According to the Fangzheng Securities Research Report, China's tax exemption (601888.SH) performance in '23 was in line with expectations, and the dividend ratio increased. Revenue from offline duty-free channels increased, leading to an increase in the company's overall gross margin. The dividend ratio increased significantly. The total cash dividend was 3.414 billion yuan, and the dividend rate was 50.85%, corresponding to the current dividend rate of 1.98%. The bank is optimistic about long-term consumption return trends and the price advantages of leading duty-free operators under consumption stratification. It is optimistic about the company's significant scale advantage and strong operating capacity as a duty-free leader, and maintains a “recommended” rating.