日上免税行告别上海机场，大股东中国中免要“自己干”

Core Viewpoint - The recent bidding results for duty-free shops at Shanghai airports indicate a significant shift in the competitive landscape, with China Duty Free Group (CDFG) emerging as a key player while the long-standing operator, Sunrise Duty Free, was notably absent from the candidate list [2][3]. Group 1: Bidding Results and Implications - The Shanghai Airport Group announced the candidates for the duty-free shop projects at Pudong and Hongqiao airports, with CDFG's subsidiary and Dufoy (Shanghai) Commercial Co., Ltd. being selected [2]. - The bidding process included three segments, with a maximum operating period of 8 years from 2026 to the end of 2033 [2]. - Sunrise Duty Free, which has operated at Shanghai airports for 26 years, did not participate in the bidding due to internal disagreements among its board members [2][3]. Group 2: Company Background and Market Position - CDFG, a major player in the tourism retail sector, has shifted focus from travel agency services to duty-free retail, with significant revenue contributions from its operations in Hainan [5]. - CDFG's revenue from Hainan's duty-free shops reached 150.3 billion yuan in the first half of the year, accounting for over half of its total revenue [5]. - The company has faced challenges in maintaining its market share and profitability due to increased competition and changes in consumer behavior, with a reported revenue decline of 7.34% year-on-year for the first three quarters [6]. Group 3: Competitive Landscape - The competitive environment for duty-free shops in Hainan has intensified, with the number of players increasing from a few to over 20, impacting CDFG's market advantages [6]. - CDFG's stock price has significantly decreased, with a market capitalization drop of over 600 billion yuan from its peak in 2021 [6]. - The annual passenger throughput at Shanghai's airports is significantly higher than that of Hainan, indicating a strategic advantage for CDFG in securing high-traffic locations [7].