Investment Rating - The report assigns a "Buy" rating for Tianhong Co., Ltd. (002419.SZ) based on its performance and future prospects [3]. Core Views - The company plans to issue a public REITs project using its subsidiary's shopping center as the underlying asset, which will help optimize its capital structure and maintain control over the project [2]. - For the fiscal year 2023, the company achieved a revenue of 120.86 billion yuan, a slight decrease of 0.32% year-on-year, while the net profit attributable to shareholders was 2.27 billion yuan, reflecting a significant increase of 88.75% [3]. - The company intends to distribute a cash dividend of 1.6 yuan per 10 shares, which accounts for 82.5% of the net profit for 2023 [3]. Revenue and Profit Forecast - Revenue projections for 2024-2026 are estimated at 12.6 billion, 12.8 billion, and 13.2 billion yuan, representing growth rates of 4%, 2%, and 2% respectively [2]. - The net profit attributable to shareholders is forecasted to be 250 million, 270 million, and 300 million yuan for the same period, with growth rates of 10%, 9%, and 9% respectively [2]. - The earnings per share (EPS) are expected to be 0.22, 0.24, and 0.26 yuan, with corresponding price-to-earnings (PE) ratios of 23, 21, and 19 times based on the closing price on March 15 [2]. Operational Performance - The company reported a significant increase in net profit in 2023, with a notable recovery in Q4, where the net profit was 204 million yuan, despite a year-on-year decline of 62.7% [3]. - The company has been upgrading its stores to improve operational efficiency, with a total of 41 shopping centers and 59 department stores operating across seven provinces by the end of 2023 [3]. - The comparable store sales for department stores increased by 5.25%, while the overall sales for shopping centers grew by 14.29% year-on-year [3].

Financial Performance - The company's operating revenue for 2023 was CNY 12,086,467,638.90, a decrease of 0.32% compared to 2022[18]. - Net profit attributable to shareholders increased by 88.75% to CNY 226,677,586.81 in 2023[18]. - The net profit after deducting non-recurring gains and losses was CNY 128,189,387.88, a significant turnaround from a loss of CNY 188,464,712.70 in 2022, representing a 168.02% increase[18]. - The net cash flow from operating activities rose by 14.25% to CNY 2,746,436,020.34[18]. - Basic earnings per share increased by 88.80% to CNY 0.1939[18]. - Total assets at the end of 2023 were CNY 28,497,099,631.74, a decrease of 6.39% from the previous year[18]. - Net assets attributable to shareholders increased by 4.10% to CNY 4,208,470,205.40[18]. - The company reported a weighted average return on equity of 5.51%, an increase of 2.54 percentage points from the previous year[18]. - The adjusted EBITDA decreased by 14.44% year-on-year, amounting to 875 million yuan, reflecting the impact of new leasing standards on financial performance[47]. Operational Changes - The company closed long-term loss-making stores, which contributed approximately CNY 100 million to the net profit for the period[18]. - The company closed three large stores and three independent supermarkets to optimize its cost structure and improve operational efficiency[44]. - The company opened 3 new shopping centers and closed 6 during the reporting period, resulting in a total of 216 stores across 34 cities, with a total area exceeding 4.57 million square meters[51][52]. - The company has signed 9 new projects with a total area of approximately 486,100 square meters, including 7 shopping centers and 2 independent supermarkets[57]. Digital Transformation - The company has transformed into a digital commerce enterprise, focusing on digital retail and digital industry businesses[28]. - The digital retail business integrates online and offline services, utilizing the Tianhong APP platform to connect public and private traffic[29]. - The company aims to enhance its core competitiveness through digitalization, product quality, service innovation, and customer experience[31]. - The company is actively developing intelligent customer asset management systems and flexible employment platforms to support digital transformation in the retail ecosystem[30]. - Online sales and digital service revenue reached a GMV of 5.44 billion yuan, with the app platform enhancing user experience and introducing new sections to meet diverse customer needs[38]. Market Performance - The retail industry saw a 7.2% year-on-year increase in total retail sales of consumer goods, with final consumption expenditure contributing 82.5% to economic growth[27]. - The company ranked 13th in the "2022 China Chain Top 100" list, improving by 2 positions from the previous year[27]. - The company achieved a sales revenue of 36.5 billion yuan, representing a year-on-year growth of 9%, while operating income was 12.086 billion yuan, a slight decline of 0.32%[36]. - The company launched the "517 Foodie Festival," resulting in an 18% year-on-year increase in total sales during the event, with online dining revenue soaring by 737%[37]. Customer Engagement - The total number of digital members exceeded 47 million, with member sales growing by 10% year-on-year and active members increasing by 8.2%[41]. - The average monthly sales per square meter for comparable stores in shopping centers reached 1,096 yuan, reflecting an 18.18% year-on-year increase[65]. Financial Management - The company reported a total logistics expenditure of ¥159 million during the reporting period[69]. - The financial expenses decreased significantly by 47.86% to 132,585,642.31 CNY, primarily due to increased interest income from large deposits and reduced interest expenses on leased properties[83]. - The company has implemented a rigorous internal audit process to ensure compliance and operational integrity[160]. - The company has no major internal control deficiencies reported for the financial year, with zero significant deficiencies identified[174]. Governance and Compliance - The company has established a governance structure that includes a board of directors and several specialized committees, ensuring clear responsibilities and effective decision-making[119]. - The company emphasizes investor relations management, utilizing multiple communication channels to engage with investors effectively[127]. - The company has not faced any regulatory penalties or incidents of insider trading, reflecting strong compliance with legal requirements[126]. - The company’s governance practices align with the Corporate Law and Securities Law, ensuring compliance and accountability[156]. Sustainability Initiatives - The company's carbon emissions per unit area decreased from 252.3 kg CO2 equivalent/sqm in 2021 to 242.9 kg CO2 equivalent/sqm in 2023, representing a reduction of 4%[187]. - As of the end of 2023, 50 of the company's shopping malls have received green mall certification, including 17 national-level and 33 municipal-level certifications[187]. - The company completed 12 energy-saving and emission reduction projects in 2023, including multiple rooftop photovoltaic power generation projects[188]. - The company allocated 150 million yuan for rural assistance in 2023, benefiting 27 counties through consumption support[192]. Future Outlook - The company aims to enhance its digital retail business through a "dual-wheel drive" strategy focusing on industrial digitalization and digital industrialization[102]. - In 2024, the company plans to optimize organizational and human resource mechanisms while focusing on cost reduction and efficiency improvement[103]. - The company has set a revenue guidance of 1.5 billion RMB for the next fiscal year, indicating a growth target of 25%[141]. - The company plans to launch two new products in Q2 2024, expected to contribute an additional $30 million in revenue[198].

Investment Rating - The report maintains a "Buy" rating for the company [19][20]. Core Insights - In 2023, the company achieved operating revenue of 12.086 billion yuan, a year-on-year decrease of 0.32%, while the net profit attributable to the parent company was 227 million yuan, representing a year-on-year increase of 88.75% [1][16]. - The company has been actively adjusting its offline stores and rapidly developing its online business, with digital membership exceeding 47 million and online sales reaching a GMV of 5.44 billion yuan in 2023 [3][18]. - The company’s gross margin increased by 1.46 percentage points to 38.26% in 2023, with a notable improvement in the fourth quarter [2][17]. Summary by Sections Financial Performance - The company reported a net profit of 227 million yuan in 2023, with a comprehensive diluted EPS of 0.19 yuan, up 88.75% year-on-year [1][4]. - The operating revenue for Q4 2023 was 2.835 billion yuan, a decrease of 2.34% year-on-year, with a net profit of 2 million yuan [16]. Cost Management - The comprehensive gross margin for 2023 was 38.26%, up 1.46 percentage points from the previous year, while the expense ratio decreased by 0.74 percentage points to 37.04% [2][17]. Store and Online Business Development - The company added one shopping center and reduced three department stores and three supermarkets in 2023, with a total of 41 shopping centers, 59 department stores, and 116 supermarkets by year-end [3]. - The online business saw significant growth, with a GMV of 5.44 billion yuan and a 10% increase in member sales [3][18]. Future Earnings Forecast - The report maintains EPS forecasts of 0.21 yuan for 2024, 0.23 yuan for 2025, and introduces a new forecast of 0.25 yuan for 2026 [3].

RAINBOW 天虹 2023年度环境、社会及公司治理报告2023年 2023 Environmetal, Social, and Corporate Governance Report 天虹数科商业股份有限公司 2023 年度环境、社会及公司治理报告 关于本报告 报告简介 本报告是天虹数科商业股份有限公司的环境、社会及公 司治理报告（以下简称"本报告"），以向利益相关方等 披露和展示公司在环境、社会及公司治理领域的绩效。 时间范围 本报告涵盖时间范围若无特殊说明，均为 2023 年 1 月 1 日至 2023 年 12 月 31 日。为保证报告的完整性，部分 信息时间范围进行了前后延伸。 报告范围 报告发布 本报告以电子版形式发布，可在巨潮资讯网（http:// www.cninfo.com.cn） 和 本 公 司 网 站（www.rainbow. cn）获取 2023 Environmental, Social, and Corporate Governance Report 除另有说明，本报告以天虹数科商业股份有限公司为主 体部分，涵盖公司总部及其子公司等，数据披露范围与 财务报告合并报表范围一致。其他 ...

一、基本情况 大华会计师事务所（特殊普通合伙）从事 天虹数科商业股份有限公司 2023 年度审计工作总结报告 大华会计师事务所对公司 2023 年度审计工作的内容主要包括：对公司年度 财务报告（资产负债表、利润表、现金流量表和股东权益变动表以及财务报表附 注）进行了审计，出具了标准无保留意见的审计报告；对公司与关联方的资金占 用情况进行了审核，出具了专项说明；对公司与财务报告相关的内部控制有效性 进行了审计，出具了内部控制审计报告；对公司在中航工业集团财务有限责任公 司存贷款情况进行了审核，出具了专项审核报告。对于审计中发现的问题，公司 董事会审计委员会与年审注册会计师进行了多次沟通，现对会计师事务所从事公 司 2023 年度的审计情况总结如下： 大华会计师事务所在对公司内部控制、合并报表范围、资产状况、经营情况 等进行深入了解后，与公司董事会和管理层进行了必要的沟通，并签订了审计业 务约定书。 的任何现金及其他任何形式经济利益，大华会计师事务所和公司之间不存在直接 或者间接的相互投资情况，也不存在密切的经营关系；大华会计师事务所对公司 的审计业务不存在自我评价，审计小组成员和公司决策层之间不存在关联关系。 ...

天虹数科商业股份有限公司 2023 年度监事会工作报告 二、对相关事项发表意见情况 1.公司依法运作情况 根据《公司法》、《证券法》、《公司章程》等各项法律法规的要求，监事 会通过召开会议，列席董事会、股东大会等方式，对公司经营运作的情况进行了 监督。监事会认为：公司能够严格按照《公司法》、《证券法》、《深圳证券交 易所股票上市规则》、《公司章程》及其他有关法律法规和制度的要求，规范运 作经营。公司重大经营决策合理，履行程序合法有效，公司进一步建立健全了各 项内部管理制度和内部控制机制；公司董事、高级管理人员在执行公司职务时能 够勤勉尽责、忠于职守，不存在违反法律、法规、《公司章程》或有损于公司和 1 股东利益的行为。 2023 年度，天虹数科商业股份有限公司（以下简称"公司"）监事会根据 《公司法》、《公司章程》及《公司监事会议事规则》等有关规定，本着对公司 和全体股东负责的精神，勤勉尽职、忠于职守，正确行使监督权力，充分发挥制 衡协调作用，有效促进了公司的规范运作。 一、公司监事会工作情况 | 序号 | 会议召开时间 | 会议届次 | 会议议题 | | --- | --- | --- | --- | | ...

证券代码：002419 证券简称：天虹股份 公告编号：2024-005 天虹数科商业股份有限公司 第六届董事会第二十一次会议决议公告 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。 一、董事会会议召开情况 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 议于2024年3月13日在深圳市南山区中心路（深圳湾段）3019号天虹大厦20楼总 办会议室以现场和通讯相结合的方式召开，会议通知已于2024年3月3日以书面及 电子邮件方式发出。本次会议由公司董事长主持，会议应到董事9名，实际出席 董事9名，监事和高级管理人员列席了会议。本次会议的召开符合《公司法》、《公 司章程》及《公司董事会议事规则》的有关规定。 二、董事会会议审议情况 （一）会议审议通过了《公司 2023 年度总经理工作报告》 表决结果：9 票同意，0 票反对，0 票弃权。 （二）会议审议通过了《公司2023年度董事会工作报告》 表决结果：9 票同意，0 票反对，0 票弃权。 该议案尚需提交公司股东大会审议。 表决结果：9 票同意，0 票反对，0 票弃权。 该议案尚需提交公司股东大 ...

天虹数科商业股份有限公司 内部控制审计报告 大华内字【2024】0011000164 号 大 华 会 计 师 事 务 所 (特 殊 普 通 合 伙 ) Da Hua Certified Public Accountants（Special General Partnership） 天虹数科商业股份有限公司 内部控制审计报告 （截止 2023 年 12 月 31 日） 目 录 页 次 一、 内部控制审计报告 1-2 大华会计师事务所（特殊普通合伙） 北京市海淀区西四环中路 16 号院 7 号楼 12 层 [100039] 电话：86 (10) 5835 0011 传真：86 (10) 5835 0006 www.dahua-cpa.com 内 部 控 制 审 计 报 告 大华内字【2024】0011000164 号 天虹数科商业股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相 关要求，我们审计了天虹数科商业股份有限公司（以下简称天虹股份） 2023 年 12 月 31 日的财务报告内部控制的有效性。 一、企业对内部控制的责任 注册会计师 no 胡 晓 辉 大华会计师 中国注册会计 ...

关于天虹数科商业股份有限公司 2023 年度涉及财务公司关联交易的存 款、贷款等金融业务的专项说明 大华核字【2024】0011001558 号 大 华 会 计 师 事 务 所 (特 殊 普 通 合 伙 ) Da Hua Certified Public Accountants（Special General Partnership） 关于天虹数科商业股份有限公司 涉及财务公司关联交易的存款、贷款等金融业务的专项说明 （2023 年度） 目 录 页 次 一、 专项说明 1-2 二、 天虹数科商业股份有限公司 2023 年度涉及财 务公司关联交易的存款、贷款等金融业务汇总 表 1 大华会计师事务所（特殊普通合伙） 北京市海淀区西四环中路 16 号院 7 号楼 12 层 [100039] 电话：86 (10) 5835 0011 传真：86 (10) 5835 0006 www.dahua-cpa.com 涉 及 财 务 公 司 关 联 交 易 的 存 款 、 贷 款 等 金 融 业 务 的 专 项 说 明 大华核字【2024】0011001558 号 天虹数科商业股份有限公司全体股东： 我们接受委托，依据《中国 ...

天虹数科商业股份有限公司 通过核查公司独立董事梁广才先生、傅曦林先生、曾泉先生的任职经历以及 签署的相关自查文件，上述人员未在公司担任除独立董事以外的任何职务，也未 在公司主要股东公司担任任何职务，与公司以及主要股东之间不存在利害关系或 其他可能妨碍其进行独立客观判断的关系，不存在影响独立董事独立性的情况， 符合《上市公司独立董事管理办法》、《深圳证券交易所上市公司自律监管指引 第 1 号——主板上市公司规范运作》中对独立董事独立性的相关要求。 天虹数科商业股份有限公司董事会 二〇二四年三月十四日 关于公司独立董事独立性的核查报告 根据《上市公司独立董事管理办法》、《深圳证券交易所股票上市规则》、 《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》 等要求，天虹数科商业股份有限公司（以下简称"公司"）董事会，就公司在任 独立董事梁广才先生、傅曦林先生、曾泉先生的独立性情况进行评估并出具如下 专项意见： ...