Zhitong Finance APP learnedrubyslots, China's China Free Trade Zone (01880) fell more than 4%, as of press time, fell 4%.rubyslots.21%, reported at HK$72.8, with a turnover of HK$98.513 million.
On the news front, Soochow Securities recently pointed out that China's China Free Q1 achieved operating income of 18.807 billion yuan, a year-on-year-9.45%; the net profit attributable to the parent was 2.306 billion yuan, a year-on-year +0.25%. The increase in the proportion of duty-free sales and the optimization of commodity structure have driven the gross profit margin to continue to increase, and the reduction in airport rents has improved the sales expense ratio month-on-month. Tax-free sales in Q1 outlying islands were 12.8 billion yuan, a year-on-year of-25%, and Hainan's tax-free sales were under pressure. In the future, the implementation of the city's duty-free shop policy and the gradual resumption of outbound tourism are expected to drive the expansion of the industry's scale and accelerate again.
Cinda Securities believes that the recent pressure on duty-free sales in Hainan is mainly affected by the recovery of outbound tourism and weak consumption power. In terms of passenger flow, Hainan has entered the off-season for tourism since March, and passenger flow at the two major airports has dropped month-on-month. From April 19 to 25, the passenger throughput of Haikou Meilan/Sanya Phoenix Airport was 50.01/350,100 passengers respectively, which was-3.51%/-4.10% respectively; at the same time, the resumption of outbound tourism in Southeast Asia, Japan and South Korea has diverted high-end customers.