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].

Core Viewpoint - The company has successfully completed a major asset swap, acquiring 51% of Zhuhai Duty-Free Company and divesting 100% of five real estate subsidiaries outside Zhuhai, establishing a consumer-driven business model focused on the duty-free sector [1] Group 1: Financial Performance - In the first half of 2025, the company reported total revenue of 1.74 billion yuan, with a total profit of 112 million yuan, marking a turnaround from previous losses, and a net profit attributable to shareholders of -274 million yuan, a 50.54% reduction in losses compared to the same period last year [1] - The duty-free business has become the main revenue driver, generating 1.131 billion yuan in revenue and 391 million yuan in net profit, with a net cash flow from operating activities of 456 million yuan during the reporting period [1] Group 2: Business Expansion - As of the end of 2024, the company and its subsidiaries operate 9 duty-free stores, with recent openings increasing the total to 12, including locations at various key ports and airports [2] - The company has completed the major asset restructuring with Zhuhai Duty-Free, and the remaining 49% stake will be evaluated based on future strategic plans [2] Group 3: Corporate Governance and Strategy - The company's controlling shareholder, Huitou Company, has transferred its shares to Huafa Group, initiating a new phase of resource collaboration [3] - The company aims to leverage Huafa Group's strong industrial ecosystem to enhance its strategic operations and build an integrated "duty-free + commercial management + trade" ecosystem [3] - The Hongwan Center Fishing Port, managed by the company, covers approximately 720,000 square meters and is developing into a seafood trading center, although it has not yet achieved profitability [3]

Core Viewpoint - The company held an investor briefing on September 11, 2025, to discuss its half-year performance, financial status, and business development, engaging with investors through an online interactive format [1][2]. Group 1: Meeting Details - The investor briefing was conducted online from 15:00 to 16:00 on September 11, 2025 [6]. - Key participants included the Chairman and President, Mr. Li Xiangdong, along with other executives and independent directors [2]. Group 2: Investor Interaction - Investors were able to submit questions before and during the meeting through the online platform [3]. - The company expressed gratitude to investors for their ongoing support and encouraged communication through various channels [4]. Group 3: Key Questions and Responses - The company has completed a major asset restructuring, acquiring 51% of Zhuhai Duty-Free's shares, with future plans for the remaining 49% contingent on strategic development [7][9]. - Currently, the company does not possess the qualification for Hainan offshore duty-free operations, but the Sanya Bay No. 1 project is set to trial operations on October 1 [7][10]. - As of June 30, 2025, the company reported real estate inventory of approximately 7.8 billion [8]. - The company aims to optimize its operational strategy by leveraging resources from its major shareholder, Huafa Group, to enhance its financial resilience and sustainable development [8][11]. - The company has committed to an orderly exit from its real estate business over the next five years [9][11]. - The company reported a net profit of 391 million from its duty-free segment in the first half of 2025, with total revenue of 1.131 billion [11]. - The company is focused on improving its market value and has implemented measures to enhance shareholder value [12][17].

| 证券代码：600185 | 股票简称：珠免集团 | | 编号：临 2025-052 | | --- | --- | --- | --- | | 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 2025 年半年度业绩说明会召开情况的公告 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"）已于 2025 年 9 月 11 日 15:00-16:00 在价值在线通过网络文字互动形式召开了公司 2025 年半年度业绩说 明会，现将本次投资者说明会召开情况公告如下： 一、说明会类型 本次投资者说明会以网络文字互动形式召开，公司就 2025 年半年度经营成 果、财务状况、业务发展等投资者普遍关注的事宜与投资者互动交流，在信息披 露允许的范围内进行回答。 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）15:00-16:00 （二）会议召开地点：价值在线（www.ir-online.cn） 三、参加 ...

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]