Core Viewpoint - The homeowners of the Hai De No.1 project in Shanghai's Pudong New Area have refused to accept the delivery of their luxury apartments, citing discrepancies between the actual delivered units and the contractual agreements, particularly regarding ceiling height and usable area [3][4][14]. Group 1: Homeowner Complaints - Homeowners have issued a notice rejecting the delivery due to the developer's failure to meet the contracted ceiling height and changes in design that resulted in increased usable area, leading to additional costs of tens to hundreds of thousands of yuan [3][14]. - The "triangular balcony," initially marketed as a key feature, has been criticized as merely decorative rather than functional, contradicting the original sales pitch [14][15]. - A lawyer representing the homeowners stated that the actual measured ceiling height was only 3.1 meters, while the contract specified 3.6 meters, leading to significant discrepancies in expected versus actual living space [22]. Group 2: Developer's Response - The developer, Zhuhai Mian Group, has denied allegations of false advertising and stated that the project adhered to all relevant regulations during design and construction [4][21]. - The company is actively communicating with homeowners to clarify misunderstandings and has filed complaints against false reports circulating online [4][21]. - The developer claims that the project has been delivered in accordance with the necessary permits and that the delivery process is ongoing, with over 80 units already accepted [3][4]. Group 3: Market Context - The Hai De No.1 project was launched in a hot real estate market, with a total of 163 units priced at an average of 12.98 million yuan per square meter, attracting 639 prospective buyers [6][8]. - The project is located in a highly sought-after area, which has contributed to its initial popularity, but the current delivery issues reflect a growing trend of complaints among buyers in Shanghai's real estate market [22][23].

Core Insights - The Qingmao Port has become a significant hub for trade and travel between Guangdong and Macau since its opening in 2021, benefiting from a "two places, one inspection" model and 24-hour operations [1][2] - The port has recorded a daily passenger flow of approximately 100,000, peaking at 134,000, with a total of about 18 million travelers processed in the first half of 2025 [1][2] - The opening of the duty-free shop at Qingmao Port is expected to enhance shopping options for travelers and stimulate economic activity in the area [1][3] Company Developments - Zhuhai Duty-Free Group has established a strong presence in the duty-free market, operating nearly 20 duty-free stores across various land, port, and airport locations in China, including all key entry and exit points in Zhuhai [2] - The newly opened Qingmao Port duty-free store is part of a coordinated network with other key stores, enhancing cross-border shopping experiences for travelers [2] - Following a major asset restructuring in 2024 and integration into Huafa Group in 2025, Zhuhai Duty-Free Group is focusing on a business model centered around "duty-free + commercial management + trade," aiming to exit real estate operations within five years [2][4] Operational Highlights - The Qingmao Port duty-free store spans approximately 90 square meters and primarily sells popular duty-free items such as alcoholic beverages [3] - The company is leveraging the synergies from Huafa Group's three major industrial clusters to accelerate its transition towards a platform-based, ecological, and professional model [4]

Group 1 - The company expects a net profit attributable to the parent company for the first half of 2025 to be between -485 million yuan and -245 million yuan, indicating a loss [1][2] - The net profit attributable to the parent company after deducting non-recurring gains and losses is expected to be between -477 million yuan and -241 million yuan [1][2] - The preliminary financial assessment indicates that the company will experience a decrease in revenue and gross profit compared to the same period last year, along with high expense outlays [2] Group 2 - For the first half of 2024, the total profit was -748 million yuan, and the net profit attributable to the parent company was -776 million yuan [2] - The earnings per share for the first half of 2024 were reported at -0.41 yuan [2] - The expected reduction in losses for the current period is attributed to the consolidation of Zhuhai Duty-Free Enterprises Group Co., Ltd. into the financial statements, which positively impacts the current period's profit and loss [2]

[Zhuhai Duty Free Group Co., Ltd. 2025 Semi-Annual Performance Forecast](index=1&type=section&id=Zhuhai%20Duty%20Free%20Group%20Co.%2C%20Ltd.%202025%20Semi-Annual%20Performance%20Forecast) [Current Period Performance Forecast (H1 2025)](index=1&type=section&id=I.%20Current%20Period%20Performance%20Forecast) The company anticipates a loss for H1 2025, with net profit attributable to shareholders expected to range from -RMB 485 million to -RMB 245 million, based on unaudited preliminary estimates Estimated Financial Performance for H1 2025 | Indicator | Estimated Amount (RMB) | | :--- | :--- | | **Performance Forecast Period** | January 1, 2025 to June 30, 2025 | | **Net Profit Attributable to Parent Company Shareholders** | -485.00 million to -245.00 million | | **Net Profit Attributable to Parent Company Shareholders (Excluding Non-recurring Gains/Losses)** | -477.00 million to -241.00 million | - This performance forecast is a preliminary estimate by the company's financial department and has not been audited by a certified public accountant[5](index=5&type=chunk) [Prior Period Performance Review (H1 2024)](index=1&type=section&id=II.%20H1%202024%20Operating%20Performance) The company was already in a loss-making position in the prior period, with net profit attributable to parent company shareholders at -RMB 777 million and earnings per share at -RMB 0.41 H1 2024 Financial Performance | Indicator | H1 2024 Amount (RMB) | | :--- | :--- | | **Total Profit** | -748.026 million | | **Net Profit Attributable to Parent Company Shareholders** | -776.9113 million | | **Net Profit Attributable to Parent Company Shareholders (Excluding Non-recurring Gains/Losses)** | -754.8458 million | | **Earnings Per Share** | -0.41 | [Analysis of Performance Change](index=1&type=section&id=III.%20Primary%20Reasons%20for%20Current%20Period%27s%20Estimated%20Loss) The company expects a narrower loss in H1 2025 year-over-year, primarily due to decreased revenue and gross profit, and high expenses, with the reduced loss attributed to the positive impact of consolidating Zhuhai Duty Free Enterprise Group Co., Ltd - The primary reasons for the estimated loss in the current period include a decrease in recognized revenue and gross profit compared to the prior year, and higher expense capitalization[8](index=8&type=chunk) - Compared to the prior year, the main reason for the reduced operating loss is the consolidation of Zhuhai Duty Free Enterprise Group Co., Ltd. into the financial statements during the reporting period, which had a positive impact on current period profit and loss[8](index=8&type=chunk) [Risk Warning](index=2&type=section&id=IV.%20Risk%20Warning) The company states that this performance forecast is a preliminary estimate by its financial department, with no significant uncertainties currently identified that could affect its accuracy - This performance forecast is a preliminary estimate by the company's financial department, and currently, no significant uncertainties have been identified that could affect the accuracy of this forecast[9](index=9&type=chunk) [Other Explanatory Notes](index=2&type=section&id=V.%20Other%20Explanatory%20Notes) The company advises investors that the forecast data is preliminary, and the final accurate financial data will be based on the officially disclosed '2025 Semi-Annual Report,' urging caution regarding investment risks - The final accurate financial data will be subject to the company's officially disclosed '2025 Semi-Annual Report,' and investors are advised to be aware of investment risks[10](index=10&type=chunk)

Core Viewpoint - Zhuhai Duty-Free Group Co., Ltd. (stock code: 600185.SH) has achieved a significant upgrade in its ESG rating from BBB to A, reflecting the company's strategic focus on "big consumption" and sustainable governance initiatives [2][11]. Group 1: Strategic Transformation - The company completed a major asset restructuring by acquiring a 51% stake in Zhuhai Duty-Free Enterprise Group and divesting 100% of its non-Zhuhai real estate subsidiaries, marking its transition from a real estate developer to a duty-free consumption enterprise [4]. - The company has committed to not initiating new real estate projects and aims to exit its existing real estate business within five years through asset sales and equity transfers [4]. - The focus will now be on duty-free business as the core engine, expanding into commercial operations and cross-border trade to build a comprehensive "duty-free + commercial management + trade" ecosystem [4]. Group 2: Environmental, Social, and Governance (ESG) Initiatives - The company promotes a green development philosophy, optimizing logistics networks to reduce carbon emissions and enhance the efficiency of duty-free goods transportation [5]. - In social responsibility, the company engages in regional development and rural revitalization, contributing to the "Hundred Million Thousand Project" in Guangdong and developing cultural tourism projects [7]. - The governance structure has been strengthened with the establishment of a board-level ESG committee to integrate sustainable principles into strategic decision-making [9][10]. Group 3: Collaborative Value and Future Outlook - The upgrade to Wind ESG A-level certification is a recognition of the company's efforts in enhancing governance resilience and deepening ESG integration during a critical strategic transition [11][13]. - The company aims to leverage its core advantages in the duty-free sector while driving innovation and expanding its commercial management and trade layout, contributing to both corporate and social value growth [13].

Summary of Key Points Core Viewpoint - The company, Zhuhai Zhimian Group Co., Ltd., has announced a guarantee provided by its subsidiary, Zhuhai Duty-Free Group Co., Ltd., for a loan of up to RMB 200 million from Guangdong Nanyue Bank, with no existing guarantee balance prior to this announcement [1][2]. Group 1: Guarantee Details - The guarantee amount is capped at RMB 200 million, with a loan term of three years [1][2]. - As of the announcement date, the subsidiary has provided no prior guarantees [1]. - There are no overdue guarantees reported by the company [1][2]. Group 2: Company Financials - As of December 31, 2024, the company reported total assets of RMB 19.554 billion, total liabilities of RMB 16.110 billion, and a net asset value of RMB 1.165 billion [3]. - For the year 2024, the company achieved a revenue of RMB 5.277 billion but incurred a net loss of RMB 1.515 billion [3]. - As of March 31, 2025, total assets were RMB 18.517 billion, total liabilities were RMB 15.070 billion, and net assets were RMB 1.070 billion [3]. Group 3: Guarantee Agreement - The guarantee is for the principal amount and includes coverage for related costs such as legal fees and interest [4]. - The guarantee period extends three years from the maturity of the main debt [4]. - The total amount of external guarantees provided by the company, including subsidiaries, is RMB 8.221 billion, with no overdue guarantees [4].

| | | 珠海珠免集团股份有限公司 被担保人名称：珠海珠免集团股份有限公司 关于控股子公司为公司提供担保的公告 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。 重要内容提示： 被担保人名称：珠海珠免集团股份有限公司（以下简称"公司"） 本次担保金额：公司控股子公司珠海市免税企业集团有限公司（以下简 称"珠海免税"）拟为公司提供连带责任保证担保，担保的主债权本金最高限额 不超过人民币 2 亿元。截至本公告日，珠海免税已实际为公司提供的担保余额为 人民币 0 元（不含本次）。 一、担保情况概述 公司因经营发展需要向广东南粤银行股份有限公司珠海分行（以下简称"南 粤银行"）申请借款 2 亿元，借款期限为三年。2025 年 6 月 25 日，公司控股子 公司珠海免税与南粤银行签订了《最高额保证合同》，珠海免税为公司上述借款 事宜提供借款本金最高额不超过人民币 2 亿元的连带责任保证担保，保证期间为 主债务履行期届满之日起三年。本次担保不涉及反担保。 根据《上海证券交易所上市公司自律监管指引第 1 号——规范运作》的相关 规定， ...

Group 1 - The core point of the article highlights the recent leadership change at Zhuhai Duty-Free Group, with the resignation of former chairman Guo Lingyong and the appointment of Li Xiangdong as the new chairman, reflecting ongoing adjustments within Zhuhai's state-owned enterprise system [2][3] - Guo Lingyong's departure occurred just 48 days after his appointment, marking the third change in chairmanship within six months, raising concerns about the strategic transformation of Zhuhai's state-owned enterprises [2] - Li Xiangdong, the new chairman, is a senior executive within the Huafa system, indicating a continuity in leadership from the Huafa Group, which has been involved in the strategic restructuring of Zhuhai Duty-Free Group [2][3] Group 2 - The leadership shake-up is closely tied to a new round of state-owned enterprise reforms in Zhuhai, initiated by the transfer of Zhuhai Duty-Free Group's controlling shareholder to Huafa Group, leading to a strategic focus on duty-free retail and consumer industries [3] - In the first quarter of 2025, Zhuhai Duty-Free Group reported a net profit of 13 million yuan, but still faced losses in net profit attributable to shareholders, highlighting significant transformation pressures [3] - The Zhuhai state-owned enterprise system has seen frequent executive adjustments across various companies, reflecting an urgent need to optimize capital layout and cultivate new productive forces under the "State-Owned Enterprise Reform 3.0" initiative [3]

| | | 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 关于董事长辞任暨选举董事长的公告 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。 0 票），公司全体董事选举公司董事、总裁李向东先生（简历附后）为公司第八 届董事会董事长，并担任公司法定代表人，任期自董事会审议通过之日起至第八 届董事会任期届满之日止。根据公司《章程》《董事会战略委员会工作细则》等 相关规定及董事会决议，李向东先生同时担任公司董事会战略委员会、品牌与 ESG 委员会主任委员。截至本公告日，李向东先生持有公司股票 10,000 股。 特此公告。 珠海珠免集团股份有限公司 董事会 一、关于公司董事长辞任的情况 珠海珠免集团股份有限公司（以下简称"公司"）收到公司董事长郭凌勇先生 向公司董事会递交的书面辞职报告，由于工作调动原因，郭凌勇先生申请辞去公 司第八届董事会董事、董事长、董事会专门委员会等相关职务。辞任后，郭凌勇 先生不再担任公司及下属子公司任何职务，其辞职报告自 2025 年 6 月 23 日起生 效。 | 姓名 ...

| 证券代码：600185 | 股票简称：珠免集团 | | 编号：临 2025-042 | | --- | --- | --- | --- | | 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 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"）第八届董事会第三十六次 会议于 2025 年 6 月 24 日以现场结合通讯表决方式召开，会议通知于 2025 年 6 月 23 日以电子邮件方式发出。本次会议为临时会议，与会的各位董事已知悉与 所议事项相关的必要信息，经全体与会董事同意，豁免本次会议的通知时限。经 全体与会董事共同推举，本次会议由公司董事李向东先生主持，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 1 法行权履职，提高公司经营决策效率。根据公司《章程》及《董事会议事规则》 等有关规定，结 ...