Investment Rating - The report maintains a "Buy" rating for Tianhong Co., Ltd. [2] Core Views - The company is undergoing a transformation with three major business formats and is leveraging AI to enhance its digital transformation [2][6] - The company reported a slight decline in revenue for the first half of 2025, but is optimistic about future growth driven by business optimization and digital capabilities [6][7] - The company is focusing on upgrading its core business formats and accelerating the integration of AI and retail technology [7] Financial Data and Earnings Forecast - Total revenue for 2025 is estimated at 11,934 million yuan, with a year-on-year growth rate of 1.3% [6] - The net profit attributable to the parent company is projected to be 132 million yuan for 2025, reflecting a significant increase of 72.0% year-on-year [6] - The company’s gross margin is expected to improve slightly to 37.0% in 2025 [6] - The company’s return on equity (ROE) is forecasted to be 3.2% in 2025, increasing to 4.5% by 2027 [6] Business Operations - As of the first half of 2025, the company operates 46 shopping centers, 58 department stores, and 106 supermarkets, with ongoing efforts to optimize and upgrade its store network [7] - The company has seen a significant increase in online sales and digital services, with a gross merchandise volume (GMV) of 27.1 billion yuan for online goods and services [7] - The company’s digital membership has grown to over 53 million, with an 8.5% year-on-year increase [7]

Group 1 - Traditional retail giants are facing significant performance challenges, with major players like Baisheng Group reporting an 18.4% drop in same-store sales and announcing the closure of its Beijing store by year-end [3][4] - Other retailers such as Xinhua Department Store and Tianhong reported revenue declines of 0.99% and 1.79% respectively, while Nanning Department Store experienced a net loss of 13.38 million yuan, a 653.3% increase in loss [3][4] Group 2 - The outlet mall sector is experiencing a growth spurt, with multiple new projects announced, including the opening of Wuhan Shanshan Outlet on September 25, which will be the first "Lakeside Outlet" in Central China [5][6] - The emergence of differentiated concepts like "Lakeside Outlet" and "Warehouse-style Outlet" indicates that this sector is effectively targeting various consumer needs amid a backdrop of consumption downgrade [6] Group 3 - A wave of renaming among shopping centers reflects strategic shifts and the need for brand upgrades, with examples including the rebranding of "Changsha Beichen Triangular Deyue City" to "Changsha Beichen Hui" [7][8] - The rebranding of "Shenyang Vanke Plaza" to "Wan Qian Hui" resulted in a 15% increase in foot traffic and a 26% rise in sales, demonstrating the effectiveness of targeted brand revitalization [8] Group 4 - China is becoming a testing ground for global brand innovations, with notable first stores like LV Beauty opening in Nanjing and Haidilao launching an innovative concept store in Beijing [10][11] - This trend indicates a shift in China's market position from a follower to a leader in global brand innovation, as brands increasingly prioritize launching new products in China [11] Group 5 - There is a dual acceleration in the internationalization of brands in China and the globalization of local brands, with companies like Anta and Li Ning deepening market penetration through themed stores [12][13] - The significant growth of brands like Pop Mart, which reported a 204.4% increase in revenue, highlights China's market as a critical battleground for both international and domestic brands [13]

Core Viewpoint - Tianhong Co., Ltd. reported a slight decline in revenue and net profit for the first half of 2025, indicating challenges in maintaining growth and profitability in a competitive market [1] Financial Performance - The total revenue for the first half of 2025 was 6.009 billion yuan, a decrease of 1.79% year-on-year [1] - The net profit attributable to shareholders was 154 million yuan, showing a minor decline of 0.05% year-on-year [1] - In Q2 2025, total revenue was 2.742 billion yuan, down 1.32% year-on-year, while net profit was 2.7741 million yuan, a significant drop of 40.76% [1] - The gross margin was 36.37%, down 1.79% year-on-year, while the net margin increased to 2.57%, up 1.66% year-on-year [1] Key Financial Ratios - The ratio of selling, administrative, and financial expenses to revenue was 33.38%, an increase of 1.35% year-on-year, totaling 2.006 billion yuan [1] - Earnings per share remained stable at 0.13 yuan, with a slight increase in net asset value per share to 3.58 yuan, up 0.16% year-on-year [1] - Operating cash flow per share decreased by 27.51% to 0.33 yuan [1] Changes in Financial Items - Financial expenses decreased by 60.05% due to increased interest income from time deposits and reduced unrecognized financing costs from leased properties [2] - Cash and cash equivalents decreased by 76.64% due to the deposit of time savings [3] - Accounts receivable increased by 5.09% to 251 million yuan, attributed to increased sales to large group customers [3] - Short-term borrowings rose by 55.23% as the company took on new loans to supplement working capital [3] Business Evaluation - The company's return on invested capital (ROIC) was 0.57%, indicating weak capital returns, with a historical median ROIC of 6.03% over the past decade [4] - The net profit margin was reported at 0.66%, suggesting low added value in products or services [4] - The company relies heavily on research and marketing for performance, necessitating a thorough examination of these driving factors [4] - The cash flow situation is concerning, with a ratio of cash and cash equivalents to current liabilities at only 6.08% [4] - The accounts receivable to profit ratio reached 327.78%, indicating potential liquidity issues [4]

Core Viewpoint - Tianhong Co., Ltd. has announced the reappointment of Rongcheng Accounting Firm as its auditor for the fiscal year 2025, effective upon approval by the shareholders' meeting [2] Group 1 - The sixth board of directors of Tianhong Co., Ltd. approved the proposal to reappoint the accounting firm [2] - The reappointment is for a one-year term, starting from the date of approval by the shareholders' meeting [2] - The firm will be responsible for auditing the company's financial statements and internal controls for the year 2025 [2]

格隆汇8月22日丨天虹股份(002419.SZ)公布半年度报告，报告期内，公司实现销售额187亿元、同比增 长2.55%，营业收入60.09亿元、同比下降1.79%，归属于上市公司股东的净利润1.54亿元、同比下降 0.05%。 ...

南财智讯8月22日电，天虹股份发布2025年半年度报告，报告期实现营业收入60.09亿元，同比下降 1.79%；归属上市公司股东的净利润1.54亿元，同比下降0.05%；扣除非经常性损益后的归属于上市公司 股东的净利润1.26亿元，同比增长8.60%；基本每股收益0.1316元。 ...

证券日报网讯天虹股份（002419）8月22日在互动平台回答投资者提问时表示，截至2025年8月20日，公 司股东户数为34，824户。 ...

天虹数科商业股份有限公司 与中航工业集团财务有限责任公司 关联存款的风险持续评估报告 一、中航工业集团财务有限责任公司基本情况 中航工业集团财务有限责任公司（以下简称"中航工业财务"）是经国家金 融监督管理总局批准，在国家市场监督管理总局登记注册，具有企业法人地位的 非银行金融机构。 金融许可证机构编码：L0081H211000001 法定代表人：周春华 注册地址：北京市朝阳区东三环中路乙 10 号 中航工业财务的经营范围为下列全部本外币业务：吸收成员单位存款；办理 成员单位贷款；办理成员单位票据贴现；办理成员单位资金结算与收付；提供成 员单位委托贷款、债券承销、非融资性保函、财务顾问、信用鉴证及咨询代理业 务；从事同业拆借；办理成员单位票据承兑；办理成员单位产品买方信贷和消费 信贷；从事固定收益类有价证券投资。具体经营范围以国家金融监督管理总局或 其派出机构批准且市场监督管理机关核定的经营范围为准。 1 二、中航工业财务风险管理的基本情况 （一）控制环境 中航工业财务已按照《公司法》的规定设立了股东会、董事会、监事会，并 对董事会和董事、监事、高级管理人员在风险管理中的责任进行了明确规定。董 事会下设战略发 ...

天虹数科商业股份有限公司 2025 年半年度非经营性资金占用及其他关联资金往来情况汇总表 1 单位：万元 非经营性资金占用 资金占用方名称 占用方与上市公 司的关联关系 上市公司核 算的会计科 目 2025 年初占用 资金余额 2025 年度占用 累计发生金额 (不含利息) 2025 年度 占用资金 的利息 (如有) 2025 年度偿还 累计发生金额 2025 年半 年度末占用 资金余额 占用形成 原因 占用性质 控股股东、实际控制 人及其附属企业 — 非经营性占用 小计 — 前控股股东、实际控 制人及其附属企业 — 非经营性占用 小计 — 其他关联方及其附属 企业 — 非经营性占用 小计 — 总计 — | 其他关联资金往来 | 资金往来方名称 | 往来方与上市公 | 上市公司核 | 2025 年初往来 | 2025 年度往来 | 2025 年度 往来资金 | 2025 年度偿还 | 2025 年半 | 往来形成 | 往来性质(经 营性往来、非 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 司的关联关系 ...

证券代码：002419 证券简称：天虹股份 公告编号：2025-042 天虹数科商业股份有限公司 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。 特别提示： 本次续聘会计师事务所符合财政部、国务院国资委、证监会印发的《国有企 业、上市公司选聘会计师事务所管理办法》（财会〔2023〕4 号）的规定。 天虹数科商业股份有限公司（以下简称"公司"）第六届董事会第三十四次 会议审议通过了《公司续聘会计师事务所的议案》，同意续聘容诚会计师事务所 （特殊普通合伙）（以下简称"容诚会计师事务所"）为公司 2025 年度财务报 表和内部控制审计机构，聘期一年，自股东会审议通过之日起生效。公司就本次 拟续聘会计师事务所的相关事项公告如下： 一、拟续聘会计师事务所的基本情况 容诚会计师事务所是一家具有证券、期货相关业务资格的会计师事务所，具 备多年为上市公司提供审计服务的丰富经验和能力，能够遵循独立、客观、公正 的职业准则，恪尽职守地提供高质量审计服务。 （一）机构信息 1、基本信息 机构名称：容诚会计师事务所（特殊普通合伙） 续聘会计师事务所的公告 成立日期：由原华普天健会计师 ...