| 证券代码：600185 | 股票简称：珠免集团 | | 编号：临 2025-057 | | --- | --- | --- | --- | | 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 董事会决议公告 一、董事会会议召开情况 珠海珠免集团股份有限公司（以下简称"公司"）第八届董事会第四十次会 议于 2025 年 10 月 31 日以通讯表决方式召开，会议通知于 2025 年 10 月 28 日以 电子邮件方式发出。本次会议由公司董事长李向东先生主持，会议应出席董事 7 人，实际参加表决董事 7 人。本次会议的召集、召开符合《中华人民共和国公司 法》及公司《章程》规定。 二、董事会会议审议情况 （一）审议通过《关于以债权向全资子公司转增资本公积的议案》； 表决情况：同意票 7 票，反对票 0 票，弃权票 0 票。 基于公司内部调整需要，公司拟以债权向全资子公司转增资本公积，即对珠 海格力房产有限公司（以下简称"格力房产"）的 512,220.00 万元债权全部转为 格力房产的资本公积（以下简称"本次增资"）。本次增资后，格力房产的注册资 本保持不变。 本议 ...

Group 1 - The company announced that it will convert approximately 5.122 billion yuan of debt into capital reserves for its wholly-owned subsidiary, Gree Real Estate, during the 40th meeting of the 8th Board of Directors scheduled for October 31, 2025 [1] - Following this capital increase, the registered capital of Gree Real Estate will remain unchanged [1] - As of the report date, the company's market capitalization is 12.5 billion yuan [1] Group 2 - For the first half of 2025, the company's revenue composition is as follows: 61.4% from duty-free goods sales, 24.43% from real estate, 12.4% from other businesses, and 1.78% from miscellaneous activities [1]

Core Viewpoint - The duty-free concept is rapidly gaining strength, with notable stock performances from companies like Hainan Airlines Group and China Duty Free Group following the announcement of new policies aimed at enhancing the duty-free retail sector [1] Group 1: Market Reaction - Hainan Airlines Group (603069) has seen a stock increase with two consecutive trading limits in three days [1] - China Duty Free Group's stock rose nearly 5% in response to the news [1] - Other companies such as Wangfujing (600859), Zhuhai Duty Free Group, and Hainan Airport also experienced stock price increases [1] Group 2: Policy Announcement - The Ministry of Finance, Ministry of Commerce, Ministry of Culture and Tourism, General Administration of Customs, and State Taxation Administration jointly issued a notice to improve duty-free store policies [1] - The new policy is set to take effect on November 1, 2025, and aims to enhance the role of duty-free stores in boosting consumption [1] - The initiative is designed to guide the return of overseas consumption and promote the healthy and orderly development of duty-free retail business [1]

Core Insights - The company reported a significant decline in revenue and a net loss for the third quarter of 2025, indicating financial challenges ahead [1] Financial Performance - The company achieved an operating revenue of 757 million, representing a year-on-year decrease of 35.41% [1] - The net loss attributable to shareholders of the listed company was 291 million [1]

董事会决议公告 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、董事会会议召开情况 珠海珠免集团股份有限公司（以下简称"公司"）第八届董事会第三十九次 会议于 2025 年 10 月 29 日以通讯表决方式召开，会议通知于 2025 年 10 月 27 日以电子邮件方式发出。本次会议由公司董事长李向东先生主持，会议应出席董 事 7 人，实际参加表决董事 7 人。本次会议的召集、召开符合《中华人民共和国 公司法》及公司《章程》规定。 二、董事会会议审议情况 （一）审议通过《2025 年第三季度报告》； | 证券代码：600185 | 股票简称：珠免集团 | | 编号：临 | 2025-054 | | --- | --- | --- | --- | --- | | 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 表决情况：同意票 7 票，反对票 0 票，弃权票 0 票。 公司董事会认为公司按照《企业会计准则》及资产实际情况计提减值准备， 计提减值依据充分，能够客观、真实、 ...

| 证券代码：600185 | 股票简称：珠免集团 | | 编号：临 2025-055 | | --- | --- | --- | --- | | 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 关于计提资产减值准备的公告 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、计提资产减值准备情况概述 根据《企业会计准则》《上海证券交易所股票上市规则》等相关规定，为真 实、准确、公允地反映珠海珠免集团股份有限公司（以下简称"公司"）的财务 状况、资产价值及经营成果，基于谨慎性原则，公司对截至 2025 年 9 月 30 日合 并报表中主要资产进行了减值测试，对合并报表范围内可能发生资产减值损失的 有关资产计提相应减值准备。 公司本次计提资产减值准备的资产范围包括应收账款、其他应收款、债权投 资、存货，计提各项资产减值准备合计 15,727.30 万元，占公司 2024 年度经审计 的归属于母公司所有者净利润绝对值的比例为 10.38%，具体情况如下： | 资 ...

| 证券代码：600185 | 股票简称：珠免集团 | | 编号：临 | 2025-056 | | --- | --- | --- | --- | --- | | 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 关于提供担保情况的进展公告 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。 风险提示： 被担保人名称：珠海珠免集团股份有限公司（以下简称"公司"）属下控股 公司：珠海格力房产有限公司、珠海洪湾中心渔港发展有限公司、珠海保联投资控 股有限公司、珠海保联供应链管理有限公司、珠海万联海岛开发有限公司、珠海市 免税企业集团有限公司。 实际担保余额：截至 2025 年 9 月 30 日，公司（含属下控股公司）对外担保余 额 68.31 亿元。此外，公司为关联方重庆两江新区格力地产有限公司（以下简称"重 庆公司"）对公司及下属子公司提供的融资担保提供反担保，反担保余额为 8.14 亿 元。 本次担保是否有反担保：是 对外担保逾期的累计数量：0 特别风险提示：截至 2025 年 ...

Financial Performance - The company's operating revenue for the third quarter was ¥756,747,488.74, a decrease of 35.41% compared to the same period last year[5]. - The total profit for the quarter was -¥171,036,227.96, with a year-to-date total profit of -¥59,034,465.76[5]. - The net profit attributable to shareholders was -¥290,804,357.47 for the quarter, and -¥565,017,516.92 year-to-date[5]. - Total operating revenue for the first three quarters of 2025 was CNY 2,496,335,302.26, a decrease of 42.6% compared to CNY 4,370,434,178.01 in the same period of 2024[20]. - Net profit for the first three quarters of 2025 was a loss of CNY 296,834,576.43, compared to a loss of CNY 271,622,667.03 in the same period of 2024[21]. - The total comprehensive income for the first three quarters of 2025 was a loss of CNY 352,649,184.46, compared to a loss of CNY 284,453,716.16 in the same period of 2024[22]. Cash Flow - The net cash flow from operating activities was ¥130,502,127.93, a decrease of 58.44% year-to-date[5]. - Net cash flow from operating activities for the first three quarters of 2025 was $353.16 million, down 58.5% from $849.72 million in 2024[25]. - Cash outflow from operating activities totaled $2.41 billion in the first three quarters of 2025, compared to $2.96 billion in 2024, indicating a decrease of 17.5%[25]. - Cash inflow from investment activities in the first three quarters of 2025 was $586.37 million, an increase of 58.0% compared to $370.95 million in 2024[25]. - Net cash flow from investment activities for the first three quarters of 2025 was $510.99 million, contrasting with a slight outflow of $1.17 million in 2024[25]. - Total cash inflow from financing activities in the first three quarters of 2025 was approximately $6.60 billion, an increase of 21.1% from $5.45 billion in 2024[25]. - Net cash flow from financing activities for the first three quarters of 2025 was negative at $1.93 billion, compared to a negative $944.08 million in 2024[25]. - The ending cash and cash equivalents balance as of the end of the third quarter of 2025 was approximately $3.57 billion, down from $4.74 billion at the end of the same period in 2024[25]. Assets and Liabilities - The total assets at the end of the reporting period were ¥17,260,174,045.38, down 11.73% from the end of the previous year[6]. - The total liabilities decreased from CNY 16,110,137,980.69 in the previous year to CNY 14,166,438,094.73, reflecting a reduction of approximately 12.0%[18]. - The total equity attributable to shareholders decreased from CNY 1,164,654,868.63 to CNY 572,523,170.52, a decline of about 50.8%[18]. - Cash and cash equivalents are reported at ¥3,891,215,895.34, down from ¥5,064,954,792.24 in the previous year[16]. - Inventory stands at ¥7,806,478,874.46, compared to ¥8,193,988,147.39 in the previous year[16]. - The company has reported a short-term loan of ¥5,632,533,433.53, an increase from ¥4,959,389,702.40 in the previous year[17]. Shareholder Information - Total number of common shareholders at the end of the reporting period is 58,131[12]. - The largest shareholder, Zhuhai Investment Holdings Co., Ltd., holds 847,339,780 shares, accounting for 44.95% of total shares[12]. Strategic Focus - The significant decrease in operating revenue was primarily due to reduced revenue from real estate project completions[9]. - The net cash flow from operating activities was negatively impacted by a decrease in sales collections[9]. - The company plans to transfer 100% equity of Zhuhai Gree Real Estate Co., Ltd. to Zhuhai Tojie Holdings Co., Ltd., marking a significant asset restructuring[15]. - The company is focusing on de-emphasizing real estate and concentrating on duty-free and consumer business sectors[15]. Earnings Per Share - The basic and diluted earnings per share for the quarter were both -¥0.15[6]. - Basic and diluted earnings per share for the first three quarters of 2025 were both CNY -0.30, compared to CNY -0.31 in the same period of 2024[22]. Research and Development - Research and development expenses for the first three quarters of 2025 were CNY 2,177,117.33, a decrease from CNY 2,658,286.88 in 2024[20]. Investment Performance - The company reported an investment loss of CNY 31,087,984.57 in the first three quarters of 2025, compared to a gain of CNY 25,935,773.97 in the same period of 2024[20]. - Other comprehensive income after tax for the first three quarters of 2025 was a loss of CNY 55,814,608.03, compared to a loss of CNY 12,831,049.13 in 2024[21]. Accounting Standards - The company will not apply new accounting standards starting from 2025[26].

Core Viewpoint - The company reported a significant decline in revenue and incurred net losses in the third quarter and the first three quarters of the year [1] Financial Performance - The third quarter revenue was 757 million, representing a year-on-year decrease of 35.41% [1] - The net loss for the third quarter was 291 million [1] - For the first three quarters, the total revenue was 2.496 billion, showing a year-on-year decline of 42.88% [1] - The net loss for the first three quarters amounted to 565 million [1]

Core Viewpoint - The article discusses the trend of companies exiting the real estate sector due to ongoing market adjustments and financial pressures, with a focus on the strategic shifts of several firms towards more stable and profitable business models, particularly in the duty-free and tourism sectors [3][4][10]. Group 1: Company Actions - Zhuhai Duty-Free Group announced the transfer of its real estate subsidiary to focus on duty-free business, marking a significant step in its transformation [5][6]. - Hong Kong Travel announced plans to spin off its tourism real estate business, citing it as a performance drag and aiming to reduce debt levels [10][11]. - Zijiang Enterprise, a leader in the packaging industry, plans to exit the real estate sector after completing its current project, indicating a lack of future development plans in real estate [13][14]. Group 2: Financial Performance - Zhuhai Duty-Free Group's real estate business has been a consistent underperformer, with a reported loss of 3.36 billion yuan in the first half of the year [7]. - The real estate segment's revenue has been declining, with a significant drop in gross profit margins from over 40% in 2018 to 21% in 2023, leading to cumulative losses exceeding 2.7 billion yuan over two years [6][8]. - Hong Kong Travel reported a pre-tax loss of 8 million HKD in the first half of the year, with a net loss of 87 million HKD, primarily due to declines in property values [10][11]. Group 3: Market Trends - The article highlights a broader trend of companies exiting the real estate sector due to shrinking market size, increasing inventory pressure, and difficulties in land acquisition [14]. - A total of 12 companies have exited or are planning to exit the real estate business since 2020, reflecting a shift towards lighter asset models and stable cash flow businesses [3][12].