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Core Viewpoint - Zhuhai Duty Free Group plans to transfer 100% equity of Zhuhai Gree Real Estate Co., Ltd., aiming to completely exit the real estate business as previously promised [2][5]. Summary by Sections Transaction Details - The proposed transaction involves transferring 100% equity of Gree Real Estate to Zhuhai Toujie Holdings, with cash payment and no share issuance involved [5]. - The transaction is classified as a major asset restructuring under the regulations but will not change the controlling shareholder or actual controller of the company [5]. - The transaction constitutes a related party transaction due to the involvement of company executives in the buyer's board [5]. Financial Implications - As of mid-2025, Gree Real Estate has a net asset value of 786 million yuan, and completing the sale could potentially turn Zhuhai Duty Free Group's annual net profit from negative to positive [8]. - The company has reported losses for three consecutive years from 2022 to 2024, with a loss of 274 million yuan in the first half of 2025 [8]. Strategic Direction - Following a major asset restructuring completed in December 2024, Zhuhai Duty Free Group has committed to exiting its real estate business within five years and focusing on a core strategy centered around duty-free operations and consumer industries [7][9]. - The company aims to establish itself as a comprehensive consumer industry flagship platform, targeting high-quality development and optimizing its asset structure [7][9]. Market Position - As of October 21, 2023, Zhuhai Duty Free Group has a market capitalization of 11.78 billion yuan [9].