Core Viewpoint - The recent bidding results for the duty-free shop franchise rights at Shanghai Airport indicate a significant shift in the competitive landscape, with major players like Dufry and China Duty Free Group winning the contracts, while the incumbent operator, Sunrise Duty Free (Shanghai), lost out due to lack of support from its major shareholder [1][2][4]. Group 1: Bidding Results - The bidding for the duty-free shop franchise at Shanghai Airport for the next eight years was won by Dufry and China Duty Free Group, marking a notable change in operators [1][2]. - China Duty Free Group secured the operational rights for two segments at Shanghai Pudong International Airport and one segment at Shanghai Hongqiao International Airport, while Dufry won the rights for another segment at Pudong [2][4]. Group 2: Sunrise Duty Free's Exit - Sunrise Duty Free (Shanghai) was unable to secure a renewal of its franchise due to the lack of support from its major shareholder, China Duty Free Group, which holds approximately 51% of Sunrise [2][4]. - The board of Sunrise, influenced by China Duty Free Group, voted against participating in the bidding process [4]. Group 3: Changes in Revenue Model - The new bidding results indicate a shift in the revenue model for Shanghai Airport, moving from a high fixed rent and sales commission structure to a model based on a fixed monthly fee plus a lower commission rate [5][6]. - The fixed monthly fees for the winning bids are set at 3,141 RMB per square meter for Pudong T1 and T2, and 2,827 RMB per square meter for Hongqiao T1, with commission rates ranging from 8% to 24% [5][6]. Group 4: Market Competition Dynamics - The competitive landscape for duty-free sales is changing, with increased pressure from cross-border e-commerce platforms and new entrants in the market, leading to a decrease in profit margins for traditional duty-free operators [8][9]. - The profit margins for products sold in duty-free shops have significantly decreased, with the gross margin for perfumes and cosmetics dropping from over 50% to around 20% [8][9].

Core Viewpoint - The Shanghai Airport Group has announced the candidates for the duty-free shop projects at Pudong and Hongqiao International Airports, with the winning bidders being Dufo Ray (Shanghai) Commercial Co., Ltd. and China Duty Free Group Co., Ltd. for the first two segments of the project [1] Group 1 - The project consists of three segments, with the first two segments awarded to the same candidates [1]

Core Viewpoint - Shanghai Airport is actively working on the new agreement for duty-free projects in response to policy requirements, with a public tender for duty-free shops at key terminals announced for December 2025 [1] Group 1: Company Developments - Shanghai Airport held a third-quarter performance briefing via online interaction [1] - The company is focused on advancing the signing of new agreements related to duty-free projects [1] Group 2: Industry Actions - A public tender announcement was made for duty-free shops at Shanghai Pudong International Airport and Shanghai Hongqiao International Airport, covering multiple terminals [1] - The deadline for submitting paper bid documents is set for December 9, 2025, at 9:30 AM [1]

Core Viewpoint - Shanghai Airport is actively working on the new agreement for duty-free projects, with a public tender for duty-free shops at both Pudong and Hongqiao airports initiated on November 17, 2023, and set to close on December 9, 2025 [1] Group 1: Financial Performance - In 2022, Shanghai Airport's duty-free contract revenue was 1.212 billion yuan, a year-on-year decline of over 30%, while in Q1 2023, the revenue was 343 million yuan, down 1.15% year-on-year [2] - From 2020 to 2022, the duty-free shop rental income significantly decreased due to the pandemic, with revenues of 1.156 billion yuan, 486 million yuan, and 363 million yuan respectively [2] - In 2023, the duty-free business showed recovery with revenues reaching 1.788 billion yuan, nearly quadrupling year-on-year [2] Group 2: Competitive Landscape - The board of directors of Sunrise Duty-Free (Shanghai) held an emergency meeting regarding participation in the Shanghai Airport duty-free project tender, with a majority of directors opposing the bid [2][3] - If the chairman appointed by the major shareholder, China Duty-Free Group, refuses to sign the bid documents, Sunrise Duty-Free may be forced to withdraw from the tender, allowing China Duty-Free Group to potentially take over [2][3] - Sunrise Duty-Free has been operating at Shanghai Airport for 26 years and is concerned that this situation violates the agreement made when China Duty-Free Group acquired a 51% stake in the company in 2018 [3]

Core Viewpoint - Shanghai Airport is actively working on the new agreement for duty-free projects, with a public tender announced for duty-free shops at both Pudong and Hongqiao International Airports, amid concerns regarding the participation of Sunrise Duty Free (Shanghai) Co., Ltd. in the bidding process [1][2]. Group 1: Company Developments - Shanghai Airport held a Q3 earnings briefing on December 11, discussing the progress of the new duty-free project agreement [1]. - The public tender for duty-free shops at Shanghai Pudong International Airport and Hongqiao International Airport was announced on November 17, with a submission deadline for bids set for December 9, 2025 [1]. - If Sunrise Shanghai fails to participate in the bidding, it may face dissolution, while a new round of bidding at the Capital Airport has also begun, raising concerns about shareholder dynamics [1][2]. Group 2: Financial Performance - In the previous year, Shanghai Airport's duty-free contract revenue was 1.212 billion yuan, a decline of over 30% year-on-year, while Q1 of this year saw revenue of 343 million yuan, down 1.15% year-on-year [3]. - From 2017 to 2019, Sunrise Shanghai's rent payments to Shanghai Airport increased annually, reaching 5.210 billion yuan in 2019, which constituted 47.60% of its annual revenue [3]. - Due to the pandemic, duty-free shop rental income significantly decreased from 1.156 billion yuan in 2020 to 363 million yuan in 2022, but in 2023, the related duty-free business saw a recovery with revenue of 1.788 billion yuan, nearly quadrupling year-on-year [3].

Core Viewpoint - Shanghai Airport is actively working on the new agreement for duty-free projects in accordance with relevant policy requirements, as indicated during the third-quarter earnings presentation [1]. Group 1: Duty-Free Business Developments - Shanghai Airport announced a public tender for duty-free shops at Pudong and Hongqiao International Airports, with the deadline for submitting paper bids set for December 9, 2025 [1]. - The company reported a significant recovery in duty-free business in 2023, with revenues reaching 1.788 billion yuan, representing an almost fourfold increase year-on-year [2]. Group 2: Financial Performance - In the previous year, Shanghai Airport's duty-free contract revenue was 1.212 billion yuan, showing a decline of over 30% compared to the previous year [2]. - The first quarter of this year saw duty-free contract revenue of 343 million yuan, a slight year-on-year decline of 1.15% [2]. - From 2020 to 2022, the duty-free shop rental income significantly decreased due to the pandemic, with revenues of 1.156 billion yuan, 486 million yuan, and 363 million yuan respectively [2].

根据早前公布的招标信息，递交纸质版投标文件的最终截止时间为2025年12月9日9:30。 上海机场以网络互动形式召开第三季度业绩说明会。 对于机场免税项目新协议的签署进展，上海机场董事、副总经理李政佳回应称，公司正在根据有关政策要求抓紧开展相关工作。 上海机场在今年11月17日发布了《上海机场集团浦东、虹桥国际机场进出境免税店项目招标公告》，对上海浦东国际机场T1航站楼及S1卫星厅、T2 航站楼及S2卫星厅、上海虹桥国际机场这三个标段的出境免税店项目进行公开招标。 ...

格隆汇12月11日丨上海机场(600009)以网络互动形式召开第三季度业绩说明会。对于机场免税项目新协 议的签署进展，上海机场董事、副总经理李政佳回应称，公司正在根据有关政策要求抓紧开展相关工 作。上海机场在今年11月17日发布了《上海机场集团浦东、虹桥国际机场进出境免税店项目招标公 告》，对上海浦东国际机场T1航站楼及S1卫星厅、T2航站楼及S2卫星厅、上海虹桥国际机场这三个标 段的出境免税店项目进行公开招标。根据早前公布的招标信息，递交纸质版投标文件的最终截止时间为 2025年12月9日9:30。 ...

Core Points - Shanghai Airport is actively working on the new agreement for the duty-free project in accordance with relevant policy requirements [1] - The company announced a public tender for duty-free shops at Shanghai Pudong International Airport and Shanghai Hongqiao International Airport, with a submission deadline of December 9, 2025 [1] Financial Performance - In the previous year, Shanghai Airport's duty-free contract revenue was 1.212 billion yuan, a decline of over 30% year-on-year, while the first quarter of this year saw duty-free contract revenue of 343 million yuan, down 1.15% year-on-year [2] - From 2017 to 2019, the rent paid by Dayang Shanghai to Shanghai Airport for duty-free shops increased annually, reaching 2.555 billion yuan, 3.681 billion yuan, and 5.210 billion yuan, accounting for 31.69%, 39.53%, and 47.60% of annual revenue respectively [2] - Due to the significant reduction in outbound tourists during the pandemic, duty-free shop rental income dropped sharply, with revenues of 1.156 billion yuan, 486 million yuan, and 363 million yuan from 2020 to 2022 [2] - In 2023, the duty-free business of Shanghai Airport showed signs of recovery, with revenue reaching 1.788 billion yuan, an increase of nearly four times year-on-year [2]

Core Viewpoint - Shanghai Airport is actively progressing with the signing of new agreements for its duty-free projects, in line with relevant policy requirements [1] Group 1: Company Developments - The company held a third-quarter performance briefing in an interactive online format [1] - The company announced the public tender for duty-free shop projects at Shanghai Pudong International Airport and Shanghai Hongqiao International Airport, with the final deadline for submitting paper bids set for December 9, 2025, at 9:30 AM [1]