中国中免- 2025 年第三季度营收增长终趋稳，但净利润持续下滑

October 30, 2025 04:23 PM GMT China Tourism Group Duty Free | Asia Pacific M Update 3Q25: Revenue growth finally stabilized, but net profit continued to fall Reaction to earnings Unchanged Modest shortfall Modest revision lower Impact to our thesis Financial results versus consensus Direction of next 12-month consensus EPS Source: Company data, Morgan Stanley Research Key Takeaways Exhibit 1: CTG duty-free quarterly results | 2Q24 | 3Q24 | 4Q24 | 1Q25 | 2Q25 | 3Q25 | yoy | 3% | Rmb'mn | 1Q24 | qoq | Revenue ...