珠免集团2025业绩预告披露：去地产化战略转型收官，业绩减亏成果显著

Core Viewpoint - The company has made significant progress in reducing losses and has successfully completed the divestiture of its real estate business, allowing it to focus on its core duty-free operations, which is expected to improve its financial performance going forward [1][2][3]. Group 1: Financial Performance - The company anticipates a net profit attributable to shareholders of between -1.18 billion to -0.92 billion yuan for 2025, reflecting a year-on-year reduction in losses of 22.09% to 39.25% [2]. - The residual impact of the real estate business is identified as a core factor affecting performance, despite the company accelerating its divestiture efforts [2]. - The adjusted net profit, excluding non-recurring gains and losses, is expected to show a reduction in losses of 39.42% to 53.42%, indicating a positive trend in operational quality [2]. Group 2: Strategic Transition - The company has demonstrated high execution efficiency and strategic determination in its transition away from real estate, completing significant asset swaps and establishing a core focus on duty-free operations [3]. - The sale of 100% equity in Zhuhai Gree Real Estate Co., Ltd. was completed on December 24, 2025, marking the successful conclusion of its divestiture strategy [3]. - This decisive strategic adjustment has mitigated risks associated with the declining real estate market and improved the financial structure through cash inflow [3]. Group 3: Duty-Free Business Development - Post-divestiture, the company's business focus has shifted clearly to the duty-free sector, establishing a comprehensive duty-free network across various ports [4]. - The company has achieved full coverage of key port hubs in Zhuhai and is expanding its presence nationwide, including a strategic project in Hainan Free Trade Port [4]. - The company plans to continue monitoring duty-free industry policies and expanding product categories while enhancing operational efficiency and digital transformation to improve profitability [4].