Xin Lang Cai Jing·2025-08-26 14:26Core Viewpoint - The performance of China Duty Free Group (601888.SH) continues to decline in H1, with a 20.81% drop in net profit, but the opening of city duty-free stores and the upcoming "Hainan closure" may present new market opportunities for the duty-free industry [1] Group 1: Financial Performance - In H1, China Duty Free achieved operating revenue of 28.151 billion yuan, a year-on-year decrease of 9.96% [1] - The net profit attributable to shareholders was 2.6 billion yuan, down 20.81% year-on-year [1] - In Q2, revenue was 11.4 billion yuan, reflecting an 8.4% year-on-year decline, while net profit was 662 million yuan, a significant drop of 32.22% [1] Group 2: Market Trends - From January to June, the total amount of duty-free shopping in Hainan was 16.76 billion yuan, a decrease of 9.2% year-on-year [1] - The number of duty-free shopping items fell by 24.8% to 14.875 million, and the actual number of shoppers decreased by 26.2% to 2.482 million [1] - In July, these three indicators continued to decline, with year-on-year decreases of 6.7%, 20.6%, and 19.6% respectively [1] Group 3: Market Share and Expansion - China Duty Free's market share in Hainan has increased, with the company introducing over 60 new brands during the reporting period [1] - The company has opened city duty-free stores in Dalian, Sanya, Qingdao, and Xiamen, with additional stores in preparation [2] - The first city duty-free store in Shenzhen began trial operations on August 23, and the first store in Guangzhou opened today, featuring a new operational model that combines duty-free and taxable goods [2]