Group 1: Supermarket Transformation and Brand Upgrade - The company initiated a deep transformation of its supermarket business in July 2023, focusing on a customer-centric model that emphasizes understanding products and customers [2] - The Sp@ce3.0 store format has undergone iterations from Sp@ce1.0 to Sp@ce3.0, adapting to market changes and consumer behavior [2][3] - The brand upgrade targets two core customer groups: health-conscious families and urban youth seeking lifestyle experiences [2][3] Group 2: Store Performance and Expansion - The upgraded Shenzhen Zhonghang City Junshang store, completed on November 7, 2025, reflects the ongoing evolution from Sp@ce3.0 to 3.x [3] - A total of 9 standardized upgraded stores and 18 operationally optimized stores have been completed, with plans to upgrade over 80% of existing stores in the next three years [3] Group 3: Private Label Development Strategy - The company has shifted its private label strategy from quantity expansion to quality enhancement, establishing a "Good—Better—Best" tiered product management system [4] - The product development process is driven by global consumer data insights, integrated product development (IPD) models, and smart operations for quality and cost control [4] - The company aims to launch multiple strategic products each year with high repurchase rates to create a differentiated competitive advantage [4] Group 4: Compliance and Transparency - The company adhered to relevant regulations during the investor relations activity, ensuring no leakage of undisclosed significant information [5]

证券代码：002419 证券简称：天虹股份 公告编号：2025-063 天虹数科商业股份有限公司 2025 年第三次临时股东会决议公告 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。 特别提示： 1.本次股东会没有出现否决议案的情形； 2.本次股东会没有涉及变更前次股东会的决议。 一、会议召开和出席情况 （一）会议召开情况 1.召开时间：2025 年 11 月 21 日（星期五）下午 14:30。 网络投票日期、时间：2025 年 11 月 21 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：2025 年 11 月 21 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：2025 年 11 月 21 日 9:15－15:00。 1.股东及股东授权委托代表出席本次股东会的情况如下： | | 现场会议出席情况 | | | 通过网络投票出席情况 | | | 总体出席情况 | | | --- | --- | --- | --- | --- | --- | --- | --- | ...

2025 年第三次临时股东会的 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 法律意见书 二〇二五年十一月 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 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》、《上市公司股东会规则》（下称"《股东会规则》"）等现行有效 的法律、法规、规范性文件以及《天虹数科商业股份有限公司章程》（下称"《公 司章程》"）、《天虹数科商业股份有限公司股东会议事规则》（下称"《股东会议事 规则》"）的规定而出具。 2025 年第三次临时股东会的 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 2025 年第三次临 时股东会（下称"本次股东会"）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（试行）》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 ...

Group 1: Company Strategy and Development - The company is committed to transforming and upgrading traditional retail, focusing on digital product empowerment and creating a dual-driven high-quality development model through industrial digitalization and digital industrialization [2] - In 2024, the company plans to innovate and upgrade its supermarket operations, launching nine lifestyle theme pavilions and a full-warehouse fulfillment center, with the first SP@CE3.0 located in Shenzhen [2] - The company has standardized modifications in 6 stores and made partial adjustments in 18 stores to enhance operational efficiency [2] Group 2: Financial Performance and Market Management - The company emphasizes the importance of investor returns and has established a "Market Value Management System" to enhance its value and communication with investors [3][4] - The company aims to strengthen its core business to improve operational performance and achieve better recognition in the capital market [5] - The average market capitalization of the company is considered reasonable at 2.5 to 3 billion [5] Group 3: Compliance and Risk Management - The company has not received any notification regarding the reduction of shares by its major shareholder, and it maintains a robust internal control and risk management system [4][5] - There are no indications of fund transfers or major shareholder fund occupation, ensuring compliance and protection of shareholder rights [5] Group 4: Data Management and Accounting - The company is monitoring policies related to the accounting treatment of enterprise data resources and is considering recognizing data resources as assets in line with its business model and digital development [3]

Investment Rating - The report maintains an "Overweight" rating for the retail industry [1] Core Insights - The 2025 Double Eleven sales period saw a total e-commerce sales of approximately 1,695 billion yuan, representing a year-on-year increase of 14.2%. The comprehensive e-commerce platforms accounted for 1,619.1 billion yuan, with a year-on-year growth of 12.3% [4][9] - Instant retail showed remarkable growth, with sales reaching 67 billion yuan during the Double Eleven period, marking a year-on-year increase of 138% [10][15] - Key product categories such as digital appliances, food and beverages, furniture, and pet products experienced significant growth, with pet sales reaching 9.2 billion yuan, up 59% year-on-year [15][16] Summary by Sections Weekly Industry Viewpoint - The Double Eleven sales period was extended, contributing to steady growth in total e-commerce sales. The sales period for 2025 was from October 7 to November 11, compared to October 14 to November 11 in 2024 [9] - Instant retail emerged as a highlight, with substantial growth compared to traditional e-commerce formats [10] Weekly Market Review - From November 10 to November 16, the Shenwan retail index increased by 4.06%, while the Shanghai Composite Index decreased by 0.18% [17] - Year-to-date performance shows the Shenwan retail index up by 8.43%, compared to a 19.06% increase in the Shanghai Composite Index [17][22] Company Valuation Table - The report includes a detailed valuation table for various companies in the retail sector, with specific metrics such as market capitalization and P/E ratios [24][25]

Core Viewpoint - Tianhong Co., Ltd. (SZ 002419) is actively engaging with investors, indicating a focus on transparency and communication regarding its business operations and performance [1]. Group 1: Company Performance - For the first half of 2025, Tianhong's revenue composition shows that commercial activities accounted for 97.4% of total revenue, while other businesses contributed 2.6% [2]. - As of the latest report, Tianhong's market capitalization stands at 6.7 billion yuan [3]. Group 2: Investor Engagement - On November 18, 2025, Tianhong will participate in a research meeting organized by Dongfang Securities, where the company's representative will address investor inquiries [1].

Group 1: Supermarket Transformation - In 2024, the company actively innovated and transformed its supermarket format, launching nine lifestyle theme pavilions and one full warehouse fulfillment center, with the first SP@CE3.0 located in Shenzhen Baoan Tianhong Shopping Center [2] - The company standardized the transformation of six stores based on size and physical structure, including locations in Shenzhen, Xiamen, Nanchang, and Beijing, and partially transformed 18 additional stores [2] - The company deepened end-to-end management of the vertical supply chain to enhance product quality and promote superior products across national stores to better meet customer needs [2] Group 2: Dividend Policy - The company has consistently implemented an active cash dividend policy, focusing on reasonable returns for investors, especially long-term investors [2] - Prior to 2020, the annual cash dividend amount accounted for approximately 50% of the net profit attributable to ordinary shareholders in the consolidated financial statements [2] - In 2024, the cash dividend distribution amount accounted for 91.41% of the net profit attributable to the parent company's shareholders [2] - The company plans to propose dividend schemes based on profit distribution policies and operational needs in the future [2] Group 3: Compliance and Transparency - During the reception process, the company strictly adhered to relevant regulations, ensuring no leakage of undisclosed significant information occurred [3] - The company signed a research commitment letter as required by the Shenzhen Stock Exchange [3]

本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （https://rs.p5w.net），或关注微信公众号：全景财经，或下载全景路演 APP，参与本次互动交流，活动时间为 2025 年 11 月 20 日（周四）15:40-17:00。 届时公司董事、总经理黄国军先生、独立董事曾泉先生以及副总经理、总会 计师、董事会秘书陈卓先生将在线就公司业绩、公司治理、发展战略、经营 状况和可持续发展等投资者关心的问题，与投资者进行沟通与交流，欢迎广 大投资者踊跃参与！ 证券代码：002419 证券简称：天虹股份 公告编号：2025-062 天虹数科商业股份有限公司 关于参加 2025 年度深圳辖区上市公司投资者 网上集体接待日活动的公告 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。 为进一步加强与投资者的互动交流，天虹数科商业股份有限公司（以下 简称"公司"）将参加由深圳证监局和中证中小投资者服务中心指导、深圳 上市公司协会与深圳市全景网络有限公司联合举办的"2025年度深圳辖区上 市公司投资者网上集体接待日活动"，现将相关事项公告如下： 特此公告！ 天 ...

Group 1 - The company has received acceptance for its public REITs project from the China Securities Regulatory Commission and the Shenzhen Stock Exchange, and it is currently in the inquiry feedback stage [1] - As of October 31, 2025, the company has repurchased 200,000 shares through centralized bidding, which accounts for 0.0171% of the total share capital [1]

Group 1 - The core idea of the article highlights the transformation of the Huaqiangbei area into a high-quality consumption hub, exemplified by the opening of the sp@ce Tianhong Supermarket 3.0, which aims to attract global consumer traffic through innovative shopping experiences [1][2][8] - The sp@ce Tianhong Supermarket 3.0 emphasizes a shift from traditional shopping to immersive experiences, featuring nine themed areas and a health-focused product strategy with nearly 2,000 health products, achieving sales of over 3.3 million within three days of opening and a 20% increase in customer traffic year-on-year [2][3] - Huaqiangbei is enhancing its consumer appeal by integrating diverse business formats and targeting global consumer trends, with a 30% increase in Hong Kong customer visits due to the supermarket's one-stop dining service [3][5] Group 2 - The supermarket is positioned as an international benchmark for "borderless" shopping, offering a wide range of global products and services, including multilingual support and cross-border payment options, to cater to international consumers [6][8] - Huaqiangbei's innovative retail environment is attracting attention globally, with significant social media engagement and international influencers showcasing its products, indicating a strong appeal to younger consumers worldwide [5][6] - The area is leveraging opportunities from APEC to enhance its international service capabilities, creating a seamless shopping experience that connects Chinese markets with global consumers [6][8]