首都机场免税大洗牌：王府井、中免分食标段，“日上”离场

Core Insights - The domestic duty-free industry is undergoing significant changes with the upcoming transition of duty-free operating rights at major airports in China by the end of 2025, particularly at Beijing Capital International Airport [1] Group 1: Company Developments - Wangfujing has won the bid for the duty-free project at Terminal 2 of Beijing Capital International Airport, marking its first entry into a major international hub [1][4] - China Duty Free Group, a subsidiary of China National Duty Free, has secured the duty-free operating rights for Terminal 3 [1] - The exit of the long-standing operator, Sunrise Duty Free, from the capital airport's duty-free market is notable, as it has been a dominant player since 2005 [6] Group 2: Financial Terms and Conditions - The project at Terminal 2 has a total area of 3,566.33 square meters, with a guaranteed annual operating fee of 113 million yuan for the first year, subject to adjustments based on annual passenger flow [2] - The sales commission for the first year is set at 5%, increasing by 1 percentage point each subsequent year until the fifth year, after which it will remain stable [2] - In comparison, the first-year guaranteed operating fee for the Terminal 3 project is 480 million yuan, with the same initial sales commission of 5% [3] Group 3: Market Context and Trends - The new bidding conditions for the duty-free rights have been significantly relaxed compared to previous rounds, with first-year fees and commission rates substantially lower than those in 2017, which were 3.03 billion yuan combined for the two terminals [3] - The overall duty-free business of Wangfujing is still in its early stages, with a reported revenue of 144 million yuan in the first half of 2025, reflecting a year-on-year decline of 15.93% and accounting for only 2.52% of total revenue [5] - The gross profit margin for Wangfujing's duty-free business stands at 18.27%, indicating room for improvement in cost control and product mix optimization [5]