1月10日上午，中国香港当地的多家媒体消息显示，长和方面涉及零售业务的屈臣氏集团正在推进于中 国香港及英国伦敦的两地同步上市（Dual Listing），并筹资至少20亿美元（约156亿港元）。 屈臣氏集团上市或可提振中国香港IPO市场及推动长和股价继续重估。但长和方面一系列相 关动作，也被认为"可能需考虑多方面情况及接受度" 文｜《财经》特派香港记者 焦建 编辑｜苏琦 李嘉诚家族旗下的长江和记实业（0001.HK，下称"长和"）有望再次分拆重要业务板块并登陆港股市 场。 再以此次的屈臣氏集团上市为例，其诞生于1828年，一位叫A.S．Watson的英国人在中国广州开了家西 药房。虽其原名广东大药房，但由于沃森的粤语读音为屈臣，这个门店又被叫作屈臣氏。 这也被认为是长和系方面从2025年起逐步推动的一系列交易活动的组成部分之一。从宏观层面而言，此 次屈臣氏上市如能成真，被业内认为可给中国香港的IPO（首次公开募股）市场带来一定利好，长和与 新加坡主权财富基金淡马锡（Temasek）的相关业务关系迎来调整，也有助于长和股价的继续重估（re- rating）。 长和系由李嘉诚创立，现任主席为其子李泽钜，总部位于中 ...

自12月18日，海南岛启动封关"技能"以来，三亚市商务局已经连续5天发布"喜报"：12月18日至22日，三亚全市的免税销售额分别为1.18亿元、1.05亿元、 1.08亿元、1.02亿元和1.02亿，连续5天破亿。 这波消费热潮也使得A股随之上扬。12月22日，A股三大指数高开高走，海南封关带动相关概念股出现涨停潮，23只个股涨停，直接诱因是封关后消费数 据超预期；23日收盘，海南自贸概念局部强势，海南海药、海南瑞泽、海南发展涨停。 与此同时，多家在线旅游平台的数据显示，在即将到来的元旦假期，国内前往海南的机票预订量超72万张，同比增长约10%；海口、三亚两地涨幅分别达 19%和51%，国际航线预订量激增40%以上，热度直逼后续的春节假期。而2026年春节9天长假更推高出行需求，海口机票预订量同比增长1.3倍，三亚增 长80%，北京-三亚等热门航线经济舱票价突破2000元，返程高峰公务舱价格近万元。 怎么买、买什么，一份攻略全覆盖 出行方面，许多人疑问，封关后去海南旅行需要办理通行证吗？答案是否定的。普通居民和游客进出海南岛仍持身份证或护照即可，无需额外通行证件， 旅游、出差与封关前无差异。另外，针对"封关后 ...

12月18日，海南自贸港正式启动全岛封关运作。这一历史性节点让"零关税"政策再度成为社会关注焦 点，也让部分人将目光投向离岛免税的"差价红利"，试图通过所谓"轻松套利"的操作牟利，却不知此类 行为已触碰法律红线。 兼职陷阱——"带货赚薪"需警惕 北京市通州区人民法院以具体情景拆解海南封关后，"套代购"行为究竟藏着哪些法律风险。 认清"套代购"行为的违法本质 厘清"套代购"的法律边界，是规避违法陷阱的第一步。 根据《中华人民共和国海关对海南离岛旅客免税购物监管办法》及相关规定，"套代购"包含两种明确的 违法形式："套购"是指组织利用他人购买离岛免税品的资格和额度购买免税品，并且在国内市场再次销 售牟取非法利益的行为。"代购"是指利用自己购买离岛免税品的资格和额度为他人购买免税品，同时收 取代购费的行为。 这两种行为的本质，都是将国家赋予个人的免税购物福利违规转化为商业盈利，不仅会扰乱正常市场秩 序，还会造成国家税款流失，属于法律明确禁止的行为。 小利陷阱——"蝇头小利"不可贪 海南宝妈小张想做"海南代购"，利用他人免税额度在免税店集中购买化妆品、奢侈品，通过朋友圈发布 信息，以略低于市场价格销售，并每单收取十几 ...

今年11月，上海机场集团对未来8年（2026年1月1日—2033年12月31日）的免税店特许经营权进行招 标，主要涉及浦东和虹桥机场三个航站楼的进出境免税店项目三个标段。 根据中标公示，中免集团拿下上海浦东国际机场T2航站楼及S2卫星厅国际区域，以及上海虹桥国际机 场T1航站楼国际区域两个标段的进出境免税店的运营资格。杜福睿则中标上海浦东机场T1航站楼及S1 卫星厅国际区域的进出境免税店运营，此次中标也是其首次大规模进入中国机场的免税领域。 值得注意的是，此前一直运营上海机场免税店业务的日上上海，此次无缘续签，原因是未能获得公司大 股东支持投标，而日上上海目前的控股股东，正是中免集团。 公开资料显示，日上上海成立于1999年6月，是国内首家经营机场免税店的外资企业，此前事业分布在 中国最重要的两大门户机场，北京首都机场（T2和T3航站楼）、上海浦东机场（T1、T2）和上海虹桥 机场（T1航站楼）。免税店精选来自全球的各类品牌免税系列商品，涵盖护肤、彩妆、香水、洋酒、 时尚精品等。2018年，中免集团以15.05亿元收购日上上海51%股权，成为其控股股东。 近日，上海机场新一期免税店特许经营权招标结果公布，在上 ...

Core Viewpoint - The auction of "Jiu Bian Li," a pioneer in the liquor pre-storage model, highlights the challenges faced by the liquor retail industry, including high costs, low margins, and a significant decline in valuation due to market conditions and management issues [1][2][7]. Group 1: Auction Details - On December 9, "Jiu Bian Li" was auctioned for a total price of 68.4 million yuan, with "Qiongqing City Chuang Dongfang Huake" acquiring 51% of the shares [1][2]. - The auction attracted 26,600 viewers, and the shares were sold at 71% of the market price, reflecting a significant drop in valuation from previous years [2]. Group 2: Financial Performance - In 2024, "Jiu Bian Li" reported a revenue of 1.679 billion yuan, a slight decrease of 3.8% year-on-year, but net profit turned into a loss of 109 million yuan, marking a decline of 470% [7][8]. - By the first half of 2025, revenue further declined to 598 million yuan, a nearly 40% drop, with a loss of 61.55 million yuan [8]. Group 3: Business Model Challenges - The liquor retail industry faces high fulfillment costs and low margins, with a gross margin of less than 15% and a net margin below 3% after accounting for various costs [10][11]. - Liquor consumption has a longer repurchase cycle compared to other consumer goods, making it difficult for the instant delivery model to achieve profitability [12][13]. Group 4: Management and Operational Issues - The actual controller of "Jiu Bian Li," Yu Zengyun, has been implicated in legal issues, leading to a freeze on assets and a significant disruption in financing [5][6]. - The company’s liabilities reached 330 million yuan, with an asset-liability ratio of 74%, indicating a precarious financial situation [6]. Group 5: Future Opportunities - Despite current challenges, there may be opportunities in the liquor retail sector by targeting younger demographics with differentiated services that focus on convenience and experience [15].

Core Points - The Guangxi Fangchenggang Maritime Police Bureau recently seized over 20,000 smuggled cigarettes in two separate operations, with a total case value of approximately 8 million yuan [1][4]. Group 1: Incident Details - On November 8, a suspicious speedboat was detected in the Pearl Bay area, which was attempting to evade capture under the cover of night and fog [2]. - The first operation resulted in the seizure of 5,429 cigarettes from 29 different brands and 132 bottles of liquor, with two suspects attempting to escape by jumping into the sea [2]. - In a subsequent operation on the same night, another speedboat was intercepted, leading to the confiscation of 14,746 cigarettes from 36 different brands [4]. Group 2: Enforcement Actions - The maritime police employed route control measures to successfully stop the fleeing speedboat during the first incident [2]. - Both operations involved high-powered speedboats equipped with four large gasoline engines, indicating a significant level of organization in the smuggling attempts [2][4]. - The suspects in both cases were unable to provide legal documentation for the boats and the cargo, confirming their involvement in smuggling activities [2][4].

Core Points - The article discusses a significant case of smuggling ordinary goods in Ningxia, marking the first criminal case utilizing Hainan's duty-free shopping policy for "proxy purchasing" [1] - The case involved an individual who smuggled duty-free items such as cosmetics, liquor, and mobile phones, with a total value exceeding 1.8 million yuan from 2019 to 2023 [1] - The court sentenced the defendant to 18 months in prison with a two-year probation and a fine of 467,400 yuan for violating customs regulations and engaging in smuggling activities [1] Summary by Sections Smuggling Case Details - The smuggling case is the first of its kind in Ningxia, involving the use of Hainan's duty-free shopping policy for illegal profit [1] - The defendant, using friends and "water passengers," engaged in smuggling activities and sold the items in the domestic market [1] - The total amount involved in the case was over 1.8 million yuan, indicating a significant scale of operation [1] Legal Consequences - The court found the defendant guilty of smuggling ordinary goods, leading to a sentence of 18 months in prison, suspended for two years, along with a substantial fine [1] - The judgment emphasized the violation of customs laws and the evasion of tax obligations through the misuse of the duty-free shopping policy [1] Customs Regulations and Warnings - The article includes a reminder from the Yinchuan Customs, highlighting that duty-free goods are for personal use only and cannot be resold in the domestic market [2] - It warns against lending personal identification and transportation documents for the purpose of purchasing duty-free items for others [2] - The customs department will strictly combat any form of smuggling activities related to the Hainan duty-free policy [2]

Core Insights - The recent JD Wine Festival consumption data report indicates a significant transformation in the liquor market, with overall sales during the Mid-Autumn Festival capable of filling approximately 125 train carriages [1] Group 1: Sales Performance - The overall sales during the festival were substantial, with a notable contribution from second-tier cities, which accounted for 26% of total sales [1][3] - The number of buyers for yellow wine increased by 38% month-on-month, reflecting the cultural significance of "tasting yellow wine during Mid-Autumn" [4] - The sales of liquor gift boxes surged, with an overall increase of 127% in user numbers, particularly for white liquor and foreign liquor gift boxes, which saw increases of 187% and 131% respectively [4] Group 2: Consumer Trends - There is a growing trend towards healthier and lower-alcohol options, with the GMV of low-alcohol white liquor increasing by over 118% year-on-year [5] - Young consumers, particularly those under 25, are increasingly favoring brandy and cognac, with a 21% year-on-year growth in this demographic [5] - The demand for aged liquor is rising, with specific years like 2015, 2019, and 2020 being particularly popular among consumers [6] Group 3: Consumption Patterns - Beer consumption peaks between 8 PM and 11 PM, with 30% of orders placed during this time, indicating a strong association with late-night promotions [6] - Consumers are diversifying their wine choices, with a notable increase in white wine consumption, while traditional red and rosé wines remain popular [7]

Core Insights - The instant retail sector for alcoholic beverages is experiencing explosive growth due to consumption upgrades and the popularity of instant delivery services [1][2] - Anhui Jichong Liquor Flash Warehouse has emerged as a pioneer in the industry by leveraging an innovative business model and an efficient supply chain system, providing consumers with a new purchasing experience [1][2] Market Opportunities in Instant Alcohol Retail - The Chinese alcoholic beverage market is vast, primarily relying on traditional offline channels like convenience stores and supermarkets, which face issues such as slow delivery and limited product variety [2] - The demand for convenience and immediacy among younger consumers has led to the rise of the "online ordering + instant delivery" model, further accelerated by the pandemic [2] - In 2023, the domestic instant retail market has surpassed 1 trillion yuan, with a significant increase in the share of alcoholic beverages [2] Innovative Model: Supply Chain and Digitalization - The core competitiveness of Jichong Liquor Flash Warehouse lies in its efficient supply chain management and digital operations [6] - **Smart Product Selection and Inventory Management**: The company analyzes regional consumption data to optimize its SKU selection, ensuring popular products are well-stocked [7] - **Front Warehouse Network Coverage**: Utilizing a "central warehouse + community front warehouse" model, the company has established over 50 front warehouses in cities like Hefei and Wuhu [8] - **Technology Empowerment Across Processes**: The entire process from order placement to delivery is managed through algorithmic scheduling, optimizing delivery routes and predicting peak times [9] Differentiated Services: From Convenience to Experience Upgrade - In addition to speed, the company builds a competitive edge through value-added services [11] - **Professional Alcohol Consultants**: Offering online consultation to help consumers select suitable beverages for various occasions [11] - **Customized Delivery**: Night delivery services extend to midnight, catering to late-night consumption needs, with special holiday gift boxes available for instant delivery [12] - **Membership System**: Enhancing user engagement through point redemption and invitations to tasting events, while accumulating consumer data to inform product selection strategies [12] Challenges and Future Outlook for the Industry - Despite the promising outlook, the instant alcohol retail sector faces challenges such as the impact of cold chain delivery on the quality of beer and sparkling wine, and authenticity issues with high-end products [13] - The company collaborates directly with manufacturers and employs anti-counterfeiting measures to build consumer trust [13] - The industry is becoming increasingly competitive, with platforms like Meituan and JD.com intensifying their instant alcohol business efforts [13] - Experts predict three major trends for the future of instant alcohol retail: diversification of product categories, segmentation of service scenarios, and deeper application of technology [13] Conclusion - The practices of Anhui Jichong Liquor Flash Warehouse not only validate the commercial viability of instant alcohol retail but also drive the industry towards a transformation from "passive purchasing" to "active service" [15] - Its model serves as a reference for regional brands to break through by focusing on agile supply chains and immediate consumer needs, potentially positioning instant alcohol retail as the next trillion-yuan market [15]

Core Points - The case involves a Guangdong man, Zhuang, who smuggled wine and spirits into China from 2020 to 2022, evading taxes exceeding 145 million yuan [1][5] - The Guangdong High Court upheld the original sentence of nine years in prison and a fine of 2 million yuan, reclassifying Zhuang as the principal offender rather than a secondary participant [3][7] Summary by Sections Smuggling Activities - Zhuang began smuggling activities in 2019, collaborating with a contact named Long to import wine through cross-border e-commerce [4] - From June to August 2020, Zhuang smuggled 29,886 bottles of wine, evading taxes of over 6.79 million yuan [4] - In 2021, Zhuang facilitated the smuggling of 4,895 bottles of wine, evading taxes of over 2.3 million yuan [5] Tax Evasion - Zhuang's total tax evasion amounted to over 145 million yuan, with more than 132 million yuan evaded during an eight-month period in 2021 [5][6] Legal Proceedings - Initially, Zhuang was recognized as having voluntarily surrendered and was considered a secondary participant, which influenced his sentencing [6] - The Guangdong High Court found that Zhuang's actions constituted significant violations of laws, leading to the conclusion that he was the principal offender [7]