Summary of Key Points Core Viewpoint - Visions Holding (HK) Limited, a shareholder of Tianchuang Fashion Co., Ltd., has executed a share reduction plan, selling a total of 2,585,800 shares, which represents approximately 0.62% of the company's total share capital, reducing its holdings to 18,917,494 shares or 4.51% of the total share capital [1][2]. Group 1: Shareholder Holding Situation - Before the reduction plan, Visions held 21,503,294 shares, accounting for 5.12% of the total share capital, all of which were tradable shares [1]. - The shares were acquired in 2020 through a transfer agreement from the original shareholders, and Visions has no concerted action parties [1]. Group 2: Reduction Plan Details - The reduction plan was announced on July 22, 2025, and was set to take place from August 12, 2025, to November 11, 2025, allowing for a maximum reduction of 4,197,000 shares, which is capped at 1% of the total share capital within any consecutive 90-day period [1]. - The actual reduction was completed within the specified timeframe, and the total shares sold were consistent with the previously disclosed plan [2]. Group 3: Implementation Results - The reduction plan was fully implemented, with no early termination of the plan [2]. - Visions successfully met the minimum reduction quantity as outlined in the initial plan [2].

Core Points - Visions Holding (HK) Limited reduced its stake in Tianchuang Fashion by selling 2,585,800 shares, which is approximately 0.62% of the total share capital [2] - After the reduction, Visions now holds 18,917,494 shares, representing 4.51% of the total share capital [2] Summary by Sections - **Shareholding Before Reduction** - Visions held 21,503,294 shares, accounting for 5.12% of the total share capital [2] - **Reduction Details** - The reduction occurred between August 12, 2025, and November 11, 2025, through centralized bidding [2] - **Shareholding After Reduction** - Post-reduction, Visions' shareholding decreased to 18,917,494 shares, which is 4.51% of the total share capital [2]

Group 1 - The core point of the article is that Tianchuang Fashion announced the completion of a share reduction plan by Visions, which sold approximately 2.59 million shares, accounting for 0.62% of the company's total equity [1] - The revenue composition of Tianchuang Fashion for the year 2024 is heavily weighted towards leather products and footwear, which make up 99.04% of total revenue, while other businesses contribute only 0.95% and software information technology services account for a mere 0.01% [1] - As of the report date, Tianchuang Fashion has a market capitalization of 3.2 billion yuan [1]

公司于 2025 年 7 月 22 日披露了《股东减持股份计划公告》（公告编号： 2025-056），因企业自身资金需要，Visions 拟于本减持计划公告披露之日起 15 个交易日后的 3 个月内（即减持期间为 2025 年 8 月 12 日-2025 年 11 月 11 日） 采用集中竞价交易方式减持不超过 4,197,000 股股份，在任意连续 90 日内，减持 股份的总数不超过公司股份总数的 1%。 天创时尚股份有限公司 股东减持计划时间届满暨减持结果公告 本公司董事会、全体董事及相关股东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。 | 证券代码：603608 | 证券简称：天创时尚 | 公告编号：临 2025-086 | | --- | --- | --- | | 债券代码：113589 | 债券简称：天创转债 | | 重要内容提示： 股东持股的基本情况 本次减持计划实施前，天创时尚股份有限公司（以下简称"公司"）股东 Visions Holding（HK）Limited（以下简称"Visions"）持有公司 21,503,294 股股 ...

Core Points - Tianchuang Fashion (603608.SH) announced the completion of a share reduction plan by Visions, which took place from August 12, 2025, to November 11, 2025 [1] - During this period, Visions reduced its holdings by a total of 2.5858 million shares, representing approximately 0.62% of the company's total share capital [1] Summary by Category - **Company Actions** - Visions executed a share reduction plan, selling 2.5858 million shares [1] - The reduction accounted for about 0.62% of Tianchuang Fashion's total share capital [1] - **Timeline** - The share reduction occurred over a specified period from August 12, 2025, to November 11, 2025 [1] - The notification regarding the completion of the reduction plan was received on November 12, 2025 [1]

Core Points - Visions Holding (HK) Limited reduced its stake in Tianchuang Fashion by selling 2.5858 million shares, representing approximately 0.62% of the company's total share capital [1] - After the reduction, Visions holds 18.9175 million shares, which is 4.51% of the total share capital [1] - The selling price ranged from 6.52 to 9.15 CNY per share, with a total amount of 18.9112 million CNY from the sale [1] - The reduction plan was not fully executed, with 1.6112 million shares remaining unsold from the original plan to sell 4.197 million shares [1]

Company Overview - Tianchuang Fashion Co., Ltd. is located in Nansha District, Guangzhou, Guangdong Province, and was established on April 9, 2004. The company was listed on February 18, 2016. Its main business involves the research, production, distribution, and retail of fashion consumer goods, as well as mobile internet marketing [1]. - The company's revenue composition is primarily from shoes, bags, and other products (98.29%), with a small portion from other sources (1.71%) [1]. Financial Performance - As of September 30, Tianchuang Fashion reported a revenue of 744 million yuan for the first nine months of 2025, representing a year-on-year decrease of 7.12%. The net profit attributable to the parent company was -5.23 million yuan, showing an increase of 83.01% year-on-year [2]. - The company has cumulatively distributed 528 million yuan in dividends since its A-share listing, with no dividends distributed in the past three years [3]. Stock Performance - On November 5, Tianchuang Fashion's stock price decreased by 2.10%, trading at 7.92 yuan per share, with a total market capitalization of 3.324 billion yuan. The stock has increased by 112.90% year-to-date [1]. - Over the past five trading days, the stock has risen by 4.35%, 7.76% over the past 20 days, and 22.22% over the past 60 days [1]. - The stock has seen a net outflow of 1.0756 million yuan in principal funds, with large orders accounting for 4.61% of total buying and 11.34% of total selling [1]. Shareholder Information - As of September 30, the number of shareholders for Tianchuang Fashion was 12,900, an increase of 12.99% from the previous period. The average number of circulating shares per person was 32,619, a decrease of 11.49% [2].

Market Overview - The apparel and home textile sector increased by 1.32% compared to the previous trading day, with Bangjie Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3976.52, up 0.55%, while the Shenzhen Component Index closed at 13404.06, up 0.19% [1] Top Performers - Bangjie Co., Ltd. (002634) closed at 5.59, with a rise of 10.04% and a trading volume of 326,700 shares, amounting to a transaction value of 177 million [1] - Tianchuang Fashion (603608) closed at 8.10, up 7.57%, with a trading volume of 145,500 shares [1] - Zhenyaomeijia (003041) closed at 32.19, increasing by 7.16%, with a trading volume of 131,000 shares [1] - Other notable gainers include Jialinjie (002486) up 6.95% and Mercury Home Textile (603365) up 5.86% [1] Market Capital Flow - The apparel and home textile sector experienced a net outflow of 104 million from institutional investors, while retail investors saw a net inflow of 167 million [2] - The overall market showed a mixed trend with some stocks experiencing significant inflows from retail investors despite the outflow from institutional and speculative funds [2] Individual Stock Fund Flow - Bangjie Co., Ltd. had a net inflow of 32.42 million from institutional investors, while it faced a net outflow of 14.99 million from speculative funds [3] - Other companies like Haian Home (600398) and Jinhong Group (603518) also showed varied fund flows, with institutional inflows and speculative outflows [3] - The data indicates a trend where institutional investors are pulling back while retail investors are actively participating in the market [3]

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]