| 证券代码：603877 | 证券简称：太平鸟 | 公告编号：2025-092 | | --- | --- | --- | | 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"可选择回售结果的公告 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、本次可转债回售的公告情况 宁波太平鸟时尚服饰股份有限公司（以下简称"公司"）于 2025 年 10 月 16 日披露《关于"太平转债"可选择回售的公告》（公告编号：2025-076），并于 2025 年 10 月 17 日、2025 年 10 月 20 日、2025 年 10 月 21 日、2025 年 10 月 22 日、2025 年 10 月 23 日、2025 年 10 月 24 日、2025 年 10 月 27 日、2025 年 10 月 28 日、2025 年 10 月 29 日先后披露关于"太平转债"可选择回售的提示性公告（公告编号： 2025-077、2025-078、2025-079、2025 ...

Core Viewpoint - The company has reported a continuous decline in revenue and profit, indicating deeper operational challenges and a weakening brand influence [1][2][4]. Financial Performance - In Q3 2025, the company achieved revenue of 1.319 billion yuan, a year-on-year decrease of 5.54%, with a net loss attributable to shareholders of 49.45 million yuan [1][5]. - For the first three quarters of 2025, total revenue was 4.217 billion yuan, down 7.15%, and net profit fell by 73.79% to 28.26 million yuan [5][6]. - The company plans to provision for impairment losses totaling 115 million yuan, further impacting profitability [2]. Brand and Product Line Performance - All four major brand lines experienced revenue declines compared to the previous year: PEACEBIRD women's wear down 8.42%, men's wear down 7.17%, LEDIN girls' wear down 9.38%, and MINI PEACE children's wear down 3.07% [4]. - Smaller brands like Material Girl and PETiTAVril saw revenue drops exceeding 40% [4]. Channel Performance - Online and offline revenues were 1.004 billion yuan and 3.151 billion yuan, respectively, with declines of 16.08% and 4.48% year-on-year [7][9]. - The gross margin for online sales was 48.21%, while offline sales achieved a gross margin of 62.28%, highlighting a significant 14.07 percentage point gap [8][9]. Store Strategy and Challenges - The company closed 146 direct stores and 358 franchise stores, while opening 92 direct and 148 franchise stores, resulting in a net decrease of over 2,100 stores since 2021 [18]. - The strategy of opening large flagship stores has shown initial success but is now facing declining sales per store, with average revenue per store down 8.32% in 2024 [16][17]. Brand Upgrade Strategy - The company is attempting to transition from "fast fashion" to "quality fashion," targeting the 25-35 age demographic, but faces challenges in establishing a competitive advantage in both high-end and mass markets [23][24]. - High inventory levels reached 1.764 billion yuan, accounting for over 23% of total assets, indicating pressure from declining sales and high stock [24][26]. Market Position and Future Outlook - The company's market value has decreased by approximately 70% from its peak, reflecting broader challenges faced by Chinese apparel brands [32]. - Analysts suggest that the company needs to reassess its strategies regarding large stores and brand upgrades to find a more coherent path forward [33].

关于召开 2025 年第三季度业绩说明会的公告 | 证券代码：603877 | 证券简称：太平鸟 | 公告编号：2025-091 | | --- | --- | --- | | 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。 重要内容提示： 会 议 问 题 征 集 ： 投 资 者 可 于 2025 年 11 月 6 日 前 访 问 网 址 https://eseb.cn/1sHZOHchBn2 进行会前提问。公司将在说明会上对投资者 普遍关注的问题进行回答。 宁波太平鸟时尚服饰股份有限公司（以下简称"公司"）已于 2025 年 10 月 24 日发布公司 2025 年第三季度报告，为便于广大投资者更全面深入地了解公司 2025 年第三季度经营成果、财务状况，公司计划于 2025 年 11 月 6 日（星期四） 15:00-16:00 在"价值在线"（www.ir-online.cn）举行 2025 年第三季度业绩说 明会，就投资者关心的问题 ...

关于"太平转债"可选择回售的第九次提示性公告 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： "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。 | 证券代码：603877 | 证券简称：太平鸟 | 公告编号：2025-090 | | --- | --- | --- | | 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 7 月 15 日至 2026 年 7 月 14 日）不能再行使回售权。 风险提示：投资者选择回售等同于以 100.49 元/张卖出持有的"太平转债"。 截至 2025 年 10 月 28 日，"太平转债"的收盘价格高于本次回售价格，投资者选择 回售可能会带来损失，敬请投资者注意风险。 宁波太平鸟时尚服饰股份有限公司（以下简称"公司"）A 股股票自 2025 年 8 月 27 日至 2 ...

| 证券代码：603877 | 证券简称：太平鸟 | 公告编号：2025-089 | | --- | --- | --- | | 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"可选择回售的第八次提示性公告 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： "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 7 月 15 日至 2026 年 7 月 14 日）不能再行使回售权。 风险提示：投资者选择回售等同于以 100.49 元/张卖出持有的"太平转债"。 截至 2025 年 10 月 27 日，"太平转债"的收盘价格高于本次回售价格，投资者选择 回售可能会带来损失，敬请投资者注意风险。 宁波太平鸟时尚服饰股份有限公司（以下简称"公司"）A 股股票自 2025 年 8 月 27 日至 2 ...

Core Viewpoint - The company announces the conditional redemption terms for its convertible bonds, allowing holders to sell back part or all of their unconverted bonds at a specified price during a designated period [1][2][5]. Redemption Terms and Conditions - Holders of the "Tai Ping Convertible Bonds" can choose to redeem their bonds at a price of 100.49 RMB per bond, which includes accrued interest [5][9]. - The redemption period is set from October 23, 2025, to October 29, 2025, with funds to be disbursed on November 3, 2025 [10][12]. - The bonds will stop converting during the redemption period, but trading will continue [12]. Conditions for Redemption - The conditional redemption clause is activated if the company's stock price remains below 70% of the conversion price for any consecutive 30 trading days [1][2]. - If bondholders do not exercise their redemption rights during the specified period, they will lose the right to redeem for that interest year [3][5]. Interest Calculation - The interest for the current period is calculated based on a rate of 1.80% for 100 days, resulting in approximately 0.49 RMB per bond [5][4]. - The total redemption price is thus 100 RMB (face value) plus 0.49 RMB (interest) [5]. Trading and Submission Procedures - Bondholders must submit their redemption requests through the Shanghai Stock Exchange trading system during the redemption period [6][8]. - If a submission fails on the first day, bondholders can attempt to submit again on the following day within the redemption period [7].

Core Viewpoint - The recent price adjustment by Laopu Gold has resulted in significant increases in the prices of several products, with some experiencing over 20% hikes compared to previous prices [1] Price Adjustments - Laopu Gold announced its third price adjustment of the year on October 26, with multiple products seeing price increases exceeding 20% [1] - The price of the "Cross Gold Vajra No. 1" (8.39 grams) is now 18,500 yuan, reflecting a price difference of 3,500 yuan and a percentage increase of 23.33% [1] - The "Rose Window No. 1 Gemstone" (14.8 grams) is now priced at 30,610 yuan, with a price difference of 6,150 yuan and a percentage increase of 25.15% [1] - The "Point Diamond Gourd" (7.39 grams) is now priced at 16,750 yuan, showing a price difference of 2,660 yuan and an increase of 18.87% [1] - The "Sun Totem" (8 grams) is now priced at 19,500 yuan, with a price difference of 3,110 yuan and an increase of 18.97% [1]

| 证券代码：603877 | 证券简称：太平鸟 | 公告编号：2025-088 | | --- | --- | --- | | 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"可选择回售的第七次提示性公告 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： "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 7 月 15 日至 2026 年 7 月 14 日）不能再行使回售权。 风险提示：投资者选择回售等同于以 100.49 元/张卖出持有的"太平转债"。 截至 2025 年 10 月 24 日，"太平转债"的收盘价格高于本次回售价格，投资者选择 回售可能会带来损失，敬请投资者注意风险。 宁波太平鸟时尚服饰股份有限公司（以下简称"公司"）A 股股票自 2025 年 8 月 27 日至 2 ...

Core Viewpoint - The recent financial report from Peacebird indicates a significant decline in performance, with revenue and profit sharply decreasing, suggesting the company is struggling to maintain its previous market position [2][4]. Financial Performance - For the first three quarters, the company's revenue decreased by 7.15% year-on-year, amounting to 4.217 billion yuan [5]. - The net profit attributable to shareholders plummeted by 73.79%, recording only 28 million yuan [6]. - The non-recurring net profit saw a drastic decline of 467.30%, resulting in a loss of 55 million yuan, highlighting severe challenges in core business profitability [7][8]. Store Operations - As of the end of the third quarter, Peacebird closed a net total of 264 stores, including 54 direct-operated and 210 franchised stores, bringing the total store count down to 3,109 from a peak of 5,214 in 2021 [10][11]. - The company opened 240 new stores during the same period, but the number of closures far exceeded openings [10]. Sales Channels - The apparel operation segment contributed 4.156 billion yuan in revenue, accounting for 98.55% of total revenue, with all major brands experiencing revenue declines [9]. - Despite a 4.48% year-on-year decrease in offline sales, it still generated 3.151 billion yuan, representing 75.83% of the apparel segment's revenue, and maintained a higher gross margin compared to online sales [10]. Cost Management - Total operating costs for the first three quarters were 4.172 billion yuan, down 6.41% year-on-year, but selling expenses increased by 2.86% to 1.89 billion yuan, indicating inefficiencies in converting sales expenses into revenue [11]. Historical Context - Peacebird's performance decline has been evident since 2022, with a significant drop in revenue and profit following a peak in 2021 when it first surpassed 10 billion yuan in revenue [12][13]. - The company has been undergoing a transformation to focus on quality over quantity, closing underperforming stores and aiming to enhance profitability [14]. Founder and Market Position - The founder, Zhang Jiangping, has seen a decline in personal wealth alongside the company's struggles, having previously ranked on wealth lists but now absent due to the company's market performance [15][24].

Core Points - The company, Taiping Bird, announced that investors can choose to sell their holdings of "Taiping Convertible Bonds" at a price of 100.49 yuan per bond [2] - As of October 23, 2025, the closing price of "Taiping Convertible Bonds" is higher than the repurchase price, indicating that investors opting for the repurchase may incur losses [2]