Core Viewpoint - The launch of the duty-free goods connection warehouse by Zhuhai Duty-Free Group marks a significant advancement in the integration of duty-free and bonded goods operations, enhancing efficiency and reducing operational costs in the supply chain [1][3][5]. Group 1: Project Overview - The Zhuhai Duty-Free Group has initiated the operation of a duty-free goods connection warehouse in Zhuhai, with a total investment of approximately 20 million yuan and a construction area exceeding 6,000 square meters [3]. - The project aims to implement a new business model that aligns with customs policies, facilitating the seamless transition between duty-free and bonded goods [5][6]. Group 2: Operational Efficiency - The new model allows for the conversion of goods' regulatory attributes within the same park, significantly reducing the overall flow time from over 6.5 hours to approximately 1 hour, achieving an efficiency improvement of over 85% [11][13]. - This transformation enhances the turnover efficiency of duty-free goods, providing robust logistical support for rapid shelf placement and precise operations [13]. Group 3: Technological Innovation - The warehouse employs a dual system of software and hardware to meet high regulatory standards and operational demands, featuring advanced robotics for automated storage and retrieval [14][16]. - The integration of a management system for duty-free and bonded goods enables deep interconnection between enterprise data and customs supervision, facilitating intelligent control [14][16]. Group 4: Future Prospects - The Zhuhai Duty-Free Group plans to leverage its AEO (Authorized Economic Operator) certification to upgrade the connection warehouse into a distribution hub for imported goods, aiming to strengthen Zhuhai's position as a regional consumption center [18].

Core Viewpoint - Zhuhai Free Trade Group's stock has experienced a decline of 3.89% year-to-date, with recent trading showing mixed performance, indicating potential volatility in the market [1][2]. Group 1: Stock Performance - On December 25, the stock price of Zhuhai Free Trade Group fell by 2.12%, reaching 6.91 CNY per share, with a trading volume of 1.26 billion CNY and a turnover rate of 0.96%, resulting in a total market capitalization of 13.025 billion CNY [1]. - Year-to-date, the stock has decreased by 3.89%, with a 2.37% increase over the last five trading days, a 0.58% increase over the last 20 days, and a 21.65% increase over the last 60 days [1]. - The company has appeared on the "Dragon and Tiger List" twice this year, with the most recent instance on October 22, where it recorded a net purchase of 16.7027 million CNY [1]. Group 2: Financial Performance - For the period from January to September 2025, Zhuhai Free Trade Group reported a revenue of 2.496 billion CNY, reflecting a year-on-year growth of 2.40%, while the net profit attributable to shareholders was -565 million CNY, showing a year-on-year increase of 38.67% [2]. - The company has cumulatively distributed 1.206 billion CNY in dividends since its A-share listing, with no dividends distributed in the past three years [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Zhuhai Free Trade Group was 58,100, a decrease of 3.19% from the previous period, with an average of 32,426 circulating shares per shareholder, an increase of 3.29% [2]. - Among the top ten circulating shareholders, notable changes include a decrease of 142,300 shares held by the Southern CSI Real Estate ETF and an increase of 1,872,800 shares held by Hong Kong Central Clearing Limited [3].

Major Announcements - Victory Energy has clarified that it does not engage in robotics-related business and has no asset restructuring plans for the next twelve months, despite its stock experiencing an 8-day trading limit increase of 114.44% since December 12 [1] - Aerospace Engineering confirmed that its main business does not involve commercial aerospace, with a current rolling P/E ratio of 76.85, significantly higher than the industry average [2] - ST Songfa's subsidiary, Hengli Shipbuilding, signed contracts for the construction of 8 vessels, with a total contract value estimated between 500 million to 800 million USD [3] - Libet has stated it does not engage in controllable nuclear fusion business, with its nuclear power-related contracts amounting to 226 million CNY, representing 6.48% of its audited revenue for 2024 [4] - Zhuhai Mian Group has completed the 100% equity transfer of Gree Real Estate for a transaction price of 5.518 billion CNY [5] Investments and Projects - Ningbo Huaxiang's subsidiary has signed a contract for the production of robot joints, which is expected to positively impact future performance starting January 2026 [6][7] - Haibo Shichuang plans to invest 2 billion CNY to build a smart green energy storage factory, expected to be completed by December 2028 [8] - Zhenyu Technology's subsidiaries plan to invest at least 1 billion CNY each in projects related to humanoid robots and core components for electric vehicle drive systems [10] Corporate Actions - ST Lian Stone has completed its restructuring plan and will have its delisting risk warning lifted on December 25, 2025 [9] - Huaxin Building Materials' major shareholder plans to increase its stake by 200 million to 400 million CNY [11] - Nova Star Cloud has secured a loan commitment of up to 135 million CNY for share repurchase [13] - Fanwei Network intends to repurchase and cancel 4.2371 million shares, representing 1.63% of its total share capital [14] - Dong'a Ejiao has conducted its first share repurchase, totaling approximately 19.9976 million CNY [15] Stock Trading and Resumption - ST Xinyan's stock will resume trading on December 24, 2025, following a capital increase from 1.496 billion shares to 3.29 billion shares [16]

Core Viewpoint - Zhuhai Duty Free Group has successfully completed the divestment of its real estate business by selling 100% equity of Gree Real Estate for 5.518 billion yuan, marking a significant step towards a more focused and pure duty-free operator, thus entering a new era of high-quality development [1][2] Group 1: Execution of Strategic Transition - The completion of the asset sale is not just a transaction but a victory in execution efficiency, showcasing the company's strong strategic decision-making [2] - Within a year, the company has transitioned from real estate to a focus on duty-free operations, demonstrating rapid execution against a backdrop of changing market conditions [2] - The transaction was executed smoothly, with Zhuhai Investment Holding Co. paying 5.518 billion yuan in cash, backed by a guarantee from Huafa Group, ensuring the transaction's safety and efficiency [2] Group 2: Financial and Operational Optimization - The sale clarifies the company's valuation logic, moving away from a "real estate + duty-free" structure that previously led to valuation discounts [3] - The cash inflow of 5.518 billion yuan will provide substantial funding for future industry expansion, enhancing the company's financial position [3] - The company is shifting from a mixed model of "heavy asset development" and "light asset operation" to a more focused and agile consumption operation model, simplifying market analysis and making investment logic more transparent [3] Group 3: Expansion and Market Opportunities - The company is actively expanding its duty-free network with new stores opening in key locations such as Guangzhou Nansha Port and Yichang Three Gorges Airport, enhancing its national presence [4] - In the Hainan market, the company has successfully entered through the management of the Sanya Bay No. 1 project, showcasing its capability for cross-regional operations [4] - With the Hainan Free Trade Port officially operational, the company is poised to leverage this national strategy to find new growth opportunities [4]

通过此次资产出售，珠免集团成功厘清业务边界，将资源投向具有高消费频次、强现金流属性的免税主 业。此外，55.18亿元现金的逐步回笼，不仅能大幅增强公司的流动性与抗风险能力，更为未来产业扩 张提供了充沛的资金"弹药"。 此次交易的实质性落定，不仅是珠免集团发展史上一个重要分水岭，更是其迈向高质量发展的奠基石。 回顾这一年，从免税资产的注入到地产业务的剥离，珠免集团以极具前瞻性的战略定力和高效的执行 力，在资本市场书写了国企改革的"珠海样本"。 本报讯(记者王镜茹)12月23日，珠海珠免集团（600185）股份有限公司(以下简称"珠免集团")披露，随 着《重大资产出售暨关联交易实施情况报告书》正式发布，珠免集团去地产化进程迎来最具实质意义 的"落槌"时刻。公司以55.18亿元现金出售珠海格力房产有限公司(以下简称"格力房产")100%股权交 易，已完成"实质交割"。 至此，珠免集团已完成地产业务剥离的全部流程，正式以资产更纯净、主业更聚焦的免税运营商姿态， 开启高质量发展的新阶段。2024年底，珠免集团完成置入珠海免税集团51%股权的重大资产重组。彼 时，公司确立了以免税为主业的方向，并承诺在"5年内完成存量房地 ...

| 一、 | 本次重组的方案概述 4 | | --- | --- | | 二、 | 本次重组的授权和批准 5 | | 三、 | 本次重组的实施情况 7 | | 四、 | 董事、高级管理人员的变动情况 7 | | 五、 | 资金占用及关联担保情况 8 | | 六、 | 本次重组相关协议及承诺的履行情况 8 | | 七、 | 本次重组的信息披露 8 | | 八、 | 本次重组的后续事项 9 | | 九、 | 结论意见 9 | 北京市嘉源律师事务所 关于珠海珠免集团股份有限公司 重大资产出售暨关联交易 实施情况的法律意见书 西城区复兴门内大街 158 号远洋大厦 4 楼 中国·北京 珠免集团·重大资产出售暨关联交易实施情况的法律意见书 嘉源律师事务所 北京 BEIJING·上海 SHANGHAI·深圳 SHENZHEN·香港 HONGKONG·广州 GUANGZHOU·西安 XI`AN 致：珠海珠免集团股份有限公司 北京市嘉源律师事务所 关于珠海珠免集团股份有限公司 重大资产出售暨关联交易 实施情况的法律意见书 嘉源 2025-02-149 敬启者： 根据珠免集团的委托，本所担任珠免集团本次重组的特聘专项法律顾问。 ...

国泰海通证券股份有限公司 关于 珠海珠免集团股份有限公司重大 资产出售暨关联交易实施情况 之 独立财务顾问核查意见 独立财务顾问 二〇二五年十二月 国泰海通证券股份有限公司（以下简称"国泰海通证券"、"本独立财务顾 问"）接受珠海珠免集团股份有限公司（以下简称"上市公司"、"珠免集团"） 的委托，担任珠免集团本次重大资产出售暨关联交易事宜的独立财务顾问，并出 具本核查意见。 声明与承诺 1 本核查意见是依据《公司法》《证券法》《上市公司重大资产重组管理办法》 和《公开发行证券的公司信息披露内容与格式准则第 26 号——上市公司重大资 产重组》等法律、法规的有关规定，根据本次交易各方提供的有关资料和承诺编 制而成。 1、本核查意见所依据的文件和材料由本次交易各方提供，提供方对所提供 文件及资料的真实性、准确性和完整性负责，并保证该等信息不存在虚假记载、 误导性陈述或者重大遗漏。本独立财务顾问不承担由此引起的任何风险责任。 2、本核查意见是在假设本次交易各方当事人均全面和及时履行本次交易相 关声明和承诺的基础上出具。 3、本核查意见不构成对上市公司的任何投资建议或意见，对投资者根据本 核查意见作出的任何投资决策可 ...

上市地：上海证券交易所 证券代码：600185 证券简称：珠免集团 珠海珠免集团股份有限公司 重大资产出售暨关联交易 实施情况报告书 独立财务顾问 财务顾问 二〇二五年十二月 本公司提醒投资者注意：本报告书的目的仅为向公众提供有关本次交易的实 施情况，投资者如欲了解更多信息，请仔细阅读本公司《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）（修订稿）》全文。 2 珠海珠免集团股份有限公司 重大资产出售暨关联交易实施情况报告书 上市公司声明 本公司及全体董事、高级管理人员保证本报告书的内容真实、准确和完整， 并对本报告书的虚假记载、误导性陈述或者重大遗漏承担个别及连带的法律责任。 本次重大资产重组的交易对方已出具承诺函，保证其为本次重大资产重组所提供 的信息不存在虚假记载、误导性陈述或者重大遗漏，并对所提供信息的真实性、 准确性和完整性承担个别和连带的法律责任。 本次交易的审批机关对本次重大资产重组所做的任何决定或意见，均不表明 其对本公司股票的价值或投资者的收益作出实质性判断或者保证。任何与之相反 的声明均属虚假不实陈述。 本次交易完成后，本公司经营与收益的变化，由本公司自行负责；由此变化 引致 ...

珠免集团公告，公司已完成向珠海投捷控股有限公司出售所持珠海格力房产有限公司100%股权的资产 交割。本次交易的标的资产交割日为2025年12月22日，交易价格为55.18亿元。截至报告书出具之日， 投捷控股已支付首期款项16.55亿元。本次交易不涉及发行股份购买资产，已履行必要的决策和审批程 序，符合相关法律法规的规定。 ...

珠免集团所属申万行业为：房地产-房地产开发-住宅开发。所属概念板块包括：免税概念、跨境电商、 中盘、国资改革、新零售等。 截至9月30日，珠免集团股东户数5.81万，较上期减少3.19%；人均流通股32426股，较上期增加3.29%。 2025年1月-9月，珠免集团实现营业收入24.96亿元，同比增长2.40%；归母净利润-5.65亿元，同比增长 38.67%。 12月23日，珠免集团（维权）盘中下跌2.07%，截至09:43，报7.08元/股，成交1.34亿元，换手率 0.99%，总市值133.46亿元。 资金流向方面，主力资金净流出1126.73万元，特大单买入458.09万元，占比3.42%，卖出694.16万元， 占比5.19%；大单买入2831.06万元，占比21.16%，卖出3721.71万元，占比27.82%。 珠免集团今年以来股价跌1.53%，近5个交易日涨1.58%，近20日涨4.27%，近60日涨22.49%。 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 ...