According to the Guosheng Securities Research Report, China's free 26H1 is in line with the rapid performance report, and profits continue to improve. 2026H1 net profit to mother was 3.106 billion yuan/YoY +19.49%, of which 26Q2 net profit to mother was 758 million yuan/YoY +14.54%. The company completed the acquisition of DFS's retail business in Greater China, and promoted the integration of various dimensions such as the procurement supply chain, membership system, information system, and organizational talent in an orderly manner, and all stores operated smoothly and in an orderly manner. Goodwill increased by approximately $785 million in response to the acquisition. After merging in March, DFS achieved good integration results and economic benefits. With the new duty-free policy for the outlying islands, the island-wide customs clearance dividends continue to be realized, and superimposed airport transfers are gradually completed, and revenue is expected to gradually rise. The profit side benefits from continuous improvements such as improved gross margin of the main business, and DFS consolidation. The company is expected to have revenue of 542.80/641.12/70.347 billion yuan from 2026 to 2028, and net profit to mother of 48.24/58.94/6.539 billion yuan, corresponding to the 26-28 PE 22.5/18.4/16.6 times, maintaining a “buy” rating.

According to the Guosheng Securities Research Report, China's free 26H1 is in line with the rapid performance report, and profits continue to improve. 2026H1 net profit to mother was 3.106 billion yuan/YoY +19.49%, of which 26Q2 net profit to mother was 758 million yuan/YoY +14.54%. The company completed the acquisition of DFS's retail business in Greater China, and promoted the integration of various dimensions such as the procurement supply chain, membership system, information system, and organizational talent in an orderly manner, and all stores operated smoothly and in an orderly manner. Goodwill increased by approximately $785 million in response to the acquisition. After merging in March, DFS achieved good integration results and economic benefits. With the new duty-free policy for the outlying islands, the island-wide customs clearance dividends continue to be realized, and superimposed airport transfers are gradually completed, and revenue is expected to gradually rise. The profit side benefits from continuous improvements such as improved gross margin of the main business, and DFS consolidation. The company is expected to have revenue of 542.80/641.12/70.347 billion yuan from 2026 to 2028, and net profit to mother of 48.24/58.94/6.539 billion yuan, corresponding to the 26-28 PE 22.5/18.4/16.6 times, maintaining a “buy” rating.