Core Viewpoint - China Duty Free Group, a wholly-owned subsidiary of China National Duty Free Group, has won the bid for the duty-free project at Beijing Capital International Airport, which is expected to positively impact the company's future operating performance [1] Group 1 - The project involves the operation of duty-free shops in the international departure and arrival areas of Terminal 3 at Beijing Capital International Airport, covering a total area of 10,646.74 square meters [1] - The contract was signed on December 29, 2025, between China Duty Free Group and Beijing Capital Airport Commercial Co., Ltd [1] - This project is anticipated to strengthen the company's channel advantages in core airports, contributing to sustained growth in operational performance if successfully implemented [1]

Core Viewpoint - China Duty Free Group, a wholly-owned subsidiary of China National Duty Free Group, has won the bid for the duty-free project at Beijing Capital International Airport, which is expected to positively impact the company's future operating performance [1] Group 1: Project Details - The project involves the operation of duty-free stores in the international departure and arrival areas of Terminal 3 at Beijing Capital International Airport, covering a total area of 10,646.74 square meters [1] - The contract for the project was signed on December 29, 2025, between China Duty Free Group and Beijing Capital Airport Commercial Co., Ltd [1] Group 2: Strategic Implications - The successful implementation of this project will help the company strengthen its channel advantages in key airports [1] - The project is anticipated to have a significant positive impact on the company's future business performance [1]

Core Viewpoint - China Duty Free Group has won the bid for the duty-free project at Beijing Capital International Airport, which is expected to positively impact the company's future operating performance [1] Group 1 - The company announced that its wholly-owned subsidiary, China Duty Free Group, won the bid for the duty-free project at Beijing Capital International Airport, specifically for the 01 section [1] - On December 29, 2025, the company signed a contract with Beijing Capital Airport Commercial Co., Ltd. for the duty-free project [1] - The total area of the duty-free project is 10,646.74 square meters, located in the international departure and arrival areas of Terminal 3 [1] Group 2 - The company will operate the duty-free store business at Beijing Capital International Airport (T3 terminal) through its wholly-owned subsidiary [1] - The signing of the contract is expected to help the company strengthen its channel advantages at core airports [1] - Successful implementation of the project is anticipated to have a positive impact on the company's future business performance [1]

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） 內幕消息 關於全資子公司簽署項目合同的公告 本公告乃由中國旅遊集團中免股份有限公司（「本公司」）根據香港法例第571章證 券及期貨條例第XIVA部以及香港聯合交易所有限公司證券上市規則第13.09(2)(a) 條作出。 茲提述本公司日期為2025年12月28日的公告，內容有關，於2025年12月26日， 本公司全資子公司中國免稅品（集團）有限責任公司（「中免集團」）中標北京首都國 際機場免稅項目01標段。於2025年12月29日，中免集團與北京首都機場商貿有限 公司（「北京首都機場」）簽署了《北京首都國際機場免稅項目（01標段）項目合同》 （「合同」）。具體情況如下： 合同的主要內容 （一） 訂約方：北京 ...

Suspension and Resumption - WISCO Development plans to acquire equity in WISCO Mining and Luzhong Mining, leading to a stock suspension [1] Mergers and Acquisitions - Xiamen Tungsten's subsidiary, Xiamen Jinlu, intends to acquire 100% equity of German company Mimatic and increase its capital [2] - Sega Technology plans to invest 275 million yuan to increase capital in Guangcai Xincheng and acquire a 20% stake in the company, which focuses on optical communication technology [2] External Investments and Daily Operations - Tianqi Co. plans to raise no more than 977 million yuan for the construction of a robotics intelligent system R&D center aimed at the automotive industry [3] - State Power Investment Corporation's subsidiary collaborates with CATL to jointly invest in the Dadu River Danba Hydropower Station project, with a total dynamic investment of 15.273 billion yuan [3] - Jingye Intelligent plans to establish a controlling subsidiary focusing on advanced nuclear energy systems [3] - Ningbo Huaxiang's subsidiary signs a strategic cooperation agreement with Qianxing Future to enhance collaboration in embodied intelligent robotics [4] - Juneyao Airlines intends to purchase 25 Airbus A320 series aircraft for 4.1 billion USD [4] - Nongshang Environment signs a contract worth 132 million yuan for an integrated hardware and software computing power cluster [4] - International Composite plans to invest 1.693 billion yuan to build a project with an annual production capacity of 36 million meters of high-frequency high-speed electronic fiber cloth [5] - Roman Co.'s subsidiary signs a contract for a computing power service project worth approximately 156 million yuan [6] - Guiguan Electric plans to acquire 100% equity of Datang Tibet Energy Development Co., Ltd. and China Datang Group ZDN Clean Energy Development Co., Ltd. for 2.025 billion yuan [6] - China Duty Free's wholly-owned subsidiary has signed a contract for a duty-free project at Beijing Capital International Airport [7] - Haisheng Pharmaceutical participates in the innovative drug NWRD06 injection, which has completed the enrollment of the first subject in Phase II clinical trials, targeting liver cancer [7] - Hongwei Technology signs a strategic cooperation agreement with a leading domestic company in the transmission field, focusing on joint research of GaN power semiconductor devices [7]

格隆汇12月29日丨中国中免(601888.SH)公布，2025年12月29日，公司全资子公司中国免税品（集团） 有限责任公司与北京首都机场商贸有限公司签署了《北京首都国际机场免税项目（01标段）项目合 同》，保底经营费：在运营期内，首年保底经营费为48,027万元人民币，其后每一计费年度保底经营费 按照年度客流量变动幅度进行调整。 ...

证券代码：601888 证券简称：中国中免 公告编号：临2025-040 中国旅游集团中免股份有限公司 关于全资子公司已中标项目签署合同的公告 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。 2025 年 12 月 26 日，中国旅游集团中免股份有限公司（以下简称"公司"） 全资子公司中国免税品（集团）有限责任公司中标北京首都国际机场免税项目 01 标段。具体内容详见公司于 2025 年 12 月 27 日在《证券日报》《上海证券报》、 上海证券交易所网站（www.sse.com.cn）披露的《关于全资子公司项目中标的公告》 （公告编号：临 2025-039）。2025 年 12 月 29 日，公司全资子公司中国免税品（集 团）有限责任公司与北京首都机场商贸有限公司签署了《北京首都国际机场免税 项目（01 标段）项目合同》（以下简称"本合同""合同"）。具体情况如下： 一、本合同的主要内容 （一）合同主体 甲方：北京首都机场商贸有限公司 乙方：中国免税品（集团）有限责任公司 （二）项目位置及经营面积 北京首都国际机场 3 号航 ...

Core Viewpoint - The signing of the contract for the duty-free project at Beijing Capital International Airport is expected to have a positive impact on the company's future operating performance [1] Group 1: Contract Details - The company’s wholly-owned subsidiary, China Duty Free Group Co., Ltd., has signed a contract with Beijing Capital Airport Commerce Co., Ltd. for the duty-free project at Beijing Capital International Airport [1] - The project will operate in the international departure and arrival areas of Terminal 3, covering a total area of 10,646.74 square meters [1] - The operational period of the contract is from February 11, 2026, to February 10, 2034 [1] Group 2: Financial Terms - The minimum operating fee for the first year is set at 48.027 million RMB [1] - The sales commission rate for the first year is 5%, which will increase by 1 percentage point each year starting from the second billing year, with no further increases after the fifth billing year [1]

Group 1 - The core objective of Hainan's customs closure is to transition from "factor flow-based openness" to "institutional openness," characterized by the mechanism of "one line open, two lines controlled, and island-wide freedom" [2][4] - The number of zero-tariff items has expanded from 1,900 to 6,600, covering 74% of product categories, which directly reduces import costs for enterprises [5] - The policies post-closure are expected to empower development, enhancing corporate profitability and attracting industries through tax incentives and optimized regulations [5] Group 2 - The customs closure aligns with Hainan's key industries such as tourism, modern manufacturing, high-tech industries, and tropical agriculture, providing differentiated development opportunities for listed companies [6] - Hainan's airport operations are expected to see increased traffic, with international passenger volume projected to exceed 2.4 million, benefiting companies like Hainan Development through infrastructure demands [7] - In the tropical agriculture sector, companies like Hainan Rubber and Shennong Seed Industry will benefit from zero-tariff policies, significantly lowering market expansion costs and enhancing their international market reach [8]

证券研究报告 | 宏观定期报告 2025 年 12 月 29 日 央国企动态系列报告之 54 —央企负责人年会定调价值创造，专业整合与新兴产业布 局双线推进 频率：双周 2025 年 12 月召开的中央企业负责人会议，为 2026 年国资国企工作确立了 "深化改革"与"价值创造"的核心主线，并突出强调"推进战略性、专业化 重组整合"。 风险提示：国企改革的推进进度不及预期，或后续政策方向发生变化；报告中 列示上市公司不涉及投资建议。 定期报告 相关报告 1、《央国企动态系列报告之 53—央国企整合呈现多元模 式，深度契合"十五五"资产 盘活主线》2025-12-15 2、《央国企动态系列报告之 52—"新三年行动"收官在 即，央国企资本运作提速 》 2025-12-1 林喜鹏 S1090522050001 linxipeng@cmschina.com.cn 敬请阅读末页的重要说明 ❑ 顶层设计明确年度主线，价值创造与专业化整合成为核心。央企负责人会 议为 2026 年工作定调，强调以"一利五率"和"加强上市公司质量与市 值管理"为抓手深化价值创造，并将大力推进战略性、专业化重组整合和 高质量并购置于突出战略位 ...