Core Insights - China Duty Free Group (中国中免) reported a mid-year revenue of RMB 28.151 billion for 2025, a year-on-year decrease of 9.96% [1] - Gross profit was RMB 8.99 billion, down 12.23% year-on-year, with net profit attributable to shareholders at approximately RMB 2.622 billion, a decline of 20.68% [1] - The company aims to deepen its presence in Hainan and create a new consumption pattern that integrates culture and tourism [1] Group 1: Business Development - The company is expanding its "Duty-Free+" boundaries, moving towards a multi-dimensional integration of "culture, commerce, sports, tourism, and health" [1] - It is actively creating diverse cultural and entertainment events and themed marketing IP activities, including star concerts and Disney-themed IPs [1] - The Sanya International Duty-Free City has been officially designated as a national AAAA-level tourist attraction, marking it as the first national-level tourist attraction centered on duty-free commerce [1] Group 2: Market Expansion - The company has successfully secured the operating rights for several duty-free stores at major international airports and border ports, enhancing its channel advantages [2] - New city stores have opened in Qingdao, Xiamen, and Harbin, with plans for six additional city duty-free stores [2] - The company is exploring unique shopping experiences, such as a "whiskey tavern," to create a diversified retail environment [2] Group 3: Product Innovation - The company is actively exploring new airport commercial models, collaborating with Gansu Airport Group to introduce 31 new brands at Lanzhou Zhongchuan International Airport [3] - It has introduced nearly 200 new brands in response to consumer trends, focusing on categories like national trend cosmetics, 3C digital products, and health [3] - The company is developing products and services tailored for the elderly, launching its own brand "China Duty Free Health" with nearly 40 popular health products [3]

Core Viewpoint - The Xiamen city duty-free store, operated by China Duty Free Group, has officially opened after a comprehensive upgrade, marking a new chapter in duty-free consumption in Xiamen and supporting the city's development as an international consumption center [1] Group 1: Store Launch and Offerings - The Xiamen city duty-free store features a variety of international brands in categories such as perfumes, cosmetics, luxury accessories, premium luggage, and imported beverages, catering to diverse consumer demands for quality living [3] - The store offers limited-time discounts on duty-free products, with prices starting from 50% off, and special benefits for members, including 10x points and a welcome gift worth 666 yuan [3] Group 2: Sales and Purchase Process - The sales target of the city duty-free store includes travelers who will depart via air or international cruise within 60 days, explicitly including Chinese nationals [6] - The purchasing process allows travelers to buy products in the city and pick them up at designated duty-free points at the port of departure [6] Group 3: National Trend and Cultural Integration - The store serves as a new window for national trend products to go global, offering convenient "buy and pick up" services without the need for departure proof [7] - The national trend section combines Eastern aesthetics with contemporary trends, featuring core categories such as national fragrance, fine wines, and lifestyle aesthetics, integrating traditional craftsmanship with modern living [7] Group 4: Tax Refund Innovations - The store is one of the first in Xiamen to implement the "buy and refund" policy, successfully completing its first transaction during the trial operation, streamlining the tax refund process for travelers [10] - This innovation enhances the shopping experience for international travelers and promotes domestic brands on the global stage [12]