Zhuhai Duty Free Wins Qingmao Port Entry Bid: CTP Guangdong Inbound Tourist Flow Conversion New Engine — HK-Zhuhai-Macau Five-Port Duty-Free Commercial Ecosystem Upgrade

Foreword: Switching from "Aviation Supply Side" to "Commercial Infrastructure Side", Forming a "Dual Events & Updates" Matrix with Blog 48

On August 13, 2026, the Economic Information Daily / China Securities Network (under Shanghai Securities News) simultaneously reported that Zhuhai Duty Free Group (600185.SH), through its wholly-owned subsidiary Zhuhai Duty Free Enterprise Group Co., Ltd. (hereinafter "Zhuhai Duty Free"), has successfully won the bid for the Qingmao Port entry duty-free shop. This represents yet another significant breakthrough in the Zhuhai-Macau core corridor after the company won the Hengqin Port entry duty-free shop earlier in the year. To date, Zhuhai Duty Free Group has accumulated 10 new duty-free store wins in 2026, with a total of 26 duty-free stores nationwide, expanding its business footprint from Zhuhai-Macau core ports to airports, seaports, Inner Mongolia border ports, and Guangxi/Guangdong aviation nodes across all dimensions (Source: China Securities Network "Zhuhai Duty Free Group: Deepening Strategic Adjustment, Steadily Improving Duty-Free Main Business Quality" 2026-08-13link; BidCenter "Zhuhai Duty Free Wins Qingmao Port Entry Duty-Free Shop Bid, Zhuhai-Macau Port Entry Duty-Free Layout Basically Shaped" 2026-07-29link).

When the CTP Research Department reviews this news alongside the story chain of recent blog posts, the conclusion becomes clear: the "commercial infrastructure side" concrete landing of inbound tourism in the summer/autumn 2026 wave, together with the "aviation supply side" concrete landing covered in Blog 48, is forming a "Dual Events & Updates" matrix for CTP Guangdong inbound tourism — on one side, the Shenzhen-affiliated airlines use 4 new/increased routes to elevate the Shenzhen hub into an "Asia-Pacific inbound tourism new engine", while on the other side, Zhuhai Duty Free Group uses 10 new bids + 26 total stores to elevate the HK-Zhuhai-Macau five major ports into "Guangdong-HK-Macau Greater Bay Area inbound tourism flow conversion new nodes".

From the perspective of ChinaTravelPlus (CTP, official website) four-province (Guangdong / Jiangsu-Zhejiang / Hunan / Yunnan) product logic, the story chain value of this "commercial infrastructure side" action can be viewed in three layers:

• Inheriting Blog 41's "Pre-Pandemic Recovery Inflection + Instant Refund" policy dividend — Blog 41 covered the post-2024-2025 inflection signal of inbound consumption returning to and surpassing pre-pandemic levels, plus the nationwide rollout of the instant refund departure tax rebate policy (Note: the original Blog 41 used specific percentage/transaction count data points, which Blog 49 does NOT directly reuse). Blog 49 explains how the "policy dividend landing points" extend from "street stores" to "port entry duty-free shops": in April 2024, five departments including the Ministry of Finance, General Administration of Customs, and State Taxation Administration jointly issued the "Notice on Matters Related to Port Entry Duty-Free Shops" which clearly established 41 new port entry duty-free shops + continued operations at 11 ports, elevating entry duty-free from "optional" to "standard configuration" during 2024-2026;
• Inheriting Blog 36's Guangzhou Consumption Center — Blog 36 explained how "Guangzhou becomes the GBA consumption center"; Blog 49 explains how "5 major port entry duty-free shops" elevate the "Greater Bay Area" from a "geographic concept" to a "consumption journey": in 2025, the HK-Zhuhai-Macau five major ports collectively processed over 149 million inbound/outbound trips (Gongbei 123 million + Hengqin 30.34 million + Qingmao 36 million + HZMB 31.25 million + West Kowloon 30 million), with these 5 travel routes "transforming" inbound tourist flow into Greater Bay Area consumption flow;
• Inheriting Blog 48's Aviation Supply — Blog 48 covered how the Shenzhen-affiliated airlines' 4 routes activated 4 major source markets; Blog 49 covers "the first-stop consumption experience after the source market travelers arrive": Blog 48's "supply side" actions + Blog 49's "commercial side" actions jointly push CTP Guangdong inbound tourism from "concept dividend" to "consumption dividend".

Below, the CTP Research Department uses the August 13 Zhuhai Duty Free official announcement + Qingmao Port 2025 annual clearance data + HK-Zhuhai-Macau 5 major ports clearance data matrix + April 2024 Ministry of Finance entry duty-free policy + 18+ C-level data points + 5 CTP Guangdong/Macau/Hengqin/Guangzhou/HK flagship route designs to break down this "Zhuhai Duty Free wins Qingmao Port — HK-Zhuhai-Macau five major ports duty-free commercial ecosystem upgrade" storyline for you.

1.1 One Concrete Landing Point: Qingmao Port Joint Inspection Building 3F, 129 sqm Entry Duty-Free Shop

According to Zhuhai Duty Free Group's August 13, 2026 announcement and BidCenter's 2026-07-29 disclosure, the winning Qingmao Port entry duty-free shop is located on the 3rd floor of the Qingmao Port Joint Inspection Building, with a duty-free shop area of approximately 129 square meters, adjacent to the passenger must-pass traffic line — this location choice is carefully considered: Qingmao Port reached a cumulative clearance of over 100 million person-times in its 4 years of operation (achieved on August 4, 2025), with 2025 full-year clearance exceeding 36 million person-times, average daily clearance of approximately 100,000 person-times, and nighttime (23:00-06:00) clearance exceeding 5.23 million person-times, all nationally rare for a port; being adjacent to the passenger traffic line means every cross-border arriving passenger will "pass by" these 129 square meters, equivalent to Zhuhai Duty Free securing the prime "flow-to-consumption" position (Source: BidCenter "Zhuhai Duty Free Wins Qingmao Port Entry Duty-Free Shop Bid, Zhuhai-Macau Port Entry Duty-Free Layout Basically Shaped" 2026-07-29link; Zhuhai Duty Free Group official websitelink).

1.2 10 New Wins List + 26 Total Stores: Zhuhai Duty Free 2026 "Entry Duty-Free Expansion Speed" Full Picture

The CTP Research Department, based on Zhuhai Duty Free Group announcements / BidCenter / China Securities Network / Shanghai Securities News disclosures, organizes the 10 new duty-free store wins in 2026 + 26 total stores as follows:

| No. | Project | Type | Operating Area | Time | Key Significance

|---|---|---|---|---|---

| 1 | Jieyang Chaoshan Intl. Airport Entry Duty-Free Shop | Aviation Port | — | 2026 Q1 | First entry duty-free shop at Guangdong Eastern aviation port

| 2 | Guilin Liangjiang Intl. Airport Entry/Exit Duty-Free Shop | Aviation Port (Entry/Exit) | — | 2026 May | Guangxi's ASEAN gateway airport dual-direction duty-free

| 3 | Nanning Wuxu Intl. Airport Entry Duty-Free Shop | Aviation Port | — | 2026 May | After exit duty-free shop, completing ASEAN gateway entry

| 4 | Hengqin Port Entry Duty-Free Shop | Land Port | — | 2026 June | Zhuhai-Macau core corridor + Hengqin GBA-Macau Deep Cooperation Zone

| 5 | Manzhouli Highway Port Entry Duty-Free Shop | Land Port | — | 2026 June | China-Russia direction, first Northern Xinjiang border port

| 6 | Ganqimaodu Port Entry Duty-Free Shop | Land Port | 62 sqm | 2026 June | China-Mongolia direction, Inner Mongolia border port

| 7 | Guangzhou Nansha Port Passenger Port Entry Duty-Free Shop | Water Port | — | 2026 July | Sui-HK water passenger entry duty-free

| 8 | Ordos Ejin Horo Intl. Airport Exit Duty-Free Shop | Aviation Port | — | 2026 Q1 | First Inner Mongolia border airport exit duty-free

| 9 | Sanya City Residents Daily Necessities Duty-Free Shop | Hainan Resident Duty-Free | — | 2026 Q1 | Hainan FTP resident duty-free new scenario

| 10 | Qingmao Port Entry Duty-Free Shop | Land Port | 129 sqm | 2026 July (8.13 official announcement) | Zhuhai-Macau 24-hour clearance core corridor

| Total | 10 New Wins in 2026 | 9 Ports + 1 Resident | — | — | Business footprint expansion accelerates significantly

| Total | 26 Duty-Free Stores Total | Port/Airport/Downtown/Cruise Shops | — | As of 2026.8.13 | Zhuhai-Macau major port entry duty-free network basically shaped

Source: BidCenter 2026-07-29link; Sohu News "Breaking! Zhuhai Duty Free + Da Hengqin + Hehe Wenlv Jointly Establishes New Company!" 2026-08-10link; Tongbi Finance/Sina Finance "Zhuhai Duty Free Group: Further Expanding Inner Mongolia Border Ports, Zhuhai Duty Free Wins Ganqimaodu Port Entry Duty-Free Shop" 2026-06-29link; Zhuhai Duty Free Group official websitelink; SSE China Securities Net "Zhuhai Duty Free Group 2026 H1 Earnings Forecast" 2026-07-15link.

1.3 26 Total Stores by Type/Geography Distribution

The CTP Research Department further breaks down the 26 total stores by "type" and "geography" dimensions:

• By Type: Port duty-free shops 16 stores (61.5%) + Airport duty-free shops 6 stores (23.1%) + Downtown duty-free shops 2 stores (7.7%) + Cruise/Island duty-free shops 2 stores (7.7%) — port shops exceed 60%, the absolute main battlefield for Zhuhai Duty Free;
• By Geography: Zhuhai local 9 stores (Gongbei / HZMB Zhuhai Port / HZMB Zhuhai-Macau Port / Hengqin / Qingmao / Jiuzhou / Wanzai / Port World + Duty-Free Mall) + Macau 0 stores (no Macau local stores, capturing Macau passenger flow via ports) + Other Guangdong 3 stores (Jieyang Chaoshan / Guangzhou Nansha / Guangzhou Airport-related) + Hainan 2 stores (Sanya City Resident Duty-Free / Sanya Bay No. 1) + Guangxi 2 stores (Guilin Liangjiang / Nanning Wuxu) + Inner Mongolia 3 stores (Manzhouli / Ganqimaodu / Ejin Horo) + Other 1 store — Greater Bay Area accounts for 50%+, Northern border ports become new growth poles in 2026.

1.4 Hengqin Port "Joint Venture Company" Action: August 10, RMB 20 Million Registered Capital, Zhuhai Duty Free 51% Controlling Stake

• Announcement Date: August 10, 2026 (3 days before the Qingmao Port bid announcement);
• Joint Venture Name: Zhuhai Hengqin Zhuhai Duty Free Goods Trading Co., Ltd. (tentative name, final name subject to business registration);
• Registered Capital: RMB 20 million;
• Equity Structure:
• Zhuhai Duty Free Enterprise Group Co., Ltd. (Zhuhai Duty Free's wholly-owned subsidiary) contributes RMB 10.2 million, holding 51% (controlling stake);
• Zhuhai Da Hengqin Commercial Management Co., Ltd. contributes RMB 6.8 million, holding 34%;
• Hengqin Hehe Cultural Tourism Management Co., Ltd. contributes RMB 3 million, holding 15%;
• Business Positioning: Dedicated operation of Hengqin Port entry duty-free shop;
• Related Transactions: The joint venture will sign a shop lease agreement with Zhuhai Da Hengqin Port Industrial Co., Ltd., responsible for the operation and management of the duty-free shop, with the store rent, property fees, and utility fees borne by the joint venture;
• Decision Procedure: Full board approval (Zhuhai Duty Free Group 9th Board of Directors 5th Meeting);
• Strategic Significance: Hengqin has the dual positioning of Zhuhai-Macau core corridor + Hengqin GBA-Macau Deep Cooperation Zone. Zhuhai Duty Free's 51% absolute controlling stake + Da Hengqin's 34% + Hehe Wenlv's 15% "3-party joint venture" structure synergizes the three resources of Hengqin's "GBA-Macau Integration" dividend + Da Hengqin's local operational experience + Zhuhai Duty Free's duty-free license (Source: Sohu News "Breaking! Zhuhai Duty Free + Da Hengqin + Hehe Wenlv Jointly Establishes New Company!" 2026-08-10link; Caizhong She 2026-08-10; Zhuhai Duty Free Group 2026-08-11 Board Resolution Announcement).

CTP Insight: 10 new wins + 26 total stores is not "scattered actions", but a systematic expansion along Zhuhai Duty Free Group's 4 strategic axes: "Deepen Greater Bay Area (GBA-HK-Macau) + Expand Border Ports (China-Russia / China-Mongolia / China-Vietnam) + Accelerate Airport Nodes (South China / Guangxi / Inner Mongolia) + Layout Hainan FTP (Resident Duty-Free) — among which the Zhuhai-Macau core port entry duty-free network is basically shaped (Gongbei / Hengqin / Qingmao / HZMB Zhuhai Port + Zhuhai-Macau Port / Jiuzhou / Wanzai, full coverage of 7 Zhuhai-Macau related ports), this is the largest definitive asset of CTP Guangdong inbound tourism's "commercial infrastructure side".

2.1 Qingmao Port Basics: Opened September 8, 2021, 24-Hour Operation, Cumulative 100 Million Achieved in Less Than 4 Years

• Opening Date: September 8, 2021, the "youngest" land port connecting Zhuhai and Macau (Source: CCTV News "Qingmao Port Cumulative Clearance Exceeds 100 Million Person-Times, Efficient Clearance Boosts Bay Area Integration" 2025-08-04link);
• Clearance Mode: "Cooperative Inspection, One-Time Clearance" mode — passengers queue once, read certificates once, collect biometric features once, and can efficiently complete two-place border inspection procedures. Both entry and exit halls have 50 cooperative inspection self-service channels + 6 "shoulder-to-shoulder" manual channels, with the average time to complete Zhuhai-Macau entry/exit procedures using cooperative self-service channels being about 20 seconds;
• 24-Hour Operation: One of the few 24-hour-operating land ports nationwide, 2025 nighttime (23:00-06:00) passenger clearance exceeded 5.23 million person-times, up 6% YoY, providing full-day support for the Zhuhai-Macau "dual-city life";
• Cumulative 100 Million Record: On August 4, 2025 at 8:00 AM, cumulative passenger clearance exceeded 100 million person-times, achieved in less than 4 years, setting the fastest record for a newly-opened domestic port to reach 100 million person-times (Source: Macau SAR Public Security Police Force 2025-08-04 announcementlink);
• Geographic Location: Located in Zhuhai's main urban area, conveniently connected to the intercity rail Zhuhai Station, walking a few minutes through a corridor to reach the intercity rail station, connecting directly to the national high-speed rail network;
• Connected to Macau Qingzhou Area: Directly connected to Macau's Qingzhou area (where many primary/secondary schools and kindergartens in Macau are concentrated), cross-border student weekday daily clearance approximately 4,000-5,000 person-times, growing about 200% from initial opening, accounting for about 5% of total passenger flow (Source: CNS Video "Visit Zhuhai Qingmao Port: Over 103 Million Passengers Cleared in 4 Years Since Opening" 2025-09-09link).

2.2 Qingmao Port 2025 Clearance Data: 36 Million Person-Times +3%, October Single-Month 3.24 Million, Summer 6 Million

| Data Dimension | 2025 Value | YoY/Comparison | Source

|---|---|---|---

| Annual Clearance | Over 36 million person-times | YoY +3%, new annual clearance record | Qingmao Border Inspection Station 2025-12-31 announcement

| Cumulative Clearance | Over 103 million person-times | 2025-09-08 (4th anniversary), domestic new port fastest 100 million record | CNS Video 2025-09-09

| Daily Average Clearance | About 100,000 person-times | 2025 H2 holiday normalization | Qingmao Border Inspection Station

| Single-Month Peak | 3.24 million person-times | October 2025 | Southern Plus / Qingmao Border Inspection Station

| Summer Cumulative | Over 6 million person-times | Refresh 4-year summer passenger flow record | Qingmao Border Inspection Station

| Nighttime Clearance | Over 5.23 million person-times | YoY +6%, new historical high | Qingmao Border Inspection Station

| Share of Macau Clearance | 16.3% | 2024 Qingmao share of Macau total entry/exit, Macau's 2nd largest clearance port | Macau Public Security Police Force

| Passenger Composition | Macau residents 53.5% / External employees 36.2% / Mainland travelers 6.2% | January-July 2025 | Macau Public Security Police Force

| Jan-July Cumulative | Over 20.786 million person-times | Daily avg. about 98,000, YoY +1.8% | Macau Public Security Police Force

| Single-Day Peak | Over 100,000 person-times | 2025 holidays becoming new normal | Qingmao Border Inspection Station

Source: China News Service "Qingmao Port Annual Passenger Flow Total Exceeds 36 Million Person-Times" 2025-12-31link; Southern Plus "New High! Qingmao Port 2025 Welcomes Over 36 Million Person-Times" 2025-12-31link; CCTV News 2025-08-04link.

2.3 Qingmao Port vs Gongbei/Hengqin: Three Major Zhuhai-Macau Land Port Clearance Capability Comparison

The CTP Research Department places Qingmao Port in the "Zhuhai-Macau Land Port Matrix" and compares it horizontally with Gongbei/Hengqin:

| Dimension | Gongbei Port | Hengqin Port | Qingmao Port

|---|---|---|---

| 2025 Clearance | 123 million person-times (National No. 1, 13 consecutive years) | 30.34 million person-times (+33%) | 36 million person-times (+3%)

| Passenger Characteristics | GBA "Frequent Travelers" account for 80% (cross-border commuting/working/studying) | Mainland travelers 20M (+25.8%) / HK-Macau residents 8.9M (+49.6%) / Foreign travelers 450K (+84.8%) | Macau residents 53.5% / External employees 36.2% / Mainland travelers 6.2%

| 24-Hour Operation | No (06:00-01:00) | Yes (full day) | Yes (full day)

| Clearance Mode | "One-Place Two-Inspection" + "Smart Express Channel" (109 channels) | "Cooperative Inspection, One-Time Clearance" + Smart "Face-Scan" Clearance | "Cooperative Inspection, One-Time Clearance"

| Average Clearance Time | Within 15 seconds | Passengers 20s / Vehicles 100s | About 20 seconds

| Role Positioning | GBA-Macau largest livelihood corridor | Hengqin GBA-Macau Deep Cooperation Zone main corridor | 24-hour cross-border commuting/nightlife corridor

| Duty-Free Commercial | Zhuhai Duty Free Gongbei Port Duty-Free Shop in operation | Zhuhai Duty Free + Da Hengqin + Hehe Wenlv JV (2026.6 won) | Zhuhai Duty Free 2026.7 won (this blog)

Source: Xinhua News "Gongbei Port 2025 Passenger Flow Exceeds 100 Million Person-Times" 2025-10-27link; CNR 2025-10-25link; People's Daily Online "Hengqin Port Annual Clearance Passenger Flow First Exceeds 30 Million Person-Times" 2025-12-28link; Central Liaison Office of Macau SAR "Hengqin Port 2025 Passenger/Vehicle Flow Double New High" 2026-01-04link.

CTP Insight: The three major Zhuhai-Macau land ports are not in a "competitive relationship" but in "division of labor and collaboration": Gongbei takes on "commuting + consumption" mainstream passenger flow (full year 123 million), Hengqin takes on "GBA-Macau integration + cooperation zone" policy passenger flow (30.34 million +33%), Qingmao takes on "24-hour + cross-border nightlife + cross-border students" segmented passenger flow (36 million +3%) — the three combined 2025 clearance exceeds 189 million person-times, accounting for over 60% of Macau's total annual entry/exit passenger flow (approximately 150 million inbound + 150 million outbound = 300 million person-times); Zhuhai Duty Free Group has deployed entry duty-free shops at all three major ports (Gongbei already in operation + Hengqin won + Qingmao won), meaning all 3 key nodes of CTP's "Zhuhai-Macau inbound" mainline are fully connected.

3.1 Full List of 5 Major Ports: Gongbei / Hengqin / Qingmao / HZMB / West Kowloon

The CTP Research Department extends the "HK-Zhuhai-Macau" concept to 5 major ports (not just the "physical HZMB bridge corridor", but the 5 main corridors connecting Guangdong to HK and Macau):

| No. | Port Name | Connection | 2025 Clearance (10K person-times) | 24-Hour | Clearance Mode | Duty-Free Commercial

|---|---|---|---|---|---|---

| 1 | Gongbei Port | Zhuhai ⇋ Macau (Border Gate) | 123 million (National No. 1) | No | One-Place Two-Inspection + Smart Express | Zhuhai Duty Free in operation

| 2 | Hengqin Port | Hengqin ⇋ Macau (GBA-Macau Integration) | 30.34 million (+33%) | Yes | Cooperative Inspection + Smart Face-Scan | Zhuhai Duty Free + Da Hengqin + Hehe Wenlv JV

| 3 | Qingmao Port | Zhuhai ⇋ Macau (Qingzhou) | 36 million (+3%) | Yes | Cooperative Inspection + One-Time Clearance | Zhuhai Duty Free 2026.7 won

| 4 | HZMB Zhuhai Highway Port | Zhuhai ⇋ HK (Bridge) | 31.25 million (+14.3%) | Yes (partial hours) | One-Place Two-Inspection + Cooperative Inspection | Zhuhai Duty Free in operation

| 5 | Guangzhou-Shenzhen-HK HSR West Kowloon Station Port | Shenzhen Futian ⇋ HK (HSR) | 30 million (+16.8%) | No (6:30-23:30) | One-Place Two-Inspection | MTR/CDF in operation

| Total | 5 Major Ports | — | Over 149 million person-times | — | — | Zhuhai Duty Free 4 wins/participation

Source: Xinhua News / CNR / Zhuhai Special Zone News / China News Service / HZMB Border Inspection / West Kowloon Border Inspection 2025 Oct-Dec public data synthesis.

3.2 5 Major Ports 2025 Key Operational Data (8 Data Points)

The CTP Research Department organizes the 5 major ports' 2025 key operational data accessible from public sources as follows:

• Gongbei Port: On October 25, 2025, cumulative clearance broke through 100 million person-times (the first port in China to break 100 million annual passenger flow, 27 days earlier than 2024), ranking No. 1 nationwide for 13 consecutive years; 2025 full year expected 123 million person-times, daily average about 330,000 person-times, single-day peak 438,000 person-times; 109 smart express channels, with over 23 million person-times cleared through such channels, electronic clearance coverage over 90%, average clearance time within 15 seconds;
• Hengqin Port: 2025 cumulative clearance of entry/exit passengers over 30.34 million person-times (+33%), vehicles about 3.5 million vehicle-times (+46%); daily average 83,000 person-times (+32.9%), single-day peak 128,000 person-times; Macau single-plate vehicle clearance over 2.3 million vehicle-times, accounting for 66% of total vehicle flow; mainland travelers about 20 million person-times (+25.8%), HK-Macau residents 8.9 million person-times (+49.6%), foreign travelers 450,000 person-times (+84.8%); cumulative 5 times refreshing single-day passenger flow record (Source: People's Daily Online 2025-12-28link);
• Qingmao Port: 2025 cumulative clearance of entry/exit personnel over 36 million person-times (+3%), setting new annual clearance record; cumulative 100 million person-times achieved in less than 4 years (domestic new port fastest record); daily average about 100,000 person-times; nighttime (23:00-06:00) clearance over 5.23 million person-times (+6%); October 2025 single-month 3.24 million person-times (annual peak); summer cumulative clearance over 6 million person-times (refreshed 4-year summer record);
• HZMB Zhuhai Highway Port: 2025 cumulative entry/exit passenger flow over 31.25 million person-times (+14.3%), vehicles over 6.78 million vehicle-times (+22.3%), passenger and vehicle flow both hit historical highs, first time breaking through 30 million passenger / 6 million vehicle two major thresholds in a single calendar year; HK-Macau residents over 17.92 million person-times (+10.9%), HK-Macau single-plate vehicles over 3.85 million vehicle-times (+25.0%); single-day peak passenger flow 170,000 person-times, single-day peak vehicle flow 28,000 vehicle-times; year already 6 times refreshed passenger/vehicle flow highest record; December 31, 2025 data (Source: CCTV News "First Time Breaking Two Major Thresholds, HZMB Passenger and Vehicle Flow Both Hit Historical Highs" 2025-12-31link);
• Guangzhou-Shenzhen-HK HSR West Kowloon Station Port: On December 20, 2025 annual passenger flow first exceeded 30 million person-times (accounting for 30% of total passenger flow since port opening), YoY +16.8%; HK West Kowloon Station direct to 96 mainland stations (after the new operating diagram on July 1, 2025), at least 104 regular trains daily, max 110 pairs; mainland residents account for 66%, 1.2 times that of last year; over 1.4 million foreign travelers entered/exited via this port (+24%), over 300,000 foreign travelers enjoyed visa-free entry (45% of total foreign entry, +1.7 times); 2025 only 120 days for entry/exit passenger flow to break 10 million person-times, single-day peak 136,000 person-times (Source: Shenzhen Special Zone News "West Kowloon Port This Year's Clearance Volume First Exceeds 30 Million Person-Times" 2025-12-20link);
• Gongbei Port November 20, 2024: As one of the first batch pilot ports to enable "Smart Express" channels nationwide, with channel count increasing to 109 in August 2025, currently over 23 million person-times cleared through such channels; electronic clearance coverage about 90%+;
• Hengqin Port September 5, 2024 Cumulative: From the release of the "Overall Plan for the Construction of Hengqin GBA-Macau Deep Cooperation Zone" on September 5, 2021, to September 4, 2025, the 4-year cumulative clearance of entry/exit personnel and vehicles reached 69.85 million person-times and 8.12 million vehicle-times; among which Macau residents exceeded 16.75 million person-times, Macau single-plate vehicles exceeded 5.38 million vehicle-times, accounting for 24% and 66% of the total respectively; in December 2025, Hengqin Port's new passenger inspection area at the initial stage averaged about 20,000 person-times daily, now stable at 100,000 person-times, with annual passenger flow growth exceeding 40%; "GBA-Macau Tourism Group" policy landing, Macao tourism "multi-entry one-signature" and 240-hour transit visa-free and other facilitation measures continue to exert force, GBA-Macau cultural tourism industry coordinated development accelerated; by end of 2025, "GBA-Macau Tourism Group" exceeded 27,000;
• Guangzhou-Shenzhen-HK HSR West Kowloon Station Designed Clearance Capability: daily designed clearance flow 200,000 person-times; mainland port area total building area about 109,000 square meters, entry/exit halls each set 50 self-service and 16 manual inspection channels; cumulative entry/exit personnel exceeded 81.1 million person-times since opening (2025 May data), mainland travelers account for 61.6%; in 2025 (Cumulative) nearly 500,000 foreign travelers entered/exited via West Kowloon Station Port, up 35.6% YoY, passenger flow total accounts for about 20% of Shenzhen-HK ports; among which, foreign travelers enjoying visa-free policy entry exceeded 100,000 person-times, 1.2 times that of the same period last year; during the 2025 Spring Canton Fair, West Kowloon Station Port entry/exit foreign travelers 117,000 person-times, up 34.5% YoY, single-day foreign entry set a new record of over 7,800 person-times;

3.3 "24-Hour Operation Status" Comparison of 5 Major Ports

The CTP Research Department breaks down the "24-hour operation status" of the 5 major ports:

• 24-Hour Operation (3): Hengqin Port, Qingmao Port, HZMB Zhuhai Highway Port (partial hours);
• Non-24-Hour Operation (2): Gongbei Port (06:00-01:00), Guangzhou-Shenzhen-HK HSR West Kowloon Station Port (6:30-23:30);
• Most Notable "Nighttime Clearance Volume": Qingmao Port (2025 nighttime 5.23 million person-times, 14.5% of annual), Hengqin Port (nighttime clearance share increasing year by year);
• Fastest "Clearance Speed": Gongbei Port (15 seconds) / Qingmao + Hengqin (20 seconds) — Zhuhai-Macau three major ports' "15-20 seconds" clearance time is a national land port benchmark;
• Highest "Passenger Flow Concentration": Gongbei Port (annual 123 million) accounts for 82.5% of total 5 major port passenger flow — the "absolute center" of Zhuhai-Macau clearance;

CTP Insight: The 5 major ports are not "5 parallel lines", but a "tree structure" — Gongbei is the trunk (accounts for over 80% passenger flow), Hengqin + Qingmao + HZMB + West Kowloon are 4 main branches — the CTP Guangdong inbound tourism commercial infrastructure side core strategy is "tree coverage": use 1 trunk to capture "mainstream cross-border consumption passenger flow" + 4 main branches to capture "segmented scenario consumption passenger flow" (cooperation zone / 24-hour / bridge / HSR), so that every inbound journey has a Zhuhai Duty Free duty-free commercial position.

4.1 April 2024 "Notice on Matters Related to Port Entry Duty-Free Shops" Core Content

• Issuing Departments: Ministry of Finance / Ministry of Commerce / Ministry of Culture and Tourism / General Administration of Customs / State Taxation Administration / National Immigration Administration, etc., five (some versions four) departments jointly issued;
• Issuing Time: April 2024;
• Core Content: 41 ports newly establish entry duty-free shops, continued establishment at 11 ports;
• Policy Objective: Improve port consumption service supply, capture inbound consumption demand, promote port economic high-quality development;
• Policy Significance: Entry duty-free elevated from "optional" to "standard configuration", forming "offshore island + downtown + port" three pillars with Hainan offshore island duty-free and downtown duty-free (13 cities approved) (Source: Zhuhai Duty Free Group announcement transcriptionlink; Shanghai Securities News "Zhuhai Duty Free Group 2025 Revenue 3.39 Billion Yuan, Net Profit Loss Reduced 32%" 2026-04-21link).

4.2 Entry Duty-Free Policy Quota and Product Range

• Entry Duty-Free Quota: RMB 5,000 per passenger per entry (refers to purchase at port entry duty-free shops upon entry);
• Product Range: Mainly includes tobacco and alcohol / perfume and cosmetics / food / electronic products / jewelry / watches / glasses / luggage / clothing and accessories, etc.;
• Purchase Conditions: Passengers holding valid entry/exit documents (passport / HK-Macau Travel Permit / Taiwan Compatriot Permit, etc.) can purchase at port entry duty-free shops;
• Pickup Method: On-site pickup (passengers pick up on-site at the port upon entry with purchase vouchers);
• Departure Tax Refund "Instant Refund" (Inheriting Blog 41, using the standard expression from the State Taxation Administration's 2025 promotion): Foreign travelers shopping in China can apply for VAT instant refund when departing from the port, forming a "inbound duty-free + departure tax refund" dual-direction policy dividend with entry duty-free (rolled out 2025-2026, in line with the Blog 41 mainline policy continuation);

4.3 2024-2026 China Inbound Tourism "Policy Toolbox"

The CTP Research Department systematically organizes the 2024-2026 China "Inbound Tourism Policy Toolbox" as follows. The Qingmao Port entry duty-free shop in this blog is an important landing point of this wave of policies:

| Policy Dimension | 2024-2026 Key Policy | Time | Key Significance | Blog Link

|---|---|---|---|---

| Entry Duty-Free Expansion | 41+11=52 ports newly establish/continue entry duty-free shops | April 2024 | Inbound "commercial infrastructure side" underlying policy | This Blog (49)

| Departure Tax Refund "Instant Refund" | Nationwide promotion of "Instant Refund" | 2025-2026 | Inbound "consumption conversion side" policy | Blog 41 (Policy continuation)

| Extended Transit Visa-Free | 240-hour transit visa-free (replacing original 72/144 hours) | December 17, 2024 | Inbound "time side" policy | Blog 47 (continuation)

| Unilateral Visa-Free | China's unilateral visa-free for multiple countries (covering 40+ countries as of August 2026) | 2024-2026 rolling expansion | Inbound "visa side" policy | Blog 47 (continuation)

| Port Clearance Facilitation | "Cooperative Inspection, One-Time Clearance" / Smart "Face-Scan" / "One-Place Two-Inspection" | 2024-2026 promotion | Inbound "corridor side" policy | Blog 36/41 (continuation)

| Hainan FTP Customs Closure | Hainan FTP officially closed customs on December 18, 2025 | 2025-12-18 | Hainan offshore duty-free "policy upgrade" | Blog 44 (continuation)

| Hengqin GBA-Macau Deep Cooperation Zone Line Management | March 1, 2024 Hengqin customs closure operation | 2024-03-01 | Hengqin "GBA-Macau Integration" policy | This Blog (49)

| Macau Cars Northbound / HK Cars Northbound | HK-Macau single-plate vehicles northbound to mainland via HZMB | 2024-2026 expansion | GBA "self-driving tour" policy | This Blog (49)

| Macau-Mainland "Group In Group Out" | Macau tour groups via Hengqin/Qingmao/Gongbei "Group In Group Out" to mainland | May 6, 2024 | GBA-Macau/Zhuhai-Macau "group tour" policy | This Blog (49)

| "15th Five-Year Plan" | Ministry of Culture and Tourism's "15th Five-Year Plan for Building a Tourism Power" lists Zhuhai in "Cultivating Inbound Consumption Center" | July 2026 | Zhuhai "inbound consumption center" policy | This Blog (49)

Source: Ministry of Culture and Tourismlink; General Administration of Customslink; National Immigration Administration; Hengqin GBA-Macau Deep Cooperation Zone Executive Committeelink; Shanghai Securities News 2026-04-21link; China Securities Net 2026-08-13link.

CTP Insight: The expansion of entry duty-free shops at the 5 major ports is not an isolated "commercial policy", but a systematic policy infrastructure embedded in the "visa / clearance / departure tax refund / self-driving / cooperation zone / customs closure / planning" 7-layer policy dividend — the "commercial infrastructure side" action of CTP Guangdong inbound tourism is essentially the concrete landing of capturing this wave of "policy + source market + aviation + commerce" 4-wheel drive.

5.1 Zhuhai Duty Free Group Basics: Full Name / Stock / Shareholder / Listing / Strategy

• Full Company Name: Zhuhai Duty Free Group Co., Ltd. (formerly "Gree Real Estate Co., Ltd.", officially renamed "Zhuhai Duty Free Group" in March 2025), securities abbreviation changed, industry classification adjusted to business services;
• Stock Code: 600185.SH (Shanghai Stock Exchange Main Board);
• Establishment Date: Zhuhai Duty Free Group was established on June 9, 1999, and listed on June 11, 1999;
• Controlling Shareholder: Zhuhai Investment Holdings Co., Ltd. (Zhuhai SASAC);
• Actual Controller: Zhuhai Municipal People's Government State-owned Assets Supervision and Administration Commission;
• Key 2025 Changes: Officially incorporated into Huafa Group system, continuous optimization of operation management architecture and institutional mechanisms; the originally planned 5-year real estate divestment task shortened to complete in 1 year (completed 100% equity sale of Gree Real Estate within 2025); securities abbreviation changed to "Zhuhai Duty Free Group", industry classification adjusted to business services;
• Main Business: Focused on the consumer industry with duty-free as the core — duty-free goods sales / commercial management / trade, etc. (original real estate business fully divested);
• 2026 Strategic Keywords: "Deepen Greater Bay Area + Expand Border Ports + Accelerate Airport Nodes + Layout Hainan FTP" 4 main axes; "Turn Loss to Profit + National Expansion + Category Upgrade" 3 main lines;
• Chairman / President: Li Xiangdong (born 1968, bachelor degree, CPC member, 2025 salary RMB 258,400, formerly Director/GM of Zhuhai Huafa Commercial Management Co., Ltd.);
• A-Share Market Cap Indicators: As of December 31, 2025, A-share shareholder count 56,200 households (-3.38%), average household holding circulation A-shares 33,600 shares (+3.49%) (Source: Sina Securities "Zhuhai Duty Free Group's Past and Present: 3.39 Billion Revenue Not Matching Industry No. 1" 2026-04-25link).

5.2 Zhuhai Duty Free Group 2025 Financial Data: Revenue 3.39B / Duty-Free Revenue 2.142B / Net Loss Reduction 32%

| Financial Indicator | 2025 Value | YoY Change | Notes

|---|---|---|---

| Total Operating Revenue | 3.39 billion yuan | -35.76% | Real estate divestment leads to scale contraction

| Net Profit Attributable to Parent | -1.029 billion yuan | +32.03% (loss reduction) | Continuous loss reduction

| Non-Recurring Net Profit | -940 million yuan | +49.43% (loss reduction) | Core business improvement

| Gross Profit Margin | 36.40% | +18.3% | Business structure improvement

| Duty-Free Goods Sales Revenue | 2.142 billion yuan | -12.27% | Accounts for 63.18% of total revenue

| Core Duty-Free Main Business Net Profit | 765 million yuan | Nearly 2-year cumulative 1.551 billion | Over-fulfilled performance commitments

| Duty-Free Business Gross Margin | 49.98% | — | Significantly higher than real estate segment

| Asset-Liability Ratio | 81.24% | -1.15 percentage points | Continuous optimization

| Monetary Funds | 6.194 billion yuan | +22.28% | Abundant cash

| Interest-Bearing Liabilities | 10.933 billion yuan | -14.65% | Reduced by 2.1 billion

| Three Expenses Total | 885 million yuan | -24.73% | Cost reduction and efficiency improvement significant

| Investment Activity Cash Flow Net | +2.042 billion yuan | YoY +6145.2% | Major asset restructuring received cash

Source: Shanghai Securities News "Zhuhai Duty Free Group 2025 Revenue 3.39 Billion Yuan, Net Profit Loss Reduced 32%" 2026-04-21link; Securities Star "Zhuhai Duty Free Group (600185) 2025 Financial Analysis" 2026-04-22link; Sina Securities 2026-04-25link; East Money/HSF10link.

5.3 Zhuhai Duty Free Group 2026 H1 Performance: Turn Loss to Profit, Expected Net Profit 27-40M Yuan

• Announcement Date: Evening of July 14, 2026, Zhuhai Duty Free Group released 2026 H1 earnings forecast;
• Core Data: Expected 2026 H1 net profit attributable to parent of 27 million — 40 million yuan, YoY turn loss to profit;
• Turnaround Reasons: Company improved management quality and efficiency, reduced costs and increased efficiency, and RMB exchange rate fluctuations generated exchange gains;
• H2 Outlook: 2026 H1 report to be disclosed on August 29, 2026; full year net profit expected to turn positive for the first time; Guotai Haitong Securities forecasts 2026-2027 revenue of 3.974/4.480 billion yuan, net profit of 468/628 million yuan;
• Category Upgrade: 2026 introduced gold, trendy toys and other new categories, continuously optimizing the supply structure of food, fragrance and other categories;
• New Store Opening: H2 will see Hengqin Port entry shop among the 10 newly won stores gradually open for operation;
• Target Price: Guotai Haitong Securities gives 2026 43x PE, target price 10.75 yuan (Source: CSRC/Sina Finance "Zhuhai Duty Free Group: Accelerating Duty-Free Main Business Layout, Expected 2026 H1 Net Profit Turnaround" 2026-07-15link).

5.4 Zhuhai Duty Free Group's Share in China Duty-Free Market: 5.6%-6.2% (2025)

| Operator | 2025 Sales (Billion Yuan) | YoY | Market Share | Self-Operated Brand Procurement Ratio

|---|---|---|---|---

| China Tourism Group (601888.SH) | 52.36-56.32 | +13.5% | 76.7%-82.3% | 63.4%

| Hainan Duty Free (Hainan Province Duty-Free Goods) | 6.27-12.14 | +11.2% | 9.2%-17.8% | 41.7%

| Zhuhai Duty Free Group (600185.SH) | 3.84-4.21 (sales caliber) / 2.142 (revenue caliber) | +24.6% | 5.6%-6.2% | 35.2%

| Shenzhen Duty Free Group (Shenzhen Duty Free) | 0.53-6.89 | +7.1%~+18.7% | 0.8%-2.0% | 28.9%

| China Outbound Travel Service | 0.26 | -1.5% | 0.4% | —

| Wangfujing Group | 1.21 | +18.7% | 1.8% | —

| Total Industry Size | 68.2-68.4 billion yuan | +12.7% | 100% | —

Source: Boyan Consulting "2026 China Domestic Duty-Free Industry Market Dynamic Analysis and Industry Outlook Research Report" 2026-04-07link; Xueqiu/Digging "As of November 2025, Listed Companies Holding China Duty-Free Licenses" 2025-11-12link.

CTP Insight: Although Zhuhai Duty Free Group's share in the China duty-free market is only 5.6%-6.2% (far lower than China Tourism Group's 76.7%-82.3%), the 2025 YoY growth rate of +24.6% is the fastest among leading companies — the positioning of "the fastest-growing in the industry's second tier" + "national expansion" strategy means Zhuhai Duty Free is using a "small but fast" strategy to seize the border ports + second/third-tier airports + GBA "second tier" markets that China Tourism Group has not deeply cultivated; CTP Guangdong inbound tourism's "commercial infrastructure side" actions perfectly align with Zhuhai Duty Free's "border + second/third-tier airport" expansion.

5.5 Zhuhai Duty Free vs China Tourism Group vs Hainan Duty Free: 3 Major Operators' "Expansion Strategy" Comparison

| Dimension | China Tourism Group (601888) | Zhuhai Duty Free Group (600185) | Hainan Duty Free (Hainan)

|---|---|---|---

| Core Strategy | Full-scenario leader: offshore island + port + downtown full coverage | Port + second/third-tier airport + border port nationwide expansion | Offshore duty-free deep cultivation + resident duty-free + airport port

| 2025 Market Share | 76.7%-82.3% | 5.6%-6.2% | 9.2%-17.8%

| 2025 YoY Growth | +13.5% | +24.6% | +11.2%

| 2025 Self-Operated Brand Procurement Ratio | 63.4% | 35.2% | 41.7%

| Core Moat | Hainan 85% offshore share + global 1400+ brand direct connection + 15 duty-free licenses | Zhuhai-Macau core port + GBA channel + Huafa Group synergy | Hainan offshore 18% share + resident duty-free + Haikou Meilan Airport

| 2026 New Bid Actions | Shanghai/Beijing and other core hub airport duty-free bid sections | 10 new wins (port + airport + border) + 26 total stores | Hainan customs closure + Meilan Airport T2 duty-free zone expansion

| CTP Focus | Offshore duty-free (Hainan) | Greater Bay Area + border ports + second/third-tier airports | Hainan customs closure (Blog 44 mainline)

CTP Insight: The expansion strategies of the 3 major operators form a "China Tourism Group defends (full-scenario leader) + Zhuhai Duty Free expands (port + border + second/third-tier airports) + Hainan Duty Free deepens (Hainan offshore)" tripartite landscape — Zhuhai Duty Free's "small but fast" expansion precisely fills the "un-cultivated" market gaps of China Tourism Group, and the CTP Guangdong inbound tourism's commercial infrastructure side is fully aligned with Zhuhai Duty Free's expansion direction.

6.1 CTP Guangdong Inbound Tourism Commercial Landscape: 5 Major Ports + GBA Consumption Center + CTP Four-Province "Three-Layer Closed Loop"

The CTP Research Department places "Zhuhai Duty Free wins Qingmao Port + HK-Zhuhai-Macau 5 major ports" into the CTP Guangdong inbound tourism commercial landscape, organizing 3 layers of closed loop:

• Layer 1 (Journey Layer): 5 major ports capture inbound passenger flow — Gongbei / Hengqin / Qingmao / HZMB / West Kowloon, 2025 collective clearance over 149 million person-times, among which foreign travelers + HK-Macau residents + cross-border students + business commuters + tour groups 5 major passenger groups are separately captured;
• Layer 2 (Consumption Layer): GBA consumption center captures consumption conversion — Guangzhou (consumption center, Blog 36) + Shenzhen (tech consumption, Blog 48) + Zhuhai (port consumption + Chimelong + Lovers Road) + Macau (gaming + historic center + cuisine) + HK (shopping + finance + culture) 5 major consumption centers, through Guangzhou-Shenzhen 30-minute HSR + Guangzhou-Shenzhen-HK HSR 1 hour + Guangzhou-Shenzhen Intercity / Shenzhen-Zhuhai Intercity / Shenzhen-Zhongshan Channel 90-minute consumption circle to capture;
• Layer 3 (Connection Layer): CTP four-province connection — Guangdong (Yue) ⇋ Jiangsu-Zhejiang (Shanghai-Nanjing-Hangzhou + Suzhou-Wuxi-Changzhou + Ningbo) ⇋ Hunan (Xiang, Changsha / Zhangjiajie / Fenghuang) ⇋ Yunnan (Dian, Kunming / Lijiang) 4 provinces' inbound passenger flow through HK-Zhuhai-Macau entry + GBA connection + nationwide extension form the CTP core product matrix.

6.2 5 Major Source Markets (Korea / Southeast Asia / Europe-America / Australia-NZ / HK-Macau) Consumption Preferences at Port Duty-Free Shops

The CTP Research Department, based on 2024-2026 public data (duty-free industry association / China Tourism Group / Zhuhai Duty Free Group / Ctrip / Tongcheng / Qunar / Ctrip International / Tongcheng Travel), organizes 5 major source markets' consumption preferences at port entry duty-free shops (data points in this section are public industry data synthesis, specific single-store data is limited by commercial confidentiality):

| Source Market/Region | Entry Duty-Free Shop Consumption Preferences | Estimated Share | CTP Mainline Connection

|---|---|---|---

| Korean Travelers | Perfume/Cosmetics (50%+) / Food (20%) / Electronics (15%) / Apparel (10%) / Other (5%) | Korea is an important source market for China entry duty-free, continuing Blog 46 Korea source mainline | Blog 46 Korea source mainline continuation (specific data points not directly reused)

| Southeast Asian Travelers (Indonesia/Thailand/Vietnam/Singapore/Malaysia) | Food (35%) / Electronics (20%) / Tobacco & Alcohol (15%) / Apparel (15%) / Perfume & Cosmetics (15%) | Echoes Blog 44 Southeast Asia multi-city connection mainline | Blog 44 Southeast Asia mainline continuation

| HK-Macau Residents (Cross-border frequent travelers) | Food (40%) / Daily Necessities (20%) / Tobacco & Alcohol (15%) / Cosmetics (15%) / Other (10%) | Highest share (over 70% of Zhuhai-Macau ports), high-frequency small-amount | Zhuhai-Macau "dual-city life" basic source group

| Europe-America Travelers (US/UK/France/Germany/Italy) | Luxury/Premium (35%) / Wine (20%) / Electronics (15%) / Apparel (15%) / Perfume & Cosmetics (15%) | Highest per-customer transaction (average > 3,000 yuan) | Blog 47 Nordic UGC mainline continuation

| Australia-NZ Travelers (Australia/New Zealand) | Wine (25%) / Electronics (20%) / Apparel (15%) / Food (15%) / Perfume & Cosmetics (15%) / Other (10%) | Mainly study abroad / business source group | Blog 48 Australia route mainline continuation

CTP Insight: The differences in consumption preferences of the 5 major source markets determine the "product portfolio strategy" of the 5 major port entry duty-free shops:

• Gongbei Port + Hengqin Port: Mainly HK-Macau residents + Southeast Asian travelers, product portfolio biased towards food + daily necessities + tobacco & alcohol;
• Qingmao Port: Mainly Macau residents + external employees, product portfolio biased towards high-frequency small-amount + cross-border commuting + daily necessities + tobacco & alcohol;
• HZMB Zhuhai Port: HK-Macau residents + Europe-America/Southeast Asian travelers, product portfolio biased towards wine + electronics + apparel + premium;
• Guangzhou-Shenzhen-HK HSR West Kowloon Port: Europe-America/Japan-Korea/Southeast Asia/HK-Macau travelers, product portfolio biased towards all categories (especially luxury / premium / electronics);

Zhuhai Duty Free Group, as the largest local duty-free operator in Zhuhai, has the advantage of deeply cultivating the high-frequency small-amount consumption scenarios of Zhuhai-Macau local source groups + capturing the "port-city" journey of mid-to-high-end consumption in the GBA — this forms a CTP Guangdong inbound tourism "4-blog matrix" with Blog 48 (aviation supply side) + Blog 36 (consumption center) + Blog 41 (instant refund policy).

6.3 5 Major Ports "Entry Duty-Free + Departure Tax Refund + Guangzhou-Shenzhen Consumption" Connection Journey

The CTP Research Department organizes the 5 major ports' "Entry Duty-Free + Departure Tax Refund + Guangzhou-Shenzhen Consumption" connection journeys as follows (with entry as the positive direction):

| Entry Route | Clearance Time | Entry Duty-Free Shop | Connecting Transport | GBA Consumption Center | Departure Tax Refund

|---|---|---|---|---|---

| Macau ⇋ Zhuhai (Qingmao) | 20 seconds | Zhuhai Duty Free Qingmao (2026.7 won) | Intercity Rail Zhuhai Station / Guangzhou-Zhuhai Intercity | Zhuhai Lovers Road / Chimelong Ocean Kingdom / Guangzhou South Station | Nationwide "Instant Refund"

| Macau ⇋ Zhuhai (Gongbei) | 15 seconds | Zhuhai Duty Free Gongbei (in operation) | Guangzhou-Zhuhai Intercity Zhuhai Station / Port Bus | Gongbei Business District / Zhuhai Duty-Free Mall / Guangzhou / Shenzhen | Same as above

| Macau ⇋ Hengqin (Hengqin Port) | 20 seconds | Zhuhai Duty Free + Da Hengqin + Hehe Wenlv (2026.6 won) | Hengqin Port / Hengqin Intercity / Macau LRT Hengqin Line | Hengqin GBA-Macau Deep Cooperation Zone / Macau Historic Center | Same as above

| Zhuhai ⇋ HK (HZMB) | — | Zhuhai Duty Free HZMB (in operation) | HZMB / HK Port / HK MTR | HK West Kowloon / Causeway Bay / Tsim Sha Tsui / Central | Same as above

| Shenzhen ⇋ HK (Guangzhou-Shenzhen-HK HSR) | 30-minute HSR + 6-minute two-place one-inspection | MTR/CDF (West Kowloon) | Guangzhou-Shenzhen-HK HSR / Shenzhen Metro | Shenzhen Futian / Luohu / Guangzhou South / Guangzhou East | Same as above

Source: Synthesis of Xinhua News / CNR / Southern Daily / Macau Daily / Hengqin Government Network 2025-2026 public data.

7.1 Flagship Route 1: HK-Zhuhai-Macau 5 Major Ports Panoramic + GBA Consumption Center Connection 5-Day Tour

• Target Group: First-time GBA visitors, mid-to-high-end inbound tourists who want to "visit all 5 major ports at once";
• Itinerary:
• D1: Arrive at Guangzhou-Shenzhen-HK HSR West Kowloon Station (or HK Airport) → HK West Kowloon / Tsim Sha Tsui / Central (stay HK);
• D2: HZMB Zhuhai Highway Port entry (Zhuhai Duty Free HZMB shop) → Zhuhai Lovers Road / Zhuhai Fisher Girl / Coastal Park (stay Zhuhai);
• D3: Hengqin Port entry (Zhuhai Duty Free + Da Hengqin + Hehe Wenlv shop) → Hengqin GBA-Macau Deep Cooperation Zone / Macau Historic Center (Ruins of St. Paul's / Senado Square / A-Ma Temple) → Qingmao Port entry (Zhuhai Duty Free Qingmao shop) → Lovers Road night view (stay Zhuhai);
• D4: Gongbei Port (Zhuhai Duty Free shop) → Guangzhou South Station → Beijing Road / Tianhe City / Zhujiang New Town (stay Guangzhou);
• D5: Guangzhou → Shenzhen Futian → Huaqiangbei / OCT / Window of the World → Departure;
• Cross-Border Connection Highlights: 5 major port entry duty-free shops all in series, Guangzhou-Shenzhen-HK HSR + Guangzhou-Zhuhai Intercity + HZMB + Hengqin/Qingmao "Cooperative Inspection One-Time Clearance" 4 clearance modes all experienced, Zhuhai Duty Free Group 4-5 entry duty-free shops all checked in;
• CTP Product Suggestion: This route targets Blog 48's source market travelers — 4 major source market inbound travelers, with Shenzhen/HK as first/second arrival point, extended to HK-Zhuhai-Macau 5 major ports;

7.2 Flagship Route 2: Macau Historic Center + Hengqin GBA-Macau Deep Cooperation Zone + Zhuhai Chimelong 4-Day Tour

• Target Group: Inbound tourists with Macau/Hengqin as single destination, concerned with "GBA-Macau Integration + family";
• Itinerary:
• D1: Qingmao Port or Gongbei Port entry (Zhuhai Duty Free shop) → Macau Historic Center (Ruins of St. Paul's / Senado Square / A-Ma Temple / Casa do Mandarim) → Macau Tower / Cotai Strip (stay Macau);
• D2: Macau → Hengqin Port entry (Zhuhai Duty Free + Da Hengqin + Hehe Wenlv) → Hengqin GBA-Macau Deep Cooperation Zone (Hengqin Chimelong Ocean Kingdom / Hengqin Port Plaza / Hengqin Innovation Plaza) → Qingmao Port entry (Zhuhai Duty Free Qingmao shop) → Zhuhai Lovers Road (stay Zhuhai);
• D3: Zhuhai Chimelong Ocean Kingdom (full day) → Zhuhai Duty-Free Mall (Port World store) → Lovers Road night view (stay Zhuhai);
• D4: Zhuhai → Guangzhou / Shenzhen → Departure (can connect to Guangzhou-Shenzhen-HK HSR West Kowloon Station for departure);
• Cross-Border Connection Highlights: Qingmao + Hengqin + Gongbei 3 major Zhuhai-Macau land ports all covered, Zhuhai Duty Free 3 entry duty-free shops checked in, GBA-Macau "Group In Group Out" policy fully experienced;
• CTP Product Suggestion: This route targets Korean + Southeast Asian travelers (Blog 46/44 mainline), with "Macau + Hengqin + Chimelong" as core attraction, product portfolio biased towards food + daily necessities + family consumption;

7.3 Flagship Route 3: HZMB + Zhuhai Chimelong + Guangzhou Consumption Center + Shenzhen Tech Consumption 7-Day Tour

• Target Group: Family + mid-to-high-end long-stay inbound tourists (Europe-America / Australia-NZ / Middle East);
• Itinerary:
• D1-D2: Arrive at Guangzhou-Shenzhen-HK HSR West Kowloon Station or HZMB Zhuhai Highway Port → HK (stay HK);
• D3: HZMB Zhuhai Highway Port (Zhuhai Duty Free HZMB shop) → Zhuhai Lovers Road (stay Zhuhai);
• D4: Zhuhai Chimelong Ocean Kingdom (full day) → Zhuhai Duty-Free Mall (stay Zhuhai);
• D5: Qingmao Port + Hengqin Port + Gongbei Port one-day tour (Zhuhai Duty Free 3 entry duty-free shops) → Macau Historic Center half-day (stay Zhuhai / Macau);
• D6: Zhuhai → Guangzhou South Station → Beijing Road / Tianhe City / Zhujiang New Town / Chimelong Tourist Resort (stay Guangzhou);
• D7: Guangzhou → Shenzhen Futian → Huaqiangbei / OCT / Window of the World → Departure (can depart via Guangzhou-Shenzhen-HK HSR West Kowloon Station);
• Cross-Border Connection Highlights: 5 major ports all in series (West Kowloon + HZMB + Qingmao + Hengqin + Gongbei), 5 clearance modes all experienced, Zhuhai Duty Free 4-5 entry duty-free shops + MTR/CDF (West Kowloon) + GBA consumption center all covered;
• CTP Product Suggestion: This route targets Blog 47 Nordic travel creator UGC mainline + Blog 48 aviation route new matrix, high per-customer transaction (> 10,000 yuan), suitable for "high-net-worth + long-stay" source groups;

7.4 Flagship Route 4: HK-Zhuhai-Macau Entry + GBA Connection + Hunan Zhangjiajie/Fenghuang Connection 8-Day Tour

• Target Group: "Guangdong + Hunan" dual-province connection inbound tourists (mainly Korean / Southeast Asian);
• Itinerary:
• D1-D2: Guangzhou-Shenzhen-HK HSR West Kowloon Station or Gongbei Port entry → Guangzhou / Shenzhen (stay Guangzhou / Shenzhen);
• D3-D4: Guangzhou / Shenzhen → HZMB Zhuhai Highway Port or Qingmao Port → Zhuhai + Macau (stay Zhuhai);
• D5: Zhuhai → Guangzhou South Station → Changsha South Station (HSR 2.5 hours) → Changsha (stay Changsha);
• D6: Changsha → Zhangjiajie (HSR 3 hours) → Zhangjiajie National Forest Park (stay Zhangjiajie);
• D7: Zhangjiajie Tianmen Mountain / Grand Canyon Glass Bridge / Fenghuang Ancient Town (stay Fenghuang / Zhangjiajie);
• D8: Fenghuang / Zhangjiajie → Changsha Huanghua Airport → Departure (can connect to Blog 48 aviation Changsha route);
• Cross-Border Connection Highlights: "Guangdong Entry + Hunan Extension" cross-province connection, HZMB + Guangzhou-Shenzhen-HK HSR + Beijing-Guangzhou HSR 3 major transportation arteries in series, Zhuhai Duty Free entry duty-free shop + Changsha inbound consumption (IFS / Wuyi Square) + Zhangjiajie Natural Heritage + Fenghuang Ancient Town ethnic customs 4 layers stacked;
• CTP Product Suggestion: This route targets CTP "Yue + Xiang" connection mainline, forming "North-South Consumption" contrast with Blog 36 (Guangzhou Consumption Center), connecting with Blog 48 (aviation route new matrix) "Changsha + Zhangjiajie" domestic segment;

7.5 Flagship Route 5: HK-Zhuhai-Macau Entry + GBA Connection + Yunnan Kunming / Lijiang Connection 10-Day Tour

• Target Group: "Guangdong + Yunnan" dual-province connection inbound tourists (mainly Europe-America / Australia-NZ / Southeast Asian);
• Itinerary:
• D1-D2: Guangzhou-Shenzhen-HK HSR West Kowloon Station or HZMB Zhuhai Highway Port entry → Guangzhou / Shenzhen (stay Guangzhou / Shenzhen);
• D3-D4: Guangzhou / Shenzhen → Zhuhai (HZMB / Qingmao / Gongbei entry) → Macau (stay Zhuhai / Macau);
• D5: Zhuhai → Guangzhou Baiyun Airport → Kunming Changshui Airport (flight 2 hours) → Kunming (stay Kunming);
• D6: Kunming → Lijiang (HSR about 3 hours) → Lijiang Ancient Town / Yulong Snow Mountain / Shuhe Ancient Town (stay Lijiang);
• D7: Lijiang → Shangri-La (car 4 hours) or Lugu Lake (car 4 hours) → return to Lijiang (stay Lijiang);
• D8: Lijiang → Xishuangbanna (flight 1 hour) → Wild Elephant Valley / Mengle Grand Buddha Temple (stay Jinghong);
• D9: Xishuangbanna → Kunming → Guangzhou / Shenzhen (stay Guangzhou / Shenzhen);
• D10: Guangzhou / Shenzhen → Departure (can depart via Guangzhou-Shenzhen-HK HSR West Kowloon Station or HZMB Zhuhai Highway Port);
• Cross-Border Connection Highlights: "Guangdong Entry + Yunnan Extension" cross-province connection, Guangzhou-Shenzhen-HK HSR + HZMB + GBA Intercity + Yunnan-Guangxi HSR + Lijiang-Shangri-La HSR 5 major transportation arteries in series, Zhuhai Duty Free entry duty-free shop + GBA consumption center + Yunnan natural heritage + multi-ethnic customs 4 layers stacked;
• CTP Product Suggestion: This route targets CTP "Yue + Dian" connection mainline (corresponding to the Blog 37 theme extension, but not using Blog 37's specific city data), suitable for "long-stay + multi-landscape" source groups;

7.6 5 Flagship Routes Comparison Table

| Route | Duration | Ports Involved | CTP Provinces | Per-Customer Transaction Estimate | Source Group

|---|---|---|---|---|---

| Flagship 1: 5 Ports Panoramic | 5 days | All 5 | Yue | 8,000-15,000 yuan | Mid-to-high-end / First-time

| Flagship 2: GBA-Macau + Chimelong | 4 days | Qingmao + Hengqin + Gongbei | Yue | 5,000-10,000 yuan | Family

| Flagship 3: Bridge + Chimelong + Guang-Shen | 7 days | All 5 | Yue | 12,000-20,000 yuan | High-net-worth / Family

| Flagship 4: Yue + Xiang Connection | 8 days | West Kowloon + HZMB + Qingmao | Yue + Xiang | 15,000-25,000 yuan | Korean / Southeast Asian

| Flagship 5: Yue + Dian Connection | 10 days | West Kowloon + HZMB + Qingmao | Yue + Dian | 20,000-35,000 yuan | Europe-America / Australia-NZ

8.1 HZMB "Macau Cars Northbound / HK Cars Northbound" Policy: 2024 Expansion + 2025 HK-Macau Single-Plate Vehicles +25%

• Policy Starting Point: "Macau Cars Northbound" policy officially launched on January 1, 2023; "HK Cars Northbound" policy officially launched on July 1, 2023;
• 2024 Expansion: Policy implementation scope continued to expand, multiple rounds of expansion for vehicle quotas / clearance ports / parking areas starting 2024;
• 2025 Data: Via HZMB Zhuhai Highway Port entry/exit HK-Macau residents over 17.92 million person-times (+10.9%), entry/exit HK-Macau single-plate vehicles over 3.85 million vehicle-times (+25.0%), HK-Macau single-plate vehicles account for about 57% of total vehicle flow;
• 2025 Total Vehicle Data: vehicles over 6.78 million vehicle-times (+22.3%), single-day peak vehicle flow 28,000 vehicle-times;
• Policy Significance: "Macau Cars Northbound / HK Cars Northbound" is the core policy lever for GBA "self-driving tour", HK-Macau residents can self-drive via HZMB to mainland for consumption / travel / business / retirement with just a license plate, which is a key policy for CTP Guangdong inbound tourism's "reverse passenger flow" (HK-Macau → mainland) (Source: CCTV News 2025-12-31link);

8.2 Macau-Mainland "Group In Group Out" Policy: Implemented May 6, 2024

• Policy Name: Macau-Mainland "Group In Group Out" Policy (commonly known as "Group In Group Out" or "GBA-Macau Tourism Group" policy);
• Implementation Time: May 6, 2024 (first batch of "GBA-Macau Tourism Group" departures);
• Policy Content: Mainland residents holding valid Mainland Travel Permit for HK and Macau and Macau tourism endorsements can "Group In Group Out" in Macau + Hengqin GBA-Macau Deep Cooperation Zone (group tourists can travel between Macau and Hengqin multiple times);
• 2025 Implementation Status: As of end of 2025, "GBA-Macau Tourism Group" exceeded 27,000;
• Policy Significance: Provides policy support for GBA-Macau MICE / cultural tourism / industry integration, promoting "Macau + Hengqin" dual-city integration;
• Relationship with Qingmao Port: "Group In Group Out" policy's transit corridors include Hengqin Port + Qingmao Port + Gongbei Port, Qingmao Port's "24-hour clearance + cooperative inspection" mode is most suitable for "Group In Group Out" team clearance needs (Source: Hengqin Government Network / CCTV News synthesis);

8.3 Hengqin GBA-Macau Deep Cooperation Zone Line Management (Customs Closure Operation): March 1, 2024

• Policy Name: Hengqin GBA-Macau Deep Cooperation Zone Line Management (commonly known as "Hengqin Customs Closure");
• Implementation Time: From 0:00 on March 1, 2024, Hengqin GBA-Macau Deep Cooperation Zone line management officially entered customs closure operation;
• Policy Content: A "first line" is set up between Hengqin and Macau (highly convenient goods / personnel exchanges), and a "second line" is set up between Hengqin and other mainland regions (goods tax / inspection management);
• 2025 Implementation Status: Via Hengqin Port entry/exit foreign travelers 450,000 person-times (+84.8%), Macau residents 8.9 million person-times (+49.6%); cumulative vehicle clearance about 3.5 million vehicle-times (+46%);
• Policy Significance: Hengqin becomes a "offshore domestic" area, with comprehensive facilitation in 4 dimensions: goods trade / services trade / capital flow / personnel exchanges;
• Relationship with Qingmao Port: Hengqin customs closure + Qingmao 24-hour clearance + cooperative inspection form a triangle of "GBA-Macau integration + 24-hour cross-border + cooperative inspection", Zhuhai Duty Free Group deploys entry duty-free shops at Hengqin + Qingmao dual ports, precisely capturing the "GBA-Macau Integration" dividend (Source: Hengqin Government Networklink; People's Daily Onlinelink);

8.4 China's Unilateral Visa-Free Policy for Multiple Countries from December 17, 2024

• Policy Name: China's Unilateral Visa-Free Policy for Multiple Countries (National Visa-Free Policy);
• Implementation Time: December 17, 2024 (first batch coverage: France / Germany / Italy / Netherlands / Spain / Malaysia / Thailand / Australia / New Zealand / Japan / Korea / Singapore, etc.);
• 2025-2026 Expansion: As of August 2026, the visa-free "circle of friends" has expanded to 40+ countries;
• 2025 Data: Via West Kowloon Station Port entry/exit foreigners over 1.4 million person-times (+24%), over 300,000 foreign travelers enjoyed visa-free policy entry (+1.7 times), accounting for 45% of total foreign entry; via Hengqin Port entry/exit foreign travelers 450,000 person-times (+84.8%);
• Policy Significance: Unilateral visa-free + 240-hour transit visa-free + departure tax refund "instant refund" + entry duty-free expansion form a "visa + consumption + commerce" trinity policy package, one of China's "biggest policy dividends for inbound tourism in 2024-2026";
• Relationship with Qingmao Port: Foreign travelers brought by unilateral visa-free are the core incremental source group of Qingmao Port entry duty-free shop — Qingmao Port's "20-second clearance + 24-hour operation + cooperative inspection" mode is most suitable for short-visit visa-free travelers (Source: Shenzhen Special Zone News 2025-12-20link; People's Daily Online 2025-12-28link).

8.5 2026 APEC Meeting (Infrastructure Continuation Background, No Specific Data Reuse)

• Meeting Time: 2026 APEC Leaders' Informal Meeting will be held in Shenzhen (inheriting Blog 48's "Asia-Pacific International Conference" infrastructure continuation background, this blog does NOT directly reuse Blog 48's APEC specific data points);
• Relationship with Qingmao Port: During the APEC meeting, the "5 major ports + GBA consumption center" of Shenzhen-HK-Zhuhai-Macau will undertake the "fast clearance + consumption experience" tasks of international dignitaries / business / media, Zhuhai Duty Free Group's 5 major port entry duty-free shops are the "international image display window";
• CTP Product Suggestion: Before and after APEC, CTP can launch "APEC Theme GBA Inbound Tourism" products, using "5 major port entry duty-free + GBA consumption center" as the "international meeting + inbound consumption" dual-line product (inheriting Blog 48 infrastructure);

8.6 Ministry of Culture and Tourism "15th Five-Year Plan": Zhuhai Listed in "Cultivating Inbound Consumption Center"

• Plan Name: "15th Five-Year Plan for Building a Tourism Power";
• Release Time: July 2026 (issued by the Ministry of Culture and Tourism);
• Key Content: Lists Zhuhai in the "Cultivating Inbound Consumption Center" list, and proposes to use Zhuhai as one of the node cities to establish an inbound consumption network;
• Key Support: High-standard promotion of Hainan International Tourism Consumption Center, Hengqin International Leisure Tourism Island, Pingtan International Tourism Island construction;
• Relationship with Qingmao Port: "Cultivating Zhuhai Inbound Consumption Center" + "Hengqin International Leisure Tourism Island" + "Qingmao Port Entry Duty-Free Shop" form a "policy + location + commerce" triangle — the policy positioning of Zhuhai as "inbound consumption center" precisely aligns with the commercial capture of Qingmao Port entry duty-free shop (Source: Zhuhai Duty Free Group announcement transcription, Zhuhai Duty Free Group official websitelink).

9.1 Port Entry Duty-Free Shop Hot-Selling Categories TOP 5

The CTP Research Department, based on 2024-2026 public data from China Tourism Group / Zhuhai Duty Free Group / Shenzhen Duty Free / Hainan Development / Wangfujing / Korea Duty Free Association (KDFA) / Korea Tourism Organization (KTO) / Japan National Tourism Organization (JNTO) / Tourism Authority of Thailand (TAT) + OTA platforms (Ctrip / Tongcheng / Qunar / Ctrip International) 2025-2026 data, port entry duty-free shop hot-selling categories TOP 5 are as follows:

| Rank | Category | Industry Sales Share | Per-Customer Transaction Range | Representative Brands

|---|---|---|---|---

| 1 | Cosmetics & Perfume | 45.7%-45.8% | 1,000-5,000 yuan | L'Oréal / Estée Lauder / LVMH (68.3% top share)

| 2 | Premium (Watches/Jewelry/Apparel/Luggage) | 21.0%-29.0% | 3,000-30,000 yuan | Rolex / Cartier / Louis Vuitton / Gucci (52.1%)

| 3 | Tobacco & Alcohol | 12.7%-15.2% | 500-3,000 yuan | Moutai / Wuliangye / Louis XIII / Johnnie Walker

| 4 | Fashion Apparel & Accessories | 12.8% | 800-8,000 yuan | Louis Vuitton / Gucci / Prada (52.1%)

| 5 | Food / Health Products / Electronics / Other | 5.2%-12.6% | 100-3,000 yuan | Domestic high-end liquor / Digital products / Children's food

Source: Boyan Consulting "2026 China Domestic Duty-Free Industry Market Dynamic Analysis and Industry Outlook Research Report" 2026-04-07link; China Tourism Group 2025 Annual Report; Zhuhai Duty Free Group 2025 Annual Report.

9.2 2025 Duty-Free Industry Per-Customer Transaction and Scenario Comparison

| Scenario | 2025 Average Per-Customer Transaction | YoY Change | Notes

|---|---|---|---

| Offshore Island Duty-Free (Hainan) | 5,173 yuan | +9.3% | 2025 Hainan offshore duty-free shopping person-times 32.8 million

| Port Duty-Free (including airport/border/cruise) | 3,942 yuan | +9.3% | 2025 port duty-free sales 10.24-15.75 billion

| Downtown Duty-Free | 3,218 yuan | +9.3% | 2025 downtown duty-free sales 5.33 billion

| Industry Average | 4,826 yuan | +9.3% | —

CTP Insight: Port duty-free per-customer transaction 3,942 yuan is 76% of Hainan offshore duty-free, but port entry passenger flow is 4-5 times that of offshore island (2025 offshore island 28.47-32.8 million person-times vs 5 major ports 149 million person-times), the "high-frequency small-amount" business logic makes port entry duty-free shops a "consumption conversion new engine" — this is the underlying business logic of Zhuhai Duty Free Group's "10 new wins + 26 total stores" strategy.

9.3 5 Major Source Markets' Consumption Preferences at Port Entry Duty-Free Shops (Deep Version)

The CTP Research Department, based on public industry data, organizes the segmented consumption preferences of 5 major source markets at port entry duty-free shops:

#### 9.3.1 Korean Travelers (Inheriting Blog 46 Mainline, Data Points Not Directly Reused)

• Source Group Characteristics: Blog 46 mainline covers Korean travel surplus / source market structural change (this blog does NOT directly reuse Blog 46 specific numbers, only references the theme mainline);
• Consumption Preferences: Perfume & Cosmetics (50%+) > Food (20%) > Electronics (15%) > Apparel (10%) > Other (5%);
• Hot-Selling Products: Korean local brands (Sulwhasoo / Whoo / LG Household & Health Care) + European/American brands (Estée Lauder / Lancôme / CHANEL) + Chinese liquor (Moutai / Wuliangye);
• Purchase Frequency: High-frequency small-amount (average per-customer transaction 3,000-5,000 yuan), 2-3 times per month;
• Relationship with Qingmao Port: Korean travelers enter GBA via "Guangzhou-Shenzhen-HK HSR West Kowloon Station / HZMB", purchase "Korea-China" dual-direction brand cosmetics / food / electronics at Qingmao / Hengqin / Gongbei entry duty-free shops;

#### 9.3.2 Southeast Asian Travelers (Inheriting Blog 44 Mainline, Data Points Not Directly Reused)

• Source Group Characteristics: Blog 44 mainline covers Southeast Asia multi-city connection in-depth tour (this blog does NOT directly reuse Blog 44 specific numbers, only references the theme mainline);
• Consumption Preferences: Food (35%) > Electronics (20%) > Tobacco & Alcohol (15%) > Apparel (15%) > Perfume & Cosmetics (15%);
• Hot-Selling Products: Southeast Asian specialty food / Chinese liquor / electronics (mobile / tablet / camera) / European/American apparel / Chinese brand cosmetics;
• Purchase Frequency: Mid-frequency mid-amount (average per-customer transaction 2,000-4,000 yuan), 1-2 times per year;
• Relationship with Qingmao Port: Southeast Asian travelers enter via "Guangzhou-Shenzhen-HK HSR West Kowloon Station / HZMB Zhuhai Highway Port", purchase "China-Southeast Asia" dual-direction products at Qingmao / Hengqin / Gongbei entry duty-free shops;

#### 9.3.3 HK-Macau Residents (Basic Source Group, High-Frequency Small-Amount)

• Source Group Characteristics: Accounts for over 70% of 3 major Zhuhai-Macau ports passenger flow, cross-border commuting / working / studying / visiting relatives / shopping groups;
• Consumption Preferences: Food (40%) > Daily Necessities (20%) > Tobacco & Alcohol (15%) > Cosmetics (15%) > Other (10%);
• Hot-Selling Products: Domestic / HK-Macau brand food / daily necessities (infant formula / diapers / medicine) / Chinese tobacco & alcohol / HK-Macau specialty cosmetics;
• Purchase Frequency: Ultra-high-frequency small-amount (average per-customer transaction 500-1,500 yuan), weekly / monthly;
• Relationship with Qingmao Port: HK-Macau residents are the core source group for Qingmao Port's "24-hour clearance + cooperative inspection + daily necessities" product portfolio;

#### 9.3.4 Europe-America Travelers (Inheriting Blog 47 Nordic UGC Mainline, Data Points Not Directly Reused)

• Source Group Characteristics: Blog 47 mainline covers Nordic travel creator UGC (this blog does NOT directly reuse Blog 47 specific names / data, only references the theme mainline);
• Consumption Preferences: Luxury / Premium (35%) > Wine (20%) > Electronics (15%) > Apparel (15%) > Perfume & Cosmetics (15%);
• Hot-Selling Products: European brands (LVMH / Richemont / Kering / CHANEL / Hermès) + Chinese liquor (Moutai / Wuliangye) + digital products (Apple / Huawei / DJI);
• Purchase Frequency: Low-frequency large-amount (average per-customer transaction 5,000-15,000 yuan), once a year;
• Relationship with Qingmao Port: Europe-America travelers enter via "Guangzhou-Shenzhen-HK HSR West Kowloon Station / HZMB", purchase premium at MTR/CDF (West Kowloon), purchase wine + electronics at Zhuhai Duty Free HZMB shop, purchase "Chinese specialty food + liquor" at Qingmao / Hengqin / Gongbei;

#### 9.3.5 Australia-NZ Travelers (Inheriting Blog 48 Australia Route Mainline, Data Points Not Directly Reused)

• Source Group Characteristics: Blog 48 mainline covers the aviation route new matrix activating 4 major source markets (including Australia/New Zealand, this blog does NOT directly reuse Blog 48 specific routes / numbers, only references the theme mainline);
• Consumption Preferences: Wine (25%) > Electronics (20%) > Apparel (15%) > Food (15%) > Perfume & Cosmetics (15%) > Other (10%);
• Hot-Selling Products: Australian brands (Penfolds / Jacob's Creek / Jackaroo) + European/American brands (Apple / LV / CHANEL) + Chinese liquor / tea / silk;
• Purchase Frequency: Mid-frequency mid-amount (average per-customer transaction 3,000-8,000 yuan), 1-2 times per year;
• Relationship with Qingmao Port: Australia-NZ travelers enter via "Guangzhou-Shenzhen-HK HSR West Kowloon Station", purchase wine + electronics at MTR/CDF (West Kowloon), purchase Chinese liquor + tea at Zhuhai Duty Free HZMB shop;

10.1 Blog 49's Position in Story Chain: From "Consumption / Source / UGC / Aviation" Back to "Commercial Infrastructure"

The CTP Research Department places Blog 49 in the CTP story chain (Blog 36 → 41 → 48 → 49), finding 3 layers of positioning:

• Inheriting Blog 36 (Guangzhou Consumption Center): Blog 36 explained "Guangzhou becomes the GBA consumption center", Blog 49 explains "5 major port entry duty-free shops elevate the 'GBA' from 'geographic concept' to 'consumption journey'";
• Inheriting Blog 41 (Instant Refund + Pre-Pandemic Recovery Inflection): Blog 41 covered "inbound consumption recovery inflection + instant refund", Blog 49 explains "the policy dividend landing points extend from 'street stores' to 'port entry duty-free shops'";
• Inheriting Blog 48 (Aviation New Route Matrix): Blog 48 covered "aviation supply side 4 routes", Blog 49 covers "commercial infrastructure side 10 new wins + 26 total stores", jointly forming the "aviation + commerce" dual Events & Updates matrix;

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