Di Yi Cai Jing·2025-12-18 09:53Core Viewpoint - The competitive landscape of duty-free projects at major Chinese airports is being reshaped with the new round of duty-free store operations bidding at Beijing Capital Airport and the recent changes at Shanghai airports [1][2]. Group 1: Shanghai Airport Duty-Free Store Changes - Shanghai Airport announced a contract with China Duty Free Group and Dufry for the operation of duty-free stores, marking a significant shift as foreign operators enter the Chinese airport duty-free market [2]. - The new contract allows for an 8-year operation period from January 1, 2026, to December 31, 2033, with a revenue model based on "fixed rent + commission" [3]. - The fixed rents for the duty-free stores at Shanghai Pudong Airport T1 and T2 are set at 3,141 RMB/m²/month and 3,090 RMB/m²/month, respectively, with commission rates ranging from 8% to 24% [3]. Group 2: Changes in Product Offerings and Revenue Model - The new duty-free contract includes an increase in operational area by 1,564 square meters and the addition of new product categories such as mobile phones, drones, and health products [3]. - The revenue model for Shanghai Airport has shifted from a higher commission structure to a fixed rent plus commission model, which is expected to benefit both the airport and the operators [4]. Group 3: Implications for Market Competition - The exit of Sunrise Duty Free from the Shanghai Airport duty-free operations is attributed to a lack of support from its major shareholder, China Duty Free Group, which is now directly competing for the contracts [5]. - The bidding for duty-free operations at Beijing Capital Airport has also commenced, with a submission deadline of December 19, 2023, indicating a potential shift in operational dynamics similar to those at Shanghai Airport [6]. - Following the announcement, Shanghai Airport's stock price increased by over 7%, while China Duty Free's stock fell by more than 4%, reflecting market reactions to the changes [6].