Ge Long Hui·2025-08-28 12:10Group 1 - The company reported a revenue of 28.151 billion yuan for H1 2025, a decrease of 9.96% year-on-year, with a net profit attributable to shareholders of 2.6 billion yuan, down 20.81% [1] - In Q2 2025, the company achieved a revenue of 11.405 billion yuan, a decline of 8.45%, and a net profit of 662 million yuan, down 32.21% [1] - The sales revenue from duty-free and taxable goods for H1 2025 was 20.3 billion yuan and 7.2 billion yuan, respectively, representing a year-on-year decrease of 6.1% and 21.5% [1] Group 2 - The comprehensive gross margin for H1 2025 was 32.8%, a decrease of 0.8 percentage points, with duty-free and taxable gross margins at 39.0% and 13.1%, respectively [2] - The shopping conversion rate for duty-free shopping in Hainan was 13.6%, down 4.5 percentage points, with a total of 18.31 million outbound travelers recorded, a decrease of 1.6% [2] - The average spending per customer increased by 22% to 6,594 yuan, despite a decline in shopping frequency and total shopping amount [2] Group 3 - The company is expected to benefit from the orderly advancement of new projects in Hainan and the recovery of inbound and outbound duty-free sales [3] - The projected net profits attributable to shareholders for 2025, 2026, and 2027 are 4.3 billion yuan, 4.9 billion yuan, and 5.5 billion yuan, respectively [3] - The company maintains a "buy" rating due to its strong market position and operational advantages despite short-term economic challenges [3]