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Net profit for H1 25 sank 20.81% to RMB259,975.29million ($361.07million), and as of 16:01 CST, July 28, CTG Duty Free stocks were down 5.55%.
China Duty Free Group (CDFG) has reported a -9.96% year-on-year decrease in operating income to RMB28,150.75 million (US$3.9 billion) for H1 2025, while operating profit saw a major 18.20% slide to RMB370,798.85 ($514.72 million).
In its fiscal report, CDFG noted: ” In the first half of 2025, the company continued to face performance pressure but accelerated its strategic transformation efforts. While focusing on its core duty -free business, the company actively expanded the “duty free+” ecosystem. It stimulated consumption with exclusive, first-to-market, and co-branded customized products, while advancing the innovation of its proprietary “China CDF Health” brand.
During the reporting period: Hainan offshore duty-free sales stabilized, reinforcing the company’s competitive position in the Hainan market; market share increased by nearly 1 percentage point year-over-year; and operational efficiency improved, with inventory turnover up 10% YoY.
Looking ahead, the company will further strengthen strategic guidance and transformation by adjusting its business layout, deepening reform and innovation, and striving to achieve high-quality development.”
In separate but related news, several regional financial services platforms such as Zhitong Finance and Wanlian Securities have made note of the potential benefits of the Hainan free trade port opening, which is scheduled to launch on December 18, 2025.
First floated in June 2020 under the overall Plan for the Construction of Hainan Free Trade Port,
These sources estimate the launch will bring the number of duty free commodities from 1,900 to 6,600, which has the potential to imbibe large numbers of domestic and international visitors, but could also significantly expand the scope of ‘zero-tariff commodities’, weakening the appeal of duty free goods as market competition heats up.
The International Trade Administration, an agency within the US Department of Commerce, noted in March 2025: “The FTP must further streamline customs procedures to facilitate seamless duty-free imports and exports, while also enhancing its regulatory framework to mitigate financial risk and prevent money laundering.
Moreover, the full implementation of the Hainan FTP and transition of the island from an underdeveloped Chinese economy to becoming an attractive FTP location and boasting strong international influence will require a considerable period of time to achieve, assuming the province is able to accomplish its ambitious goals.”
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