智通财经网·2025-11-04 07:39Core Viewpoint - China Duty Free Group (01880) experienced a nearly 5% decline in stock price, closing down 4.29% at HKD 64.7, with a trading volume of HKD 225 million, following the release of disappointing financial results for the first three quarters of the year [1] Financial Performance - For the first three quarters, the company reported revenue of CNY 39.862 billion, a year-on-year decrease of 7.34% [1] - The net profit attributable to shareholders was CNY 3.052 billion, down 22.13% year-on-year [1] - In the third quarter, revenue was CNY 11.711 billion, showing a slight decline of 0.38% year-on-year, while net profit attributable to shareholders fell by 28.94% to CNY 0.452 billion [1] Analyst Insights - CICC indicated that the company's performance was below previous expectations, primarily due to foreign exchange losses and disturbances in minority shareholder equity [1] - Jefferies noted that China Duty Free Group is actively planning for its development in 2026 to capitalize on the anticipated opening of Hainan, which could provide further opportunities from increased market access [1] - Despite weak consumer sentiment, there is an expectation that an active capital market may support luxury goods sales [1] - Based on the third-quarter performance, Jefferies has adjusted its net profit forecasts downwards for 2025 and 2026 by 6% and 1% respectively, while increasing the 2027 forecast by 3% [1]