Group 1: Event Details - The company will participate in the "2024 Annual Shenzhen Listed Companies Collective Reception Day" event [2] - The event will be held online on December 12, 2024, from 15:40 to 17:00 [2] - Investors can join via the "Panorama Roadshow" website, WeChat official account, or by downloading the Panorama Roadshow APP [2] Group 2: Company Representatives - Company representatives include Mr. Huang Guojun (Director and General Manager), Mr. Zeng Quan (Independent Director), and Mr. Chen Zhuo (Deputy General Manager, Chief Accountant, and Board Secretary) [2] - These representatives will engage in communication and interaction with investors during the event [2] Group 3: Commitment to Transparency - The company and its board members ensure that the information disclosed is true, accurate, complete, and free from misleading statements or significant omissions [2]

本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、担保情况概述 证券代码：002419 证券简称：天虹股份 公告编号：2024-042 天虹数科商业股份有限公司 关于为全资子公司提供担保的进展公告 天虹数科商业股份有限公司（以下简称"公司"）第六届董事会第二十一次 会议及 2023 年度股东大会分别审议通过了《公司为全资子公司提供担保及接受 反担保的议案》，同意公司对全资子公司在银行等金融机构申请授信额度提供担 保，担保金额不超过人民币 44,100 万元，其中对全资下属子公司南昌市天虹商 场有限公司（以下简称"南昌天虹"）的担保金额不超过 9,500 万元。同时，为 降低公司担保风险，保障追索权益，公司下属全资子公司对上述担保事项为公司 提供反担保。担保期限自 2023 年度股东大会审议通过之日起十二个月内。 具体内容详见公司于 2024 年 3 月 15 日、4 月 9 日在《证券时报》和巨潮资 讯网（http://www.cninfo.com.cn）刊登的相关公告。 二、担保进展情况 1.近日，公司向中国民生银行股份有限公司深圳分行（以下简称"民生银行 ...

证券代码：002419 证券简称：天虹股份 公告编号：2024-041 天虹数科商业股份有限公司 特别提示：持有天虹数科商业股份有限公司（以下简称"公司"）股份 147,564,453 股（占本公司总股本比例 12.62%）的股东五龙贸易有限公司（以 下简称"五龙公司"）计划自本公告披露之日起 15 个交易日后的 3 个月内以 集中竞价、大宗交易方式减持公司股份不超过 35,065,432 股（约占公司总股 本的 3.00%）。 公司于今日收到持股 5%以上股东五龙公司出具的《关于拟减持天虹数科商 业股份有限公司股份的告知函》，现将有关情况公告如下： 一、股东的基本情况 1.股东名称：五龙贸易有限公司 2.股东持股情况：截至本公告披露日，五龙公司持有公司股份 147,564,453 股，占公司总股本比例 12.62%。 二、本次减持计划的主要内容 （一）本次减持计划的基本情况 1.拟减持的原因：自身资金需求。 2.拟减持的股份来源：公司首次公开发行前股份。 关于持股 5%以上股东减持股份的预披露公告 持股 5%以上的股东五龙贸易有限公司保证向本公司提供的信息内容真实、 准确、完整，没有虚假记载、误导性陈述或重 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 9.05 billion yuan for the first three quarters of 2024, a year-on-year decline of 2.2%, and a net profit attributable to shareholders of 120 million yuan, down 47.3% year-on-year. In the third quarter alone, revenue was 2.93 billion yuan, a decrease of 3.0%, with a net loss of 35.51 million yuan compared to a profit of 9.93 million yuan in the same period last year [2][3]. - The sales performance in the third quarter showed relative stability, with effective cost control; however, the profit margin declined, leading to a net loss attributable to shareholders. The shopping center segment showed a sales increase of 2.8%, while department stores and supermarkets experienced declines of 12.8% and 4.1%, respectively. Overall sales decreased by 4.0% year-on-year [3]. - The company is advancing its transformation across various business formats, with a focus on digital empowerment. The total customer traffic across all channels increased by 8.8%, and the number of digital members reached 50 million. The shopping center segment is accelerating brand renewal and introducing trendy products, while the department store segment is adjusting its store formats [4]. Summary by Sections Financial Performance - For the third quarter, the company achieved a gross profit margin of 35.4%, a year-on-year decline of 1.2 percentage points. Total expenses for sales, management, R&D, and finance were 1.07 billion yuan, a decrease of 9% year-on-year, indicating good expense control [3]. - The company operates 41 shopping centers, 59 department stores, and 112 supermarkets, with a net increase of 1 department store and a net closure of 5 supermarkets compared to Q3 2023 [3]. Future Outlook - The company is expected to continue its dual-driven development strategy of industrial digitalization and digital industrialization, aiming for profit elasticity release as business formats mature. EPS is projected to reach 0.15, 0.17, and 0.21 yuan for 2024, 2025, and 2026, respectively [4].

Group 1: Company Overview and Business Model - The company operates as a digital commerce enterprise, focusing on digital retail and digital industry businesses [1] - Digital retail integrates online and offline services, providing localized consumer services for both C-end customers and B-end enterprises [1] - The digital industry business offers digital business services and consulting through its technology subsidiary, Lingzhi Digital [1] Group 2: Store Expansion Plans - The company maintains a cautious store expansion strategy, evaluating and optimizing store structures and new store plans annually based on market changes [2] - New shopping centers are currently under preparation, with a focus on sustainable development [2] Group 3: Supermarket Transformation and Private Brand Development - The company has initiated internal organizational optimization and mechanism reforms in its supermarkets since the second half of last year [2] - The first SP@CE3.0 store opened on September 6, achieving a 196% year-on-year sales increase on opening day without promotional activities [2] - Private brand sales account for over 10% of supermarket sales, with plans to enhance sales through quality and pricing strategies [2] Group 4: Department Store Transformation - The company is upgrading its department store format, introducing new trend products and enhancing marketing efforts to increase foot traffic and sales conversion [2] - Adjustments to store formats are made based on customer demand, aiming to transform into community lifestyle centers [2] Group 5: Dividend Policy - The company has a proactive cash dividend policy, with cash dividends historically accounting for about 50% of net profit attributable to shareholders before 2020 [2] - In 2023, the cash dividend amount represented 82.5% of the net profit attributable to shareholders [3] - Future dividend proposals will consider profit distribution policies and operational needs [3]

证券代码：002419 证券简称：天虹股份 公告编号：2024-040 天虹数科商业股份有限公司 2024 年第二次临时股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 1.本次股东大会没有出现否决议案的情形。 2.本次股东大会没有涉及变更前次股东大会的决议。 一、会议召开和出席情况 （一）会议召开情况 特别提示： 1.召开时间：2024 年 11 月 11 日（星期一）下午 14:30。 网络投票日期、时间：2024 年 11 月 11 日。其中，通过深圳证券交易所交 易系统进行网络投票的具体时间为：2024 年 11 月 11 日 9:15-9:25，9:30－11:30 和 13:00－15:00；通过深圳证券交易所互联网投票系统投票的具体时间为：2024 年 11 月 11 日 9:15－15:00。 2.现场会议召开地点：深圳市南山区中心路（深圳湾段）3019 号天虹大厦 18 楼 2 号会议室。 3.召开方式：本次股东大会采取现场表决与网络投票相结合的方式。 4.股权登记日：2024 年 11 月 4 日。 5.会议召集人：天虹数科 ...

北京市中伦（深圳）律师事务所 关于天虹数科商业股份有限公司 2024 年第二次临时股东大会的 法律意见书 二〇二四年十一月 北京市中伦（深圳）律师事务所 关于天虹数科商业股份有限公司 2024 年第二次临时股东大会的 法律意见书 致：天虹数科商业股份有限公司 北京市中伦（深圳）律师事务所（下称"本所"）接受天虹数科商业股份有 限公司(下称"公司"/"天虹股份")的委托，指派律师对公司 2024 年第二次临 时股东大会（下称"本次股东大会"）的合法性进行见证并出具法律意见书。 本所及本所律师依据《中华人民共和国证券法》、《律师事务所从事证券法 律业务管理办法》和《律师事务所证券法律业务执业规则》等规定及本法律意见 书出具日以前已经发生或者存在的事实，严格履行了法定职责，遵循了勤勉尽责 和诚实信用原则，进行了充分的核查验证，保证本法律意见书所认定的事实真实、 准确、完整，所发表的结论性意见合法、准确，不存在虚假记载、误导性陈述或 者重大遗漏，并承担相应法律责任。 本法律意见书根据《中华人民共和国公司法》（下称"《公司法》"）、《中 华人民共和国证券法》、《上市公司股东大会规则》（下称"《股东大会规则》"） 等现行 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][3][7] Core Views - The company is accelerating its store upgrade transformation, expecting a recovery in performance. The first SP@CE3.0 store opened in Shenzhen, achieving a sales increase of 196% year-on-year and 121% quarter-on-quarter on its opening day without promotional activities [2] - The company's performance has fallen below previous expectations, primarily due to pressure on its department store segment amid intense competition in the offline retail industry. As a result, profit forecasts for 2024, 2025, and 2026 have been revised down by 35%, 40%, and 42% to 121 million, 120 million, and 122 million yuan respectively [2][3] Financial Summary - For the first three quarters of 2024, the company reported a revenue of 9.047 billion yuan, a decrease of 2.22% year-on-year, and a net profit attributable to shareholders of 118 million yuan, down 47.32% year-on-year. The adjusted net profit was 62 million yuan, a decline of 48.66% year-on-year [3][4] - The comprehensive gross margin for the first three quarters of 2024 was 36.50%, a decrease of 0.99 percentage points year-on-year. The expense ratio for the same period was 34.52%, down 2.04 percentage points year-on-year [3][4] - The company’s revenue and net profit projections for 2024E, 2025E, and 2026E are 11.826 billion, 11.784 billion, and 11.886 billion yuan respectively, with net profits of 121 million, 120 million, and 122 million yuan [4][13]

Investment Rating - The report maintains a rating of "Buy" for Tianhong Co., Ltd. [6] Core Views - The company experienced operational fluctuations in Q3, but the upgrade of its first supermarket store yielded excellent results, with expectations for further promotion [3] - Revenue for the first three quarters was 9.05 billion yuan, down 2.22%, with a net profit attributable to shareholders of 118 million yuan, down 47.3% [3] - The forecast for EPS from 2024 to 2026 has been adjusted to 0.18, 0.22, and 0.25 yuan respectively, reflecting a growth rate of -8%, 23%, and 17% [3] - The target price has been revised down to 6.6 yuan, based on comparable company valuations [3][13] Financial Summary - Q3 revenue was 2.93 billion yuan, down 3.05%, with a net profit attributable to shareholders of -36 million yuan, a decrease of 458% [3] - The gross profit margin for the first three quarters was 36.5%, a decrease of 0.99 percentage points [3] - The company operated 41 shopping centers, 59 department stores, and 112 supermarkets as of Q3 [4] - The operating cash flow for the first three quarters was 1.24 billion yuan, down 42.1% [3] Business Performance - The shopping center segment saw revenue of 536 million yuan in Q3, an increase of 4.12%, while department stores and supermarkets experienced declines of 11.5% and 2.34% respectively [4] - The first SP@CE3.0 supermarket opened on September 6 in Shenzhen, achieving a sales increase of 196% on its opening day [4] - Digital membership reached 50 million, indicating rapid development in digital transformation [4] Valuation - The reasonable valuation for the company's stock is estimated at 6.6 yuan, based on a PE ratio of 30 for 2025 [13] - The average PE for comparable companies in 2024-2025 is projected at 34 and 29.5 times respectively [13]

Investment Rating - The report maintains a "Buy" rating for Tianhong Co., Ltd. (002419) [4][5][6] Core Views - The company reported a decline in revenue and net profit for the first three quarters of 2024, with revenue of 9.05 billion yuan, down 2.22% year-on-year, and a net profit of 118 million yuan, down 47.32% year-on-year [4][5] - Despite the pressure on profitability, the company is focusing on transforming its offline business and upgrading its supermarket stores, which has shown positive results in customer traffic and sales [5] - The company is accelerating its digital transformation by developing an AI model to enhance retail operations and customer experience [5] Summary by Sections Market Data - Closing price: 5.06 yuan - One-year high/low: 6.10/3.93 yuan - Price-to-book ratio: 1.4 - Dividend yield: 3.16% - Circulating A-share market value: 5,914 million yuan [1] Financial Data - Total revenue for 2024E is projected at 12.25 billion yuan, with a year-on-year growth rate of 1.3% [6] - Net profit for 2024E is expected to be 173 million yuan, a decrease of 23.5% year-on-year [6] - Gross margin for 2024E is projected at 37.2% [6] Performance Comparison - The company's stock price has shown a decline compared to the market index over the past year [3] Operational Highlights - The company has upgraded its store formats, resulting in an 8.8% increase in customer traffic and improved rental rates for shopping centers and department stores [5] - The gross margin has faced pressure, but effective cost control measures have been implemented, leading to a decrease in expense ratios [5] - The launch of the SP@CE3.0 store format has resulted in significant sales growth, with one store achieving over 1 million yuan in sales on its opening day [5]