China Tourism Group Duty Free (601888) Q1 2025 earnings summary

Executive summary

• Revenue for Q1 2025 was RMB 16.75 billion, down 10.96% year-over-year.

• Net profit attributable to shareholders was RMB 1.94 billion, a decrease of 15.98% compared to Q1 2024.

• Cash flow from operating activities was RMB 4.80 billion, down 9.52% year-over-year.

Financial highlights

• Basic and diluted EPS were RMB 0.9367, down 15.98% year-over-year.

• Total assets increased 5.51% from year-end 2024 to RMB 80.46 billion.

• Shareholders’ equity rose 3.40% to RMB 56.97 billion.

• Gross margin declined as operating costs remained high relative to revenue.

• Other comprehensive income after tax was negative RMB 66.5 million.

Key financial ratios and metrics

• Weighted average ROE was 3.46%, down 0.73 percentage points year-over-year.

• Operating margin and net margin both declined compared to the same period last year.