According to China Exemption Notice, China Duty Free Co., Ltd., a wholly-owned subsidiary, became the winning bidder for duty-free shop projects related to Shanghai Pudong International Airport and Shanghai Hongqiao International Airport, and signed operating rights transfer agreements with Shanghai International Airport Co., Ltd. and its holding subsidiary Shanghai Hongqiao International Airport Co., Ltd., respectively. According to the contract, the monthly fixed fee for Shanghai Pudong International Airport is 3,090 yuan/m2/month, with a commission ratio of 8%-24%; the monthly fixed fee for Shanghai Hongqiao International Airport is 2,827 yuan/m2/month, with a commission ratio of 8%-22%. The management rights transfer period is 5+3 years, from January 1, 2026 to December 31, 2033.

According to China Exemption Notice, China Duty Free Co., Ltd., a wholly-owned subsidiary, became the winning bidder for duty-free shop projects related to Shanghai Pudong International Airport and Shanghai Hongqiao International Airport, and signed operating rights transfer agreements with Shanghai International Airport Co., Ltd. and its holding subsidiary Shanghai Hongqiao International Airport Co., Ltd., respectively. According to the contract, the monthly fixed fee for Shanghai Pudong International Airport is 3,090 yuan/m2/month, with a commission ratio of 8%-24%; the monthly fixed fee for Shanghai Hongqiao International Airport is 2,827 yuan/m2/month, with a commission ratio of 8%-22%. The management rights transfer period is 5+3 years, from January 1, 2026 to December 31, 2033.