Changes in Hong Kong stocks | China Financial Services (01880) fell more than 3%, Hainan duty-free sales continued to weaken, and net profit fell nearly 25% year-on-year in the first three quarters

The Zhitong Finance App learned that China's free trial (01880) fell by more than 3%. As of press release, it fell 3.64% to HK$49, with a turnover of HK$136 million.

According to the news, China Insurance recently released a quick report on the results for the first three quarters of 2024. The group obtained total operating revenue of RMB 43,021 billion (same unit), a year-on-year decrease of 15.38%; net profit attributable to shareholders of listed companies was 3.92 billion yuan, a decrease of 24.7% year-on-year. The gross margin of the company's main business in the first three quarters was 32.57%, up 1.09 percentage points from the previous year.

Goldman Sachs believes that the above performance was dragged down by the continued weakening of duty-free sales in Hainan and the slow recovery in average customer spending from July to August. It is expected that the gradual recovery of China's outbound air travel volume next year will bring some traffic to China Free's airport duty-free shops, but the online sales of its daily duty free stores are still affected by fierce competitive pressure from other e-commerce platforms. It is predicted that the revenue contribution of the airport and online business will drop 10% quarterly to 6.4 billion yuan in the third quarter of this year.