November 10, 2025 07:17 AM GMT M Update Hainan offline duty-free sales tracking +35%yoy MTD Nov amid lower base Key Takeaways China Tourism Group Duty Free | Asia Pacific Exhibit 1: Hainan offline duty-free sales YOY (2015-19) similar to historical seasonaility MSe assuming m-o-m trend Hainan offline duty free sales YOY Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jul-25 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-24 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 M ...