元旦假期文旅市场人气旺、消费火、秩序好 万宁：年轻客群最青睐 乡村旅游成为新亮点，假期收入达163.61万元，同比激增272.51%。田新村冲浪民宿、溪边村三角 梅、小洋侨兴隆咖啡等特色产品，吸引大量家庭客群。途牛数据显示，"80后""90后"家庭占元旦出游人 次近70%。万宁度假酒店受家庭欢迎，入住热度位居全省前列。 海南日报万城1月5日电(海南日报全媒体记者 林博新)1月5日，记者从万宁市旅文局获悉，2026年 元旦假期，作为海南自贸港全岛封关运作后的首个小长假，万宁全市接待游客26.64万人次，同比增长 52.72%;实现旅游总花费2亿元，同比增长72.61%。市场呈现"人气旺、消费火、秩序好"的蓬勃景象。 封关红利持续释放，万宁旅游国际化趋势凸显。携程报告显示，海南"免税购物+海滨度假"模式受 国际游客青睐，万宁入境订单同比增长近四倍。日月湾的优质浪点吸引国际冲浪爱好者聚集。 王府井国际免税港国际客流明显增多。该免税港借力主题促销与政府消费券，数码、香化等品类热 销，元旦期间销售额同比增长84%，客流增长50%，47个品牌销售翻倍。 年轻客群是旅游主力。日月湾、石梅湾等地推出音乐派对、篝火晚会等多元活 ...

更多资料加入知识星球:水木调研纪要 关注公众号:水木纪要 离岛免税近况分享 20260104 摘要 2025年 12月海南离岛免税销售额同比增长约 20%,环比增长 30%,预估 ● 总销售额达 36亿元,延续了 9月至 11 月的市场回升态势,表明市场企稳 回升趋势巩固。 元旦三天总销售额约为 7.2 亿元,平均客单价达 8,200-8,300元,为年内 ● 最高水平,显著高于 11 月和 12 月的 7,000 多元,主要受益于入岛游客数 量增加、酒店价格降低释放消费潜力、黄金等高价值品类热销以及高端 3C 产品需求旺盛。 补贴政策对销售额和客单价有显著拉动作用,预计每 1元补贴可带动 4 . 至 5 元的销售额增长。2026年预计国补政策延续,海南省政府或将继续 投放消费券,企业促销力度可能减弱,但政府补贴仍将是市场主要驱动力。 · 目前离境购物人群消费占恍约为1%,未来有望成为销售额增长的重要支 撑。12 月和元易期间，quersexy u.n，不米有望成为销售额增长的重要支 委化产部进化约 31%-32%，30%，不米有望成为销售额增长的重要支 本2%。 香化产品活比约 31%-32%,酒水品类表现 ...

Core Insights - The 2024-2025 Consumption White Paper reveals a significant recovery in the global duty-free and travel retail market, with China Duty Free Group (CDFG) leading the industry with over 1 billion users and a focus on experiential consumption trends [1][2][3] Global Duty-Free Market Overview - The global duty-free and travel retail market is projected to reach $74.13 billion in 2024, marking a 3% year-on-year growth and recovering to 85.8% of 2019 levels [1][18] - The Asia-Pacific and European regions remain the primary markets, with notable growth in Europe, Africa, and the Middle East [1][20] - Key channels such as airports, onboard, and ferry services are experiencing significant growth, while core categories like cosmetics and alcohol show stable performance [1][20] Chinese Duty-Free Market Dynamics - CDFG holds a dominant market share of 78.7% in the Chinese duty-free market, significantly surpassing competitors like Hainan Duty Free (7.1%) and Hainan Tourism Duty Free (4.6%) [2][14] - The introduction of new delivery models and the acceleration of city duty-free store policies have enhanced shopping convenience, contributing to a 60.8% year-on-year increase in inbound tourist numbers in 2024 [2][14] Consumer Insights - CDFG's user base surpassed 104 million in 2024, reflecting a 26.1% increase, with foreign users growing by 53.9% and their spending increasing by 84.5% [3][14] - The membership count reached over 45 million by June 2025, with a demographic profile showing a predominance of female users (74%) and a higher male representation in high-end consumption [3][14] Consumer Segmentation - CDFG identifies nine core consumer segments, each with distinct preferences and behaviors, including "Refined Self-Care Seekers," "Luxury Lifestyle Enthusiasts," and "Silver Enjoyment Group" [4][14] - Each segment exhibits unique consumption characteristics, such as high-frequency purchases and brand loyalty among urban elites, and a focus on quality and experience among older consumers [4][14] Product Category Trends - The consumption trend in 2024 shows stability in cosmetics, over 20% growth in alcohol (led by whiskey), and a more than 40% increase in ultra-high-end luxury products priced over 100,000 yuan [5][16] - CDFG has developed a comprehensive product matrix with over 360,000 SKUs, introducing more than 200 new brands and exclusive releases of limited-edition products [5][16] CDFG's Competitive Advantage - CDFG's leading position is attributed to its scale, comprehensive channel strategy, robust supply chain, and refined membership operations [6][14] - The company has established a full-scenario network, including 12 city duty-free stores and international boutiques in key locations, enhancing its market presence [6][14] Future Outlook - By 2025, China is expected to surpass traditional duty-free markets, becoming the largest globally, with CDFG planning to transition into a lifestyle platform [7][14] - The company aims to integrate duty-free shopping with cultural and entertainment experiences, while also focusing on user needs and introducing local brands to international tourists [7][14]

Group 1 - The core theme of the National Day Golden Week activities at Haikou Global Duty-Free City is "Charming National Day, Shine Freely," which aims to enhance consumer enthusiasm through immersive experiences and diverse interactive activities [1][4][9] - Various themed areas and unique activities, such as free mooncakes and popular milk tea giveaways, have attracted a significant influx of visitors, creating a festive atmosphere [1][4] - The "Red Song Flash Mob" event has resonated with patriotic sentiments, drawing participation from over a hundred tourists, showcasing the blend of entertainment and cultural engagement [4] Group 2 - The demand for 3C digital products has surged, with brands like Huawei and Apple seeing high foot traffic, particularly for the new iPhone 17 series, indicating a strong consumer interest in tech during the holiday [6][8] - Haikou Duty-Free has partnered with brands to create exclusive shopping experiences, such as "Tech Classes" and pop-up stores, enhancing the shopping environment and offering unique sensory experiences [8][9] - The company has introduced long-term benefits and promotions throughout October, ensuring that the shopping experience extends beyond the holiday period, catering to various consumer preferences [8][9]

Core Viewpoint - The opening of Changsha's first city duty-free store marks a significant development in the local retail landscape, integrating duty-free, taxable, and cross-border shopping to enhance consumer choices [1][7]. Group 1: Store Opening and Features - The first city duty-free store in Changsha opened on September 26 at Wangfujing Department Store in Wuyi Square, making it the first of its kind in Hunan and among the first in the country [1][3]. - The store features a design that incorporates local cultural elements and the spacious feel of an airport terminal, attracting many consumers [6]. Group 2: Consumer Experience and Promotions - The store has received positive feedback from consumers, with promotions such as "newcomer gifts," check-in gifts, and interactive lottery draws to reward customer support [6][4]. - The interactive experience area, offering tastings of cocktails, English tea, and freshly brewed coffee, has become a focal point for visitors [6]. Group 3: Business Model and Offerings - The store operates under a model that combines "duty-free + taxable + cross-border" shopping, catering to both outbound travelers and local consumers [7]. - The duty-free area serves consumers with valid outbound flight tickets and travel documents, offering products from over 50 international brands at prices 10% to 30% lower than market rates [7]. - The taxable area targets all consumers, featuring a "cultural trend gathering place" and an "integrated platform for domestic and foreign trade," showcasing local specialties and international products [8]. - The cross-border product display area allows nationwide consumers to shop online and receive products directly at home, enhancing accessibility to global goods [8]. Group 4: Strategic Importance - The opening of the duty-free store is a step towards building a high-level open consumption system in Changsha, promoting integrated development of domestic and foreign trade, and contributing to the city's goal of becoming an international consumption center [8].

Core Viewpoint - The opening of Shenzhen's first city duty-free shop marks a significant development in the retail landscape, aligning with the new policy aimed at enhancing the duty-free shopping experience for travelers [1][2] Group 1: Project Overview - The city duty-free shop is located in the Futian District at the Deep Industry Plaza, covering nearly 3000 square meters [1] - The layout includes a duty-free goods area and a taxable goods area, offering a variety of products such as cosmetics, skincare, watches, alcohol, and travel electronics from renowned brands like Estée Lauder, La Mer, and Moutai [1] Group 2: Business Model and Strategy - The Shenzhen city duty-free shop aims to extend from duty-free retail to tourism retail and quality retail, implementing a diversified business model that includes "duty-free + taxable," "offline + online," and "imported + domestic" [2] - The taxable area will also incorporate a "departure tax refund" service, creating a multi-channel growth pattern that interlinks duty-free, tax refund, and taxable businesses [2]

Core Viewpoint - Zhujiang Free Trade Group (珠免集团) reported a significant reduction in losses for the first half of 2025, primarily driven by strong performance in its duty-free business, while facing challenges in its real estate sector [1][2]. Group 1: Financial Performance - The company achieved operating revenue of 1.74 billion yuan and a net profit attributable to shareholders of -274 million yuan, marking a year-on-year improvement in loss by 280 million yuan [1]. - The duty-free business segment generated operating revenue of 1.131 billion yuan and a net profit of 391 million yuan, with a net cash flow from operating activities of 456 million yuan [1]. Group 2: Business Strategy and Developments - The company is actively innovating in its duty-free business by introducing new products and expanding cross-border e-commerce and duty-paid trade channels, while enhancing the sales proportion of cosmetics and food [2]. - Adjustments in the operational layout of duty-free stores and the implementation of differentiated product strategies have improved sales efficiency [2]. - The company is focusing on integrating duty-free resources to empower online and consumer goods trade, building a large supply chain system [2]. Group 3: Market Environment and Opportunities - The policy environment is favorable for the duty-free business, with high daily cross-border traffic at Zhuhai port following the implementation of the "one visa multiple entries" policy for travel to Macau [2]. - The recent announcement of the "Zhuhai Consumption Promotion Special Action Plan" includes measures to increase duty-free stores at ports and explore "duty-free + new retail" demonstration zones, providing greater expansion opportunities for the company [2]. Group 4: Corporate Restructuring - The recent transfer of equity from the controlling shareholder, Haitu Company, to Huafa Group enhances the company's resource endowment and capital support capabilities [2]. - Under the strategic guidance of Huafa Group, the company is accelerating the construction of an "duty-free + commercial management + trade" ecosystem, with initial signs of cross-sector collaboration [2].

Core Viewpoint - Zhuhai Zhimian Group Co., Ltd. continues to advance its transformation strategy of "duty-free + commercial management + trade," with its duty-free business becoming a key support for stabilizing its financial performance despite overall losses in the first half of 2025 [1][2][3] Financial Performance - The company reported duty-free business revenue of 1.131 billion yuan, net profit of 391 million yuan, and net cash flow from operating activities of 456 million yuan during the reporting period [1][2] - The net profit attributable to shareholders was -274 million yuan, a year-on-year reduction in losses by 280 million yuan, indicating improved operational quality [1][2] - Overall, the company is still in a loss position, but the reduction in losses and improvement in cash flow help alleviate short-term financial pressures [1][2] Business Strategy - The company is intensifying sales efforts in its existing real estate business while committing to an orderly exit from this sector over five years [2] - The duty-free segment has shown resilience, with new product introductions and enhanced digital marketing strategies contributing to improved sales performance [2] - The company is actively adjusting its duty-free store operations and implementing differentiated category management strategies to enhance store efficiency [2] Future Outlook - The Sanya Bay No. 1 commercial project is accelerating its leasing efforts, leveraging the Hainan Free Trade Port policy, which is expected to provide significant growth opportunities in tourism retail [3] - Analysts believe that the company's transformation path is progressing steadily, supported by the advantages of the Guangdong-Hong Kong-Macao Greater Bay Area and favorable policies, with attention on the implementation of related measures in the second half of the year [3]

Core Viewpoint - The company reported a significant reduction in losses for the first half of 2025, with a net profit attributable to shareholders of -274 million yuan, an improvement of 280 million yuan year-on-year, primarily driven by its duty-free business segment. Group 1: Financial Performance - The company's duty-free business generated revenue of 1.131 billion yuan and a net profit of 391 million yuan, with a net cash flow from operating activities of 456 million yuan [1] - Despite the overall loss, the company has narrowed its loss margin compared to the previous year, indicating improved financial health [1] Group 2: Business Strategy and Operations - The company is advancing its transformation strategy of "duty-free + commercial management + trade," with the duty-free business becoming a key support for stabilizing its operations [1] - The company is enhancing its sales efforts in the real estate sector through digital marketing upgrades and channel resource integration, aiming for an orderly exit from its real estate business over five years [1] Group 3: Duty-Free Business Development - The company has introduced new products such as champagne and brandy, expanded cross-border e-commerce and duty-paid trade channels, and increased the sales proportion of cosmetics and food [2] - The company is actively adjusting its duty-free store operations with a differentiated category management strategy to improve store efficiency [2] - The company is building a large supply chain system by integrating duty-free resources and promoting domestic quality brands and specialty products to international markets [2] Group 4: Policy and Market Environment - Several cross-border policies have been implemented to boost duty-free consumption, with the "one visa multiple entries" policy for travel from Zhuhai to Macau maintaining high daily cross-border traffic [2] - The release of the "Zhuhai City Consumption Promotion Special Action Plan" on August 17 proposes measures such as increasing duty-free stores at ports and exploring "duty-free + new retail" demonstration zones, providing greater policy space for the company's duty-free business expansion [2] Group 5: Corporate Restructuring and Collaboration - The recent transfer of the controlling shareholder's equity to Huafa Group enhances the company's resource endowment and capital support capabilities [3] - The duty-free business is providing traffic and brand effects to commercial management and trade, while these sectors are innovating through digitalization and scenario optimization to support the duty-free business [3] - The company is accelerating the招商 of the Sanya Bay No. 1 commercial project, which is seen as a significant future growth opportunity in the tourism retail sector due to the Hainan Free Trade Port policy [3]

Core Viewpoint - The official announcement of the Hainan Free Trade Port's full island closure operation starting December 18 signifies the establishment of China's largest free trade port, enhancing its international market connectivity and attracting global quality resources [1][3]. Group 1: Impact on the Beauty Industry - Hainan has become a crucial duty-free shopping destination for international beauty brands, with a total duty-free shopping amount of 250.1 billion yuan since the implementation of the duty-free policy in April 2011, where cosmetic products account for over 50% of sales [3]. - The "closure" refers to designating Hainan as a "domestic outside" area, allowing for zero tariffs on imported goods while maintaining customs management for goods entering other domestic regions [3][4]. - The range of zero-tariff products will expand from 1,900 to approximately 6,600 tax items, covering 74% of all product categories, which is an increase of nearly 53 percentage points compared to before the closure [6]. Group 2: Cost Reduction and Market Competitiveness - The elimination of import tariffs on cosmetics will directly reduce import costs for companies, with the lowest most-favored-nation tax rate for skincare products being 1% and up to 6.5% for other beauty products [7]. - The processing and value-added policy allows goods processed in Hainan with over 30% imported materials to enter the mainland exempt from import tariffs, only subject to value-added and consumption taxes, enhancing market competitiveness [7]. - As of March 2023, the value of processed goods for internal sales in Hainan reached 7.546 billion yuan, with an estimated tariff exemption of about 601 million yuan [7]. Group 3: Strategic Adjustments by International Brands - Major international beauty brands have already begun to strengthen their presence in Hainan, with several opening duty-free stores in recent years, including Kao, Shiseido, L'Oréal, Estée Lauder, and Procter & Gamble [8]. - The closure of Hainan is seen as a pivotal moment for international beauty brands in China, shifting focus from "traffic competition" to "value cultivation," with the ability to convert policy benefits into brand assets being crucial for future competitiveness [10]. Group 4: Opportunities for Domestic Brands - The closure presents multifaceted opportunities for domestic beauty brands, allowing them to reduce raw material costs through processing policies and enhance their high-end image via duty-free channels [12]. - Domestic brands can leverage Hainan as a global launchpad, establishing a model of "R&D in Hainan, manufacturing in the mainland, and global sales" [12]. - However, challenges remain, including the need for domestic brands to differentiate their products in a competitive market dominated by international players [12].