根据中国中免（601888）及王府井（600859）于2025年12月末发布的上市公司中标公告，首都机场已完 成新一轮免税合约签约。评论2025年客流增速略低于全国水平，关注未来时刻放量情况。 2025年公司客流同比增长5.0%，其中国内客流基本持平，国际客流同比增长11%；而中国民航业客流同 比增长5.5%。公司经营数据表现略偏弱，该行认为主要受到大兴机场竞争，及时刻容量较为饱和影 响。该行建议关注2026年公司时刻放量情况。 中金发布研报称，当前北京首都机场股份(00694)股价对应0.8倍2026年市净率。该行维持目标价2.9港元 不变（基于0.9倍2026年市净率），较当前股价有10%的上行空间，维持跑赢行业评级。 新免税合约落地，引入双免税商经营 中金主要观点如下： 公司近期发布2025年全年经营数据表现 盈利预测与估值 该行下调2025、2026年盈利预测至-3.08亿元、1.22亿元（原值分别为-2.37亿元、1.59亿元），主要是下 调了客流增速假设；该行引入2027年盈利预测4.58亿元，主要假设客流同比增长5%，免税客单价同比 高个位数增长。 风险提醒：客流表现不及预期；免税销售表现低于预 ...

本文源自：智通财经网 上述项目签约后，公司于国内核心机场的渠道优势将进一步提升，有利于满足出入境旅客多层次、多样 化的购物需求，提升多元化免税购物体验，进而推动机场免税业务高质量发展。如上述项目顺利实施， 将对公司未来经营业绩发展产生积极影响。 智通财经获悉，中国中免(01880)高开近7%，截至发稿，涨6.78%，报81.1港元，成交额974.82万港元。 消息面上，中国中免发布公告，2025年12月26日，公司收到中招国际招标有限公司发来的《中标通知 书》，确认公司全资子公司中国免税品(集团)有限责任公司为北京首都国际机场免税项目01标段的中标 人。中标金额：首年保底经营费人民币4.8亿元，首年销售额提成比例5%。经营期限：自合同约定的起 始日起至2034年2月10日止(不超过8年)。 ...

热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 中国中免（01880）早盘高开近7%，截至发稿，股价上涨6.65%，现报81港元，成交额9900.30万港元。 中国中免发布公告，2025年12月26日，公司收到中招国际招标有限公司发来的《中标通知书》，确认公 司全资子公司中国免税品（集团）有限责任公司为北京首都国际机场免税项目01标段的中标人。中标金 额：首年保底经营费人民币4.8亿元，首年销售额提成比例5%。经营期限：自合同约定的起始日起至 2034年2月10日止（不超过8年）。 上述项目签约后，公司于国内核心机场的渠道优势将进一步提升，有利于满足出入境旅客多层次、多样 化的购物需求，提升多元化免税购物体验，进而推动机场免税业务高质量发展。如上述项目顺利实施， 将对公司未来经营业绩发展产生积极影响。 责任编辑：卢昱君 客户端 中国中免（01880）早盘高开近7%，截至发稿，股价上涨6.65%，现报81港元，成交额9900.30万港元。 中国中免发布公告，2025年12月26日，公司收到中招国际招标有限公司发来的《中标通知书》，确认公 ...

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 enhance the company's market position and operational performance in the airport duty-free sector [1] Group 1 - The company received a bid notification confirming its status as the winning bidder for the duty-free project at Beijing Capital International Airport [1] - The bid amount includes a guaranteed operating fee of RMB 480 million for the first year and a sales commission rate of 5% for the first year [1] - The operating period for the contract is set from the agreed start date until February 10, 2034, lasting no more than 8 years [1] Group 2 - The successful signing of this project will enhance the company's channel advantages at key domestic airports [1] - The project aims to meet the diverse shopping needs of inbound and outbound travelers, thereby improving the multi-faceted duty-free shopping experience [1] - The implementation of this project is expected to positively impact the company's future operational performance [1]

上述项目签约后，公司于国内核心机场的渠道优势将进一步提升，有利于满足出入境旅客多层次、多样 化的购物需求，提升多元化免税购物体验，进而推动机场免税业务高质量发展。如上述项目顺利实施， 将对公司未来经营业绩发展产生积极影响。 智通财经APP讯，中国中免(01880)发布公告，2025年12月26日，公司收到中招国际招标有限公司发来的 《中标通知书》，确认公司全资子公司中国免税品(集团)有限责任公司为北京首都国际机场免税项目01 标段的中标人。中标金额：首年保底经营费人民币4.8亿元，首年销售额提成比例5%。经营期限：自合 同约定的起始日起至2034年2月10日止(不超过8年)。 ...

Core Viewpoint - China Duty Free Group has won a bid for the duty-free project at Beijing Capital International Airport, which is expected to enhance its market position and improve operational performance in the coming years [1] Group 1 - The company received a bid notification confirming its subsidiary as the winning bidder for the duty-free project at Beijing Capital International Airport [1] - The bid amount includes a guaranteed operating fee of RMB 480 million for the first year and a sales commission rate of 5% for the first year [1] - The operational period for the contract is set from the start date until February 10, 2034, lasting no more than 8 years [1] Group 2 - The signing of this project is expected to enhance the company's channel advantages at core domestic airports [1] - The project aims to meet the diverse shopping needs of inbound and outbound travelers, thereby improving the duty-free shopping experience [1] - Successful implementation of the project is anticipated to have a positive impact on the company's future operational performance [1]

Core Viewpoint - The departure of Sunrise Duty Free marks the end of its dominance in the duty-free market at Beijing and Shanghai airports, with new operators taking over key projects, leading to increased competition in the industry [1][3][4]. Group 1: Company Developments - Wangfujing has won the bid for the duty-free project at Beijing Capital Airport's T2 terminal, with a guaranteed operating fee of 113 million yuan in the first year and a sales commission rate of 5% [3]. - China Duty Free Group has secured the T3 terminal project at Beijing Capital Airport, with a contract duration until February 10, 2034, enhancing its channel advantages in core domestic airports [3][4]. - The operating area for the duty-free projects at Shanghai airports has expanded significantly, with the total area at Pudong Airport increasing by approximately 1,181 square meters [5]. Group 2: Changes in Revenue Model - The revenue model for duty-free operations at Shanghai airports has shifted to a "fixed rent + commission" structure, moving away from the previous model of higher of minimum sales commission or actual sales commission [5][6]. - The fixed monthly fees for the new contracts at Pudong Airport range from 2,827 to 3,141 yuan per square meter, with commission rates varying between 8% and 24% depending on the product category [5][6]. Group 3: Market Dynamics - The duty-free market at Beijing and Shanghai airports is transitioning from a monopoly by Sunrise Duty Free to a "three-legged" competitive structure, allowing multiple operators to participate [9]. - The bidding process for airport duty-free projects has been designed to prevent any single operator from dominating, promoting a more market-oriented development in the industry [9][10]. - Experts believe that increased competition will enhance product offerings and service experiences for consumers, leading to a healthier development of the duty-free industry [10].

Core Viewpoint - The company, Wangfujing (600859.SH), has been awarded the bid for the duty-free project at Beijing Capital International Airport, marking a significant business opportunity for the company in the retail sector [1] Group 1: Bid Announcement - The company received the bid notification from China National Tendering Co., Ltd. on December 26, 2025 [1] - The company is confirmed as the winning bidder for the duty-free project, specifically for section 02 [1] Group 2: Financial Implications - The guaranteed operating fee for the first year is approximately 113 million yuan [1] - The sales commission rate for the first year is set at 5% [1]

Core Viewpoint - China Duty Free Group has won bids for duty-free projects at Beijing Capital International Airport and Shanghai airports, enhancing its market position and potentially improving future financial performance [2][3] Group 1: Project Wins - China Duty Free Group's subsidiary has been awarded the duty-free project at Beijing Capital International Airport, with a guaranteed operating fee of 480 million yuan in the first year and a sales commission rate of 5% [2] - The company also secured duty-free store projects at Shanghai Pudong and Hongqiao International Airports, with store areas of approximately 9,631 square meters and 2,471 square meters, respectively, and a commission rate ranging from 8% to 24% [2] - A joint venture with Shanghai Airport has been established with an investment of 102 million yuan, where China Duty Free Group holds a 51% stake [2] Group 2: Market Dynamics - The exit of Sunrise Duty Free, which has operated in Shanghai airports for 26 years, allows China Duty Free Group to strengthen its position in the core airport duty-free market [3] - Sunrise's exit was influenced by decisions made by China Duty Free Group's board, which rejected Sunrise's bid for the Shanghai airport project [3] Group 3: Financial Performance - China Duty Free Group's revenue fell by 16.36% year-on-year to 56.492 billion yuan, with net profit dropping 36.5% to 4.263 billion yuan, marking a six-year low [5][6] - In the first three quarters of the current year, revenue was 39.86 billion yuan, and net profit was 4.42 billion yuan, reflecting declines of 7.34% and 18.89%, respectively [6] Group 4: Industry Trends - The international flight reduction during 2020-2021 led to a significant decline in outbound consumption, shifting traditional duty-free spending to domestic markets [8] - Hainan's offshore duty-free sales surged by 200% in 2021, with significant visitor numbers, but the recovery of international flights has caused a downturn for China Duty Free Group [8][10] - Recent data indicates a recovery in Hainan's duty-free sales, with a notable increase in sales and customer traffic following the launch of the Hainan Free Trade Port [10]

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, with a minimum operating fee of 480 million yuan for the first year and a sales commission rate of 5% for the first year [1] Group 1 - The project contract duration is from the start date specified in the contract until February 10, 2034, not exceeding 8 years [1] - Winning this bid will enhance the company's channel advantages in core domestic airports, catering to the diverse shopping needs of inbound and outbound travelers [1] - The project aims to improve the diversified duty-free shopping experience, thereby promoting high-quality development of airport duty-free business [1]