Core Viewpoint - Tianchuang Fashion (603608) experienced a 1.65% increase in stock price today, with a trading volume of 1.09 billion yuan and a fluctuation of 19.89% [2] Trading Activity - The stock was listed on the Shanghai Stock Exchange's "Dragon and Tiger List" due to its daily fluctuation of 19.89%, with a total net sell of 26.28 million yuan from brokerage seats [2] - The top five brokerage seats accounted for a total transaction of 224 million yuan, with a buying amount of 99.05 million yuan and a selling amount of 125 million yuan, resulting in a net sell of 26.28 million yuan [2] - The largest buying brokerage was Goldman Sachs (China) Securities, with a purchase amount of 33.99 million yuan, while the largest selling brokerage was Lianchu Securities, with a selling amount of 38.48 million yuan [2] Fund Flow - The stock saw a net outflow of 132 million yuan in main funds today, including a significant outflow of 74.31 million yuan from large orders and 57.58 million yuan from major funds [3] - Over the past five days, the main funds experienced a net outflow of 194 million yuan [3] Financial Performance - According to the Q3 report released on October 31, 2025, the company achieved a total revenue of 744 million yuan in the first three quarters, representing a year-on-year decline of 7.12%, and reported a net loss of 5.23 million yuan [3]

| 证券代码：603608 | 证券简称：天创时尚 | 公告编号：临 2026-003 | | --- | --- | --- | | 债券代码：113589 | 债券简称：天创转债 | | 天创时尚股份有限公司 关于可转债转股结果暨股份变动公告 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。 本季度转股情况："天创转债"自 2025 年 10 月 1 日至 2025 年 12 月 31 日期间，累计转股金额为 13,000 元，因转股形成的股份数量为 1,056 股，全部使 用新增股份作为转股来源。 累计转股情况：截至 2025 年 12 月 31 日，累计共有 638,000 元"天创转 债"转换为公司股票，累计转股数量为 51,623 股（其中 2,026 股为库存股，其余 均为新增股份），占可转债转股前公司已发行股份总额（即 2021 年 1 月 3 日总 股本 428,895,467 股）的 0.012036%。 未转股可转债情况：尚未转股的可转债金额为 66,587,000 元，占可转债 发行总量的 11.0 ...

Core Viewpoint - Tianchuang Fashion has experienced a significant surge in stock price, achieving three consecutive daily limit-ups, with a total increase of 33.14% during this period [2] Stock Performance Summary - As of 9:26 AM, the stock price reached 11.33 yuan, with a turnover rate of 1.24% and a trading volume of 5.1838 million shares, amounting to a transaction value of 58.7329 million yuan [2] - The stock's limit-up order amount reached 107 million yuan, and the total market capitalization of A-shares is now 4.755 billion yuan [2] - The stock was listed on the Dragon and Tiger list due to a cumulative price deviation of 20% over three trading days and a daily price deviation of 7% [2] Trading Data Overview - Recent trading data shows fluctuations in daily price changes, turnover rates, and net capital inflows: - December 31, 2025: Price increased by 10.04%, turnover rate at 2.58%, net outflow of 2.7307 million yuan [2] - December 30, 2025: Price increased by 9.99%, turnover rate at 16.62%, net inflow of 23.0088 million yuan [2] - December 29, 2025: Price increased by 2.16%, turnover rate at 22.54%, net outflow of 82.5766 million yuan [2] - December 19, 2025: Price increased by 10.04%, turnover rate at 11.58%, net inflow of 48.8606 million yuan [2] - December 18, 2025: Price increased by 2.57%, turnover rate at 2.92%, net outflow of 0.75214 million yuan [2] - December 17, 2025: Price decreased by 1.86%, turnover rate at 2.26%, net outflow of 0.11871 million yuan [2] - December 16, 2025: Price decreased by 4.08%, turnover rate at 2.96%, net inflow of 0.42672 million yuan [2] - December 15, 2025: Price increased by 5.09%, turnover rate at 4.44%, net inflow of 1.23689 million yuan [2] - December 12, 2025: Price increased by 1.08%, turnover rate at 2.11%, net outflow of 0.33869 million yuan [2] - December 11, 2025: Price increased by 0.68%, turnover rate at 1.70%, net inflow of 0.35320 million yuan [2]

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：603608 证券简称：天创时尚 公告编号：临2026-001 债券代码：113589 债券简称：天创转债 理财的进展公告 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法律责任。 重要内容提示： ● 基本情况 ■ ● 风险提示 公司及子公司使用部分自有资金购买安全性高、流动性好、低风险的理财产品，总体风险可控，但委托 理财事项受市场波动、宏观经济及金融政策等变化的影响较大，投资收益具有不确定性，敬请广大投资 者注意投资风险。 天创时尚股份有限公司 一、委托理财基本情况 关于使用部分自有资金进行委托 （一）对公司的影响 经天创时尚股份有限公司（以下简称"公司"）于2025年12月26日召开的第五届董事会第十九次会议审议 通过了《关于2026年度使用部分自有资金进行委托理财的议案》，同意公司及子公司使用单日最高额度 不超过人民币45,000万元（含本数）的自有资金购买流动性好、安全性高、风险较低型理财产品，在上 述额度内可滚动使用，具体事项由公司财务部门负责组织实施，具体情况详见 ...

Core Viewpoint - The extended lock-up period for Tianchuang Fashion's share transfer is notable, as it exceeds the standard 18 months mandated by the China Securities Regulatory Commission, indicating the acquirer's confidence in the company's long-term prospects [2][3][10]. Group 1: Tianchuang Fashion - Tianchuang Fashion announced a control change plan on December 27, with the acquirer committing to a 5-year lock-up period for the shares acquired [2][3]. - The company's main business focuses on mid-to-high-end women's footwear, with financial data showing revenues of 1.274 billion yuan, 1.099 billion yuan, and 744 million yuan for the years 2023 to the first three quarters of 2025, respectively, alongside continuous net losses [4][5]. - The share transfer agreement involves the major shareholders, with Quanzhou Hetian and Hong Kong Gaochuang transferring a total of 459.59 million shares (10.95% of total shares) and 377.74 million shares (9.00% of total shares) for 345 million yuan and 283 million yuan, respectively, at a price of 7.50 yuan per share, reflecting a 10% discount to the pre-suspension price of 8.33 yuan [5][6]. Group 2: Shareholder Commitments - The new major shareholder, Anhui Xianrui, has committed to a 60-month lock-up and a 36-month pledge restriction on the shares acquired, while the existing shareholders have also made similar commitments regarding their remaining shares [7][10]. - The commitments from the shareholders aim to ensure stability and avoid risks associated with potential restructuring failures, as noted by investment banking professionals [10]. Group 3: Industry Context - The trend of extended lock-up periods is not unique to Tianchuang Fashion, as similar arrangements were observed in the share transfer of Aolian Electronics, where the acquirer also committed to a 5-year lock-up [8][9]. - The background of the new shareholders in both companies is linked to industries that are currently considered hot, which may influence the perceived risks and market reactions associated with these transactions [10][12].

Core Viewpoint - The article discusses the recent control changes in Tianchuang Fashion and Aolian Electronics, highlighting the extended lock-up periods for shares as a sign of confidence from new shareholders in the companies' long-term prospects [2][10]. Group 1: Tianchuang Fashion - Tianchuang Fashion announced a control change plan on December 27, with the new shareholders committing to a five-year lock-up period for their shares, significantly exceeding the 18-month requirement set by the China Securities Regulatory Commission [2][3]. - The company reported revenues of 1.274 billion yuan, 1.099 billion yuan, and 744 million yuan for the first three quarters of 2023 to 2025, with continuous net losses [5]. - The share transfer agreement involves the transfer of 45.959 million shares from the controlling shareholder, Quanzhou Hetian Investment Partnership, and 37.7745 million shares from the second-largest shareholder, Hong Kong Gaochuang, at a price of 7.50 yuan per share, representing a 10% discount to the pre-suspension price of 8.33 yuan [5][6]. Group 2: Aolian Electronics - Aolian Electronics also announced a control change on December 27, with the new major shareholder, Chaocheng Innovation, committing to a five-year lock-up period for the shares acquired through a transfer agreement [7][8]. - The share transfer involves 32.6667 million shares, accounting for 19.09% of the total share capital of Aolian Electronics [7]. - Similar to Tianchuang Fashion, the extended lock-up period is seen as a strategy to stabilize the company and mitigate risks associated with potential restructuring failures [10]. Group 3: Market Implications - The extended lock-up periods for both companies signal a trend where new shareholders are willing to commit to longer-term investments, possibly due to the attractiveness of the industries involved and the associated risks [10][12]. - The article notes that the different lock-up periods among companies, such as the 18-month commitment from Youbang Diding, may reflect the varying levels of confidence in the respective industries and the potential for market speculation [12].

停牌五日后，股权转让公告如约而至。 安徽先睿，是一家成立于2025年12月17日、为本次收购专门设立的公司，其背后是深耕汽车精密传动部 件的慈兴集团。该集团创始人、80岁的胡先根，手握81.85%的股权。 一家轴承制造商，为何要跨界接手一家深陷泥潭的女鞋企业？"这很可能是在为借壳上市铺路。"鞋服行 业品牌战略专家程伟雄点破了这层窗户纸。他提到了一个相似的剧本：昔日的"A股运动品牌第一股"贵 人鸟的控股权变更。 市值曾一度超过400亿元的贵人鸟，在2015年至2017年期间，因盲目进行多元化投资导致该公司连续三 年出现亏损。2021年，贵人鸟陷入重整，次年迎来新的控股股东泰富金谷，后者将粮食业务注入。2023 年起，贵人鸟逐步剥离运动鞋服业务。2025年1月，贵人鸟正式更名为金鹤农业。 尽管天创时尚在公告中强调，新主承诺未来12个月内无资产重组计划，36个月内无注资计划，但资本市 场已然嗅到了风向转变的气息。截至12月31日收盘，天创时尚股价也连续两个交易日涨停。 另外，董事会席位的密码里还暗藏了权力的交接。根据协议，在明年半年报披露后，天创时尚将组建新 的七人董事会。安徽先睿将提名包括董事长在内的三名非独立董 ...

Group 1 - Tianchuang Fashion (603608) experienced a trading halt today with a turnover rate of 2.58% and a transaction amount of 112 million yuan [1] - The stock was listed on the Shanghai Stock Exchange due to a daily price deviation of 9.95%, with a net sell of 30.51 million yuan from brokerage seats [1] - The top five brokerage seats accounted for a total transaction of 97.03 million yuan, with a buying amount of 33.26 million yuan and a selling amount of 63.77 million yuan, resulting in a net sell of 30.51 million yuan [1] Group 2 - The largest buying brokerage was Huayin Securities from Zibo, with a purchase amount of 8.60 million yuan, while the largest selling brokerage was GF Securities from Tianjin, with a selling amount of 39.83 million yuan [2] - The stock saw a net outflow of 2.73 million yuan in main funds today, with a significant outflow of 11.92 million yuan from large orders and an inflow of 9.19 million yuan from big orders [1] - Over the past five days, the main funds have experienced a net outflow of 62.30 million yuan [1] Group 3 - The company reported its third-quarter results on October 31, showing a total revenue of 744 million yuan, a year-on-year decrease of 7.12%, and a net profit of -5.23 million yuan [1]

Group 1 - Tianchuang Fashion (603608) experienced a trading halt today with a daily turnover rate of 2.58% and a transaction amount of 112 million yuan [2] - The stock was listed on the Shanghai Stock Exchange due to a daily price deviation of 9.95%, with a net sell of 30.51 million yuan from brokerage seats [2] - The top five brokerage seats accounted for a total transaction of 97.03 million yuan, with a buying amount of 33.26 million yuan and a selling amount of 63.77 million yuan, resulting in a net sell of 30.51 million yuan [2] Group 2 - The main buying brokerage was Huayin Securities with a purchase amount of 8.60 million yuan, while the largest selling brokerage was GF Securities with a selling amount of 39.83 million yuan [2] - The stock saw a net outflow of 2.73 million yuan in main funds today, with a significant single net outflow of 11.92 million yuan and a large single fund inflow of 9.19 million yuan [2] - Over the past five days, the main funds have seen a net outflow of 62.30 million yuan [2] Group 3 - The company reported its third-quarter results on October 31, showing a total revenue of 744 million yuan, a year-on-year decrease of 7.12%, and a net profit of -5.23 million yuan [2]

| 证券代码：603608 | 证券简称：天创时尚 | 公告编号：临 2026-002 | | --- | --- | --- | | 债券代码：113589 | 债券简称：天创转债 | | 天创时尚股份有限公司 股票交易异常波动公告 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"天创时尚"或"公司"）股票于 2025 年 12 月 29 日、12 月 30 日、12 月 31 日连续三个交易日内收盘价格涨幅偏离值 累计超过 20%，根据《上海证券交易所交易规则》等有关规定，属于股票交易异 常波动情形。 公司已于 2025 年 12 月 27 日披露了控制权拟发生变更相关事宜，具体内 容详见公司披露于上海证券交易所网站的相关公告，本次控制权变更事宜涉及控 股股东泉州禾天投资合伙企业（普通合伙）（以下简称"泉州禾天"）持有的公司 股份，且受其自愿性限售承诺限制，相关豁免自愿性股份限售承诺议案尚需经公 司 2026 年第一次临时股东会审议通过。上述控制权变更所涉协议转让事项尚 ...