Other Specialty Retail

CTG DUTY-FREE

Today’s Key News Recap

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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...

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

Financial Analysis

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...

Has China Duty Free finally "bottomed out"?

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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...

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

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1017 | Dolphin Research Focus: 🐬 Macro/Industry 1. Shares of two U.S. regional banks plummeted due to loan fraud and bad debt issues, with the regional bank index posting its worst performance since April. Risk aversion sentiment pushed up U.S. Treasury and gold prices. The event highlights potential risks in the credit market, and concerns about 'more risk points' will suppress sentiment in financial stocks, while reinforcing expectations for the Federal Reserve to maintain an accommodative stance. 🐬 Individual Stocks 1. $Micron Tech(MU.US) Micron Technology's U.S. stock fell in after-hours trading. According to reports, Micron will stop selling server chips to Chinese data centers...

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Micron to Stop Selling Server Chips to Chinese Data Centers; Meta Plans to Raise $30 Billion to Build Data Centers | Today's Important News Recap

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0826 | Dolphin Research Key Focus: 🐬 Macro/Industry 1. According to foreign media reports, Trump signed an executive order to remove Federal Reserve Governor Lisa Cook from her position on the grounds of &#34;alleged mortgage fraud,&#34; effective immediately. This unprecedented move marks a significant escalation in his offensive against the Federal Reserve. Following the announcement, the dollar fell sharply, gold surged, and the U.S. Treasury yield curve steepened, reflecting concerns over the Fed's independence and long-term inflation expectations. 2. The National Press and Publication Administration officially announced the game license approval results for August 2025, with a total of 166 domestic online games and 7 imported online games approved...

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Guangzhou's first downtown duty-free shop opens, China Duty Free surges intraday; GoerTek hits limit-up | Today's Important News Recap

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0724 | Dolphin Research Key Focus: 🐬 Macro/Industry 1. Trump announced at the Washington AI Summit on Wednesday that the lower limit of the 'reciprocal tariff' on August 1st will be raised from the original 10% to 15%, and may be increased up to 50% depending on bilateral relations. The new 15% floor means that the cost of exporting to the United States for most countries worldwide will increase by 5 percentage points at once. If implemented, it will directly raise the U.S. core PCE by about 0.3 percentage points, delaying the Federal Reserve's rate cut schedule. 2. Trump announced the 'American AI Action Plan'...

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Countdown to Hainan's closure, China Duty Free surges 15%; Tesla's stock price falls post-earnings

On the evening of April 29, $CTG DUTY-FREE(601888.SH) $CTG DUTY-FREE(01880.HK) officially released its Q1 2025 financial report. Since Dolphin Research had just provided a detailed analysis of the annual performance not long ago, and the information disclosed in the A-share quarterly report is quite limited, this time we will only provide a brief quick review: 1. Has the worst time passed? The decline in revenue is narrowing: In Q1 2025, the company's total revenue was 16.75 billion yuan, with the year-on-year decline narrowing significantly to 11%. Although the downward trend in revenue has not yet been completely reversed, compared to the previous three quarters with revenue declines of around 20%...

Has the worst time passed? Can China Tourism Group Duty Free Corporation turn bitter into sweet?

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0428 | Dolphin Research focus: 🐬 Macro/Industry 1. At 10:00 am today, the State Council Information Office held a press conference covering topics such as consumer goods trade-in programs, reducing costs for foreign trade enterprises, and capital market stability. It emphasized &#34;the need to stabilize employment, businesses, markets, and expectations,&#34; and reiterated the possibility of &#34;timely RRR and interest rate cuts&#34; in monetary policy, highlighting &#34;extraordinary counter-cyclical adjustments&#34; to boost market confidence. 🐬 Stocks 1. $POP MART(09992.HK) surged over 10% today...

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The frenzy of LABUBU drives up Pop Mart; State Council press conference releases positive signals｜Today's key news recap

0409 | Dolphin Research focuses on: 🐬 Macro/Industry 1. The 10% &#34;minimum baseline tariff&#34; took effect last Saturday. The different and higher &#34;reciprocal tariffs&#34; imposed on countries and regions with the largest trade deficits with the United States took effect today at 12:01 PM Beijing time. The White House team has shifted from a hardline stance to signaling negotiations, and after a continuous decline in the US stock market, there was a slight rebound in the night session today, but the extent is not large. We will continue to monitor the performance of the US stock market tonight. 2. The Central Peripheral Work Conference was held in Beijing from April 8 to 9...

Withstanding the impact, A-shares surged independently; China Duty Free Group took up the banner of rebound | Review of today's important news

On the evening of March 28, $CTG DUTY-FREE(601888.SH) announced its 2024 annual report: achieving revenue of 56.5 billion, a year-on-year decline of 16%, and a net profit attributable to shareholders of 4.27 billion, a year-on-year decline of 36%. The financial guidance continues to show a shrinking trend. Since the basic performance situation was already disclosed in the previous performance announcement, Dolphin Research interprets it from two angles: ① The latest changes reflected in the quarterly performance; ② The signals revealed by the detailed data disclosed only in the semi-annual/annual report, with detailed information as follows: 1. Revenue level...

China Duty Free Group: Falling without a foreseeable bottom, can it start over again?

Jefferies Maintains Hold Rating on CDFC, Macquarie Maintains Buy Rating

Jefferies Raises Target Price and Adjusts Earnings Forecast for China Tourism Retail

UOB Kay Hian Upgrades China Tourism Retail's A-Share Rating to Buy

Company Announces Mid-Year Dividend After Publishing Q3 2025 Financial Report

Five Departments Issue Policies to Support Duty-Free Stores and Promote Consumption

China Tourism Retail Q3 Net Profit Down 28.94% to 452 Million Yuan

CTG DUTY-FREE released FY2025 9 Months Earnings on October 30 During-Market (BJT), actual revenue HKD 43.22 B, actual EPS HKD 1.5922

CTG DUTY-FREE released FY2025 Q3 earnings on October 30 During-Market (BJT), actual revenue HKD 12.8 B (forecast HKD 13.64 B), actual EPS HKD 0.2389

Establishment of China Duty Free Baiyun Airport Duty Free Products (Guangzhou) Co., Ltd.

CTG DUTY-FREE to Release FY2025 Q3 Earnings on October 30 During-Market (BJT), Forecast Revenue HKD 13.65 B

Hainan's Duty-Free Shopping Policy Adjustment Benefits the Duty-Free Market Development

China Duty Free Group and Anta Group Collaborate to Open Taxable Retail Stores in Cambodia

HSBC Raises Target Price for China Tourism Retail but Maintains Hold Rating

CDF Group Boosts Sales with Rich Events and First-Store Introductions

China Tourism Group Duty Free Reports Lower Net Profit in H1, Accelerates Business Diversification

Pearl River Airport and China Duty Free Establish Joint Venture for Airport Duty Free Products

China Duty Free Announces Multiple Market Expansion and Business Development Plans

UBS cuts China Tourism Retail's EPS forecasts and raises target price

China Duty Free In-City Products Co., Ltd. Established

China Tourism Group Duty Free Audit Head Emphasizes the Role of Auditing in Corporate Governance and Risk Control