Growth - Teva Pharmaceutical reported a net profit of 38.01 million yuan in the first half of the year, a year-on-year increase of 1313.23% [1] - Qianfang Technology achieved a net profit of 170 million yuan, up 1287.12% year-on-year [1] - Tianyu Digital Science and Technology recorded a net profit of 23.62 million yuan, reflecting a 453.67% increase [1] - Suzhou Gude reported a net profit of 43.70 million yuan, up 310.28% year-on-year [1] - Sainuo Medical achieved a net profit of 13.84 million yuan, an increase of 296.54% [1] - Runfeng Co., Ltd. reported a net profit of 556 million yuan, up 205.62% year-on-year [1] - Guodian Nanzi achieved a net profit of 159 million yuan, reflecting a 197.03% increase [1] - Ruijie Networks reported a net profit of 452 million yuan, up 194% year-on-year [1] - Zhongjing Technology achieved a net profit of 25.74 million yuan, an increase of 144.05% [1] - China National Materials Technology reported a net profit of 999 million yuan, up 114.92% year-on-year [1] - Lante Optics achieved a net profit of 103 million yuan, reflecting a 110.27% increase [1] - Yidao Information reported a net profit of 11.41 million yuan, up 96.02% year-on-year [1] - Qianzhao Optoelectronics achieved a net profit of 69.23 million yuan, an increase of 88.04% [1] - Ruile New Materials reported a net profit of 166 million yuan, up 74.22% year-on-year [1] - Lvtian Machinery achieved a net profit of 140 million yuan, reflecting a 64.36% increase [1] - Mega Chip Color reported a net profit of 110 million yuan, up 48.83% year-on-year [1] - Jiaojian Co., Ltd. achieved a net profit of 113 million yuan, an increase of 48.66% [1] - Huhua Electronics reported a net profit of 1.683 billion yuan, up 47.50% year-on-year [1] - Sany Heavy Industry achieved a net profit of 5.216 billion yuan, reflecting a 46% increase [1] - Goodix Technology reported a net profit of 431 million yuan, up 35.74% year-on-year [1] - Allwinner Technology achieved a net profit of 161 million yuan, an increase of 35.36% [1] - Bichu Electronics reported a net profit of 640 million yuan, up 30.32% year-on-year [1] - Ganneng Co., Ltd. achieved a net profit of 438 million yuan, reflecting a 29.39% increase [1] - Weigao Medical reported a net profit of 492 million yuan, up 28.07% year-on-year [1] - GoerTek achieved a net profit of 1.417 billion yuan, reflecting a 15.65% increase [1] - Huason Pharmaceutical reported a net profit of 53.95 million yuan, up 14.27% year-on-year [1] - Gaoxin Development achieved a net profit of 66.92 million yuan, an increase of 14.06% [1] - Shanghai Jahwa reported a net profit of 266 million yuan, up 11.66% year-on-year [1] Stable Growth - Hangcha Group reported a net profit of 1.121 billion yuan, reflecting an increase of 11.38% year-on-year [2] - Dong'e Ejiao achieved a net profit of 818 million yuan, up 10.74% [2] - Beikong Technology reported a net profit of 54.31 million yuan, an increase of 10.59% [2] - Hongxin Electronics achieved a net profit of 53.99 million yuan, up 9.85% year-on-year [2] - Huace Testing reported a net profit of 467 million yuan, reflecting a 7.03% increase [2] - Samsung Medical achieved a net profit of 1.230 billion yuan, up 6.93% year-on-year [2] - Jiangzhong Pharmaceutical reported a net profit of 522 million yuan, reflecting a 5.80% increase [2] - Hualing Cable achieved a net profit of 63.64 million yuan, up 4.74% year-on-year [2] - Kuaijishan reported a net profit of 93.88 million yuan, reflecting a 3.41% increase [2] - Laishen Tongling achieved a net profit of 60.61 million yuan, turning from loss to profit [2] - Yunnan Geology reported a net profit of 22.15 million yuan, turning from loss to profit [2] - Shandong Steel achieved a net profit of 1.253 million yuan, turning from loss to profit [2] Decline and Loss - Zhongtian Rocket reported a net profit of 394,460 yuan, a year-on-year decrease of 80.74% [2] - Liuhua Co., Ltd. achieved a net profit of 344,280 yuan, down 78.01% year-on-year [2] - Qiaqia Food reported a net profit of 886.42 million yuan, a decrease of 73.68% [2] - Hangjin Technology achieved a net profit of 1.372 million yuan, down 58.38% year-on-year [2] - Taiping Bird reported a net profit of 7.771 million yuan, a decrease of 54.61% [2] - Canadian Solar reported a net profit of 731 million yuan, down 41.01% year-on-year [2] - Sinopec achieved a net profit of 21.483 billion yuan, a decrease of 39.8% [2] - Fulejia reported a net profit of 230 million yuan, down 32.54% year-on-year [2] - Palin Bio reported a net profit of 236 million yuan, down 27.89% [2] - Yiwei Lithium Energy achieved a net profit of 1.605 billion yuan, down 24.9% year-on-year [2] - Jinguang Electric reported a net profit of 42.34 million yuan, down 17.16% [2] - Hexing Co., Ltd. achieved a net profit of 107 million yuan, down 16.98% year-on-year [2] - Electric Investment Production and Financing reported a net profit of 459 million yuan, down 13.41% [2] - Tiantan Biological achieved a net profit of 633 million yuan, down 12.88% year-on-year [2] - Huali Group reported a net profit of 1.671 billion yuan, down 11.06% [2] - Zhongyou Engineering achieved a net profit of 470 million yuan, down 10.87% year-on-year [2] Further Losses - Chongda Technology reported a net profit of 222 million yuan, down 6.19% year-on-year [3] - Xinhua Department Store achieved a net profit of 86.01 million yuan, down 2.52% [3] - Zhuosheng Micro reported a net loss of 147 million yuan, turning from profit to loss [3] - Penghui Energy reported a net loss of 88.23 million yuan, turning from profit to loss [3] - Yipin Hong reported a net loss of 73.54 million yuan, turning from profit to loss [3] - Zhongbing Hongjian reported a net loss of 40.71 million yuan, turning from profit to loss [3] - Sanwei Xinan reported a net loss of 29.39 million yuan, turning from profit to loss [3] - Anyuan Coal reported a net loss of 290 million yuan [3] - Keda Xunfei reported a net loss of 239 million yuan [3] - Jishi Media reported a net loss of 23.2 million yuan [3] - Nanjing Chemical Fiber reported a net loss of 88.93 million yuan [3] - Guangsheng Tang reported a net loss of 66.69 million yuan [3] - Chutian Long reported a net loss of 39.77 million yuan [3]

太平鸟（SH 603877，收盘价：15.05元）8月21日晚间发布半年度业绩报告称，2025年上半年营业收入 约28.98亿元，同比减少7.86%；归属于上市公司股东的净利润约7771万元，同比减少54.61%；基本每股 收益0.16元，同比减少55.56%。 （文章来源：每日经济新闻） ...

智通财经APP讯，太平鸟(603877.SH)发布2025年半年度报告，报告期内，公司实现营业收入28.98亿 元，同比下降7.86%。实现归属于上市公司股东的净利润7771.16万元，同比下降54.61%。实现归属于上 市公司股东的扣除非经常性损益的净利润1370.9万元，同比下降78.91%。基本每股收益0.16元。 ...

| 证券代码：603877 | 证券简称：太平鸟 | 公告编号：2025-073 | | --- | --- | --- | | 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 关于计提减值准备的公告 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"） 2025 年半年度的财务状况和经营成果，根据《企业会计准则》及公司会计政策等 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 | | --- | --- | --- | | 1 | 存货跌价准备 | 77,362,314.49 | | 2 | 应收账款坏账准备 | -8,121,0 ...

宁波太平鸟时尚服饰股份有限公司 2025 年半年度募集资金存放与实际使用情况的专项报告 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。 | 证券代码：603877 | 证券简称：太平鸟 | 公告编号：2025-072 | | --- | --- | --- | | 债券代码：113627 | 债券简称：太平转债 | | 一、募集资金基本情况 （一）实际募集资金金额、资金到账时间 经中国证券监督管理委员会《关于核准宁波太平鸟时尚服饰股份有限公司公开 发行可转换公司债券的批复》（证监许可[2021]646 号）核准，宁波太平鸟时尚服 饰股份有限公司（以下简称"公司"）公开发行可转换公司债券（以下简称"可转 债"）8,000,000 张，每张面值 100 元，募集资金总额为 800,000,000 元，上述募 集资金扣除已支付的保荐承销费用 4,500,000 元（含税），实际收到可转债募集资 金 795,500,000 元。上述募集资金已于 2021 年 7 月 21 日全部到位，扣除发行费用 后募集资金净额为 793,661,3 ...

| 证券代码：603877 | 证券简称：太平鸟 | 公告编号：2025-071 | | --- | --- | --- | | 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 第五届董事会第六次会议决议公告 1、审议并通过了《2025 年半年度报告全文及摘要》 表决结果：赞成 9 票，反对 0 票，弃权 0 票。 公司 2025 年半年度财务报告已经公司第五届董事会审计委员会第四次会议审 议通过。 2、审议并通过了《2025 年半年度募集资金存放与实际使用情况的专项报告》 表决结果：赞成 9 票，反对 0 票，弃权 0 票。 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： 一、董事会会议召开情况 宁波太平鸟时尚服饰股份有限公司（以下简称"公司"）第五届董事会第六次 会议的书面通知于 2025 年 8 月 11 日以电子邮件及专人送达等方式发出，会议于 2025 年 8 月 21 日在公司会议室以现场与通讯相结合的方式召开。会议应出席董事 9 名，实际出席会议董事 9 名 ...

2025年1至6月份，太平鸟的营业收入构成为：服饰运营占比98.86%，其他业务占比0.76%，服饰制造占 比0.38%。 截至发稿，太平鸟市值为71亿元。 每经AI快讯，太平鸟（SH 603877，收盘价：15.05元）8月21日晚间发布公告称，公司第五届第六次董 事会会议于2025年8月21日在公司会议室以现场与通讯相结合的方式召开。会议审议了《2025年半年度 报告全文及摘要》等文件。 每经头条（nbdtoutiao）——最火游资不再是方新侠、章盟主、佛山无影脚？这名95后声名鹊起！ （记者 张明双） ...

[Definitions](index=5&type=section&id=First%20Section%20Definitions) This section provides definitions of key terms used throughout the report [Company Profile and Key Financial Indicators](index=6&type=section&id=Second%20Section%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section outlines the company's fundamental information and presents its key financial performance metrics [Company Basic Information](index=6&type=section&id=I.%20Company%20Information) This chapter provides the company's basic business registration information, including Chinese and English names, legal representative, contact details, and registered and office addresses - The company's full name is Ningbo Peacebird Fashion Apparel Co., Ltd., with Zhang Jiangping as the legal representative[17](index=17&type=chunk) [Key Accounting Data and Financial Indicators](index=7&type=section&id=VII.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) In the first half of 2025, the company's performance significantly declined, with operating revenue down 7.86%, net profit attributable to shareholders down 54.61%, and non-recurring net profit plummeting 78.91%, while net cash flow from operating activities turned negative, indicating significant operational pressure 2025 H1 Key Accounting Data | Key Accounting Data | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | **Operating Revenue** | 2.898 billion yuan | 3.146 billion yuan | -7.86% | | **Net Profit Attributable to Shareholders** | 0.078 billion yuan | 0.171 billion yuan | -54.61% | | **Net Profit Attributable to Shareholders Excluding Non-recurring Items** | 0.014 billion yuan | 0.065 billion yuan | -78.91% | | **Net Cash Flow from Operating Activities** | -0.262 billion yuan | 0.020 billion yuan | -1,425.54% | | **Total Assets (Period-end)** | 7.082 billion yuan | 8.424 billion yuan | -15.94% | 2025 H1 Key Financial Indicators | Key Financial Indicators | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | **Basic Earnings Per Share (yuan/share)** | 0.16 | 0.36 | -55.56% | | **Basic Earnings Per Share Excluding Non-recurring Items (yuan/share)** | 0.03 | 0.14 | -78.57% | | **Weighted Average Return on Net Assets (%)** | 1.72% | 3.75% | Decrease of 2.03 percentage points | - Total non-recurring gains and losses for the reporting period amounted to **64.0026 million yuan**, primarily from government subsidies (**69.6006 million yuan**) and fair value changes and disposal gains/losses from financial assets (**12.9547 million yuan**), significantly supplementing current profit[25](index=25&type=chunk)[26](index=26&type=chunk) [Management Discussion and Analysis](index=8&type=section&id=Third%20Section%20Management%20Discussion%20and%20Analysis) This section provides an in-depth analysis of the company's operational performance, industry trends, core competencies, and risk factors [Industry and Principal Business](index=8&type=section&id=I.%20Description%20of%20the%20Company's%20Industry%20and%20Principal%20Business%20During%20the%20Reporting%20Period) The company focuses on fashion brand retail, aiming to be the preferred brand for Chinese youth, with a multi-brand matrix including PEACEBIRD, LEDIN, and MINI PEACE, driven by a consumer-centric operating model that leverages data-driven product development, omnichannel retail, and agile supply to adapt to industry changes, characterized by stable economic growth, rational consumption, and a return to lean operations in the apparel sector - The company is positioned as a customer-centric fashion brand retail company, meeting diverse segmented customer needs through a multi-brand matrix[28](index=28&type=chunk) - The core operating model involves: data-driven product development, omnichannel retail synergy, and rapid, flexible production and supply[35](index=35&type=chunk)[36](index=36&type=chunk)[37](index=37&type=chunk) - Industry trend analysis: - **Macroeconomic**: In H1 2025, GDP grew by **5.3%** year-on-year, and total retail sales of consumer goods increased by **5.0%**, supporting industry development[39](index=39&type=chunk) - **Consumption Trends**: Consumers are becoming more rational, seeking 'value for money' and demanding higher quality, functionality, and cultural attributes in products[40](index=40&type=chunk) - **Industry Competition**: The industry is entering an intrinsic optimization phase, with companies improving quality and efficiency by strengthening internal capabilities (brand, product, channels, supply chain)[41](index=41&type=chunk) [Discussion and Analysis of Operations](index=14&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operating%20Performance) In H1 2025, the company rebranded with 'Enjoy Quality Fashion' as its core and launched the '2-5-10' strategic plan, actively pursuing brand upgrades, channel optimization (e.g., opening flagship stores), and product innovation, yet retail performance faced pressure, leading to year-on-year declines in both operating revenue and net profit, while continuously optimizing channel structure by closing inefficient stores and focusing on improving store operational quality and sales per square meter - The company established "Enjoy Quality Fashion" as its new brand positioning and released the "2-5-10" medium-to-long-term strategy, aiming to stabilize profitability within **2 years**, become an industry leader within **5 years**, and secure a key position in the global fashion industry within **10 years**[42](index=42&type=chunk) - The company's LEDIN women's wear and MINI PEACE children's wear brands underwent strategic upgrades, adopting new concepts of "Unleashed Rebirth, True Self Blooming" and emphasizing "creativity" and "imagination" respectively, to refresh their brand images[52](index=52&type=chunk)[54](index=54&type=chunk) 2025 H1 Performance Overview | Indicator | Amount | YoY Change | | :--- | :--- | :--- | | Operating Revenue | 2.898 billion yuan | -7.86% | | Net Profit Attributable to Shareholders | 77.7116 million yuan | -54.61% | | Net Profit Excluding Non-recurring Items | 13.7090 million yuan | -78.91% | - In terms of channel strategy, the company continued to close inefficient stores, focusing instead on enhancing terminal brand image and store sales per square meter, and adjusting the channel structure based on the principles of "reducing floors, expanding areas, and improving sales per square meter"[60](index=60&type=chunk) [Analysis of Core Competencies](index=22&type=section&id=III.%20Analysis%20of%20Core%20Competencies%20During%20the%20Reporting%20Period) The company's core competencies are primarily in brand, product, and retail, leveraging a multi-brand matrix for precise youth fashion market coverage, data-driven product supply chain for design accuracy and inventory turnover, and comprehensive new retail integration for an ultimate shopping experience - **Brand**: Deeply cultivating the youth fashion sector, building a multi-brand matrix to precisely segment and reach target customer groups[61](index=61&type=chunk) - **Product**: Data-driven integration across the entire design, production, and marketing chain, achieving a quick-response mechanism and improving operational efficiency[62](index=62&type=chunk) - **Retail**: Fully embracing new retail, strengthening e-commerce and social retail online, and enhancing in-store experience to build customer communities offline[63](index=63&type=chunk) [Analysis of Key Operating Performance](index=22&type=section&id=IV.%20Key%20Operating%20Performance%20During%20the%20Reporting%20Period) During the reporting period, both operating revenue and costs declined, but the cost reduction (-15.54%) exceeded the revenue reduction (-7.86%), primarily due to an improved retail discount rate, leading to a 4.00 percentage point increase in overall gross margin to 60.25%; by brand, all major brands experienced varying degrees of revenue decline but improved gross margins; by channel, online sales revenue decreased by 15.91%, offline sales slightly decreased by 5.13%, with direct-operated store revenue remaining largely flat and franchised store revenue down 13.63%; the company continued to optimize its store network, with a net closure of 194 stores during the period Analysis of Major Financial Statement Item Changes | Item | Current Period Amount | Change (%) | Primary Reason | | :--- | :--- | :--- | :--- | | Operating Revenue | 2.898 billion yuan | -7.86% | Decline in retail sales | | Operating Cost | 1.165 billion yuan | -15.54% | Decline in revenue and improved retail discount rate | | Selling Expenses | 1.304 billion yuan | 3.93% | Increased rental and decoration amortization due to more flagship and collection stores | | Net Cash Flow from Operating Activities | -0.262 billion yuan | -1,425.54% | Decline in operating revenue | Brand-wise Profitability | Brand | Operating Revenue (billion yuan) | YoY Revenue Change | Gross Margin (%) | YoY Gross Margin Change | | :--- | :--- | :--- | :--- | :--- | | PEACEBIRD Women's Wear | 1.060 | -10.45% | 61.06% | +5.21 ppt | | PEACEBIRD Men's Wear | 1.180 | -7.42% | 61.54% | +2.28 ppt | | LEDIN Girls' Wear | 0.233 | -7.18% | 55.46% | +5.99 ppt | | MINI PEACE Children's Wear | 0.377 | -3.73% | 60.00% | +3.04 ppt | Channel-wise Profitability | Sales Channel | Operating Revenue (billion yuan) | YoY Revenue Change | Gross Margin (%) | YoY Gross Margin Change | | :--- | :--- | :--- | :--- | :--- | | Online Sales | 0.748 | -15.91% | 49.93% | +5.75 ppt | | Offline Sales | 2.117 | -5.13% | 64.41% | +2.94 ppt | | - Direct-operated Stores | 1.404 | -0.13% | 71.30% | -0.32 ppt | | - Franchised Stores | 0.713 | -13.63% | 50.85% | +6.66 ppt | Physical Store Changes | Store Type | Beginning of Period Quantity | End of Period Quantity | Net Expansion/Closure | | :--- | :--- | :--- | :--- | | Direct-operated | 1,128 | 1,084 | -44 | | Franchised | 2,245 | 2,095 | -150 | | **Total** | **3,373** | **3,179** | **-194** | [Asset and Liability Analysis](index=25&type=section&id=Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, the company's total assets were 7.082 billion yuan, a 15.94% decrease from the beginning of the year, with significant changes in monetary funds, accounts receivable, and accounts payable reflecting seasonal sales patterns for spring/summer collections and revenue decline, while prepayments and construction in progress increased due to advance payments for autumn/winter goods and increased investment in the R&D center project Changes in Major Asset and Liability Items | Item Name | Period-end Amount (billion yuan) | Change from Prior Year-end (%) | Primary Reason | | :--- | :--- | :--- | :--- | | Monetary Funds | 0.457 | -54.00% | Lower spring/summer revenue | | Accounts Receivable | 0.308 | -42.00% | Lower unit value of spring/summer items and revenue decline | | Prepayments | 0.133 | 222.71% | Advance payments for autumn/winter goods, higher unit value | | Construction in Progress | 0.067 | 76.03% | Increased investment in Global Fashion R&D Center project | | Accounts Payable | 0.395 | -69.30% | Lower unit value of spring/summer goods payable | | Employee Compensation Payable | 0.111 | -36.99% | Payment of year-end bonuses | [Risk Analysis](index=28&type=section&id=V.%20Other%20Disclosure%20Matters) The company faces six main risks: brand operations, market trend comprehension, macroeconomic fluctuations, franchisee management, inventory management, and talent team stability, with corresponding countermeasures including strengthening brand building, data-driven R&D, optimizing operations, supporting franchisees, promoting quick-response management, and improving talent mechanisms to address potential challenges - The company identified six major risks: - **Brand Operation Risk**: Intense market competition requires continuous improvement in products, channels, and brand promotion to meet consumer demands[75](index=75&type=chunk) - **Market Trend Risk**: Rapid changes in consumer preferences mean that failure to adjust product design and marketing promptly could adversely affect performance[76](index=76&type=chunk) - **Macroeconomic Risk**: Apparel consumption is highly elastic and susceptible to economic fluctuations[78](index=78&type=chunk) - **Franchisee Model Risk**: Independent operation by franchisees may lead to inadequate management, impacting brand image and performance[79](index=79&type=chunk) - **Inventory Management Risk**: A large amount of inventory carries risks of impairment and write-downs[80](index=80&type=chunk) - **Talent and Team Risk**: Personnel turnover may affect team collaboration and business continuity[81](index=81&type=chunk) [Corporate Governance](index=30&type=section&id=Fourth%20Section%20Corporate%20Governance%2C%20Environment%20and%20Society) This section details changes in the company's governance structure, including board and supervisory board members, and equity incentive plans [Changes in Directors, Supervisors, and Senior Management](index=30&type=section&id=I.%20Changes%20in%20the%20Company's%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, changes occurred in the company's board of directors and supervisory board, with Mr. Wang Mingfeng resigning as director and deputy general manager, Mr. Ou Limin being appointed as a new director, and the company resolving to abolish the supervisory board and electing Mr. Weng Jianghong as an employee representative director - Wang Mingfeng resigned from his positions as company director and deputy general manager due to personal reasons[84](index=84&type=chunk) - The company resolved on June 30, 2025, to abolish the supervisory board and elected Weng Jianghong as an employee representative director for the fifth board of directors[84](index=84&type=chunk) [Equity Incentive Plan](index=30&type=section&id=III.%20Status%20and%20Impact%20of%20the%20Company's%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) During the reporting period, the company terminated its 2021 restricted stock incentive plan, repurchased and canceled some restricted shares, and the reserved equity of the 2024 stock option and restricted stock incentive plan expired - The company terminated the 2021 restricted stock incentive plan and repurchased and canceled some restricted shares[85](index=85&type=chunk) [Significant Matters](index=32&type=section&id=Fifth%20Section%20Significant%20Matters) This section covers important events and decisions, including major related party transactions and the use of raised funds [Significant Related Party Transactions](index=34&type=section&id=X.%20Significant%20Related%20Party%20Transactions) During the reporting period, the company projected total daily related party transactions for 2025 to be 50 million yuan, with actual transactions amounting to 10.9169 million yuan by period-end, remaining within the estimated limit, primarily involving related party leases, procurement of goods/acceptance of services, sales of goods/provision of services, and donations 2025 Annual Daily Related Party Transactions: Estimated vs. Actual | Related Party Transaction Type | Estimated Amount (million yuan) | Actual Amount (million yuan) | | :--- | :--- | :--- | | Related Party Leases - Lessee | 20.00 | 6.0488 | | Procurement of Goods/Acceptance of Services from Related Parties | 5.00 | 0.5713 | | Sales of Goods/Provision of Services to Related Parties | 5.00 | 2.9607 | | Donations | 10.00 | 0.00 | | Sales of Goods to Related Parties | 10.00 | 1.3361 | | **Subtotal** | **50.00** | **10.9169** | [Use of Raised Funds](index=37&type=section&id=XII.%20Explanation%20of%20Progress%20in%20the%20Use%20of%20Raised%20Funds) In 2021, the company raised a net amount of 794 million yuan through convertible bonds; during the reporting period, the company changed part of its fundraising projects, reallocating 493 million yuan from the uninvested 'Technology Digital Transformation Project' to the 'Ningbo High-tech Zone Peacebird Global Fashion R&D Center Project' due to significant changes in the original project's internal and external operating and technical environment - The company reallocated **492.8537 million yuan** of unused raised funds from the "Technology Digital Transformation Project" to construct the "Ningbo High-tech Zone Peacebird Global Fashion R&D Center Project"[102](index=102&type=chunk) - The project change was due to significant changes in the internal and external environment for the original project's implementation, including organizational structure reforms, adjustments to operating strategies, and rapid iteration of digital technologies[102](index=102&type=chunk) [Share Changes and Shareholder Information](index=41&type=section&id=Sixth%20Section%20Share%20Changes%20and%20Shareholder%20Information) This section details changes in the company's share capital and provides an overview of its shareholder structure [Share Capital Changes](index=41&type=section&id=I.%20Share%20Capital%20Changes) During the reporting period, the company's total share capital decreased from 473.8253 million shares to 471.0754 million shares, primarily due to the termination of the equity incentive plan and the departure of some incentive recipients/failure to meet performance targets, resulting in the repurchase and cancellation of a total of 2.75 million restricted shares - The company's total share capital decreased by **2,749,932 shares**, mainly due to the repurchase and cancellation of restricted shares already granted but not yet unlocked[109](index=109&type=chunk)[110](index=110&type=chunk) [Shareholder Information](index=43&type=section&id=II.%20Shareholder%20Information) As of the end of the reporting period, the company had 11,530 common shareholders; among the top ten shareholders, controlling shareholder Peacebird Group Co., Ltd. held 40.88% of shares, forming a concerted action group with Zhang Jiangbo, Ningbo Fanmei Investment, and Ningbo Hele Investment Top Five Shareholders' Holdings | Shareholder Name | Period-end Holding Quantity (shares) | Proportion (%) | | :--- | :--- | :--- | | Peacebird Group Co., Ltd. | 192,589,788 | 40.88% | | Zhang Jiangbo | 77,347,912 | 16.42% | | Ningbo Fanmei Investment Management Co., Ltd. | 42,168,000 | 8.95% | | Chen Hongchao | 22,398,600 | 4.75% | | Ningbo Hele Investment Co., Ltd. | 17,724,307 | 3.76% | [Bond-Related Information](index=46&type=section&id=Seventh%20Section%20Bond-Related%20Information) This section provides details on the company's convertible corporate bonds, including issuance, conversion status, and credit ratings [Convertible Corporate Bonds](index=46&type=section&id=II.%20Convertible%20Corporate%20Bonds) In July 2021, the company issued 800 million yuan of 6-year convertible corporate bonds, 'Peacebird Convertible Bonds' (code 113627); no conversion, redemption, or put options occurred during the reporting period; as of period-end, the unconverted amount was 799.8 million yuan, accounting for 99.97% of the total issuance; due to annual equity distribution and repurchase/cancellation of restricted shares, the conversion price has been adjusted multiple times, with the latest conversion price at 20.88 yuan/share; the company's and bond's credit ratings are both AA, with a stable outlook - The company's "Peacebird Convertible Bonds" were listed on August 6, 2021; as of the end of the reporting period, the cumulative conversion ratio was extremely low, with an unconverted amount of **799.752 million yuan**, accounting for **99.9690%** of the total issuance[123](index=123&type=chunk)[127](index=127&type=chunk) - Due to the implementation of the 2024 annual equity distribution and the repurchase and cancellation of restricted shares, the conversion price was adjusted to **20.88 yuan/share** on June 13, 2025[129](index=129&type=chunk) - United Credit Ratings maintained the company's long-term credit rating at **AA**, the "Peacebird Convertible Bonds" credit rating at **AA**, and the rating outlook as stable[130](index=130&type=chunk) [Financial Report](index=48&type=section&id=Eighth%20Section%20Financial%20Report) This section presents the company's complete financial statements and detailed notes to the consolidated financial statement items [Financial Statements](index=48&type=section&id=II.%20Financial%20Statements) This chapter includes the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025 [Notes to Consolidated Financial Statement Items](index=90&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This chapter provides detailed explanations of the composition and changes of major items in the consolidated financial statements, including monetary funds, accounts receivable, inventories, fixed assets, construction in progress, accounts payable, revenue, and costs Inventory Age and Impairment Provision (Period-end) | Inventory Age | Book Balance (billion yuan) | Impairment Provision (billion yuan) | Provision Ratio (%) | | :--- | :--- | :--- | :--- | | Within 1 year | 1.069 | 0.00 | 0.00% | | 1-2 years | 0.364 | 0.073 | 20.00% | | 2-3 years | 0.212 | 0.106 | 50.00% | | Over 3 years | 0.036 | 0.036 | 100.00% | | **Total** | **1.681** | **0.215** | **12.76%** | - The period-end balance of construction in progress was **67.4253 million yuan**, a significant increase from **38.3029 million yuan** at the beginning of the period, mainly due to increased investment in the Ningbo High-tech Zone Peacebird Global Fashion R&D Center Project and the Omnichannel Operations Platform Project[308](index=308&type=chunk)

Core Viewpoint - The company reported a decline in both revenue and net profit for the first half of the year, indicating potential challenges in its financial performance [1] Financial Performance - The company achieved operating revenue of 2.898 billion, a year-on-year decrease of 7.86% [1] - The net profit attributable to shareholders was 77.7116 million, reflecting a year-on-year decline of 54.61% [1] - The net profit after deducting non-recurring gains and losses was 13.709 million, showing a significant year-on-year decrease of 78.91% [1]

人民财讯8月21日电，太平鸟（603877）8月21日晚间披露2025年半年度报告，上半年实现营业收入 28.98亿元，同比下降7.86%；归母净利润7771.16万元，同比下降54.61%；基本每股收益0.16元。 ...