Summary of Key Points Core Viewpoint - The company reported on the conversion status of its convertible bonds, indicating limited conversion activity and a significant amount of unconverted bonds remaining. Group 1: Convertible Bond Issuance Overview - The company issued 6 million convertible bonds on June 24, 2020, with a total value of 60 million yuan and a maturity of 6 years [2]. - The bonds began trading on July 16, 2020, under the name "Tian Chuang Convertible Bonds" with a code of 113589 [2]. - The conversion period for these bonds is from January 4, 2021, to June 23, 2026, with an initial conversion price set at 12.64 yuan per share [2]. Group 2: Conversion Status - From April 1, 2025, to June 30, 2025, the total amount converted was 1,000 yuan, resulting in 81 shares being issued, all from newly issued shares [3]. - As of June 30, 2025, a total of 619,000 yuan of "Tian Chuang Convertible Bonds" had been converted into 50,080 shares, with 2,026 shares being treasury stock and the rest being new shares, representing 0.011677% of the total shares outstanding prior to conversion [3]. - The amount of unconverted convertible bonds stands at 66,606,000 yuan, accounting for 11.1010% of the total issuance [3]. Group 3: Share Capital Changes - Prior to the conversion on March 31, 2025, the total share capital was 419,715,446 shares, which increased by 81 shares due to the conversion, resulting in a new total of 419,715,527 shares as of June 30, 2025 [3].

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].

Group 1 - The core viewpoint of the announcement is that Tianchuang Fashion Co., Ltd. has maintained its credit ratings for both its corporate and convertible bonds at "A-" with a negative outlook [1][2] - The previous credit rating for the corporate entity and the Tianchuang convertible bond was also "A-" with a negative outlook, indicating stability in the ratings despite the negative outlook [1][2] - The credit rating was conducted by Zhongzheng Pengyuan Credit Rating Co., Ltd., which performed a comprehensive analysis of the company's operational status and industry conditions [2] Group 2 - The tracking credit rating report was issued on June 12, 2025, and is referenced as the 2025 tracking rating report for the 2020 Tianchuang Fashion Co., Ltd. public issuance of convertible bonds [2] - The report is available for public access on the Shanghai Stock Exchange website [2]

Summary of Key Points Core Viewpoint - The announcement details the upcoming interest payment schedule and terms for the convertible bonds issued by Tianchuang Fashion Co., Ltd., highlighting the key dates and financial implications for bondholders. Group 1: Bond Issuance Overview - The convertible bonds, known as "Tianchuang Convertible Bonds," were publicly issued on June 24, 2020, and will start paying interest on June 24, 2025 [1]. - The bonds have a maturity period of six years with an interest rate of 2.00% [1]. Group 2: Interest Payment Details - The interest payment period for the fifth year is from June 24, 2024, to June 23, 2025, with a coupon rate of 1.80% (including tax) [2]. - The interest amount payable for each bond with a face value of 100 RMB is 1.80 RMB (including tax) [2]. Group 3: Important Dates - The bond interest registration date is June 23, 2025 [2]. - The ex-dividend date and interest payment date are both set for June 24, 2025 [2]. Group 4: Payment Method - The company has signed an agreement with the Shanghai Branch of China Securities Depository and Clearing Corporation Limited for the payment of interest [3]. - If the company fails to transfer the interest payment on time, the responsibility will revert to the company [3]. Group 5: Tax Implications - Individual investors are subject to a 20% personal income tax on the interest income, resulting in a net interest payment of 1.44 RMB per bond after tax [4]. - Non-resident enterprises are exempt from corporate income tax on the interest income until December 31, 2025 [4]. Group 6: Contact Information - The issuer, Tianchuang Fashion Co., Ltd., is located in Guangzhou, with contact details provided for inquiries [5].

Core Viewpoint - Tianchuang Fashion Co., Ltd. has decided not to adjust the conversion price of its convertible bonds despite triggering the downward adjustment clause due to stock price performance [2][7]. Group 1: Convertible Bond Overview - The company issued 6 million convertible bonds with a total value of RMB 600 million on June 24, 2020, with a maturity of six years [3]. - The initial conversion price was set at RMB 12.64 per share, which has been adjusted to RMB 12.29 per share due to profit distribution [3][5]. Group 2: Price Adjustment Clause - The downward adjustment clause is triggered when the stock price is below 80% of the conversion price for at least 15 out of 30 consecutive trading days [5][6]. - From May 7 to May 27, 2025, the stock price fell below RMB 9.83 per share, triggering the adjustment clause [6][7]. Group 3: Board Decision - On May 27, 2025, the board unanimously decided not to adjust the conversion price and will not propose any adjustment for the next six months [2][7]. - If the adjustment clause is triggered again after November 27, 2025, the board will convene to decide on the proposal for adjustment [2][7].

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