Retail channel

February 27 - European beauty retail giant Douglas plans to announce its IPO on the Frankfurt Stock Exchange in the coming days, Reuters said, citing sources familiar with the matter, but another source familiar with the matter said that Douglas' IPO could be delayed until next week due to some unknown reasons.

February 24 - Japan's two biggest drugstore chains, Tsuruha and Welcia, are considering a merger. Welcia's parent company Aeon is reportedly in talks to acquire Oasis Management's roughly 13% stake in Tsuruwa. Aeon currently owns more than 13% of Tsuruha.

On 6 March, the National Information Network for Corporate Bankruptcy Reorganisation Cases released an announcement regarding a bid for beauty collection shop Only Write's sole writing parent company Hangzhou Museum Brand Management Co. The announcement shows that the administrator of Museum will conduct a public auction activity on the Ali Asset Bankruptcy Auction Platform from 20 March 2024 to 21 March 2024, and the subject of the auction is mainly makeup cosmetics, with a starting price of RMB 1,411,100, and an increment of RMB 1,000 per bid.

According to the second fiscal quarter results released by Mingchuangyoupin on 12 March, in Q4 2023, revenue was RMB 3.84 billion, up 54% year-on-year, with single-quarter revenue reaching a record high.

For the full year of 2023, Famous Brand's revenue reached 13.83 billion yuan, an increase of nearly 40% year-on-year; gross margin reached 41.2%, an increase of 6.3% year-on-year; and adjusted net profit reached 2.36 billion yuan, a 110% increase year-on-year.

March 10 - The Body Shop has filed for bankruptcy in the U.S. and Canada and is struggling to pay suppliers in Australia, where the group is in a cash-strapped bind following the collapse of its U.K. parent. Foreign media reports say the company has filed for Chapter 11 bankruptcy protection, under which assets are sold to settle debts.

Currently, 50 of The Body Shop's U.S. locations have ceased operations, putting about 400 jobs at risk of being laid off, and 33 of its 105 shops in Canada have closed. In addition, The Body Shop's divisions in Germany, Denmark, Ireland and Belgium are all in insolvency proceedings following their sale by Aurelius to Alma24, with shops outside of Germany closing, and the future of the brand's operations in Spain, Sweden, France and Austria is uncertain due to disputes over ownership.

(hereinafter referred to as "Ulta Beauty") announced its financial data for the fourth quarter and full year of fiscal year 2023 (ended February 3): net sales for the fourth quarter increased by 10.2% year-on-year to US$3.6 billion, exceeding analysts' expectations of US$3.53 billion, with operating margins of US$3.53 billion. At $3.53 billion, operating margin was 14.5% and net income increased year-over-year to $394.4 million, or $8.08 per diluted share, also beating previous estimates of $7.53.

For the full fiscal year 2023, Ulta Beauty's net sales increased 9.8 per cent year-over-year to $11.2 billion, consolidated sales increased 5.7 per cent, operating margin was 15 per cent, and net income grew to $1.29 billion, or 8.4 per cent growth in diluted earnings per share to $26.03.

On 21 March, A.S. Watson's parent company, Cheung Kong Hutchison Industries, released its full-year results for 2023, showing that A.S. Watson's China achieved revenues of HK$16.453 billion (RMB 15.146 billion), while EBITDA EBITDA was recorded at about HK$1.042 billion (RMB 959 million), a year-on-year increase of 2% in RMB terms, and EBIT EBITDA and EBIT EBIT grew by 2% year-on-year in RMB terms, with double-digit growth in EBIT.

In addition, A.S. Watson's year-on-year shop sales grew by 1.8 per cent in 2023 and turned positive again, a figure that directly reflects the improvement in shop profitability over the past year.

On 19 March, LVMH's cosmetics retailer Sephora announced on social media and its official website that it will cease all operations in South Korea from 6 May, including its official app shop, online shop and physical shops, and withdraw from the South Korean market in phases.

Authoritative release

On 21 March, the State Drug Administration website issued a circular on the inclusion of 19 revised projects such as the General Rules for Sample Pre-treatment of Toxicological Test Methods for Cosmetics into the Technical Specifications for Cosmetic Safety (2015 Edition).

The circular shows that the State Drug Administration organised the drafting of the "cosmetics toxicology test method sample pre-treatment guidelines" and other 19 revised projects, by the plenary meeting of the Expert Committee on Cosmetic Standards considered and adopted.

Among them, "cosmetics toxicology test method sample pretreatment general rules" and other 12 development projects for the new test method, into the "Cosmetic Safety Technical Code (2015 edition)", since 1 December 2024 onwards.

Brand and Industry

On 26 February, Jinbo Bio released its FY2023 results, the company achieved operating revenue of RMB780 million from January to December 2023, up 99.96% year-on-year, and net profit attributable to shareholders of listed companies of RMB300 million, up 174.61% year-on-year.

On 28 February, Drip's parent company Reckitt Benckiser announced its 2023 and Q4 financials. The financial report showed that Q4 RBP net income was £3.561 billion (about RMB 32.414 billion), down 1.2% year-on-year. for the full year of 2023, RBP net income was £14.607 billion (about RMB 132.960 billion), up 3.5% year-on-year. Of this, its health business reported net revenue of £6,062 million (roughly Rs. 55,179 million) in 2023, up 5.3 per cent year-on-year. There was a dip in sales for the Dettol brand in 2023. Growth and market share expansion was achieved in some markets, driven by innovative products such as Dettol Cool, a refreshing shower gel, and Dettol Washing Machine Cleaner.

On February 28, daily chemical raw materials supplier Guangzhou Tianci High-Tech Materials Co. released a performance snapshot of its 2023 revenue of RMB 15.506 billion, down 30.52% year-on-year; operating profit of RMB 2.377 billion, down 65.41% year-on-year; total profit of RMB 2.358 billion, down 65.68% year-on-year; and net profit attributable to shareholders of the listed company of RMB1.908 billion, a year-on-year decline of 66.61%, and net profit after deduction of non-net profit of RMB1.828 billion, a year-on-year decline of 67.00%.

On 27 February, China Dental Supplies Association (CDA) released the Oral Care Industry Briefing 2023.In 2023, the e-tail sales of the oral care industry amounted to CNY26.66 billion, a year-on-year growth of 5.3%. Among them, Tmall and Jingdong remain the two largest channels in the oral care industry in terms of e-tail sales, accounting for 35.6% and 23.9% of the retail sales respectively, while Jitterbug is the fastest growing channel in the oral care industry, with a growth rate of 59.6%. In terms of segmentation, the toothpaste/tooth powder category grew by 10.8% year-on-year in 2023, increasing its market share to 45.1%, making it the industry with the highest retail sales in the oral care industry. In terms of brand ranking in the toothpaste industry, the top five brands in terms of online retail sales remain Yunnan Baiyao, Holla (formerly Black), Crest, Colgate, and Shukaku, with their online retail sales accounting for 10.9%, 7.6%, 6.0%, 5.4%, and 4.9%, respectively. ORALSHARK, a toothpaste brand under Samsonite, and Jingxiutang, which focuses on traditional Chinese medicine toothpaste, have become the fastest-growing headline brands.

Recently, the Percassi family, owners of colour cosmetics brand KIKO MILANO, will launch exclusive negotiations with L Catterton, the LVMH-controlled private equity firm, to sell part of its stake in KIKO, according to several local Italian media reports.

Recently, according to the cosmetic raw material filing information platform of the State Drug Administration, "β-nicotinamide mononucleotide" of Huaxi Bio-technology Co., Ltd, "bis-1,4 (triethoxysilylpropylcarbamoyl poly(ethylene glycol adipate) propylammonium) anthraquinone" of Yingteli Co. "Ltd.'s "COREOPSIS TINCTORIA Flower Extract", and WoDa Chemicals (Shanghai) Co. "are completed for the record, the above four raw materials of the technical requirements are not yet open. Public information shows that the Shenzhen City, home protection technology limited company for the national efficacy of skincare brand HBN parent company.

Recently, there is news that Shiseido Group's high-end beauty brand Invisalign IPSA will be a large area of reduction of offline shops, verified, a number of places have been clear withdrawal plan. Shiseido Group has long been in the 2023 annual report revealed the reduction plan, according to the financial report, Shiseido Group said, 2024-2025, the group plans to cut costs of nearly 2 billion yuan, of which, will be cut by about 385 million yuan in the Chinese region, and its main reform initiatives include "operational reforms The main reform initiatives include "operational reform". Shiseido China responded: "IPSA Invisalign brand is making normal layout adjustments for the offline part of the business to better respond to market changes and consumer demand.

Following the announcement of the closure of the official flagship shop, LVMH Group's make-up brand Benefit is further reducing other channels. Recently Benefit is about to retreat completely from Sephora channels, and members have already received a notice from Benefit eyebrow trimmers saying that the brand will withdraw from the mainland China market in late June and early July 2024, and reminding customers to try to use up their eyebrow trimming cards before withdrawing or redeeming Benefit equivalents at the shop.

Yixian E-commerce recently released its Q4 2023 results report, showing that the company achieved revenue of 1.07 billion yuan in the fourth quarter, up 6.7 per cent from the same period last year, exceeding the upper end of its performance guidance and getting back on the growth track. Gross margin improved to 73.7% for the period, and for the year as a whole, gross margin rose further to 73.6%.

By division, the skincare business grew solidly, with fourth-quarter revenue increasing 17.6 per cent year-on-year to $550 million, growing to 51.7 per cent of total revenue.

The division's full-year 2023 sales increased 11.4% year-over-year to $1.38 billion, boosting its share of total revenue to 40.5%.

As of 31 December 2023, the company had cash, restricted cash and short-term investments totalling $2.08bn.

On 6 March, flavours and fragrances giant Symrise released its 2023 financial results. 2023 sales of Symrise reached €4.73bn ($37.004bn), up 2.4% year-on-year. Net income was €340 million (about RMB 2,660 million), down 16.2% year-on-year, and net profit was €1,692 million (about RMB 13,240 million), up 2.2% year-on-year. Among them, the fragrance care segment sales in 2023 was 1.752 billion euros (about 13.710 billion yuan), an increase of 2.7%. It is understood that the fragrance care segment under the fragrance, cosmetic raw materials, aroma molecules three branches. Among them, the fragrance division, cosmetic raw materials division have achieved double-digit organic growth rate.

On 1 March, according to the official website of the State Food and Drug Administration new cosmetic raw materials for the record information shows that Shenzhen Huanuo Biotechnology Co., Ltd.'s new raw material "gelatin crosslinking polymer" completed for the record, is in the monitoring period. This is the company's first record of new raw materials.

According to the General Administration of Customs and the National Bureau of Statistics, in 2023, more than 600,000 Chinese enterprises have gone overseas, with a total import and export value of RMB 41.76 trillion, an increase of 0.2 per cent year-on-year. Among them, imports amounted to RMB 17.99 trillion, down 0.3 per cent year-on-year, while exports amounted to RMB 23.77 trillion, achieving positive growth.

On 3 March, cosmetics maker Yingtli reported its 2023 full-year results. During the period, the group reported net sales of 988 million euros (roughly RMB 7.714 billion), up 20 per cent year-on-year (at constant exchange rates, same below). By specific business, its colour cosmetics business reported net sales of EUR599 million (RMB4.676 billion) in 2023, up 9.5% year-on-year; its skincare business reported net sales of EUR158 million (RMB1.233 billion) in 2023, up 20.4% year-on-year; and its hair and body care business reported net sales of EUR231 million (RMB1.804 billion) in 2023, up 20% year-on-year; and its hair and body care business reported net sales of EUR233 million (RMB1.8 billion) in 2023, up 20.4% year-on-year. RMB 1,804 million) in 2023, up 47 per cent year-on-year. By market, Yingteli in Asia in 2023 net sales of 171 million euros (about 1.335 billion yuan), growth rate of 18.3%.

March 4 news, the North Stock Exchange to be listed on the company Bawei shares recently obtained the approval of the Securities and Futures Commission registration, will enter the issuance process.

On March 1, Hanbeam's parent company, Shangmei, released a "positive profit forecast", which showed that Shangmei expects revenue of 4 billion yuan to 4.2 billion yuan in 2023, a year-on-year growth of 49.5% to 57%; and it expects to achieve net profit of 420 million yuan to 460 million yuan, a year-on-year growth of 185.5% to 212.7%. 212.7%. The success of the Hanboo brand, especially its strong performance on the Shakeology platform, has provided significant support for the growth of Shangmei's earnings.2024 From January to February, Hanboo's GMV on Shakeology reached RMB1.4 billion, continuing to lead the list of beauty brands.

On 1 March, the Census and Statistics Department of the Hong Kong SAR Government released data showing that the total retail sales value in Hong Kong in January 2024 was provisionally estimated at HK$36.5 billion, a year-on-year increase of 0.9%.The revised estimate of the total retail sales value in December 2023 was up by 7.8% year-on-year.The revised estimate of the total retail sales volume in December 2023 was up by 4.8% year-on-year.The total retail sales value of Hong Kong in January 2024 was estimated to be up by 0.9% year-on-year. Analysed by provisional estimates of the value of goods sold by retailers' main categories, drugs and cosmetics rose by 25.2% year-on-year.

Papa Turtle Daddy is growing at a rate of 120% in 2023.

Cosmex recently announced its fourth-quarter and full-year financial results for 2023: In 2023, Cosmex's sales have approached the $10 billion mark, a record high, and sales grew in all regions in the fourth quarter.

According to the financial report, in 2023, Cosmes sales were KRW 17,775 billion (RMB 9,746 million), an increase of 11 per cent year-on-year, and operating profit was KRW 115.7 billion (RMB 634 million), a turnaround from a loss in 2022.

Shanghai Tangerine Cosmetics Co. announced its 2023 performance figures. The group's retail sales for the year exceeded 3 billion, with revenues reaching 2.61 billion yuan[1] (excluding Fruitya), representing a year-on-year growth of 48%. Tangerine & Eco Group has achieved double-digit earnings growth for several consecutive years and continues to be profitable.

Puig announced its financial results for 2023, showing that last year the company's sales reached €4.3bn, up 19%, with double-digit sales growth across all business segments and regions; the company's net profit was €465m, up 16% year-on-year; EBITDA reached €849m, up 33%, with an EBITDA margin of 20%.

On 13 March, Guangzhou Coma Bio-technology Co., Ltd. announced its 2023 annual report, which showed that the company's operating income was 103 million yuan, up 191.58% year-on-year; operating profit was 13.202 million yuan, up 2815.52% compared with the same period of the previous year; and net profit was 13.932 million yuan, an increase of 902.70% year-on-year, reversing the loss to a profit.

On 19 March, leading medical beauty company Amica released its 2023 financial report, the company's 2023 revenue amounted to RMB 2.869 billion, up 47.99% year-on-year, and net profit attributable to shareholders of listed companies was RMB 1.858 billion, up 47.08% year-on-year.

On 19 March, Guangdong Bawei Bio-technology Co Ltd held a live roadshow on the NSE's designated online platform and will make a subscription on 20 March.

On March 15, Jinbo Bio released a news on its official public number, saying that its scientific research team's latest research found that the 164.88° triple-helix structure of A-type recombinant type III humanised collagen can be further self-crosslinked into a more advanced collagen fibre network structure, which can then rebuild the extracellular matrix (ECM), reach cell remodelling and tissue remodelling, and achieve the first time of new breakthroughs in the material of human life.

On 12 March, Guangzhou Chuanger Biotechnology Co., Ltd. released the Announcement on the Termination of the Company's Application for Listing on the NSE, applying for the termination of IPO.

On 18 March, the National Bureau of Statistics ("NBS") released retail sales data of consumer goods for January-February 2024.Total retail sales of consumer goods for January-February was RMB8,130.7 billion, a year-on-year increase of 5.5%.Total retail sales of cosmetic products for January-February was RMB67.8 billion, a year-on-year increase of 4.0%.Total retail sales of cosmetic products for January-February was RMB678.0 billion, a year-on-year increase of 4.0%.

On 14th March, according to the new raw material filing information of the State Drug Administration for cosmetic products, Guangdong Yue Microbial Technology Co., Ltd. has completed the filing of "Psoralen", the specific technical requirements of which have not yet been disclosed, and the status of which has not yet been shown. Up to now, five companies have completed the filing of Psoralen.

On 14th March, the European Commission revised the EU Cosmetics Regulation (EC) 1223/2009, in which the list of banned substances (Appendix II) and restricted substances (Appendix III) in cosmetics were revised. Among them, Appendix II added a number of new nanomaterials such as "styrene/acrylic acid (ester) copolymer (nano)" and "sodium styrene/acrylic acid (ester) copolymer (nano)", and since 1 February 2025, cosmetic products containing these substances shall not be placed on the EU market. From 1 November 2025, cosmetic products containing this substance shall not be placed on the EU market. Appendix III adds restrictions on the use of hydroxyapatite (nano). From 1 February 2025, cosmetic products containing this substance and not complying with the restrictions shall not be placed on the EU market. From 1 November 2025, cosmetics containing the substance shall not be sold on the EU market.

On 21 March, Shangmei Cosmetics Co., Ltd (stock abbreviation: Shangmei Stock Stock Code: 02145) released its 2023 annual results announcement, with overall revenue and profit increasing.

The results announcement shows that in 2023, the annual operating revenue of Shangmei Corporation was 4.191 billion yuan, up 56.6% year-on-year; net profit attributable to the mother of 461 million yuan, up 213.5% year-on-year; gross profit of 3.019 billion yuan, an increase of 77.7% year-on-year; gross profit margin of 72.1%, an increase of 8.6 percentage points compared with 2022.

E-commerce platform

On 28 February, Vipshop released its fourth quarter 2023 and full year 2023 financial results. According to the financial report, in the fourth quarter of 2023, Vipshop achieved net revenue of 34.7 billion yuan, an increase of 9.2 per cent year-on-year. Net profit attributable to shareholders was 3 billion yuan, up 32.2 per cent year-on-year. 3.2 billion yuan in Non-GAAP net profit, up 43.4 per cent year-on-year. Fourth-quarter GMV was 66.4 billion yuan, up 21.9% year-over-year.

For the full year 2023, Vipshop achieved net revenue of NT$112.9 billion, up 9.4% year-over-year. Full-year net income attributable to shareholders was 8.1 billion yuan, an increase of 28.9% year-on-year. 9.5 billion yuan of Non-GAAP net income, an increase of 39.1% year-on-year. Meanwhile, full-year GMV was 208 billion yuan, up 18.7 per cent year-on-year; the number of active users was 87.4 million, up 3.9 per cent year-on-year; and the number of orders was 812.3 million, up 9.8 per cent year-on-year.

Recently, Alibaba Group released its Q3 FY2024 financial results for the period ending 31 December 2023. During the earnings call, Alibaba responded positively to rumours of selling its traditional retail business - considering a slow exit. The data show that Alibaba achieved revenue of 260.348 billion yuan in the quarter, an increase of 5% year-on-year; operating profit of 22.511 billion yuan in the same period, a year-on-year decline of 36%, mainly due to the impairment of intangible assets of GCL Retail and the impairment of goodwill of Youku.At the beginning of fiscal 2024, rumours continued to circulate about Alibaba's intention to sell its business related to the Yintai Department Store, Box Horse, Hungry House, and other businesses. In the first nine months of FY2024, Alibaba has completed $1.7bn of non-core asset sales, as well as actively focusing on how to exit its listed shares and setting up a dedicated operations team.

According to data tracking by User Says, the total sales of the cleanser category on the three platforms of Amoy, Jitterbug and Jingdong reached 18.25 billion yuan in 2023, up 6.4 per cent year-on-year, and the three platforms together sold 230 million cleanser singles, a 31 per cent year-on-year increase in sales.

March 18th news, fast e-commerce released "38" festival promotion period data, beauty cross-border industry growth is remarkable, beauty cross-border industry completion rate reached a record high. Among them, the GMV of famous brands in the beauty industry increased by 36% year-on-year, and the GMV of the cross-border industry increased by 129% year-on-year. 2 brands with GMV breaking 100 million, 38 brands with GMV exceeding 10 million, and more than 300 brands with GMV breaking 1 million. The top three categories of beauty cross-border turnover GMV are sets/gift boxes, face creams and sunscreen, and the top three categories of year-on-year growth rate are make-up pre-make-up creams, facial massage creams and applicator masks.

On 20 March, Pinduoduo Group released its fourth quarter and full year 2023 financial results. Pinduoduo's full-year revenue was 247.64 billion yuan, an increase of 90% year-on-year. Among them, in the fourth quarter, Pinduoduo Group's revenue was 88.9 billion yuan, a year-on-year increase of 123%, and the operating profit under U.S. GAAP was 22.4 billion yuan.

In 2023, Pinduoduo's operating profit reached 58.7 billion yuan, up 93% year-on-year, according to the financial report. On a non-GAAP basis, operating profit was 65.8 billion yuan, up 73 per cent year-on-year.

Poundland's net profit attributable to common shareholders for FY2023 was $60.265 billion, an increase of 90 per cent year-on-year. On a non-GAAP basis, net profit was ₹67,899.3 million, an increase of 72% year-over-year.

In addition, Poundland Group's full-year 2023 research and development expenses reached 11 billion yuan.

On 20 March, Crypto announced its fourth quarter and full year results for 2023.In 2023, Crypto's total revenue for the year amounted to 113.47 billion yuan, an increase of 20.5% year-on-year. Adjusted net profit reached 10.27 billion yuan, exceeding 10 billion yuan for the first time. The significant growth in full-year revenue was mainly due to the growth of online marketing services, e-commerce business and live streaming business. Specifically, revenue from online marketing services reached 60.3 billion yuan, up 23 per cent year-on-year; revenue from live broadcasting business reached 39.1 billion yuan, up 10.4 per cent year-on-year; and revenue from other services reached 14.1 billion yuan, up 44.7 per cent year-on-year.

According to the financial report, the fast hand 2023 continued to promote the core market areas such as Brazil, Indonesia and other core market areas, the full-year operating loss of overseas business narrowed from 6.6 billion yuan in 2022 to 2.8 billion yuan, and the revenue increased by nearly three times year-on-year.

In addition, the full-year e-commerce GMV of Racer 2023 reached 1.18 trillion yuan, exceeding the trillion yuan scale for the first time. This mainly stemmed from the fact that e-commerce GMV reached 403.9 billion yuan in the fourth quarter, up 29.3% year-on-year, setting a new single-quarter high.

According to the latest figures released by GlobalE-Commerce Market, tech giant Amazon reaches a net income of $636 (about €581) per second in 2023, a figure that exceeds that of Alibaba and JD.com combined. While Alibaba Group could earn $430 (about €392) per second in 2023 and $13.8bn (about €12.57bn) for the year, other e-commerce platforms are well below that figure.Temu's parent company, Pinduoduo, has a net income of $204 (€185) per second in 2023, which is less than a third of that of Amazon.

International Conglomerate

Perfume and beauty group Coty Coty has announced key financial figures for the second quarter and first half of fiscal 2024. During the period Coty Group sales rose 13.39 per cent year-on-year to US$1.728 billion, which has exceeded expectations for 14 consecutive quarters, and adjusted EBITDA was US$309 million.

For the first half of fiscal 2024, the group reported operating income of $3.369 billion, up 16 per cent year-on-year. Of this, Asia Pacific sales were US$214 million, up 16 per cent year-on-year, and accounted for 12 per cent of total sales.

Schwarzkopf's parent company Henkel Group recently announced its full-year financial results for 2023, showing that sales fell 3.9% year-on-year to 21.514 billion euros (about 168.1 billion yuan), and adjusted EBIT (EBIT) rose 10.2% year-on-year to 2.556 billion euros (about 19.968 billion yuan). By region, organic sales in the European market grew 2.2%; organic sales in the IMEA market jumped 24.7%; and organic sales in the Latin American market grew 11.7%. In contrast, organic sales in the Asia-Pacific market declined 1.5% year-on-year, the only negative growth among all regions. Notably, Henkel Group announced in February this year that it had signed an agreement with Procter & Gamble to acquire the Vidal Sassoon brand and its related hair care business in Greater China.

Beiersdorf released its FY2023 results, with group sales reaching a record high of €9.5bn and organic growth of 10.8%. Despite significant investments, EBITDA increased to €1.268bn from €1.158bn in FY2022.

Beiersdorf CEO Vincent Warnery said the company continued its strong growth of recent years, once again delivering double-digit organic sales growth in a tough market and has become the fastest growing beauty company in the world. Its core brand, Nivea, posted record sales of more than €5bn.

Duty Free Dynamics

According to the statistics of Haikou Customs: during the Spring Festival from 26 January to 5 March, the Customs supervised Hainan's duty-free shopping amounting to RMB 7.41 billion, 938,000 shopping passengers, and 7.39 million shopping pieces. The duty-free shops seized the opportunity of Spring Festival tourism and launched a series of activities such as discount promotions, folk performances and New Year lucky draws, which strongly promoted the holiday consumption of duty-free off-island shopping. During the Spring Festival, the average daily sales of Hainan's duty-free shops exceeded RMB 185 million, and the per capita shopping amount reached RMB 7,899.