China Tourism Group Duty Free (601888) Q1 2026 earnings summary

Executive summary

• Achieved stable growth with Q1 revenue of RMB 16.91 billion, up 0.96% year-over-year.

• Net profit attributable to shareholders rose 21.18% year-over-year to RMB 2.35 billion.

• Focused on core markets and key projects, with significant expansion in Hainan and international business.

• Completed acquisition of DFS Greater China retail business and strategic H-share placements to LVMH and Miller family.

Financial highlights

• Operating cash flow was RMB 3.89 billion, down 18.89% year-over-year.

• Basic and diluted EPS both at RMB 1.1351, up 21.18% year-over-year.

• Total assets increased 14.16% from year-end to RMB 85.6 billion.

• Net assets attributable to shareholders rose 4.48% to RMB 57.96 billion.

• Gross margin improved as cost control and sales growth in key regions offset higher expenses.

Outlook and guidance

• Continued focus on leveraging Hainan Free Trade Port policies and international travel recovery.

• Enhanced global retail presence and brand synergy expected to drive future growth.