SIA(SH:600009) Huan Qiu Wang·2025-12-11 08:37Core 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]