China Tourism Group Duty Free Corporation Limited (CTG DUTY-FREE) has released unaudited preliminary figures for the six months ended 30 June 2026, revealing resilient profitability amid marginally softer sales.
Revenue and Earnings • Total revenue slipped 1.99% year on year (YoY) to RMB 27.59 billion, reflecting a brief normalisation after last year’s post-pandemic rebound. • Net profit attributable to shareholders jumped 19.49% YoY to RMB 3.11 billion, supported by a 0.73-percentage-point uptick in the core gross profit margin and tighter cost controls. Excluding non-recurring items, underlying profit reached RMB 3.08 billion, up 18.67% YoY. • Operating profit edged up 0.90% to RMB 3.74 billion, while basic earnings per share improved 19.23% to RMB 1.50. • The weighted average return on equity rose to 5.46%, an increase of 0.81 percentage point.
Balance-Sheet Highlights • Total assets expanded 13.56% from the start of the year to RMB 85.15 billion, driven partly by the consolidation of recently acquired DFS Greater China retail assets. • Equity attributable to shareholders grew 3.51% to RMB 57.42 billion, lifting net assets per share to RMB 27.63. • Share capital stood at 2.08 billion shares, up 0.43%.
Operational Developments Management attributed the earnings momentum to sustained market leadership in Hainan’s offshore duty-free segment, enhanced efficiency at major airport outlets, and successful integration of the DFS Greater China business, which is delivering “favorable economic returns.” Margin gains were particularly pronounced in the second quarter, when the principal business gross margin widened 1.44 percentage points YoY.
Outlook and Risk Notice The disclosed figures are preliminary and unaudited; final results will appear in the company’s 2026 interim report. Investors should consider potential revisions when evaluating CTG DUTY-FREE’s performance.
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