Group 1 - The company, Zhuhai Free Trade Zone Group (珠免集团), announced a plan to hold a semi-annual performance briefing on September 11, 2025, from 15:00 to 16:00 on the "Value Online" platform [1]

| 证券代码：600185 | 股票简称：珠免集团 | | 编号：临 | 2025-051 | | --- | --- | --- | --- | --- | | 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 年半年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个别及连带责任。 一、说明会类型 重要内容提示： 会议召开时间：2025 年 9 月 11 日（星期四）15:00-16:00 投 资 者 可 于 2025 年 9 月 11 日 （ 星 期 四 ） 前 访 问 网 址 https://eseb.cn/1reFyJkqxfa 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对投资者普遍关注的问题进行回答。 1 会议召开地点：价值在线（www.ir-online.cn） 会议召开方式：网络文字互动 二、说明会召开的时间、地点 （一）会议召开时间：2025 年 9 月 11 日（星期四） 15:00-16 ...

Core Insights - The successful completion of the first bonded business at the Zhuhai Gaolan Port Bonded Warehouse marks a significant step in the project development of Zhuhai Duty-Free Group [2] - The Gaolan Port Bonded Warehouse, covering an area of approximately 6,100 square meters, features a dual-zone design for bonded and duty-free storage, enhancing supply chain optimization [2][4] - The introduction of various types of robots and smart systems has transformed the operational model from "man-to-goods" to "goods-to-man," significantly improving efficiency [2][3] Operational Efficiency - The warehouse can achieve 2 to 3 times the sorting efficiency of traditional warehouses, processing over 100 orders per hour through the collaboration of multiple robots [3] - A comprehensive IoT monitoring system integrated with customs supervision ensures full visibility and traceability throughout the entire logistics process [3][4] - The upgraded logistics system enhances the overall effectiveness and flexibility of the supply chain, supporting future business expansion and market competitiveness [4][5] Strategic Development - The Gaolan Port Bonded Warehouse will serve as a central platform for storage, sorting, and distribution, supporting the diverse business segments of the company [3][4] - The establishment of a modern warehousing network, including the Gaolan Port Bonded Warehouse, Gongbei Duty-Free Supervision Warehouse, and Hong Kong Overseas Warehouse, aims to create a clear and efficient operational structure [3][4] - The company is actively advancing the declaration of the Gaolan Port Duty-Free Supervision Warehouse, which is expected to pioneer the bonded business model in the Guangdong-Hong Kong-Macao Greater Bay Area [4][5]

Core Viewpoint - Zhu Mian Group (600185) reported a significant decline in total revenue for the first half of 2025, with a 45.62% year-on-year decrease, while the net profit attributable to shareholders improved by 50.54% compared to the previous year [1] Financial Performance Summary - Total revenue for the first half of 2025 was 1.74 billion yuan, down from 3.199 billion yuan in 2024, reflecting a 45.62% decrease [1] - The net profit attributable to shareholders was -274 million yuan, an improvement of 50.54% from -554 million yuan in the previous year [1] - The gross profit margin increased by 40.83% to 36.17%, while the net profit margin improved by 55.70% to -4.70% [1] - Total expenses (selling, administrative, and financial) amounted to 437 million yuan, accounting for 25.15% of revenue, which is a 65.59% increase year-on-year [1] - Earnings per share were -0.15 yuan, showing a 48.28% improvement from -0.29 yuan in the previous year [1] Cash Flow and Asset Management - Cash flow from operating activities decreased by 74.44%, attributed to reduced sales collections [9] - The company reported a significant increase in cash assets, with monetary funds rising by 210.74% to 4.589 billion yuan [1] - The accounts receivable increased by 26.98% to 142 million yuan [1] Cost and Expense Analysis - Operating costs decreased by 53.29%, primarily due to reduced costs associated with the real estate sector [7] - Selling expenses decreased by 7.12%, while administrative expenses and financial expenses saw minor reductions of 4.74% and 13.64%, respectively [8][9] Investment and Debt Situation - The company’s debt situation remains concerning, with interest-bearing liabilities at 12.226 billion yuan, a slight decrease of 1.27% [1] - The cash asset to current liability ratio is at 48.94%, indicating potential liquidity concerns [9] - The company has a high asset-liability ratio of 65.85% for interest-bearing liabilities [9] Historical Performance Insights - The company has shown weak historical performance with a median Return on Invested Capital (ROIC) of 2.78% over the past decade, and a particularly poor ROIC of -6.43% in 2022 [9]

Core Viewpoint - Zhujiang Free Trade Group (珠免集团) reported a significant reduction in losses for the first half of 2025, primarily driven by strong performance in its duty-free business, while facing challenges in its real estate sector [1][2]. Group 1: Financial Performance - The company achieved operating revenue of 1.74 billion yuan and a net profit attributable to shareholders of -274 million yuan, marking a year-on-year improvement in loss by 280 million yuan [1]. - The duty-free business segment generated operating revenue of 1.131 billion yuan and a net profit of 391 million yuan, with a net cash flow from operating activities of 456 million yuan [1]. Group 2: Business Strategy and Developments - The company is actively innovating in its duty-free business by introducing new products and expanding cross-border e-commerce and duty-paid trade channels, while enhancing the sales proportion of cosmetics and food [2]. - Adjustments in the operational layout of duty-free stores and the implementation of differentiated product strategies have improved sales efficiency [2]. - The company is focusing on integrating duty-free resources to empower online and consumer goods trade, building a large supply chain system [2]. Group 3: Market Environment and Opportunities - The policy environment is favorable for the duty-free business, with high daily cross-border traffic at Zhuhai port following the implementation of the "one visa multiple entries" policy for travel to Macau [2]. - The recent announcement of the "Zhuhai Consumption Promotion Special Action Plan" includes measures to increase duty-free stores at ports and explore "duty-free + new retail" demonstration zones, providing greater expansion opportunities for the company [2]. Group 4: Corporate Restructuring - The recent transfer of equity from the controlling shareholder, Haitu Company, to Huafa Group enhances the company's resource endowment and capital support capabilities [2]. - Under the strategic guidance of Huafa Group, the company is accelerating the construction of an "duty-free + commercial management + trade" ecosystem, with initial signs of cross-sector collaboration [2].

Core Insights - The company reported a total operating revenue of 1.74 billion yuan for the first half of 2025 [1] - The net profit attributable to shareholders was -274 million yuan, an increase of 280 million yuan compared to the same period last year [1] - The company achieved a net cash inflow from operating activities of 223 million yuan [1] Financial Performance - The latest debt-to-asset ratio stands at 82.21% [1] - The gross profit margin is 36.17%, which is an increase of 26.50 percentage points year-on-year [1] - The return on equity (ROE) is -31.86% [1] - The diluted earnings per share are -0.15 yuan, an increase of 0.14 yuan compared to the same period last year [1] Efficiency Metrics - The total asset turnover ratio is 0.09 times, an increase of 0.02 times year-on-year, representing a 36.27% increase [1] - The inventory turnover ratio is 0.13 times, an increase of 0.04 times year-on-year, representing a 42.18% increase [1] Shareholder Information - The number of shareholders is 60,000, with the top ten shareholders holding 959 million shares, accounting for 50.89% of the total share capital [1]

Core Viewpoint - Zhuhai Zhumian Group Co., Ltd. reported a significant decline in revenue and net profit for the first half of 2025, primarily due to reduced income from real estate projects following a major asset swap in 2024 [2][3][4]. Financial Performance - The company's operating income for the first half of 2025 was approximately 1.74 billion RMB, a decrease of 45.62% compared to 3.20 billion RMB in the same period last year [2][10]. - Total profit for the period was approximately 112 million RMB, a significant recovery from a loss of 173 million RMB in the previous year [2]. - The net profit attributable to shareholders was a loss of approximately 274 million RMB, an improvement from a loss of 554 million RMB in the same period last year [2][10]. - The net cash flow from operating activities was approximately 223 million RMB, down 74.44% from 871 million RMB in the previous year [2][10]. Industry Context - The domestic retail sales of consumer goods reached 47.15 trillion RMB in 2024, with a year-on-year growth of 6.6%, and 24.55 trillion RMB in the first half of 2025, growing by 5.0% [4]. - The duty-free industry has shown stable growth, supported by the recovery of cross-border tourism and improved consumer purchasing power [4]. - New duty-free store policies in major cities and the optimization of Hainan's duty-free shopping policies are expected to enhance consumer spending and drive sales [4]. Business Segments Duty-Free Business - The duty-free segment achieved revenue of approximately 1.13 billion RMB and a net profit of approximately 391 million RMB, contributing positively to the company's overall financial health [7]. - The company is focusing on enhancing its product offerings and optimizing its sales management to leverage the favorable policies and location advantages [6][8]. Real Estate Business - The real estate segment continues to face challenges, with a decline in revenue and profit due to reduced project turnover and high expenditure [4][8]. - The company is committed to accelerating the sale of existing real estate projects and fulfilling its five-year exit strategy from the real estate business [8]. Strategic Developments - The company is positioned as a key player in the consumer sector, focusing on integrating duty-free, commercial management, and trade operations to capitalize on the growth opportunities in the Guangdong-Hong Kong-Macao Greater Bay Area [6][9]. - The strategic transfer of shares from the controlling shareholder to Huafa Group aims to enhance resource collaboration and operational efficiency [9].

| 珠海珠免集团股份有限公司2025 | | 年半年度报告摘要 | | | | | | --- | --- | --- | --- | --- | --- | --- | | 公司代码：600185 | 公司简称：珠免集团 | | | | | | | 珠海珠免集团股份有限公司 | | | | | | | | 珠海珠免集团股份有限公司2025 | | 年半年度报告摘要 | | | | | | 第一节 重要提示 | | | | | | | | 展规划，投资者应当到 www.sse.com.cn | 网站仔细阅读半年度报告全文。 | | | | | | | 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 | | | | | | | | 无 | | | | | | | | 第二节 公司基本情况 | | | | | | | | 公司股票简况 | | | | | | | | 股票种类 股票上市交易所 股票简称 | | | 股票代码 | | 变更前股票 | | | 简称 | | | | | | | | A股 上海证券交易所 珠免集团 | | 600185 | | 格力地产 | | | | 联系人和联系方式 ...

Core Viewpoint - The company has changed its accounting policy regarding inventory valuation methods, specifically adding the "first-in, first-out" (FIFO) method for raw materials and inventory goods, which will not have a significant impact on its financial status or operating results [1][2][4]. Summary by Sections Accounting Policy Change Overview - The change in accounting policy is in accordance with the Ministry of Finance's regulations and is based on the current inventory management policies of the company's subsidiary, Zhuhai Duty-Free [1][2]. - The board of directors approved the change on August 22, 2025, and it does not require shareholder approval [1]. Reasons for Policy Change - The policy change is a result of the completion of significant asset swaps, leading to Zhuhai Duty-Free becoming a subsidiary under common control, necessitating adjustments in financial reporting [1][2]. Previous and New Accounting Policies - Prior to the change, the company used the weighted average method for inventory valuation and individual pricing for developed products [2]. - The new policy allows for either the weighted average method or FIFO for raw materials and inventory goods, while maintaining individual pricing for developed products [2]. Impact of the Policy Change - The change is not expected to have a substantial impact on the company's equity or net profit, and it will not involve retrospective adjustments to previous financial statements [2][4]. - The new policy aims to provide more reliable and accurate accounting information [3][4].

Summary of Key Points Core Viewpoint - The company has approved a total guarantee limit of up to RMB 170 billion for its subsidiaries in 2025, with an additional inter-company guarantee limit of up to RMB 90 billion, to support operational financing needs [1] Group 1: Guarantee Overview - As of June 30, 2025, the company has a total external guarantee balance of RMB 80.13 billion, which exceeds 100% of the latest audited net assets of RMB 11.65 billion [1] - The company has provided a counter-guarantee of RMB 9.63 billion for financing guarantees provided by its affiliate, Chongqing Liangjiang New Area Gree Real Estate Co., Ltd [1] - The guarantees are categorized based on the debt-to-asset ratio of the subsidiaries, with RMB 70.86 billion allocated to subsidiaries with a debt-to-asset ratio above 70% and RMB 41.92 billion to those below 70% [1][2] Group 2: Financial Data of Subsidiaries - The financial data of the subsidiaries under guarantee includes various companies engaged in real estate development, investment activities, and other services, with their debt-to-asset ratios influencing the guarantee limits [2] - The company has the flexibility to adjust the guarantee limits among its subsidiaries as long as the total does not exceed the approved limits for the year [2][3]