55亿清仓格力房产，珠免集团腾笼换鸟押注免税谋破局

Core Viewpoint - Zhuhai Free Trade Group (珠免集团) is divesting its real estate business by transferring 100% equity of Gree Real Estate to Tuo Jie Holdings for 5.518 billion yuan, marking a complete exit from real estate development and a shift towards a focus on duty-free business transformation [1][2]. Group 1: Transaction Details - The assessed value of the real estate assets is 55.18 billion yuan, with a negative appreciation rate of -1.81% [2]. - The transaction price is confirmed at 55.18 billion yuan, which is expected to improve the company's financial metrics significantly [2]. - Post-transaction, the company's net profit is projected to shift from approximately -49.15 million yuan to about 4.98 million yuan, indicating a turnaround from loss to profit [2][3]. Group 2: Financial Impact - For the period of January to July 2025, total assets are expected to decrease by 21.28% from 1.77 billion yuan to 1.39 billion yuan, while net profit is expected to improve by 201.20% [3]. - The company's basic earnings per share will change from -0.26 yuan to 0.03 yuan, reflecting a significant recovery [3]. - In 2024, the total assets are projected to decrease by 21.41%, with a net profit turnaround from -112.93 million yuan to 29.50 million yuan [3]. Group 3: Business Transformation - The company, originally established as Gree Real Estate in 1999, has been transitioning towards a focus on duty-free and large consumer sectors since 2020 [4]. - The duty-free business has become the core segment, with a reported revenue of 1.131 billion yuan and a net profit of 391 million yuan in the first half of 2025 [5]. - The company has launched new initiatives, including the opening of a duty-free store at the Zhuhai port and the implementation of a tax refund policy for overseas travelers [5]. Group 4: Industry Context - The duty-free market is facing contraction pressures, with significant declines in sales and customer numbers reported in 2024 [6]. - Major players in the duty-free sector, such as China Duty Free Group, are also experiencing revenue and profit declines, indicating a challenging market environment [6]. - Despite favorable policies aimed at boosting consumption, the company must navigate competitive and environmental challenges in its duty-free transformation journey [6].