中国中免 - 海南_海南业务表现或于 2025 年下半年改善

ab 12 September 2025 Global Research China Tourism Group Duty Free - H Hainan performance is likely to improve in H225 Net profit to increase YoY in Q425E We cut 2025-27E EPS for CTG Duty Free 14-12% as: 1) although the Q225 revenue decline YoY narrowed, as expected, the magnitude was below consensus due to weakness at Sunrise Shanghai; and 2) GPM and NPM deteriorated YoY due to the impact of COGS and selling expenses. We reiterate our Buy rating on CTG-H, as we expect that in H225: 1) Hainan duty-free sale ...