Core Viewpoint - The company announced the intention to transfer 100% equity of Zhuhai Gree Real Estate Co., Ltd. to Zhuhai Toujie Holdings Co., Ltd. through a cash transaction, without involving share issuance [1] Group 1 - The transaction involves the complete equity transfer of Gree Real Estate [1] - The buyer, Zhuhai Toujie Holdings, will acquire the equity in cash [1] - The announcement was made on October 21 [1]

Core Viewpoint - The company plans to transfer 100% equity of Zhuhai Gree Real Estate Co., Ltd. to Zhuhai Toujie Holdings Co., Ltd. through a cash transaction, which is expected to constitute a major asset restructuring as per regulations [1] Group 1: Transaction Details - The transaction will not result in a change of the company's controlling shareholder or actual controller [1] - The transaction counterparty is Toujie Holdings, where the company's director and senior executive, Mr. Ma Zhichao, serves as a director [1] - The transaction price is yet to be determined and will be based on the asset evaluation value approved or filed by the state-owned assets supervision authority or other competent units [1] Group 2: Approval Process - The transaction is subject to necessary internal and external decision-making and approval procedures [1]

Core Viewpoint - Zhuhai Duty Free Group's stock has experienced a decline of 15.16% year-to-date, with recent trading activity showing a slight recovery in the last five and twenty days [1][2] Company Overview - Zhuhai Duty Free Group, established on June 9, 1999, and listed on June 11, 1999, is primarily engaged in real estate development, property management, sales of building materials, and duty-free goods sales [1] - The company's revenue composition includes 61.40% from duty-free goods sales, 24.43% from real estate, and 12.40% from other sources [1] Financial Performance - For the first half of 2025, Zhuhai Duty Free Group reported operating revenue of 1.74 billion yuan, a year-on-year decrease of 8.13%, while the net profit attributable to shareholders was -274 million yuan, an increase of 64.70% year-on-year [2] - The company has cumulatively distributed 1.206 billion yuan in dividends since its A-share listing, with no dividends distributed in the past three years [3] Shareholder Structure - As of June 30, 2025, the number of shareholders decreased by 8.88% to 60,000, with an average of 31,392 circulating shares per shareholder, an increase of 9.74% [2] - Notable institutional shareholders include Southern CSI Real Estate ETF and Hong Kong Central Clearing Limited, with varying changes in their holdings [3]

Core Points - The Shanghai Composite Index is at 3927.63 points, slightly down by 0.16%, with a total trading volume of 1.2446 trillion yuan [1] - A total of 181 A-shares have surpassed the half-year line, with notable stocks showing significant deviation rates [1] Summary by Category Stock Performance - Li Min Co., Ltd. (002734) has a deviation rate of 4.31% with a price increase of 6.27% [1] - Yuanda Environmental Protection (600292) shows a deviation rate of 3.35% and a price increase of 3.93% [1] - Oriental Carbon (920175) has a deviation rate of 3.28% with an 8.17% price increase [1] Trading Activity - The total trading volume for A-shares today is reported at 1.2446 trillion yuan [1] - The stocks with the smallest deviation rates include Lian Ke Technology, Lingkang Pharmaceutical, and Publishing Media, which have just crossed the half-year line [1] Deviation Rate Rankings - The top stocks with the highest deviation rates include: - Li Min Co., Ltd. (002734) at 4.31% - Yuanda Environmental Protection (600292) at 3.35% - Oriental Carbon (920175) at 3.28% [1] - Other notable stocks with significant price increases and deviation rates include: - Han Commercial Group (600774) at 3.19% - Rui Pu Biological (300119) at 2.99% [1]

Core Insights - During the National Day and Mid-Autumn Festival holiday, Zhuhai Duty Free Group reported strong performance in key projects, particularly in duty-free retail and tax-inclusive commercial activities [1][3] Duty-Free Business Performance - The port duty-free business showed robust operational strength, with over 1.57 million travelers passing through Gongbei Port, averaging 390,000 daily, an increase of 8.3% year-on-year [1] - The Hong Kong-Zhuhai-Macao Bridge Zhuhai Port recorded over 500,000 travelers from October 1 to 5, marking a 13.2% year-on-year growth [1] - Sales of specialty souvenirs in the Gongbei Port duty-free store increased by over 130% year-on-year, while high-end beauty brands like Helena Rubinstein saw sales rise by over 120% [1] Retail Highlights - The Hong Kong-Zhuhai-Macao Bridge duty-free store experienced a significant increase in foot traffic, with core categories like high-end liquor nearly doubling in sales compared to the previous year [2] - At Hengqin Port duty-free store, premium liquor sales, including Moutai, also saw over 100% year-on-year growth during the first five days of the holiday [2] - The Qingmao Port duty-free store enhanced customer engagement through themed activities, resulting in a more than fivefold increase in liquor sales compared to the previous month [2] Multi-Commercial Projects - The newly opened Sanya Bay No. 1, managed by Zhuhai Duty Free Group, became a commercial hotspot, attracting over 170,000 visitors on its opening day and a total of 900,000 during the holiday [3] - The project features 25 first stores in Hainan and 23 first stores in Sanya, along with three major art exhibitions, significantly boosting its popularity [3] - Nighttime dining, leisure, and entertainment activities thrived, with the project ranking first on popular review platforms shortly after opening [3] Additional Activities - The core commercial facility at Gongbei Port, known as Port Tian Di, organized events like a military model exhibition and a dance season, contributing to increased foot traffic and steady sales growth in dining and retail sectors [4]

Core Insights - The Sanya Bay No.1 Cultural and Commercial Complex, operated by Zhuhai Duty Free Group, officially opened on October 1, 2023, as a key project in Hainan Province for four consecutive years [1] Group 1: Project Overview - The project has a total construction area of approximately 168,000 square meters, with a commercial operating area of 120,000 square meters, aimed at filling the coastal commercial gap in Sanya's core area [1] - The project is strategically positioned to leverage the benefits of the Hainan Free Trade Port policy, enhancing asset value [1] Group 2: Competitive Advantages - The core competitiveness of Sanya Bay No.1 stems from its strong state-owned enterprise background and strategic collaboration, with Zhuhai Investment Holding Co., Ltd. as the main investor and Zhuhai Duty Free Group responsible for overall commercial operations [2] - Zhuhai Duty Free Group, a leading player in the domestic duty-free retail sector with over 40 years of experience, possesses advantages in brand resource integration and high-end consumer engagement [2] Group 3: Location and Policy Benefits - The project occupies a prime location in Sanya Bay, benefiting from the core radiation area of the Free Trade Port policy, making it a rare "double scarce" asset in the current Hainan commercial market [3] - The architectural design involves top international firms, creating a 380-meter mountain-sea display and incorporating advanced visual technology [3] - The project is strategically located near high-end hotels and yacht docks, catering to both tourists and local customers [3] Group 4: Diversified Operational Strategy - Sanya Bay No.1 integrates various economic models, including first-store economy, cultural empowerment, and night economy, aiming to create a dynamic commercial ecosystem [4] - The project has introduced 168 brands, including 25 first stores in Hainan and 23 first stores in Sanya, covering diverse categories such as entertainment, dining, and retail [4] - Nighttime operations include bars, KTV, and live performances, with themed events planned to enhance consumer engagement and extend visitor stay [4]

Core Viewpoint - The Sanya Bay No.1 Cultural and Commercial Tourism Complex, the first commercial benchmark project under Zhuhai Free Trade Group after its integration into Huafa Group, officially opens on October 1, marking a significant development in Hainan's commercial landscape and positioning itself as a key asset in the Hainan Free Trade Port's operational framework [1] Group 1: Long-term Growth Potential Supported by Dual State-owned Enterprises - The core competitiveness of Sanya Bay No.1 stems from its strong state-owned background and strategic collaboration, with Zhuhai Investment Holding Co., Ltd. as the main investor and Zhuhai Free Trade Group responsible for overall commercial operations [2] - Zhuhai Free Trade Group, a leading player in the domestic duty-free retail sector, has over 40 years of experience in brand resource integration and high-end consumer operations, while Huafa Group excels in commercial real estate development and asset management [2] - The collaboration between these two state-owned enterprises provides dual support of "duty-free genes + comprehensive commercial operations" for the project, enhancing its long-term growth prospects [2] Group 2: Strategic Location and Policy Opportunities - The uniqueness of Sanya Bay No.1 lies in its physical location and the irreplaceable policy opportunities, being situated in the core area of Sanya Bay and benefiting from the Free Trade Port's policy advantages [3] - The project is located near popular attractions and high-end facilities, attracting both high-end tourists and local high-net-worth individuals, thus enhancing its market appeal [3] - With the countdown to the full operation of Hainan Free Trade Port, the project is positioned as a primary beneficiary of the policy dividends, having attracted 168 brands, including 25 first stores in Hainan and 23 in Sanya, reflecting market recognition of its value [3] Group 3: Diversified Operations for Stable Profitability - The project's resilience and profitability are closely linked to its diversified and sustainable operational strategies, integrating first-store economy, cultural empowerment, night economy, and all-day operations [4] - Sanya Bay No.1 has introduced 168 brands, with 30% being first stores, creating a differentiated brand matrix that enhances customer flow and market share [4] - The long-term value of Sanya Bay No.1 is not only in its operational capabilities but also in its differentiated competitive advantages and potential for asset value reassessment, with plans for future duty-free operations [4]

Core Insights - Zhuhai Zhimian Group Co., Ltd. has launched its first commercial benchmark project, Sanya Bay No.1 Cultural and Tourism Complex, under Zhuhai Huafa Group, which will officially open on October 1 [1] - The project, covering a total construction area of approximately 168,000 square meters and a commercial operating area of 120,000 square meters, aims to fill the gap in coastal commercial offerings in Sanya's core area [1] - Sanya Bay No.1 is positioned as a representative project with asset security and growth potential, leveraging the advantages of state-owned enterprise empowerment, policy dividends, scarce location, and diversified operations [1] Company Strengths - The core competitiveness of Sanya Bay No.1 stems from its strong state-owned background and strategic collaboration, with Zhuhai Investment Holding Co., Ltd. as the main investor and Zhuhai Zhimian Group responsible for overall commercial operations and management [1] - Zhuhai Zhimian Group, a leading player in the domestic duty-free retail sector with over 40 years of experience, has accumulated deep expertise in brand resource integration and high-end consumer operations [1] - Huafa Group, as a leading state-owned enterprise in the Greater Bay Area, possesses a mature system in commercial real estate development, asset management, and business innovation, providing dual support for Sanya Bay No.1 through its deep collaboration with Zhuhai Zhimian Group [1] Long-term Development Perspective - From a long-term development perspective, Huafa Group's rich commercial asset reserves offer potential for future value appreciation of the project [2] - The project aims to establish a "Greater Bay Area + Free Trade Port" consumption channel, facilitating the introduction of high-quality commercial resources from the Greater Bay Area into Hainan, such as dining IPs and cultural brands [2] - Leveraging Zhuhai Zhimian Group's experience in duty-free retail and supply chain, the project seeks to provide a platform for local Hainan特色内容 to reach a broader market, creating a synergistic effect that enhances operational resilience and brand loyalty [2]

珠海珠免集团股份有限公司 投资者关系活动记录表 编号：2025-001 | | 分析师会议 □特定对象调研 □ | | --- | --- | | 投资者关系 | 媒体采访 业绩说明会 □ □ | | | □ 新闻发布会 □ 路演活动 | | 活动类别 | □ 现场参观 | | | 其他 年广东辖区投资者集体接待日活动 ☑ 2025 | | 参与单位名称 | | | | 投资者网上提问 | | 及人员姓名 | | | 时间 | 年 月 日 (周五) 2025 9 19 15:30~17:00 | | | 公司通过全景网"投资者关系互动平台"（https://ir.p5w.net） | | 地点 | 采用网络远程的方式召开 2025 年广东辖区上市公司投资者网 | | | 上集体接待日活动 | | | 董事长、总裁 李向东 | | 上市公司接待 | 董事、副总裁、董事会秘书 黄一桓 | | 人员姓名 | 独立董事 路晓燕 | | | 财务负责人 高升业 | | | 公司就投资者在本次活动中提出的问题进行了回复： | | | 1、珠免集团现在还是格力集团吗 | | | 答：您好，2025 年 月，珠海市启动新一轮 ...

Core Viewpoint - The newly opened city duty-free shops are performing well in terms of customer traffic, but the overall duty-free industry is still under pressure [12]. Group 1: City Duty-Free Shops Performance - The city duty-free shops in Guangzhou and Shenzhen opened on August 26 and have seen good customer traffic since their opening, especially on weekends [3][4]. - Popular products include electronic items like headphones and tablets, as well as "Guochao" (national trend) products [3][8]. - The shops cater to travelers who are about to depart within 60 days and require valid entry documents and tickets [6]. Group 2: Industry Challenges - Despite the positive performance of new city duty-free shops, the overall duty-free industry faces challenges, including a decline in sales at other types of duty-free stores [12]. - For instance, from January to June 2025, the duty-free shopping amount in Hainan's offshore duty-free stores was 16.76 billion yuan, down 9.2% year-on-year, with a significant drop in the number of shoppers [12]. - Major companies like China Duty Free Group reported a revenue of approximately 28.2 billion yuan in the first half of 2025, a decrease of 9.96% year-on-year, while Wangfujing's duty-free business saw a revenue drop of 15.93% [12][14]. Group 3: Future Outlook - The industry is transitioning from a "price war" to "value service," aiming for high-quality development [14]. - The opening of the first city duty-free shop in Wuhan has provided valuable operational experience for companies in this sector [14]. - The overall market is expected to benefit from the recovery of cross-border tourism and improved consumer purchasing power [14].