（原标题：中国中免、上海机场成立免税品公司，注册资本2亿） 企查查APP显示，近日，中免集团（上海）免税品有限公司成立，注册资本2亿元，经营范围包含：免 税商品销售；烟草制品零售；酒类经营；皮革制品销售等。企查查股权穿透显示，该公司由上海机场 （600009）、中国中免（601888）全资子公司中国免税品（集团）有限责任公司共同持股。 ...

Core Viewpoint - China Duty Free Group has won the bid for duty-free store projects at Shanghai Pudong International Airport and Shanghai Hongqiao International Airport, marking a significant development in the competitive landscape of duty-free operations in major Chinese airports [1][4]. Group 1: Bid Announcement and Details - China Duty Free Group, a wholly-owned subsidiary of China Duty Free Group Co., Ltd., has been awarded the operating rights for duty-free stores at Shanghai Pudong International Airport and Shanghai Hongqiao International Airport, with a total area of 9,630.98 square meters and 2,470.55 square meters respectively [1]. - The operating rights transfer period is structured in two phases: the first phase lasts for 5 years from January 1, 2026, to December 31, 2030, with a potential 3-year extension based on performance assessments [1]. Group 2: Financial Terms and Conditions - The financial model for the duty-free operations includes a "monthly fixed fee + monthly sales commission" structure, with fixed fees of 3,090 CNY/m²/month for Pudong and 2,827 CNY/m²/month for Hongqiao, alongside commission rates ranging from 8% to 24% and 8% to 22% respectively [2]. - The new commission rates represent a significant reduction compared to previous agreements, which were linked to passenger traffic and had higher commission rates of 18% to 36% [2]. Group 3: Market Impact and Growth Potential - The increase in international passenger traffic at Shanghai airports, driven by visa-free policies and the city's appeal as an entry point, has been notable, with Pudong's passenger volume increasing by 15.47% year-on-year to 6.9716 million and Hongqiao's by 4.67% to 4.1697 million [3]. - The successful implementation of these projects is expected to enhance the company's channel advantages at key domestic airports, catering to diverse shopping needs and improving the overall duty-free shopping experience [4].

上海机场签约代表与中国中免签约代表签署浦东国际机场(T2及S2)免税店项目经营权转让合同。上海机 场集团供图 前期，上海机场集团积极响应国家相关政策，允许国内具有免税商品经营资质的企业以及具有一定实力 的经营免税商品的知名外商投资企业参与投标，本次合作的中国旅游集团中免股份有限公司与国际上超 过1500个品牌建立长期合作关系，是国内最大的免税运营商。Avolta(杜福睿)集团是总部位于瑞士的外 资企业，在全球70多个国家运营超5100个销售点。 上海机场签约代表与中国中免签约代表签署虹桥国际机场(T1)免税店项目经营权转让合同。上海机场集 团供图 当日，在三方集团负责人的见证下，上海机场集团签约代表分别与中国旅游集团中免股份有限公司、 Avolta(杜福睿)集团的签约代表签署了相应的机场进出境免税店项目经营转让合同，上海机场集团免税 业务将开启"国内龙头+国际巨头"的多元竞合新模式。 中新网上海12月18日电 (记者 殷立勤)12月17日，上海机场集团浦东、虹桥国际机场进出境免税店项目 经营权转让合同签约仪式在上海举行。上海机场集团董事长冯昕，上海机场集团总裁周浩，上海机场集 团副总裁、财务总监宋雪枫；中国旅 ...

转自：证券时报 人民财讯12月18日电，企查查APP显示，近日，中免集团（上海）免税品有限公司成立，注册资本2亿 元，经营范围包含免税商品销售；烟草制品零售；酒类经营；皮革制品销售等。企查查股权穿透显示， 该公司由上海机场、中国中免全资子公司中国免税品（集团）有限责任公司共同持股。 ...

Core Viewpoint - China Duty Free Group (01880.HK) has won the bid for duty-free store projects at Shanghai Pudong International Airport and Shanghai Hongqiao International Airport, with an operation transfer period of 5+3 years from January 1, 2026, to December 31, 2033 [1] Group 1 - The company will invest RMB 102 million to establish a joint venture with Shanghai Airport, where China Duty Free Group holds a 51% stake and Shanghai Airport holds 49% [1] - The joint venture will operate duty-free stores at the international areas of Terminal 2 and S2 Satellite Hall of Shanghai Pudong International Airport and Terminal 1 of Shanghai Hongqiao International Airport [1] - Winning this project will enhance the company's channel advantages at core domestic airports, catering to the diverse shopping needs of inbound and outbound travelers, and improving the overall duty-free shopping experience [1] Group 2 - Successful implementation of the project is expected to positively impact the company's future operating performance [1]

Core Viewpoint - Shanghai Airport Group has signed contracts for the transfer of duty-free store operating rights at Pudong and Hongqiao International Airports, marking the beginning of a new competitive model combining domestic leaders and international giants in the duty-free business [1][2]. Group 1: Contract Signing and Partnerships - The signing ceremony for the duty-free store operating rights took place on December 17, with representatives from Shanghai Airport, China Duty Free Group, and Avolta (Dufry) present [1]. - China Duty Free Group is the largest duty-free operator in China, having established long-term partnerships with over 1,500 brands, while Avolta (Dufry) operates over 5,100 sales points in more than 70 countries [2]. Group 2: Policy Response and Market Strategy - The collaboration aligns with national policies aimed at enhancing consumption and allowing qualified domestic and foreign companies to participate in duty-free operations [2]. - Shanghai Airport plans to enrich the product categories offered, increase domestic product sales, and set up online reservation pick-up points to attract overseas consumer spending [2]. Group 3: Market Performance - The international air transport market in Shanghai has shown strong growth, with passenger throughput at Pudong and Hongqiao airports reaching 124 million from January to November, a year-on-year increase of 8.5% [2]. - Outbound and inbound passenger numbers reached 37.974 million, reflecting a 19.5% year-on-year growth, which is expected to further boost consumption and support the high-quality development of Shanghai as an international aviation hub [2].

Core Viewpoint - The official launch of the Hainan Free Trade Port marks a new phase of higher-level openness, establishing Hainan as a significant gateway for China's new era of foreign trade [1][2]. Group 1: Policy and Operational Changes - Hainan has implemented a "zero tariff" policy, expanding the range of zero-tariff goods to approximately 6,600 tax items, which accounts for 74% of imported goods, exempting them from import duties, VAT, and consumption tax [1]. - The preparations for the port's closure included the trial operation of 10 "second-line ports" starting in September, with successful pressure tests conducted in early December [1]. Group 2: Future Development Framework - Hainan will focus on a "45432" development framework, enhancing four main industries: tourism, modern services, high-tech industries, and tropical agriculture [2]. - The province aims to innovate in future industries such as biomanufacturing, hydrogen energy, brain-machine interfaces, and embodied intelligence [2]. Group 3: Investment Opportunities - The Hainan Free Trade Port's closure is seen as a milestone for foreign trade, with potential investment opportunities in modern services like tourism, exhibitions, transportation, and finance, as well as in marine economy, aerospace, duty-free shopping, and high-end healthcare [2]. - Specific sectors expected to benefit include companies with significant foreign trade operations, infrastructure firms involved in the port's development, tourism-related businesses, and local enterprises enjoying tax benefits [2]. Group 4: Market Performance of Related Companies - Notable companies include Hainan Airlines, which has a market cap of 756.77 billion and a year-to-date change of 2.94%, and China Duty Free Group, dominating 85% of the duty-free market in Hainan with a market cap of 1,630.63 billion and a 21.44% increase [3]. - Other companies like Hainan Airport and Hainan Development have also shown significant market movements, reflecting the potential growth in the region due to the new policies [3].

Core Insights - The official launch of the Hainan Free Trade Port's full island closure operation on December 18, 2025, marks a new phase in China's high-level opening-up strategy, driving growth in high-tech industries and modern services, particularly in the tourism retail sector [1][2] Policy and Strategic Developments - The implementation of a liberalized policy characterized by "open on the first line, controlled on the second line, and free within the island" aims to maximize the benefits of openness while ensuring safety and efficiency [2] - The Ministry of Finance, General Administration of Customs, and State Taxation Administration announced an upgrade to the duty-free shopping policy for travelers from November 1, 2025, adding two new product categories and optimizing three existing categories, which will enhance the international influence of domestic products and provide new opportunities for businesses [2] Company Positioning and Competitive Advantage - China Duty Free Group (CDFG) is positioned as a key player in the Hainan duty-free policy, focusing on "first store economy, new product launches, all-region marketing, and service upgrades" to stimulate consumer activity and transition from tourism retail to quality retail [4] - CDFG has established a comprehensive strategic layout, building core competitiveness across channels, supply chains, and membership operations to prepare for the new era of closure [5] Retail Network and Supply Chain - CDFG operates the most complete duty-free retail channels in China, with approximately 200 duty-free stores across over 100 cities, including major locations in Hainan [5][7] - The company has built long-term partnerships with around 1,600 well-known global brands, ensuring a stable supply of products and enhancing its competitive advantage through a robust logistics network [7] Membership and Customer Engagement - CDFG has developed a tiered membership system, increasing user conversion and repurchase rates, with membership exceeding 45 million by mid-2025, creating a strong and loyal customer base [8] Product and Experience Innovation - CDFG is enhancing its product offerings to meet diverse consumer demands, collaborating with top global brands for exclusive and limited products, and hosting events like the fifth CDFG Watch Festival to enrich the shopping experience [9][11] - The company is also focusing on the aging population by introducing health products and services tailored to older consumers, thereby injecting new vitality into tourism retail [11] Experience and Service Enhancement - CDFG is transforming its duty-free shopping spaces into comprehensive cultural and leisure destinations, integrating shopping with entertainment and social interaction to meet the growing demand for immersive consumer experiences [12][15] - The company is committed to providing high-quality service, with initiatives like customized services for high-end members and thoughtful amenities for travelers, enhancing the overall shopping experience [15] Future Outlook - CDFG aims to lead high-quality development in the tourism retail sector, leveraging the historical opportunity presented by the full closure operation to innovate and integrate various sectors, contributing to the establishment of Hainan as an international tourism consumption center [16]

每经AI快讯，中国中免(01880.HK)跌超4%，截至发稿跌4.2%，报67.25港元，成交额1.22亿港元。 （文章来源：每日经济新闻） ...

Summary of China Tourism Group Duty Free Corp. Conference Call Company Overview - **Company Name**: China Tourism Group Duty Free Corp. (CTGDF) - **Ticker**: 601888.SS / 1880.HK - **Industry**: Duty-Free Retail - **Market Position**: Largest travel retail operator globally with over 80% market share in China [21][22] Key Points from the Conference Call New Duty-Free Concessions - CTGDF announced new duty-free concessions at Shanghai International Airport, securing rights for: - Terminal T2 & Satellite Hall S2 at Shanghai Pudong International Airport - Terminal T1 at Hongqiao International Airport - The operating rights for Terminal T1 & Satellite Hall S1 at Pudong will be transferred to Dufry starting January 1, 2026, with a phased term of 5+3 years [1][3] Rental Concession Terms - New airport rental concession terms are more favorable: - Pudong T2 & S2: Rmb3,090/m²/month - Hongqiao T1: Rmb2,827/m²/month - The fixed unit fee is slightly lower than the current term (approximately Rmb3,100/m²/month), and the commission rates are also reduced (Pudong T2 & S2: 8-24%; Hongqiao T1: 8-22%) compared to the current 18-36% [2] Joint Venture with Shanghai International Airport - CTGDF will establish a joint venture with Shanghai International Airport, owning 51% and allowing for continued operation of duty-free stores at the new terminals [3] Financial Implications - Sunrise Shanghai (including Pudong, Hongqiao & Online) contributed Rmb187 million to CTGDF's earnings in 1H25, approximately 7% of the group's net profit. - The impact of losing the operating rights at Pudong T1 & S1 is expected to be limited in the short term due to their smaller scale compared to T2 & S2 [4] Competitive Landscape - The introduction of foreign retailers at Shanghai airports may alter the competitive landscape, with potential implications for Beijing airport concessions in the future. - The focus will be on optimizing product offerings to enhance conversion ratios and ticket sizes [4] Strategic Focus - CTGDF aims to enhance its brand portfolio, merchandising, and shopping experience to drive sales and profitability in airport duty-free operations. - An incentive scheme has been agreed upon, including pro-rata refunds if per capita spending exceeds target values or if competitive new products are introduced [4] Financial Projections - **Sales Revenue**: Expected to decline from Rmb67,540 million in 2023 to Rmb53,495 million in 2025E, with a recovery to Rmb58,997 million in 2026E [9] - **Net Profit**: Projected to decrease from Rmb6,714 million in 2023 to Rmb4,198 million in 2025E, with a rebound to Rmb5,248 million in 2026E [9] - **Core EPS**: Expected to drop from Rmb3.245 in 2023 to Rmb2.029 in 2025E, recovering to Rmb2.537 in 2026E [9] Risks - Potential risks include unfavorable duty-free policies, increased competition from foreign operators, and a slowdown in passenger flows due to economic conditions or disruptive events [24][29] Investment Strategy - A Buy rating is maintained for CTGDF, supported by its dominant market position and structural growth potential in China's duty-free industry, particularly driven by rising onshore spending and consumption upgrades [22][27] Valuation - Target price for CTGDF-A is set at Rmb78, based on a DCF valuation with a WACC of 10.0% and a terminal growth rate of 4% [23][28]