600185，重大资产重组

Core Viewpoint - Zhuhai免税集团 is accelerating its "de-real estate" strategy by planning a major asset restructuring, which includes transferring 100% equity of Zhuhai Gree Real Estate Co., Ltd. to Zhuhai Toujie Holdings Co., Ltd. This move aligns with the company's commitment to exit the real estate sector within five years and focuses on its core duty-free business strategy [2][4]. Group 1: Asset Restructuring - The company announced it will complete the major asset swap by December 31, 2024, which includes acquiring 51% equity of Zhuhai Duty-Free Enterprise Group Co., Ltd. and divesting 100% equity of five real estate subsidiaries outside Zhuhai [4]. - The transaction is a significant step in the company's strategic transformation and acceleration of its de-real estate process, with the approval from the Zhuhai Municipal Government's State-owned Assets Supervision and Administration Commission [4]. Group 2: Financial Performance - The duty-free business has become a key pillar of the company's performance, generating revenue of 1.131 billion yuan and a net profit of 391 million yuan in the first half of 2025 [6]. - Despite the overall loss due to the deep adjustment in the real estate industry, the loss narrowed significantly by 280 million yuan year-on-year, with the duty-free business providing crucial support for stability [6]. Group 3: Future Strategy - The company aims to establish a large consumer industry group that focuses on the Greater Bay Area, radiates nationwide, and targets international markets [6]. - Strategic plans include expanding duty-free operations in key national strategic areas such as Hainan Free Trade Port and Hengqin Guangdong-Macao Deep Cooperation Zone, enhancing the scale and efficiency of port and offshore duty-free businesses [7]. - In the commercial management sector, the company plans to integrate large shopping center assets to enrich consumer formats and create new flagship brands [7].