SIA(SH:600009) Shang Hai Zheng Quan Bao·2025-12-17 19:02Core Viewpoint - Shanghai International Airport Co., Ltd. has signed contracts for the transfer of duty-free shop operating rights at both Pudong and Hongqiao International Airports, which is expected to positively impact the company's revenue from 2026 to 2033 [4][11][16]. Group 1: Contract Details - The contract with Dufour (Shanghai) Commercial Co., Ltd. for the Pudong International Airport (T1 terminal and S1 satellite hall) has a transfer period of 3+5 years, starting from January 1, 2026, to December 31, 2033 [4]. - The contract with China Duty Free Group Co., Ltd. for the Pudong International Airport (T2 terminal and S2 satellite hall) has a transfer period of 5+3 years, also from January 1, 2026, to December 31, 2033 [7]. - The contract for Hongqiao International Airport with China Duty Free Group Co., Ltd. has a similar transfer period of 5+3 years, from January 1, 2026, to December 31, 2033 [11]. Group 2: Financial Terms - The monthly fixed fee for the T1 terminal is set at ¥3141 per square meter, with commission rates ranging from 8% to 24% based on sales [5]. - The monthly fixed fee for the T2 terminal is set at ¥3090 per square meter, with similar commission rates [8]. - The monthly fixed fee for Hongqiao International Airport is set at ¥2827 per square meter, with commission rates ranging from 8% to 22% [12]. Group 3: Performance and Guarantees - Each party is required to provide a performance bond of ¥150 million for the contracts at Pudong International Airport and ¥30 million for the contract at Hongqiao International Airport [6][10]. - The contracts include provisions for performance assessments, with the possibility of contract renewal based on meeting specified criteria [4][7][11]. Group 4: Strategic Goals - The agreements aim to enhance the competitive position of Shanghai Airport's duty-free business by optimizing resources and improving the shopping experience for travelers [13]. - The contracts also emphasize the introduction of traditional Chinese products and online booking services for duty-free shopping [13][14].