CTG DUTY-FREE(SH:601888) Haitong Securities International·2026-02-25 15:23Sales Performance - During the 2026 Chinese New Year, Hainan offshore duty-free sales reached Rmb2.72 billion, up 30.8% YoY[2] - The number of items sold was 1.997 million, reflecting a 21.9% YoY increase[2] - The number of shoppers reached 325,000, marking a 35.4% YoY growth[2] Daily Averages - Daily average shopping amounts were Rmb303 million, with a YoY increase of 16.5%[2] - Daily average number of shoppers was 36,000, up 20% YoY[2] - Daily average items sold were 222,000, representing an 8.3% YoY increase[2] Consumer Trends - The average transaction value during the holiday was Rmb8,369, down 3.4% YoY[3] - The sales share of high-value items like gold and mobile phones dropped by about 50% compared to peak levels[3] - The sales share of high-margin categories such as fragrances and luxury goods rebounded, indicating improved gross profit margins[3] Future Outlook - The growth rate for offshore duty-free sales in 2026 is expected to exceed 20%, but not reach the 30%-40% peak seen from November 2025 to January 2026[4] - The Hainan government plans to continue issuing consumption vouchers, maintaining a high distribution intensity[12] - New competitors are entering the market cautiously, as they have not yet developed effective strategies to compete with China Duty Free[5]