智通财经网·2025-09-03 07:31Core Viewpoint - China Duty Free Group (中国中免) experienced a decline in stock price, dropping over 3% to HKD 59.1, with a trading volume of HKD 128 million [1] Financial Performance - For the first half of the year, the company reported revenue of RMB 28.151 billion, a year-on-year decrease of 9.96% [1] - Gross profit was RMB 8.99 billion, down 12.23% year-on-year [1] - Profit attributable to equity shareholders was approximately RMB 2.622 billion, reflecting a year-on-year decline of 20.68% [1] Analyst Insights - Morgan Stanley revised its earnings per share estimates for China Duty Free Group for 2025 to 2027 down by 13%, 7%, and 2% respectively, and lowered revenue forecasts by 6% to 8% [1] - The target price was adjusted from HKD 55 to HKD 60, maintaining a "market perform" rating [1] - The firm noted that demand for duty-free products was weaker than expected, particularly on e-commerce platforms, and that the company's gross margin remains weak [1] Future Outlook - With the launch of the Hainan Free Trade Port in mid-December, there are expectations for improved offline sales and potential margin recovery [1]