China Tourism Group Duty Free (601888) Q3 2026 earnings summary

Executive summary

• Q3 revenue fell 4.66% YoY to RMB 11.17bn, while attributable net income rose 24.64% to RMB 563.6m; main-business gross margin improved 1.30 ppts YoY.

• 9M revenue declined 2.61% YoY to RMB 38.82bn; attributable net income increased 20.25% to RMB 3.67bn.

Financial highlights

• Q3 total profit was RMB 832.5m, up 10.34% YoY; 9M total profit reached RMB 4.55bn, up 2.96%.

• Q3 adjusted for non-recurring items, attributable net income was RMB 565.3m, up 28.19% YoY; 9M adjusted income was RMB 3.64bn, up 20.00%.

• 9M operating cash flow fell 38.98% YoY to RMB 2.07bn, attributed to lower revenue and increased procurement payments.

Segment performance

• Hainan offshore duty-free market share rose by more than 2 ppts YoY by quarter-end.

• International business grew 71% YoY in 9M following completion of the DFS Greater China retail business acquisition.

• A duty-free China-chic retail zone launched with Shanghai Airport at Pudong Airport, described as the largest single-airport installation of its kind nationally.