GBIAC(SH:600004) Shang Hai Zheng Quan Bao·2025-08-12 20:41Core Viewpoint - Guangzhou Baiyun International Airport Co., Ltd. has signed a cooperation contract with China Duty Free Group Co., Ltd. for the operation of the T3 terminal's outbound duty-free project, transferring the operating rights of specific areas to the duty-free group for a period of 10 years [2][3][11]. Transaction Overview - The contract allows China Duty Free Group to operate duty-free goods in designated areas of the T3 terminal, in accordance with national policies [2][3]. - The contract was established through a public bidding process, and no board approval was required for its signing [4]. Counterparty Information - China Duty Free Group is a wholly-owned limited liability company with a registered capital of approximately 1.052 billion yuan, established in 1985, and operates various duty-free retail services [5][6]. - There are no related party transactions or significant asset restructuring involved in this agreement [5]. Transaction Details - The operating area for the duty-free project is approximately 3,050 square meters located on the fourth floor of the T3 terminal [9]. - The contract stipulates that at least 1,200 square meters must be operational by the time the international functions of T3 are activated, with a total of at least 1,600 square meters operational by December 31, 2026 [10][11]. Financial Terms - The monthly operating fee is determined by the higher of a guaranteed minimum fee or a sales commission, with the minimum fee set at 2,300 yuan per square meter [17][18]. - The minimum fee will increase by 6% annually starting from January 1, 2027, with specific conditions for adjustments based on passenger throughput [18][19]. Impact on the Company - This cooperation is expected to enhance the service quality at the airport and meet the needs of international travelers, thereby increasing the value of the terminal's retail resources [20].