Core Viewpoint - Hainan Airport (600515) has approximately 6 billion yuan in sellable assets, with sales recognition varying by real estate project, and future developments will depend on actual project progress [1] Group 1: Real Estate and Asset Management - The company has a sellable asset value of about 6 billion yuan, with different real estate projects having varying sales recognition timelines [1] - Future completion of sales will be based on the actual development progress of each project, with some land reserve projects subject to strategic planning [1] Group 2: Duty-Free Business - The company indirectly participates in five duty-free stores through equity investments and property leasing [1] - The duty-free stores include a 49% stake in the Haikou Meilan Airport duty-free shops, which operate two stores in T1 and T2 terminals, and a 49% stake in the Sanya Phoenix Airport duty-free store [1] - Additional involvement includes leasing space for the China Duty Free Group's Haikou Riyue Plaza duty-free store and the Haikou Global Boutique Duty-Free City [1]

Core Viewpoint - The company is actively managing its real estate business and has made significant investments in the duty-free retail sector, indicating a strategic focus on diversifying its revenue streams and adapting to market conditions [1] Real Estate Business - As of now, the company has approximately 6 billion yuan in sellable property value, with sales recognition varying by project due to different development timelines [1] - The company plans to gradually complete sales based on the actual development progress of each project, with some land reserve projects subject to future strategic planning [1] Duty-Free Business - The company has indirectly participated in five duty-free stores through equity investments and property leasing, including: - 49% stake in the duty-free stores at Haikou Meilan Airport (operating two stores in T1 and T2 terminals) - 49% stake in the duty-free store at Sanya Phoenix Airport (also providing property leasing) - Duty-free store at Haikou Riyue Plaza (property leasing) - Haikou Global Boutique Duty-Free City (property leasing) [1]