Core Viewpoint - The board of directors of RiShang Duty Free (Shanghai) Co., Ltd. is in a dispute regarding participation in the Shanghai airport duty-free project bidding, with the majority of directors opposing the bid, potentially leading to the company's exit from the airport market [3][5]. Group 1: Company Background - RiShang Duty Free was established in June 1999 and is the first foreign company to operate airport duty-free shops in China [5]. - In 2018, China Tourism Group's subsidiary, China Duty Free Group, acquired a 51% stake in RiShang Duty Free, becoming the controlling shareholder [5]. - The company operates primarily at Beijing Capital International Airport and Shanghai's Pudong and Hongqiao International Airports [6][7]. Group 2: Current Situation - On December 6, 2025, a board meeting was held where the chairman, appointed by the major shareholder China Duty Free Group, indicated that the company would not participate in the bidding for the Shanghai airport duty-free project [3]. - The bidding process for the Shanghai airport duty-free shops began on November 17 and is set to close on December 9, 2025 [3]. - The disagreement among shareholders raises questions about the future of RiShang Duty Free's operations at Shanghai airport, as the chairman's refusal to sign the bidding documents could prevent the company from participating [3].

Core Viewpoint - The article discusses the internal conflict within RiShang Duty Free (Shanghai) Co., Ltd. regarding its participation in the Shanghai airport duty-free project bidding, highlighting the influence of its major shareholder, China Tourism Group (CTG), which may lead to RiShang being excluded from the bidding process [2][4]. Group 1: Company Background - RiShang Shanghai was established in June 1999 and is the first foreign company to operate airport duty-free shops in China [4]. - In 2018, CTG acquired a 51% stake in RiShang Shanghai, becoming the controlling shareholder [4]. - The company operates primarily at Beijing Capital International Airport and Shanghai's Pudong and Hongqiao International Airports [6]. Group 2: Recent Developments - On December 6, 2023, a board meeting was held where CTG's appointed directors voted against RiShang Shanghai participating in the bidding for the Shanghai airport duty-free project [2]. - The bidding process for the Shanghai Pudong and Hongqiao International Airport duty-free shops began on November 17 and is set to close on December 9, 2023 [2]. - RiShang Shanghai's representatives expressed that the decision contradicts the agreement made when CTG took over the company in 2018 [2].

人民财讯12月8日电，中国中免（601888）12月8日在互动平台表示，目前机器人尚未纳入各渠道免税相 关政策规定的免税商品品类。 ...

Core Viewpoint - Morgan Stanley reports that the bidding results for duty-free shops at Shanghai and Beijing airports are expected to be announced this month, with current operations managed by Sunrise, a company 51% owned by China Duty Free Group [1] Summary by Relevant Sections Financial Impact - For the first half of this year, offline sales at Shanghai Airport are projected to contribute approximately 10% to China Duty Free's revenue and 0.7% to its net profit, while the contribution from Beijing Airport is expected to be in the low single digits [1] Stock Price Projections - Morgan Stanley sets a target price of HKD 60 for China Duty Free's H-shares and CNY 66 for its A-shares, maintaining a "market perform" rating [1] Scenario Analysis - The base case scenario assumes China Duty Free secures one contract at each airport and utilizes its wholly-owned duty-free licenses, leading to stable stock prices - If China Duty Free secures contracts at both airports while using both its own licenses and Sunrise's licenses, stock prices may rise by 5% to 10% - Conversely, if Sunrise secures contracts at both airports, China Duty Free's stock could decline by 5% to 10% [1]

摩根士丹利发布研报称，上海机场（600009）及北京机场的免税店投标结果，预计将于本月公布。目前 两个机场的免税店，均是由中国中免（601888）(01880)占51%股权的Sunrise公司所经营。该行料今年上 半年，上海机场线下销售对中国中免的收入及净利润贡献分别约为10%及0.7%，而北京机场的收入贡献 应为低单位数。该行现予中国中免H股目标价60港元，中国中免(601888.SH)A股目标价66元人民币，均 予"与大市同步"评级。 该行列出多个假设情景，基准情形为中国中免在上海及北京机场各获得一份合约，并使用其自身全资持 有的免税牌照，集团将在线下渠道增加更多高利润产品，并在Sunrise线上平台提供具价格竞争力的产 品;此情况下，集团的股价将大致平稳。如中国中免在上海及北京机场各获得一份合约，同时使用其全 资持有牌照和Sunrise的牌照，股价可能上升5至10%。如Sunrise分别同时在两个机场各获得一份合约， 则中国中免的股价或下跌5%至10%。 ...

转自：智通财经 【中国中免：海南离岛免税新政拉动购物金额同比增34.86%】智通财经12月8日电，中国中免在互动平 台表示，离岛免税新政已于11月1日开始执行，进一步增加免税品类和扩大覆盖人群，海口海关统计数 据显示，11月1-7日，海口海关共监管海南省离岛免税购物金额5.06亿元，购物人数7.29万人次，同比分 别增长34.86%、3.37%，政策拉动效应初步显现。口岸免税店和市内免税店也将按照新政要求，积极推 动国产品销售，进一步扩大免税店经营品类，丰富旅客购物选择，并提供网上预定服务，持续提升旅客 免税购物体验。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因依 賴該等內容而引致的任何損失承擔任何責任。 China Tourism Group Duty Free Corporation Limited 中國旅遊集團中免股份有限公司 （一家於中華人民共和國註冊成立的股份有限公司） （股份代號：1880） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 茲載列中國旅遊集團中免股份有限公司在上海證券交易所網站刊登的《中國旅遊 集團中免股份有限公司2025年前三季度權益分派實施公告》，僅供參閱。 特此公告。 承董事會命 中國旅遊集團中免股份有限公司 董事會主席 范雲軍先生 中國•北京 2025年12月8日 A 股每股现金红利人民币0.25元（含税） 於本公告日期，董事會成員包括非執行董事范雲軍先生及劉昆女士，執行董事常 築軍先生、王月浩先生及王軒先生及獨立非執行董事葛明先生、王瑛女士及王強 先生。 证券代码：601888 证券简称：中国中免 公告编号：临 2025-037 ...

Core Viewpoint - The new offshore duty-free policy in China, effective from November 1, aims to expand the range of duty-free products and increase the number of eligible consumers, showing initial positive effects on sales and customer engagement [1] Group 1: Policy Implementation - The new offshore duty-free policy began on November 1, enhancing the variety of duty-free products and broadening the consumer base [1] - The Haikou Customs reported that from November 1 to 7, the total amount of duty-free shopping in Hainan reached 506 million yuan, with 72,900 shoppers, marking year-on-year increases of 34.86% and 3.37% respectively, indicating the policy's initial impact [1] Group 2: Retail Strategy - Duty-free shops at ports and in cities will actively promote the sale of domestic products in accordance with the new policy [1] - The expansion of product categories in duty-free stores aims to enhance shopping options for travelers and improve the overall shopping experience through online reservation services [1]

证券代码：601888 证券简称：中国中免 公告编号：临 2025-037 中国旅游集团中免股份有限公司 2025年前三季度权益分派实施公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 每股分配比例 A 股每股现金红利人民币0.25元（含税） 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/12/15 | － | 2025/12/16 | 2025/12/16 | 一、 通过分配方案的股东会届次和日期 本次利润分配方案经公司2025 年 11 月 24 日的2025年第一次临时股东会审议 通过。 二、 分配方案 1. 发放年度：2025年前三季度 三、 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/12/15 | － | 2025/1 ...

本次权益分派股权登记日为：2025年12月15日，除权除息日为：2025年12月16日。 格隆汇12月8日丨中国中免(601888.SH)发布2025年前三季度权益分派实施公告，本次利润分配以方案实 施前的公司总股本20.69亿股为基数，每股派发现金红利人民币0.25元（含税），共计派发现金红利人民 币5.17亿元（含税）。 ...