Group 1 - The core viewpoint of the announcement is that Tianchuang Fashion Co., Ltd. has maintained its credit ratings for both its corporate and convertible bonds at "A-" with a negative outlook [1][2] - The previous credit rating for the corporate entity and the Tianchuang convertible bond was also "A-" with a negative outlook, indicating stability in the ratings despite the negative outlook [1][2] - The credit rating was conducted by Zhongzheng Pengyuan Credit Rating Co., Ltd., which performed a comprehensive analysis of the company's operational status and industry conditions [2] Group 2 - The tracking credit rating report was issued on June 12, 2025, and is referenced as the 2025 tracking rating report for the 2020 Tianchuang Fashion Co., Ltd. public issuance of convertible bonds [2] - The report is available for public access on the Shanghai Stock Exchange website [2]

Summary of Key Points Core Viewpoint - The announcement details the upcoming interest payment schedule and terms for the convertible bonds issued by Tianchuang Fashion Co., Ltd., highlighting the key dates and financial implications for bondholders. Group 1: Bond Issuance Overview - The convertible bonds, known as "Tianchuang Convertible Bonds," were publicly issued on June 24, 2020, and will start paying interest on June 24, 2025 [1]. - The bonds have a maturity period of six years with an interest rate of 2.00% [1]. Group 2: Interest Payment Details - The interest payment period for the fifth year is from June 24, 2024, to June 23, 2025, with a coupon rate of 1.80% (including tax) [2]. - The interest amount payable for each bond with a face value of 100 RMB is 1.80 RMB (including tax) [2]. Group 3: Important Dates - The bond interest registration date is June 23, 2025 [2]. - The ex-dividend date and interest payment date are both set for June 24, 2025 [2]. Group 4: Payment Method - The company has signed an agreement with the Shanghai Branch of China Securities Depository and Clearing Corporation Limited for the payment of interest [3]. - If the company fails to transfer the interest payment on time, the responsibility will revert to the company [3]. Group 5: Tax Implications - Individual investors are subject to a 20% personal income tax on the interest income, resulting in a net interest payment of 1.44 RMB per bond after tax [4]. - Non-resident enterprises are exempt from corporate income tax on the interest income until December 31, 2025 [4]. Group 6: Contact Information - The issuer, Tianchuang Fashion Co., Ltd., is located in Guangzhou, with contact details provided for inquiries [5].

证券代码：603608 证券简称：天创时尚 公告编号：临 2025-049 债券代码：113589 债券简称：天创转债 天创时尚股份有限公司 4.债券类型：可转换为公司A股股票的可转换公司债券 5.发行总额和数量：发行总额为人民币60,000万元，发行数量为600万张。 6.票面金额和发行价格：每张面值为人民币100元，按面值发行。 关于"天创转债"付息公告 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 天创时尚股份有限公司（以下简称"公司"）于2020年6月24日公开发行的可转换公司 债券（以下简称"天创转债"或"本期债券"）将于2025年6月24日开始支付自2024年6月 24日至2025年6月23日期间的利息。根据《天创时尚股份有限公司公开发行可转换公司 债券募集说明书》（以下简称"《募集说明书》"）有关条款的规定，现将相关事项公告 如下： 一、可转债发行上市概况 1.债券名称：天创时尚股份有限公司可转换公司债券 2.债券简称：天创转债 3.债券代码：113589 7.债券期限：自发行之日起6年，即 ...

| 证券代码：603608 | 证券简称：天创时尚 | 公告编号：临 2025-050 | | --- | --- | --- | | 债券代码：113589 | 债券简称：天创转债 | | 天创时尚股份有限公司 关于"天创转债"2025年跟踪评级结果的公告 公司前次主体信用评级为"A-"，天创转债前次信用评级为"A-"，评级展 望为"负面"；评级机构为中证鹏元，评级时间为2024年6月27日。 评级机构中证鹏元在对公司经营状况、行业相关情况进行综合分析与评估的 基础上，于2025年6月12日出具了《2020年天创时尚股份有限公司公开发行可转 换公司债券2025年跟踪评级报告》（中鹏信评【2025】跟踪第【123】号01）。 本次公司主体信用评级结果为"A-"，天创转债信用评级结果为"A-"，评级展 望为"负面"。 本 次 信 用 评 级 相 关 报 告 详 见 公 司 同 日 在 上 海 证 券 交 易 所 网 站 （www.sse.com.cn）披露的《2020年天创时尚股份有限公司公开发行可转换公司 债券2025年跟踪评级报告》。 特此公告。 1 前次债券评级："A-"，主体评级："A-"，评级展望：" ...

2020 年天创时尚股份有限公司公 开发行可转换公司债券2025年跟 踪评级报告 中鹏信评【2025】跟踪第【123】号 01 信用评级报告声明 除因本次评级事项本评级机构与评级对象构成委托关系外，本评级机构及评级从业人员与评级对象不存 在任何足以影响评级行为独立、客观、公正的关联关系。 本评级机构与评级从业人员已履行尽职调查义务，有充分理由保证所出具的评级报告遵循了真实、客观、 公正原则，但不对评级对象及其相关方提供或已正式对外公布信息的合法性、真实性、准确性和完整性 作任何保证。 本评级机构依据内部信用评级标准和工作程序对评级结果作出独立判断，不受任何组织或个人的影响。 本评级报告观点仅为本评级机构对评级对象信用状况的个体意见，不作为购买、出售、持有任何证券的 建议。本评级机构不对任何机构或个人因使用本评级报告及评级结果而导致的任何损失负责。 本次评级结果自本评级报告所注明日期起生效，有效期为被评证券的存续期。同时，本评级机构已对受 评对象的跟踪评级事项做出了明确安排，并有权在被评证券存续期间变更信用评级。本评级机构提醒报 告使用者应及时登陆本公司网站关注被评证券信用评级的变化情况。 本评级报告版权归本评 ...

Summary of Key Points Core Viewpoint - Tianchuang Fashion (603608) has shown a positive stock performance, with a recent closing price of 5.31 CNY, reflecting a 3.11% increase from the previous week, and reaching a near one-year high of 5.38 CNY on June 5, 2025 [1] Company Performance - The current total market capitalization of Tianchuang Fashion is 2.229 billion CNY, ranking 47th out of 60 in the apparel and home textile sector and 4795th out of 5148 in the A-share market [1] Recent Announcements - Tianchuang Fashion has provided a guarantee of 37 million CNY for its wholly-owned subsidiary, Guangzhou Tianchuang Intelligent Manufacturing Technology Co., Ltd. The total amount of guarantees provided by the company and its subsidiaries to the subsidiary is 37 million CNY [1] - The guarantee is for a financing cooperation agreement signed with Industrial Bank's Guangzhou branch, covering the principal, interest, and other related amounts, with the guarantee period lasting from the discount date of the bill to its maturity date [1] - The subsidiary, Tianchuang Intelligent Manufacturing, has an asset-liability ratio exceeding 70% and was established on December 14, 2020, with a registered capital of 10 million CNY, primarily engaged in the sale of footwear and leather products [1]

证券代码：603608 证券简称：天创时尚 公告编号：临 2025-048 ? 被担保人名称及是否为上市公司关联人：本次被担保方为广州天创智造 科技有限公司（以下简称"天创智造"），系天创时尚股份有限公司（以下简称 "公司"或"天创时尚"）的全资子公司，本次担保不属于关联担保。 ? 本次担保金额及已实际对外担保余额：本次公司为天创智造开展商业承 兑汇票融资业务提供担保金额为人民币 3,700 万元。截至本公告披露日，公司及 子公司已实际对全资子公司提供担保余额为人民币 3,700 万元。 ? 本次担保无反担保。 ? 本公司及子公司不存在逾期对外担保情形。 ? 特别风险提示：本次被担保方天创智造为资产负债率超过 70%的全资子 公司，敬请投资者注意相关风险。 一、担保情况概述 债券代码：113589 债券简称：天创转债 天创时尚股份有限公司 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： （一）担保基本情况简介 为满足子公司日常经营和业务发展资金需要，公司之全资子公司天创智造拟 开展商业承兑汇票融资业务，公 ...

| 证券代码：603608 | 证券简称：天创时尚 | 公告编号：临 2025-048 | | --- | --- | --- | | 债券代码：113589 | 债券简称：天创转债 | | 天创时尚股份有限公司 关于为全资子公司提供担保的进展公告 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： 被担保人名称及是否为上市公司关联人：本次被担保方为广州天创智造 科技有限公司（以下简称"天创智造"），系天创时尚股份有限公司（以下简称 "公司"或"天创时尚"）的全资子公司，本次担保不属于关联担保。 本次担保金额及已实际对外担保余额：本次公司为天创智造开展商业承 兑汇票融资业务提供担保金额为人民币 3,700 万元。截至本公告披露日，公司及 子公司已实际对全资子公司提供担保余额为人民币 3,700 万元。 本次担保无反担保。 本公司及子公司不存在逾期对外担保情形。 特别风险提示：本次被担保方天创智造为资产负债率超过 70%的全资子 公司，敬请投资者注意相关风险。 一、担保情况概述 （一）担保基本情况简介 为满足子 ...

Industry Overview - The domestic fashion footwear and apparel industry is experiencing a slowdown in sales growth, shifting from an incremental market share competition to a stock market competition [1] - Consumer demand is increasingly segmented and differentiated due to generational shifts, changes in wearing scenarios, and diversified consumption channels [1] Company Performance - Tianchuang Fashion reported a revenue of approximately 1.099 billion yuan for 2024, a decrease of 13.74% year-on-year, with a net profit attributable to shareholders of -90.81 million yuan [1] - In Q1 2025, the company achieved a revenue of 257 million yuan, down 9.73% year-on-year, with a net profit attributable to shareholders of -960,800 yuan, indicating a reduction in losses [1][2] Business Strategy - The company maintains a relatively stable gross margin in its main business, attributed to brand enhancement and the cessation of its lower-margin mobile internet business [2] - The company plans to focus on user-centered strategies, category focus, brand strategy, and talent strategy, leveraging AI design and smart manufacturing to enhance value management across the entire industry chain [2] Competitive Advantages - Tianchuang Fashion's core competitive strengths include a differentiated multi-brand matrix, omnichannel operations, digitalized R&D, and advanced digital manufacturing systems [3] - The company has initiated a new generation of automated intelligent production lines to improve efficiency and streamline processes [3] Growth Opportunities - Future profit growth points for the company include focusing on creating hit products through data analysis, expanding into sports fashion categories, upgrading omnichannel strategies, and enhancing supply chain collaboration [4] - The company aims to transition offline channels from "single department stores" to "quality department stores + city shopping centers" and online channels from "shelf e-commerce" to "shelf e-commerce + content e-commerce" [4]

Core Viewpoint - Tianchuang Fashion Co., Ltd. has decided not to adjust the conversion price of its convertible bonds despite triggering the downward adjustment clause due to stock price performance [2][7]. Group 1: Convertible Bond Overview - The company issued 6 million convertible bonds with a total value of RMB 600 million on June 24, 2020, with a maturity of six years [3]. - The initial conversion price was set at RMB 12.64 per share, which has been adjusted to RMB 12.29 per share due to profit distribution [3][5]. Group 2: Price Adjustment Clause - The downward adjustment clause is triggered when the stock price is below 80% of the conversion price for at least 15 out of 30 consecutive trading days [5][6]. - From May 7 to May 27, 2025, the stock price fell below RMB 9.83 per share, triggering the adjustment clause [6][7]. Group 3: Board Decision - On May 27, 2025, the board unanimously decided not to adjust the conversion price and will not propose any adjustment for the next six months [2][7]. - If the adjustment clause is triggered again after November 27, 2025, the board will convene to decide on the proposal for adjustment [2][7].