CTG DUTY-FREE (01880) saw its shares decline by more than 5% during late trading. At the time of writing, the stock was down 5.01%, trading at HK$64.5, with a turnover of HK$79.37 million. According to statistics from Haikou Customs, first-quarter duty-free shopping sales in Hainan's offshore island market reached RMB 14.21 billion, with 1.816 million shoppers purchasing 10.977 million items, representing year-on-year increases of 25.7%, 18%, and 12%, respectively. The strong performance reflects robust consumer activity in the island's duty-free market. Guojin Securities noted that duty-free sales in March grew 25% year-on-year, with the growth rate expanding by 10.3 percentage points compared to February, which may ease concerns over the sustainability of growth. CICC released a report expressing optimism about potential growth in duty-free sales by 2026, driven by outbound travelers, local resident allowances, digital products, and organic expansion. The firm advised monitoring sales recovery against low year-on-year comparables. CICC maintained its profit forecasts for CTG DUTY-FREE at RMB 5.483 billion for this year and RMB 6.31 billion for next year. However, citing a downward shift in industry valuations, it lowered the A-share target price to RMB 95 and the H-share target to HK$95, while keeping an "Outperform" rating.