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 ...

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]

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天虹数科商业股份有限公司 关于召开2024年第二次临时股东大会的通知 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。 天虹数科商业股份有限公司（以下简称"公司"）第六届董事会第二十六次 会议审议通过了《关于提议召开公司2024年第二次临时股东大会的议案》，将于 2024年11月11日（星期一）召开公司2024年第二次临时股东大会，现将有关事项 通知如下： 一、召开会议基本情况 1.股东大会届次：2024年第二次临时股东大会。 证券代码：002419 证券简称：天虹股份 公告编号：2024-039 2.会议召集人：公司第六届董事会。 3.会议召开合法合规性：本次会议召开符合有关法律、行政法规、部门规章、 规范性文件和《公司章程》的规定。 4.现场会议召开日期、时间：2024年11月11日（星期一）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9:15-9:25，9:30－11:30，13:00 －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1 ...

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")第六届董事会第二十六次会 议于2024年10月24日在深圳市南山区中心路（深圳湾段）3019号天虹大厦20楼总 办会议室以现场和视频相结合的方式召开，会议通知已于2024年10月19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，部分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《关于增补公司第六届董事会专门委员会委员的议 案》 同意选举万颖女士为公司第六届董事会审计委员会委员、郭高航先生为公司 第六届董事会战略与ESG委员会委员，任期自本次董事会通过之日起至第六届董 事会届满之日止。 证券代码：002419 证券简称：天虹股份 公告编号：2024-035 天虹数科商业股份有限公司 第六届董事会第二十六次会议决议公告 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。 1 登的《公司 2024 年第三季度报告（2024-037）》。 （三）会议 ...