公司 1Q2025综合毛利率下降0.70个百分点，期间费用率增长0.03个百分点 1Q2025公司综合毛利率为36.25%，同比下降0.70个百分点。2024年公司综合毛利率为36.89%，同比下降 1.38个百分点。 1Q2025公司期间费用率为31.12%，同比增长0.03个百分点。其中，销售/管理/研发/财务费用率分别为 27.53%/2.67%/0.74%/0.17%，同比分别变化+0.33/-0.32/+0.15/-0.12个百分点。2024年公司期间费用率为 35.94%，同比下降1.10个百分点。其中，销售/管理/研发/财务费用率分别为31.21%/3.51% /0.78%/0.45%， 同比分别变化-0.92/+0.36/+0.11/-0.65个百分点。 业务升级转型，强化数字化能力 点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因 ...

Core Viewpoint - The company reported its Q1 2025 earnings, showing a slight decline in revenue but an increase in net profit, indicating improved profitability despite short-term revenue pressure [1]. Group 1: Financial Performance - Q1 2025 revenue was 3.267 billion yuan, a year-on-year decrease of 2.18% [1]. - Net profit attributable to shareholders was 151 million yuan, an increase of 1.22% year-on-year [1]. - Non-recurring net profit reached 134 million yuan, up 6.20% year-on-year [1]. - Gross margin for Q1 2025 was 36.25%, a decrease of 0.70 percentage points year-on-year [3]. Group 2: Operational Metrics - The company operated 46 shopping centers, 59 department stores, and 108 supermarkets across 35 cities in 7 provinces, totaling over 4.83 million square meters [1]. - Comparable store revenue was 930.4 million yuan, with new store revenue at 30.7 million yuan, showing a year-on-year decline of 2.83% for comparable stores [2]. - The rental rates for shopping centers and department stores were 92.37% and 91.87%, respectively, with sales per square meter at 1,122 yuan and 1,250 yuan [2]. Group 3: Strategic Initiatives - The company is focusing on digital transformation, with over 48 million digital members and online sales exceeding 5.7 billion yuan [4]. - The introduction of AI technologies, including the self-developed AI model, aims to enhance operational efficiency and customer interaction [4]. - The company achieved a 30.5% year-on-year increase in revenue from digital services, positioning it as a long-term growth driver [4]. Group 4: Cost Management - The company maintained a stable expense control strategy, achieving a period expense ratio of 31.12%, an increase of 0.03 percentage points year-on-year [3]. - Sales expense ratio was 27.53%, management expense ratio was 2.67%, financial expense ratio was 0.17%, and R&D expense ratio was 0.74% [3].

证券代码：002419 证券简称：天虹股份 3.购物中心和百货的转型升级方向？今年的开店计划？ 天虹数科商业股份有限公司投资者关系活动记录表 编号：2025-02 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访 □业绩说明会 | | 类别 | □新闻发布会 □路演活动 | | | □现场参观 ☑其他 电话会议 | | 参与单位名称及 | 长江证券张彦淳；海通证券李宏科；申万宏源赵令伊、李秀琳；国信证券柳旭；开源 | | 人员姓名 | 证券黄泽鹏；中信证券林镇潘；中金公司王杰睿。 | | 时间 | 2025 年 4 月 27 日下午 14:00 | | 地点 | 公司会议室 | | 上市公司接待人 | 陈卓（董事会秘书）、罗曾琪（证券事务代表） | | 员姓名 | | | | 1.介绍公司 2025 年一季度经营情况 | | | 2025 年一季度，在国家提振消费及扩大内需的政策引导与支持下，国内零售消费 | | | 行业呈现稳健复苏态势，但有效需求增长动力仍显不足。公司积极应对外部环境变化， | | | 聚力核心业务攻坚和降本增效工作，持续增强核心竞争 ...