中国中免 20260123 摘要 中国中免收购 DFS 澳门公司百分百股权和香港门店，以及大中华区无形 资产，包括品牌、会员体系、IT 系统和知识产权，优化业务布局，提升 国际化能力，巩固在全球免税行业地位。 中国中免与 LVMH 集团建立战略合作伙伴关系，将在产品销售、门店开 设、品牌推广、文化交流、旅游服务及客户体验等领域扩大合作，实现 互利共赢，并可能在重点项目上引入合适品牌。 中国中免将继续加强海外拓展力度，提高海外营收占比，关注高度成熟 市场（招标）、增长市场（并购，如港澳）和高潜力市场（自主试点， 如柬埔寨、斯里兰卡和越南）。 香港市场零售表现超出预期，特别是化妆品、珠宝、腕表和礼品等品类， 中免对 DFS 香港业务未来盈利充满信心，将通过调整品类、增加高毛利 产品及引入新锐品牌提升盈利水平。 中免将借助收购 DFS 增强后台实力，提高能力，以便在未来拓展更广泛 的市场，重点关注东南亚及"一带一路"沿线国家等旅游零售市场。 Q&A 中国中免近期收购 DFS 港澳地区零售门店及大中华区无形资产的具体情况是 什么？ 中国中免全资子公司中免国际以不超过 3.95 亿美元收购 DFS 港澳地区的零售 门店 ...

Core Insights - The report highlights a significant shift in the consumption behavior of China's high-net-worth individuals (HNWIs), moving from a focus on luxury goods as status symbols to prioritizing health, family, emotional value, and long-term experiences in their purchasing decisions [1][3]. Group 1: Definition and Wealth Transfer - The report defines high-net-worth individuals as families with disposable assets exceeding 6 million RMB, while those with assets between 2 million and 6 million RMB are categorized as middle-class [2]. - A notable wealth transfer is expected in the next decade, with 20 trillion RMB projected to be inherited, increasing to 45 trillion RMB in 20 years and 79 trillion RMB in 30 years, reshaping the structure of HNWIs and emphasizing long-term planning in consumption decisions [2]. Group 2: Changes in Consumption Mindset - The pandemic and global uncertainties have led to a transformation in consumption mindset among HNWIs, shifting from "living for today" to "planning for the future," and from "brand-centric" to "pragmatic" approaches [3]. - The focus has transitioned from material enjoyment to emotional value, with a greater emphasis on spending for health, children's education, and personal experiences rather than luxury brands [3]. Group 3: Market Performance and Trends - In 2024, traditional luxury goods are experiencing a decline, with revenues down by 2% and net profits down by 17%, while service-oriented and experiential categories are seeing growth, such as a 13% increase in tobacco, alcohol, and tea consumption [4]. - The luxury market is undergoing structural adjustments, with top luxury brands focusing on exclusivity and unique experiences, while mass luxury brands need to balance cost-effectiveness and emotional value [4]. Group 4: Health and Experience Consumption - Health-related spending has become a necessity for HNWIs, with significant investments in services ranging from maternity care to elder care, and a willingness to pay high costs for professional health services [5]. - Experience-based consumption is on the rise, with HNWIs valuing emotional connections and unique experiences over mere material possessions, leading to increased interest in travel and family-oriented activities [6]. Group 5: Overall Consumption Shift - The overall consumption shift among HNWIs in 2025 reflects a deeper transformation from material-oriented to value-oriented spending, with wealth serving as a tool for enhancing health, family, and quality of life rather than a status symbol [7].