Group 1: Retail Industry Trends - The retail industry is exploring the integration of online and offline models, but a mature and high-growth profit model has yet to emerge [2][3] - The global retail conference has influenced the company's development direction, but the path is primarily a result of internal discussions [2][3] Group 2: Online Advertising and Membership Conversion - The cost-benefit ratio of online advertising for Tianhong is managed based on operational needs, with a focus on offline VIP member conversion [3][4] - The company aims to gradually improve the conversion rate of offline VIP members to online, distinguishing effective members among the overall membership [3][4] Group 3: E-commerce Growth and Strategy - The company acknowledges that its e-commerce revenue growth is below the industry average but prioritizes overall growth and customer experience over rapid online expansion [3][4] - A comprehensive channel development framework is being constructed to support overall company growth [3][4] Group 4: IT Systems and Data Utilization - The company's IT systems, including micro-stores and ERP systems, are developed in collaboration with partners like IBM and are focused on single product management [4][5] - The VIP system, established in 2000, is used to maintain customer loyalty and accumulate data for effective analysis [4][5] Group 5: Pricing Strategy and Market Conditions - The company recognizes that various factors affect product pricing in China, leading to price differences between online and offline channels [5][6] - The industry is expected to move towards price parity between online and offline products in the future [5][6] Group 6: Store Development and Positioning - The company plans to maintain a steady pace in store openings, adhering to the initial plan despite economic fluctuations [5][6] - The positioning of Junshang Department Store targets high-end consumers, with a focus on high transaction values and positive shopping experiences [5][6]

Group 1: Company Restructuring and Asset Management - The company is restructuring its internal assets by injecting property rights and corresponding land use rights into a wholly-owned subsidiary to enhance asset utilization and improve asset structure [2][3]. Group 2: E-commerce Performance - The company's e-commerce sales grew by 66% year-on-year in the first half of the year [3]. - Sales of micro-products increased by over 100% quarter-on-quarter, with over 30,000 store owners, primarily consisting of company employees and external suppliers [3]. Group 3: Local Services and Delivery - "Tianhong to Home" is a local service platform allowing customers to order via the "Hong Ling Jin" app, with delivery within 2 hours for stores located within 5 kilometers [3]. Group 4: Cross-border E-commerce Development - The company has opened 8 cross-border e-commerce experience stores, with over 10 more in planning, featuring products from various countries including South Korea, Japan, and Germany [4]. - The cross-border e-commerce experience store typically covers several hundred square meters and offers both bonded and taxed goods [4]. Group 5: Store Closures and Management - The company closed underperforming stores in the first half of the year, with losses from specific locations being addressed [4]. - Efforts are ongoing to control the number of loss-making stores through resource allocation and management improvements [4]. Group 6: Future Store Opening Plans - The company plans to continue expanding in advantageous areas while focusing on the quality and prospects of new stores, with new openings scheduled for the end of this year and early next year [5]. Group 7: Integration of Convenience Store Operations - The integration of "Wei Wo" and "Wan Dian Tong" has been completed, with backend functions and logistics being consolidated by the end of December [5][6]. - Currently, there are 2 franchise stores of "Wei Wo" in Shenzhen, with a focus on high-quality franchise partnerships [6]. Group 8: Shareholder and Executive Commitment - Following the announcement of a shareholding increase plan on July 10, 2015, some executives have already increased their holdings, and commitments will be fulfilled as promised [6].

Group 1: Company Overview and Strategy - Tianhong Mall has approximately 5.7 million members, with expectations for increasing customer engagement and a richer product offering [3] - The company plans to deepen its presence in advantageous regions such as Guangdong, Fujian, Jiangxi, and Hunan, focusing on the transformation of physical stores into internet-enabled, shopping center-like, and lifestyle-oriented formats [3] - Organizational restructuring is underway, aiming for a streamlined and flat hierarchy to reduce internal communication costs and enhance responsiveness [3] Group 2: Digital and Social Media Initiatives - The company's WeChat public service account has around 2.3 million followers, ranking highly nationally and leading in the retail sector [4] - Initial sales through the WeChat service account generated approximately 100,000 clicks and sales of tens of thousands within a few days, equivalent to a month's sales for a physical store [4] - Tianhong Weipin currently has 23,000 store owners, focusing on promoting top-selling seasonal products, with plans for gradual external expansion [4] Group 3: Convenience Store Operations - The convenience store segment is a crucial part of the omnichannel strategy, catering to periodic consumer needs and offering superior product iteration speed compared to competitors [5] - Services offered at convenience stores include online access, utility bill payments, banking services, and community life services [5] Group 4: Shopping Center Performance - The first shopping center, Baoan Tianhong Shopping Center, achieved profitability in 2014, with the Ji'an shopping center also reporting monthly profits [5] Group 5: Supply Chain and Procurement - The company has established 10 procurement points nationwide, focusing on fresh produce and quality control, while also leveraging international resources for sourcing diverse products [6] Group 6: Incentive Plans and Store Management - The company is enhancing its performance compensation system to motivate management and key personnel, with ongoing research into effective incentive methods [6] - There is a strong emphasis on improving the performance of loss-making stores, with potential closure measures if performance standards are not met [7]

证券代码：002419 证券简称：天虹商场 编号：20151125 天虹商场股份有限公司投资者关系活动记录表 | --- | --- | --- | |--------------|--------------------------|--------------------------------------------------------------------| | | | | | 投资者关系活 | ■ 特定对象调研 | □ 分析师会议 | | 动类别 | □ 媒体采访 | □ 业绩说明会 | | | □ 新闻发布会 | □ 路演活动 | | | □ 现场参观 | | | | □ | 其他 （请文字说明其他活动内容） | | 参与单位名称 | | 平安证券：徐问；广发证券：倪华；中信证券：徐晓芳；广发基金：田文 | | 及人员姓名 | | 舟；生命人寿：张子娇；诺安基金：赵勇；中欧基金：郭睿；银华基金陈 | | | | 梦舒；华润元大基金：张磊；创金合信基金：胡尧盛；信达澳银基金：刘 | | | | 维华；鲲鹏恒隆投资：彭飞虹；复星互联网投资：曾强等共计 14 人。 | | 时间 | 2015 年 ...

Group 1: Company Strategy and Developments - The company maintains its direction in implementing an omnichannel strategy, with adjustments made based on specific circumstances [1] - The first cloud store (Guomao Store) has been preliminarily launched [3] - The new B2C platform was launched on July 26, 2014, enhancing customer shopping experience [3] Group 2: Logistics and Operations - Online supermarket products are shipped from an independent warehouse in Shenzhen, with daily deliveries from the South China regional warehouse [3] - Self-pickup orders account for less than 10% of total orders, but this percentage is gradually increasing as the number of pickup points rises, which currently exceeds 400 [3] Group 3: Product and Brand Management - The company primarily develops department store products through brand agency methods, extending its supply chain strategy [4] - Fresh produce is a key focus in direct sourcing, as it has strong customer attraction capabilities [4] Group 4: Store Expansion and Financial Impact - The Hangzhou Tianhong shopping center opened in June 2014 and is still in the cultivation phase; the decision to close the Xiaoshan Tianhong store was made to reduce losses due to underperformance [5] - The closure of Xiaoshan Tianhong will not significantly impact the current financials, and the company will continue to seek suitable projects in East China for network expansion [5] Group 5: Employee Compensation - The increase in total employee compensation is attributed to the rise in staff numbers from new store openings and efforts to attract and retain employees with competitive salaries [5]

Group 1: Store Expansion Strategy - The company primarily opens stores through leasing properties, with plans to moderately increase the proportion of self-owned stores and actively enhance the reserve of quality store resources [2][3] - Future store expansion will focus on effective profitability and sustainable development, prioritizing advantageous regional markets [3] Group 2: New Store Performance - In 2014, the company successfully opened new stores according to its annual plan, with a typical cultivation period of 1 to 4 years for new stores [3] Group 3: Acquisition and Market Positioning - The acquisition of Wandiantong is aimed at enhancing the company's presence in the convenience store market, which is crucial for completing the O2O (Online to Offline) loop and achieving scale effects [3] - The company has opened 5 Weio convenience stores in Shenzhen, which are currently in the cultivation phase, serving to provide community services and enhance customer loyalty [3][4] Group 4: Membership and Engagement - The total number of mobile members has exceeded 1.8 million, indicating a strong engagement in the digital space [4]

Group 1: Acquisition and Market Strategy - The acquisition of Wandiantong is aimed at enhancing the company's presence in the convenience store market, which is crucial for achieving a 020 closed-loop system [2] - The convenience store format is seen as a solution for the last mile of consumer consumption in communities, indicating a positive development outlook for this sector [2] Group 2: Product and Service Offerings - Tianhong Weipin allows "store owners" to select products for their online stores and share them through social media platforms, with the company managing procurement, inventory, and logistics [3] - The company maintains strict control over the sales and service behaviors of "store owners" to ensure quality and compliance [3] Group 3: Store Closures and Strategic Adjustments - Store closures are primarily influenced by economic conditions and strategic considerations to minimize losses from underperforming locations [3] - The management team is authorized by the board to handle asset and personnel arrangements in accordance with relevant laws and regulations following store closures [3] Group 4: Compliance and Communication - During investor relations activities, the company ensured compliance with regulations and did not disclose any undisclosed significant information [3] - The company engaged in thorough communication with investors, discussing the current state of the domestic and international e-commerce and retail industries [3]

Group 1: Company Strategy and Operations - The transfer of the equity of Shen Cheng Property Company aims to enhance asset operation efficiency and improve business performance [2] - The launch of the Honglingjin APP in October 2015 is part of the company's strategy to address changing consumer shopping behaviors and enhance customer experience [3] - The company plans to open approximately 6-8 new stores in 2016, focusing on quality and prospects in advantageous areas [4] Group 2: E-commerce and Retail Innovations - The Honglingjin APP is designed to create a localized lifestyle consumption service platform, integrating online and offline customer interactions [3] - Tianhong's cross-border e-commerce experience stores allow customers to view products offline and purchase online, with nearly 25 stores currently established [4] - The Tianhong Weipin operates on a B2C2C model, with over 50,000 store owners primarily sourced from company employees and external partners [3] Group 3: Convenience Store Development - Tianhong has developed over 160 convenience stores, adopting a retail + restaurant + personalized service + O2O model, primarily in cities like Shenzhen, Xiamen, and Nanchang [4]

证券代码：002419 证券简称：天虹商场 天虹商场股份有限公司投资者关系活动记录表 编号：20160707 | --- | --- | --- | |-----------------------|-----------------------------|------------------------------------------------------------------| | | | | | | ■ 特定对象调研 | □ 分析师会议 | | 投资者关系活 | □ 媒体采访 | □ 业绩说明会 | | 动类别 | □ 新闻发布会 | □ 路演活动 | | | □ 现场参观 | | | | □ | 其他 （请文字说明其他活动内容） | | 参与单位名称 | 9:30-11:30 | ：华夏基金朱熠、华尚投资杨鹏慧 | | 及人员姓名 | 14:30-16:00 | ：南山人寿林钜胜 | | 时间 | 2016 年 7 月 7 日 | | | 地点 | 公司会议室 | | | | | | | 上市公司接待 人员姓名 | | 公司董事会秘书万颖、便利店事业部总经理朱艳霞、证券事务代表黄晓丽 | | ...

证券代码：002419 证券简称：天虹商场 编号：20160715 天虹商场股份有限公司投资者关系活动记录表 | --- | --- | --- | |--------------|------------------------------|-------------------------------------------------------------------------| | | ■ 特定对象调研 | □ 分析师会议 | | 投资者关系活 | □ 媒体采访 | □ 业绩说明会 | | 动类别 | □ 新闻发布会 | □ 路演活动 | | | □ 现场参观 | | | | □ | 其他 （请文字说明其他活动内容） | | 参与单位名称 | 海通证券王晴 | | | 及人员姓名 | | | | 时间 | 2016 年 7 月 15 日 | 14:30-15:30 | | 地点 | 公司会议室 | | | 上市公司接待 | | | | 人员姓名 | | 公司董事会秘书万颖、证券事务代表黄晓丽、证券事务主管罗曾琪 | | 投资者关系活 | 1 | 、天虹便利店门店分布情况如何？加盟情况及模式是怎样的 ...