On August 26, China Tourism Group Duty Free Corporation Limited released its 2025 interim report. During the reporting period, the company experienced another decline in both revenue and net profit, falling 9.96% and 20.81% year-over-year respectively. Against the backdrop of continued adjustments in Hainan's offshore duty-free market, China Tourism Group Duty Free Corporation Limited saw its Hainan regional operating revenue decline compared to the same period last year. However, the company continues to seek growth through expanded operations, on one hand continuously expanding its downtown duty-free store footprint, and on the other hand pursuing business opportunities in overseas markets. Industry experts indicate that China Tourism Group Duty Free Corporation Limited's performance will face pressure for some time, and the company may improve results through promotional offers and continued exploration of new markets.

According to the latest financial report released by China Tourism Group Duty Free Corporation Limited, in the first half of 2025, the company achieved operating revenue of 28.151 billion yuan, down 9.96% year-over-year; net profit attributable to shareholders was 2.6 billion yuan, declining 20.81% year-over-year. Additionally, the company generated main business revenue of 27.531 billion yuan, including offline revenue of 19.703 billion yuan and online revenue of 7.828 billion yuan.

Behind the dual decline in revenue and net profit lies the continued adjustment of Hainan's offshore duty-free market. In this context, China Tourism Group Duty Free Corporation Limited's Hainan regional business also declined compared to the same period last year. According to the financial report, during the reporting period, the company's Hainan regional operating revenue was 15.031 billion yuan, while revenue for the same period in 2024 was 16.785 billion yuan.

Regarding this situation, China Tourism Group Duty Free Corporation Limited stated that market competition has become increasingly fierce, while consumer demand shows diversification trends, with traditional stores facing pressure from customer traffic and repeat purchase rates.

While performance continues under pressure, China Tourism Group Duty Free Corporation Limited continues expanding and seeking new growth points. The financial report shows that during the reporting period, the company operated 6 offshore duty-free stores in Hainan Province. Hainan offshore duty-free sales showed stabilizing trends, with China Tourism Group Duty Free Corporation Limited further consolidating its dominant position in the Hainan offshore duty-free market, with market share increasing by nearly 1 percentage point year-over-year.

Moreover, "store opening" represents an important means for China Tourism Group Duty Free Corporation Limited to improve performance. According to the financial report, in the port channel segment, the company successfully won bids for the departure duty-free store at Guangzhou Baiyuan International Airport's T3 terminal, as well as operating rights for multiple port duty-free stores at Mohan Port, Mengkang Port, Houqiao Port, Daluo Port, and Heihe Port, further strengthening its channel advantages at major domestic international airports and ports. In the downtown store channel, stores in Qingdao, Xiamen, and Harbin reopened after renovation, effectively attracting foreign visitors through departure tax refund services; preparation work for 6 new urban downtown duty-free stores progresses steadily.

Beyond port and downtown store channels, China Tourism Group Duty Free Corporation Limited has also set its sights on overseas markets. During the reporting period, the company entered the Vietnamese market for the first time, with duty-free stores opening at Hanoi Noi Bai International Airport and Phu Quoc International Airport. It's clear that China Tourism Group Duty Free Corporation Limited is accelerating expansion of its overseas business territory to capture larger market share.

Senior tourism expert Wang Xingbin noted that under the current overall adjustment in the duty-free market, despite China Tourism Group Duty Free Corporation Limited's substantial market share, its performance still faces challenges. To address current market competition, the company can implement measures such as enhanced marketing promotion and promotional discount activities to attract customers, improving performance to some extent.