China Duty Free Group posted H1 2025 revenue of 28.15 billion RMB ($3.91 billion), down 10% YoY, with net profit falling 21% to 2.6 billion RMB ($361 million). The decline was driven by weaker Hainan offshore duty-free sales, which dropped 9.2% to 16.76 billion RMB ($2.33 billion) as shopper numbers fell 26%, though per capita spending rose 23% to 6,754 RMB ($938). The company secured duty-free contracts at Guangzhou Baiyun Airport T3 and several border ports, entered Vietnam with new stores in Hanoi and Phu Quoc.