登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：600185 股票简称：珠免集团 编号：临2025-069 债券代码：250772 债券简称：23格地01 珠海珠免集团股份有限公司 关于2025年第三季度业绩说明会召开情况的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担个别及连带责任。 珠海珠免集团股份有限公司（以下简称"公司"）已于2025年11月28日15:00-16:00在价值在线通过网络文 字互动形式召开了公司2025年第三季度业绩说明会，现将本次说明会召开情况公告如下： 一、说明会类型 本次说明会以网络文字互动形式召开，公司就2025年第三季度经营业绩、财务状况等投资者普遍关注的 事宜与投资者互动交流，在信息披露允许的范围内进行回答。 二、说明会召开的时间、地点 （一）会议召开时间：2025年11月28日（星期五）15:00-16:00 （二）会议召开地点：价值在线（www.ir-online.cn） 三、参加人员 参加本次说明会的人员：董事长、总裁李向东先生，董事、副总裁、董事会秘书黄一桓先生，独立董事 何 ...

消息面上，12月18日，海南自贸港将正式启动封关运作。在日前举行的"全球南方"媒体见面会上，海南 省委深改办(自贸港工委办)副主任王奉利介绍，当前，海南自由贸易港全岛封关准备工作整体进展顺 利，全岛封关基础条件已经具备。具体来说，政策制度体系基本建立，包括进口征税商品目录、货物流 通税收政策等关键政策及配套文件均已出台。华福证券表示，关注四季度海南封关主线下中国中免等海 南免税运营商。 东方证券指出，海南离岛免税景气回升。11月1–7日海南离岛免税购物金额5.06亿元、购物人数7.29万人 次，同比分别+34.86%、+3.37%，该行判断是受益于低基数、离岛免税新政、演唱会等大型活动、叠加 渠道促销所致。此外，日本游被"劝退"有望推动部分境外购物需求回流、叠加今年以来股市财富效应抬 升，冬季海南游和海南的免税销售有望受益。 中国中免（601888）(01880)涨超3%，截至发稿，涨3.62%，报74.4港元，成交额1.79亿港元。 ...

Global Research ab 19 November 2025 First Read China Duty Free Sector Foreign duty-free operators to enter China airport stores? Event: SIA unveils duty-free tender rules Based on our channel check and tender website information, Shanghai International Airport (SIA) announced its tender plan for the duty-free area of Shanghai Pudong International Airport (PVG) and Shanghai Hongqiao International Airport (SHA): 1) The tender consists of three sections: T1 and S1 of PVG (section 1), T2 and S2 of PVG (section ...

Core Viewpoint - Zhuhai Duty-Free Group Co., Ltd. (600185.SH) plans to sell 100% equity of Gree Real Estate to Toujie Holdings for approximately 5.518 billion yuan, marking a significant asset restructuring and related party transaction [1][4]. Group 1: Transaction Details - The transaction price will be paid in cash by Toujie Holdings, a state-owned enterprise under Zhuhai Investment Holdings, which focuses on corporate headquarters management, investment activities, and asset management services [1][3]. - The transaction is part of a broader strategy to accelerate the company's exit from real estate operations and focus on duty-free and consumer-related businesses [2][4]. Group 2: Financial Impact - Following the transaction, the net profit attributable to the parent company for 2024 is projected to improve from a loss of 1.515 billion yuan to a loss of 92.4 million yuan, a change of 93.90% [4][5]. - The company's operating revenue is expected to decrease from 5.277 billion yuan to 2.922 billion yuan, a decline of 44.62% for 2024 [5]. - Basic and diluted earnings per share are anticipated to improve significantly from -0.99 yuan to -0.28 yuan, reflecting a 71.72% increase [5]. Group 3: Strategic Goals - The company aims to enhance its focus on duty-free business, expand cross-border e-commerce, and improve compliance and governance structures [6]. - The restructuring is expected to strengthen the company's competitive advantages and enhance its sustainable development capabilities [2][4]. - The company plans to optimize its financial structure and restore cash dividend capabilities, aiming for long-term stable growth in shareholder returns [4][6]. Group 4: Market Position - As of November 18, the company's stock price was 7.47 yuan, with a market capitalization of 14.1 billion yuan [8]. - In the first half of 2025, the revenue composition showed that duty-free goods accounted for 61.4%, real estate for 24.43%, and other businesses for 12.4% [7].

Core Viewpoint - Zhuhai Free Trade Group (600185.SH) plans to transfer 100% equity of Gree Real Estate to Tuo Jie Holdings for a transaction price of 5.518 billion yuan, aiming to accelerate its complete divestment from real estate and focus on its core duty-free business in the consumer sector [1] Group 1 - The company is shifting its main business focus from real estate to a consumer business centered around duty-free operations [1] - The transaction price for the equity transfer is set at 5.518 billion yuan [1] - This move is part of the company's strategy to establish itself as a major player in the consumer industry, targeting the Guangdong-Hong Kong-Macao Greater Bay Area and expanding nationally and internationally [1] Group 2 - The company aims to enter a new phase of high-quality development by fully committing to its consumer strategy [1] - The divestment from real estate is expected to enhance the company's operational focus and efficiency [1] - The company is positioning itself to build a comprehensive consumer industry group [1]

每经头条（nbdtoutiao）——段睿：我与蔡磊是 "找钥匙的人"，纵使生前寻不到，也要为其他渐冻症患 者铺就近路 每经AI快讯，珠免集团（SH 600185，收盘价：7.68元）11月17日晚间发布公告称，公司第八届第十二 次董事会会议于2025年11月16日以通讯表决方式召开。会议审议了《关于公司重大资产出售暨关联交易 方案的议案》等文件。 （记者 曾健辉） 2025年1至6月份，珠免集团的营业收入构成为：免税商品销售占比61.4%，房地产占比24.43%，其他占 比12.4%，其他业务占比1.78%。 截至发稿，珠免集团市值为145亿元。 ...

Investment Rating - The report maintains a "Buy" rating for the company [9] Core Insights - In Q3 2025, the company achieved revenue of 11.711 billion yuan, a year-on-year decrease of 0.38%, and a net profit attributable to shareholders of 452 million yuan, down 28.94% year-on-year. The net profit after deducting non-recurring items was 441 million yuan, a decline of 30.56% year-on-year [2][6] - For the first three quarters of 2025, the company reported revenue of 39.862 billion yuan, a year-on-year decrease of 7.34%, and a net profit attributable to shareholders of 3.052 billion yuan, down 22.13% year-on-year [6] - The Ministry of Finance, Ministry of Commerce, Ministry of Culture and Tourism, General Administration of Customs, and State Taxation Administration issued a notice to improve the duty-free shop policy starting November 1, 2025, which includes support for domestic products entering duty-free shops, expanding the range of products, relaxing approval permissions, and enhancing convenience and regulatory measures [2][6] Financial Performance Summary - Q3 2025 financials: Revenue of 11.711 billion yuan, net profit of 452 million yuan, and net profit after non-recurring items of 441 million yuan [2][6] - First three quarters of 2025: Revenue of 39.862 billion yuan, net profit of 3.052 billion yuan, and net profit after non-recurring items of 3.036 billion yuan [6] - Expected net profit for 2025-2027: 3.644 billion yuan, 4.250 billion yuan, and 5.026 billion yuan respectively, with corresponding PE ratios of 51.39, 44.07, and 37.26 [2][6] Market and Policy Impact - The new duty-free policy is expected to enhance consumer shopping experience and willingness, potentially boosting sales in the future [6] - The company is positioned as a leading player in China's duty-free industry, leveraging its core competitive advantages in channels, scale, and brand management [6]

Investment Rating - The report maintains a "Buy" rating for the company [7][8]. Core Views - The new tax-free shopping policy in Hainan is expected to boost consumption and attract overseas spending back to the region, benefiting China Duty Free Group (CDFG) due to its scale and operational experience [1]. - The recent policy changes include an expansion of product categories, relaxed eligibility criteria, and simplified approval processes, which are anticipated to significantly enhance the performance of duty-free shopping in Hainan [2][3]. - CDFG has proactively positioned itself to leverage these policy benefits, focusing on product variety, membership systems, and expanding its duty-free store network [4]. Summary by Sections Investment Rating - The investment rating for CDFG is "Buy" for both A-shares and H-shares, with target prices set at RMB 104.16 and HKD 93.96 respectively [7]. Policy Changes - The new policies include the addition of two major product categories and six types of domestic goods eligible for tax exemption, as well as allowing island residents with departure records to purchase duty-free items without restrictions [2]. - The implementation of these policies has already shown positive results, with Hainan's duty-free shopping amounting to RMB 506 million from November 1 to November 7, reflecting a year-on-year increase of 34.86% [2]. Company Positioning - CDFG has introduced various domestic brands and is enhancing its membership system, which has grown to over 26 million members as of Q3 [4]. - The company is developing a comprehensive duty-free platform that includes island, airport, and city duty-free operations, with expectations of revenue and profit recovery as policies improve [4]. Financial Projections - The report projects an increase in net profit for CDFG, with estimates for 2026 and 2027 being RMB 47.60 billion and RMB 56.09 billion respectively, reflecting a 13% and 17% increase [5]. - The target price adjustments are based on a slight increase in premium rates, with the A-share target price reflecting a 45x PE ratio for 2026 [5].

Summary of Hainan Duty-Free Market Update and Policy Analysis Industry Overview - The Hainan duty-free market is showing positive growth in 2025, with pure duty-free sales achieving positive growth since September, with an increase of 35-40% in November, driven by new policies and effective promotions such as coupon activities for local residents [1][4][3]. Key Points and Arguments Sales Performance by Category - **Mobile Phones**: The mobile phone category has seen significant growth, with a year-on-year increase of over 100%, accounting for approximately 13% of total sales. This growth is attributed to the "old for new" policy for consumer goods, although the profit margin is relatively low. The average transaction value increased by 35% year-on-year in November [1][2][3]. - **Cosmetics**: Remains the largest category but has decreased to around 30% of total sales. Jewelry is the second-largest category, with a 7% year-on-year increase, now accounting for 11% of sales, particularly boosted by new gold policies [2][15]. - **Clothing and Bags**: Both categories maintain a steady growth rate, each accounting for about 10% of total sales since the relaxation of institutional procurement policies in 2023 [2]. - **Watches**: Sales have declined by approximately 20% year-on-year [2]. Policy Impacts - New policies allowing outbound travelers to purchase duty-free items and gradually opening up collective purchases for local residents have not shown significant risks initially. Various duty-free entities are using coupons to enhance policy awareness and stimulate consumer purchasing intent [1][4]. - The introduction of six categories of domestic products into duty-free shops is expected to create new retail opportunities, although the current tax exemption does not significantly affect price differences [7][8]. Future Outlook - The mobile phone category is expected to face supply constraints in 2024, but sufficient inventory is anticipated for 2025, despite restrictions on purchases. Consumers can enjoy a 15% discount through the "old for new" and coupon policies, making new models more attractive [5]. - New categories such as pet supplies and musical instruments have been introduced, but their impact on overall sales is limited. The optimization of home appliances, photography equipment, and drones faces challenges due to online shopping habits and logistics costs [6]. - The potential introduction of an island-wide duty-free policy in early 2026 is anticipated, focusing on daily consumer goods for Hainan residents, which is expected to have minimal impact on existing outbound duty-free sales [10][11]. Market Dynamics - The overall market has shown a recovery, with a notable increase in sales from September onwards, with November showing a growth rate of 35-40% due to new policy stimuli [3][4]. - The average transaction value has increased significantly, indicating a shift towards higher-value purchases among consumers [16]. Regulatory Considerations - Regulatory measures are being implemented to monitor purchasing behaviors, especially concerning reselling and bulk buying through duty-free channels. Data models are used to track unusual purchasing patterns [20][21]. Additional Important Insights - The impact of weather on sales during peak shopping periods has been noted, with specific events leading to increased foot traffic in stores [13]. - The discounting strategies in duty-free shops have remained consistent with previous years, with various promotional methods enhancing the overall discounting effect [14]. - The introduction of domestic clothing into the duty-free market is expected to increase market share, with projections indicating growth beyond 10% in the clothing and accessories category [18]. This comprehensive analysis highlights the evolving dynamics of the Hainan duty-free market, driven by policy changes, consumer behavior, and category performance.

Core Insights - The Chinese government is enhancing the duty-free shop policy to boost consumption, attract foreign visitors, and promote healthy development of the duty-free retail business starting from November 1, 2025 [1] Group 1: Policy Enhancements - The notification outlines four key areas for improving the duty-free shop policy: optimizing domestic tax refund management, expanding product categories, decentralizing approval authority, and enhancing convenience and regulatory measures [2] - The policy encourages duty-free shops to sell more domestic products that reflect Chinese traditional culture and to include a wider range of consumer goods such as mobile phones, drones, sports goods, health foods, over-the-counter drugs, and pet foods [2] Group 2: Market Growth Potential - The optimization of the city duty-free pickup method is expected to significantly enhance consumer experience and expand the market size for city duty-free shopping [3] - The new policy allows travelers to reserve products at city duty-free shops and pick them up at port duty-free shops, improving shopping convenience [3] - Major city duty-free shops are set to open in Shenzhen and Guangzhou by August 26, 2025, indicating a gradual rollout of city duty-free shops in core urban areas [3]