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]

Summary of Key Points Core Viewpoint - The company, Tianchuang Fashion Co., Ltd., has provided a guarantee of RMB 37 million for its wholly-owned subsidiary, Guangzhou Tianchuang Intelligent Manufacturing Technology Co., Ltd., to support its commercial acceptance bill financing needs. This guarantee is not classified as an associated guarantee and is part of the company's ongoing support for its subsidiary's operations and financing requirements [1][6]. Group 1: Guarantee Overview - The guarantee amount provided by the company for Tianchuang Intelligent is RMB 37 million, with no counter-guarantee involved [1]. - As of the announcement date, the total guarantee balance provided by the company and its subsidiaries to the wholly-owned subsidiary is RMB 37 million [3][7]. - The company has no overdue external guarantee situations [1][7]. Group 2: Internal Decision-Making Process - The company held board meetings on July 10 and July 26, 2024, to approve the external guarantee limit for the year 2024, allowing a total guarantee amount of up to RMB 150 million, with RMB 40 million specifically for Tianchuang Intelligent [2]. - The company also held meetings on April 18 and May 23, 2025, to approve the external guarantee limit for 2025, allowing a total guarantee amount of up to RMB 140 million, with RMB 100 million specifically for Tianchuang Intelligent [3]. Group 3: Financial Condition of the Guaranteed Entity - Tianchuang Intelligent was established on December 14, 2020, with a registered capital of RMB 10 million and primarily engages in the sale of footwear and leather products [4][5]. - As of December 31, 2024, Tianchuang Intelligent reported total assets of RMB 19.51 million and total liabilities of RMB 40.74 million, resulting in a negative equity of RMB 21.23 million [5]. - The company reported a revenue of RMB 116.70 million and a net loss of RMB 7.39 million for the fiscal year 2024 [5]. Group 4: Guarantee Agreement Details - The company has entered into a guarantee agreement with Industrial Bank Co., Ltd. Guangzhou Branch, covering the principal, interest, penalties, and other costs related to the financing contract [6]. - The guarantee is part of a continuation of previous loan applications made by Tianchuang Fashion in July 2024 [6]. Group 5: Overall Guarantee Situation - The total guarantee amount of RMB 37 million represents 3.55% of the company's audited net assets for 2024, indicating that the guarantee risk is manageable and does not harm the interests of the company or its shareholders [7].

| 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].

重要内容提示： 截至2025年5月27日，天创时尚股份有限公司（以下简称"公司"）股价已触发 "天创转债"转股价格向下修正条款。 | 证券代码：603608 | 证券简称：天创时尚 | 公告编号：临 2025-047 | | --- | --- | --- | | 债券代码：113589 | 债券简称：天创转债 | | 天创时尚股份有限公司 关于不向下修正"天创转债"转股价格的公告 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。 经公司第五届董事会第十四次会议审议，公司董事会决定本次不向下修正转股 价格，同时自本次董事会审议通过之日起未来六个月（2025年5月27日至2025年11月26 日）内，如公司股价再次触发"天创转债"转股价格向下修正条款，亦不提出向下修正 方案。下一触发转股价格修正条件的期间从2025年11月27日开始重新起算，若再次触发 "天创转债"转股价格向下修正条款，届时公司董事会将召开会议决定是否提出"天创 转债"的转股价格向下修正方案。 因触发附加回售条款，"天创转债"于2024年12月17日至202 ...

致：天创时尚股份有限公司 北京市君合（广州）律师事务所（以下简称"本所"）接受天创时尚股份有限公司 （以下简称"公司"）的委托，指派本所经办律师出席了公司于 2025 年 5 月 23 日在广 州市南沙区东涌镇银沙大街 31 号公司行政办公楼三楼三号会议室召开的 2024 年年度股 东大会（以下简称"本次股东大会"）的现场会议。现根据《中华人民共和国公司法》 《中华人民共和国证券法》《上市公司股东会规则》《上海证券交易所股票上市规则》等 中华人民共和国（以下简称"中国"，仅为本法律意见之目的，未包括中国香港特别行政 区、中国澳门特别行政区和中国台湾地区）现行法律、法规和规范性文件（以下简称"法 律、法规"）以及公司章程、公司股东大会议事规则的有关规定，就本次股东大会有关 事宜出具本法律意见。 广州市天河区珠江新城珠江西路 21 号 粤海金融中心 28 层 邮编：510627 电话：(86-20) 2805-9088 传真：(86-20) 2805-9099 北京市君合（广州）律师事务所 关于天创时尚股份有限公司 2024 年年度股东大会的法律意见 5. 公司在指定信息披露媒体上公告的所有资料是完整、充分、真实 ...

| 证券代码：603608 | 证券简称：天创时尚 | 公告编号：临 2025-046 | | --- | --- | --- | | 转债代码：113589 | 转债简称：天创转债 | | 天创时尚股份有限公司 2024年年度股东大会决议公告 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法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一) 股东大会召开的时间：2025 年 5 月 23 日 (二) 股东大会召开的地点：广东省广州市南沙区东涌镇银沙大街 31 号天 创时尚股份有限公司行政办公楼三楼三号会议室 (五) 公司董事、监事和董事会秘书的出席情况 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情 况： | 1、出席会议的股东和代理人人数 | 102 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 163,855,037 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 42.2933 | ...

证券代码：603608 证券简称：天创时尚 公告编号：临 2025-045 债券代码：113589 债券简称：天创转债 "天创转债"转股期限为2021年1月4日至2026年6月23日。初始转股价格为12.64元/ 股，因公司2020年半年度及2020年年度利润分配引起转股价格调整，最新转股价格为 12.29元/股，具体情况详见公司披露于上海证券交易所网站的《关于"天创转债"转股 价格调整的提示性公告》（公告编号：2020-081）、《关于权益分派引起的"天创转债" 转股价格调整公告》（公告编号：2021-058）。 因触发回售条款，"天创转债"于2024年8月12日至2024年8月16日进行回售申报， 回售申报期内，有效申报数量为5,327,750张，面值532,775,000元。根据回售的有效申报 数量，中国证券登记结算有限责任公司上海分公司于2024年8月21日注销"天创转债" 532,775,000元，具体情况详见公司披露于上海证券交易所网站的《关于"天创转债"回 售结果的公告》（公告编号：2024-114）。 因触发附加回售条款，"天创转债"于2024年12月17日至2024年12月23日进行回售 申 ...