Core Viewpoint - The report highlights a decline in the export value of China's leather, fur, feather, and footwear industries, indicating potential challenges for companies in this sector [1] Industry Summary - In September 2025, the export value of leather, fur, feather, and footwear products reached 14.82 billion yuan, representing a year-on-year decrease of 9% [1] - From January to September 2025, the cumulative export value for these industries was 135.7 billion yuan, showing a year-on-year decline of 4.7% [1] - The report provides a comprehensive analysis of the footwear industry in China from 2026 to 2032, focusing on market trends and future predictions [1] Company Summary - Listed companies mentioned include Wanlima (300591), Zhongyin Fashion (300901), Henghui Security (300952), ST Aokang (603001), Red Dragonfly (603116), ST Qibu (603557), Jiansheng Group (603558), Tianchuang Fashion (603608), Kanglongda (603665), Mugao Di (603908), Harsen Co. (603958), and Yangzhou Jinqiu (603307) [1]

Core Viewpoint - The company has reported its third-quarter financial results and announced a plan for an investor conference to discuss these results and address investor inquiries [14][15][19] Financial Data - The financial statements for the third quarter of 2025 have not been audited [3][8] - The company reported a total asset impairment provision of 593.08 million yuan for the third quarter, which reduced the total profit for the period by the same amount [13] Impairment Provision Details - The impairment provision includes a loss of 5.54 million yuan related to inventory depreciation, impacting the company's total profit [12][13] - Additionally, the company recognized a loss of 392,100 yuan for other receivables, further affecting the profit total [13] Shareholder Information - As of September 30, 2025, the company’s repurchase account held 32,290,060 shares, representing 7.69% of the total share capital, ranking third among the top ten shareholders [6] Investor Conference - The investor conference is scheduled for November 17, 2025, from 16:00 to 17:00, to discuss the third-quarter results and answer investor questions [14][16] - Investors can submit questions from November 10 to November 14, 2025, prior to the conference [14][17]

Group 1 - The company Tianchuang Fashion (SH 603608) announced on October 31 that it has recognized and reversed an asset impairment provision totaling 5.93 million yuan, which will reduce the company's total profit for the third quarter of 2025 by the same amount [1] - The data mentioned is unaudited, and the final accounting treatment and its impact on the company's 2025 annual profit will be determined based on the results of the 2025 annual audit [1] - For the year 2024, the company's revenue composition is as follows: leather products and footwear account for 99.04%, other businesses account for 0.95%, and software information technology services account for 0.01% [1]

Core Viewpoint - Tianchuang Fashion announced a provision and reversal of asset impairment totaling 5.93 million yuan, which will reduce the company's total profit for the third quarter of 2025 by the same amount [2] Financial Impact - The total amount of asset impairment provision and reversal is 5.93 million yuan [2] - This adjustment will directly decrease the company's profit for the third quarter of 2025 by 5.93 million yuan [2]

Group 1 - The core point of the article is that Tianchuang Fashion (603608.SH) reported a decline in revenue and a reduced net loss for the first three quarters of 2025 [1] Group 2 - For the first three quarters of 2025, the company achieved an operating revenue of 744 million yuan, representing a year-on-year decrease of 7.12% [1] - The net profit attributable to shareholders of the parent company was -5.2257 million yuan, which is an improvement of 25.537 million yuan compared to the same period last year [1] - The basic earnings per share were -0.01 yuan [1]

Core Viewpoint - Tianchuang Fashion is a leading company in the domestic fashion footwear industry, focusing on product research and design innovation, with a full industry chain advantage [1] Group 1: Business Performance - In Q3 2025, Tianchuang Fashion reported revenue of 744 million yuan, ranking 8th in the industry, with the top company, Kairun Co., achieving 3.719 billion yuan [2] - The main business revenue from shoes, bags, and others was 518 million yuan, accounting for 98.29% of total revenue, while other revenue was 902,950 yuan, making up 1.71% [2] - The net profit for the same period was -5.1068 million yuan, ranking 6th in the industry, with the industry average net profit being 21.641 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, Tianchuang Fashion's debt-to-asset ratio was 28.60%, down from 33.74% year-on-year and below the industry average of 46.89% [3] - The gross profit margin for Q3 2025 was 66.48%, an increase from 63.16% year-on-year and higher than the industry average of 32.77% [3] Group 3: Executive Compensation - The chairman, Li Lin, received a salary of 756,600 yuan in 2024, an increase of 51,600 yuan from 2023 [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 12.99% to 12,900, while the average number of circulating A-shares held per shareholder decreased by 11.49% to 32,600 [5]

天创时尚股份有限公司 | 证券代码：603608 | 证券简称：天创时尚 | 公告编号：临 2025-084 | | --- | --- | --- | | 债券代码：113589 | 债券简称：天创转债 | | 注 1：上表中金额若是损失，以"-"号填列；合计金额与各分项之和的差异系尾差。 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大 遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 注 3："2025 年 1-6 月已计提减值金额"已于 2025 年 8 月 30 日披露，具体内容详见《关于计提及转回 资产减值准备的公告》（公告编号：2025-074）。 一、本次计提及转回资产减值准备情况概述 （一）存货跌价减值损失 2025 年 1 月至 9 月计提及转回资产减值准备的资产项目主要包括：存货、 其他应收款等，具体明细如下： 单位：人民币万元 | 类别 | | 项目 | 本期计提减 | 2025 年 1-6 | 月已 | 2025 | 年 1-9 月 累计计提减 | 备注 | | --- | --- | --- | --- | --- | --- | --- | ...

| 证券代码：603608 | 证券简称：天创时尚 | 公告编号：临 2025-085 | | --- | --- | --- | | 债券代码：113589 | 债券简称：天创转债 | | 天创时尚股份有限公司 会议召开时间：2025 年 11 月 17 日（星期一）下午 16:00-17:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 关于召开2025年第三季度业绩说明会的公告 会议召开方式：上证路演中心网络互动 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： 投资者可于 2025 年 11 月 10 日（星期一）至 11 月 14 日（星期五）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 （topir@topscore.com.cn）进行提问。公司将在说明会上对投资者普遍关注的问题 进行回答。 天创时尚股份有限公司（以下简称"公司"）已于 2025 年 1 ...

Financial Performance - The company's revenue for Q3 2025 was ¥216,818,389, representing a slight increase of 0.06% compared to the same period last year[3]. - The total profit for the period was a loss of ¥11,827,782, with a year-to-date loss of ¥3,862,428[3]. - The net profit attributable to shareholders was a loss of ¥11,947,388 for the quarter, and a loss of ¥5,225,738 year-to-date[3]. - Total operating revenue for the first three quarters of 2025 was CNY 743,658,063, a decrease of 7.1% compared to CNY 800,667,195 in the same period of 2024[18]. - Net profit for the first three quarters of 2025 was a loss of CNY 5,106,776, compared to a loss of CNY 30,495,962 in the same period of 2024, indicating an improvement[19]. - The total comprehensive income for the first three quarters of 2025 was a loss of CNY 4,980,319, compared to a loss of CNY 30,836,276 in 2024, showing significant improvement[19]. Cash Flow and Liquidity - The net cash flow from operating activities for the quarter was ¥17,317,617, a significant increase of 397.70% year-to-date[3]. - In the first three quarters of 2025, the net cash flow from operating activities was $103,468,366, a significant increase compared to $20,789,237 in the same period of 2024, reflecting improved operational efficiency[21]. - The cash flow from operating activities totaled $746,285,921 in 2025, while cash outflows were $642,817,555, resulting in a positive net cash flow from operations[21]. - Cash and cash equivalents increased to CNY 311,824,746 from CNY 181,897,320, representing a growth of 71.5%[13]. - Cash and cash equivalents at the end of the third quarter of 2025 stood at $133,507,471, down from $161,153,880 at the end of the same period in 2024[22]. Assets and Liabilities - Total assets at the end of the reporting period were ¥1,529,565,434, down 6.83% from the end of the previous year[4]. - The total liabilities of the company as of September 30, 2025, amounted to CNY 437,507,126, a decrease from CNY 576,123,095 at the end of 2024[16]. - The company's total liabilities as of September 30, 2025, amounted to CNY 437,507,126, a decrease from CNY 576,123,095 at the end of 2024[16]. - The equity attributable to shareholders increased by 2.52% to ¥1,068,994,858 compared to the end of the previous year[4]. - The total equity attributable to shareholders as of September 30, 2025, was CNY 1,068,994,858, an increase from CNY 1,042,691,207 at the end of 2024[16]. Cost Management - The company implemented strict cost control measures, leading to a significant reduction in overall expenses and a narrowing of losses[7]. - Total operating costs for the first three quarters of 2025 were CNY 732,467,218, down 11.3% from CNY 826,217,570 in 2024[18]. - The company incurred cash outflows for purchasing goods and services amounting to $185,800,702 in 2025, a decrease from $271,165,429 in 2024, indicating cost management efforts[21]. - The company's financial expenses decreased to CNY 8,150,417 in 2025 from CNY 14,156,649 in 2024, a reduction of 42.5%[18]. Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 12,867[8]. - The company has no reported changes in the shareholding structure among the top ten shareholders[11]. - The company’s repurchase account held 32,290,060 shares, accounting for 7.69% of the total share capital[11]. Research and Development - Research and development expenses for the first three quarters of 2025 were CNY 20,363,538, down from CNY 22,749,109 in 2024, reflecting a 10.4% decrease[18]. - The company has not reported any new product developments or market expansion strategies in this quarter[3]. - The company has not disclosed any new strategies or product developments during the reporting period[12]. Investment Activities - Total cash inflow from investment activities in the first three quarters of 2025 was $1,054,725,589, while cash outflow was $1,062,030,118, resulting in a net cash flow of -$7,304,529, contrasting with a positive net cash flow of $33,537,302 in 2024[22]. - The cash received from investment income in the first three quarters of 2025 was $3,717,831, a significant drop from $11,949,090 in 2024, reflecting challenges in investment performance[22]. - The company reported a cash outflow of $151,500,000 for debt repayment in 2025, compared to $534,080,363 in 2024, indicating a reduction in debt servicing[22].

Core Viewpoint - Tianchuang Fashion reported a slight increase in third-quarter revenue but continued to face net losses, indicating ongoing financial challenges for the company [1] Financial Performance - The company's third-quarter revenue was 217 million yuan, representing a year-on-year growth of 0.06% [1] - For the first three quarters, the total revenue was 744 million yuan, showing a year-on-year decline of 7.12% [1] - The net loss for the third quarter was 11.9474 million yuan, while the net loss for the first three quarters amounted to 5.2257 million yuan [1]