每经编辑｜许绍航 23日，有消费者发文称，她在郑州一家"FILA KIDS"（斐乐儿童）店面给孩子买鞋，后发现被店员私下备注"买双鞋子都嫌贵"。 图：该消费者在社交平台上的发帖 该消费者表示，当日从进店到结账不到十分钟，孩子一共试了三双鞋子，并使用了优惠券。然而，在该店店员把消费者的客户添加截图发在会员群时，备 注中的描述标签中显示"买双鞋子都嫌贵"。 截图发到会员群后，不少顾客感到震惊，认为买鞋子使用优惠很正常，还有顾客表示要退群，以后也不会再买。 图：会员群部分聊天记录 图：FILA在相关帖下进行回复 FILA官网数据显示，其儿童鞋的价位在480-1380元区间，以680-780元居多。目前，Fila斐乐中国已对此事作出回应。 图片来源：视觉中国 Fila斐乐中国表示，对此事公司对此高度重视，并立即启动对该事件的内部核查。据智通财经，该公司回应称，"相关门店员工的失当操作严重违反了我们 的员工行为指南。"Fila斐乐中国表示正在就此事与该消费者"进行深入沟通，希望竭尽全力消除因此带来的困扰。" 一名自称店长的群友在群内表示："关于员工备注问题的，我们深感抱歉，关于备注我们是想要更加细致，但是我们绝对没有不 ...

Core Points - Tianchuang Fashion (603608.SH) announced the completion of a share reduction plan by Visions, which took place from August 12, 2025, to November 11, 2025 [1] - During this period, Visions reduced its holdings by a total of 2.5858 million shares, representing approximately 0.62% of the company's total share capital [1] Summary by Category - **Company Actions** - Visions executed a share reduction plan, selling 2.5858 million shares [1] - The reduction accounted for about 0.62% of Tianchuang Fashion's total share capital [1] - **Timeline** - The share reduction occurred over a specified period from August 12, 2025, to November 11, 2025 [1] - The notification regarding the completion of the reduction plan was received on November 12, 2025 [1]

Group 1 - The core point of the article is that Tianchuang Fashion (603608.SH) reported a decline in revenue and a reduced net loss for the first three quarters of 2025 [1] Group 2 - For the first three quarters of 2025, the company achieved an operating revenue of 744 million yuan, representing a year-on-year decrease of 7.12% [1] - The net profit attributable to shareholders of the parent company was -5.2257 million yuan, which is an improvement of 25.537 million yuan compared to the same period last year [1] - The basic earnings per share were -0.01 yuan [1]

Group 1 - The company reported a 10% year-on-year growth in retail sales for its main brand and children's clothing in Q3 2025, with e-commerce retail sales increasing by approximately 20% year-on-year [1] - The company maintains a robust offline retail growth of about 10% year-on-year, with stable discount and inventory levels expected [1] - As of September 30, 2025, the company has opened 93 super stores, nearly doubling from Q2, indicating an accelerated expansion and an upgrade in channel structure [1] Group 2 - The company anticipates a strong performance in the 2026 ordering meeting, with a high certainty of revenue growth for 2025 and 2026 [1] - The company is expected to achieve net profits of 1.26 billion, 1.37 billion, and 1.50 billion yuan for 2025-2027, corresponding to PE ratios of 9, 8, and 8 times respectively [1] - The ongoing improvement in product matrix and product strength, along with the exploration of new business formats like super stores, is expected to contribute to a second growth driver [1]

Core Insights - The company reported a total revenue of 1.058 billion yuan for Q3 2025, with a net profit attributable to shareholders of -18.4744 million yuan [2] - The operating cash flow showed a net inflow of 32.4603 million yuan [2] Financial Performance - The latest debt-to-asset ratio is 57.37%, which is an increase of 4.42 percentage points from the previous quarter and an increase of 43.25 percentage points year-on-year [4] - The gross profit margin is 36.11%, down by 2.39 percentage points from the previous quarter and down by 17.30 percentage points compared to the same period last year [4] - The return on equity (ROE) stands at -2.68% [4] - The diluted earnings per share (EPS) is -0.08 yuan [5] Efficiency Metrics - The total asset turnover ratio is 0.57 times, a decrease of 0.04 times year-on-year, reflecting a decline of 5.86% [5] - The inventory turnover ratio is 1.63 times [5] Shareholder Structure - The number of shareholders is 15,400, with the top ten shareholders holding a total of 146 million shares, accounting for 66.38% of the total share capital [5] - The largest shareholder is Zhenxing International Co., Ltd., holding 62.13% of the shares [5]

Core Viewpoint - 361 Degrees (01361.HK) is expected to achieve significant retail growth across its main brand, children's clothing, and e-commerce platforms by the third quarter of 2025 compared to the same period in 2024 [1] Retail Performance - The retail revenue of 361° main brand products is projected to see approximately 10% positive growth in Q3 2025 compared to Q3 2024 [1] - The retail revenue of 361° children's clothing products is also expected to grow by around 10% in Q3 2025 compared to Q3 2024 [1] - The overall sales volume of 361° e-commerce platform products is anticipated to increase by about 20% in Q3 2025 compared to Q3 2024 [1] Brand Strategy and Innovation - In Q3 2025, 361° aims to enhance its brand influence and market competitiveness through product technological innovation, sponsorship of professional events, and diversified collaboration activities [1] - The company has strategically partnered with Stand Robot (Wuxi) Co., Ltd. to integrate smart technology into its brand, marking a new phase in brand intelligence advancement [1]

Core Viewpoint - Tianchuang Fashion (603608) is launching a shareholder return initiative to enhance shareholder engagement and understanding of the company's value as it approaches its 10th anniversary of listing [1] Group 1: Shareholder Return Initiative - The company will distribute 30% discount coupons to shareholders, applicable to the listed price, as part of the "Tianchuang Fashion 2025 Shareholder Return Activity" [1] - Shareholders registered by the market close on September 9 can apply for the discount coupons, with individual shareholders limited to one coupon and corporate shareholders allowed to designate up to five representatives to each receive one coupon [1] - The coupon application period is from September 22 to October 10, and the coupons can be used on the WeChat mini-program "KISSCAT" [1] Group 2: Financial Performance - In the first half of 2025, the company reported a revenue of 526.8 million yuan and a net profit attributable to shareholders of 6.7217 million yuan [1] - The net cash flow from operating activities reached 86.1507 million yuan, representing a year-on-year increase of 303.60% [1] - The company has improved its profitability significantly through strategies such as focusing on best-selling products, optimizing the supply chain, and upgrading its multi-channel approach [1]

Group 1 - The company announces a shareholder reward event from September 22, 2025, to October 10, 2025, to thank shareholders and enhance their understanding of the company's intrinsic value [1] - Eligible shareholders can apply for a 30% discount coupon during the event period, valid from September 22, 2025, to December 31, 2025 [1] - Individual shareholders are limited to one coupon, while corporate shareholders can designate up to five representatives to each receive one coupon [1]

Meeting Information - The shareholders' meeting is scheduled for September 16, 2025, at 14:00 [1] - The meeting will be held at the company's administrative office in Guangzhou, Guangdong Province [1] - Voting will be conducted through a combination of on-site and online methods [1] Voting Procedures - The online voting system will be provided by the Shanghai Stock Exchange [1] - Voting will be available from 9:15 to 15:00 on the day of the meeting [1][4] - Shareholders can vote via the trading system or the internet voting platform [4] Shareholder Participation - Only shareholders registered by the close of trading on September 9, 2025, are eligible to attend [6] - Shareholders can appoint proxies to attend and vote on their behalf [5][6] - Registration for the meeting will take place on September 12, 2025 [7] Agenda Items - The meeting will review several proposals, including amendments to the company's articles of association and capital increase [3] - Related shareholders must abstain from voting on matters where they have a conflict of interest [3] Additional Information - The company will provide reminders to shareholders about the meeting through SMS and other means [4] - Shareholders with multiple accounts can aggregate their voting rights across all accounts [5]

Summary of Key Points Core Viewpoint - The company reported a total asset impairment loss of 15.23 million RMB for the first half of 2025, which negatively impacted its profit total by the same amount [1][2]. Group 1: Asset Impairment Details - The company recognized an inventory impairment loss of 15.56 million RMB, which decreased the total profit by the same amount [2]. - Other impairment losses included a receivables impairment loss of 0.39 million RMB and a notes receivable impairment loss of 0.002 million RMB, which collectively increased the profit by 0.33 million RMB [2]. - The total impairment losses for the first half of 2025 amounted to 15.23 million RMB, leading to a reduction in the company's profit total [2]. Group 2: Accounting Standards and Future Implications - The company follows the accounting standards that allow for the reversal of previously recognized impairment losses if the factors leading to the impairment have changed [2]. - The final accounting treatment and its impact on the company's 2025 annual profit will be determined based on the results of the annual audit [2].