Assessment of Long-Term Business Impact of Hainan Free Trade Port Full Customs Closure Policy on Logistics Enterprises such as Feilida

Based on the latest market information and policy documents, I will systematically assess the long-term business impact of the full customs closure operation of the Hainan Free Trade Port on logistics enterprises like Feilida (300240.SZ).

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The Hainan Free Trade Port officially launched its full island customs closure operation on December 18, 2025, marking the entry of Hainan Free Trade Port construction into the comprehensive implementation stage [1]. The core feature of this policy is the regulatory model of

:

• “First-line liberalization”
  : Overseas goods entering Hainan enjoy facilitation;
  the proportion of zero-tariff goods will increase significantly from 21% before the closure to 74%
  , and customs declaration items will be reduced from 105 to 33 [1]
• “Second-line control”
  : Goods flow between Hainan and the mainland must be supervised by customs to ensure the effective implementation of tax policies
• “Free flow within the island”
  : Goods flow freely within Hainan Island without additional restrictions

• Processed Value-Added Policy
  : Goods processed in Hainan with value-added of more than 30% can be sold domestically without tariffs [1][2]
• Tax Incentives
  : The
  “Two 15%”
  income tax policies (corporate and personal income tax) will be extended until the end of 2027 [1][3]
• Cross-Border Capital Flow Facilitation
  : Institutional arrangements for market access and cross-border capital flow have become clearer [2]

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According to public information, Feilida (300240.SZ) is a listed enterprise focusing on

[4]:

• Main Business Composition
  : International freight forwarding (56.83%), integrated logistics services (43.17%)
• Industry
  : Transportation-Logistics-Intermediate Products and Consumer Goods Supply Chain Services
• Business Features
  : Provides integrated supply chain solutions

According to Feilida’s latest response on the investor interaction platform (December 29, 2025) [1]:

• Early Layout in Hainan
  : The company has already laid out its business in Hainan
• Normal Operation After Closure
  : Logistics operations remain normal after the closure
• Limited Short-Term Impact
  : The company clearly stated that “the Hainan Free Trade Port closure policy has no direct impact on the company’s business at present”

:

1. The scale of the company’s Hainan business may be relatively small and has not yet become an important revenue source
2. The company has made preparations to deal with the closure, and business continuity has not been affected

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The Hainan Free Trade Port closure will reshape China’s supply chain pattern, and logistics enterprises are expected to benefit from

[2][5]:

• The
  “tariff exemption for processed value-added” policy
  is changing the logic of enterprise site selection; some manufacturing enterprises that originally relied on coastal processing zones have begun to set up processing and regional headquarters in Hainan to reduce overall supply chain costs [2]
• Case
  : Siemens Energy has settled its gas turbine assembly base in Yangpu, precisely because it values Hainan’s comprehensive institutional advantages in high-end manufacturing, cross-border trade, and regional radiation [2]
• Enlightenment for Logistics Enterprises
  : With the agglomeration of manufacturing enterprises in Hainan, there will be
  incremental demand for logistics services such as warehousing, transportation, and supply chain management

After the closure, Hainan’s ability to attract foreign investment has significantly improved [2][5]:

• Growth in Number of Foreign-Funded Enterprises
  : In the past five years, 8,089 new foreign-funded enterprises have been established in Hainan, with an average annual growth rate of 43.7%
• Expansion of Investment Sources
  : Expanded from 43 countries and regions to 176
• Actual Utilization of Foreign Capital
  : Accumulated 102.5 billion yuan in five years, with an average annual growth rate of 14.6%

: The entry of foreign-funded enterprises will bring a large number of service demands such as , which are highly consistent with Feilida’s main business

After the closure of the Hainan Free Trade Port,

will usher in rapid development [5][6]:

• The
  “zero-tariff” commodity catalog has been expanded to more than 6,600 items
  , and the applicable population has been further expanded [6]
• The
  off-island duty-free policy
  continues to be optimized to attract domestic and foreign consumers
• Cross-border e-commerce
  will be more convenient under the “first-line liberalization” policy

:

• JD Logistics has launched
  full-scenario off-island duty-free goods logistics services
  , including duty-free goods warehousing, transportation, express delivery, etc. [6]
• SF Express has built automated sorting centers in Haikou and Sanya, among which the Haikou SF Fengtai Industrial Park covers an area of over 200 mu [6]

As a tropical island, Hainan’s demand for

and other high-end logistics will continue to grow [6]:

• JD Logistics has operated
  two Asia No.1 Smart Industrial Parks
  and multiple industry-specific warehouses covering cold chain, pharmaceuticals, etc., in Hainan [6]
• This provides a differentiated competition opportunity for logistics enterprises with cold chain capabilities

• Leading Logistics Enterprises Lay Out in Advance
  : SF Express, JD Logistics, China Post, etc., have already laid out infrastructure on a large scale in Hainan [6]
• Local State-Owned Enterprises Actively Enter
  : Xiamen C&D, Jiangsu SUMEC, etc., are expanding their businesses in Hainan in the fields of supply chain management, trade settlement, and bulk commodities [2][5]

• “Second-Line” Supervision
  : Goods flow between Hainan and the mainland must be supervised by customs, which may increase inspection and customs clearance time costs [6]
• Compliance Requirements
  : Logistics enterprises need to be familiar with the new regulatory system to ensure compliant business operations

• Large Early Investment
  : Construction of warehousing, sorting centers, cold chain facilities, etc., requires a lot of capital expenditure
• Long Return Cycle
  : The market scale of Hainan is relatively limited, and investment returns take time

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Authoritative media such as People’s Daily and International Finance News analyze [5] that the benefit scope of Hainan Free Trade Port closure is shifting from

:

• Increased Institutional Certainty
  : The closure brings not only tax and fee reductions but more importantly,
  increased institutional certainty
  , enabling enterprises to make medium and long-term plans
• Significant Spillover Effect
  : Policy dividends are expanding to multiple levels such as enterprises, financial institutions, and even ordinary residents

According to industry analysis [6], the logistics industry will show the following trends after the closure of the Hainan Free Trade Port:

Driver	Specific Performance	Beneficial Logistics Service Types
Foreign Investment Growth	Annual growth of foreign-funded enterprises by 43.7%	International Freight Forwarding, Cross-Border Logistics
Manufacturing Agglomeration	“30% processed value-added” policy attracts manufacturing enterprises	Supply Chain Management, Warehousing Services
Duty-Free Goods Boom	Zero-tariff goods expanded to over 6,600 types	Duty-Free Goods Warehousing, Transportation, Distribution
Tourism Consumption Upgrade	Visa-free entry for 86 countries	Cold Chain Logistics, High-End Distribution

Although Feilida stated that “there is no direct impact at present”, in the long run, the Hainan Free Trade Port closure policy will have an

positive impact on the company’s business:

1. Incremental Business Opportunities
   : With the growth of Hainan’s economic aggregate and trade scale, it will naturally drive the demand for international freight forwarding and integrated logistics services
2. Customer Demand Upgrade
   : If existing customers lay out their businesses in Hainan, Feilida can follow up with services to expand business boundaries
3. Spillover of Policy Dividends
   : Even if Feilida’s Hainan business scale is small, the successful operation of the Hainan Free Trade Port will provide replicable experience for the national logistics industry,
   indirectly improving the policy environment of the entire industry

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• Strong Policy Continuity
  : The Hainan Free Trade Port is a national strategy, and policy support is long-term and stable
• Institutional Innovation Dividends
  : Hainan is exploring a higher level of opening up, and institutional innovation will continue to release dividends
• Growth in Logistics Demand
  : Foreign investment, manufacturing agglomeration, and duty-free economy will bring growth in logistics demand

For investors and logistics enterprises, it is recommended to pay attention to the following aspects:

1. Proportion of Feilida’s Hainan Business
   : Revenue proportion and profit contribution of Feilida’s Hainan business
2. Competitor Dynamics
   : Business progress of leading enterprises such as SF Express and JD Logistics in Hainan
3. Implementation of Policy Details
   : Improvement of supporting policies related to the Hainan Free Trade Port
4. Macroeconomic Environment
   : Impact of domestic and foreign economic situations on free trade and logistics demand

• Policy Execution Risk
  : The actual effect of closure operation may be affected by the efficiency of regulatory execution
• Market Competition Risk
  : Leading logistics enterprises may form high market concentration relying on resource advantages
• Investment Return Risk
  : The market capacity of Hainan is relatively limited, and over-investment may lead to lower-than-expected returns

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The full island customs closure operation of the Hainan Free Trade Port is a

, and its impact on the logistics industry is :

• Short-Term (1-2 Years)
  : The policy is in the implementation stage, with limited business increments, mainly reflected in infrastructure construction and market cultivation
• Medium-Term (3-5 Years)
  : With the release of institutional dividends and industrial agglomeration, logistics demand will enter a period of rapid growth
• Long-Term (More Than 5 Years)
  : Hainan is expected to become an important hub connecting China with the Asia-Pacific region, and the logistics industry will usher in historic development opportunities

As an

, Feilida is highly consistent with the development direction of the Hainan Free Trade Port:

• Current
  : The company has laid out its Hainan business in advance, operations remain normal after the closure, and short-term direct impact is limited
• Long-Term
  : The company is expected to benefit from the growth of international trade in Hainan and the expansion of supply chain demand, but the actual effect depends on
  the company’s resource investment and business expansion capabilities in Hainan

The long-term impact of the Hainan Free Trade Port closure policy on the logistics industry is

, mainly reflected in:

• Market Expansion
  : Foreign trade growth brings increased logistics demand
• Business Upgrade
  : Demand for high-end services such as cross-border logistics and supply chain management rises
• Efficiency Improvement
  : Institutional innovation reduces logistics costs and improves customs clearance efficiency

For logistics enterprises like Feilida,

. It is recommended that the company closely follow the development dynamics of the Hainan Free Trade Port, increase resource investment in a timely manner, and seize market opportunities.

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[1] Yahoo Finance - China’s Hainan Free Trade Port Officially Launches Full Island Closure to Provide Experience Pilot for Joining CPTPP
https://hk.finance.yahoo.com/news/中國海南自貿港正式啟動全島封關-為加入cptpp提供經驗試點-064723234.html

[2] People’s Daily - What Does Hainan’s Closure Open Up
https://paper.people.com.cn/gjjrb/pc/content/202512/22/content_30126201.html

[3] International Finance News - What Does Hainan’s Closure Open Up
https://www.ifnews.com/news.html?aid=791083&cid=49

[4] Sohu Securities - Feilida (SZ300240) Stock Price
https://q.stock.sohu.com/cn/300240/index.shtml

[5] Phoenix Finance - Feilida: Hainan Free Trade Port Closure Policy Has No Direct Impact on Company’s Business at Present
https://finance.ifeng.com/c/8pTZ3JvLcnN

[6] 36Kr - Will Hainan-Bound Express Delivery Prices Rise? How Express Enterprises Tap into Closure Dividends
https://m.36kr.com/p/3607956968113413