Zhi Tong Cai Jing·2025-08-27 06:19Core Viewpoint - China Duty Free Group (中国中免) reported a decline in revenue and profit for the first half of 2025, reflecting challenges in the duty-free retail sector amid pressured consumer demand [1] Financial Performance - Revenue for the first half of 2025 was RMB 28.151 billion, a year-on-year decrease of 9.96% [1] - Gross profit amounted to RMB 8.99 billion, down 12.23% year-on-year [1] - Profit attributable to equity shareholders was approximately RMB 2.622 billion, representing a year-on-year decline of 20.68% [1] Market Position and Outlook - Dongwu Securities noted that the revenue decline in the second quarter narrowed, but profitability remains significantly pressured [1] - The company maintains a strong market position as a leader in tourism retail, with favorable policies from the Hainan Free Trade Port expected to drive long-term sales growth [1] - The gradual establishment of duty-free shops in the region is anticipated to contribute positively to sales in the future [1] - Despite the long-term potential, current duty-free consumption demand is under pressure, leading to a downward adjustment in profit expectations for the company [1]