Ge Long Hui·2026-01-07 06:17Core Viewpoint - China Duty Free Group has secured the operating rights for the T3 duty-free store at Beijing Capital International Airport, marking a positive start for the New Year in the offshore duty-free sector. Despite a reduction in overall operating area compared to the previous bidding round, there are expected benefits in terms of performance due to the high passenger traffic at T3, which accounts for over 80% of international travelers at the airport [1] Group 1 - The operating area for China Duty Free Group at the capital airport has decreased compared to the last round of bidding, but this is expected to positively impact profit margins [1] - T3 is responsible for over 80% of international passenger traffic at the airport, which is a significant factor in the company's performance outlook [1] - The company anticipates an increase in net profit despite a contraction in revenue scale due to the operational changes [1] Group 2 - The recovery of offshore duty-free sales and the ongoing improvement in inbound and outbound travel are expected to enhance the company's operational performance through 2026 [1] - Long-term policy support for duty-free operations in Hainan and at ports and city stores is expected to further expand the company's growth potential [1] - The profit forecasts for 2026-2027 have been revised upward, reflecting the anticipated recovery in offshore duty-free sales and travel [1]