智通财经APP获悉，中国中免(01880)审计部负责人钭晓琼女士表示："审计不仅是'查错纠弊'，更是'治理雷达'与'价值卫士'"。审计部钭晓琼女士在接受专 访时指出，"中免审计工作的核心，是推动治理完善、管理提升和风险收敛，真正实现'审计一项、规范一片、提升一域'。" 治理筑基：审计是权力运行的"制度笼子" "公司治理不是虚的概念，它体现在每一个议事规则、每一次授权执行、每一笔业务流转中。"审计部钭晓琼女士开门见山。 中免审计部直接对党委和董事会负责，在董事长和党委书记的领导下，建立了独立、客观、权威的审计体系。2024年，审计与风险管理委员会、监事会共 召开会议11次，审议议案31项，从机制上杜绝"一言堂"，推动治理架构持续优化。 "我们正在推进'逢离必审'+'任中审计'双机制，针对特别问题开展专项审计，不仅要看结果，更要管过程、看常态，真正致力于把权力关进制度的笼子。" 中免海南门店掠影 中免审计一直坚持风险导向模式，并向"研究型审计"升级。2024年，围绕存货、资金、工程、合资等重点领域，开展多轮风险排查，致力于实现风险早发 现、早干预。审计不是找茬，而是要推动管理闭环，帮助企业'治病健体'，治已病防未 ...

Group 1 - The upcoming "Golden Week" during the National Day and Mid-Autumn Festival will last for 8 days, leading to a surge in travel bookings, with some popular routes already sold out [1] - Consumers are planning their trips earlier than in previous years, with a preference for domestic long-distance travel products, and a diverse range of travel experiences such as deep experience tours and cultural exploration tours are emerging to meet varied consumer demands [1] - The United Nations World Tourism Organization forecasts a 5% year-on-year increase in global international tourist arrivals in the first half of 2025, with approximately 690 million outbound trips recorded in the first half of this year, an increase of about 33 million compared to the same period last year [1] Group 2 - Morgan Stanley projects that China's inbound tourism retail market will grow over threefold in the next decade, from $14 billion in 2024 to $60 billion by 2034, increasing its share of the overall tourism retail market from 10% to 25% [2] - The rise of globally recognized brands and improved shopping experiences are key drivers for this growth, with Chinese consumer electronics and brands like Pop Mart attracting tourists and stimulating shopping demand [2] - Policy support is expected to enhance duty-free and tax refund shopping, benefiting domestic retailers, shopping centers, and duty-free operators [2] Group 3 - Relevant Hong Kong-listed travel-related stocks include online travel agencies like Trip.com Group and Tongcheng Travel, as well as companies in the tourism supply chain such as Macau sector stocks, China Travel International Investment Hong Kong, and China Duty Free Group [3]

Core Viewpoint - China Duty Free Group (01880) saw a rise of over 3%, currently up 3.3% at HKD 61.05, with a trading volume of HKD 149 million [1] Group 1: Policy Developments - On September 5, the draft of the Hainan Free Trade Port Tourism Regulations was publicly solicited for opinions, proposing a broader visa-free entry policy for tourists [1] - Citizens from countries approved by the State Council can enter Hainan Free Trade Port without a visa and travel within a specified period [1] Group 2: Market Context - In July, a press conference by the State Council Information Office clarified the timeline for the closure operation of Hainan Free Trade Port and optimized tax and travel policies [1] - According to Founder Securities, ongoing developments related to Hainan's closure operations could serve as a catalyst for valuation, with a focus on the company's performance at domestic ports and city duty-free shops [1]

Core Viewpoint - The draft regulations for the Hainan Free Trade Port propose enhanced duty-free shopping policies for outbound travelers, aiming to establish Hainan as a globally influential duty-free shopping destination [1] Group 1: Duty-Free Shopping Policies - The regulations advocate for a more open and convenient duty-free shopping policy for travelers departing from the island [1] - The provincial government and relevant departments are encouraged to increase the variety of duty-free products and enhance shopping limits [1] - There is a focus on innovating regulatory models and improving pick-up methods for duty-free goods [1] Group 2: Infrastructure and Brand Development - The draft encourages duty-free operators to build modern shopping facilities and introduce international high-end brands [1] - It emphasizes the importance of diversifying product offerings and improving service quality to create a high-quality consumer environment [1] Group 3: Integration with Tourism - The regulations promote the integration of duty-free shopping with tourism, aiming to extend the industry chain [1] - There is an emphasis on enhancing the overall benefits and experiential value of duty-free shopping for travelers [1]

Core Insights - Hainan's duty-free sales during the summer vacation reached 3.67 billion yuan, with 3.796 million items sold and 667,000 consumers participating [1] Sales Performance - The total sales amount for Hainan's 12 duty-free operators from July 1 to August 31, 2025, was 3.67 billion yuan [1] - The number of items sold during this period was 3.796 million [1] - The total number of consumers who participated in the duty-free shopping was 667,000 [1] Marketing and Promotions - The Fourth Hainan International Duty-Free Shopping Festival and the Seventh China Duty-Free Shopping Festival were held, introducing over 30 brands and showcasing numerous new products [1] - Various promotional activities were launched to stimulate new consumption momentum [1] Consumer Experience - The focus was on family and child-friendly offerings, including the opening of the first CareBears pop-up store and the first CareBears-themed café in mainland China [1] - The company emphasized a warm and enjoyable shopping experience with a diverse range of duty-free products to meet consumer demands [1] Operational Efficiency - Hainan Customs implemented a "centralized + automated" order review model to ensure smooth operation of the duty-free policy during the summer [1] - Increased efforts were made to audit new duty-free products and improve logistics efficiency for popular items [1] - Enhanced store inspections were conducted during peak tourist periods to create a healthy shopping environment for travelers [1]

Core Viewpoint - CDF Sanya International Duty-Free City celebrates its 11th anniversary with a series of innovative activities aimed at enhancing consumer experience and solidifying its position as a leading destination for duty-free shopping and tourism in Hainan [1][16]. Group 1: Expansion and Innovation - Since its opening in 2014, CDF Sanya International Duty-Free City has expanded from 120,000 square meters to 398,100 square meters, becoming a national AAAA-level tourist attraction [3][16]. - The duty-free city has introduced various new projects, including the "Hearts Island" phase and the standalone beauty plaza in Area C, showcasing its commitment to high-quality cultural tourism consumption [3][16]. - The venue now features a diverse range of nearly 1,000 domestic and international brands across multiple sectors, including jewelry, cosmetics, fashion, electronics, and dining [6][8]. Group 2: Consumer Engagement and Marketing Strategies - The anniversary celebration includes promotional activities such as 10x points for purchases, weekend prize draws, and scratch-off games, aimed at enhancing customer engagement [10][12]. - CDF Sanya is focusing on high-end membership services, offering customized experiences and exclusive events to attract affluent consumers back to the duty-free shopping environment [12][16]. - The introduction of flagship stores for brands like Coach, Estée Lauder, and Lancôme highlights the city's strategy to attract younger consumers through experiential shopping [8][10]. Group 3: Integration of Culture and Commerce - The duty-free city is transforming traditional commercial spaces into multi-value platforms, integrating outdoor sports and entertainment events to create immersive shopping experiences [14][16]. - Collaborations with various brands and events, such as Jay Chou's concert, are utilized to convert entertainment traffic into shopping opportunities, enhancing the overall consumer experience [14][16]. - CDF Sanya aims to build a comprehensive platform that integrates travel elements such as dining, accommodation, and entertainment, contributing to Hainan's development as an international tourism consumption center [16].

合作中心内现有200多家免税企业、上千个店铺，销售来自不同国家的上万种商品，从工艺品到日用百货、从食品到电子产品，品类丰富、琳琅满目，吸引 了大量游客前来消费。 中哈霍尔果斯国际边境合作中心商户 林梓轩：像中亚的食品特别受欢迎，亚美尼亚的巧克力，哈萨克斯坦、俄罗斯的工艺品，还有意大利香氛洗护都非常 受欢迎，最近我们的营业额都能达到10万+，平均每周都要补一次货。 随着中哈霍尔果斯国际边境合作中心"边境游、跨境游、购物游"吸引力持续提升，进出合作中心的人员数量屡创新高。据霍尔果斯出入境边防检查站统计数 据显示，截至8月31日，今年该合作中心进出人员已突破700万人次，同比增长57.1%。 在中哈霍尔果斯国际边境合作中心联检大厅，30条人工查验通道、18条快捷查验通道全部开放，单日最高客流量达4.4万人次。中哈两国公民及第三国公 民，无需签证，凭有效证件即可自由出入，开展旅游、贸易洽谈等活动，且每人每天可携带价值8000元人民币的免税商品。目前，该合作中心已成为中国与 中亚、西亚及欧洲各国商贸往来的重要平台。 责编：黄之安、侯兴川 ...

Group 1 - The core viewpoint is that the China-Kazakhstan Horgos International Border Cooperation Center is experiencing a significant increase in cross-border travel and commerce, with over 7 million people passing through by August 31, marking a 57.1% year-on-year growth [1] - The center has opened all 30 manual inspection channels and 18 fast inspection channels, with a peak daily flow of 44,000 people [5] - Citizens of China, Kazakhstan, and third countries can enter freely without a visa, carrying up to 8,000 RMB worth of duty-free goods per person per day [5] Group 2 - The cooperation center has become a vital platform for trade between China and Central Asia, West Asia, and European countries, featuring over 200 duty-free enterprises and thousands of stores selling a wide variety of products [8] - Popular items include Central Asian foods, Armenian chocolates, Kazakh and Russian handicrafts, as well as Italian fragrances and personal care products, with merchants reporting weekly sales exceeding 100,000 RMB and frequent restocking [8]

Core Insights - The pilot program for electronic labeling of duty-free cosmetics in Hainan has been implemented since September 1, 2024, and will last until September 1, 2025, benefiting 78,041 items with a total value of 68.6166 million yuan [1][2] Group 1: Policy Implementation - The electronic labeling policy allows companies to choose between electronic or traditional labels for duty-free cosmetics, enhancing consumer experience by enabling them to scan labels for product information [1] - The implementation of the electronic label policy has reduced the costs associated with traditional paper labels and improved shopping experiences for consumers [1] Group 2: Regulatory Measures - To ensure compliance and combat counterfeit products, a joint enforcement mechanism has been established involving the customs, drug supervision, and commerce departments to monitor the use of electronic labels on imported cosmetics [1]

Group 1 - The first city duty-free shop in Shenzhen, Guangdong has opened, adopting a multi-faceted model of "duty-free + tax refund + taxable" to stimulate new international consumption vitality [1] - The commercial space of the duty-free shop is nearly 3,000 square meters, offering a variety of products including beauty and skincare, watches and jewelry, and domestic trendy products, covering both duty-free and taxable items [4] - The shop features a "Shenzhen Light" electronic technology experience corridor, showcasing high-quality local tech products [4] Group 2 - The duty-free shop operates on a "shop in the city, pick up at the airport" model, providing a convenient shopping experience for consumers leaving the country within 60 days, with duty-free items discounted by 20%-30% compared to taxable items [7] - For customers without outbound travel plans, taxable items are available for immediate purchase and pickup [7] - The shop has introduced "cloud tax refund" services, offering convenient payment and efficient tax refund processes [10] Group 3 - By the first half of 2025, the number of inbound and outbound travelers at Shenzhen's ports is expected to reach 130 million, with approximately 32 million airport travelers, representing year-on-year growth of 16.2% and 10.9% respectively [10] - Sales of tax refund items and the volume of transactions have increased by 1.6 times and 3.9 times year-on-year [10] - There are over 1,000 tax refund stores, with foreign non-cash payments reaching approximately 85.87 million transactions, totaling 11.81 billion RMB, reflecting year-on-year growth of 29% and 35% respectively, indicating accelerated release of consumption potential [10]