智通财经网·2025-09-15 07:09Core Viewpoint - UBS reports that China Duty Free Group (01880) has seen a narrowing decline in Q2 revenue year-on-year, but the decline is below market expectations, and gross margin and net profit margin have worsened due to sales costs and expenses [1] Financial Performance - UBS has lowered the earnings per share estimates for China Duty Free Group for 2025 to 2027 by 14% to 12% [1] - The target price for the company has been raised from HKD 58.4 to HKD 71.2 while maintaining a "Buy" rating [1] Sales Outlook - Due to a lower base, sales at China Duty Free's Hainan duty-free stores are expected to decline by 1% in the second half of the year, with a potential recovery in Q4 [1] - If average customer spending stabilizes, sales in Hainan are projected to grow by 5% and 10% year-on-year in 2026 and 2027, respectively [1]