On April 10th, according to a research report by Guotai Haitong Securities, the duty-free goods sold in duty-free shops include imported goods that are exempt from customs duties, import value-added tax, and consumption tax according to regulations, as well as domestically produced goods that are subject to value-added tax refund (exemption) and consumption tax and are sold in duty-free shops. Against the backdrop of increased tariffs, the price difference between taxable and duty-free products is expected to widen in the short term, and sales of imported goods originating from the United States are expected to shift towards duty-free channels. Meanwhile, the sales revenue of imported goods originating from the United States accounts for single digits of the company’s total revenue, and even if tariffs are imposed later, it will not have a significant impact on the company’s operations.
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