中国中免_免税政策利好驱动消费

Vi e w p o i n t | 02 Nov 2025 19:01:28 ET │ 18 pages China Tourism Group Duty Free Corp. Favorable Duty-free Policies to Drive Consumption CITI'S TAKE CTG Duty Free's top line sequentially improved in 3Q25 with yoy decline narrowing to -0.4% yoy though earnings remained under pressure, down 29% yoy mainly due to lower gross margin, rising SG&A and increase in MI. Hainan offshore duty-free sales reverted to +3.4% in Sep and +13.6% during 1-8 Oct Golden Week. Riding on the new favorable duty-free policies wi ...