Core Points - Tianchuang Fashion (603608) experienced a trading halt today, with a daily turnover rate of 4.85% and a transaction amount of 164 million yuan, showing a fluctuation of 9.47% [1] - The stock was listed on the Shanghai Stock Exchange due to a daily decline deviation of -11.18%, with a net selling amount of 38.89 million yuan from brokerage seats [1] - The company reported a revenue of 527 million yuan for the first half of the year, a year-on-year decrease of 9.79%, while net profit reached 6.72 million yuan, a year-on-year increase of 171.21% [1] Trading Activity - The top five brokerage seats accounted for a total transaction of 75.16 million yuan, with a buying amount of 18.14 million yuan and a selling amount of 57.03 million yuan, resulting in a net selling of 38.89 million yuan [1] - The largest buying brokerage was Guotai Junan Securities Headquarters, with a buying amount of 5.30 million yuan, while the largest selling brokerage was China Galaxy Securities Yichang New Century Securities, with a selling amount of 39.14 million yuan [1] Fund Flow - The stock saw a net outflow of 47.19 million yuan in main funds today, with a significant outflow of 27.63 million yuan from large orders and 19.56 million yuan from big orders [1] - Over the past five days, the net outflow of main funds totaled 31.63 million yuan [1]

Market Overview - The apparel and home textile sector experienced a slight decline of 0.15% on October 27, with Tianchuang Fashion leading the drop [1] - The Shanghai Composite Index closed at 3996.94, up 1.18%, while the Shenzhen Component Index closed at 13489.4, up 1.51% [1] Stock Performance - Notable gainers in the sector included: - Taihu Snow (code: 920262) with a closing price of 27.88, up 4.65% on a trading volume of 28,800 shares and a turnover of 79.08 million yuan [1] - True Love Home (code: 003041) closed at 29.83, up 4.56% with a trading volume of 79,600 shares and a turnover of 230 million yuan [1] - Yangzhou Jinqian (code: 603307) closed at 46.77, up 4.16% with a trading volume of 41,710 shares and a turnover of 79.33 million yuan [1] - Major decliners included: - Tianchuang Fashion (code: 603608) closed at 7.92, down 10.00% with a trading volume of 203,400 shares and a turnover of 164 million yuan [2] - ST Bosen (code: 002569) closed at 9.35, down 3.11% with a trading volume of 27,600 shares and a turnover of 26.08 million yuan [2] - Langsha Co., Ltd. (code: 600137) closed at 19.41, down 2.32% with a trading volume of 42,300 shares and a turnover of 82.38 million yuan [2] Capital Flow - The apparel and home textile sector saw a net outflow of 252 million yuan from institutional investors, while retail investors contributed a net inflow of 159 million yuan [2] - The sector's capital flow details indicate: - Langzi Co., Ltd. (code: 002612) had a net inflow of 13.01 million yuan from institutional investors, but a net outflow of 18.91 million yuan from retail investors [3] - Yangzhou Jinqian (code: 603307) experienced a net inflow of 10.12 million yuan from institutional investors, with a net outflow of 7.50 million yuan from retail investors [3]

Core Insights - The apparel and home textile sector experienced a rise of 1.38% on October 21, with Zhongyin Fashion leading the gains [1] - The Shanghai Composite Index closed at 3916.33, up 1.36%, while the Shenzhen Component Index closed at 13077.32, up 2.06% [1] Sector Performance - Zhongyin Fashion (300901) closed at 17.48, with a significant increase of 11.20% and a trading volume of 122,000 shares, resulting in a transaction value of 209 million yuan [1] - Tianchuang Fashion (603608) saw a rise of 9.96%, closing at 8.72 with a trading volume of 292,300 shares [1] - Hason Co., Ltd. (603958) increased by 6.98%, closing at 16.85 with a trading volume of 101,600 shares [1] - Other notable performers include Gelisi (603808) up 5.35%, Langsha Co. (600137) up 5.21%, and Longtou Co. (600630) up 5.00% [1] Capital Flow - The apparel and home textile sector saw a net outflow of 177 million yuan from main funds, while retail investors contributed a net inflow of 260 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing while retail investors increased their positions [2]

Core Insights - The article highlights the increasing trend of A-share listed companies in China engaging in physical rewards for shareholders, enhancing investor relations and creating a unique investment-consumption ecosystem [1][4]. Group 1: Company Activities - Over 30 listed companies have participated in shareholder reward activities since 2025, offering products, discount coupons, and tourism rights to investors [1][4]. - Companies like Tianyu Bio, Huasheng Co., and Beiqing Song have announced various forms of physical rewards, aiming to deepen shareholder experience with core products and strengthen their value recognition [2][3]. - The second "Listed Company Shareholder Festival" organized by Tonghuashun attracted nearly 100 companies, providing a wide range of gifts including electronics, food, and cosmetics to shareholders [3]. Group 2: Policy and Market Trends - The trend of physical rewards aligns with the China Securities Regulatory Commission's policy to enhance investor protection and improve returns for shareholders [4]. - The increasing participation of companies in physical reward activities indicates a shift from individual cases to a systematic approach in investor relations management [4]. - The practice of physical rewards is expected to become a significant indicator of corporate governance and market competitiveness in the future [4].

Core Viewpoint - The announcement details the conversion results of the convertible bonds issued by Tianchuang Fashion Co., Ltd., including the amount converted, the number of shares issued, and the remaining unconverted bonds. Convertible Bond Conversion Situation - From July 1, 2025, to September 30, 2025, the total amount converted from "Tianchuang Convertible Bonds" was 6,000 yuan, resulting in 487 shares issued, all sourced from newly issued shares [2][7] - As of September 30, 2025, a total of 625,000 yuan of "Tianchuang Convertible Bonds" had been converted into company stock, totaling 50,567 shares (of which 2,026 shares were treasury stock, and the rest were newly issued shares), representing 0.011790% of the company's total issued shares before conversion [2][7] Unconverted Convertible Bonds - The amount of unconverted convertible bonds stands at 66,600,000 yuan, accounting for 11.1000% of the total issuance [3][8] Convertible Bond Issuance Overview - Tianchuang Fashion Co., Ltd. was approved to publicly issue 6 million convertible bonds on June 24, 2020, with a total issuance amount of 60,000 million yuan. The bonds have a term of 6 years, maturing on June 23, 2026, with a tiered interest rate structure [4] - The conversion period for "Tianchuang Convertible Bonds" is from January 4, 2021, to June 23, 2026, with an initial conversion price of 12.64 yuan per share, adjusted to 12.29 yuan per share due to profit distribution [4][6] Repurchase of Convertible Bonds - Due to triggering repurchase clauses, "Tianchuang Convertible Bonds" had a repurchase application period from August 12 to August 16, 2024, with valid applications totaling 5,327,750 bonds, amounting to 532,775,000 yuan [5] - No valid applications were received during subsequent repurchase periods in December 2024 and August 2025 [5] Use of Idle Funds for Wealth Management - The company has approved the use of idle self-owned funds for wealth management, with a maximum daily limit of 40,000 million yuan for purchasing low-risk financial products [12] - As of the announcement date, the balance of idle funds used for wealth management is 16,700 million yuan, representing 16.02% of the company's latest audited net assets [13]

| 证券代码：603608 | 证券简称：天创时尚 | 公告编号：临 2025-082 | | --- | --- | --- | | 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。 重要内容提示： 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，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，详见公司披 ...

| 证券代码：603608 | 证券简称：天创时尚 | 公告编号：临 | 2025-083 | | --- | --- | --- | --- | | 债券代码：113589 | 债券简称：天创转债 | | | 天创时尚股份有限公司 关于使用闲置自有资金进行委托理财的进展公告 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 | 产品名称 | 兴业银行企业金融人民币结构性存款产品 | | | --- | --- | --- | | 受托方名称 | 兴业银行股份有限公司广州市桥支行 | | | 购买金额 | 2,100 | 万元 | | 产品期限 | 至 2025.9.15 2025.12.24 | | | 产品名称 | 兴业银行企业金融人民币结构性存款产品 | | --- | --- | | 受托方名称 | 兴业银行股份有限公司广州市桥支行 | | 购买金额 | 900 万元 | | 产品期限 | 至 2025.9.15 2025.12.24 | | 产品名称 | 国债逆回购(GC007) | | -- ...

Transaction Overview - The company is selling properties located at 222 Xingmin Road, Tianhe District, Guangzhou, to non-related parties for a total price of RMB 120,720,570.10, with a unit price of RMB 44,500 per square meter [2][4] - The transaction has been approved by the company's board of directors and does not require shareholder approval [3][4] - The transaction does not involve related party transactions and does not constitute a major asset restructuring as defined by regulations [3][4] Counterparty Information - The primary counterparty is Ningbo Shengde Runtai Zhonghe Private Fund Management Co., Ltd., established in August 2015, with a registered capital of RMB 30 million [5][6] - Key shareholders include Ningbo Runtai Hezheng Enterprise Management Partnership (holding 57%), and individuals such as Qiu Wensheng and Li Sheng [7][8] - The counterparty has no related relationships with the company or its major shareholders [8] Property Details - The total area of the properties being sold is 2,712.8218 square meters, primarily used for office purposes [12] - The properties were acquired in September 2016 for RMB 151.29 million, with a current book value of approximately RMB 11.06 million after depreciation and impairment [13] - The properties are free of any encumbrances or legal disputes [13] Valuation and Pricing - An asset appraisal conducted in December 2024 estimated the recoverable amount of the properties at RMB 113,850,783 [14] - The sale price was determined based on the appraisal value, ensuring fairness and reasonableness [15] Contractual Terms - The contract stipulates a deposit of RMB 2.5 million, with subsequent payments structured to ensure compliance [16][17] - The transaction includes provisions for tax liabilities and intermediary service fees [19][20] - The contract will take effect upon signing by all parties involved [21] Impact on the Company - The sale of the properties is aimed at optimizing asset utilization and improving cash flow, without affecting the company's operational capabilities [21] - The company anticipates a loss of approximately RMB 4.72 million from this transaction after accounting for various costs [21]

Core Viewpoint - Tianchuang Fashion (603608.SH) aims to enhance asset operation efficiency by selling properties located at 222 Xingsheng Road, Tianhe District, Guangzhou to non-related parties for a total of approximately RMB 120.72 million [1] Group 1 - The company has signed a "Second-hand Housing Sale Contract" for the transaction [1] - The average transaction price for the properties is set at RMB 44,500 per square meter [1] - The properties sold include units 3501, 3502, 3503, 3504, and 3505 [1]

| 证券代码：603608 | 证券简称：天创时尚 | 公告编号：临 2025-081 | | --- | --- | --- | | 债券代码：113589 | 债券简称：天创转债 | | 天创时尚股份有限公司 关于出售部分房产的公告 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。 重要内容提示： 交易概述：天创时尚股份有限公司（以下简称"公司"或"甲方"）将位于 广州市天河区兴民路 222 号之三 3501 房、3502 房、3503 房、3504 房、3505 房 （以下简称"该物业"或"交易标的"）出售给公司非关联方宁波盛德融泰中和私募 基金管理有限公司（以下简称"宁波盛德"）、邱文胜、李胜（以上三方合称"交 易对手方"），出售该物业总价款为人民币 120,720,570.10 元。 本次出售资产事项已经公司第五届董事会第十六次会议审议通过，无需 提交公司股东会审议。 本次出售资产事项不涉及关联交易，也不构成《上市公司重大资产重组 管理办法》所规定的重大资产重组。 本次出售资产事项尚需交易双方根据合同约定完成款项 ...