Core Viewpoint - The long-standing duty-free operator, Japan Duty Free, will exit the duty-free business at Shanghai's two major airports, marking a significant shift in the operational landscape of airport duty-free services in Shanghai [1][5]. Group 1: Contractual Changes - Shanghai International Airport Co., Ltd. announced the signing of a duty-free store operating rights transfer contract, with the Swiss duty-free group Dufry and China Duty Free Group as the new operators [1][2]. - Dufry will manage the duty-free stores at Shanghai Pudong International Airport (Terminal 1 and S1 Satellite Hall) for a term of 3+5 years, starting from January 1, 2026, with a performance bond of 150 million yuan [2]. - China Duty Free Group will operate at Shanghai Pudong International Airport (Terminal 2 and S2 Satellite Hall) and Shanghai Hongqiao International Airport for a term of 5+3 years, also starting from January 1, 2026, with a performance bond of 180 million yuan [2]. Group 2: Investment and Joint Ventures - Shanghai Airport will invest up to 98 million yuan to establish a joint venture with Dufry, holding a 49% stake, to operate the duty-free stores at Shanghai Pudong International Airport [3]. - Similarly, Shanghai Airport will invest 98 million yuan to form a joint venture with China Duty Free Group, also holding a 49% stake, to manage the duty-free operations at both Shanghai Pudong and Hongqiao International Airports [5]. Group 3: Market Context - The duty-free operating contracts at Shanghai Pudong and Hongqiao International Airports will expire on December 31, 2025, after 26 years of operation by Japan Duty Free [5]. - In November, Shanghai Airport Group announced a re-tender for the duty-free store franchise rights for the next eight years, coinciding with a projected record passenger throughput of 124 million in 2024, a 29% increase year-on-year [6].

Core Viewpoint - Shanghai International Airport Co., Ltd. has signed contracts for the transfer of duty-free shop operating rights at both Pudong and Hongqiao International Airports, which is expected to positively impact the company's revenue from 2026 to 2033 [4][11][16]. Group 1: Contract Details - The contract with Dufour (Shanghai) Commercial Co., Ltd. for the Pudong International Airport (T1 terminal and S1 satellite hall) has a transfer period of 3+5 years, starting from January 1, 2026, to December 31, 2033 [4]. - The contract with China Duty Free Group Co., Ltd. for the Pudong International Airport (T2 terminal and S2 satellite hall) has a transfer period of 5+3 years, also from January 1, 2026, to December 31, 2033 [7]. - The contract for Hongqiao International Airport with China Duty Free Group Co., Ltd. has a similar transfer period of 5+3 years, from January 1, 2026, to December 31, 2033 [11]. Group 2: Financial Terms - The monthly fixed fee for the T1 terminal is set at ¥3141 per square meter, with commission rates ranging from 8% to 24% based on sales [5]. - The monthly fixed fee for the T2 terminal is set at ¥3090 per square meter, with similar commission rates [8]. - The monthly fixed fee for Hongqiao International Airport is set at ¥2827 per square meter, with commission rates ranging from 8% to 22% [12]. Group 3: Performance and Guarantees - Each party is required to provide a performance bond of ¥150 million for the contracts at Pudong International Airport and ¥30 million for the contract at Hongqiao International Airport [6][10]. - The contracts include provisions for performance assessments, with the possibility of contract renewal based on meeting specified criteria [4][7][11]. Group 4: Strategic Goals - The agreements aim to enhance the competitive position of Shanghai Airport's duty-free business by optimizing resources and improving the shopping experience for travelers [13]. - The contracts also emphasize the introduction of traditional Chinese products and online booking services for duty-free shopping [13][14].

Group 1 - The core viewpoint of the article is that ST Huawen (000793.SZ) is currently not involved in the duty-free business and plans to leverage free trade port policies to enhance its operational management [1] Group 2 - The company is actively focusing on improving its management practices in light of the free trade port policies [1]

欢迎扫描下方二维码关注： 点击上方"蓝字"，轻松关注我们 跨境电子商务出口退(免)税、 免税业务办理问答 (第四期) 、什么是跨境电子商务综合试验区 "无票免税"政策? 为进一步促进跨境电子商务健康快速发展,培育 贸易新业态新模式,2018年9月,国家出台了跨 境电子商务综合试验区 (以下简称综试区) 内的 电子商务出口企业"无票免税"政策,即综试区跨 境电子商务出口企业零售出口未取得有效进货 凭证的货物,同时符合相关条件的,试行增值税、 消费税免税政策。 二、综试区跨境电子商务出口企业 申报办理"无票免税", 应具备哪些条件? (一) 跨境电子商务出口企业在综试区注册,并在 注册地跨境电子商务线上综合服务平台登记: 10:10: 出口日期 货物名称 计量单位 数量 車般 金额 (二)出口货物通过综试区所 在地海关办理电子商务出口 申报手续。 (三) 出口货物不属于财政部和 税务总局根据国务院决定明确 ch I.I.I 0 取消出口退 (免)税的货物。 0 税事小编 专业服务纳税人 凹杀归余同大丁仪员△哈咫1J页巴丁示掂开 具汇总等有关事项的公告》（交通运输部公 告2020年第24号）规定："二、通行费电子 ...

Summary of Key Points from the Conference Call Industry Overview - The conference call focuses on the airport duty-free industry, specifically the new bidding process for duty-free shops at Shanghai Airport, which aims to enhance the value of the duty-free business through competition and address previous low guaranteed sales figures [1][2][16]. Core Insights and Arguments - **New Bidding Process**: The new bidding process introduces segmented bidding, dual operators, foreign investment access, and a two-phase assessment mechanism to foster healthy competition and maximize the value of the duty-free business [2][16]. - **Policy Adjustments**: In 2023, the national government adjusted duty-free policies, granting local ports more management authority, supporting online reservations and pickups, and mandating that at least 25% of the sales area be dedicated to domestic products to boost domestic consumption [1][8]. - **Revenue Growth Expectations**: The company anticipates stable revenue growth over the next three years, driven by an increase in international passenger volume, with each 10 yuan increase in international duty-free spending potentially adding 100 million yuan to net profit [3][21]. - **Impact of Competition**: The introduction of competition through the new bidding process is expected to restore and enhance duty-free sales, improve pricing mechanisms, and stimulate operational enthusiasm among operators [1][5][19]. Important but Overlooked Content - **Profitability Concerns**: Despite the optimistic outlook, the company must focus on improving profitability in airport channels, which currently have low margins (1-3%), to ensure investment returns [7][24]. - **Market Dynamics**: The duty-free market has faced challenges from multi-channel competition, including the rise of e-commerce, which has changed consumer purchasing behavior and impacted duty-free revenues [20]. - **Future Bidding Significance**: The results of the new bidding process are crucial for the company's and industry's future growth, potentially serving as a key indicator for growth trends over the next five to eight years [3][25]. Future Projections - **Financial Forecast**: The company projects net profits of 2.3 billion, 3.2 billion, and 3.2 billion yuan for 2025-2027, with significant contributions from land transfer contracts expected in 2026 [22][21]. - **Operational Strategy**: The company’s operational strategy includes maintaining stable cost structures while ensuring revenue growth outpaces cost increases, thereby supporting profit recovery [23][24]. Conclusion - The new bidding process at Shanghai Airport represents a significant shift in the duty-free industry, with potential implications for competition, profitability, and overall market dynamics. The company's focus on enhancing operational efficiency and adapting to market changes will be critical for future success [1][5][19].

Group 1: Company Performance and Market Position - The stock price of Shenzhen Airport has underperformed despite the Shanghai and Shenzhen stock markets reaching a ten-year high, indicating challenges in market value management [2] - The company has focused on enhancing its core business and resource value, aiming for balanced growth in business scale and quality [2][3] Group 2: Infrastructure Developments - The third runway project is expected to be operational by the end of November 2025, which will improve the airport's passenger and cargo handling capacity [3][4] - The design capacity for the T3 terminal and satellite hall is set at 45 million and 22 million passengers, respectively [5] Group 3: Financial Performance - In the first three quarters, the operating cost growth rate was 8%, lower than the revenue growth rate of 11%, indicating effective cost management [4][5] - The company plans to continue cost reduction measures to ensure that variable costs grow at a slower rate than revenue [5] Group 4: Future Business Outlook - The duty-free business has seen a 10% increase in sales since October 2025, reflecting a recovery in international passenger flow [4] - The company is preparing to enhance its duty-free operations by leveraging peak travel seasons and potential new policies [4]

Core Viewpoint - Zhuhai Duty-Free Group Co., Ltd. (600185.SH) plans to sell 100% equity of Gree Real Estate to Toujie Holdings for approximately 5.518 billion yuan, marking a significant asset restructuring and related party transaction [1][4]. Group 1: Transaction Details - The transaction price will be paid in cash by Toujie Holdings, a state-owned enterprise under Zhuhai Investment Holdings, which focuses on corporate headquarters management, investment activities, and asset management services [1][3]. - The transaction is part of a broader strategy to accelerate the company's exit from real estate operations and focus on duty-free and consumer-related businesses [2][4]. Group 2: Financial Impact - Following the transaction, the net profit attributable to the parent company for 2024 is projected to improve from a loss of 1.515 billion yuan to a loss of 92.4 million yuan, a change of 93.90% [4][5]. - The company's operating revenue is expected to decrease from 5.277 billion yuan to 2.922 billion yuan, a decline of 44.62% for 2024 [5]. - Basic and diluted earnings per share are anticipated to improve significantly from -0.99 yuan to -0.28 yuan, reflecting a 71.72% increase [5]. Group 3: Strategic Goals - The company aims to enhance its focus on duty-free business, expand cross-border e-commerce, and improve compliance and governance structures [6]. - The restructuring is expected to strengthen the company's competitive advantages and enhance its sustainable development capabilities [2][4]. - The company plans to optimize its financial structure and restore cash dividend capabilities, aiming for long-term stable growth in shareholder returns [4][6]. Group 4: Market Position - As of November 18, the company's stock price was 7.47 yuan, with a market capitalization of 14.1 billion yuan [8]. - In the first half of 2025, the revenue composition showed that duty-free goods accounted for 61.4%, real estate for 24.43%, and other businesses for 12.4% [7].

Core Viewpoint - Dongbai Group (600693) has experienced a significant stock price increase, with the stock reaching a limit up of 11 yuan per share and a trading volume exceeding 210,000 hands, marking five consecutive days of limit up trading [1] Company Overview - The company primarily engages in commercial retail and warehousing logistics, aiming to meet the infrastructure and operational service needs in commercial consumption scenarios and logistics warehousing scenarios [1] - As of the announcement date, the company's business activities and operations are normal, with no significant changes in its main business or external market environment [1] Market Sentiment and Risks - The company has issued a warning regarding the recent sharp increase in its stock price, indicating potential market overheating and high speculation risks, which may lead to significant declines after short-term gains [1] - Investors have inquired about the company's involvement in duty-free business; however, the company clarifies that it does not possess qualifications for duty-free goods and does not engage in the operation of duty-free products [1]

Core Viewpoint - Dongbai Group (600693.SH) clarified that it does not engage in duty-free business despite recent investor inquiries regarding its involvement in this sector [1] Group 1: Company Operations - The company primarily operates in commercial retail and warehousing logistics [1] - Dongbai Group does not possess qualifications for operating duty-free goods [1] - The company emphasizes the importance of cautious investment for its shareholders [1]

Core Viewpoint - Dongbai Group (600693) has clarified that it does not engage in duty-free business, despite recent investor inquiries, and its main operations remain stable [1] Company Summary - Dongbai Group primarily operates in commercial retail and warehousing logistics, without any qualifications for duty-free goods [1] - The company reported that its current business activities and order status are normal, with no significant changes in its main business operations [1] Market Conditions - The stock of Dongbai Group has experienced a continuous limit-up closing for four trading days since November 10, indicating a potential overheating of market sentiment and high speculation risks [1] - There is a possibility of a significant decline following the recent substantial price increase [1]