上 市 公 司 商贸零售 2025 年 08 月 25 日 天虹股份 (002419) ——三大业态升级，AI 赋能数字化转型 报告原因：有业绩公布需要点评 买入（维持） 本研究报告仅通过邮件提供给 中庚基金 使用。1 | 市场数据： | 2025 年 08 月 25 日 | | --- | --- | | 收盘价（元） | 5.93 | | 一年内最高/最低（元） | 6.60/3.93 | | 市净率 | 1.7 | | 股息率%（分红/股价） | 1.01 | | 流通 A 股市值（百万元） | 6,930 | | 上证指数/深证成指 | 3,883.56/12,441.07 | | 注："股息率"以最近一年已公布分红计算 | | 08-26 09-26 10-26 11-26 12-26 01-26 02-26 03-26 04-26 05-26 06-26 07-26 -10% 0% 10% 20% 30% 40% 天虹股份 沪深300指数 (收益率) 相关研究 《天虹股份（002419）点评：业态持续转 型升级，AI+零售技术迭代赋能》 2025/04/27 《天虹股份（002419）点评：24 ...

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 ...