Core Viewpoint - China Tourism Group Duty Free Co., Ltd. has won the bid for duty-free shop projects at Shanghai Pudong International Airport and Shanghai Hongqiao International Airport, enhancing its market position in domestic core airports [1][8]. Project Details - Project Name: Duty-free shop projects at Shanghai Pudong and Hongqiao International Airports [1]. - Bid Sections: Section Two for Pudong Airport (T2 terminal and S2 satellite hall) and Section Three for Hongqiao Airport (T1 terminal) [1][2]. - Winning Entity: China Duty Free Group [1]. - Fee Structure: Monthly fixed fee for Pudong is ¥3,090 per square meter, with commission rates from 8% to 24%; for Hongqiao, the fixed fee is ¥2,827 per square meter, with commission rates from 8% to 22% [1][5]. Contract Terms - Contract Duration: 5+3 years, starting from January 1, 2026, to December 31, 2033 [3][4]. - Area: Pudong Airport covers 9,630.98 square meters; Hongqiao Airport covers 2,470.55 square meters [2][7]. Financial Impact - The project is expected to enhance the company's channel advantages at key domestic airports, catering to diverse shopping needs of inbound and outbound travelers, thus promoting high-quality development of airport duty-free business [8]. Joint Venture - The company will invest ¥102 million to establish a joint venture with Shanghai Airport, holding 51% of the shares [7].

Core Viewpoint - China Duty Free Group has been awarded the contract for duty-free shops at Shanghai Pudong International Airport and Shanghai Hongqiao International Airport, enhancing its market position and operational capabilities in key domestic airports [1] Group 1: Contract Award and Joint Venture - The company received a "Notice of Winning Bid" from Shanghai International Airport Co., confirming that its subsidiary, China Duty Free Group, is the winning bidder for duty-free shop projects at both airports [1] - A joint venture has been established with an investment of RMB 102 million, where China Duty Free Group holds a 51% stake and Shanghai Airport holds 49% [1] - The joint venture will operate duty-free shops at specified terminals in both airports, enhancing the company's operational footprint in the region [1] Group 2: Business Impact and Growth Potential - The successful implementation of this project is expected to improve the company's channel advantages at core domestic airports [1] - The initiative aims to meet the diverse shopping needs of inbound and outbound travelers, thereby enhancing the overall duty-free shopping experience [1] - This development is anticipated to positively impact the company's future operational performance and drive high-quality growth in airport duty-free business [1]

2026年，上海机场免税店格局将迎来重大变化。 12月11日，上海机场发布《上海机场集团浦东、虹桥国际机场进出境免税店项目招标公告》,公告显示，中国免税品（集团）有 限责任公司（下称"中免集团"），以及全球最大的旅行零售和体验服务商杜福睿旗下杜福睿（上海）商业有限公司（下称"杜福 睿"）中标。 这也意味着，进入中国市场22年的日上免税行（上海）有限公司（下称"日上上海"）将告别上海机场。对于经常从上海出境的旅 客而言，日上免税行熟悉的橙色招牌和"日上会员"折扣将成为历史。 根据上海机场集团公示的中标公告，中免集团拿下浦东机场T2航站楼及S2卫星厅，以及虹桥机场T1航站楼国际区域的免税经营 权；全球免税巨头杜福睿则首次大规模进入中国机场免税市场，将负责浦东机场T1航站楼及S1卫星厅的运营，经营期限均为"5 年+3年"的弹性周期，浦东T1标段因特殊约定设置为"3年+5年"起始模式。 此前，长期独家运营该业务的日上免税无缘续签，原因是未能获得公司大股东支持投标，作为控股股东的中免集团，选择以自身 主体参与本次竞标。 图源于公告 "听到消息既亲切又遗憾，日上贯穿了我所有的飞行记忆，以后再也见不到熟悉的柜台了。"网友@ ...

中金公司研报指出，根据中国招标投标公共服务平台，上海机场集团浦东、虹桥国际机场进出境免税店 项目近期发布中标候选人公示。按第一中标候选人情况，该行预计浦东机场免税店或引入外资经营，或 有助于优化竞争环境及免税品类拓宽。根据中标候选人公示，浦东T1 第一中标候选人为杜福睿，浦东 T2 及虹桥机场第一候选人为中免。预计外资免税商的入驻或有助于在机场建立相互竞争比较的经营环 境；同时根据我们对海外机场的研究，认为外资免税商或助力机场销售品类更加多元化。当前股价对应 35.3倍、29.1倍2025、2026年市盈率，维持目标价34.5元不变，对应38倍2025年市盈率和31倍2026年市 盈率，较当前股价有8%的上行空间，维持"跑赢行业"评级。 ...

Core Viewpoint - Shanghai Airport is actively working on the new agreement for duty-free projects, with a public tender for duty-free shops at both Pudong and Hongqiao airports initiated on November 17, 2023, and set to close on December 9, 2025 [1] Group 1: Financial Performance - In 2022, Shanghai Airport's duty-free contract revenue was 1.212 billion yuan, a year-on-year decline of over 30%, while in Q1 2023, the revenue was 343 million yuan, down 1.15% year-on-year [2] - From 2020 to 2022, the duty-free shop rental income significantly decreased due to the pandemic, with revenues of 1.156 billion yuan, 486 million yuan, and 363 million yuan respectively [2] - In 2023, the duty-free business showed recovery with revenues reaching 1.788 billion yuan, nearly quadrupling year-on-year [2] Group 2: Competitive Landscape - The board of directors of Sunrise Duty-Free (Shanghai) held an emergency meeting regarding participation in the Shanghai Airport duty-free project tender, with a majority of directors opposing the bid [2][3] - If the chairman appointed by the major shareholder, China Duty-Free Group, refuses to sign the bid documents, Sunrise Duty-Free may be forced to withdraw from the tender, allowing China Duty-Free Group to potentially take over [2][3] - Sunrise Duty-Free has been operating at Shanghai Airport for 26 years and is concerned that this situation violates the agreement made when China Duty-Free Group acquired a 51% stake in the company in 2018 [3]

Core Viewpoint - Shanghai Airport is actively working on the new agreement for duty-free projects in accordance with relevant policy requirements, as indicated during the third-quarter earnings presentation [1]. Group 1: Duty-Free Business Developments - Shanghai Airport announced a public tender for duty-free shops at Pudong and Hongqiao International Airports, with the deadline for submitting paper bids set for December 9, 2025 [1]. - The company reported a significant recovery in duty-free business in 2023, with revenues reaching 1.788 billion yuan, representing an almost fourfold increase year-on-year [2]. Group 2: Financial Performance - In the previous year, Shanghai Airport's duty-free contract revenue was 1.212 billion yuan, showing a decline of over 30% compared to the previous year [2]. - The first quarter of this year saw duty-free contract revenue of 343 million yuan, a slight year-on-year decline of 1.15% [2]. - From 2020 to 2022, the duty-free shop rental income significantly decreased due to the pandemic, with revenues of 1.156 billion yuan, 486 million yuan, and 363 million yuan respectively [2].

Core Points - Shanghai Airport is actively working on the new agreement for the duty-free project in accordance with relevant policy requirements [1] - The company announced a public tender for duty-free shops at Shanghai Pudong International Airport and Shanghai Hongqiao International Airport, with a submission deadline of December 9, 2025 [1] Financial Performance - In the previous year, Shanghai Airport's duty-free contract revenue was 1.212 billion yuan, a decline of over 30% year-on-year, while the first quarter of this year saw duty-free contract revenue of 343 million yuan, down 1.15% year-on-year [2] - From 2017 to 2019, the rent paid by Dayang Shanghai to Shanghai Airport for duty-free shops increased annually, reaching 2.555 billion yuan, 3.681 billion yuan, and 5.210 billion yuan, accounting for 31.69%, 39.53%, and 47.60% of annual revenue respectively [2] - Due to the significant reduction in outbound tourists during the pandemic, duty-free shop rental income dropped sharply, with revenues of 1.156 billion yuan, 486 million yuan, and 363 million yuan from 2020 to 2022 [2] - In 2023, the duty-free business of Shanghai Airport showed signs of recovery, with revenue reaching 1.788 billion yuan, an increase of nearly four times year-on-year [2]

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].

据国际金融时报12月6日报道，12月6日下午，日上免税行（上海）有限公司（下称"日上上海"）董事长突然召开董事会，围绕公司是否参加上海机场免税 项目招投标进行表决。日上上海董事长由大股东中免集团（海南）运营总公司（下称"中免"）委派，中免在7名董事中占4席，该4名参会董事明确表示不 同意日上上海投标。在实际操作上，如果中免派出的董事长拒绝在投标文件上签字，将导致日上上海事实上不能参与本次上海机场投标。日上免税行恐将 被迫告别上海机场，而中免或将取而代之。 日上上海有关人士认为，这违反了2018年中免入主日上上海时的双方协议。作为在上海机场经营26年的著名外资品牌，日上上海外方代表感到不可接受。 上海浦东、虹桥国际机场免税店招投标于11月17日启动，将于12月9日9:30截止。发生在12月6日下午的这一大小股东间的博弈风波，令日上上海是否能参 加投标，蒙上浓重疑问。 据悉，日上免税行目前主要的业务分布在北京首都国际机场（T2和T3航站楼）上海浦东国际机场（T1、T2）和上海虹桥国际机场（T1航站楼）。 与此同时，首都国际机场新一轮招投标也已开始，而这将与日上中国有关。 日上上海成立于1999年6月，是国内首家经 ...

Group 1: Advanced Manufacturing Sector - LG Energy Solution, a battery supplier for General Motors and Tesla, expects a 9.7% decline in revenue for Q2 this year, from 6.16 trillion KRW (approximately 4.5 billion USD) last year to 5.56 trillion KRW, despite a projected 152% increase in operating profit to 492.2 billion KRW, compared to 195.3 billion KRW last year [3] - The company benefits significantly from the Advanced Manufacturing Production Tax Credit (AMPC) under the U.S. Inflation Reduction Act, receiving tax incentives totaling 490.8 billion KRW in Q2. Excluding this tax credit, the operating profit would only be 1.4 billion KRW [3] - The recent U.S. legislation, the "Big and Beautiful Act," has ended certain key clean energy subsidies and tightened restrictions on "foreign entities of concern," which will impact Korean and Japanese battery manufacturers more than their Chinese counterparts, posing challenges to LG Energy Solution's profitability in Q3 and beyond [4] Group 2: Consumer Sector - The summer travel peak is approaching, with the civil aviation market expected to see a total passenger volume of 150 million during the summer transportation period (July 1 to August 31), averaging over 2.4 million passengers per day, representing a 5.4% year-on-year increase [7] - The civil aviation sector is projected to execute 1.061 million passenger flights, averaging 17,000 flights per day, which is a 3.9% increase compared to the previous year [7] - Despite the increase in travel volume, ticket prices have slightly decreased, with the average economy class ticket price during the summer travel period being 839 CNY, down 1.3% from the same period in 2024 and down 3.1% from 2019 [7] - The recovery of the cross-border travel market is expected to boost airport duty-free businesses, and new policies for city duty-free shops may accelerate, making the duty-free, dining, local consumption, and entertainment sectors potential beneficiaries [7]