CTG DUTY-FREE(SH:601888) 第一财经·2025-12-26 16:02Core Viewpoint - China Duty Free Group (中国中免) has won the bidding for duty-free projects at Beijing Capital International Airport and Shanghai airports, marking a significant shift in the domestic airport duty-free market as its subsidiary, Sunrise Duty Free (日上免税行), exits these operations due to lack of support from its major shareholder [3][4][5]. Group 1: Bidding Success - China Duty Free Group's subsidiary won the bid for the duty-free store project at Terminal 3 of Beijing Capital International Airport, with a guaranteed operating fee of 480 million yuan for the first year and a sales commission rate of 5% [3]. - The company has also recently secured two duty-free store projects at Shanghai Pudong International Airport and Shanghai Hongqiao International Airport, previously operated by Sunrise [3][6]. Group 2: Sunrise Duty Free's Exit - Sunrise Duty Free was forced to withdraw from the bidding for the Shanghai airport duty-free stores due to the lack of support from its major shareholder, China Duty Free Group, which holds approximately 51% of Sunrise [4][5]. - The decision to deny Sunrise's participation in the bidding was influenced by a requirement to avoid foreign partnerships in the duty-free business [5]. Group 3: Financial Performance - China Duty Free Group's net profit declined by 36% in 2024, with a further drop of 22.13% in the first three quarters of the current year [6]. - However, recent data from Haikou Customs indicates a 3.4% year-on-year increase in monthly sales for Hainan's duty-free shops as of September 2025, suggesting a recovery trend [6]. Group 4: Cost Structure Changes - The costs associated with operating duty-free stores at airports have decreased compared to pre-pandemic levels. For instance, the guaranteed operating fee for the first year at Beijing Capital International Airport is 480 million yuan, translating to a monthly rent of 3,757 yuan per square meter [6][7]. - In contrast, prior to the pandemic, Sunrise was required to pay 42.5% of its sales as rent to Shanghai Airport, or a minimum sales commission of approximately 6 billion yuan, whichever was higher [7]. Group 5: Market Reaction - Following the announcement of the successful bids, China Duty Free Group's stock price rose by 8.32%, closing at 92.3 yuan [8].