Yang Zi Wan Bao Wang·2025-12-18 07:47Core Viewpoint - The ownership of the duty-free business at Shanghai Airport has been officially transferred to Dufry and China Duty Free Group, marking a significant shift in the airport's duty-free landscape after over 20 years of operation by Dayong Shanghai [1][3]. Group 1: Contractual Changes - Shanghai Airport has signed contracts with Dufry and China Duty Free Group for an 8-year term, from January 1, 2026, to December 31, 2033 [1]. - Dufry will operate the duty-free shops in the international areas of Terminal 1 and the S1 satellite hall at Pudong International Airport, while China Duty Free Group will manage Terminal 2 and the S2 satellite hall at Pudong, as well as Terminal 1 at Hongqiao International Airport [4]. Group 2: Financial Structure and Revenue Model - The contracts feature different term structures: Dufry's contract follows a "3+5 years" model, while China Duty Free Group's contract is structured as "5+3 years," both with performance assessment mechanisms [6]. - Shanghai Airport will invest up to 98 million yuan to establish joint ventures with both Dufry and China Duty Free Group, holding 49% stakes in each [7]. - The revenue model has shifted from a "minimum guarantee" to a "fixed rent + sales commission" structure, with specific monthly fixed rents set for different areas [10]. Group 3: Changes in Commission Rates - The sales commission rates have been significantly reduced, with new rates for Pudong Airport ranging from 8% to 24% and for Hongqiao Airport from 8% to 22%, compared to the previous range of 18% to 36% [11]. - The total operating area for duty-free shops has increased under the new contracts, with a requirement to introduce new product categories such as mobile phones and mini-drones [11]. Group 4: Regulatory Attention - The Shanghai Stock Exchange has issued an inquiry regarding the substantial decrease in both rental prices and sales commissions compared to the previous agreements, seeking clarification on the rationale and implications for future performance [11]. - The company anticipates that the new contracts will positively impact revenue from 2026 to 2033, reflecting a strategic shift towards a collaborative revenue-sharing model in response to intensified competition in the industry [11].