珠免集团加速剥离地产业务，拟转让格力房产100%股权

Core Viewpoint - The company, Zhuhai Free Trade Group, is accelerating its divestment from real estate by planning to transfer 100% of its stake in Gree Real Estate, aiming for a complete transition to a focus on the duty-free business and improving its financial performance [2][4][21]. Group 1: Business Transformation - The company announced a major asset restructuring plan to divest its real estate business, which has been a drag on its performance for years [2][4]. - The transaction involves selling Gree Real Estate's 100% stake to Toujie Holdings, a wholly-owned subsidiary of Zhuhai Investment Holdings, which is also controlled by the Zhuhai State-owned Assets Supervision and Administration Commission [5][6]. - Following the completion of this transaction, the company will fully exit the real estate sector and concentrate on its core duty-free business [4][5]. Group 2: Historical Context - The company has struggled with its real estate operations, which peaked in 2021 with revenues of over 6 billion yuan but has since faced significant challenges due to market conditions [6][8]. - In 2022, the company reported a net loss of 2.057 billion yuan due to asset impairment and poor sales performance in its real estate segment [6][19]. - The transition to a focus on duty-free operations has been a long process, with initial plans for acquisition dating back to 2020, but faced multiple delays due to regulatory issues [9][11][12]. Group 3: Financial Performance and Projections - The duty-free business is expected to show better growth potential compared to traditional real estate, with the company positioned in a strategic location in the Greater Bay Area [15][16]. - The duty-free group's past performance indicates strong growth, with profit commitments for 2024-2026 set at no less than 567 million yuan, 620 million yuan, and 661 million yuan respectively [17]. - Despite the anticipated benefits from the duty-free business, the company is still projected to incur a net loss of 1.515 billion yuan in 2024 due to ongoing losses from its real estate operations [19]. Group 4: Investor Sentiment - The recent announcement of the asset transfer led to a significant increase in the company's stock price, indicating positive investor sentiment towards the strategic shift [2][4]. - However, there are concerns among investors regarding the performance of the duty-free business, which reported a net profit of 391 million yuan in the first half of the year, down from 438 million yuan in the same period last year [20]. - Investors are particularly interested in when the remaining 49% stake in the duty-free group will be acquired by the company [21].