| 证券简称：珠免集团 公告编号：2025-068 | | --- | | 证券代码：600185 | 债券代码：250772 债券简称：23格地01 珠海珠免集团股份有限公司 关于召开2025年第三季度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 会 议 问 题 征 集 ： 投 资 者 可 于 2025 年 11 月 28 日 前 访 问 网 址 https://eseb.cn/1tnSaJr2QQo 或使用微信扫描下方小程序码进行会前提问，公司 将通过本次业绩说明会，在信息披露允许范围内就投资者普遍关注的问题进 行回答。 一、说明会类型 珠海珠免集团股份有限公司（以下简称"公司"）已于 2025 年 10 月 30 日 披露公司《2025 年第三季度报告》，为便于广大投资者更加全面深入地了解公 司经营业绩、财务状况，公司定于 2025 年 11 月 28 日（星期五）15:00-16:00 在 "价值在线"（www.ir-online.cn）举办 2025 年第三季度业绩说明会。 本次投 ...

截至2025年11月21日收盘，珠免集团（600185）报收于6.73元，较上周的7.38元下跌8.81%。本周，珠 免集团11月17日盘中最高价报7.86元。11月21日盘中最低价报6.73元。珠免集团当前最新总市值126.86 亿元，在房地产开发板块市值排名28/89，在两市A股市值排名1419/5167。 本周关注点 公司公告汇总 珠免集团第八届董事会第四十一次会议审议通过重大资产出售暨关联交易方案，拟向珠海投捷控股有限 公司出售持有的珠海格力房产有限公司100%股权，交易价格为551,753.65万元，以现金方式支付，由华 发集团提供连带责任保证担保。本次交易构成重大资产重组及关联交易，尚需提交股东会审议。 独立董事专门会议审议通过相关议案，认为本次交易定价公允、程序合法合规，同意提交董事会审议。 2025年第四次临时股东会审议通过《关于以债权向全资子公司转增资本公积的议案》和《关于续聘会计 师事务所的议案》，德恒永恒（横琴）联营律师事务所出具法律意见书，确认会议决议合法有效。 董事会说明本次交易不涉及立项、环保、行业准入等报批事项，有助于公司聚焦免税主业，提升经营质 量与盈利能力，不会导致新增重大不 ...

11月20日晚间，拟55.18亿元甩卖亏损地产业务的免税行业龙头公司珠免集团（600185）（前身"格力地 产"，5月8日证券简称正式变更为"珠免集团"）公告披露，公司收到上海证券交易所《关于对珠海珠免 集团股份有限公司重大资产出售暨关联交易草案的问询函》。 根据10月21日晚间公告，珠免集团计划以现金方式向关联方珠海投捷控股有限公司出售子公司珠海格力 房产有限公司100%股权，交易价格为55.18亿元，本次交易构成重大资产重组。 值得一提的是，这一动作距离珠免集团2024年12月31日完成重大资产置换，过去了近10个月时间。在此 前的业绩会上，珠免集团管理层承诺，将在"五年内逐步去化存量房地产业务并整体退出"。此次转让格 力房产100%股权，也是珠免集团兑现此前承诺的重要一步。 读创财经注意到，珠免集团急于剥离地产业务的背后，是持续亏损的业绩压力。 草案显示，交易对手方投捷控股成立于2025年9月16日，注册资本为1000万元。本次交易由投捷控股以 现金方式进行分期支付，首期支付款项为交易价格的30%，即165,526.10万元，在《重大资产出售协 议》生效后5个工作日内汇入珠免集团指定账户。交易双方自协议 ...

11月21日，珠免集团（维权）盘中下跌2.14%，截至10:08，报6.85元/股，成交1.01亿元，换手率 0.78%，总市值129.12亿元。 资金流向方面，主力资金净流出1374.77万元，特大单买入179.87万元，占比1.78%，卖出1230.30万元， 占比12.15%；大单买入2337.68万元，占比23.09%，卖出2662.02万元，占比26.29%。 珠免集团今年以来股价跌4.73%，近5个交易日跌7.18%，近20日涨4.74%，近60日涨18.72%。 今年以来珠免集团已经2次登上龙虎榜，最近一次登上龙虎榜为10月22日，当日龙虎榜净买入1670.27万 元；买入总计5000.81万元 ，占总成交额比37.78%；卖出总计3330.54万元 ，占总成交额比25.16%。 资料显示，珠海珠免集团股份有限公司位于广东省珠海市石花西路213号，成立日期1999年6月9日，上 市日期1999年6月11日，公司主营业务涉及房地产开发经营、物业管理、建筑材料的销售等;免税品销售 业务。主营业务收入构成为：免税65.02%，房产板块25.99%，大消费11.28%，其他0.33%。 截至9月30日， ...

Core Viewpoint - Zhuhai Zhumian Group Co., Ltd. is undergoing a significant asset sale and related party transaction, involving the sale of 100% equity in its subsidiary, Zhuhai Gree Real Estate Co., Ltd., to related party Toujie Holdings for a cash price of 551,753.65 million yuan, which constitutes a major asset restructuring [1][2]. Group 1: Transaction Arrangement - The transaction involves Toujie Holdings, established on September 16, 2025, with a registered capital of 10 million yuan, making a phased cash payment, with the first payment being 30% of the transaction price, amounting to 165,526.10 million yuan, to be paid within five working days after the agreement takes effect [2]. - The agreement stipulates that the company will be deemed to have fulfilled its obligation to deliver the asset regardless of whether the asset has completed the necessary registration or filing procedures [2]. - The remaining payments will be made within one and two years after the agreement takes effect, raising questions about the legal risks associated with the delivery of assets before full payment [2]. Group 2: Guarantee Matters - The company and its subsidiaries will provide guarantees for the asset until six months after the asset delivery date, with Toujie Holdings providing counter-guarantees to the listed company [3]. - The company is required to disclose the current status of guarantees related to the asset, including amounts, creditors, and repayment arrangements [3]. - There is a need to assess whether the repayment of debts relies on the guarantees and the adequacy of the counter-guarantees provided by Toujie Holdings [3]. Group 3: Other Matters - The asset valuation method used is the asset-based approach, with a valuation result of 551,753.65 million yuan and a depreciation rate of 1.81%, including specific depreciation amounts for inventory and long-term equity investments [4]. - There are 103 properties owned by the asset, of which 83 are mortgaged, and five properties have not yet obtained ownership certificates as of July 31, 2025 [4]. - The company must address how these mortgage and ownership issues may affect the transaction payment arrangements [4]. Group 4: Approval Requirements - The asset sale and related party transaction require formal approval from the relevant state-owned assets department, approval from the company's shareholders, and other necessary legal approvals before implementation [5].

证券日报网讯珠免集团11月20日在互动平台回答投资者提问时表示，公司正积极关注离岛免税牌政策并 规划相关布局。 （文章来源：证券日报） ...

| 证券代码：600185 | 股票简称：珠免集团 | | 公告编号：临 2025-067 | | --- | --- | --- | --- | | 债券代码：250772 | 债券简称：23 | 格地 01 | | 珠海珠免集团股份有限公司 关于收到上海证券交易所《关于对珠海珠免集团股份 有限公司重大资产出售暨关联交易草案的问询函》的 公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 珠海珠免集团股份有限公司（以下简称"公司"）于 2025 年 11 月 17 日召 开第八届董事会第四十一次会议，审议通过了《珠海珠免集团股份有限公司重大 资产出售暨关联交易报告书（草案）》及其摘要等相关议案，并于 2025 年 11 月 18 日在指定信息披露媒体发布了相关公告。 2025 年 11 月 20 日，公司收到上海证券交易所（以下简称"上交所"）《关 于对珠海珠免集团股份有限公司重大资产出售暨关联交易草案的问询函》（上证 公函【2025】3915 号，以下简称"问询函"）。根据相关规定，现将《问询函》 内容公告如下： ...

Core Viewpoint - Zhuhai Free Trade Group (珠免集团) is accelerating its divestment from real estate by selling 100% of Zhuhai Gree Real Estate Co., Ltd. for 5.518 billion yuan, marking a significant step in its transition to focus on duty-free and consumer-oriented businesses [1][2][3] Group 1: Company Transition - The company, formerly known as Gree Real Estate, has shifted its core business from real estate to duty-free operations following an asset swap in November 2024 [1][2] - The divestment of real estate is part of a broader strategy to eliminate losses from a declining real estate market, which has been a financial burden on the company [2][3] - The sale of Gree Real Estate is occurring faster than anticipated, with the company previously indicating a five-year timeline for complete divestment from real estate [1][2] Group 2: Financial Performance - Gree Real Estate reported a significant net loss of 2.3 billion yuan in 2024, with revenues dropping to 580 million yuan in the first nine months of 2025 [2][3] - The real estate segment's poor performance has negatively impacted the overall financial results of Zhuhai Free Trade Group, leading to a net loss of 2.74 billion yuan in the first half of 2025 [3] - Post-sale projections indicate that while total revenue will decline from 5.277 billion yuan to 2.922 billion yuan, the net loss will significantly decrease from over 1.5 billion yuan to 924 million yuan, highlighting the financial benefits of divesting the real estate business [4][5] Group 3: Duty-Free Business Development - The duty-free segment has shown promising growth, contributing 11.31 billion yuan in revenue and 3.91 billion yuan in net profit in the first half of 2025, accounting for over 65% of total revenue [7][8] - The company is optimizing its duty-free operations by enhancing product offerings and expanding into cross-border e-commerce, while also adapting to new policies in the duty-free sector [8] - Despite the growth potential in the duty-free market, challenges remain due to the overall decline in the domestic duty-free industry, as evidenced by the performance of leading competitors [9][10] Group 4: Market Challenges and Strategic Outlook - The transition to the duty-free sector is seen as a response to national policy needs and local market demands, particularly in the Hengqin area [12] - The duty-free industry is characterized by high resource and policy dependence, with significant barriers to entry, making it crucial for the company to leverage its real estate experience in this new sector [12] - The recovery of inbound and outbound travel post-pandemic remains slow, which could impact the growth of the duty-free business [11][12]

Core Viewpoint - Zhuhai Duty-Free Group Co., Ltd. (600185.SH) plans to sell 100% equity of Gree Real Estate to Toujie Holdings for approximately 5.518 billion yuan, marking a significant asset restructuring and related party transaction [1][4]. Group 1: Transaction Details - The transaction price will be paid in cash by Toujie Holdings, a state-owned enterprise under Zhuhai Investment Holdings, which focuses on corporate headquarters management, investment activities, and asset management services [1][3]. - The transaction is part of a broader strategy to accelerate the company's exit from real estate operations and focus on duty-free and consumer-related businesses [2][4]. Group 2: Financial Impact - Following the transaction, the net profit attributable to the parent company for 2024 is projected to improve from a loss of 1.515 billion yuan to a loss of 92.4 million yuan, a change of 93.90% [4][5]. - The company's operating revenue is expected to decrease from 5.277 billion yuan to 2.922 billion yuan, a decline of 44.62% for 2024 [5]. - Basic and diluted earnings per share are anticipated to improve significantly from -0.99 yuan to -0.28 yuan, reflecting a 71.72% increase [5]. Group 3: Strategic Goals - The company aims to enhance its focus on duty-free business, expand cross-border e-commerce, and improve compliance and governance structures [6]. - The restructuring is expected to strengthen the company's competitive advantages and enhance its sustainable development capabilities [2][4]. - The company plans to optimize its financial structure and restore cash dividend capabilities, aiming for long-term stable growth in shareholder returns [4][6]. Group 4: Market Position - As of November 18, the company's stock price was 7.47 yuan, with a market capitalization of 14.1 billion yuan [8]. - In the first half of 2025, the revenue composition showed that duty-free goods accounted for 61.4%, real estate for 24.43%, and other businesses for 12.4% [7].

Core Viewpoint - Zhuhai Free Trade Group (珠免集团) is divesting its real estate business by transferring 100% equity of Gree Real Estate to Tuo Jie Holdings for 5.518 billion yuan, marking a complete exit from real estate development and a shift towards a focus on duty-free business transformation [1][2]. Group 1: Transaction Details - The assessed value of the real estate assets is 55.18 billion yuan, with a negative appreciation rate of -1.81% [2]. - The transaction price is confirmed at 55.18 billion yuan, which is expected to improve the company's financial metrics significantly [2]. - Post-transaction, the company's net profit is projected to shift from approximately -49.15 million yuan to about 4.98 million yuan, indicating a turnaround from loss to profit [2][3]. Group 2: Financial Impact - For the period of January to July 2025, total assets are expected to decrease by 21.28% from 1.77 billion yuan to 1.39 billion yuan, while net profit is expected to improve by 201.20% [3]. - The company's basic earnings per share will change from -0.26 yuan to 0.03 yuan, reflecting a significant recovery [3]. - In 2024, the total assets are projected to decrease by 21.41%, with a net profit turnaround from -112.93 million yuan to 29.50 million yuan [3]. Group 3: Business Transformation - The company, originally established as Gree Real Estate in 1999, has been transitioning towards a focus on duty-free and large consumer sectors since 2020 [4]. - The duty-free business has become the core segment, with a reported revenue of 1.131 billion yuan and a net profit of 391 million yuan in the first half of 2025 [5]. - The company has launched new initiatives, including the opening of a duty-free store at the Zhuhai port and the implementation of a tax refund policy for overseas travelers [5]. Group 4: Industry Context - The duty-free market is facing contraction pressures, with significant declines in sales and customer numbers reported in 2024 [6]. - Major players in the duty-free sector, such as China Duty Free Group, are also experiencing revenue and profit declines, indicating a challenging market environment [6]. - Despite favorable policies aimed at boosting consumption, the company must navigate competitive and environmental challenges in its duty-free transformation journey [6].