珠免集团业绩会：依托华发集团推进“免税+商管+商贸”生态建设

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]