7] Future of Duty-Free Shops - City duty-free shops have seen improved sales since the implementation of new policies on November 1, allowing for pick-up upon return to the country [9] - New product categories, including mobile phones and drones, have been introduced, and the online reservation platform offers an unrestricted shopping experience [9] - The potential for home delivery could significantly expand the reach of these shops, especially in smaller airports [9] Comparison with Korean Duty-Free Model - Chinese city duty-free shops share similarities with the Korean model but have advantages in shopping convenience and product selection [10] - If market conditions allow for home delivery, it could further enhance convenience and mitigate the impact of airport pick-up limitations [10] Company Growth Potential - Zhongmian Company has a clean shareholding structure with limited foreign investment, indicating low downside risk [11] - The company aims for a long-term revenue growth target of 10% annually, with potential revenue reaching 80-100 billion RMB in five years if growth is maintained [11] - The company has significant room for improvement, particularly in its two main duty-free stores in Hainan, which could enhance its operational performance [12] Other Important Insights - The overall market remains heavily influenced by the recovery of high-end consumer spending [5] - The current environment presents opportunities for companies to optimize operations and improve brand and product offerings [12]

三亚国际免税城销售部总监助理 苏海云：我们在新政发布之后快速组织工作准备，关于所有员工的全面培训，以及上机实操，准备应对消费者进店后，快 速回答消费者提出关于新政的问题。 为保障此次离岛免税新政平稳落地、高效运行，海口海关提前开展需求调研，做好系统升级准备，对免税企业实施信用分级监管试点，以精准投放监管资源 提升效能，构建全链条、智能化、高效率的海关监管服务模式。 11月1日起，海南离岛免税购物新政正式实施。新政实施首周，海口海关共监管海南省离岛免税购物金额5.06亿元。 离岛免税新政实施首周，海南旅游消费市场持续升温，这是该政策实施以来第10次优化调整。据海口海关统计，11月1日至7日，海口海关共监管海南省离岛 免税购物金额5.06亿元，购物人数7.29万人次，同比分别增长34.86%和3.37%。为抓住离岛免税新政政策机遇，海南各大免税店开展了各类优惠促销活动， 提前备好了"即购即提"适用的一系列热销商品，吸引了大量的旅客前来购买。 游客：原计划我们是坐飞机赶到港澳去购物，销售跟我们说现在有这个新政策，所以我们就在这里买，东西会比较便宜。 ...

Market Performance - The Shanghai Composite Index closed at 4000 points, recovering from a drop of over 2% earlier in the day, with a final increase of 0.53% [1] - The Shenzhen Component Index rose by 0.18%, while the ChiNext Index experienced a decline of 0.92% [1] - Total trading volume in the Shanghai and Shenzhen markets reached 2.17 trillion yuan, an increase of 175.4 billion yuan compared to the previous trading day [1] Economic Indicators - The core Consumer Price Index (CPI), excluding food and energy, rose by 1.2% year-on-year in October, marking the sixth consecutive month of growth [1] - Hainan Province's duty-free shopping amounted to 506 million yuan from November 1 to 7, reflecting a year-on-year increase of 34.86% [1] Sector Performance - The consumer sector showed strong performance, with liquor stocks leading the gains; notable stocks included Jiu Gui Jiu, She De Jiu Ye, and Kuaiji Mountain, which all hit the daily limit [1] - Other sectors such as tourism, hotels, and duty-free retail also saw significant increases, with stocks like Shou Li Hotel, Jin Jiang Hotel, and China Duty Free Group reaching their daily limits [1]

智通财经11月10日讯，市场探底回升，三大指数涨跌不一，沪指午后翻红后震荡拉升，创业板指跌幅收 窄，此前一度跌超2%。沪深两市成交额2.17万亿，较上一个交易日放量1754亿。盘面上热点快速轮 动，大消费板块爆发，食品饮料方向领涨，惠发食品、会稽山等十余股涨停。锂电池板块表现活跃，孚 日股份3连板，天际股份、华盛锂电回封2连板。下跌方面，人形机器人概念走弱，浙江荣泰跌停。截至 收盘，沪指涨0.53%，深成指涨0.18%，创业板指跌0.92%。 板块方面 个股方面 个股来看，午后算力硬件方向探底回升，天孚通信率先翻红，中际旭创、工业富联、胜宏科技等人气权 重均于午后大幅收窄跌幅。作为前期市场领涨主线，算力硬件方向依旧具有较高的人气，所以当盘中大 幅走低后，还是能够获得资金修复。那么明日科技股方向能否延续反弹依旧关键，若再度走弱的话，无 疑将更为影响市场对于该方向的做多信心。 板块上，大消费全线走强，白酒股强势领涨，酒鬼酒、舍得酒业、会稽山涨停，泸州老窖、古井贡酒、 山西汾酒等个股涨幅居前。 消息面上，11月7日，财政部发布2025年上半年中国财政政策执行情况报告，将继续实施好提振消费专 项行动，对重点领域的个人 ...

Group 1 - The government of Haikou City and Longhua District has issued over 1 million yuan in consumer vouchers to stimulate market activity [1] - The consumer vouchers are available on the cdf Hainan APP from November 9, 10 AM, and can be used for discounts during the shopping process [1] - The vouchers are structured in four tiers: 120 yuan off for 2000 yuan spent, 300 yuan off for 4000 yuan, 550 yuan off for 6000 yuan, and 650 yuan off for 8000 yuan, with each user limited to one tier during the promotion [1] Group 2 - The consumer vouchers can be combined with other discounts available on the cdf Hainan APP, and the promotion will last until November 24, 11 PM [2] - The ongoing "11.11 Sale Festival" on the cdf Hainan official mall includes a wide range of products such as skincare, jewelry, fashion, electronics, and beverages, featuring multiple discounts across duty-free and member channels [2]

11月9日，外国顾客在三亚国际免税城选购商品。新政将适用人群扩至离境旅客。 海南离岛免税新政实施首周，旅游消费市场持续升温。据海口海关统计，11月1日至7日，海口海关共监 管海南省离岛免税购物金额5.06亿元，购物人数7.29万人次，同比分别增长34.86%、3.37%。新华社记 者 郭程 摄 ...

Investment Rating - The report assigns an "Accumulate" rating to the company [5]. Core Insights - The company's operations are showing signs of recovery, with Q3 revenue and net profit indicating a narrowing decline, suggesting a gradual bottoming out and rebound [1][13]. - The upcoming Hainan customs closure is expected to provide long-term benefits for the offshore duty-free policy, with recent policy optimizations further enhancing the shopping experience [2][20]. - The company is actively expanding its city duty-free store projects, aiming to create new growth drivers [3][29]. Summary by Sections Company Operations - For the first three quarters of 2025, the company achieved revenue of 39.862 billion and net profit of 3.051 billion, reflecting year-on-year declines of 7.34% and 22.13% respectively. Q3 alone saw revenue of 11.711 billion and net profit of 0.452 billion, with declines of 0.38% and 28.94% [1][13]. - In September 2025, Hainan's offshore duty-free sales saw a year-on-year increase of 3.4%, marking a return to positive growth for the first time in 18 months [1][13]. Hainan Customs Closure - The offshore duty-free policy has been further optimized ahead of the customs closure, expanding the product categories to 47 and allowing for multiple purchases within a year for island residents [2][20]. - From November 1 to 7, 2025, Hainan's offshore duty-free shopping amounted to 0.506 billion, with a year-on-year increase of 34.86% in shopping amounts and 3.37% in the number of shoppers [2][20]. City Duty-Free Stores - The company has been awarded new city duty-free store projects in six cities, bringing the total to 12 cities, indicating a strategic move to establish new growth areas [3][29]. Financial Forecast and Investment Recommendations - The company is projected to achieve revenues of 53.084 billion, 58.328 billion, and 67.418 billion for 2025, 2026, and 2027 respectively, with corresponding net profits of 3.413 billion, 4.704 billion, and 6.041 billion [4][34]. - The report anticipates a turnaround in the company's operations, driven by the benefits of the customs closure and the expansion of city duty-free stores, leading to a new growth phase [4][35].

（文章来源：新华社） 海南离岛免税新政实施首周，旅游消费市场持续升温。据海口海关统计，11月1日至7日，海口海关共监 管海南省离岛免税购物金额5.06亿元，购物人数7.29万人次，同比分别增长34.86%、3.37%。 ...

Core Insights - The new duty-free policy in Hainan has led to significant increases in both shopping amounts and customer numbers during its first week of implementation, with a total shopping amount of 506 million yuan and 72,900 shoppers, representing year-on-year growth of 34.86% and 3.37% respectively [1][3]. Group 1: Sales Performance - The new categories of products, including pet supplies and portable musical instruments, have seen sales of 1,488 items amounting to 2.7468 million yuan [1]. - Departure travelers purchased 886 duty-free items worth 2.2047 million yuan, while local residents engaged in "immediate purchase and pick-up" for 403 items totaling 356,100 yuan [1]. Group 2: Consumer Behavior - The implementation of the new policy has prompted duty-free stores to launch various promotional activities to attract customers, particularly targeting younger consumers through trendy brands and engaging shopping experiences [3]. - The number of outbound travelers from Hainan has exceeded 2 million this year, marking a year-on-year increase of 22.4%, with foreign travelers accounting for over 1.06 million, a 45.1% increase [3]. Group 3: Policy Impact - The new duty-free policy extends benefits to departing travelers, allowing them to purchase duty-free items that were previously unavailable to them [3]. - Local residents with outbound travel records can now purchase unlimited quantities of 15 categories of "immediate purchase and pick-up" items within a calendar year, enhancing their shopping convenience [3][4].