Core Viewpoint - China Duty Free Group, a wholly-owned subsidiary of China National Duty Free Group, has won the bid for the duty-free project at Beijing Capital International Airport, which is expected to enhance the company's market position and operational performance in the airport duty-free sector [1] Group 1 - The company received a bid notification confirming its status as the winning bidder for the duty-free project at Beijing Capital International Airport [1] - The bid amount includes a guaranteed operating fee of RMB 480 million for the first year and a sales commission rate of 5% for the first year [1] - The operating period for the contract is set from the agreed start date until February 10, 2034, lasting no more than 8 years [1] Group 2 - The successful signing of this project will enhance the company's channel advantages at key domestic airports [1] - The project aims to meet the diverse shopping needs of inbound and outbound travelers, thereby improving the multi-faceted duty-free shopping experience [1] - The implementation of this project is expected to positively impact the company's future operational performance [1]

Core Viewpoint - China Duty Free Group, a wholly-owned subsidiary of China National Duty Free Group, has won the bid for the duty-free project at Beijing Capital International Airport, which is expected to enhance the company's market position and operational performance in the airport duty-free sector [1] Group 1: Bid Details - The company received a bid notification confirming it as the winning bidder for the duty-free project with a minimum operating fee of RMB 480 million for the first year [1] - The sales commission rate for the first year is set at 5% [1] - The contract duration is from the agreed start date until February 10, 2034, lasting no more than 8 years [1] Group 2: Strategic Implications - Winning this project will enhance the company's channel advantages at key domestic airports [1] - The project aims to meet the diverse shopping needs of inbound and outbound travelers, thereby improving the overall duty-free shopping experience [1] - Successful implementation of this project is expected to positively impact the company's future operational performance [1]

Core Viewpoint - China Duty Free Group has won a bid for the duty-free project at Beijing Capital International Airport, which is expected to enhance its market position and improve operational performance in the coming years [1] Group 1 - The company received a bid notification confirming its subsidiary as the winning bidder for the duty-free project at Beijing Capital International Airport [1] - The bid amount includes a guaranteed operating fee of RMB 480 million for the first year and a sales commission rate of 5% for the first year [1] - The operational period for the contract is set from the start date until February 10, 2034, lasting no more than 8 years [1] Group 2 - The signing of this project is anticipated to strengthen the company's channel advantages at key domestic airports [1] - The project aims to meet the diverse shopping needs of inbound and outbound travelers, enhancing the overall duty-free shopping experience [1] - Successful implementation of the project is expected to positively impact the company's future operational performance [1]

Core Viewpoint - China Duty Free Group has won a bid for the duty-free project at Beijing Capital International Airport, which is expected to enhance its market position and improve operational performance in the coming years [1] Group 1 - The company received a bid notification confirming its subsidiary as the winning bidder for the duty-free project at Beijing Capital International Airport [1] - The bid amount includes a guaranteed operating fee of RMB 480 million for the first year and a sales commission rate of 5% for the first year [1] - The operational period for the contract is set from the start date until February 10, 2034, lasting no more than 8 years [1] Group 2 - The signing of this project is expected to enhance the company's channel advantages at core domestic airports [1] - The project aims to meet the diverse shopping needs of inbound and outbound travelers, thereby improving the duty-free shopping experience [1] - Successful implementation of the project is anticipated to have a positive impact on the company's future operational performance [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因依 賴該等內容而引致的任何損失承擔任何責任。 China Tourism Group Duty Free Corporation Limited 中國旅遊集團中免股份有限公司 （一家於中華人民共和國註冊成立的股份有限公司） （股份代號：1880） 內幕消息 關於全資子公司項目中標的公告 本公告乃由中國旅遊集團中免股份有限公司（「本公司」）根據香港法例第571章證 券及期貨條例第XIVA部以及香港聯合交易所有限公司證券上市規則第13.09(2)(a) 條作出。 2025年12月26日，本公司收到中招國際招標有限公司發來的《中標通知書》，確認 本公司全資子公司中國免稅品（集團）有限責任公司為北京首都國際機場免稅項目 01標段的中標人。具體情況如下： 中標項目情況 上述項目簽約後，本公司於國內核心機場的渠道優勢將進一步提升，有利於滿足 出入境旅客多層次、多樣化的購物需求，提升多元化免稅購物體驗，進而推動機 場免稅業務高質量發展。如上述項目順利實施，將對本 ...

Core Viewpoint - China Duty Free Group has won bids for duty-free projects at Beijing Capital International Airport and Shanghai airports, enhancing its market position and potentially improving future financial performance [2][3] Group 1: Project Wins - China Duty Free Group's subsidiary has been awarded the duty-free project at Beijing Capital International Airport, with a guaranteed operating fee of 480 million yuan in the first year and a sales commission rate of 5% [2] - The company also secured duty-free store projects at Shanghai Pudong and Hongqiao International Airports, with store areas of approximately 9,631 square meters and 2,471 square meters, respectively, and a commission rate ranging from 8% to 24% [2] - A joint venture with Shanghai Airport has been established with an investment of 102 million yuan, where China Duty Free Group holds a 51% stake [2] Group 2: Market Dynamics - The exit of Sunrise Duty Free, which has operated in Shanghai airports for 26 years, allows China Duty Free Group to strengthen its position in the core airport duty-free market [3] - Sunrise's exit was influenced by decisions made by China Duty Free Group's board, which rejected Sunrise's bid for the Shanghai airport project [3] Group 3: Financial Performance - China Duty Free Group's revenue fell by 16.36% year-on-year to 56.492 billion yuan, with net profit dropping 36.5% to 4.263 billion yuan, marking a six-year low [5][6] - In the first three quarters of the current year, revenue was 39.86 billion yuan, and net profit was 4.42 billion yuan, reflecting declines of 7.34% and 18.89%, respectively [6] Group 4: Industry Trends - The international flight reduction during 2020-2021 led to a significant decline in outbound consumption, shifting traditional duty-free spending to domestic markets [8] - Hainan's offshore duty-free sales surged by 200% in 2021, with significant visitor numbers, but the recovery of international flights has caused a downturn for China Duty Free Group [8][10] - Recent data indicates a recovery in Hainan's duty-free sales, with a notable increase in sales and customer traffic following the launch of the Hainan Free Trade Port [10]

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].