Core enterprise of China International Travel Service Co., Ltd.

China International Travel Agency Head Office Co., Ltd. and China Duty Free Goods (Group) Co., Ltd. are two subsidiaries of China Travel Agency Co., Ltd., which are responsible for the travel agency business and duty-free business of the company respectively. China Duty Free (Group) Corporation, established in 1984, is the only state-owned franchise company authorized by the State Council to operate duty-free business nationwide. It is the representative and flagship enterprise of duty-free industry in China. As a leading enterprise in the tax-free industry, China Free Company has maintained a good development momentum since its establishment. It has successively implemented important measures such as opening holding duty-free shops, introducing domestic fine products into stores, establishing logistics distribution centers, conducting management consultation and reform, and developing into the tourism retail industry, which has rapidly enhanced the company's core competitiveness, maintained rapid business growth year after year, and always occupied the first place in China's duty-free market share, and ranked among the top 20 duty-free commodity business enterprises in the world as a representative of China's duty-free industry. As the first batch of Olympic licensed merchandise retailers authorized by BOCOG, the total sales of Olympic merchandise of China Freedom Company exceeded 300 million yuan.