Core Viewpoint - China Duty Free Group has won multiple bids for duty-free projects at major airports, enhancing its market position and expected to positively impact future business performance [2][3][4]. Group 1: Bid Announcements - China Duty Free Group's subsidiary has been awarded the bid for the duty-free project at Beijing Capital International Airport, with a minimum operating fee of 480 million yuan in the first year and a sales commission of 5% [2]. - The company also secured contracts for duty-free stores at Shanghai Pudong International Airport and Shanghai Hongqiao International Airport, with a joint investment of 102 million yuan, where China Duty Free Group holds a 51% stake [3]. Group 2: Business Impact - The successful implementation of these projects is expected to enhance the company's channel advantages at key domestic airports, catering to diverse shopping needs of inbound and outbound travelers, and promoting high-quality development of airport duty-free business [2][4]. - In the first three quarters of the year, China Duty Free Group reported revenues of 39.86 billion yuan and a net profit of 4.42 billion yuan, reflecting year-on-year declines of 7.34% and 18.89% respectively [4]. Group 3: Membership and Policy Updates - The company has over 45 million members, with increasing activity, consumption share, and repurchase rates, including an online repurchase rate exceeding 35% [4]. - China Duty Free Group emphasizes the continuous optimization of duty-free policies, citing the recent adjustments to the Hainan offshore duty-free policy as an example of ongoing improvements to adapt to market demands [4][5].

Group 1 - Company won the bid for the duty-free project at Beijing Capital International Airport, with a minimum operating fee of 480 million yuan in the first year and a sales commission rate of 5% [1] - The contract duration for the Beijing project is set until February 10, 2034, not exceeding 8 years [1] - The project is expected to enhance the company's channel advantages at key domestic airports, catering to diverse shopping needs of inbound and outbound travelers, thus promoting high-quality development of airport duty-free business [1] Group 2 - Company also secured bids for duty-free stores at Shanghai Pudong International Airport and Shanghai Hongqiao International Airport, establishing a joint venture with Shanghai Airport [2] - The joint venture involves an investment of 102 million yuan, with the company holding a 51% stake [2] - This partnership is anticipated to further enhance the company's channel advantages and improve the shopping experience for travelers, contributing positively to future business performance [2] Group 3 - In the first three quarters of the year, the company reported revenues of 39.86 billion yuan and a net profit of 4.42 billion yuan, reflecting year-on-year declines of 7.34% and 18.89% respectively [3] - The company has over 45 million members, with increasing activity, consumption share, and repurchase rates, including an online repurchase rate exceeding 35% [3] - The company is actively involved in optimizing duty-free policies, with recent adjustments aimed at better aligning with market demands and industry development [3]

【#日上彻底出局京沪机场免税店运营# ，中国中免成最大赢家】 12月26日晚间，中国中免(601888)公告称，公司收到中招国际招标有限公司发来的《中标通知书》，确 认公司全资子公司中免集团为北京首都国际机场免税项目01标段的中标人。 在此之前，中国中免已经中标上海机场两个免税店项目，而中国中免控股的日上免税行（上海）有限公 司（下称"日上"）则彻底出局。 ...

Core Viewpoint - China Duty Free Group (CDFG) has won the bidding for duty-free store projects at Beijing Capital International Airport, indicating the gradual exit of Sunrise Duty Free from the domestic airport duty-free operations [1][4]. Group 1: Bidding and Project Details - CDFG's subsidiary has been confirmed as the winning bidder for the duty-free store project at Terminal 3 of Beijing Capital International Airport, with a minimum operating fee of 480 million yuan for the first year and a sales commission rate of 5% [2]. - CDFG has also recently won bids for two duty-free store projects at Shanghai Pudong International Airport and Shanghai Hongqiao International Airport, all of which were previously operated by Sunrise [2][4]. - The operating period for the Beijing project is set from the contract start date until February 10, 2034, not exceeding eight years [2]. Group 2: Sunrise Duty Free's Exit - Sunrise Duty Free's exit from the bidding process was due to a lack of support from its major shareholder, CDFG, which holds approximately 51% of Sunrise [2][4]. - Sunrise did not participate in the bidding for the new duty-free store operations at Beijing Capital International Airport, as CDFG required that Sunrise not collaborate with foreign partners in the duty-free business [4]. Group 3: CDFG's Financial Performance - CDFG's performance has been under pressure, particularly due to declining sales from its six duty-free stores in Hainan, with a reported net profit decline of 36% year-on-year in 2024 and a further 22.13% drop in the first three quarters of the current year [5][6]. - However, recent data from Haikou Customs indicates a 3.4% year-on-year increase in monthly sales for Hainan's duty-free stores as of September 2025, marking a return to positive growth after 18 months [6]. - The recent wins for the airport duty-free projects are expected to positively impact CDFG's performance, enhancing its channel advantages in core domestic airports [6]. Group 4: Cost Structure Changes - The costs associated with operating duty-free stores at airports have decreased compared to pre-pandemic levels, with CDFG's minimum operating fee for the first year at Beijing Capital International Airport set at 480 million yuan, translating to a monthly rent of 3,757 yuan per square meter [6][7]. - In contrast, prior to the pandemic in September 2018, Sunrise was required to pay 42.5% of its sales as rent to Shanghai Airport or a minimum sales commission (approximately 6 billion yuan), whichever was higher [7].

今日焦点 中国中免 ：全资子公司中标北京首都国际机场免税项目01标段首年保底经营费4.8亿元 中国中免公告称，公司全资子公司中国免税品（集团）有限责任公司成为北京首都国际机场免税项目01 标段的中标人，中标金额首年保底经营费4.80亿元，首年销售额提成比例5%。经营期限自合同约定的 起始日起至2034年2月10日止。此项目签约后，公司于国内核心机场的渠道优势将进一步提升，有利于 满足出入境旅客多层次、多样化的购物需求，提升多元化免税购物体验，进而推动机场免税业务高质量 发展。如上述项目顺利实施，将对公司未来经营业绩发展产生积极影响。 芯原股份：第四季度AI算力相关订单占比超84% 芯原股份公告称，2025年10月1日至2025年12月25日，公司新签订单24.94亿元，较去年第四季度全期大 幅增长129.94%，较今年第三季度全期进一步增长56.54%，继2025年第二、三季度单季度新签订单屡创 历史新高后，再创历史单季度新高，将为公司未来营业收入增长提供有力的保障。截至2025年12月25 日，公司第四季度新签订单金额中绝大部分为一站式芯片定制业务订单，AI算力相关订单占比超84%， 数据处理领域订单占比近 ...

证券日报网讯12月26日，中国中免（601888）在互动平台回答投资者提问时表示，目前正值公司年终盛 典活动期间，叠加海南自贸港全岛封关启动，具体活动福利形式包括礼券、满减、积分赠送等多重礼 包。 ...

（文章来源：证券日报） 证券日报网讯 12月26日，中国中免发布公告称，2025年12月26日，公司全资子公司中国免税品（集 团）有限责任公司收到《中标通知书》，确认为北京首都国际机场免税项目01标段（T3航站楼）中标 人，首年保底经营费48027万元，首年销售额提成比例5%，经营期限至2034年2月10日。 ...

Core Viewpoint - China Tourism Group Duty Free Corporation (China Duty Free) has won the bid for the duty-free project at Beijing Capital International Airport, which is expected to enhance its market position and positively impact future business performance [1] Group 1: Project Details - The winning bid is for the 01 section of the duty-free project at Terminal 3 of Beijing Capital International Airport, with a minimum operating fee of 480 million yuan for the first year and a sales commission rate of 5% [1] - The operating period for the project is set from the contract start date until February 10, 2034, not exceeding 8 years [1] Group 2: Strategic Implications - The project is anticipated to strengthen China Duty Free's channel advantages in key domestic airports, catering to the diverse shopping needs of inbound and outbound travelers [1] - Successful implementation of the project is expected to drive high-quality development of the airport duty-free business [1] Group 3: Contractual Status - As of now, the company has not signed a formal contract, and the terms remain uncertain, with final details to be confirmed upon contract signing [1]

新京报贝壳财经讯 12月25日，中国中免公告，2025年12月26日，公司全资子公司中国免税品(集团)有限 责任公司为北京首都国际机场免税项目01标段的中标人。中标金额为首年保底经营费4.8亿元，首年销 售额提成比例5%，经营期限自合同约定的起始日起至2034年2月10日止(不超过8年)。项目签约后，公司 于国内核心机场的渠道优势将进一步提升，有利于满足出入境旅客多层次、多样化的购物需求，提升多 元化免税购物体验，进而推动机场免税业务高质量发展。 ...

智通财经APP讯，中国中免(601888.SH)发布公告，公司全资子公司中国免税品(集团)有限责任公司成为 北京首都国际机场免税项目01标段的中标人，中标金额首年保底经营费4.8亿元，首年销售额提成比例 5%。经营期限自合同约定的起始日起至2034年2月10日止。此项目签约后，公司于国内核心机场的渠道 优势将进一步提升，有利于满足出入境旅客多层次、多样化的购物需求，提升多元化免税购物体验，进 而推动机场免税业务高质量发展。如上述项目顺利实施，将对公司未来经营业绩发展产生积极影响。 ...