China Tourism Group Duty Free Corporation Limited (CTG DUTY-FREE, 01880) released unaudited preliminary results for the year ended 31 December 2025.

Full-year performance • Revenue declined 4.92% year on year to RMB 53.69 billion. • Operating profit fell 14.14% to RMB 5.30 billion, while total profit dropped 13.67% to RMB 5.31 billion. • Net profit attributable to shareholders reached RMB 3.59 billion, down 15.97%; profit excluding non-recurring items decreased 14.48% to RMB 3.54 billion. • Basic EPS stood at RMB 1.73, versus RMB 2.06 a year earlier. • Weighted average ROE narrowed 1.40 ppts to 6.48%.

Balance-sheet snapshot • Total assets slipped 1.82% to RMB 74.87 billion. • Shareholders’ equity edged up 0.68% to RMB 55.47 billion, lifting net assets per share to RMB 26.81.

Fourth-quarter rebound Against a softer full-year backdrop, October–December revenue rose 2.81% to approximately RMB 13.83 billion. Net profit attributable to shareholders climbed 53.49% to about RMB 0.53 billion; excluding goodwill impairment charges, bottom-line growth would have been 150.63% year on year. The quarterly gross margin expanded by 4.12 ppts, supported by continued improvements in merchandising mix and operational efficiency. Inventory turnover improved roughly 10% for the full year.

Operational developments CTG DUTY-FREE leveraged the new Hainan offshore duty-free policy and the island-wide customs closure, driving record traffic and sales in key Hainan stores during the Spring Festival. The group also advanced planned equity and asset acquisitions, completed the relocation and opening of several airport outlets, and captured incremental demand from repatriated domestic consumption and inbound tourism.

Management highlighted that recognition of goodwill impairment at certain subsidiaries weighed on 2025 earnings, but underlying profitability indicators improved.

Audit status The disclosed figures are preliminary and unaudited; final results will be released in the 2025 annual report. Investors are advised to consider related uncertainties.