Core Viewpoint - The financial performance of Taiping Bird (603877.SH) in the first half of 2025 shows significant declines in both revenue and net profit, indicating substantial pressure on its core business profitability [1] Financial Performance - The company reported a revenue of 2.898 billion yuan, a year-on-year decrease of 7.86% [1] - The net profit attributable to shareholders was 77.71 million yuan, down 54.61% year-on-year [1] - The net profit after deducting non-recurring gains and losses was only 13.709 million yuan, a drastic drop of 78.91% year-on-year [1] - Non-recurring gains and losses amounted to 64.0026 million yuan, accounting for over 82% of the net profit, primarily driven by government subsidies of 69.6006 million yuan and fair value changes of financial assets of 12.9547 million yuan [1] Brand Performance - Revenue from the main brand PEACEBIRD women's wear was 1.060 billion yuan, down 10.45% year-on-year [1] - PEACEBIRD men's wear revenue was 1.180 billion yuan, a decrease of 7.42% year-on-year [1] - Revenue from the youth brand LEDIN and children's wear brand MINIPEACE fell by 7.18% and 3.73% respectively, with no core brand achieving positive growth [1] Channel and Inventory Management - The company accelerated adjustments in offline channels, closing 194 stores in the first half of the year, reducing the number of franchise stores from 2,245 to 2,095, a net decrease of 150 [1] - Overall revenue from offline channels declined by 5.13% year-on-year, with franchise store revenue experiencing a significant drop of 13.63% [1] - As of the end of June, inventory stood at 1.515 billion yuan, a year-on-year decrease of 12.7%, but the inventory impairment provision increased to 187 million yuan [1] Cash Flow and Shareholder Activity - The net cash flow from operating activities turned negative, amounting to a net outflow of 262 million yuan [1] - Taiping Bird Group Co., Ltd. increased its holdings by 9,173,100 shares, while executives including Chen Hongchao and Wang Mingfeng collectively reduced their holdings by nearly 4.7 million shares [1] - Chen Hongchao, the former general manager, notably reduced his holdings by 72.4 million yuan and announced plans to further reduce up to 14.13 million shares, approximately 3% of the total share capital, between August and November 2025 due to personal funding needs [1]

Economic Information - According to the China Index Academy, as of August 2025, the debt restructuring and reorganization of 20 distressed real estate companies will exceed 12,000 billion RMB, significantly impacting the real estate sector [2] - As of August 13, the national pig price was 14.25 RMB/kg, down 1.32% from August 6, with the pig-to-grain price ratio at 5.94, a decrease of 1.33% [2] Company Alerts - Jishi Media reported a net loss of 232 million RMB in the first half of the year [5] - Dameng Data had two directors investigated within three days [5] - Kanglong Chemical's net profit for the first half of the year was 701 million RMB, a decrease of 37% year-on-year [5] - Yunmei Energy reported a net loss of 163 million RMB in the first half of the year [5] - Zhuosheng Microelectronics experienced a net loss of 147 million RMB in the first half, marking a transition from profit to loss [5] - Penghui Energy reported a net loss of 88.23 million RMB in the first half, also transitioning from profit to loss [5] - Aoxin Security reported a net loss of 356 million RMB in the first half [5] - Anyuan Coal Industry reported a net loss of 290 million RMB in the first half [5] - Guangsheng Tang reported a net loss of 66.6881 million RMB in the first half [5] - Yiyuan Lithium Energy's net profit decreased by 24.9% year-on-year in the first half [5] - Zhongtian Rocket's net profit decreased by 80.74% year-on-year in the first half [5] - Jianjie Industrial reported a net profit of 48.8658 million RMB in the first half, down 44.90% year-on-year [5] - Nanjing Chemical Fiber reported a net loss of 88.9317 million RMB in the first half [5] - Sanwei Xinan reported a net loss of 29.3858 million RMB in the first half [5] - Taiping Bird reported a net profit of 77.7116 million RMB in the first half, down 54.61% year-on-year [5] - Aerospace Power reported a net loss of 73.1243 million RMB in the first half [5] - Renhe Pharmaceutical's subsidiary product ULook brain-machine interaction smart glasses has not generated sales revenue [5] - Rhein Biotech experienced a safety incident resulting in one death and three serious injuries [5] - Guangfeng Technology's arbitration ruling is expected to reduce the consolidated profit for 2025 by approximately 91 million RMB [5] Overseas Alerts - The three major U.S. stock indices experienced slight declines, with the S&P 500 down 0.4%, marking its fifth consecutive day of decline [4] - The U.S. Department of Justice plans to investigate Federal Reserve Governor Lisa Cook and has urged Fed Chairman Powell to dismiss her [4] - According to the International Copper Study Group, a surplus of 36,000 tons in the global refined copper market is expected by June 2025 [4]

Core Points - The company, Ningbo Taiping Bird Fashion Co., Ltd., has reported its half-year financial results and fundraising activities for 2025, ensuring the accuracy and completeness of the information provided [5][18][25] - The company raised a total of 800 million yuan through the issuance of convertible bonds, with a net amount of approximately 793.66 million yuan after deducting underwriting fees [5][6] - As of June 30, 2025, the company has utilized approximately 302.87 million yuan of the raised funds, leaving a balance of about 534.57 million yuan [6][10] Financial Data - The company reported a total of 65,228,129.93 yuan in impairment provisions for the first half of 2025, which includes 77,362,314.49 yuan for inventory write-downs and a reversal of 12,134,184.56 yuan for bad debt provisions [19][20][21] - The financial report for the first half of 2025 was approved by the board of directors, with all members present during the meeting [25][26] Fundraising Management - The company has established a fundraising management system in compliance with relevant laws and regulations to ensure the effective use of raised funds [7] - A tripartite supervision agreement for the management of raised funds was signed with relevant financial institutions to ensure proper oversight [8] Project Investment - The company has invested in several projects, including a digital transformation initiative aimed at enhancing operational efficiency and consumer engagement, although these projects do not directly generate profits [11] - There are no instances of idle funds being temporarily used to supplement working capital, and the company has not used excess funds for new projects or to repay bank loans [13][16]

Fundraising Overview - The company raised a total of 800 million yuan through the issuance of 8 million convertible bonds, with a net amount received of approximately 793.66 million yuan after deducting underwriting fees [1][2] - As of June 30, 2025, the company has utilized approximately 302.87 million yuan of the raised funds, leaving a balance of about 534.57 million yuan [1][2] Fund Management - The company has established a fundraising management system in compliance with relevant laws and regulations to ensure the effective use of raised funds [1][2] - A tripartite supervision agreement for the special account of raised funds has been signed with banks, ensuring proper oversight [1][2] Fund Utilization - The funds have been allocated to various projects, including a digital transformation project aimed at enhancing operational efficiency and consumer engagement, although it does not directly generate profits [2][3] - The company has also allocated funds for working capital to support its rapid business growth, which does not yield direct economic benefits [2][3] Cash Management - The company has engaged in cash management by investing idle funds in structured deposits, with a total investment of 94,000 yuan across various products, yielding annualized returns between 0.65% and 2.49% [3][6] - There are no instances of using idle funds to temporarily supplement working capital [2][3] Project Adjustments - The company has made adjustments to its fundraising projects, reallocating funds from the digital transformation project to the establishment of a global fashion R&D center, reflecting changes in strategic direction and market conditions [5][8] - The digital transformation project has been impacted by significant changes in the internal operating environment and technological advancements, leading to a reassessment of its feasibility [5][8]

债券代码：113627 债券简称：太平转债 宁波太平鸟时尚服饰股份有限公司 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。 一、本次计提减值准备的概况 为客观、公允地反映宁波太平鸟时尚服饰股份有限公司（以下简称"公司"） 相关规定，基于谨慎性原则，公司对截至 2025 年 6 月 30 日合并报表范围内的各类 资产进行了充分的评估和分析，根据测试结果对存在减值迹象的资产相应计提了减 值准备。2025 年半年度公司计提各类减值准备共计 65,228,129.93 元，具体如下： | | | 单位：元 | 币种：人民币 | | --- | --- | --- | --- | | 序号 | 项目 | | 计提金额 | | | 合计 | | 65,228,129.93 | 二、计提资产减值准备事项的相关说明 证券代码：603877 证券简称：太平鸟 公告编号：2025-073 根据《企业会计准则第 1 号——存货》的规定，存货在资产负债表日按照成本 与可变现净值孰低计量，当存货成本高于其可变现净值时计提存货跌价准备。经测 试，2025 ...

Group 1 - The board of directors of Ningbo Taiping Bird Fashion Co., Ltd. confirmed that the announcement contains no false records, misleading statements, or major omissions, and they bear legal responsibility for its authenticity, accuracy, and completeness [1] - All directors attended the meeting, and all resolutions were passed with no opposing votes [1] - The written notice for the board meeting was sent on August 11, 2025, and the meeting complied with relevant laws and regulations [1] Group 2 - The financial report for the first half of 2025 was approved by the board's audit committee prior to the board meeting [1] - The voting results for the financial report showed 9 votes in favor, with no votes against or abstentions [1] - Detailed content of the resolutions will be disclosed on August 22, 2025, on the Shanghai Stock Exchange website and designated media [1]

Core Viewpoint - The company reported a significant decline in revenue and profit for the first half of 2025, indicating challenges in the retail environment and a need for strategic adjustments to enhance brand value and operational efficiency [2][11]. Company Overview and Financial Indicators - The company, Ningbo Peacebird Fashion Co., Ltd., experienced a revenue of approximately 2.90 billion RMB, a decrease of 7.86% compared to the same period last year [2][11]. - The total profit for the period was approximately 107.71 million RMB, down 53.37% year-on-year, with net profit attributable to shareholders at approximately 77.71 million RMB, reflecting a 54.61% decline [2][11]. - The company's total assets decreased by 15.94% to approximately 7.08 billion RMB, while net assets attributable to shareholders fell by 2.55% to approximately 4.39 billion RMB [2][11]. Business Model and Strategy - The company focuses on becoming the preferred fashion brand for Chinese youth, utilizing a multi-brand strategy to cater to diverse consumer segments [3][12]. - The operational model emphasizes consumer value creation through digital retail innovation, integrating product development, supply chain management, and retail processes [3][4]. - The company employs data-driven approaches in product development, leveraging big data and AI to identify market trends and consumer preferences [4][12]. Industry Context - The domestic retail market showed a growth of 5.0% in the first half of 2025, with the apparel sector growing by 3.1%, indicating a recovering consumer confidence [5][6]. - The apparel industry is transitioning from rapid expansion to optimization, focusing on brand strength, product quality, and operational efficiency [6][11]. - The company aims to adapt to these industry changes by enhancing brand value and operational quality, aligning with the broader market trends towards sustainable growth [6][11]. Operational Performance - The company has been optimizing its store layout and closing underperforming locations to improve profitability and brand image [11][12]. - The retail performance was impacted by a decline in sales, with a notable drop in cash flow from operating activities, indicating challenges in maintaining liquidity [11][12]. - The company is actively expanding its online presence and exploring new retail channels, including social media platforms, to engage with consumers [4][12].

| 宁波太平鸟时尚服饰股份有限公司2025 | | | | 年半年度报告摘要 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 公司代码：603877 | | | | 公司简称：太平鸟 | | | | | | | 转债代码：113627 | | | | 转债简称：太平转债 | | | | | | | 宁波太平鸟时尚服饰股份有限公司 | | | | | | | | | | | 宁波太平鸟时尚服饰股份有限公司2025 | | | | 年半年度报告摘要 | | | | | | | 第一节 | 重要提示 | | | | | | | | | | 展规划，投资者应当到 网站仔细阅读半年度报告全文。 | www.sse.com.cn | | | | | | | | | | 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 | | | | | | | | | | | 不适用 | | | | | | | | | | | 第二节 | 公司基本情况 | | | | | | | | | | 公司股票简况 | | | | ...

证券日报网讯8月21日晚间，太平鸟（603877）发布公告称，2025年上半年公司实现营业收入2，898， 365，170.12元；归属于上市公司股东的净利润为77，711，628.59元。 ...

（文章来源：证券日报） 证券日报网讯 8月21日晚间，太平鸟发布公告称，公司第五届董事会第六次会议审议通过了《2025年半 年度报告全文及摘要》等多项议案。 ...