CTG DUTY-FREE has released its annual report for 2025. During the reporting period, the company achieved operating revenue of 53.694 billion yuan, a decrease of 4.92% year-on-year. Net profit attributable to shareholders of the listed company was 3.586 billion yuan, down 15.96% year-on-year. Basic earnings per share stood at 1.7334 yuan, also declining by 15.96%. The weighted average return on equity was 6.48%, a decrease of 1.40 percentage points from the previous year.
The company is primarily engaged in tourism retail business, with a focus on duty-free operations. Its product categories include tobacco and alcohol, fragrances and cosmetics, watches and jewelry, apparel and leather goods, electronics, and food. Its offline business concentrates on leased or self-built properties in locations such as airports, ports, and downtown areas. Leveraging its特许经营资质 and global supply chain advantages, it conducts tourism retail centered on duty-free商品销售. Online, it sells tax-paid goods to consumers through its own e-commerce platform and third-party platforms, forming an omnichannel service ecosystem.
In 2025, the company seized the historic opportunity presented by the full-island customs closure operation in Hainan, making targeted efforts across three dimensions: scenario innovation, service upgrades, and supply chain assurance. It deepened the integration of "duty-free + culture and tourism," creating immersive experiences. It actively introduced new products and flagship stores, collaborating with over ten popular IPs such as Pop Mart and Disney. By partnering with hotels, new media, and cultural and sporting events for customer acquisition and conversion, it helped stabilize and rebound sales in the Hainan region, leading to growth in its market share of off-island duty-free sales. The Sanya International Duty-Free Shopping Complex was successfully established as the nation's first AAAA-level national tourist attraction with duty-free commerce as its core.
Regarding channel expansion, the company systematically advanced its bidding for duty-free operating rights, successfully winning bids for 16 duty-free shop projects, including those at Shanghai Pudong International Airport, Hongqiao Airport, Beijing Capital International Airport, and Guangzhou Baiyun International Airport. For downtown duty-free shops, all 13 shops for which it obtained operating rights have commenced business or are operational, innovatively establishing a trinity operational model of "duty-free + tax-paid," "offline + online," and "imported + domestic."
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