China Duty Free Group (CDFG) released its 2024 performance report, showing a 16.36% YoY decline in revenue to 56.49 billion RMB ($8.16 billion) and a 36.5% drop in net profit attributable to the parent company, totaling 4.26 billion RMB ($617.3 million). During the period, the group’s membership surpassed 38 million, with a 1 percentage point increase in the member repurchase rate. The company attributed the revenue and profit decline to market conditions and industry cycles. However, the company reported a nearly 2 percentage point increase in market share in Hainan’s offshore duty-free market, a 115% year-on-year revenue growth at Beijing airport duty-free stores, and a 32% revenue increase at Shanghai airport duty-free stores.