中国中免离境退税和市内店纷纷落地，2Q25销售有望筑底回暖

东方证券07-11

离境退税业务有望放大境外客流红利。公司在三亚国际免税城一期的有税商店，已开通境外旅客办理离境退税。同时6月开业的厦门市内免税店，增设了国潮专区，精选国潮香化、醇香美酒、生活美学等核心品类，也成功落地离境退税“即买即退”。未来来华的境外旅客，有望在公司更多线下门店享受免税+离境退税的一站式购物便利。天津双店落地在即，渠道扩张持续兑现。中免天津国际邮轮母港出境免税店将于7月开业，涉酒类、香水美妆、精品...

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