Group 1 - The company is actively monitoring the offshore duty-free policy and planning related strategies [1] - The company will fulfill its information disclosure obligations in accordance with laws and regulations [1]

Group 1 - The strategic position of Haixia Innovation as the only state-owned listed company in Pingtan is irreplaceable, serving as a core vehicle for cross-strait integration strategies [1] - Haixia Innovation has a strong presence in the digital economy, with a capacity of 2300P for the cross-strait integration computing center, making it a key node in the provincial computing network [1] - The company has shown significant performance improvement, with a 66.87% year-on-year increase in net profit attributable to shareholders in the Q3 2025 report, attracting continuous net buying from institutional investors [1] Group 2 - Pingtan Development focuses on industrial upgrades, managing nearly 900,000 acres of forest and producing over 500,000 cubic meters of timber annually, with a 38.39% year-on-year increase in net profit in Q3 2025 [2] - The company is leveraging policy benefits by collaborating with China Duty Free Group to expand duty-free business and investing 533 million yuan in photovoltaic power stations [2] - Pingtan Development's stock performance reflects strong market confidence, closing at a limit-up price of 7.08 yuan with a net inflow of 1.09 billion yuan on October 31 [2] Group 3 - The implementation of special regulatory models in Pingtan opens opportunities for cross-border free flow of goods, funds, and data, benefiting both Haixia Innovation and Pingtan Development [3] - Pingtan's focus on developing the digital economy and marine economy is expected to drive demand for Haixia Innovation's smart city solutions, while the international tourism island construction supports Pingtan Development's cultural tourism real estate [3] - The establishment of a comprehensive service system for Taiwanese residents in Pingtan enhances the unique "cross-strait business barrier" for both companies [3] Group 4 - Recent stock price movements of both companies are driven by policy expectations and performance improvements, with Haixia Innovation's market capitalization at 6.835 billion yuan and Pingtan Development at 13.68 billion yuan as of October 31 [4] - The expansion of cross-strait trade, with a trade volume of 60.75 billion yuan from January to August 2025, positions both companies to replicate the growth trajectory of Fujian Free Trade Zone concept stocks [4]

具体业务方面，上半年，中国中免的王牌业务——离岛免税业务面临着不小的压力。根据海口海关数 据，2025年1月至6月，海南离岛免税购物金额为167.6亿元，同比下降9.2%；免税购物人数为248.2万人 次，同比下降26.2%。 在此背景下，中国中免上半年拓宽了在海南的业务，如打造文娱赛事联动及主题营销IP（具有商业价值 的创意内容或品牌）活动，引入明星演唱会、泡泡玛特Dimoo首展、迪士尼主题IP等。 8月26日晚间，免税龙头企业中国中免（601888.SH，股价71.41元，市值1477.37亿元）发布2025年半年 度报告。今年上半年，公司实现营业收入281.51亿元，同比下降9.96%；归属于上市公司股东的净利润 25.99亿元，同比减少20.81%。 报告期内，中国中免主营业务收入275.31亿元，其中线下收入197.03亿元，线上收入78.28亿元。 口岸渠道方面，报告期内，中国中免中标了广州白云国际机场T3航站楼出境免税店，以及磨憨口岸、 勐康口岸、猴桥口岸、打洛口岸、黑河口岸等多家口岸免税店的经营权；位于青岛、厦门、哈尔滨等地 的市内店也焕新开业。 境外业务方面，根据中国中免的说法，公司获得了香 ...

Core Viewpoint - In 2024, China Duty Free Group reported a significant decline in both revenue and net profit, primarily due to the collapse of its core market, the Hainan offshore duty-free business [1][2]. Revenue and Profit Decline - The company achieved a total revenue of 56.474 billion yuan, a year-on-year decrease of 16.38%, and a net profit attributable to shareholders of 4.267 billion yuan, down 36.44% year-on-year [1]. - The Hainan market experienced a drastic revenue drop from 39.65 billion yuan in 2023 to 28.892 billion yuan in 2024, reflecting a decline of 27.13% and reducing its contribution to total revenue from 58.71% to 51.16% [2]. Market Challenges - The decline in Hainan's performance is attributed to several factors: - Outbound tourism diversion as international flights resumed, leading consumers to prefer shopping in destinations like Japan and Southeast Asia [2]. - A downgrade in consumer spending and the rise of domestic brands, with the luxury goods market in China experiencing its first decline in 15 years [2]. - Increased competition with the number of duty-free operators in Hainan rising to six, disrupting the previously dominant position of China Duty Free [2]. Profit Pressure - Despite a nearly 2 percentage point increase in market share, profit margins faced significant pressure: - The gross margin for offshore duty-free business fell by 2.03 percentage points to 23.73% due to increased discounting [4]. - Fixed costs, including rising airport channel rents and inventory impairment losses of 740 million yuan, further compressed profit margins [4]. - In Q4, net profit attributable to shareholders plummeted to 348 million yuan, a staggering year-on-year decline of 76.9%, marking the worst performance of the year [4]. Business Structure Adjustment - In response to the downturn in Hainan, the company is diversifying its channels to balance losses and gains: - Airport duty-free sales grew, benefiting from the recovery of international flights, with revenues at Beijing and Shanghai airports increasing by 115% and 32% respectively [6]. - The company secured operating rights for ten new airport and port duty-free projects, enhancing its channel advantages [6]. International Expansion - To counter domestic competition, the company is accelerating its international expansion: - New openings include duty-free stores at Singapore Changi Airport and Hong Kong International Airport, as well as operations in Japan and Sri Lanka [8]. - A new cargo route from Milan to Haikou has been established, reducing product transport time to two days, facilitating global inventory management [8]. Emerging Channel Potential - The company has won operating rights for six new cities, increasing its total to 13 city duty-free stores, which are expected to contribute significantly to sales [10]. - The membership program has surpassed 38 million members, although the value of consumer reward points has declined for two consecutive years, indicating a need to enhance repurchase rates and average transaction values [11]. Future Challenges and Strategic Outlook - Short-term challenges include uncertainties in consumer recovery and the potential impact of aggressive discounting by competitors on industry profit margins [11]. - Long-term strategies focus on internationalization and digitalization, leveraging initiatives like the "Belt and Road" to expand into South Asia and collaborating with domestic brands to establish overseas duty-free channels [12][13].