CHINA. China Tourism Group Duty Free Corporation, parent company of China Duty Free Group (CDFG), today reported full-year results with revenue falling by -4.9% year-on-year to RMB53.7 billion (US$7.8 billion) in 2025.
Net profit attributable to shareholders fell by almost -16% to RMB3.585 billion (US$520 million) in the year.
The company noted that goodwill impairments offset improved margins and efficiency as profits slipped.
More positively, Q4 profit climbed sharply (+53.5% year-on-year) on sales growth of +2.8% to RMB13.8 billion (US$2 billion), led by a rebound in Hainan duty-free sales.
Based on its preliminary calculations, excluding the impact of the goodwill impairment loss, net profit attributable to owners of the parent company for Q4 2025 increased by over +150% year-on-year, the statement added.
That performance was supported by multiple market factors, said a statement: “Recently, the company has fully capitalised on the opportunities presented by the implementation of the new Hainan offshore duty-free policy and the official island-wide customs closure in Hainan.
“The company’s key stores in Hainan achieved record-high sales and customer footfall during the Spring Festival period. Additionally, the company steadily advanced the equity and asset acquisitions for key projects as planned, successfully accomplished the efficient relocation and opening of key airport stores, and effectively captured the incremental demand from domestic consumption repatriation and global tourists.”
Click here for our story from yesterday on China Tourism Group Duty Free’s acquisition of DFS’s travel retail businesses in Hong Kong and Macau and intangible assets in Greater China. ✈
