Core Viewpoint - Zhuhai Zhimian Group Co., Ltd. continues to advance its transformation strategy of "duty-free + commercial management + trade," with its duty-free business becoming a key support for stabilizing its financial performance despite overall losses in the first half of 2025 [1][2][3] Financial Performance - The company reported duty-free business revenue of 1.131 billion yuan, net profit of 391 million yuan, and net cash flow from operating activities of 456 million yuan during the reporting period [1][2] - The net profit attributable to shareholders was -274 million yuan, a year-on-year reduction in losses by 280 million yuan, indicating improved operational quality [1][2] - Overall, the company is still in a loss position, but the reduction in losses and improvement in cash flow help alleviate short-term financial pressures [1][2] Business Strategy - The company is intensifying sales efforts in its existing real estate business while committing to an orderly exit from this sector over five years [2] - The duty-free segment has shown resilience, with new product introductions and enhanced digital marketing strategies contributing to improved sales performance [2] - The company is actively adjusting its duty-free store operations and implementing differentiated category management strategies to enhance store efficiency [2] Future Outlook - The Sanya Bay No. 1 commercial project is accelerating its leasing efforts, leveraging the Hainan Free Trade Port policy, which is expected to provide significant growth opportunities in tourism retail [3] - Analysts believe that the company's transformation path is progressing steadily, supported by the advantages of the Guangdong-Hong Kong-Macao Greater Bay Area and favorable policies, with attention on the implementation of related measures in the second half of the year [3]