Market Overview - The apparel and home textile sector increased by 0.51% compared to the previous trading day, with Taiping Bird leading the gains [1] - The Shanghai Composite Index closed at 3939.81, down 0.81%, while the Shenzhen Component Index closed at 13080.49, down 0.92% [1] Top Performers - Taiping Bird (603877) closed at 16.37, up 10.01% with a trading volume of 61,200 shares and a transaction value of 96.40 million yuan [1] - Zhenai Meijia (003041) closed at 49.63, up 10.00% with a trading volume of 37,300 shares and a transaction value of 183 million yuan [1] - Qipilang (002029) closed at 11.69, up 9.97% with a trading volume of 981,500 shares and a transaction value of 1.11 billion yuan [1] - Jiumuwang (601566) closed at 15.22, up 9.97% with a trading volume of 199,000 shares and a transaction value of 303 million yuan [1] - Jiaxin Silk (002404) closed at 7.63, up 9.94% with a trading volume of 209,300 shares and a transaction value of 157 million yuan [1] Underperformers - Wanlima (300591) closed at 10.87, down 10.61% with a trading volume of 832,700 shares and a transaction value of 93.26 million yuan [2] - Sanfu Outdoor (002780) closed at 15.60, down 9.72% with a trading volume of 331,200 shares and a transaction value of 530 million yuan [2] - Zhongwang Fabric (605003) closed at 27.39, down 4.13% with a trading volume of 27,300 shares and a transaction value of 75.48 million yuan [2] Capital Flow - The apparel and home textile sector experienced a net outflow of 178 million yuan from institutional investors and a net outflow of 104 million yuan from retail investors, while individual investors saw a net inflow of 282 million yuan [2] - Key stocks in the sector showed varied capital flows, with Qipilang (002029) having a net inflow of 110 million yuan from institutional investors [3] - Jiaxin Silk (002404) had a net inflow of 53.35 million yuan from institutional investors, while Taiping Bird (603877) saw a net inflow of 23.83 million yuan [3]

Core Points - The stock price of Taiping Bird increased by 2.08% on November 18, reaching 15.19 CNY per share, with a trading volume of 31.71 million CNY and a turnover rate of 0.45%, resulting in a total market capitalization of 7.156 billion CNY [1] - Year-to-date, Taiping Bird's stock price has risen by 5.47%, with a 2.98% increase over the last five trading days, a 6.00% increase over the last twenty days, and a 3.76% increase over the last sixty days [1] - As of September 30, 2025, Taiping Bird reported a revenue of 4.217 billion CNY, a year-on-year decrease of 7.15%, and a net profit attributable to shareholders of 28.259 million CNY, a year-on-year decrease of 73.79% [1] Financial Overview - Taiping Bird has distributed a total of 2.581 billion CNY in dividends since its A-share listing, with 541 million CNY distributed over the past three years [2] - As of September 30, 2025, the number of shareholders increased by 2.93% to 11,900, while the average circulating shares per person decreased by 2.85% to 39,545 shares [1]

Group 1 - The Hong Kong stock consumer sector experienced a slight pullback after an initial rise, with the Hong Kong Consumer ETF (513230) declining nearly 0.5% [1] - The eighth China International Import Expo concluded on November 10, highlighting the ongoing momentum of cross-border e-commerce and the influx of quality overseas brands into the Chinese market [1] - The consumer market in China is transitioning from a recovery in quantity to an upgrade in quality, driven by channel innovation, diversified demand, and improved commercial ecosystems [1] Group 2 - The new gold tax policy is expected to drive market share towards leading brands in the medium to long term, as it aims to regulate previous non-compliant tax practices in the industry [1] - Companies with differentiated product offerings and strong operational capabilities, such as Lao Pu Gold and Chow Tai Fook, are likely to benefit from this policy [1] - The Hong Kong Consumer ETF (513230) tracks the CSI Hong Kong Stock Connect Consumer Theme Index, encompassing a wide range of sectors including new consumption leaders and internet e-commerce giants [2]

Investment Rating - The report maintains a "Buy" rating for the company [7][11]. Core Insights - Short-term performance is under pressure, but profit growth is expected to recover due to channel adjustments, retail improvements, and franchise gross margin recovery. Long-term, structural adjustments are anticipated to enhance operational quality and profit elasticity, shifting from retail-driven profit elasticity to a more sustainable and robust internal focus [2][11]. - The company reported revenues of 4.22 billion yuan and a net profit attributable to shareholders of 30 million yuan for the first three quarters of 2025, reflecting a year-on-year decline of 7.2% and a 73.8% drop in net profit [5][11]. Financial Performance Summary - For Q3 2025, the company achieved revenues of 1.32 billion yuan, with a net loss attributable to shareholders of 50 million yuan, marking a year-on-year revenue decline of 5.5% and a reduction in losses of 14 million yuan [5][11]. - The company’s gross margin improved by 1.6 percentage points year-on-year in Q3 2025, despite a challenging retail environment and ongoing franchise store closures [11]. - The projected net profits for 2025, 2026, and 2027 are estimated at 170 million yuan, 210 million yuan, and 230 million yuan, respectively, with corresponding price-to-earnings ratios of 41, 33, and 30 [2][11].

Core Viewpoint - Ningbo Taiping Bird Fashion Co., Ltd. has decided not to adjust the conversion price of its convertible bonds, "Taiping Convertible Bonds," despite triggering the downward adjustment clause due to stock price performance [2][9]. Group 1: Company Announcement - As of November 7, 2025, the company's stock price was below 85% of the current conversion price for 15 out of 30 consecutive trading days, triggering the downward adjustment clause for "Taiping Convertible Bonds" [2]. - The company's board of directors held a meeting on November 7, 2025, and resolved not to adjust the conversion price, also stating that if the clause is triggered again within the next 12 months (November 8, 2025, to November 7, 2026), no adjustment proposal will be made [2][9]. - The current conversion price of "Taiping Convertible Bonds" is 20.88 yuan per share [8]. Group 2: Convertible Bond Details - The company issued 8 million convertible bonds on July 15, 2021, with a total fundraising amount of 800 million yuan and a maturity period of 6 years [3]. - The initial conversion price was set at 50.32 yuan per share, which has undergone several adjustments due to various corporate actions [3][4][5][6][7]. - The most recent adjustment occurred due to the annual profit distribution plan, lowering the conversion price to 20.81 yuan per share, which was subsequently adjusted to 20.88 yuan per share after the repurchase of shares [5][7].

Core Points - The company, Taiping Bird, announced that it will not adjust the conversion price of its "Taiping Convertible Bonds" downward during the upcoming twelve months from November 8, 2025, to November 7, 2026 [2] - The board of directors stated that if the conversion price adjustment clause is triggered again in the future, they will not propose a downward adjustment plan [2] - The board will reconvene to decide whether to exercise the downward adjustment right if the clause is triggered again after the specified period [2]

Core Insights - The company reported its worst quarterly results since going public, with a significant decline in both revenue and net profit [1] Financial Performance - For the first three quarters of 2025, the company achieved operating revenue of 4.217 billion yuan, a year-on-year decrease of 7.15% [1] - The net profit attributable to shareholders plummeted by 73.79%, amounting to only 28.259 million yuan [1] - The non-recurring net profit also worsened, resulting in a loss of 55.46 million yuan [1] Factors Affecting Performance - The company attributed the substantial decline in performance to multiple factors, including decreased operating revenue, increased inventory impairment losses, and reduced government subsidies [1] Inventory and Store Closures - As of the end of Q3 2025, the company's inventory stood at 1.764 billion yuan, reflecting a 1.65% increase compared to the end of 2024 [1] - In response to ongoing performance pressures, the company has been closing inefficient stores, with 504 closures and only 240 openings in the first three quarters, resulting in a net reduction of 264 stores [1] - The total number of remaining physical stores as of Q3 2025 is 3,109, with over 2,000 stores closed cumulatively [1]

| 证券代码：603877 | 证券简称：太平鸟 | 公告编号：2025-094 | | --- | --- | --- | | 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 截至 2025 年 11 月 7 日，宁波太平鸟时尚服饰股份有限公司（以下简称"公 司"）股票在任意连续三十个交易日中有十五个交易日的收盘价格低于当 期转股价格的 85%，触发"太平转债"转股价格向下修正条款。 经公司第五届董事会第八次会议审议通过，公司董事会决定本次不向下修 正"太平转债"转股价格，同时在未来十二个月内（2025 年 11 月 8 日至 2026 年 11 月 7 日），如再次触发"太平转债"转股价格向下修正条款，亦 不提出向下修正方案。在此之后，若再次触发"太平转债"转股价格向下 修正条款，届时公司董事会将再次召开会议决定是否行使"太平转债"的 转股价格向下修正权利。 关于不向下修正"太平转债"转股价格的公告 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。 重要内容提示： 一、"太平转债"基本 ...

Core Viewpoint - The company announced that during the repurchase period from October 23 to October 29, 2025, no investors submitted repurchase applications for the "Tai Ping Convertible Bonds," resulting in a completed repurchase process without any financial transactions required [1][3]. Group 1: Repurchase Announcement - The repurchase period for the "Tai Ping Convertible Bonds" was set from October 23 to October 29, 2025, with a repurchase price of 100.49 CNY per bond, including the current interest [2][3]. - The company disclosed multiple announcements regarding the repurchase of "Tai Ping Convertible Bonds" from October 16 to October 29, 2025 [1]. Group 2: Repurchase Results and Impact - The effective number of repurchase applications during the period was 0, resulting in a total repurchase amount of 0 CNY, meaning no further financial actions are required [3][4]. - The repurchase of "Tai Ping Convertible Bonds" will not impact the company's cash flow, asset status, or share capital [3]. Group 3: Subsequent Matters - The unrepurchased "Tai Ping Convertible Bonds" will continue to be traded on the Shanghai Stock Exchange [4]. Group 4: Convertible Bond Issuance Overview - The company issued 8 million convertible bonds on July 15, 2021, with a total fundraising amount of 800 million CNY, and these bonds began trading on August 6, 2021 [8]. - The initial conversion price was set at 50.32 CNY per share, with the conversion period from January 21, 2022, to July 14, 2027 [8]. Group 5: Conversion Price Adjustments - The current conversion price is 20.88 CNY per share, with several adjustments made due to various corporate actions [6][13]. - The conversion price may be subject to downward adjustments if the company's stock price falls below 85% of the current conversion price for a specified period [16].

| 证券代码：603877 | 证券简称：太平鸟 | 公告编号：2025-093 | | --- | --- | --- | | 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"太平转债"预计触发转股价格向下修正条件 的提示性公告 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： 目前转股价格：20.88 元/股。 转股期起止日期：2022 年 1 月 21 日至 2027 年 7 月 14 日。 自 2025 年 10 月 20 日至 2025 年 10 月 31 日，宁波太平鸟时尚服饰股份有 限公司（以下简称"公司"）股票已有十个交易日收盘价格低于当期转股价格的 85% （即 17.75 元/股），预计将触发转股价格向下修正条件。若触发条件，公司将于触 发条件当日召开董事会审议决定是否修正转股价格，并及时履行信息披露义务。敬 请广大投资者关注公司后续公告，注意投资风险。 一、可转债发行上市概况 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 ...