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Q3 2025 revenue and net profit declined year-over-year due to weaker consumer demand, but Hainan duty-free sales returned to growth. The company announced its first interim dividend and continued expanding new retail formats and projects.
Original document: China Tourism Group Duty Free Corporation Limited Class A [601888] Interim report — Oct. 30 2025
Revenue and net profit declined 9.96% and 20.81% year-over-year, respectively, amid intensified competition and a challenging duty-free market. The company expanded its store network, strengthened its digital and supply chain capabilities, and maintained a leading market share in Hainan.
Original document: China Tourism Group Duty Free Corporation Limited Class A [601888] Interim report — Aug. 26 2025
China Tourism Group Duty Free's duty-free license and scale are key intangible assets, which will help reinforce its bargaining power over suppliers, Morningstar analysts write in a note. The company could also benefit from a wider variety of products at competitive prices. Its substantial competitive edge through its scale, solid relationships with suppliers and first-mover advantage in Hainan province's offshore duty-free market should allow it to become a key beneficiary of China's growing tourism demand and consumption, Morningstar says. Morningstar initiates coverage of the company's Shanghai-listed shares with a fair value estimate at CNY56. Shares are last at CNY60.71.(jiahui.huang@wsj.com; @ivy_jiahuihuang)
China Tourism Group Duty Free attributable profit fell 16% to 1.94 billion yuan in the first quarter from 2.31 billion yuan in the year-ago period, according to a Tuesday filing with the Hong Kong bourse.
Earnings per share at the retailer decreased 16% to 0.9367 yuan from 1.1148 yuan in the year-ago period.
Operating income declined 11% to 16.7 billion yuan from 18.8 billion yuan in the prior-year period.
The retailer's shares jumped 3% during Wednesday's afternoon trading.
Revenue and net profit both declined by double digits year-over-year in Q1 2025, with operating cash flow and ROE also down. Asset and equity bases grew, but market and operational pressures weighed on profitability.
Original document: China Tourism Group Duty Free Corporation Limited Class A [601888] Interim report — Apr. 29 2025
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