海南机场：房地产业务方面，公司尚有可售货值约60亿元

Core Viewpoint - The company is actively managing its real estate business and has made significant investments in the duty-free retail sector, indicating a strategic focus on diversifying its revenue streams and adapting to market conditions [1] Real Estate Business - As of now, the company has approximately 6 billion yuan in sellable property value, with sales recognition varying by project due to different development timelines [1] - The company plans to gradually complete sales based on the actual development progress of each project, with some land reserve projects subject to future strategic planning [1] Duty-Free Business - The company has indirectly participated in five duty-free stores through equity investments and property leasing, including: - 49% stake in the duty-free stores at Haikou Meilan Airport (operating two stores in T1 and T2 terminals) - 49% stake in the duty-free store at Sanya Phoenix Airport (also providing property leasing) - Duty-free store at Haikou Riyue Plaza (property leasing) - Haikou Global Boutique Duty-Free City (property leasing) [1]