CHINA POWER GLOBAL DUTY FREE GROUP COMPANY LIMITED

China Duty Free Group (CDFG) is the parent company of China Duty Free International Limited. CDFG, established in 1984, is a state-owned company authorized by the State Council to operate duty-free business throughout China. CDFG collaborates with over 1,000 well-known global brands and operates over 240 duty-free shops in China (including Hong Kong and Macau) and Cambodia. It also manages the world's largest duty-free commercial complex, Sanya International Duty Free City, and operates 7 customs supervision logistics centers and 5 customer service centers nationwide. CDFG has over 18.6 million members and serves nearly 200 million domestic and international tourists annually, providing duty-free goods. The Deloitte whitepaper highlights CDFG's continued growth and its position as a leading duty-free retailer.