在安徽先睿控股权尘埃落定的同时，天创时尚董事会改选安排同步敲定了后续经营主导权的归属。根据协议，自股份交割且天创时尚披露2026年 半年报后20日内，公司将完成新一届董事会组建。新董事会由7名董事组成，安徽先睿拥有核心提名权，可提名或推荐3名非独立董事及2名独立董 事，且董事长将由其提名的董事担任；泉州禾天和高创有限仅保留1名会计专业背景独立董事的提名权，该董事将担任董事会审计委员会主任；剩 余1名非独立董事为职工董事，由原股东方协助落实。这一股权与董事会席位的匹配结构，意味着胡先根将全面掌控天创时尚的经营决策。此外， 过渡期内安徽先睿已获得列席旁听上市公司股东会等决策会议的权利，原股东方则需确保公司合规经营，为控制权平稳过渡铺路。 值得一提的是，慈兴集团的主营业务与天创时尚的女鞋主营业务毫不相干。根据公开资料，慈兴集团为国内轴承行业的领军企业，专业从事精密 传动部件的研发、生产和销售，主要产品覆盖汽车用中小微轴承以及汽车转向、刹车系统用滚珠丝杠等，是中国机械工业500强企业、中国轴承行 业十强企业。而天创时尚为时尚女鞋多品牌全产业链数字化运营商，主营业务包括时尚鞋履服饰类业务，涉及时尚鞋履及配套产品的研发、 ...

12月26日晚，天创时尚公告，公司控股股东泉州禾天投资合伙企业（普通合伙）（简称"泉州禾天"）、实际控制人李林、第二大股东高创有限公 司（简称"香港高创"）与安徽先睿投资控股有限公司（简称"安徽先睿"）于2025年12月26日签署了《天创时尚股份有限公司之股份转让协议》 （简称《股份转让协议》）。公司股票、可转债债券以及可转债转股自2025年12月29日开市起复牌。 具体来看，泉州禾天拟向安徽先睿转让其所持有天创时尚4595.90万股股份（约占公司当前总股本的10.95%）、香港高创拟向安徽先睿转让其所 持有天创时尚3777.45万股股份（约占公司当前总股本的9%）。本次交易的股份转让价格为7.50元/股，受让方安徽先睿本次收购合计价款为6.28 亿元，资金来源为自有资金或合法自筹的资金，其中自有资金部分来自于安徽先睿自有资金，金额不低于3.14亿元；自筹部分，安徽先睿控股股 东已取得中国农业银行慈溪分行出具的《贷款意向书》。 本次股份转让完成后，安徽先睿将持有天创时尚8373.35万股股份，约占公司当前总股本的19.95%。泉州禾天所持天创时尚股份比例由17.45%减 少至6.5%，香港高创所持天创时尚股份 ...

站在这个关键的交汇点上，新一轮深刻的结构性调整正来临：科技革命与产业变革的浪潮更加汹涌，人工智能等颠覆性技术正从概念加速渗入经济社会的 每一根血管；全球经济格局持续演化，寻求开放合作与应对风险挑战并存；国内经济社会发展在"量"的合理增长基础上，对"质"的有效提升提出了更高、 更紧迫的要求。在机遇与挑战都空前复杂化的背景下，个人的抉择、企业的战略、行业的走向，都与更宏大叙事更紧密地交织在一起。 围绕"收官与开局"，在规划周期的冲刺与新一轮征程的孕育时刻，如何评估这一年的积累与得失？有哪些正在积聚的、足以定义未来的确定性力量？又应 该如何研判新一轮科技竞争、产业升级、市场重构中所蕴含的"破局"机遇与"决胜"关键？企业在坚守与创新中，又该如何塑造2025年乃至更长远的经济图 景？ 封面新闻记者 吴雨佳 时光之笔即将为2024年画下句点，我们又一次站在了岁末的门槛上回望与眺望。 步入2025年，这一年份被赋予承前启后的特殊历史坐标。这是国家"十四五"规划的收官决胜之年，各项战略目标的达成度、发展模式的成色都将迎来集中 检验；也是面向"十五五"蓝图进行谋篇布局、凝聚新共识的启航之年。 12月7日，封面新闻对话阿么手工女 ...

Core Insights - The 2025 (3rd) Huizhou Trade Fair and Foreign Trade Quality Products Procurement Conference commenced on November 14, focusing on promoting the integration of domestic and foreign trade and supporting the dual circulation of quality foreign trade products, attracting around 300 participating enterprises [1][3] Group 1: Event Overview - The event features a 20,000 square meter exhibition area showcasing over 3,000 quality products from Huizhou, including specialty foods, agricultural products, beverages, cultural and creative products, fashion footwear, and home appliances, highlighting the diverse development of Huizhou's industries [1] - The fair has been recognized as a key exhibition by the Guangdong Provincial Department of Commerce for three consecutive years, serving over 1,000 enterprises and facilitating transactions exceeding 100 million yuan [3] Group 2: Participation and Support - The event is supported by over 20 trade associations, including the Huizhou Agricultural Products Circulation Industry Association and the Huizhou Footwear Industry Association, showcasing a variety of high-quality products from different sectors [3][4] - Notable products include geographical indication products and well-known local brands, emphasizing Huizhou's reputation as a hub for quality manufacturing [4] Group 3: Regional Collaboration - The event features a special exhibition area for the Qiannan work team from Guizhou Province, promoting local products such as Yi Ren rice and Pu'an red tea, enhancing the "Qianguo Out of the Mountain" initiative [6] - Other regions like Tibet and Daqing also participated, showcasing unique agricultural products, thereby enriching the exhibition's offerings and fostering trade connections [6] Group 4: Activities and Engagement - A series of activities are planned during the fair, including the "Brand Huizhou - West Lake Forum" and targeted matching events for the footwear industry, aimed at enhancing brand development and facilitating business cooperation [6] - Interactive experiences such as drone football and cultural performances are designed to engage attendees, creating a vibrant atmosphere that combines trade discussions with cultural and recreational activities [6][7] Group 5: Future Goals - The organizing committee aims to continuously optimize services to ensure exhibitors gain benefits, buyers find surprises, and citizens enjoy the event, contributing to Huizhou's development as a more influential regional consumption center [7]

Core Insights - Sichuan's foreign trade has shown resilience with a total import and export value of 776.79 billion yuan in the first three quarters, ranking 8th nationally and achieving a year-on-year growth of 3.6% [3][8] - The province has experienced six consecutive quarters of positive export growth, with exports reaching 461.01 billion yuan, a year-on-year increase of 5.8% [3][8] - The growth in exports is driven by the advantages of industries such as electronic information, equipment manufacturing, and pharmaceutical health [3][10] Foreign Trade Overview - In September, Sichuan's import and export value was 93.79 billion yuan, marking a year-on-year increase of 13.4%, outpacing the national growth rate by 5.4 percentage points [3][8] - The number of enterprises engaged in import and export activities has increased by 9.5% year-on-year, indicating a growing international market presence [3][8] Trade Opportunities and Events - The 138th China Import and Export Fair (Canton Fair) saw Sichuan's participation with 511 enterprises and 1,017 booths, setting a record for the province [5][6] - Sichuan's enterprises have reported significant international interest, with numerous new clients and contracts signed during the fair [5][6] Government Support and Initiatives - The Sichuan government is providing substantial subsidies to support enterprises at the Canton Fair, facilitating their international market expansion [6][7] - A "Sichuan Pharmaceutical Going Global" delegation is set to attend a major pharmaceutical exhibition in Germany, showcasing the province's commitment to international trade [6][7] Innovative Trade Models - Sichuan is adopting new models such as "cross-border e-commerce + industrial belts" to enhance production efficiency and meet precise market demands [9][10] - The province is focusing on integrating trade and industry to boost export capabilities and adapt to market needs [10] Import Growth and Strategic Centers - Sichuan is establishing import centers for products like salmon and durian, which are expected to drive import growth and support overall foreign trade [12] - The province's imports have increased by 0.6% year-on-year, surpassing the national average by 0.8 percentage points [12] Sector-Specific Developments - The second-hand car export base in Chengdu has seen significant growth, with an export value exceeding 2 billion yuan [13] - Innovations in the import of recycled aluminum are improving efficiency and reducing costs for businesses in the region [13]

Core Insights - The brand "7or9" has successfully completed two rounds of financing within a year, indicating strong capital market interest due to its precise positioning and online marketing strategies [1][2] - Despite its success, "7or9" faces challenges in brand influence and channel layout, which may hinder its ability to expand into larger markets [1][7] Financing Details - "7or9" completed its latest financing round on May 26, raising several million yuan, led by Shangfeng Capital with continued investment from Zhonghui Capital [1] - The brand was founded in 2016 and began operations in December 2018, targeting professional women aged 25-35 in first and second-tier cities [1][2] - Previous financing rounds include a few million yuan angel round in September 2019 and a Pre-A round in July 2020, with undisclosed amounts [1] Marketing Strategy - "7or9" generates over 90% of its revenue from online sales, leveraging private traffic from over 200 WeChat groups and e-commerce platform promotions [2][3] - The brand has effectively utilized social media platforms like Xiaohongshu and Douyin for marketing, achieving over 40,000 likes on a Xiaohongshu post and nearly 1 billion total exposures on Douyin [2] Industry Context - Traditional women's shoe companies are declining, with examples like Belle International's delisting and Daphne's exit from the mainland retail market due to challenges in adapting to new retail models [5] - The failure of traditional brands is attributed to their inability to pivot from extensive offline expansions to new retail strategies, leading to high costs and product homogenization [5] Challenges Ahead - "7or9" must differentiate itself from other emerging brands that have faced challenges despite initial success, such as 73Hours and Laber three, which struggled to maintain momentum [6][7] - The brand's focus on high heels may be problematic as consumer preferences shift towards sports and casual styles, necessitating innovation in product design to meet the evolving demands of the target demographic [7] Future Plans - The recent financing will primarily be allocated to product development, team expansion, and supply chain upgrades, with a focus on integrating sports shoe materials for enhanced comfort [7] - "7or9" aims to innovate its product designs through continuous iterations and diverse accessory options to attract its target market [7]

Core Viewpoint - The article discusses how the startup VIVAIA is breaking into the mature women's shoe industry by focusing on comfort, aesthetics, and sustainability, aiming to build a global brand [1]. Group 1: Company Background - VIVAIA, under the parent company Starlight Technology, received significant funding in 2020 and 2021, with major investors including Sequoia China and ByteDance, and has a monthly website visitor count exceeding 4 million [2][3]. - The company aims to leverage China's robust supply chain to create its own products and brand, with a focus on comfort and eco-friendly materials [5][6]. Group 2: Product Development - VIVAIA shoes weigh as little as 130 grams and utilize approximately 6 recycled plastic bottles per pair [7]. - The company emphasizes a balance between functionality and aesthetics, with innovative designs such as adjustable straps to accommodate various foot shapes [2][10]. Group 3: Market Strategy - VIVAIA's first shoe, a flat pointed shoe named Aria, sold out quickly, indicating strong market demand for comfortable and stylish options [11]. - The brand has expanded into offline retail, achieving record sales in Japan's Isetan department store, selling 1,630 pairs in just two weeks [11][35]. Group 4: Future Goals - VIVAIA aims to sell over 2 billion RMB worth of women's shoes by 2025 and has set a target of reaching 330 million users globally [11][12]. - The company is focused on localizing its operations in key markets, with Japan showing significant growth potential [44][45]. Group 5: Innovation and Challenges - VIVAIA is committed to continuous product iteration, similar to tech companies like Apple, to ensure comfort becomes a standard in the women's shoe industry [21][48]. - The company faces challenges from competitors and aims to avoid price wars by establishing a solid brand presence before entering the domestic market [46].

Core Viewpoint - During the recent "618" shopping festival, Daphne, known as a national women's shoe brand, achieved impressive sales performance and announced the popular artist Song Qian as its global brand ambassador, which has garnered significant attention [1] Group 1: Sales Performance and Brand Strategy - Daphne ranked fifth in Tmall's sales of men's and women's shoes during the "618" festival, following Belle, Crocs, Skechers, and others [1] - The brand has maintained its position as the top seller in women's shoes on Douyin for over two years, with approximately 55% of its revenue from brand self-broadcasting, which has significantly supported sales growth [1] - In 2024, Daphne reported revenue of approximately 322 million yuan, a year-on-year increase of 23%, and a net profit attributable to shareholders of approximately 107 million yuan, reflecting a 71% increase [2] Group 2: Business Model Transformation - Daphne's continuous growth is attributed to its business model transformation initiated at the end of 2020, which involved reducing self-operated stores and adopting a "strongly controlled brand authorization" model [2] - The company has focused on controlling the overall supply chain while empowering agents to select products, ensuring product quality from the source [2] - The brand has maintained a strong national recognition, which has been a foundation for the success of its transformation [2] Group 3: Market Trends and Consumer Behavior - The women's shoe industry is experiencing a concentration of head brands, with top brands dominating the market due to their influence, supply chain efficiency, and marketing resources [3] - The consumer market is evolving into a "dumbbell" structure, with a growing demand for high-cost performance products and a flourishing high-end luxury market, while the mid-range market is being squeezed [3] - Daphne aims to expand its market share by maintaining a pricing strategy between 200 yuan and 300 yuan, targeting the mass women's shoe segment [3] Group 4: Future Strategies - The company plans to continue expanding its e-commerce channels as the proportion of e-commerce in total retail sales increases [4] - Daphne is optimistic about the Chinese retail market and will cautiously expand its offline franchise retail network, adjusting strategies based on macroeconomic conditions and store performance [4] - The brand is also exploring opportunities to enter overseas markets and plans to expand into children's shoes and bags while maintaining strong brand management [4]

Core Viewpoint - Daphne, once a dominant player in the offline shoe market, has successfully transitioned to online sales, becoming a popular choice among young consumers and achieving significant sales growth on e-commerce platforms like Tmall and Douyin [3][5][7]. Sales Performance - During the 618 shopping festival, Daphne ranked fifth in Tmall's shoe sales, following major brands like Belle and Crocs [3]. - Over the past year, Daphne has become the top-selling women's shoe brand on major e-commerce platforms, marking a significant recovery from its previous struggles [3][7]. - In Douyin, Daphne has maintained the top position in women's shoe sales for over two years, indicating strong brand recognition and consumer loyalty [4][5]. Financial Recovery - After reaching a peak revenue of approximately 85.68 billion RMB in 2012, Daphne's revenue plummeted to around 0.87 billion RMB by 2021 [15][17]. - The company returned to profitability in 2021, with a revenue increase of 96.8% in 2022, marking three consecutive years of growth [7][15]. Product Strategy - Daphne has shifted its product offerings to align with current trends, focusing on styles like dad shoes and training shoes, while incorporating trendy elements such as lace and two-tone shoelaces [8][10]. - The brand positions itself in the affordable price range of 100-300 RMB, appealing to cost-conscious consumers compared to competitors like Belle, which targets a higher price range [8][10]. Marketing and Operations - Daphne has adapted its marketing strategy on Douyin, transitioning from influencer-driven sales to a focus on brand self-broadcasting, which has increased direct consumer engagement and reduced marketing costs [11][12]. - Approximately 55% of Daphne's revenue on Douyin now comes from brand self-broadcasting, showcasing the effectiveness of this strategy [12]. Business Model Transformation - The company has transitioned to a "light asset" model, significantly reducing its physical store presence by closing 2395 stores in 2019, leaving only 111 stores by 2024 [16][18]. - This model allows Daphne to focus on brand management and product design while outsourcing production and sales to franchisees, thus minimizing inventory risks [16][18]. Future Prospects - Daphne has launched a high-end sub-brand, Daphne.Lab, targeting affluent, young consumers with products priced between 600-1300 RMB, and has seen significant growth in this segment [19][20]. - The brand's marketing efforts, including collaborations with designers and appearances at major events, have further enhanced its visibility and appeal [20].

Core Viewpoint - Tianchuang Fashion's financial performance is declining, with a significant drop in revenue and an increase in net loss, indicating operational challenges ahead [1][4]. Company Announcements Summary - Tianchuang Fashion reported a 13.74% year-on-year decline in revenue for 2024, amounting to 1.099 billion yuan, and a net loss of 91 million yuan [1][4]. - The company closed 224 stores in 2024, resulting in a reduction of 448 employees [1][4]. - As of the end of 2024, the company's inventory balance was 254 million yuan, reflecting a decrease of 54 million yuan year-on-year [1][4]. - The company increased short-term debt due to new borrowings to repay the current bonds, leading to a rise in short-term liabilities [1][4]. Credit Rating Summary - Tianchuang Fashion's credit rating and the Tianchuang convertible bond rating are both maintained at "A-", with a negative outlook [2][4]. - The company will pay interest on the convertible bonds at a rate of 1.80% on June 24, 2025, with the actual distribution amounting to 1.44 yuan after tax for individual investors [2][4].