Zhi Tong Cai Jing·2026-03-03 02:53Core Viewpoint - China Duty Free Group (01880) has seen a significant decline in stock price, dropping nearly 5% recently and over 30% since the holiday period, primarily due to the impact of the recent bidding results for duty-free operations at Beijing and Shanghai airports, which have disrupted its long-standing monopoly [1] Group 1: Stock Performance - As of the latest report, the stock price of China Duty Free Group is at 73.1 HKD, with a trading volume of 138 million HKD [1] - The A-share price of China Duty Free Group fell by 14.86% last week, attributed to previously high market expectations and the delayed release of negative news, rather than a trend reversal [1] Group 2: Market Dynamics - The sales growth during the Spring Festival did not expand compared to January, mainly due to the capacity limitations of duty-free stores, which hindered further growth during peak season [1] - Recent reductions in duty-free discounts have led to a decrease in purchasing intentions and a drop in the number of purchases made through agents [1] - The demand for duty-free consumption was largely released prior to the holiday, impacting overall sales performance [1] Group 3: Competitive Landscape - The loss of operational rights at Shanghai Airport has been confirmed by the company, which has previously issued announcements regarding this matter [1] - The recent acquisition of duty-free operating rights by Wangfujing and Dufry at Beijing T3 and Shanghai Pudong T1 airports has sparked market discussions, but it is believed that the overall impact on China Duty Free Group will be limited [1]