去地产化短期阵痛：珠免集团2025年将亏损10亿元左右

Core Viewpoint - Zhu Mian Group (600185) expects a net profit loss attributable to shareholders of the parent company between 920 million to 1.18 billion yuan for 2025, with a loss of 865 million to 1.125 billion yuan when excluding non-recurring gains and losses [1][5]. Group 1: Financial Performance - The main reason for the expected loss in 2025 is the decline in revenue and gross profit from the real estate business, alongside the provision for asset impairment losses on inventories and long-term equity investments [5]. - From 2022 to 2024, the company's net profit attributable to shareholders was -2.057 billion yuan, -390 million yuan, and -1.515 billion yuan respectively, totaling a cumulative loss of 3.962 billion yuan over three years. Including the expected loss for 2025, the total loss over four years may reach 5 billion yuan [5]. Group 2: Business Transition - The company has accelerated its business focus shift from real estate to consumer goods, particularly in the duty-free sector, since the end of 2024 [5]. - On May 8, 2025, the company officially changed its name from Gree Real Estate to Zhu Mian Group, marking a complete departure from its real estate business and entering a new era centered on duty-free operations [5]. Group 3: Revenue Breakdown - In the first half of 2025, the revenue from the real estate business was approximately 425 million yuan, a year-on-year decline of 74.52%, with its revenue contribution falling below 25%. The gross margin for this segment was 11.59% [6]. - Conversely, the revenue from duty-free goods sales accounted for over 60% of total revenue, with a gross margin of 50.92% [6].