Core Viewpoint - The credit rating of Tianchuang Fashion Co., Ltd. remains at A- with a negative outlook due to declining sales, increasing losses, and high inventory pressure in the competitive women's footwear market [2][4][5]. Company Overview - Tianchuang Fashion has over 20 years of experience in the women's footwear industry, with a focus on self-owned brands that maintain a certain level of recognition in the mid-range market [2][4]. - The company has expanded its product line to include sports footwear, increasing the sales proportion of this category from 5.9% in 2023 to 16% in 2024 [2][19]. Financial Performance - In 2024, the company's operating income decreased by 13.74% year-on-year, with a net loss of 0.91 billion yuan [5][15]. - The total assets as of March 2025 were 16.34 billion yuan, with total liabilities of 3.66 billion yuan [2][3]. - The company's cash flow from operating activities was 0.32 billion yuan, indicating a decline in cash generation ability [3][5]. Market Environment - The domestic women's footwear market is highly competitive, with sales continuing to decline, although at a slower rate. The total sales for women's footwear in 2024 were 263.67 billion yuan, down 1.27% year-on-year [11][12]. - The industry faces significant pressure from high inventory levels and reduced consumer demand, leading to a challenging operating environment [11][12][14]. Inventory and Sales Pressure - The proportion of inventory to total assets was 14.63% in 2024, indicating a high level of inventory pressure that consumes working capital [5][20]. - The company closed 224 stores in 2024, resulting in a total of 944 stores as of March 2025, reflecting a strategy to streamline operations [16][17]. Competitive Position - The company competes with both domestic and international brands in the women's footwear market, where brand recognition, quality, and pricing are critical factors for success [14][12]. - The sales contribution from major brands like KISSCAT and TIGRISSO remains significant, with stable gross margins despite overall sales declines [19][15].

► 文 观察者网 刘媛媛 编辑 周宇舫 5月12日，中美两国在日内瓦发布经贸会谈联合声明，为紧张已久的双边关税争端带来了阶段性缓和。本次中美经贸高层会谈取得实质性进展，大幅降低 双边关税水平，美方取消了共计91%的加征关税，中方相应取消了91%的反制关税；美方暂停实施24%的"对等关税"，中方也相应暂停实施24%的反制关 税。 市场反应积极，道指期货应声上涨，显示出投资者对贸易环境改善的期待。不过，市场也早已了解，国际贸易政策仍存在较大变数，高悬的达摩克利斯之 剑，依然时刻威胁着市场的稳定。 在此背景下，无论是中国政府还是外贸企业，都清醒地认识到，不能完全寄希望于关税政策环境的改善，扩大内需、做好两手准备，才是长期发展之道。 一些广东的外贸人，更是深刻领会到"要为鸡蛋多找几个篮子"的道理。 "还是有很多的不确定性，我们感觉到，当前海外过来的买家数量在不断减少，并且很明显他们是带着一种'你们现在肯定出口不好'的心态来的，所以可 能会利用这点把价格压得很低。"在位于深圳市龙华区的多彩科技会议室里，总经理李森眉头微皱，他苦笑着说，此前的关税上调，给公司的出口业务蒙 上了一层阴影，哪怕现在有所缓和，也不敢松懈半分。 ...