CTG DUTY-FREE (01880) retreated more than 5% in early trading today after a recent rally, with shares down 4.96% to HK$73.8 at the time of writing, recording a turnover of HK$214 million. The company reported weaker-than-expected results for the first three quarters, with revenue declining 7.34% year-on-year to RMB39.86 billion and net profit attributable to shareholders dropping 22.13% to RMB3.05 billion. Q3 revenue fell 0.38% to RMB11.71 billion, while net profit slid 28.94% to RMB452 million. CICC attributed the underperformance mainly to exchange rate fluctuations and minority interest impacts. Notably, Hainan Free Trade Port has officially entered a 30-day countdown to its island-wide customs closure starting November 18. Founder Securities suggested monitoring Q4 2025 duty-free sales in Hainan, noting that sustained recovery could signal an operational turnaround for CTG DUTY-FREE. The brokerage maintains a cautiously optimistic outlook for 2026 earnings, citing frequent policy support for duty-free sales and imminent customs closure as potential valuation catalysts.