SIA(SH:600009) Jie Fang Ri Bao·2025-12-11 07:26Core 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].