方正证券指出，展望2025年，首先，海南离岛免税销售的景气度仍深受宏观消费力影响，其次，还需关注海南封关政策及各有税品牌商、运营商的布局，若免税渠道仍能凭借价格优势保持相对竞争力，则竞争格局的优于预期或带来估值提振驱动。China Free (01880) fell by more than 4% in the afternoon. As of press release, it was down 4.14% to HK$50.9, with a turnover of HK$42.285 million.
The Zhitong Finance App learned that the China Free Tax Service (01880) fell by more than 4% in the afternoon. As of press release, it fell 4.14% to HK$50.9, with a turnover of HK$42.285 million.
Bank of China International pointed out that duty-free sales on the outlying islands will still be under pressure in the short term, and port duty-free repairs will accelerate with the recovery in international passenger traffic. Looking ahead to the future market, on the one hand, it is recommended to focus on the new opportunities brought to the Hainan market by the customs closure in Hainan; on the other hand, it is recommended to focus on the increase brought about by the conversion and establishment of existing stores after the promulgation of the new duty-free policy in the city.
Fangzheng Securities pointed out that looking ahead to 2025, first, the duty-free sales boom on Hainan's outlying islands is still deeply affected by macroeconomic spending power. Second, we also need to pay attention to Hainan's customs clearance policy and the layout of various taxable brands and operators. If duty-free channels can still maintain relative competitiveness with price advantages, the competitive landscape will be superior to expectations or drive a valuation boost.
