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China's dominant duty-free retailer, operating Hainan and airport duty-free shops selling luxury goods, cosmetics and liquor.
China's dominant duty-free retailer, operating Hainan and airport duty-free shops selling luxury goods, cosmetics and liquor.
Buys luxury goods, cosmetics and liquor directly from brands and resells them tax-free to travellers at airports and Hainan shops, so profit depends on traffic, spend per shopper and the purchasing terms it negotiates. Hainan has been its growth driver since 2020. China Tourism Group, a central-government-owned parent, controls it.
In one line: China's DFS Group (LVMH's duty-free arm).
Moat: wide (regulatory licence, scale, distribution). Near-exclusive state licence for Hainan/airport duty-free retail is a strong regulatory moat.
Headquarters: Haikou, China · Founded: 1984 · Employees: 14,485
Size China Tourism Group Duty Free (601888.SS) is a China Consumer Staples company (Discount Stores) with a market value of $15.9B, the 145th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥54.22 on 6 Nov 2026.
Performance Over six months the shares fell 17.4%, against +7.7% for the median peer and -16.4% for the China market (cap-weighted) — lowest of 10 in its peer set.
Growth Revenue fell 1.2% over the last twelve months (peer median +3.6%); the operating margin is 9.8% (peer median 7.6%).
Valuation It trades at 24.7× forward earnings against a peer median of 15.2× (2nd most expensive of 10).
Price implies For today's price to make sense, revenue must grow about 9% a year for seven years (Req g). Recent delivered growth is 0%, so the hurdle is +8 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 0.4 points above its cost of capital (8.2% WACC).
Next results Next results expected around 1 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥52.7B | CN¥53.7B | CN¥56.5B | CN¥67.5B | CN¥53.2B |
| Revenue growth | — | -5% | -16% | +27% | — |
| Gross profit | CN¥17.8B | CN¥16.3B | CN¥16.7B | CN¥20.1B | CN¥12.9B |
| EBITDA | n/a | CN¥6.12B | CN¥6.55B | CN¥8.83B | CN¥8.81B |
| Net income | CN¥4.20B | CN¥3.59B | CN¥4.27B | CN¥6.71B | CN¥5.03B |
| Free cash flow | CN¥3.55B | CN¥4.80B | CN¥6.85B | CN¥13.3B | -CN¥6.29B |
| Capital expenditure | CN¥1.22B | CN¥1.27B | CN¥1.12B | CN¥1.80B | CN¥3.00B |
| Total debt | CN¥10.5B | CN¥5.07B | CN¥5.19B | CN¥5.42B | CN¥6.87B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| China Tourism Group Duty Free 601888.SS | $15.9B | -17% | -1% | 10% | 24.7× | 8.6% |
| LVMH Moet Hennessy Louis Vuitton MC.PA | $226B | -11% | -4% | 22% | 18.6× | 10.2% |
| Avolta AVOL.SW | $8.03B | +8% | -1% | 7% | 13.8× | -1.6% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 601888.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +7.0% | +8.0% | 4th lowest of 10 |
| 6-month return | -17.4% | +7.7% | lowest of 10 |
| Distance from 52-week high | -45.7% | -14.2% | lowest of 10 |
| Revenue growth (TTM) | -1.2% | +3.6% | 3rd lowest of 10 |
| Operating margin | 9.8% | 7.6% | 4th highest of 10 |
| Forward P/E | 24.7× | 15.2× | 2nd most expensive of 10 |
| Growth the price implies (Req g, 7 yrs) | 8.6% | 0.1% | 2nd most demanding of 10 |
| Growth delivered (Del g) | +0.4% | +5.5% | 2nd lowest of 10 |
| Hurdle (Req g minus delivered) | +8.2 pp | -4.4 pp | 2nd most demanding of 10 |
| ROIC minus cost of capital | +0.4 pp | +2.5 pp | 2nd lowest of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| China Tourism Group Duty Free 601888.SS | China | $15.9B | -17% | -1% | 10% | 24.7× | 8.6% | +0.4% |
| Five Below FIVE | United States | $13.2B | +8% | +26% | 15% | 23.7× | 8.1% | +19.4% |
| Dollar Tree DLTR | United States | $24.6B | +39% | -8% | 11% | 19.1× | 0.1% | -5.3% |
| Dollar General DG | United States | $29.5B | +18% | +5% | 6% | 16.6× | 0.9% | +4.8% |
| Avolta AVOL.SW | Switzerland | $8.03B | +8% | -1% | 7% | 13.8× | -1.6% | +40.3% |
| B&M European Value Retail BME.L | United Kingdom | $3.79B | +71% | +4% | 8% | 12.9× | -0.6% | +3.8% |
| Lagardere MMB.PA | France | $2.92B | +4% | +4% | 7% | 8.7× | -5.5% | +16.0% |
| Carmila CARM.PA | France | $2.40B | -7% | -1% | 60% | 8.2× | 4.3% | +5.5% |
| Europris EPR.OL | Norway | $1.44B | -9% | +3% | 9% | 15.2× | -4.3% | +13.2% |
| Can Do 2698.T | Japan | $307M | -4% | +4% | 1% | 69.5× | 12.4% | +3.6% |