值得一提的是，Q3单季度营业收入实现117.56亿元，同比减少21.52%；归母净利润6.36亿元，去年同期为13.4亿元，同比下降约52.5%。1. China Tourism Group Duty Free Corporation's Q3 quarterly net profit attributable to shareholders decreased by more than 50% year-on-year, with insufficient consumer willingness to spend being the main reason for the decline. 2. Industry insiders believe that various duty-free consumption indicators may continue to slowly decline in the short term.
Financial Union News October 30th (Reporter Hu Haoqiong) Hainan offshore duty-free is under pressure, China Tourism Group Duty Free Corporation (601888.SH) Q3 quarterly net profit attributable to shareholders plummeted by 50%. Analysts told Financial Union News reporters that the further decline in China Tourism Group Duty Free Corporation's performance is mainly due to the decrease in duty-free consumption demand, and it is expected that consumer demand will remain relatively low in the short term.
According to the announcement, in the first three quarters of this year, China Tourism Group Duty Free Corporation achieved operating revenue of 43.021 billion yuan, a year-on-year decrease of 15.38%; net profit attributable to the shareholders of the listed company was 3.919 billion yuan, a year-on-year decrease of 24.72%.
It is worth mentioning that in Q3, quarterly operating revenue was 11.756 billion yuan, a year-on-year decrease of 21.52%; net profit attributable to shareholders was 0.636 billion yuan, compared to 1.34 billion yuan in the same period last year, a year-on-year decrease of approximately 52.5%.
China Tourism Group Duty Free Corporation stated in the announcement that the decline in Q3 net profit attributable to shareholders was mainly due to insufficient consumer willingness to spend and the impact of factors such as typhoons in September, leading to a decrease in company sales revenue.
The diversion brought by outbound tourism is just one of the factors. Zhou Mingqi, founder of Jingjian Think Tank, told Financial Union News reporters that the sales data of duty-free shopping in Hainan offshore this year, including the amount of duty-free shopping, actual number of people, and number of duty-free shopping items, have been declining, mainly due to a decrease in market demand for duty-free goods.
According to the latest statistics from Haikou Customs, the cumulative amount of duty-free shopping from January to September this year was 24.0599 billion yuan, a decrease of 31.3% year-on-year; the actual number of duty-free shopping visitors was 4.466 million, a decrease of 14.9% year-on-year; and the number of duty-free shopping items was 26.017 million, a decrease of 37.3% year-on-year. In September, the amount of duty-free shopping decreased by 38.4% year-on-year, the actual number of duty-free shopping visitors decreased by 40%, and the number of duty-free shopping items decreased by 52%.
In addition, the reporters also noted that in the interim report released by China Tourism Group Duty Free Corporation, among its non-equity investment projects, the commercial part of Project 2 of Sanya International Duty Free City Phase I has been operating since December 28, 2023, with the company making an additional investment of 1.07 billion yuan in this project in February this year. However, the new project has not reversed the downward trend in China Tourism Group Duty Free Corporation's performance.
Regarding this, Zhou Mingqi expressed that this is mainly because, based on the restricted consumer demand, coupled with the fact that China Tourism Group Duty Free Corporation's project position was too biased, the increased costs from opening new stores did not result in a corresponding increase in revenue, leading to further pressure on overall net income.
"From the overall trend perspective, I believe that the aforementioned various tax-free consumption indicators may show a slow and sustained decline in the short term." Zhou Mingqi further stated.
