Core Viewpoint - China Duty Free Group, a wholly-owned subsidiary of China National Duty Free Group, has won the bid for the duty-free project at Beijing Capital International Airport, which is expected to positively impact the company's future operating performance [1] Group 1 - The project involves the operation of duty-free shops in the international departure and arrival areas of Terminal 3 at Beijing Capital International Airport, covering a total area of 10,646.74 square meters [1] - The contract was signed on December 29, 2025, between China Duty Free Group and Beijing Capital Airport Commercial Co., Ltd [1] - This project is anticipated to strengthen the company's channel advantages in core airports, contributing to sustained growth in operational performance if successfully implemented [1]

Core Viewpoint - China Duty Free Group, a wholly-owned subsidiary of China National Duty Free Group, has won the bid for the duty-free project at Beijing Capital International Airport, which is expected to positively impact the company's future operating performance [1] Group 1: Project Details - The project involves the operation of duty-free stores in the international departure and arrival areas of Terminal 3 at Beijing Capital International Airport, covering a total area of 10,646.74 square meters [1] - The contract for the project was signed on December 29, 2025, between China Duty Free Group and Beijing Capital Airport Commercial Co., Ltd [1] Group 2: Strategic Implications - The successful implementation of this project will help the company strengthen its channel advantages in key airports [1] - The project is anticipated to have a significant positive impact on the company's future business performance [1]

Core Viewpoint - China Duty Free Group has won the bid for the duty-free project at Beijing Capital International Airport, which is expected to positively impact the company's future operating performance [1] Group 1 - The company announced that its wholly-owned subsidiary, China Duty Free Group, won the bid for the duty-free project at Beijing Capital International Airport, specifically for the 01 section [1] - On December 29, 2025, the company signed a contract with Beijing Capital Airport Commercial Co., Ltd. for the duty-free project [1] - The total area of the duty-free project is 10,646.74 square meters, located in the international departure and arrival areas of Terminal 3 [1] Group 2 - The company will operate the duty-free store business at Beijing Capital International Airport (T3 terminal) through its wholly-owned subsidiary [1] - The signing of the contract is expected to help the company strengthen its channel advantages at core airports [1] - Successful implementation of the project is anticipated to have a positive impact on the company's future business performance [1]

Group 1 - The bidding for duty-free shops at Shanghai airports has concluded, with China Duty Free Group (CDFG) and foreign-owned Dufo Rui winning the contracts, marking the exit of Japan Duty Free (JDF) from the business [2][5] - JDF's failure to secure the bid was influenced by opposition from CDFG's board members, leading to JDF not being allowed to participate in the bidding process [3][4] - CDFG's victory is seen as beneficial for the company, as it will now operate in higher-quality areas of the airport, potentially increasing overall revenue despite losing one bidding segment [5][6] Group 2 - CDFG's recent performance has been under pressure, with a reported revenue of 39.862 billion yuan, a year-on-year decline of 7.34%, and a net profit of 3.052 billion yuan, down 22.13% [6] - In contrast, JDF has historically been a significant player in China's duty-free market, having secured exclusive rights at major airports since its establishment in 1999 [8][9] - JDF is exploring new avenues for growth, including a potential focus on online operations and the introduction of a new membership system on its platform [12] Group 3 - The bidding process for the duty-free shops was marked by legal disputes, with JDF submitting complaints against CDFG for alleged violations of legal agreements [4] - The outcome of the bidding could have significant implications for JDF, especially if it fails to secure contracts at Beijing Capital International Airport, which would result in the loss of all physical stores in major cities [10] - The competitive landscape in the duty-free market is shifting, with CDFG's strategy reflecting a response to its declining performance and the need to enhance operational efficiency [5][6]

Core Viewpoint - The bidding for duty-free shops at Shanghai airports has concluded, with China Duty Free Group (CDFG) and foreign-owned Dufoor winning the contracts, marking the exit of Japan Duty Free (JDF) from the Shanghai airport duty-free business [2][3]. Group 1: Bidding Outcome - CDFG won the rights to operate duty-free shops at Shanghai Pudong International Airport's T2 terminal and Hongqiao International Airport's T1 terminal, while Dufoor secured the T1 terminal and S1 satellite hall at Pudong [9]. - The bidding process saw JDF being blocked from participating due to opposition from CDFG's board members, leading to JDF's eventual withdrawal from the bidding [4][6]. Group 2: Financial Implications - CDFG's decision to operate the duty-free shops is seen as a strategy to address its declining performance, with a reported revenue of 39.862 billion yuan in Q3, down 7.34% year-on-year, and a net profit of 3.052 billion yuan, down 22.13% [10]. - The overall revenue for CDFG is projected to decline further in 2024, with expected revenues of 56.474 billion yuan and a net profit of 4.267 billion yuan, representing year-on-year declines of 16.38% and 36.44% respectively [10]. Group 3: JDF's Future Prospects - JDF, once a dominant player in China's duty-free market, is now facing challenges, especially with the potential loss of its presence at Beijing Capital International Airport if it fails to secure the upcoming tender [15]. - JDF is exploring new avenues for growth, including a focus on online operations and the introduction of a new membership system on its platform "CDFG JDF," which is separate from CDFG's membership system [16][19].

Core Viewpoint - The successful bid for the duty-free operations at Shanghai Pudong and Hongqiao International Airports has been awarded to China Tourism Group Duty Free Corporation (China Duty Free Group) in partnership with Avolta's Shanghai Dufurui Trading Co., marking a significant shift in the airport's duty-free retail landscape [1][2]. Group 1: Bidding Results - The first candidate for the duty-free store at Pudong International Airport's T1 terminal and S1 satellite hall is Dufurui (Shanghai) Commercial Co., with China Duty Free Group as the second candidate [2]. - For Pudong Airport's T2 terminal and S2 satellite hall, the first and second candidates are China Duty Free Group and Dufurui, respectively [2]. - At Hongqiao International Airport's T1 terminal, the first and second candidates are China Duty Free Group and Dufurui [2]. Group 2: Operational Changes - The current operator, Sunrise Duty Free, will exit the Shanghai airport duty-free market after 26 years due to restrictions from its controlling shareholder, China Duty Free Group [1]. - The bidding results indicate that the duty-free business at Pudong Airport will not allow for dual operations, meaning each winning bidder will manage one terminal's duty-free operations [2]. Group 3: Fee Structure Adjustments - The fee structure for the duty-free operations will shift from a "no ceiling on sales" model to a "minimum rent plus commission" model [3]. - The first candidate for the first segment, Dufurui, quoted a monthly fixed fee of 3141 yuan per square meter, with commission rates ranging from 8% to 24% [3]. - The second candidate, China Duty Free Group, quoted a monthly fixed fee of 3090 yuan per square meter, with similar commission rates [3]. - The commission rates for various product categories have been adjusted downward compared to the previous agreements, with new rates ranging from 8% to 22% and 8% to 24% for different segments [3].

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 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]

Group 1 - The core point of the news is that China Duty Free Group has rejected the bid qualification of Sunrise Duty Free (Shanghai) Co., Ltd. for the duty-free projects at Shanghai Pudong and Hongqiao International Airports, potentially leading to the exit of this foreign brand from the Shanghai airport duty-free business after 26 years [1] - In 2018, China Duty Free Group acquired a 51% stake in Sunrise Shanghai, becoming the controlling shareholder, which raises questions about why it opposed Sunrise's participation in the airport duty-free project [1] - Investors speculate that this move indicates a shift in the competitive landscape of airport duty-free channels in China, with China Duty Free Group likely aiming to bid directly for the projects instead of allowing its subsidiary to compete [1] Group 2 - China Duty Free Group reported a revenue of 39.862 billion yuan for Q3 2025, a year-on-year decrease of 7.34%, and a net profit of 3.052 billion yuan, down 22.13% [2] - The company's H1 2025 report showed a total revenue of 28.151 billion yuan, a decline of 9.96%, and a net profit of 2.6 billion yuan, down 20.81% [2] - In 2024, the company experienced a revenue of 56.474 billion yuan, a year-on-year decrease of 16.38%, and a net profit of 4.267 billion yuan, down 36.44% [2] - The company's stock performance has been weak, with a closing price of 81.02 yuan per share on December 5, 2023, and a total market capitalization of 167.6 billion yuan, which has dropped over 70% from its peak market value of 740 billion yuan in 2021 [2]