Core Viewpoint - Zhuhai Free Trade Group (珠免集团) is executing a strategic shift from real estate to a focus on duty-free and consumer services through the sale of its real estate assets, specifically the 100% stake in Zhuhai Gree Real Estate Co., Ltd. for a transaction value of 5.518 billion yuan [1][2]. Group 1 - The company plans to transfer its real estate assets to Zhuhai Investment Holdings Co., Ltd. as part of its established restructuring path [1]. - The asset sale is a continuation of the company's strategy to divest from real estate and transition towards a consumer-centric business model by the end of 2024 [1][2]. - Following the transaction, Gree Real Estate will be excluded from the consolidated financial statements, marking a complete exit from the real estate sector [1]. Group 2 - The transaction is expected to improve the company's financial performance by enhancing profitability and operational efficiency, as the real estate segment has been a burden due to high capital demands and debt levels [2]. - The financial adjustments will lead to a reduction in total assets and revenue, but will significantly improve profitability metrics and earnings per share, as well as repair the capital structure and cash flow situation [2]. - This strategic shift is aimed at aligning the company's operations with a "light asset, strong operation" model, which is more suitable for the consumer services sector [2].

11月17日晚间，珠免集团(600185)披露《重大资产出售暨关联交易报告书（草案）》，围绕存量地产业 务的处置路径给出明确方案。根据草案，公司拟以现金方式向珠海投捷控股有限公司转让持有的珠海格 力房产有限公司100%股权，交易作价55.18亿元。交易完成后，格力房产将不再纳入合并报表范围，公 司房地产业务实现全面退出，业务结构将进一步向大消费主线收拢。 此外，备考口径下归母净利润由亏转盈、资产负债表改善，以及未来约55亿元现金回流，也为市场重新 评估公司价值提供了新的起点。不过重组目前仍处草案阶段，后续尚需股东大会审议及相关监管程序， 最终实施时间和实际效果仍存在不确定性。 （文章来源：证券时报网） 珠免集团表示，此次资产出售，是公司既定重组路径的延续。2024年底，珠免集团通过重大资产置换引 入珠海市免税企业集团有限公司51%股权，同时置出非珠海区域的部分房地产业务，上市公司由以地产 为主转向以免税为核心的大消费业务。彼时公司在重组报告书中承诺，将在资产置换完成之日起五年内 逐步去化或处置存量房地产业务。 备考数据显示，在总资产和营业收入规模有所下降的同时，公司盈利能力和每股收益实现明显改善，资 产负债率 ...