该行认为，公司关联交易情况正持续改善。2018至2020年，公司国际零售业务及广告业务委托管理协议的基础分成比例分别为22%、25%，且均含增量分成机制;2021至2023年，基础分成比例不变但增量分成机制取消;2024至2026年，原协议下基础分成比例分别下调至20%、22%，此次补充协议则进一步下调为10%、16%，该行预期委托管理费率的持续改善将助力公司成本压降。CICC expects the continuous improvement of commission rates for entrusted management to help lower the company's costs.
According to the supplementary agreement, the commission rate for international retail business entrusted management by the trading company (a wholly-owned subsidiary of the parent company of Beijing Capital International Airport) has been reduced from 20% to 10%, and the commission rate for advertising business entrusted management by the media company (a wholly-owned subsidiary of the parent company of Beijing Capital International Airport) has been reduced from 22% to 16%; the effective period is from September 19, 2024 to the end of 2026; At the same time, the upper limit of related transactions for international retail entrusted management from 2024 to 2026 has been reduced from the original 0.24, 0.37, 0.51 billion yuan to 0.09, 0.11, 0.14 billion yuan, and the upper limit of related transactions for advertising business entrusted management has been reduced from the original 0.2, 0.25, 0.27 billion yuan to 0.151, 0.17, 0.192 billion yuan.
The bank believes that the company's related party transaction situation is continuously improving. From 2018 to 2020, the basic profit-sharing ratio of the international retail business and advertising business entrusted management agreements of the company was 22% and 25% respectively, and they all included incremental profit-sharing mechanism. From 2021 to 2023, the basic profit-sharing ratio remained unchanged but the incremental profit-sharing mechanism was cancelled. From 2024 to 2026, the basic profit-sharing ratio under the original agreement was reduced to 20% and 22% respectively, and this supplementary agreement further reduced it to 10% and 16%. The bank expects that the continuous improvement of the commission rate for entrusted management will help reduce the company's costs.
The report states that the revenue of the capital airport's commercial business still needs to be improved. In the first half of 2024, the company's international retail franchise operation revenue and advertising revenue were 0.259 billion yuan and 0.356 billion yuan respectively, which were 15% and 61% of the same period in 2019, while passenger traffic was 66% of the same period in 2019. The bank believes that compared to aviation-related business, non-aviation business has more pressure for recovery, especially duty-free business.
The bank believes that the continuous improvement of the commission rate for entrusted management will help reduce the company's costs.
