China Exemption Notice: China Duty Free Co., Ltd., a wholly-owned subsidiary, and Beijing Capital Airport Trading Co., Ltd. signed a project contract for the Beijing Capital International Airport Duty Free Project. The project is located in the international exit quarantine area and entry area of Beijing Capital International Airport Terminal 3, with a total area of 10646.74 square meters. The operation period is from February 11, 2026 to February 10, 2034. Operating expenses are calculated based on guaranteed operating expenses and actual sales commissions. The guaranteed operating fee for the first year is RMB 480 million, and the sales commission ratio is 5% for the first year. The signing of the contract is conducive to consolidating the company's channel advantages at core airports and has a positive impact on future development.

China Exemption Notice: China Duty Free Co., Ltd., a wholly-owned subsidiary, and Beijing Capital Airport Trading Co., Ltd. signed a project contract for the Beijing Capital International Airport Duty Free Project. The project is located in the international exit quarantine area and entry area of Beijing Capital International Airport Terminal 3, with a total area of 10646.74 square meters. The operation period is from February 11, 2026 to February 10, 2034. Operating expenses are calculated based on guaranteed operating expenses and actual sales commissions. The guaranteed operating fee for the first year is RMB 480 million, and the sales commission ratio is 5% for the first year. The signing of the contract is conducive to consolidating the company's channel advantages at core airports and has a positive impact on future development.