China Galaxy Securities Research Report said that at the airport sector level, the profits of listed airports continued to expand in 2025, and the current pessimism of the airport sector about the decline in the deduction rate for re-signing tax exemption agreements has basically been reflected. In the future, the resumption of passenger flow on international routes will remain the main focus of the airport sector. At the same time, macroeconomic and domestic consumption recovered further, providing impetus for the increase in customer unit prices in the commercial sector in 2025. Judging from the annual non-aviation business revenue, the expansion of international visa-free capacity has catalyzed an increase in international passenger flow, driving the overall vitality of the airport duty-free business. The revision of the tax exemption agreement at the hub airport and the leasing of taxable stores are progressing in an orderly manner. Although the duty-free deduction rate is likely to return to the high level before the pandemic, there is limited room for downside under definitive expectations, and the accelerated entry of luxury brands in the future is expected to bring new value growth points. It is recommended to seize the bottom layout opportunity of the non-aviation ecological restructuring of the airport sector.

China Galaxy Securities Research Report said that at the airport sector level, the profits of listed airports continued to expand in 2025, and the current pessimism of the airport sector about the decline in the deduction rate for re-signing tax exemption agreements has basically been reflected. In the future, the resumption of passenger flow on international routes will remain the main focus of the airport sector. At the same time, macroeconomic and domestic consumption recovered further, providing impetus for the increase in customer unit prices in the commercial sector in 2025. Judging from the annual non-aviation business revenue, the expansion of international visa-free capacity has catalyzed an increase in international passenger flow, driving the overall vitality of the airport duty-free business. The revision of the tax exemption agreement at the hub airport and the leasing of taxable stores are progressing in an orderly manner. Although the duty-free deduction rate is likely to return to the high level before the pandemic, there is limited room for downside under definitive expectations, and the accelerated entry of luxury brands in the future is expected to bring new value growth points. It is recommended to seize the bottom layout opportunity of the non-aviation ecological restructuring of the airport sector.