HUCTGDF@EC2702A

Morgan Stanley Downgrades China Tourism Retail's EPS Forecast

Goldman Sachs Downgrades Target Price for China Tourism Retail

UBS Cuts China Tourism Retail Target Price and Profit Forecast

China Tourism Retail Reports Q1 2026 Revenue and Net Profit Growth

CTG DUTY-FREE released FY2026 Q1 earnings on April 29 Pre-Market (BJT), actual revenue HKD 19.17 B (forecast HKD 17.11 B), actual EPS HKD 1.2869

CTG DUTY-FREE to Release FY2026 Q1 Earnings on April 29 Pre-Market (BJT), Forecast Revenue HKD 17.16 B

China Duty Free International Signs Strategic Cooperation Agreement with Hong Kong Chambers of Commerce

China Tourism Group Duty Free Publishes 2025 Annual Report, Profitability Down but Business Stable

Company's 2025 Performance Down But Q4 Revenue Growth Significant

CICC Downgrades China Tourism Retail's Hong Kong Stock Target Price to HKD 95

Sanya's Consumption Promotion Activities Boost Off-Island Duty-Free Consumption

China Duty Free Reports 2025 Annual Results, Reveals Strategy Amid Reduced Profits

CIFTM Announces FY 2025 Annual Revenue and Net Profit

China Duty Free International and Anta Sign Cooperation Memorandum to Expand International Markets

Strong Growth in Hainan's Duty-Free Consumption in 2026, China Tourism Retail Shares Fluctuate

JPMorgan 发表报告称中国中免 2025 年第四季度业绩超出预期

Citi Analysts Remain Bullish on China Tourism Retail's Profit Prospects, Maintain Buy Rating

Huatai Securities Analyzes China Tourism Retail's Earnings and Recommends 'Buy'

CTG DUTY-FREE to release FY2025 earnings on March 30, pre-market BJT, with forecast revenue of HKD 62.52 B and EPS of HKD 2.023

China Tourism Retail Giant Buys DFS Stores in Hong Kong and Macau

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KWAN YONG

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POP MART

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ARCHOSAUR GAMES

XIAOCAIYUAN

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MONTAGE TECH(06809) rose 16.78%, with a trading turnover 1.9 Billion HKD, and a year-to-date rose 200.9%. DELTON(01989) rose 14.5%, with a trading turnover 657.1 Million HKD, and a year-to-date rose 198.8%. CHINA COAL(01898) fell 4.54%, with a trading turnover 531.0 Million HKD, and a year-to-date rose 37.3%. YOFC(06869) fell 4.07%, with a trading turnover 5.4 Billion HKD, and a year-to-date rose 319%.

- The Hang Seng Index rose by 1.22%, with a year-to-date increase of 2.3%.  
- Key stocks like Lanki Technology (06809) saw a significant rise of 16.78%, leading to a total annual increase of 200.9%.  
- In contrast, Zhongmei Energy (01898) decreased by 4.54%, while Zhangfei Optical Fiber (06869) fell by 4.07%, despite their year-to-date gains of 37.3% and 319%, respectively.

Top Gainers&Losers

MONTAGE TECH

DELTON

GIGADEVICE

HUA HONG SEMI

BIREN TECH

CHINA COAL

YOFC

XPENG-W

SANHUA

CTG DUTY-FREE

Top 5 HK Stock Gainers/Losers (>100B) (5.6)

601888

BofAS has downgraded its target price for China Duty Freefrom RMB95 to RMB85, reflecting a 10% cut in its 2026 EPS forecast due to weaker-than-expected 1Q results. The company's core net profit rose 21% YoY to RMB2.3 billion, aligning with market expectations but falling short of BofAS's forecast. Revenue increased 1% YoY to RMB16.9 billion, with Hainan sales growing 28% YoY. BofAS maintains a Neutral rating, suggesting limited growth potential for duty-free sales moving forward.

AASTOCKS News

BofAS Cuts CHINA DUTY FREE  TP to RMB85, Rates Neutral

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HUAQIN(03296) rose 7.76%, with a trading turnover 263.6 Million HKD, and a year-to-date rose 26.9%. CKH HOLDINGS(00001) rose 4.13%, with a trading turnover 1.0 Billion HKD, and a year-to-date rose 28.4%. SERES(09927) fell 6.97%, with a trading turnover 93.0 Million HKD, and a year-to-date fell 34.5%. OMNIVISION(00501) fell 5.48%, with a trading turnover 31.6 Million HKD, and a year-to-date fell 19.4%.

- The Hang Seng Index decreased by 0.76%, with an annual increase of 1%.  
- The Hang Seng Technology Index dropped 0.94%, reflecting a yearly decline of 10.6%.  
- Notable movers include Huajin Technology rising 7.76% and CK Hutchison increasing by 4.13%, while Seres and OmniVision saw declines of 6.97% and 5.48%, respectively.

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CKH HOLDINGS

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Top 5 HK Stock Gainers/Losers (>100B) (5.5)

M Stanley has downgraded CTG DUTY-FREE's target price from HKD89 to HKD77, maintaining an Equalweight rating. The firm reduced its EPS forecasts for 2026-2027 by 6-7% and revenue forecasts by 13% due to slower-than-expected Hainan duty-free sales. Full-year growth expectations have been lowered from 25-30% to 20-30%. The company is also adjusting its duty-free shops at Shanghai and Beijing airports, with completion expected between Q2 and Q3 2026, and is integrating online platforms, which may pose sales risks during the transition.

M Stanley Cuts CTG DUTY-FREE  TP to HKD77, Hainan Duty-Free Sales Growth Slower Than Expected

G Sachs has lowered the target price for CTG DUTY-FREEfrom HKD67 to HKD64 following a 1Q26 net profit of RMB2.35 billion, a 21% YoY increase but below historical seasonal levels. EBIT rose 9% YoY to RMB2.7 billion, with margin expansion driven by reduced SG&A expenses and improved gross margin. EPS forecasts for 2026-2028 were cut by 5-6% due to declining airport duty-free sales and a share placement to LVMH. The rating remains Neutral.

Goldman Sachs

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G Sachs Cuts CTG DUTY-FREE  TP to HKD64; 1Q26 Results Slightly Miss

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UBS has cut the target price for CTG DUTY-FREEfrom HKD90.73 to HKD81.51 following a report indicating a 1% YoY revenue growth in 1Q26, which was below expectations. However, net profit rose 21% YoY to RMB2.35 billion, aligning with forecasts. The modest revenue growth was attributed to a significant decline in airport and online duty-free sales, while Hainan sales grew by approximately 25% YoY. UBS maintained a Buy rating, anticipating over 20% growth in Hainan duty-free sales for 2026 and 2027, despite slightly lowering EPS forecasts for the next two years.

China Tourism Group Duty Free Corporation Limited

UBS Cuts CTG DUTY-FREE  TP to HKD81.51, 1Q Net Profit In Line

Tonight $CTG DUTY-FREE(601888.SH) released its Q1 2026 results. With the annual report just out, the thesis is largely unchanged, so Dolphin Research will keep it brief.1) Revenue growth underwhelmed. Total revenue was approx. RMB 16.9bn (+~1% YoY), with a slight QoQ deceleration.In the first CNY peak season after Hainan's customs closure, CTG Duty Free's sales growth was lackluster. By contrast, the offshore duty-free sector overall delivered much stronger sales...

First CNY After Reopening: Did CTG Duty Free Pass?

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0429 | Dolphin Research Focus: 🐬 Macro/Industry 1) The Fed will hold its policy meeting in Washington this week, with the decision due Wed 2:00pm ET (Thu 2:00am Beijing). Markets will focus on the rate decision, policy stance and forward guidance on the easing path.With growth and inflation still resilient, consensus expects rates to be kept on hold this time. 🐬 Single Stocks 1) $NIO-SW(09866.HK) $NIO Inc(NIO.US) Under Nio’s ONVO brand, the smart dual-cockpit, large five-seat flagship SUV ONVO L80 has been introduced. Pre-sales have started.

Fed decision due tonight; NIO's ONVO L80 pre-sale in focus | Daily News Recap

CTG DUTY-FREE International signed a strategic cooperation agreement with representatives from the Hong Kong Chamber of Commerce in Hainan, aimed at promoting the expansion of Hong Kong brands in the mainland market and upgrading cross-border consumption. The delegation participated in the 6th China International Consumer Products Expo, conducted on-site inspections of CTG DUTY-FREE's flagship projects in Hainan, and engaged in discussions with the management of CTG DUTY-FREE International regarding tourism retail and other fields. Both parties will leverage the resource advantages of CTG DUTY-FREE Group, focus on Hainan's duty-free policies, and promote cooperation and market expansion. Hainan Province Governor Liu Xiaoming had in-depth discussions with the delegation on matters such as investment attraction and policy advantages

AASTOCKS

Representatives of the China Duty-Free International Organization's Hong Kong Chamber of Commerce visit Hainan for inspection and sign a strategic cooperation agreement

The Shanghai Municipal Commission of Commerce has released the "Shanghai 2026 Consumption Expansion Action Plan," aiming to develop the duty-free and tax refund economy, promote "buy now, refund now" services, increase the number of intelligent tax refund terminals for departing travelers, and expand the scope of online service platform trials. It supports high-quality domestic brands entering duty-free sales channels, advances the construction of inbound duty-free shops at the Shanghai Port International Passenger Terminal, focuses on key commercial districts, enhances foreign card acceptance services, optimizes the functionality of the "EasyGo for Arrivals" platform, and strengthens policy promotion

Wallstreetcn

Shanghai: Supports High-Quality Domestic Brands Entering Duty-Free Sales Channels, Promotes Construction of Inbound Duty-Free Shops at Shanghai Port International Passenger Terminal

Financial Analysis

Today’s Key News Recap

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Qualcomm

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NIO Inc. USD OV

NIO Inc

Spotify

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Geely Auto HK SDR 2to1

GEELY AUTOMOBILE HOLDINGS LIMITED SPON ADS EACH REP 20 ORD

Microsoft

Sanhua

BYD HK SDR 10to1

On the evening of Mar 30, $CHINA TOURISM GROUP DUTY FREE(601888.SH) released its FY2025 annual report. Since a preliminary earnings flash was already published, there is no expectation gap (Bloomberg consensus was simply not updated in time). Dolphin Research therefore reads the results from two angles: ① the latest trend signals emerging from quarterly performance; ② granular data points disclosed only in semi-annual/annual reports. Details below: 1) On the top line, CTG Duty Free delivered total revenue slightly above RMB 13.8bn, up 3% YoY — the first positive growth since 2024. Policy stimulus and progress toward Hainan's customs seal-off are clearly driving an improving trajectory...

Hainan's Free Trade Port Takes Shape — Can China Duty Free Ride the Tailwind?

0224 | Dolphin Research Focus: 🐬 Macro/Industry. Trump signaled a preference for a diplomatic deal over military action on the Iran issue. Geopolitical tensions cooled quickly, and the Geneva talks on Feb 26 remain on schedule.Gold's safe-haven premium is fading. Middle East risks still imply potential conflict. U.S. monetary policy remains the core driver of gold.AI: Leading player Anthropic will host an online livestream. Scheduled at 9:30 a.m. ET on Tue (10:30 p.m. Beijing time)...

Warner Bros. Discovery

Paramount Skydance Corporation - CL B

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Xiaomi HK SDR 2to1

Xiaomi Corporation

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Netflix

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CTG Duty Free hits limit-down on a negative surprise; Lei Jun sets '15-5' hardcore chip push | Daily News Recap---

0120 | Dolphin Research Focus: 🐬 Macro/Industries 1) On Jan 20, the State Council Information Office held a press briefing on implementing the Central Economic Work Conference. The goal is to ensure a solid start to the 15th Five‑Year Plan (2026–2030).The NDRC will draft the 2026–2030 implementation plan to expand domestic demand, working on both supply and demand. Measures include consumer goods trade‑in programs backed by RMB 62.5bn ultra‑long special Gov. bonds, a national M&amp;A fund, and efforts to curb cut‑throat 'involution' competition, aiming to build a domestic‑demand‑led growth model.2) Today, the Ministry of Finance issued five policy documents (...). The release was consolidated.

Allianzim US Large Cap Buffer10 Mar ETF

POP MART HK SDR 20to1

AppLovin

Discover Financial

Policy blitz to spur consumption, boost domestic demand; APP hit by another short attack | Daily News Recap

1230 | Dolphin Research Focus: 🐬 Macro/Sector. HK and A-share robotics stocks rallied in tandem today.The move was likely driven by two market rumors. First, the Trump administration is said to plan an executive order (EO) on robotics in 2026, which could unlock policy tailwinds.Second, supply-chain firms have recently made intensive visits to North America, and the market expects Tesla's Optimus humanoid robot program to award contracts soon. Institutions forecast phased deliveries starting in Q1 2026, covering annual capacity of 80–100k units, and related component suppliers have begun to ramp up...

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Baidu HK SDR 10to1

Baidu

Meta Platforms

Lululemon

BIDU ADR US

Robotics rally, BIDU surges, POP MART 'stalls' again｜Daily News Recap

1219 Dolphin Research Focus: 🐬 Macro/Industry.BOJ raised its policy rate by 25bps to 0.75%, in line with market expectations, marking a 30-year high and the second hike within 11 months since Jan 2025, as core inflation has stayed above the 2% target for 44 straight months and a weaker yen is fueling imported price pressures.Twenty-four leading AI firms, including Microsoft, Google, Nvidia and OpenAI, ...

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Destiny Tech100

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MSFT, GOOGL and other giants rally behind US 'Project Genesis'; TikTok US plan finalized | Daily News Recap

1105 ｜Dolphin Research Key Focus: 🐬 Macro/Industry 1. China has made adjustments to its tariff policy on the United States, announcing the suspension of the previously imposed 24% tariff rate on certain imported goods originating from the United States, while retaining the 10% additional tariff rate. The policy adjustment focuses on balancing trade costs and domestic demand, specifically covering a range of goods including machinery and electronic components. In the short term, the policy will alleviate market concerns about the 'escalation of the tariff war,' while in the long term, further adjustments to tariffs will need to be assessed based on the progress of Sino-US economic and trade negotiations...

Tesla

Unity Software

Taiwan Semiconductor

Samsung Electronics 

Robinhood

Uber Tech

Duolingo

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Elon Musk reveals new information about Tesla AI5; CDF plans its first interim dividend | Today's Important News Recap

A few days ago, China Duty Free Group (CDFG) released its Q3 2025 financial report. Due to previous conflicts with other financial report release times, Dolphin Research is providing a brief commentary today: 1. After a year and a half of continuous decline, revenue growth has finally stabilized: In Q3 2025, the company's total revenue was approximately 11.7 billion yuan, roughly flat year-on-year (partly due to the increasingly lower year-on-year base). This finally marks a stabilization. Consistent with Dolphin Research's previous view, after six consecutive quarters of negative revenue growth, the worst period is likely over. The overall performance of the offshore duty-free market is similar to that of the company, with the total offshore duty-free sales in this quarter declining by 2.6% year-on-year, with the decline continuing to narrow...

Outfront Media

Has China Duty Free finally "bottomed out"?

1030 ｜Dolphin Research Focus: 🐬 Macro/Industry 1. On October 29th, Eastern Time, the Federal Reserve announced its second rate cut of the year by 25 basis points, lowering the interest rate range to 3.75%-4%, and scheduled to end the balance sheet reduction on December 1st. However, the decision saw rare dissent, with one vote advocating for a 50 basis point cut and one vote opposing the rate cut. Powell stated that a rate cut in December is 'far from certain.' U.S. stocks rose first and then fell, with increased uncertainty in December's policy, coupled with high valuations in U.S. stocks, sector rotation may intensify. It is necessary to closely monitor subsequent employment and inflation data...

SSE Index

Apple

HKEX

BOE VARITRONIX

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Hong Kong Exchanges and Clearing (HKEX)

The US-China meeting ends with market volatility; Google and Meta experience 'two different worlds' after hours | Today's Important News Recap

HUCTGDF@EC2702A(28797.HK)

Top 5 HK Stock Gainers/Losers (>100B) (5.6)

BofAS Cuts CHINA DUTY FREE TP to RMB85, Rates Neutral

Top 5 HK Stock Gainers/Losers (>100B) (5.5)

M Stanley Cuts CTG DUTY-FREE TP to HKD77, Hainan Duty-Free Sales Growth Slower Than Expected

G Sachs Cuts CTG DUTY-FREE TP to HKD64; 1Q26 Results Slightly Miss