CTG DUTY-FREE (01880) announced its interim results for 2025, achieving revenue of RMB 28.151 billion, down 9.96% year-on-year. Gross profit reached RMB 8.99 billion, down 12.23% year-on-year. The company's profit attributable to equity shareholders was approximately RMB 2.622 billion, down 20.68% year-on-year, with earnings per share of RMB 1.2673.

Deepening presence in Hainan to build a new integrated cultural and tourism consumption landscape. The company continues to expand the boundaries of "duty-free+" and advance toward multi-dimensional integration development of "culture, commerce, sports, tourism, and wellness." It persistently creates diverse entertainment events and themed marketing IP activities, introducing popular IPs such as celebrity concerts, POP MART Dimoo's debut exhibition, and Disney-themed IPs, constructing a rich and diverse brand portfolio and consumption scenarios. Combined with meticulous innovative services and consumer experiences, the company promotes the transformation and upgrade of Sanya International Duty-Free City and Haikou International Duty-Free City from "shopping complexes" to "experience complexes." Sanya International Duty-Free City has officially been designated as a national AAAA-level tourist attraction, becoming the first national-level tourist attraction in China with duty-free commerce as its core.

During the reporting period, the Hainan region introduced over 60 new brands, actively leveraging the economic effect of first launches and flagship stores to fully meet consumers' diversified demands. Hainan's offshore duty-free sales showed signs of stabilization, with the company's dominant position in Hainan's offshore duty-free market further consolidated, increasing market share by nearly 1 percentage point year-on-year.

Anchoring objectives and coordinating development of port and downtown duty-free business. In terms of port channels, the company successfully won bids for operating rights of multiple duty-free stores including the outbound duty-free store at Guangzhou Baiyun International Airport Terminal T3, as well as Mohan Port, Mengkang Port, Houqiao Port, Daluo Port, and Heihe Port, further strengthening channel advantages in major domestic international airports and ports. For downtown store channels, stores in Qingdao, Xiamen, and Harbin reopened after renovation, effectively attracting foreign nationals for inbound consumption through departure tax refund services. Preparation work for six new downtown duty-free stores in additional cities is progressing steadily. Downtown stores position themselves with "duty-free genes + domestic brands going global" as their core, focusing on building new retail scenarios of "duty-free + taxed," "offline + online," and "imported + domestic," while actively exploring exclusive experience projects such as "whiskey taverns" to create diversified shopping experiences.

Focusing on priorities and continuously expanding overseas business territory. Deepening presence in Hong Kong and Macau markets, the company successfully obtained operating rights for the MCM pop-up store at Hong Kong International Airport, M8 downtown duty-free store in Macau, and the fragrance and cosmetics section at Macau International Airport, with plans to open successively in the second half of the year. Exploring new overseas markets, the company entered the Vietnamese market for the first time, with duty-free stores at Hanoi Noi Bai International Airport and Phu Quoc International Airport successfully opening. Steadily promoting the overseas expansion of domestic brands, the company signed strategic cooperation agreements with representative domestic brands such as Tongrentang, Huaxi Biology, and Giant Biogene, promoting domestic premium products to enter overseas channels in Vietnam, Cambodia, Japan, and other markets, facilitating deep integration between Chinese brands and global markets.

Embracing breakthrough and exploring new models for travel retail business. The company actively explores new airport commercial models, focusing on branding and differentiation, partnering with Gansu Civil Aviation Airport Group Co., Ltd. to create the taxed commercial project at Lanzhou Zhongchuan International Airport Terminal T3, introducing 31 new brands, 19 of which are Gansu Province's first stores. This taxed commercial project officially began operations in March and effectively coordinates with the outbound duty-free store that opened in the same terminal in July, jointly constructing a diversified commercial composite space. Additionally, the Shanghai Changtan Commercial Complex project in cooperation with Shanghai International Port Group Ruitai Development Co., Ltd. is progressing in an orderly manner.

Insight into trends, advancing boundary expansion and product innovation. Continuously expanding merchandise boundaries, closely following domestic consumption trends, and increasing the introduction of domestic fragrance and cosmetics brands, 3C digital products, health products, trendy toys, outdoor sports, and other categories. In the first half of the year, nearly 200 new brands were introduced, effectively improving supply-demand matching and achieving good sales growth. Vigorously developing first-launch economy, collaborating with over 80 brands to launch more than 100 exclusive, debut, and co-branded customized products, continuously stimulating new consumption momentum. Actively developing the silver economy, focusing on creating age-friendly products and service systems, launching the proprietary brand "CTG Health," focusing on health supplements and wellness upgrades. Nearly 40 products are selling well, precisely meeting the silver demographic's demand for high-quality health products.