中金：降中国中免至95港元 维持“跑赢行业”评级

Core Viewpoint - CICC maintains profit forecasts for China Duty Free Group (01880) at RMB 5.483 billion and RMB 6.31 billion for the next two years, while lowering the target price for the company's H-shares and A-shares to RMB 95 and HKD 95 respectively, maintaining an "outperform industry" rating for both [1] Group 1 - China Duty Free Group reported a 4.92% year-on-year decline in revenue for 2025, totaling RMB 53.694 billion, and a 15.96% decrease in net profit attributable to shareholders, amounting to RMB 3.586 billion [1] - The company believes that the performance in the last quarter of the previous year met market expectations [1] Group 2 - Looking ahead to 2026, the firm is optimistic about growth in duty-free sales driven by outbound travelers, island residents, digital products, and organic growth, suggesting continued attention to the rebound from a low year-on-year base [1]