China Tourism Group Duty Free (601888) Q2 2026 earnings summary

Executive summary

• Revenue for H1 2026 was RMB 27.66 billion, down 1.76% year-over-year, while net profit attributable to shareholders rose 19.49% to RMB 3.11 billion.

• Gross margin improved as cost controls and product mix optimization offset revenue decline.

• The company completed the acquisition of DFS Greater China retail business, strengthening international presence.

• Membership exceeded 60 million, with digital and omnichannel initiatives driving customer engagement.

Financial highlights

• Operating income: RMB 3.72 billion, up 1.45% year-over-year.

• Net profit attributable to shareholders: RMB 3.11 billion, up 19.49% year-over-year.

• Basic and diluted EPS: RMB 1.4983, up 19.23% year-over-year.

• Operating cash flow: RMB 2.48 billion, down 4.89% year-over-year.

• Total assets: RMB 84.94 billion, up 13.28% from year-end 2025.

Outlook and guidance

• The company expects continued growth in international and domestic travel retail, leveraging policy support and digital transformation.

• Focus remains on expanding premium brands, digital channels, and international business, with ongoing investment in core projects.