Core Points - The company has established a joint venture with China Duty Free Group to operate a duty-free store at Guangzhou Baiyun Airport's T3 terminal [1] - The registered capital of the joint venture is 45 million yuan, with China Duty Free Group contributing 22.95 million yuan (51%) and the company contributing 22.05 million yuan (49%) [1] - The investment aims to enhance the service level and international influence of Baiyun Airport [1] - The funding for the investment will come from the company's own funds and must be fully paid within three months after the establishment of the joint venture [1]

Core Viewpoint - Guangzhou Baiyun International Airport Co., Ltd. has signed a cooperation contract with China Duty Free Group Co., Ltd. for the operation of the T3 terminal's outbound duty-free project, transferring the operating rights of specific areas to the duty-free group for a period of 10 years [2][3][11]. Transaction Overview - The contract allows China Duty Free Group to operate duty-free goods in designated areas of the T3 terminal, in accordance with national policies [2][3]. - The contract was established through a public bidding process, and no board approval was required for its signing [4]. Counterparty Information - China Duty Free Group is a wholly-owned limited liability company with a registered capital of approximately 1.052 billion yuan, established in 1985, and operates various duty-free retail services [5][6]. - There are no related party transactions or significant asset restructuring involved in this agreement [5]. Transaction Details - The operating area for the duty-free project is approximately 3,050 square meters located on the fourth floor of the T3 terminal [9]. - The contract stipulates that at least 1,200 square meters must be operational by the time the international functions of T3 are activated, with a total of at least 1,600 square meters operational by December 31, 2026 [10][11]. Financial Terms - The monthly operating fee is determined by the higher of a guaranteed minimum fee or a sales commission, with the minimum fee set at 2,300 yuan per square meter [17][18]. - The minimum fee will increase by 6% annually starting from January 1, 2027, with specific conditions for adjustments based on passenger throughput [18][19]. Impact on the Company - This cooperation is expected to enhance the service quality at the airport and meet the needs of international travelers, thereby increasing the value of the terminal's retail resources [20].

Core Viewpoint - Guangzhou Baiyun International Airport Co., Ltd. has signed a cooperation contract with China Duty Free Group Co., Ltd. for the operation of the T3 terminal's outbound duty-free project, transferring operational rights for a specific area to the duty-free group for a period of 10 years [1][2]. Transaction Overview - The contract allows China Duty Free Group to operate duty-free goods in the designated area, complying with national policies [1]. - The transaction does not constitute a related party transaction or a major asset restructuring and does not require board approval [1][2]. Transaction Counterparty Information - China Duty Free Group is a wholly-owned limited liability company with a registered capital of approximately 1,052.6 million yuan, established on February 8, 1985 [2]. - The company operates both inbound and outbound duty-free shops at Baiyun Airport and maintains independence from Baiyun Airport in terms of ownership, business, assets, and personnel [3]. Transaction Target Information - The cooperation involves a duty-free shop area of 3,050 square meters located on the fourth floor of the T3 terminal [3]. - The first phase requires at least 1,200 square meters to be operational on the same day as the T3 terminal's international function launch, with a total of at least 1,600 square meters operational by December 31, 2026 [4]. Contract Details - The operational rights transfer period is set for 10 years, starting from the launch of the T3 terminal's international function [4]. - The monthly operational fee is determined by the higher of the minimum guaranteed fee or the actual sales commission, with a base fee of 2,300 yuan per square meter [5][6]. - The sales commission rate is set at 21%, and the monthly comprehensive management fee is fixed at 85 yuan per square meter [7]. Impact on the Company - The signing of the contract is expected to enhance the service quality at the airport, meet international travelers' needs, and increase the value of the terminal's commercial resources [7].