Equity Research·Industry Research·Retail Retail Industry Research 1 / 14 东吴证券（香港） 请务必阅读正文之后的免责声明部分 [Table_Main] Deep dive into Hainan duty-free entities Outperform (Maintain) Investment Thesis ◼ Currently, there are 6 licensed island duty-free entities and 10 island duty-free shops in Hainan, involving 6 listed companies. The 6 licensed island duty-free entities include CTG Duty-Free Group, Hainan Duty-Free Company, Hainan Tourism Investment Holdings, Hainan Development Holdings, Shenzhen Duty-Free Company, and CNSC Duty-Free Company, of which CTG Duty-Free Group is the controlling shareholder of Hainan Duty-Free Company. CTG Duty-Free Group and Hainan Duty-Free Company operate a total of 6 island duty-free stores in Hainan, of which Haikou International Duty-Free City is expected to open in 2022. ◼ Hainan island duty-free market has become more market-oriented since 2020. In July 2020, Hainan Provincial Department of Finance, Commerce, and Administration for Market Regulation announced that they would introduce market-oriented competition mechanism including bidding to determine new duty-free entities. Since December 2020, Hainan Tourism Investment Holdings and Hainan Development Holdings under Hainan SASAC, Shenzhen Duty-Free Co. under Shenzhen SASAC, and CNSC Duty-Free Co. under Sinopharm Group, have successively opened island duty-free stores in Hainan. This report reviews the stakeholders and relevant parties of each duty-free shop and the listed companies involved. ◼ Hainan Development Holdings and Hainan Tourism Investment Holdings, under Hainan SASAC, have successively announced asset injection plans. In January 2021, the listed Hainan Development Holdings Nanhai, controlled by Hainan Development Holdings, announced that it would acquire 45% of the shares of the residents’ duty-free operating entity “Hainan Haikong Duty Free Group Co., Ltd.” by non-public agreement transfer (as of May 2022, the residents’ duty-free business has not yet started officially), and Hainan Development Holdings promised to inject related business and assets within three years after the completion of the non-public offering. In May 2022, Hainan Haiqi Transportation Group, a listed company controlled by Hainan Tourism Investment Holdings, announced its intention to purchase part or all of shares of "Hainan Tourism Investment Duty Free Co., Ltd" held by Hainan Travel Investment by issuing new shares, paying cash and raising fund from specific investors, but relevant plans are still under discussion. So far, the duty-free assets held by the two licensed duty-free entities under Hainan SASAC are expected to go public, and Hainan island duty-free market is becoming more market-oriented, transparent and standardized. ◼ The body of this report further reviews the capital operation history of Hainan Tourism Investment Holdings and Hainan Development Holdings, as well as the business and expected integration of their listed subsidiaries. ◼ Recommendation: 1) China Tourism Group Duty Free, the leading duty-free company whose stock price was suppressed by pessimistic expectations of tourism, is expected to see a marginal improvement; 2) Hainan Development Holdings Nanhai and Hainan Haiqi Transportation Group, with expectations of duty-free assets injection; 3) Hainan Airport Infrastructure, which controls Sanya Phoenix International Airport and owns shares of several duty-free shops. ◼ Risks：Lower-than expected performance of duty-free stores due to sporadic pandemic resurgence; Fiercer market competition. [Table_PicQuote] Industry performance [Table_Report] Related reports 《智能投影仪和扫地机器人618预售额高增，极米，科沃斯等品牌领先优势进一步扩大》 2022-06-05 《2022年618化妆品预售数据速递：华熙生物、贝泰妮、珀莱雅等国货龙头表现突出》 2022-05-29 《海南免税企业集群起底深度梳理》 2022-05-25 Soochow Securities International Brokerage Limited would like to acknowledge the contribution and support provided by Soochow Research Institute, and in particular its employees吴劲草 (Jingcao Wu) and石旖瑄 (Yixuan Shi). [Table_Author] 4 July 2022 Research Analyst Shirui Ouyang (852) 3892 3120 ouyangshirui@dwzq.com.hk -28%-18%-8%2021-06-072021-10-062022-02-042022-06-05RetailCSI 300 证券研究报告·行业研究·商贸零售 商贸零售行业研究 2 / 14 东吴证券（香港） 请务必阅读正文之后的免责声明部分 [Table_Main] 海南免税企业集群起底深度梳理 增持（维持） 专题要点 ◼ 目前海南共有6家离岛免税持牌主体、10家离岛免税店，涉及相关上市公司6个：离岛免税持牌主体分别为中免集团、海免公司、海南旅投（以下简称“海旅”）、海南发展控股（以下简称“海发控”）、深圳免税、中服免税，其中中免为海免的控股股东。中免及海免总共经营6家离岛免税店，其中海口国际免税城预期于2022年内开业。 ◼ 2020年以来，海南离岛免税市场进一步市场化。2020年7月海南省财政厅、商务厅、市场监管局发布公告称，将采用招标等市场化竞争方式选择并确定新增加的海南离岛免税购物经营主体。自2020年12月以来，海南省国资委下属企业海南旅投及海南发展控股、深圳市国资委下属企业深免、国药集团下属企业中服先后开出离岛免税门店。正文具体梳理了各免税店的权益归属及相关利益方中涉及到上市公司的部分。 ◼ 海南省国资委旗下海发控、海旅陆续公告资产注入计划。2021年1月，海发控控股的上市公司海南发展公告，以非公开协议转让方式受让其岛民免税业务运营主体“海南海控免税品集团有限公司”45%的股份（截至2022年5月岛民免税业务仍未正式开始运营），且海发控承诺非公开发行完成后三年内注入注入相关业务及资产；2022年5月，海南旅投控股的上市公司海汽集团公告，拟发行股份及支付现金购买海南旅投持有的海南旅投免税品有限公司的部分或全部股权，并向特定投资者募集配套资金，相关方案仍在商讨。至此，海南省国资委旗下两家免税持牌方所持免税资产均存在上市预期，海南离岛免税市场向着市场化、透明化、规范化进一步发展。 ◼ 正文进一步梳理了海旅、海发控的资本运作历程和旗下上市公司