China Tourism Group Duty Free (601888) Q3 2025 earnings summary

Executive summary

• Revenue for Q3 2025 was RMB 11.71 billion, down 0.38% year-over-year; year-to-date revenue was RMB 39.86 billion, down 7.34% year-over-year.

• Net profit attributable to shareholders for Q3 was RMB 452 million, down 28.94% year-over-year; year-to-date net profit was RMB 3.05 billion, down 22.13% year-over-year.

• The company continued to innovate in retail formats, expanded new stores in major cities, and enhanced its presence in Macau and Hainan.

Financial highlights

• Operating cash flow for the first nine months was RMB 3.39 billion, down 33.62% year-over-year.

• Basic and diluted EPS for Q3 was RMB 0.2186, down 28.93% year-over-year; year-to-date EPS was RMB 1.4752, down 22.13% year-over-year.

• Gross margin for the first nine months was 32.5%, compared to 33.1% in the prior year period.

Outlook and guidance

• The company plans its first-ever interim dividend, proposing RMB 2.50 per 10 shares, totaling RMB 517 million, representing 16.95% of year-to-date net profit.

• Management remains focused on strategic innovation and expanding the "duty-free + tourism" model to stimulate consumer demand.