Core Insights - The implementation of the upgraded "duty-free" policy in Hainan from November 1 to 30, 2025, resulted in a shopping amount of 2.38 billion yuan, marking a year-on-year increase of 27.1% [1] - The policy's initial month showed a smooth and orderly operation, with the consumption-boosting effects beginning to emerge [1] Sales Performance - A total of 1.905 million items were sold during the first month of the new policy [1] - New product categories introduced by the policy, including pet supplies and portable musical instruments, accounted for 7,597 items sold, generating sales of 13 million yuan [1] - Domestic products saw sales of 126 items, amounting to 391,000 yuan [1] Consumer Demographics - Outbound travelers purchased 4,100 duty-free items, totaling 9.063 million yuan [1] - Local residents engaged in "immediate purchase and pick-up" shopping, with 13,903 items purchased and a total spending of 10.808 million yuan [1]

Core Insights - The implementation of the upgraded "duty-free" policy in Hainan from November 1 to 30, 2025, resulted in a shopping amount of 2.38 billion yuan, marking a year-on-year increase of 27.1% [1] - The policy's initial month showed a smooth and orderly operation, with early signs of stimulating consumer spending [1] Group 1: Sales Performance - Total shopping amount reached 2.38 billion yuan with 1.905 million items sold [1] - New product categories introduced by the policy, including pet supplies and portable musical instruments, accounted for 7,597 items sold, generating 13 million yuan in sales [1] - Domestic products saw sales of 126 items, amounting to 391,000 yuan [1] Group 2: Consumer Demographics - Outbound travelers purchased 4,100 duty-free items, totaling 906,300 yuan [1] - Local residents engaged in "immediate purchase and pick-up" shopping, with 13,903 items purchased and a total spending of 1.0808 million yuan [1]

Core Viewpoint - The Ministry of Finance and four other departments have issued a notice to improve the duty-free shop policy starting from November 1, 2025, focusing on enhancing the shopping experience and expanding the range of products available in duty-free shops [1] Group 1: Policy Enhancements - The policy aims to optimize the management of domestic goods tax refund (exemption) policies, actively supporting the sale of domestic products in both port exit duty-free shops and city duty-free shops [1] - There will be an expansion of the categories of products available in duty-free shops, including more easily portable consumer goods [1] - The approval authority for duty-free shops will be relaxed, allowing local governments to tailor and optimize the layout of duty-free shops according to local conditions [1] - Measures for the convenience and regulation of duty-free shops will be improved, continuously enhancing the shopping experience for travelers [1] Group 2: Market Performance - In 2023, the number of inbound and outbound travelers at Beijing's two major airports has been steadily increasing, with duty-free shop sales reaching nearly 1.3 billion yuan from January to May, representing an 8% year-on-year growth and marking a five-year high [1]