Xin Lang Cai Jing·2025-12-23 06:38Core Insights - The company has won bids for duty-free shops at Shanghai Pudong Airport T2 and S2 satellite hall, as well as at Shanghai Hongqiao Airport T1, with an operational period of 5+3 years from January 1, 2026, to December 31, 2033 [1] Group 1: Project Details - The operational entity for the project is a joint venture between China Duty Free Group and Shanghai Airport, with China Duty Free holding a 51% stake and Shanghai Airport holding 49% [2] - The new contract stipulates a monthly fixed fee of 36.744 million, with commission rates for different categories ranging from 8% to 24% for segment two and 8% to 22% for segment three [3] Group 2: Financial Impact - The company is expected to experience a neutral impact from the new contract; while the reduction in operational scope at Pudong Airport may affect revenue, the overall effect on profit is anticipated to be smaller due to lower commission rates and the introduction of a sales incentive mechanism [4] - The company forecasts net profits of 3.72 billion, 3.89 billion, and 4.27 billion for 2025-2027, with year-on-year changes of -13%, +4.6%, and +9.8% respectively, and corresponding EPS of 1.80, 1.88, and 2.06 [5]