China Tourism Group Duty Free Corporation Limited (CTG Duty-Free) reported stable top-line expansion and solid earnings growth for the three months ended 31 March 2026.
Revenue and Profitability • Operating income inched up 0.96% year on year to RMB 16.91 billion. • Net profit attributable to shareholders surged 21.18% to RMB 2.35 billion, driving basic earnings per share to RMB 1.1351. • Total profit reached RMB 2.80 billion, an 11.00% increase, while weighted average ROE improved 0.70 percentage point to 4.16%.
Cash Flow and Balance Sheet • Operating cash inflow amounted to RMB 3.89 billion, down 18.89% as higher payments for goods and services offset modest revenue growth. • The acquisition of DFS’s Greater China retail business and ongoing capital spending pushed investment cash outflow to RMB 2.02 billion, turning overall investment cash flow negative. • Total assets expanded 14.16% since year-end 2025 to RMB 85.60 billion, supported by a rise in right-of-use assets and goodwill linked to the DFS transaction. • Owners’ equity attributable to shareholders climbed 4.48% to RMB 57.96 billion.
Regional Highlights • Hainan operations generated RMB 12.59 billion in revenue, up 28.26% year on year, aided by the province’s new offshore duty-free policy and robust Spring Festival traffic. Daily sales at the Sanya International Duty-Free Shopping Complex surpassed RMB 200 million, with peak footfall of 92,000 visitors.
Strategic Developments • The company completed the takeover of DFS’s Greater China retail network; final consideration remains subject to post-closing adjustments. • New H shares were issued to LVMH and the Miller family, formalising a three-way partnership aimed at broadening global travel retail reach and brand synergies. • Duty-free concessions at Shanghai Pudong, Shanghai Hongqiao and Beijing Capital airports transitioned smoothly to CTG Duty-Free, enhancing exposure to recovering international passenger flows.
Capital Structure • Paid-in capital increased to 2.08 billion shares following the H-share issuance. • CTG Duty-Free closed the quarter with RMB 35.29 billion in cash and cash equivalents.
Shareholder Base The company had 310,519 ordinary shareholders at quarter-end; China Tourism Group Co., Ltd. remained the largest holder with a 50.08% stake.
Outlook Management highlighted continued focus on core markets, integration of newly acquired assets and optimisation of airport channels to capitalise on the rebound in cross-border travel.
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