Group 1 - The core point of the article is that Zhuhai免集团 plans to sell 100% equity of Zhuhai Gree Real Estate Co., Ltd. to Zhuhai Toujie Holdings Co., Ltd. for 5.518 billion yuan, accelerating its divestment from real estate and focusing on the duty-free business as its core consumer segment [1][3] - Following the transaction, the company aims to enhance its focus on the duty-free business, indicating a strategic shift towards large-scale consumer operations [1][3] - The financial indicators before and after the transaction show projected revenues of 1.442 billion yuan and net profits of 272 million yuan for the first seven months of 2025, and revenues of 2.922 billion yuan with net profits of 295 million yuan for the year 2024 [1][3]

Core Viewpoint - Zhuhai Free Trade Group plans to sell 100% equity of Gree Real Estate to Toujie Holdings for a transaction price of 5.518 billion yuan, marking a significant asset restructuring move [1] Group 1: Transaction Details - The transaction price for the sale of Gree Real Estate is set at 5.518 billion yuan [1] - This transaction constitutes a major asset restructuring for Zhuhai Free Trade Group [1] - The stock of the company will be suspended from trading starting November 17 [1] Group 2: Strategic Focus - Following the transaction, Zhuhai Free Trade Group aims to accelerate its complete divestment from real estate and refocus on its core duty-free business within the large consumption sector [1] - The company plans to establish itself as a large consumption industry group based in the Guangdong-Hong Kong-Macau region, expanding its reach nationwide and internationally [1] - The company is entering a new phase of high-quality development with a strategic focus on large consumption [1] Group 3: Regulatory Requirements - The transaction is subject to approval from various regulatory bodies, including the Zhuhai State-owned Assets Supervision and Administration Commission, decision-making bodies of Toujie Holdings, the company's shareholders meeting, and the Shanghai Stock Exchange [1]

Core Viewpoint - Zhuhai Duty-Free Group is executing a significant asset sale to divest from real estate, focusing on its core duty-free business, marking a substantial shift in its business strategy [1][2]. Group 1: Asset Sale and Strategic Shift - The company plans to sell 100% equity of Zhuhai Gree Real Estate Co., Ltd. for 5.518 billion yuan, indicating a concrete step in its de-real estate strategy [1]. - This asset sale is part of a broader restructuring plan, aiming to transition from real estate to a focus on large consumer sectors by the end of 2024 [2]. - Following the transaction, Gree Real Estate will be excluded from the consolidated financial statements, signifying a complete exit from the real estate sector [2]. Group 2: Financial Structure and Risk Optimization - The divested asset, Gree Real Estate, is characterized by high capital demands and significant liabilities, which have negatively impacted the company's financial performance [3]. - The company aims to improve its profitability, capital structure, and risk exposure by reducing asset scale, transitioning to a "light asset, strong operation" model more suited to the consumer business [3]. - This strategic shift is expected to enhance the company's focus on profitability and cash flow, laying the groundwork for future cash dividend capabilities [3]. Group 3: Market Opportunities and Policy Support - The company is poised to capitalize on external opportunities in the duty-free sector, especially following recent favorable policies aimed at boosting consumption [4]. - With over 70 million inbound tourists in Guangdong province and significant cross-border traffic, the company is strategically positioned to meet the demand for new product categories in the duty-free market [4]. - The company aims to establish a strong presence in the Guangdong-Hong Kong-Macao Greater Bay Area, focusing on duty-free operations to drive growth and improve customer experience [4].

Core Viewpoint - Zhuhai Duty-Free Group is executing a significant asset sale to divest its real estate business, marking a strategic shift towards a focus on duty-free and consumer sectors, with the transaction valued at 5.518 billion yuan [1][2][6] Group 1: Asset Sale and Financial Impact - The company plans to sell 100% of its stake in Zhuhai Gree Real Estate Co., Ltd. for 5.518 billion yuan, which is expected to turn its net profit from approximately -491.46 million yuan to about 49.78 million yuan, indicating a shift from loss to profit [1] - The divestiture is part of a broader restructuring strategy aimed at transitioning from a real estate-centric model to a consumer-focused business, with a commitment to gradually divest real estate assets over five years [2][6] Group 2: Financial Structure and Risk Optimization - The transaction is characterized as a "heavy to light" shift, aimed at improving the company's financial performance by reducing high debt and capital requirements associated with the real estate sector [3] - The expected outcome includes enhanced profitability, improved earnings per share, and a better capital structure, allowing the company to focus on cash flow and profitability [3] Group 3: Strategic Focus on Duty-Free Business - Following the asset sale, the company will concentrate on its core duty-free business, leveraging new government policies that enhance the duty-free shopping experience and expand product offerings [4][5] - The company aims to capitalize on the growing demand from inbound tourists, particularly in the Guangdong-Hong Kong-Macao Greater Bay Area, to drive growth in its duty-free operations [5] Group 4: Market Valuation and Future Outlook - The market is expected to reassess the company's value following the divestiture, as the focus shifts away from the burdensome real estate sector towards a more streamlined consumer service model [6] - The anticipated cash inflow of approximately 5.5 billion yuan from the sale is expected to provide a new basis for evaluating the company's worth, with positive market sentiment regarding its future performance in the duty-free sector [6]

11月17日晚间，珠免集团(600185)披露《重大资产出售暨关联交易报告书（草案）》，围绕存量地产业 务的处置路径给出明确方案。根据草案，公司拟以现金方式向珠海投捷控股有限公司转让持有的珠海格 力房产有限公司100%股权，交易作价55.18亿元。交易完成后，格力房产将不再纳入合并报表范围，公 司房地产业务实现全面退出，业务结构将进一步向大消费主线收拢。 此外，备考口径下归母净利润由亏转盈、资产负债表改善，以及未来约55亿元现金回流，也为市场重新 评估公司价值提供了新的起点。不过重组目前仍处草案阶段，后续尚需股东大会审议及相关监管程序， 最终实施时间和实际效果仍存在不确定性。 （文章来源：证券时报网） 珠免集团表示，此次资产出售，是公司既定重组路径的延续。2024年底，珠免集团通过重大资产置换引 入珠海市免税企业集团有限公司51%股权，同时置出非珠海区域的部分房地产业务，上市公司由以地产 为主转向以免税为核心的大消费业务。彼时公司在重组报告书中承诺，将在资产置换完成之日起五年内 逐步去化或处置存量房地产业务。 备考数据显示，在总资产和营业收入规模有所下降的同时，公司盈利能力和每股收益实现明显改善，资 产负债率 ...

Core Viewpoint - Zhuhai Free Trade Group (600185.SH) plans to sell 100% equity of Zhuhai Gree Real Estate Co., Ltd. to Zhuhai Toujie Holdings Co., Ltd. for 5.518 billion yuan, aiming to accelerate its complete divestment from real estate and focus on the duty-free business as its core consumer segment [1] Financial Summary - Before the transaction, the projected revenue for the period from January to July 2025 is 1.442 billion yuan, with a net profit of 272 million yuan [1] - For the fiscal year 2024, the expected revenue is 2.922 billion yuan, with a net profit of 295 million yuan [1]

Core Viewpoint - Zhuhai Duty Free Group (SH 600185) announced the convening of its 40th meeting of the 8th Board of Directors on November 17, 2025, to discuss the proposal for the 5th extraordinary shareholders' meeting of 2025 [1] Financial Performance - For the first half of 2025, the revenue composition of Zhuhai Duty Free Group is as follows: 61.4% from duty-free goods sales, 24.43% from real estate, 12.4% from other sources, and 1.78% from other businesses [1] Market Capitalization - As of the report, the market capitalization of Zhuhai Duty Free Group is 14.5 billion yuan [1]

Core Viewpoint - Zhuhai Free Trade Group (600185.SH) plans to transfer 100% equity of Gree Real Estate to Tuo Jie Holdings for a transaction price of 5.518 billion yuan, aiming to accelerate its complete divestment from real estate and focus on its core duty-free business in the consumer sector [1] Group 1 - The company is shifting its main business focus from real estate to a consumer business centered around duty-free operations [1] - The transaction price for the equity transfer is set at 5.518 billion yuan [1] - This move is part of the company's strategy to establish itself as a major player in the consumer industry, targeting the Guangdong-Hong Kong-Macao Greater Bay Area and expanding nationally and internationally [1] Group 2 - The company aims to enter a new phase of high-quality development by fully committing to its consumer strategy [1] - The divestment from real estate is expected to enhance the company's operational focus and efficiency [1] - The company is positioning itself to build a comprehensive consumer industry group [1]

国泰海通证券股份有限公司（以下简称"独立财务顾问"）作为珠海珠免集 团股份有限公司（以下称"上市公司"）拟向珠海投捷控股有限公司转让其持有 的珠海格力房产有限公司（以下简称"标的公司"）100%股权（以下简称"本 次交易"）的独立财务顾问，根据中国证券监督管理委员会（以下简称"中国证 监会"）颁发的《监管规则适用指引——上市类第 1 号》《上海证券交易所上市 公司自律监管规则适用指引第 6 号——重大资产重组》等法规规定的要求，对上 市公司本次交易产业政策和交易类型相关事项进行核查，现发表如下意见： 一、本次交易涉及的行业或企业是否属于《监管规则适用指引——上市类 第 1 号》确定的"汽车、钢铁、水泥、船舶、电解铝、稀土、电子信息、医药、 农业产业化龙头企业、高档数控机床和机器人、航空航天装备、海洋工程装备 及高技术船舶、先进轨道交通装备、电力装备、新一代信息技术、新材料、环 保、新能源、生物产业；党中央、国务院要求的其他亟需加快整合、转型升级 的产业" 标的公司主营业务为房地产开发与销售。根据中国证监会《中国上市公司协 会上市公司行业统计分类指引》，标的公司所处行业均为"K70 房地产业"。 国泰海通证券股 ...

关于珠海珠免集团股份有限公司 重大资产重组前发生业绩异常 或本次重组存在拟置出资产情形的专项核查意见 致同会计师事务所 (特殊普通合伙) hornton 关于珠海珠免集团股份有限公司 重大资产重组前发生业绩异常 或本次重组存在拟置出资产情形的专项核查意见 致同专字（2025）第 442B022596 号 珠海珠免集团股份有限公司全体股东: 根据中国证券监督管理委员会《关于上市公司重大资产重组前发生业绩"变 脸"或本次重组存在拟置出资产情形的相关问题与解答》的要求,致同会计师事 务所（特殊普通合伙）（以下简称"我们"或"本所"）对珠海珠免集团股份有 限公司（原名：格力地产股份有限公司,以下简称"珠免集团"或"公司"） 2022年度、2023年度和 2024年度〈以下简称"最近三年"）财务业绩真实性和会 计处理合规性进行了核查,现将情况说明如下: 一、公司近三年是否存在违规资金占用、违规对外担保等情形 (一) 核查情况 我们查阅并复核了本所分别 2023 年 4 月 20 日出具的《关于格力地产股份有 限公司非经营性资金占用及其他关联资金往来的专项说明》(致同专字(2023)第 442A009261 号)、202 ...