上海机场根据国家相关政策要求，通过招投标的形式引入外资参与免税经营,两家免 税巨头的同台竞技将有效提升口岸免税业务竞争优势。 #中免和杜福睿中标上海机场免税店#【中免和杜福睿中标，上海浦东和虹桥机场的免税店会有哪些变 化？】#上海两大机场的免税店将有哪些变化# 中免和杜福睿获得上海机场免税店项目经营权。 2025年12月17日，上海机场公布《上海国际机场股份有限公司关于签订免税店项目经营权转让合同的公 告》，经公司第九届董事会第二十九次会议审议通过，根据《浦东、虹桥国际机场进出境免税店项目》 招标结果，公司及控股子公司上海虹桥国际机场有限责任公司（以下简称"虹桥机场公司"）于2025年12 月17日在上海签订了免税店项目经营权转让合同。 根据合同，杜福睿（上海）商业有限公司（以下简称"杜福睿"）获得上海浦东国际机场（T1航站楼及 S1卫星厅国际区域场地）的进出境免税店经营权；中国免税品（集团）有限责任公司（以下简称"中 免"）获得上海浦东国际机场（T2航站楼及S2卫星厅国际区域场地）、上海虹桥国际机场的进出境免税 店经营权。（智通财经） 中免和杜福睿中标 此次中标的企业都是兔税公司巨头。中免是中国旅游集团中免 ...

Investment Rating - The report maintains a "Positive" investment rating for the airport service industry [8]. Core Insights - The introduction of foreign participants in the new round of duty-free tenders at Shanghai Pudong, Hongqiao, and Beijing Capital airports marks a significant change in the competitive landscape [2][4]. - Dufry, a global leader in travel retail, has entered the bidding process, indicating a shift towards a more diversified and competitive market in China's duty-free sector [4][21]. - The bidding rules now allow only one segment win per bidder, breaking the previous monopoly held by China Duty Free Group [14][21]. - The overall commission rates for duty-free contracts are expected to increase unless there is a substantial growth in sales volumes [2][6]. Summary by Sections Duty-Free Tender Competition Intensifies - Major airports in Beijing, Shanghai, Guangzhou, and Shenzhen have seen a significant drop in international passenger numbers from 2020 to 2022, leading to the expiration of restructured duty-free contracts [4][16]. - The new bidding process allows for foreign companies to participate, which is a departure from the previous exclusive operations by domestic firms [14][21]. Changes in Duty-Free Contract Commission Rates - The new contracts at Shanghai Airport utilize a "fixed rent + additional commission" model, which is a high minimum guarantee combined with lower commission rates [6][40]. - If the sales volume at Shanghai Pudong Airport reaches 15 billion yuan, the comprehensive commission rate could drop to approximately 22%, aligning with previous contract levels [6][40]. Airport Fundamentals and Recovery - The airport sector is undergoing significant fixed asset investments due to historical external shocks, with a stable recovery in passenger volumes expected [7][43]. - Airports like Shenzhen, Guangzhou, and Shanghai are projected to have absolute yield value amidst improving mid-term operational data [7][43].

Core Insights - China Duty Free Group (CDFG) reported a decline in revenue and net profit for 2024, with revenue down 16.38% to 56.474 billion yuan and net profit down 36.44% to 4.267 billion yuan [1][2] Group 1: Financial Performance - CDFG's revenue from Hainan decreased by 27.13% to 28.892 billion yuan, accounting for approximately 51.16% of total revenue, down from 58.71% the previous year [2] - The overall duty-free shopping market in Hainan saw a decline, with shopping amounts down 29.3% to 30.94 billion yuan and the number of shoppers down 15.9% to 5.683 million [2] Group 2: Market Challenges - The decline in Hainan's duty-free sales is attributed to factors such as natural disasters, outbound consumption diversion, increased competition from domestic brands, and consumers seeking better value [3] - Despite the challenges, CDFG's market share in Hainan increased by nearly 2 percentage points during the reporting period [3] Group 3: Growth Strategies - CDFG is expanding its airport duty-free business, benefiting from the increase in visa-free countries and the optimization of transit visa policies, leading to significant sales growth in domestic duty-free stores [3] - The company has also won the operating rights for 10 airport and port duty-free projects in the year [3] Group 4: Expansion into Overseas Markets - CDFG is actively seeking new growth opportunities by expanding its overseas presence, opening new stores in locations such as Singapore Changi Airport, Hong Kong International Airport, and Sri Lanka [4] - Recent government policies support the establishment of duty-free stores in qualified cities and promote tax refund services for outbound shopping, encouraging competition in the duty-free market [4] Group 5: Industry Outlook - The increasing number of duty-free players in the market poses ongoing challenges for CDFG, necessitating improvements in supply chain management, channel optimization, and pricing strategies to maintain its competitive edge [5]