Di Yi Cai Jing·2025-12-12 06:35Core Insights - The recent bidding results for the duty-free shop operating rights at Shanghai Airport revealed that the incumbent operator, RiShang Duty Free (Shanghai) Co., Ltd., lost the bid to global duty-free giant Dufry and domestic leader China Duty Free Group (CDFG) [2][3] Group 1: Bidding Results - The bidding process for the duty-free shop rights at Shanghai Airport covers the period from January 1, 2026, to December 31, 2033, involving three terminals at Pudong and Hongqiao airports [3] - CDFG won the rights for the T2 terminal at Pudong International Airport and the T1 terminal at Hongqiao International Airport, while Dufry secured the T1 terminal at Pudong Airport [3][6] Group 2: Ownership and Support Issues - RiShang Shanghai was unable to secure the bid due to a lack of support from its major shareholder, CDFG, which holds approximately 51% of RiShang Shanghai [3][5] - CDFG directly participated in the bidding and requested RiShang Shanghai to withdraw its bid [6] Group 3: Changes in Revenue Model - The new bidding results indicate a shift in the revenue model for Shanghai Airport, moving from a high minimum rent structure to a model based on fixed monthly fees and commission percentages [7][10] - The fixed monthly fee for Dufry at Pudong T1 is set at 3,141 RMB per square meter, with commission rates ranging from 8% to 24%, while CDFG's rates are similar [7][8] Group 4: Market Competition Dynamics - The competitive landscape for duty-free sales is evolving, with increased pressure from cross-border e-commerce platforms and new entrants in the duty-free market [11][12] - The profit margins for duty-free products, particularly in cosmetics, have significantly decreased, with gross margins dropping from over 50% to around 20% [11][12]