Group 1 - Tianchuang Fashion (603608) experienced a decline of 8.88% today, with a turnover rate of 19.24% and a transaction volume of 786 million yuan, showing a fluctuation of 9.34% [2] - The stock was listed on the Shanghai Stock Exchange's "Daily Price Deviation" due to a deviation value of -10.38%, with a net sell of 29.45 million yuan from brokerage seats [2] - The top five brokerage seats accounted for a total transaction of 194 million yuan, with a buying amount of 82.27 million yuan and a selling amount of 112 million yuan, resulting in a net sell of 29.45 million yuan [2] Group 2 - In the past six months, the stock has appeared on the "Dragon and Tiger List" six times, with an average price drop of 0.11% the next day and an average drop of 0.38% over the following five days [3] - The stock saw a net outflow of 22.42 million yuan in main funds today, with a significant outflow of 28.26 million yuan from large orders, while smaller orders saw a net inflow of 5.84 million yuan [3] - The company's Q3 report for the year ending October 31, 2025, indicated a total revenue of 744 million yuan, a year-on-year decrease of 7.12%, and a net profit of -5.23 million yuan [3]

Market Overview - As of January 5, the Shanghai Composite Index closed at 4023.42 points, with an increase of 1.38% [1] - The Shenzhen Component Index closed at 13828.63 points, up by 2.24% [1] - The ChiNext Index closed at 3294.55 points, rising by 2.85% [1] Trading Volume Analysis - A total of 2944 stocks saw an increase in average transaction volume, with 120 stocks experiencing a rise of over 50% [1] - 1627 stocks reported a decrease in average transaction volume [1] - Notable stocks with significant increases in transaction volume include Meihua Medical, Shengda Forestry, and Guanghua Co., Ltd. [1] Active Stocks by Transaction Volume - The stocks with the highest increase in average transaction volume include: - Meihua Medical: 20.00% increase, average transaction volume of 1815 shares, up by 407.72% [2] - Shengda Forestry: 10.05% increase, average transaction volume of 3127 shares, up by 185.31% [2] - Guanghua Co., Ltd.: 10.00% increase, average transaction volume of 768 shares, up by 185.24% [2] Active Stocks by Transaction Count - The stocks with the highest increase in transaction count include: - Tianchuang Fashion: 1.65% increase, 53725 transactions, up by 1815.33% [3] - *ST Yushun: -4.97% decrease, 5787 transactions, up by 1653.64% [3] - Hefei Urban Construction: 4.36% increase, 168503 transactions, up by 1330.05% [3] Stocks with Significant Increases in Both Volume and Count - Aipeng Medical: 20.00% increase, average transaction volume of 781 shares, up by 179.31%, with 24056 transactions, up by 81.27% [4] - Dayang Biological: 10.01% increase, average transaction volume of 623 shares, up by 164.36%, with 14388 transactions, up by 127.91% [5] - Maipu Medical: 20.00% increase, average transaction volume of 384 shares, up by 135.27%, with 9581 transactions, up by 315.66% [5]

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]

Group 1 - The company has approved the use of up to RMB 450 million of its own funds for low-risk, high-liquidity financial products as of December 26, 2025 [2] - As of the announcement date, the company has invested RMB 208.007 million in various financial products from multiple financial institutions [2] - The total amount of funds used for entrusted wealth management is RMB 175 million, accounting for 16.78% of the company's latest audited net assets [4] Group 2 - The company emphasizes that the entrusted wealth management will not significantly impact its main business, financial status, or cash flow [4] - The company has implemented several risk control measures, including board authorization for investment decisions and regular audits of fund usage [5] - The company has confirmed that there are no undisclosed significant matters affecting its stock price or operations [14][17]

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].

Core Viewpoint - Tianchuang Fashion, once a leading women's footwear brand, has transferred 19.95% of its shares for 628 million yuan to Anhui Xianrui Investment Holding Co., marking a significant shift in ownership after five years of decline [2][3]. Group 1: Company Performance and Financials - Since recording its first loss in 2020, Tianchuang Fashion has accumulated losses exceeding 800 million yuan, with revenue halving from a peak of 2 billion yuan to just over 1 billion yuan [6]. - The company’s stock faced a "*ST" delisting risk warning in 2024 due to its financial struggles, with a revenue decline of 7.12% noted in the first three quarters of 2025 [6]. - The number of stores for its flagship brand Kisscat has decreased from 935 in 2019 to 464 in 2025, reflecting a broader trend of store closures across the company [6]. Group 2: Market Context and Industry Trends - The decline of Tianchuang Fashion is indicative of a larger trend affecting traditional footwear brands, with similar struggles faced by companies like Daphne, Six, and Hason [2][6]. - The rise of e-commerce and changing consumer preferences towards sports and outdoor lifestyles have significantly impacted traditional shoe companies, leading to a re-evaluation of their business models [7]. - Industry experts suggest that many traditional footwear companies have undermined their own advantages by shifting focus to online sales, where they lack competitive strength [7]. Group 3: Ownership and Strategic Changes - Anhui Xianrui, the new owner, is a company established specifically for this acquisition, backed by a group with expertise in automotive precision components, raising questions about the strategic direction of the new ownership [3]. - The new ownership structure will see Anhui Xianrui appoint three non-independent directors and two independent directors to the board, consolidating control over the company [4]. - Despite assurances from the new owner regarding no immediate asset restructuring or capital injection plans, market sentiment has shifted positively, as evidenced by a stock price surge following the announcement [3].

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]