11月21日，珠免集团（维权）盘中下跌2.14%，截至10:08，报6.85元/股，成交1.01亿元，换手率 0.78%，总市值129.12亿元。 资金流向方面，主力资金净流出1374.77万元，特大单买入179.87万元，占比1.78%，卖出1230.30万元， 占比12.15%；大单买入2337.68万元，占比23.09%，卖出2662.02万元，占比26.29%。 珠免集团今年以来股价跌4.73%，近5个交易日跌7.18%，近20日涨4.74%，近60日涨18.72%。 今年以来珠免集团已经2次登上龙虎榜，最近一次登上龙虎榜为10月22日，当日龙虎榜净买入1670.27万 元；买入总计5000.81万元 ，占总成交额比37.78%；卖出总计3330.54万元 ，占总成交额比25.16%。 资料显示，珠海珠免集团股份有限公司位于广东省珠海市石花西路213号，成立日期1999年6月9日，上 市日期1999年6月11日，公司主营业务涉及房地产开发经营、物业管理、建筑材料的销售等;免税品销售 业务。主营业务收入构成为：免税65.02%，房产板块25.99%，大消费11.28%，其他0.33%。 截至9月30日， ...

Core Viewpoint - Zhuhai Zhumian Group Co., Ltd. is undergoing a significant asset sale and related party transaction, involving the sale of 100% equity in its subsidiary, Zhuhai Gree Real Estate Co., Ltd., to related party Toujie Holdings for a cash price of 551,753.65 million yuan, which constitutes a major asset restructuring [1][2]. Group 1: Transaction Arrangement - The transaction involves Toujie Holdings, established on September 16, 2025, with a registered capital of 10 million yuan, making a phased cash payment, with the first payment being 30% of the transaction price, amounting to 165,526.10 million yuan, to be paid within five working days after the agreement takes effect [2]. - The agreement stipulates that the company will be deemed to have fulfilled its obligation to deliver the asset regardless of whether the asset has completed the necessary registration or filing procedures [2]. - The remaining payments will be made within one and two years after the agreement takes effect, raising questions about the legal risks associated with the delivery of assets before full payment [2]. Group 2: Guarantee Matters - The company and its subsidiaries will provide guarantees for the asset until six months after the asset delivery date, with Toujie Holdings providing counter-guarantees to the listed company [3]. - The company is required to disclose the current status of guarantees related to the asset, including amounts, creditors, and repayment arrangements [3]. - There is a need to assess whether the repayment of debts relies on the guarantees and the adequacy of the counter-guarantees provided by Toujie Holdings [3]. Group 3: Other Matters - The asset valuation method used is the asset-based approach, with a valuation result of 551,753.65 million yuan and a depreciation rate of 1.81%, including specific depreciation amounts for inventory and long-term equity investments [4]. - There are 103 properties owned by the asset, of which 83 are mortgaged, and five properties have not yet obtained ownership certificates as of July 31, 2025 [4]. - The company must address how these mortgage and ownership issues may affect the transaction payment arrangements [4]. Group 4: Approval Requirements - The asset sale and related party transaction require formal approval from the relevant state-owned assets department, approval from the company's shareholders, and other necessary legal approvals before implementation [5].

证券日报网讯珠免集团11月20日在互动平台回答投资者提问时表示，公司正积极关注离岛免税牌政策并 规划相关布局。 （文章来源：证券日报） ...

| 证券代码：600185 | 股票简称：珠免集团 | | 公告编号：临 2025-067 | | --- | --- | --- | --- | | 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 关于收到上海证券交易所《关于对珠海珠免集团股份 有限公司重大资产出售暨关联交易草案的问询函》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"）于 2025 年 11 月 17 日召 开第八届董事会第四十一次会议，审议通过了《珠海珠免集团股份有限公司重大 资产出售暨关联交易报告书（草案）》及其摘要等相关议案，并于 2025 年 11 月 18 日在指定信息披露媒体发布了相关公告。 2025 年 11 月 20 日，公司收到上海证券交易所（以下简称"上交所"）《关 于对珠海珠免集团股份有限公司重大资产出售暨关联交易草案的问询函》（上证 公函【2025】3915 号，以下简称"问询函"）。根据相关规定，现将《问询函》 内容公告如下： ...

Core Viewpoint - Zhuhai Free Trade Group (珠免集团) is accelerating its divestment from real estate by selling 100% of Zhuhai Gree Real Estate Co., Ltd. for 5.518 billion yuan, marking a significant step in its transition to focus on duty-free and consumer-oriented businesses [1][2][3] Group 1: Company Transition - The company, formerly known as Gree Real Estate, has shifted its core business from real estate to duty-free operations following an asset swap in November 2024 [1][2] - The divestment of real estate is part of a broader strategy to eliminate losses from a declining real estate market, which has been a financial burden on the company [2][3] - The sale of Gree Real Estate is occurring faster than anticipated, with the company previously indicating a five-year timeline for complete divestment from real estate [1][2] Group 2: Financial Performance - Gree Real Estate reported a significant net loss of 2.3 billion yuan in 2024, with revenues dropping to 580 million yuan in the first nine months of 2025 [2][3] - The real estate segment's poor performance has negatively impacted the overall financial results of Zhuhai Free Trade Group, leading to a net loss of 2.74 billion yuan in the first half of 2025 [3] - Post-sale projections indicate that while total revenue will decline from 5.277 billion yuan to 2.922 billion yuan, the net loss will significantly decrease from over 1.5 billion yuan to 924 million yuan, highlighting the financial benefits of divesting the real estate business [4][5] Group 3: Duty-Free Business Development - The duty-free segment has shown promising growth, contributing 11.31 billion yuan in revenue and 3.91 billion yuan in net profit in the first half of 2025, accounting for over 65% of total revenue [7][8] - The company is optimizing its duty-free operations by enhancing product offerings and expanding into cross-border e-commerce, while also adapting to new policies in the duty-free sector [8] - Despite the growth potential in the duty-free market, challenges remain due to the overall decline in the domestic duty-free industry, as evidenced by the performance of leading competitors [9][10] Group 4: Market Challenges and Strategic Outlook - The transition to the duty-free sector is seen as a response to national policy needs and local market demands, particularly in the Hengqin area [12] - The duty-free industry is characterized by high resource and policy dependence, with significant barriers to entry, making it crucial for the company to leverage its real estate experience in this new sector [12] - The recovery of inbound and outbound travel post-pandemic remains slow, which could impact the growth of the duty-free business [11][12]

Core Viewpoint - Zhuhai Duty-Free Group Co., Ltd. (600185.SH) plans to sell 100% equity of Gree Real Estate to Toujie Holdings for approximately 5.518 billion yuan, marking a significant asset restructuring and related party transaction [1][4]. Group 1: Transaction Details - The transaction price will be paid in cash by Toujie Holdings, a state-owned enterprise under Zhuhai Investment Holdings, which focuses on corporate headquarters management, investment activities, and asset management services [1][3]. - The transaction is part of a broader strategy to accelerate the company's exit from real estate operations and focus on duty-free and consumer-related businesses [2][4]. Group 2: Financial Impact - Following the transaction, the net profit attributable to the parent company for 2024 is projected to improve from a loss of 1.515 billion yuan to a loss of 92.4 million yuan, a change of 93.90% [4][5]. - The company's operating revenue is expected to decrease from 5.277 billion yuan to 2.922 billion yuan, a decline of 44.62% for 2024 [5]. - Basic and diluted earnings per share are anticipated to improve significantly from -0.99 yuan to -0.28 yuan, reflecting a 71.72% increase [5]. Group 3: Strategic Goals - The company aims to enhance its focus on duty-free business, expand cross-border e-commerce, and improve compliance and governance structures [6]. - The restructuring is expected to strengthen the company's competitive advantages and enhance its sustainable development capabilities [2][4]. - The company plans to optimize its financial structure and restore cash dividend capabilities, aiming for long-term stable growth in shareholder returns [4][6]. Group 4: Market Position - As of November 18, the company's stock price was 7.47 yuan, with a market capitalization of 14.1 billion yuan [8]. - In the first half of 2025, the revenue composition showed that duty-free goods accounted for 61.4%, real estate for 24.43%, and other businesses for 12.4% [7].

Core Viewpoint - Zhuhai Free Trade Group (珠免集团) is divesting its real estate business by transferring 100% equity of Gree Real Estate to Tuo Jie Holdings for 5.518 billion yuan, marking a complete exit from real estate development and a shift towards a focus on duty-free business transformation [1][2]. Group 1: Transaction Details - The assessed value of the real estate assets is 55.18 billion yuan, with a negative appreciation rate of -1.81% [2]. - The transaction price is confirmed at 55.18 billion yuan, which is expected to improve the company's financial metrics significantly [2]. - Post-transaction, the company's net profit is projected to shift from approximately -49.15 million yuan to about 4.98 million yuan, indicating a turnaround from loss to profit [2][3]. Group 2: Financial Impact - For the period of January to July 2025, total assets are expected to decrease by 21.28% from 1.77 billion yuan to 1.39 billion yuan, while net profit is expected to improve by 201.20% [3]. - The company's basic earnings per share will change from -0.26 yuan to 0.03 yuan, reflecting a significant recovery [3]. - In 2024, the total assets are projected to decrease by 21.41%, with a net profit turnaround from -112.93 million yuan to 29.50 million yuan [3]. Group 3: Business Transformation - The company, originally established as Gree Real Estate in 1999, has been transitioning towards a focus on duty-free and large consumer sectors since 2020 [4]. - The duty-free business has become the core segment, with a reported revenue of 1.131 billion yuan and a net profit of 391 million yuan in the first half of 2025 [5]. - The company has launched new initiatives, including the opening of a duty-free store at the Zhuhai port and the implementation of a tax refund policy for overseas travelers [5]. Group 4: Industry Context - The duty-free market is facing contraction pressures, with significant declines in sales and customer numbers reported in 2024 [6]. - Major players in the duty-free sector, such as China Duty Free Group, are also experiencing revenue and profit declines, indicating a challenging market environment [6]. - Despite favorable policies aimed at boosting consumption, the company must navigate competitive and environmental challenges in its duty-free transformation journey [6].

Core Viewpoint - Zhuhai Free Trade Group (珠免集团) is executing a strategic shift from real estate to a focus on duty-free and consumer services through the sale of its real estate assets, specifically the 100% stake in Zhuhai Gree Real Estate Co., Ltd. for a transaction value of 5.518 billion yuan [1][2]. Group 1 - The company plans to transfer its real estate assets to Zhuhai Investment Holdings Co., Ltd. as part of its established restructuring path [1]. - The asset sale is a continuation of the company's strategy to divest from real estate and transition towards a consumer-centric business model by the end of 2024 [1][2]. - Following the transaction, Gree Real Estate will be excluded from the consolidated financial statements, marking a complete exit from the real estate sector [1]. Group 2 - The transaction is expected to improve the company's financial performance by enhancing profitability and operational efficiency, as the real estate segment has been a burden due to high capital demands and debt levels [2]. - The financial adjustments will lead to a reduction in total assets and revenue, but will significantly improve profitability metrics and earnings per share, as well as repair the capital structure and cash flow situation [2]. - This strategic shift is aimed at aligning the company's operations with a "light asset, strong operation" model, which is more suitable for the consumer services sector [2].

Core Viewpoint - Zhuhai Free Trade Group is divesting its 100% stake in Gree Real Estate for 5.518 billion yuan, marking a significant asset restructuring and a strategic shift towards focusing on the duty-free business [1][2]. Group 1: Transaction Details - The transaction price for the divestment of Gree Real Estate is set at 5.518 billion yuan, constituting a major asset restructuring for the company [1]. - The controlling shareholders of both Zhuhai Free Trade Group and Toujie Holdings are the Zhuhai State-owned Assets Supervision and Administration Commission, indicating a strategic alignment in the transaction [1]. Group 2: Business Transformation - The divestment aligns with the company's ongoing strategy to exit the real estate sector, which has been underperforming and incurring losses [2]. - Following the acquisition of a 51% stake in Zhuhai Duty-Free Enterprise Group in December 2024, the company has committed to gradually divesting its remaining real estate assets over the next five years [1][2]. Group 3: Financial Performance - From 2022 to 2024, Zhuhai Free Trade Group reported revenues of 5.672 billion yuan, 6.997 billion yuan, and 5.277 billion yuan, with net losses of 1.933 billion yuan, 390 million yuan, and 1.515 billion yuan respectively, totaling nearly 4 billion yuan in losses over three years [2]. - In the first three quarters of 2025, the company achieved revenues of 2.496 billion yuan, a significant decline of 42.88% year-on-year, primarily due to decreased revenue from real estate projects, resulting in a loss of 565 million yuan [2]. Group 4: Post-Divestment Financial Improvement - After the divestment, while total assets and revenue decreased, the company's profitability improved significantly, with a reduction in the asset-liability ratio and enhanced cash flow [3]. - For the period from January to July 2025, the company's revenue decreased from 2 billion yuan to 1.442 billion yuan, but it turned a net loss of 491 million yuan into a profit of 49.784 million yuan [3]. - The duty-free business emerged as the main revenue driver, generating 1.131 billion yuan in revenue and 391 million yuan in net profit in the first half of 2025, along with a net cash flow from operating activities of 456 million yuan [3].

Group 1: Company Announcements - Yaxing Chemical plans to acquire 100% equity of Tianyi Chemical through a combination of share issuance and cash payment, with the transaction expected to add bromine series fine chemical products to its portfolio [1] - Jierong Technology elected Zhao Xiaoqun as the new chairman following the resignation of Zhang Shouzhi due to work adjustments [2] - Huan Tai Liquor's controlling shareholder plans to increase its stake in the company by investing between 70 million to 140 million yuan within six months [5] - Unigroup plans to acquire 1.28 million USD worth of shares in H3C, increasing its ownership from 81% to 82.8% [7] - Daily Interactive intends to invest up to 10 million yuan in the Yuhang AI Fund, which has a total scale of up to 100 million yuan [11] - Daan Gene's indirect controlling shareholder is set to change to Guangzhou Pharmaceutical Group, which will control 26.63% of the company after the completion of share transfers [12] Group 2: Industry Insights - The basic chemical industry is represented by Yaxing Chemical, which focuses on chlorinated polyethylene and caustic soda production [1] - Jierong Technology operates in the electronic industry, specializing in precision molds and components [2] - Huan Tai Liquor is part of the food and beverage industry, specifically in the production and sale of alcoholic beverages [5] - Unigroup is involved in the IT services sector, providing comprehensive ICT infrastructure and services [7] - Daily Interactive operates in the software development industry, offering data intelligence products and solutions [11] - Daan Gene is in the medical biotechnology sector, focusing on molecular diagnostic technologies [12]