SIA(SH:600009) 第一财经·2025-12-18 10:25Core Viewpoint - The article discusses the significant changes in the duty-free operations at Shanghai airports, highlighting the transfer of management rights to China Duty Free Group and Dufoor, marking the end of Japan Duty Free's 26-year operation at these airports [3][5]. Summary by Sections Duty-Free Management Transfer - Shanghai Airport announced the signing of a contract on December 17, transferring duty-free management rights to China Duty Free Group and Dufoor, covering multiple terminals at both Pudong and Hongqiao airports [3][5]. - This transfer signifies the first large-scale entry of foreign duty-free operators into China's airport duty-free sector [3]. Contract Details - The management rights are set for 8 years, from January 1, 2026, to December 31, 2033, with a revenue model based on "fixed rent + commission" [5]. - Fixed rents for Pudong T1 and T2 are 3141 RMB/㎡/month and 3090 RMB/㎡/month, respectively, with commission rates ranging from 8% to 24% [5]. - The new contract introduces an increase in operational area by 1564 square meters and expands product categories to include mobile phones, drones, baby products, health foods, and more [5]. Changes in Revenue Model - The revenue model for Shanghai Airport has shifted from a minimum guarantee based on sales to a fixed rent plus commission structure, which is expected to enhance revenue stability [5][6]. - The airport will also establish joint ventures with the new operators, allowing it to earn both rental income and a share of operational profits [6]. Competitive Landscape - The competitive landscape for duty-free operations is evolving, with a notable reduction in commission rates to support operators in increasing sales [6]. - Japan Duty Free's exit from the Shanghai airport market is attributed to a lack of support from its major shareholder, China Duty Free Group, which now directly competes for these contracts [7][8]. Market Reactions - Following the announcement, Shanghai Airport's stock price rose over 7%, while China Duty Free's stock fell more than 4% [10].