Sea Brigade Duty Free Infuse of more than 5 billion in injection in Haiqi Group's "Second Duty Free" arrow on the string

21st Century Business Herald reporter Zhao Yunfan Shanghai report

On June 21, Haigou Group (603069.SH) disclosed the preliminary consideration of the issuance of the purchase of Haigou's tax -free. According to preliminary estimates, the estimated value range of 100%equity of the sea travel tax is 5 billion to 6 billion yuan.

Earlier, Haiqi Group has disclosed the issuance of 100%equity plans for the purchase of Haiyou's tax exemption, and the main business will be transformed into a comprehensive tourism business. Affected by this, Haiqi Group has continued to rise since May 30, once hit a new high of 44 yuan, with a stage increase of 267%.

Although the concept of A -share tax -free concept has been hype, as of now, except for China (601888.SH), the reorganization of the Group's reorganization*ST Hemi (002356.SZ) has no audio, Wangfujing (600859.SH) duty -free shopping The city is also in the future, and Haigou Group will become the second duty -free city enterprise.

It is worth noting that although the overall price assessment of the sea travel tax exemption is still not completed, the fixed increase price has been locked to 11.09 yuan. Based on June 22, the closing price of Haiqi Group, Dingguai issued target -Hainan Hainan Travel Investment, Hainan Hainan Investment Holding Co., Ltd., the controlling shareholder, has a floating profit of more than 240%.

Time to take a long time and finally inject

Haiqi Group's duty -free asset injection is expected to ferment for one month.

On May 16th, the company announced the suspension of trading for the acquisition of the tax -free part or all equity of the Haijin Tourism. , But at the same time, the fixed increase issuance price is 11.09 yuan.

The announcement shows that the tax -free business and daily consumer goods of the purchase of the target maritime brigades are mainly engaged in the three major commercial segments of outlying islands, cross -border e -commerce, and islanders.

Specifically, the tax exemption of sea brigades is currently mainly operating in Sanya Sea Travel Duty Free City. The Hong Kong Maritime Travel Duty Free Company, holding the supply chain enterprise travel to invest in black tigers, participating in cross -border e -commerce companies Hainan Yueshi, etc., and operates 8 subsidiaries in total.

According to the company, most of the income in the company's duty -free business is provided by the Duty Free City of Sanya Maritime Brigade. According to the data, there are currently more than 700 internationally renowned brands in the Taxi City of Sea Brigade, covering 45 duty -free products such as jewelry, luggage, cosmetics, and electronic products.

The company's participating company Hainan Music Purchase is a joint venture established by the Haijin Tax Duty Free and the Japanese Music Purchase. The company is mainly engaged in Japanese home appliances and beauty cleansing wine products. The joint venture is currently ranked first in Japan's number of duty -free operators, with thousands of Japanese brands.

In terms of operating performance, the Duty Free City of Sea Travel opened in December 2020, and in 2021, it helped the sea travel tax exemption to achieve performance volume. The company's operating income in 2021 was 2.46 billion yuan, and its net profit attributable to shareholders was a loss of 30 million yuan. In the first quarter of this year, the tax -free revenue of the sea travel was 1.38 billion yuan, and the net profit turned to 60 million yuan, which was good.

In fact, Haiqi Group has a long history of increasing the tax -free business. In November 2019, Haiqi Group announced that the Hainan State -owned Assets Supervision and Administration Commission injected 100%of the equity of Haiqi Holdings Company, Haiqi Holdings, to Hainan Travel Investment. The entity had obtained the qualifications of Hainan's outlying duty -free business in August of that year.

Based on this expectation, Haigou Group has also embarked on a dozen times, and it rose to 68.22 yuan from a low low in 2019.

Due to the long -term consumption of the preparation of duty -free malls, the tax -free business encountered adverse winds under the influence of the epidemic, and the hype of the tax -free business around Haiqi Group gradually disappeared, and there was no following.

In this regard, Wang Peng, a professor at the Gaoli Research Institute of Renmin University, told reporters that from the positioning of the tax -free itself, the large number of consumer scenarios of Hainan's tax exemption are currently still unavailable. Sea brigade duty -free competition must face the exemption. In contrast, Haiqi Group's own car services also need a lot of capital investment. The concerns of the main business development will also be focused on the tax -free business to a certain extent. Therefore, the reorganization of the reorganization of the Haiqi Group will be relatively cautious.

It is worth noting that this year's performance meeting, Haiqi Group publicly stated that it will accelerate the deployment of the development planning and investment construction of new energy charging and replacement infrastructure, and at the same time accelerate the foreign sales services of automobiles and refined oil. In addition, the company will focus on motor vehicle recycling and disassembly and automobile trade business and high -end automobile rental business.

From this point of view, the operation of Haiqi Group will still focus on multiple comprehensive tourism business and automobile business.

Facing duty -free track competition

After officially ranked among the second duty -free stocks in A shares, how the Hygan Group was particularly critical in the absolute advantage of China ’s exemptions in China.

A private equity consumer researcher told reporters that because there is a tax -free shopping amount of 100,000 taxes a year, and this amount is all included in all duty -free shops such as China Demand, China Travel, etc. Competition is fierce.

"The benchmark of China -free and sea brigades can refer to the category of CDF Haitang Bay and the tax -free city of the sea travel. The stronger competitiveness, the stronger, so the brand will directly determine the passenger flow of duty -free shops. "The aforementioned researcher told reporters.

The reporter's inquiry of the brand of CDF Haitang Bay and the Duty Free City of Haijia found that CDF Haitang Bay has settled in the luggage, watches, and accessories brands. In contrast, there are only some second -tier luxury products and light luxury brands in the tax -free city of the sea brigade. Not only that, in 2020, in the release of the outlying island duty -free license, Haifa Control, Zhongshu, and Deep Definition have also become the new duty -free subject. Among them, the duty -free shop in Haikou is twice the duty -free city of the sea travel, while the size of the sea control and China service duty -free shops is similar to the sea brigade, and the competition in the track is bound to be fierce.

In fact, Haiqi Group received inquiries from the Shanghai Stock Exchange on June 7, and was required to explain problems including the changes in performance, strategic planning and positioning of transformation during the reporting period of the target.

Haiqi Group pointed out in the response that the market share in Hainan's duty -free city business reached 71.78%. In contrast, the market share of the sea brigades as of the first quarter of this year was only 7.45%.

However, the aforementioned researcher also said, "In fact, competition does not need to worry too much for duty -free business. After all, the ceiling of the industry is still early, and there is no sign of tightening the total amount."

Facing the diversion of quota, the tax -free of the sea brigade focuses on the construction of online store channels in terms of strategies, and frequently exerts the discounts of standard fragrance brands and island repurchase, trying to obtain higher market tax -free consumption shares.

According to the data, the number of fragrance -free brands of the sea brigade has reached 142, and the number is the first in the industry. In addition, the company's main tide brand strategy and exclusive brand strategy. It has 190 brands for the first time or exclusively entering the outlying island duty -free market.

In addition to the islands tax -free, Haiqi Duty Free Industry will compete with China in "Islanders Duty Free".

Last year, Haigou Group stated that he was paying attention to the direction of the island's tax -free policy. Under the premise of loose policies, some imported fruits and vegetables in Hainan Island are expected to start tax -free. In China, China is free to say that it is not concerned about the tax -free business on the island for the time being.

At present, the Haikou tax exemption is the first to open two stores in Haikou Friendship Sunshine City and Sanya Wanghao. Including the previous ways of cooperation between Wangfujing and Hainan rubber also mainly aimed at the tax -free business on the island. However, the island's tax -free policy has not yet been heard.

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