Core Viewpoint - The company announces the conditional repurchase of its convertible bonds ("太平转债") due to the stock price falling below 70% of the conversion price for thirty consecutive trading days, allowing bondholders to choose whether to sell back their bonds at a specified price [2][4]. Group 1: Repurchase Terms - Bondholders can sell back part or all of their unconverted convertible bonds during the repurchase period [8]. - The repurchase price is set at 100.49 RMB per bond, which includes accrued interest [12]. - The repurchase period is from October 23, 2025, to October 29, 2025, with funds to be disbursed on November 3, 2025 [4][13]. Group 2: Conditions for Repurchase - The conditional repurchase clause is activated when the company's stock price remains below 70% of the conversion price for thirty consecutive trading days [2]. - If bondholders do not exercise their repurchase rights during the specified period, they will lose the right to do so for the current interest year [5]. Group 3: Interest Calculation - The interest for the current period is calculated based on the formula: IA = B × i × t / 365, where the interest for the fifth year is approximately 0.49 RMB per bond [6][7]. Group 4: Trading During Repurchase Period - The convertible bonds will continue to trade during the repurchase period but will stop converting into shares [15]. - If the total face value of the bonds in circulation falls below 30 million RMB due to the repurchase, the bonds will still continue to trade until the end of the repurchase period [15].

| 证券代码：603877 | 证券简称：太平鸟 | 公告编号：2025-076 | | --- | --- | --- | | 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"可选择回售的公告 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： 因回售期间"太平转债"停止转股,本公司的相关证券停复牌情况如下： | 证券代码 | 证券简称 | 停复牌类型 | 停牌起始日 | 停牌 期间 | 停牌终止日 | 复牌日 | | --- | --- | --- | --- | --- | --- | --- | | 113627 | 太平转债 | 可转债转股停牌 | 2025/10/23 | | 2025/10/29 | 2025/10/30 | "太平转债"持有人可回售部分或全部未转股的可转换公司债券。"太平转债" 持有人有权选择是否进行回售，本次回售不具有强制性。 本次满足回售条款而"太平转债"持有人未在上述回售期内申报并实施回售的， 本计息年度（即 2025 年 ...

Core Insights - The total margin financing and securities lending balance in the Shanghai and Shenzhen markets reached 24,343.03 billion yuan, an increase of 475.63 billion yuan compared to the previous trading day [1] - The financing balance specifically was 24,181.86 billion yuan, reflecting a week-on-week increase of 472.14 billion yuan [1] Market Overview - The Shanghai market's margin balance was 12,417.59 billion yuan, up by 223.66 billion yuan from the previous trading day, while the Shenzhen market's balance was 11,925.44 billion yuan, increasing by 251.97 billion yuan [1] Stock Performance - A total of 2,135 stocks experienced net inflows of financing funds, with three stocks exceeding 1 billion yuan in net buying: ZTE Corporation (20.72 billion yuan), Xinyi Technology (17.09 billion yuan), and Dongfang Wealth (13.28 billion yuan) [3][5] - The top stocks by net financing inflow also included Zijin Mining (9.46 billion yuan) and Northern Rare Earth (7.79 billion yuan) [5][6] Financing Inflow Proportions - Nineteen stocks had financing net buying amounts that accounted for over 10% of their total transaction amounts, with Yutong Technology leading at 20.48%, followed by Taiping Bird at 19.08% and Zhuoyue New Energy at 19.02% [6][7]

Retail Industry Overview - The total retail sales of consumer goods in China reached 24.55 trillion yuan in the first half of the year, with a year-on-year growth of 5.0%, slightly up from 3.7% in the same period last year [2] - Online retail sales amounted to 7.43 trillion yuan, growing by 8.5%, while offline retail sales were 17.12 trillion yuan, with a growth of 3.75%, indicating a shift in consumer shopping habits towards online platforms [2][5] Store Closures - In the first half of 2025, at least 1.71 million stores closed across various sectors, including major brands like Walmart, Starbucks, and Haidilao [2] - The supermarket sector saw at least 720 store closures, including national and regional brands such as Yonghui Supermarket and Hema [3][4] - The restaurant industry faced nearly 10,000 closures, while the apparel sector saw around 4,500 stores shut down [2][6] Supermarket Sector Challenges - Traditional supermarkets are experiencing accelerated closures due to increased competition from e-commerce and the rise of instant retail, which has grown from 36.6 billion yuan in 2017 to 650 billion yuan in 2023 [6] - Many supermarkets are closing underperforming stores and focusing on online business to adapt to changing consumer preferences [6][7] Department Store and Shopping Center Decline - The department store sector reported a year-on-year growth of only 1.2%, with at least 23 department stores and shopping centers closing in the first half of 2025 [8][9] - The decline is attributed to outdated business models and a lack of unique product offerings, leading to decreased foot traffic [11][12] Tea and Coffee Shop Closures - The tea and coffee sectors saw significant closures, with at least 6,673 tea and coffee shops shutting down in the first half of 2025 [13] - Brands like Heytea and Nayuki faced substantial store reductions, reflecting a market consolidation where only strong brands survive [15][20] Apparel Industry Adjustments - The apparel sector experienced a 3.1% year-on-year growth, with at least 4,563 clothing stores closing, including major brands like Semir and GU [21][24] - The closures are driven by high inventory levels, brand aging, and a shift towards larger store formats, which require higher operational efficiency [24][25][27] Cinema Industry Struggles - The cinema industry is facing a crisis, with a high vacancy rate of 30-40% and at least 38 cinemas closing in the first half of 2025 [28][30] - Factors contributing to this decline include high fixed costs, reliance on blockbuster films, and competition from streaming services [30][31][32] Other Industries - Various other sectors, including pet care, home improvement, and education, also experienced closures, indicating a broader trend of market contraction [34]

Core Insights - The report from Tianfeng Securities indicates that Taiping Bird's revenue for H1 2025 was 2.9 billion, a decrease of 8% year-on-year, with a net profit attributable to the parent company of 80 million, down 55% year-on-year [1] - In Q2 2025, the company's revenue was 1.2 billion, also down 8% year-on-year, with a net profit attributable to the parent company of -50 million [1] Group 1: Strategic Initiatives - Taiping Bird is implementing a "2-5-10" strategy focusing on product innovation, channel restructuring, technological empowerment, and digital transformation to drive brand upgrades [1] - The company aims to deepen its focus on "quality fashion" products over the next two years to stabilize its profit fundamentals [1] Group 2: Operational Focus - The company is enhancing the quality of store operations and improving profitability by continuously closing inefficient stores and shifting focus to enhance brand image and store efficiency [1] - Taiping Bird is clarifying the value positioning of its channels and expanding into key operational areas, adhering to the principles of "reducing layers, expanding area, and improving efficiency" for channel development [1] Group 3: Financial Projections - The company forecasts revenues of 6.8 billion, 7.1 billion, and 7.4 billion for 2025, 2026, and 2027 respectively, with net profits of 210 million, 340 million, and 400 million [1] - The previous projections for net profits were 390 million, 480 million, and 510 million for the same years [1] - Corresponding price-to-earnings ratios are projected to be 31x, 19x, and 16x for 2025, 2026, and 2027 respectively [1]

Core Viewpoint - The announcement details the conversion results of the "Tai Ping Bird" convertible bonds, highlighting the low conversion rate and the significant amount of unconverted bonds remaining. Group 1: Conversion Status - As of September 30, 2025, a total of RMB 249,000 of "Tai Ping Bird" convertible bonds has been converted into A-shares, resulting in 10,765 shares, which represents 0.0023% of the company's total shares before conversion [2][8] - The amount of unconverted "Tai Ping Bird" convertible bonds as of September 30, 2025, is RMB 799,751,000, accounting for 99.9689% of the total issuance [2][8] Group 2: Convertible Bond Issuance Overview - The company issued 8 million convertible bonds on July 15, 2021, with a total fundraising amount of RMB 80 million and a maturity of 6 years [3] - The initial conversion price was set at RMB 50.32 per share, with subsequent adjustments due to various corporate actions, including stock repurchases and annual profit distributions [3][4][5][6] Group 3: Conversion Price Adjustments - The conversion price has been adjusted multiple times, with the current conversion price being RMB 20.88 per share as of the latest update [7][8]

Investment Rating - The investment rating for the company is "Accumulate" [6] Core Views - The company reported a revenue of 1.2 billion in Q2 2025, a decrease of 8% year-on-year, with a net profit attributable to the parent company of -50 million. For the first half of 2025, revenue was 2.9 billion, also down 8%, and net profit was 80 million, down 55% [1] - The company has initiated a new strategic plan called "2-5-10," focusing on product innovation, channel restructuring, technological empowerment, and digital transformation to enhance brand value and market position over the next decade [1] - The company is optimizing its channel structure by closing underperforming stores and focusing on improving brand image and store efficiency [3] Financial Forecasts - Revenue forecasts for 2025-2027 are 6.83 billion, 7.09 billion, and 7.44 billion respectively, with net profits of 212.98 million, 338.03 million, and 398.13 million respectively. The corresponding P/E ratios are projected to be 30.59, 19.27, and 16.36 [4][5] - The company has reported a significant reduction in net profit growth rates, with a forecasted decline of 17.59% in 2025, followed by a recovery of 58.71% in 2026 and 17.78% in 2027 [5][11] Market Positioning - The company is enhancing its retail experience through flagship stores in key urban areas, aiming to redefine quality standards in the Chinese fashion retail industry [2] - The company is committed to creating deeper emotional connections with consumers through innovative channels and upgraded shopping experiences [2]

| 证券代码：603877 | 证券简称：太平鸟 | 公告编号：2025-075 | | --- | --- | --- | | 债券代码：113627 | 债券简称：太平转债 | | 经上海证券交易所自律监管决定书【2021】334 号文同意，公司 80,000 万元 可转债于 2021 年 8 月 6 日起在上海证券交易所挂牌交易，债券简称"太平转债"， 债券代码"113627"。 根据有关规定和《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 募集说明书》的约定，公司本次发行的"太平转债"自 2022 年 1 月 21 日起可转换 为本公司股份，初始转股价格为 50.32 元/股。历次转股价格调整情况如下： （一）因 2021 年年度权益分派方案实施，转股价格调整为 49.72 元/股，具体 累计转股情况：截至 2025 年 9 月 30 日，累计已有人民币 249,000 元"太 平转债"转换为公司 A 股股票，累计转股 10,765 股，占可转债转股前公 司已发行股份总额的 0.0023%。 未转股可转债情况：截至 2025 年 9 月 30 日，尚未转股的"太平转债"金 额为人民币 799, ...

Market Overview - The apparel and home textile sector experienced a decline of 0.29% on September 30, with Hongxing Co. leading the drop [1] - The Shanghai Composite Index closed at 3882.78, up 0.52%, while the Shenzhen Component Index closed at 13526.51, up 0.35% [1] Top Performers - Anner (002875) saw a significant increase of 8.48%, closing at 18.93, with a trading volume of 187,300 shares and a transaction value of 347 million [1] - Kanglongda (603665) rose by 7.12%, closing at 27.70, with a trading volume of 58,300 shares and a transaction value of 26.65 million [1] - Longtou Co. (600630) increased by 6.62%, closing at 9.18, with a trading volume of 512,900 shares and a transaction value of 469 million [1] Underperformers - Bingshi Co. (001209) experienced a significant drop of 9.84%, closing at 18.78, with a trading volume of 169,200 shares and a transaction value of 324 million [2] - Hongdou Co. (600400) fell by 5.26%, closing at 2.88, with a trading volume of 1,910,300 shares and a transaction value of 561 million [2] - Tianchuang Fashion (603608) decreased by 4.55%, closing at 7.35, with a trading volume of 117,000 shares and a transaction value of 87.46 million [2] Capital Flow - The apparel and home textile sector saw a net outflow of 216 million from institutional investors, while retail investors contributed a net inflow of 186 million [2][3] - Major stocks like Longtou Co. and Haian Home (600398) experienced varying levels of net inflow and outflow from different investor categories [3]

Group 1 - The core transaction on September 26 involved a block trade of 1.2 million shares of Taiping Bird, with a transaction value of 18 million yuan and a transaction price of 15.00 yuan, representing a premium of 7.37% over the closing price of the day [2][3] - In the last three months, Taiping Bird has recorded a total of two block trades, with a cumulative transaction value of 36.06 million yuan [2] - The closing price of Taiping Bird on the day of the transaction was 13.97 yuan, reflecting a decrease of 0.50%, with a daily turnover rate of 0.32% and a total transaction amount of 20.83 million yuan [2] Group 2 - The latest margin financing balance for Taiping Bird is 91.15 million yuan, which has increased by 9.08 million yuan over the past five days, marking an increase of 11.06% [3] - Taiping Bird Fashion Co., Ltd. was established on September 10, 2001, with a registered capital of 4,710.75401 million yuan [3]