天眼查工商信息显示，近日，王府井集团北京免税品经营有限公司成立，法定代表人为胡勇，注册资本 2亿元人民币，经营范围包括日用品销售、日用品批发、化妆品零售、服装服饰零售等。股东信息显 示，该公司由王府井（600859.SH）全资持股。 12月28日，王府井发布公告显示，公司于12月26日收到招标代理机构中招国际招标有限公司发来的《中 标通知书》，确定公司成为北京首都国际机场免税项目02标段中标人。 12月30日，王府井再发公告，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 （02标段）项目合同》。项目运营期自2026年2月11日或移交日中的孰晚日起，至2034年2月10日止。 官网资料显示，王府井公司创立于1955年，前身是"新中国第一店"——北京市百货大楼，1994年公司股 票在上海证券交易所挂牌上市。2014年公司由单一百货业态发展成为涵盖百货、购物中心、奥特莱斯等 多业态的综合零售商。 在免税业务方面，2020年，王府井被授予免税品经营资质，允许经营免税品零售业务。2022年10月，公 司获准在海南省万宁市经营离岛免税业务； 2023年1月，王府井国际免税港对外营业，王府井全球购小 程序 ...

以下是第一财经对一些重要公告的汇总，供投资者参考。 【品大事】 航天发展：下属航天天目（重庆）卫星科技有限公司前三季度营收占公司总营收比例低于1% 航天发展发布股票交易异常波动公告，公司股票连续三个交易日收盘价格涨幅偏离值累计超过20%。公司以航天防务信息科技为主要发展方向，聚焦主责主 业，持续发展蓝军体系及装备、新一代通信与指控装备等业务。2025年前三季度，公司实现营业收入16.97亿元，较上年同期上升的重要原因是船舶交付。 公司下属航天天目（重庆）卫星科技有限公司主要从事商业低轨卫星运营及数据应用服务，其2025年前三季度营业收入占公司总营业收入的比例低于1%。 11连板胜通能源：如未来股票价格进一步上涨，公司可能向交易所申请停牌核查 胜通能源发布异动公告称，如未来公司股票价格进一步上涨，公司可能向深圳证券交易所申请停牌核查，投资者参与交易可能面临较大风险。敬请广大投资 者务必充分了解二级市场交易风险，切实提高风险意识，理性投资并注意投资风险。 8连板嘉美包装：如未来股票价格进一步异常上涨 公司可能申请停牌核查 嘉美包装发布关于公司股票及可转债交易异常波动暨严重异常波动的公告称，公司基本面未发生重大变化 ...

Investment Rating - The industry investment rating is maintained as "Buy" [1] Core Insights - The Hainan Free Trade Port officially launched its full island customs closure on December 18, 2025, implementing a policy of "one line open, one line controlled, and free flow within the island" to facilitate trade and investment [2][13] - The zero-tariff policy has been upgraded, increasing the number of zero-tariff product categories from 1,900 to 6,600, covering 74% of production materials [3][14] - The launch of the Hainan Free Trade Port is expected to significantly impact both local and national duty-free businesses, with the fundamentals beginning to materialize [15] Industry Data Tracking - GMV performance shows that in the second week of November, the overall GMV for Tmall and JD.com decreased by 5.56% year-on-year [4][16] - The top five categories in terms of growth during the same period were toys, home furnishings, books and audio-visual products, clothing, and home appliances [4][16] Market Review - From December 22 to December 26, 2025, the Shanghai Composite Index, Shenzhen Component Index, CSI 300, Hang Seng Index, and Hang Seng Tech Index increased by 1.88%, 3.53%, 1.95%, 0.50%, and 0.37% respectively, with the retail trade sector rising by 0.16% [5][20] - Notable stock performances included Dongbai Group, Baida Group, China Duty Free, Yintai Group, and New Xunda, while Nanjing Shanglv, Central Mall, Dalian Friendship, Maoye Commercial, and Liren Liren experienced declines [5][20][27][28] Investment Recommendations - For offline retail, it is suggested to focus on Yonghui Supermarket, which is transforming its business model towards a curated retail approach, leveraging its strong fresh produce sales and scale advantages [28][29] - In the cross-border e-commerce sector, attention is drawn to leading brands like Anker Innovations and platforms like Xiaogongsi, which are expected to benefit from the Belt and Road Initiative [29] - In the gold and jewelry sector, companies like Laopuyin and Chaohongji are recommended due to their strong brand positioning and growth potential amid rising gold prices [29]

业内分析认为，日上提前"出局"，中国中免全资子公司"躺赢"，或能缓解盈利困境，亦绕开了外资合作业务。中国中免曾经是全球市值最高的免税运营 商，2021年2月，中国中免股价一度攀至403.78元高点，对应市值8338亿元。然而财报显示，中国中免去年全年营收同比下滑16.36%至564.92亿元，净利 中国中免(601888.SH)12月26日发布公告，宣布其全资子公司中国免税品（集团）有限责任公司（以下简称"中免集团"）为北京首都国际机场免税项目01 标段（T3航站楼）的中标人，经营期限自合同约定的起始日起至2034年2月10日止。此前12月17日，中国中免亦宣布，中免集团中标上海浦东国际机场与 上海虹桥国际机场相关免税店项目，并签署经营权转让合同，期限为"5+3"年（2026年-2033年）。 公告显示，中免集团于北京首都国际机场的免税项目首年保底经营费4.8亿元，首年销售额提成比例5%。而中免集团于浦东、虹桥免税店面积分别约9631 平方米和2471平方米，采用"固定租金+销售提成"模式，提成比例为8%-24%之间。 此外，该公司出资1.02亿元与上海机场共同投资设立免税合资公司，其中中免集团持股51%，上 ...

公告称，经营期限自合同约定的起始日起至2034年2月10日止。此项目签约后，公司于国内核心机场的 渠道优势将进一步提升，有利于满足出入境旅客多层次、多样化的购物需求，提升多元化免税购物体 验，进而推动机场免税业务高质量发展。 此前，中国中免已经中标上海机场两个免税店项目。中国中免于12月17日公告，公司全资子公司中国免 税品（集团）有限责任公司（中免集团）为上海浦东国际机场和上海虹桥国际机场相关免税店项目的中 标人。 伴随中免的强势入局，深耕京沪机场免税市场多年的日上免税行正式出局。资料显示，日上免税行已在 上海机场运营26年，同时负责首都机场T3航站楼免税业务，曾跻身全球旅游零售商前十。目前，日上 由中免集团控股约51%，其余的股份由外资创始股东佰瑞投资有限公司和上海机场全资子公司持有。 其出局核心原因在于控股股东中免集团的决策，在上海机场项目招标前的董事会上，中免委派的4名董 事否决了日上的投标申请，日上最终无缘续约。在首都机场的新一轮免税店运营招标中，日上免税行也 未参与投标。 业内分析认为，目前出入境旅客购物转化率较2019年下降约20%，如果为了保住地盘而接受机场的高昂 保底租金，中免或将面临"增收 ...

Core 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].

Core Viewpoint - China Duty Free Group (CDFG) has won the bidding for duty-free store projects at Beijing Capital International Airport, indicating the gradual exit of Sunrise Duty Free from the domestic airport duty-free operations [1][4]. Group 1: Bidding and Project Details - CDFG's subsidiary has been confirmed as the winning bidder for the duty-free store project at Terminal 3 of Beijing Capital International Airport, with a minimum operating fee of 480 million yuan for the first year and a sales commission rate of 5% [2]. - CDFG has also recently won bids for two duty-free store projects at Shanghai Pudong International Airport and Shanghai Hongqiao International Airport, all of which were previously operated by Sunrise [2][4]. - The operating period for the Beijing project is set from the contract start date until February 10, 2034, not exceeding eight years [2]. Group 2: Sunrise Duty Free's Exit - Sunrise Duty Free's exit from the bidding process was due to a lack of support from its major shareholder, CDFG, which holds approximately 51% of Sunrise [2][4]. - Sunrise did not participate in the bidding for the new duty-free store operations at Beijing Capital International Airport, as CDFG required that Sunrise not collaborate with foreign partners in the duty-free business [4]. Group 3: CDFG's Financial Performance - CDFG's performance has been under pressure, particularly due to declining sales from its six duty-free stores in Hainan, with a reported net profit decline of 36% year-on-year in 2024 and a further 22.13% drop in the first three quarters of the current year [5][6]. - However, recent data from Haikou Customs indicates a 3.4% year-on-year increase in monthly sales for Hainan's duty-free stores as of September 2025, marking a return to positive growth after 18 months [6]. - The recent wins for the airport duty-free projects are expected to positively impact CDFG's performance, enhancing its channel advantages in core domestic airports [6]. Group 4: Cost Structure Changes - The costs associated with operating duty-free stores at airports have decreased compared to pre-pandemic levels, with CDFG's minimum operating fee for the first year at Beijing Capital International Airport set at 480 million yuan, translating to a monthly rent of 3,757 yuan per square meter [6][7]. - In contrast, prior to the pandemic in September 2018, Sunrise was required to pay 42.5% of its sales as rent to Shanghai Airport or a minimum sales commission (approximately 6 billion yuan), whichever was higher [7].

格隆汇12月22日丨凯撒旅业(000796.SZ)在投资者互动平台表示，凯撒旅游创始于1993年，坚持出境 游、入境游、国内游协同发力，面向政府、企业、个人三大类型客户，提供覆盖全球139个国家和地区 的全品类旅游服务。公司与国药集团旗下中国出国人员服务有限公司合营有免税店。公司积极与合作方 按照相关政策的要求，结合免税店的实际经营情况进一步优化、调整相关公司免税业务规划。 ...

H70556@capital.com.tw 目标价(元) 40 公司基本信息 | 产业别 | | 交通运输 | | --- | --- | --- | | A 股价(2025/12/19) | | 33.57 | | 上证指数(2025/12/19) | | 3890.45 | | 股价 12 个月高/低 | | 34.97/29.21 | | 总发行股数(百万) | | 2488.31 | | A 股数(百万) | | 2046.28 | | A 市值(亿元) | | 686.94 | | 主要股东 | | 上海机场(集 | | | | 团)有限公司 | | | | (58.38%) | | 每股净值(元) | | 16.90 | | 股价/账面净值 | | 1.99 | | | 一个月 三个月 | 一年 | | 股价涨跌(%) | 4.9 6.0 | -1.0 | 近期评等 | | | 2025 年 12 月 22 日 赵旭东 产品组合 | 非航空性收入 | 54.1% | | --- | --- | | 航空及相关服务 | 45.9% | | 机构投资者占流通 A 股比例 | | --- | | 基金 ...

文| 《BUG》栏目 刘丽丽 上海机场免税店招标终于尘埃落定：两大机场的免税店业务，将分别由中国免税和外商独资企业杜福睿经营。曾独占上海两大机场免税业务的日上免税行 即将退出。日上免税行浦东机场某门店工作人员告诉《BUG》栏目，门店不会关闭，还会继续营业，会有新的老板来接手，目前一切如常，尚未接到大 促通知。 实际上，此次中标的中免与失标的日上属于控股关系。 《BUG》栏目获悉，在此次招标中曾发生一些插曲：日上董事会中来自控股股东中免的多名董事反对日上参加投标，这导致日上未能报名成功。在开标 当天，日上派人来到现场并"强行"递交了材料，随后日上的母公司中免提交了撤销日上投标的申请，最终结果是日上失标，中免中标。 中免和日上均未正面回应上述言论。中免投关部门人士称，此事是招投标项目总负责具体实施，一切以官方的公告为准。日上工作人员则表示，有关问题 要问中免，是否参与投标由法人决定。上海机场方面人士表示，暂时没有未披露的信息，投标的相关具体情况建议咨询中免方面。 日上现场投标遭中免阻挠？ 中免是日上上海公司的控股和并表母公司，但在此次上海机场免税项目招标中，中免方面的董事反对日上参加。知情人士透露："日上不被允许 ...