8月25日晚间，珠海珠免集团（600185）股份有限公司(珠免集团，股票代码：600185.SH)披露2025年半 年度报告。报告期内，公司继续推进"免税+商管+商贸"转型主线，公司免税业务板块实现营业收入 11.31亿元，净利润3.91亿元，经营活动产生的现金流净额4.56亿元。受房地产行业深度调整影响，公司 本期房地产项目结转收入和毛利较上年同期下降，上半年整体仍处亏损，但亏损幅度较上年同期明显收 窄，经营活动现金流改善。免税业务盈利成为主要支撑，为公司稳定基本盘发挥了关键作用。 业绩边际改善减亏幅度扩大 半年报显示，公司上半年实现归属于上市公司股东的净利润-2.74亿元，同比减亏2.80亿元。虽然整体尚 未实现盈利，但减亏幅度扩大，显示经营质量边际改善。 市场人士指出，在利润端承压的情况下，现金流改善有助于缓解短期资金压力。同时，公司资产负债 率、期间费用率等核心指标仍待进一步优化，资本结构调整是下阶段的重要任务。 在存量房地产业务方面，珠免集团持续加大销售力度，通过数字化营销升级与渠道资源整合，加速推动 存量房地产销售去化，全力履行"五年房地产业务有序退出"承诺。 免税主业支撑盈利能力持续释放 转型后 ...

Core Viewpoint - Gree Real Estate has officially changed its name to Zhuhai Duty-Free Group (Rights Protection), marking its complete exit from the real estate sector and a shift towards new business areas such as duty-free and commercial management [2][4]. Company Transition - The transition of Gree Real Estate is driven by Zhuhai's state-owned assets, with the company now under the control of Huafa Group, which is expected to handle the disposal of existing projects more professionally than Gree Real Estate could have done alone [2][9]. - Gree Real Estate's historical performance has been poor, with a cumulative loss of nearly 4 billion yuan over three years from 2022 to 2024, primarily due to declining gross profit margins and significant asset impairment provisions [4][5]. Financial Performance - The company has faced severe cash flow issues, with cash and cash equivalents amounting to 5.065 billion yuan, while short-term borrowings and current liabilities total 7.862 billion yuan, indicating a significant short-term debt pressure [5]. - Gree Real Estate's revenue has been heavily reliant on real estate, with annual revenues fluctuating between 1.5 billion and 3 billion yuan from 2012 to 2016, contrasting sharply with Gree Electric's revenue in the hundreds of billions [4]. Market Challenges - The duty-free market is highly competitive, with China Duty Free Group holding a dominant position, increasing its market share in Hainan's duty-free market by nearly 2 percentage points in 2024 [11]. - The competitive landscape in the Guangdong-Hong Kong-Macao Greater Bay Area poses additional challenges, as both Shenzhen and Zhuhai duty-free markets compete for consumer attention, alongside Macau's duty-free shopping [11]. Future Outlook - Gree Real Estate has committed to exiting its real estate holdings within five years and focusing on duty-free, commercial management, and trade [7]. - The company is currently in the process of restructuring and rebranding, with its new website under development to reflect its new business focus [7].