Core Viewpoint - The extended lock-up period for Tianchuang Fashion's share transfer is notable, as it exceeds the standard 18 months mandated by the China Securities Regulatory Commission, indicating the acquirer's confidence in the company's long-term prospects [2][3][10]. Group 1: Tianchuang Fashion - Tianchuang Fashion announced a control change plan on December 27, with the acquirer committing to a 5-year lock-up period for the shares acquired [2][3]. - The company's main business focuses on mid-to-high-end women's footwear, with financial data showing revenues of 1.274 billion yuan, 1.099 billion yuan, and 744 million yuan for the years 2023 to the first three quarters of 2025, respectively, alongside continuous net losses [4][5]. - The share transfer agreement involves the major shareholders, with Quanzhou Hetian and Hong Kong Gaochuang transferring a total of 459.59 million shares (10.95% of total shares) and 377.74 million shares (9.00% of total shares) for 345 million yuan and 283 million yuan, respectively, at a price of 7.50 yuan per share, reflecting a 10% discount to the pre-suspension price of 8.33 yuan [5][6]. Group 2: Shareholder Commitments - The new major shareholder, Anhui Xianrui, has committed to a 60-month lock-up and a 36-month pledge restriction on the shares acquired, while the existing shareholders have also made similar commitments regarding their remaining shares [7][10]. - The commitments from the shareholders aim to ensure stability and avoid risks associated with potential restructuring failures, as noted by investment banking professionals [10]. Group 3: Industry Context - The trend of extended lock-up periods is not unique to Tianchuang Fashion, as similar arrangements were observed in the share transfer of Aolian Electronics, where the acquirer also committed to a 5-year lock-up [8][9]. - The background of the new shareholders in both companies is linked to industries that are currently considered hot, which may influence the perceived risks and market reactions associated with these transactions [10][12].

天创时尚关于"超长"锁定期的安排并非孤例。在天创时尚披露 上述计划的同一天，奥联电也披露了其控制权拟发生变更的提 示性公告。收购方同样在公告中承诺，所获股份5年内不进行 转让。 作者： 黄一帆 封图：图虫创意 收购方承诺所获股份5年内不对外转让，3年内不质押——12月27日，天创时尚（603608.SH）发布 的一则控制权拟发生变更的提示性公告，引起市场各方的关注和热议。 中国证监会发布的《上市公司收购管理办法》规定，在上市公司收购中，收购人持有的被收购公司 的股份，在收购完成后18个月内不进行转让。 公开资料显示，天创时尚的主营业务为时尚鞋履服饰类业务，聚焦中高端女鞋。 财务数据显示，2023年至2025年前三季度，天创时尚的营收分别为12.74亿元、10.99亿元和7.44亿 元，净利润连续亏损。 2025年12月26日，天创时尚披露，控股股东泉州禾天投资合伙企业（普通合伙）（下称"泉州禾 天"）、实际控制人李林、第二大股东高创有限公司（下称"香港高创"）与安徽先睿投资控股有限 公司（下称"安徽先睿"）签署《股份转让协议》。 公告显示，泉州禾天和香港高创分别持有天创时尚17.45%和13.61%的股权。本 ...

12月26日，知名鞋服品牌商天创时尚（SH603608，停牌）披露，公司筹划控制权变更事项尘埃落定， 控股股东泉州禾天投资合伙企业（普通合伙）（以下简称泉州禾天）、实际控制人李林、第二大股东高 创有限公司（以下简称高创有限）与安徽先睿投资控股有限公司（以下简称安徽先睿）签署了《股份转 让协议》。 同时，协议还约定，交易完成后，泉州禾天、高创有限和李林不会谋求天创时尚控制权。过渡期内，安 徽先睿有权派驻人员列席旁听上市公司股东会等决策会议。泉州禾天、高创有限和李林方面应确保目标 公司合规经营。 轴承龙头为何跨界？ 公告显示，安徽先睿成立于12月17日，注册资本1.5亿元，是专为本次权益变动设立的主体，由慈兴集 团有限公司（以下简称慈兴集团）100%控股，慈兴集团81.85%股份由胡先根持有。公开资料显示，胡 先根出生于1945年，现年80岁，是慈兴集团的创始人。 安徽先睿表示，本次收购资金来源为自有资金及自筹资金，其中自有资金不低于3.14亿元，自筹资金部 分，控股股东慈兴集团已取得中国农业银行慈溪分行出具的《贷款意向书》。若并购贷款最终未获审 批，安徽先睿将以自有资金补足。 据悉，慈兴集团作为国内轴承行业的领 ...

Core Viewpoint - The stock of Reedy Intelligent Drive closed at 88.80 yuan on August 8, experiencing a decline of 2.74 yuan or 2.99% from the previous trading day [1] Group 1: Stock Performance - The opening price on August 8 was 91.00 yuan, with a highest price of 91.00 yuan and a lowest price of 88.68 yuan [1] - The trading volume was 14,958 hands, resulting in a total transaction amount of 134 million yuan [1] - The net outflow of main funds on August 8 was 935,800 yuan, with a total net outflow of 7,476,600 yuan over the past five days [1] Group 2: Company Overview - Reedy Intelligent Drive operates in the general equipment sector, focusing on the research, development, production, and sales of precision transmission components [1] - The company's products are widely used in industrial automation, robotics, and new energy vehicles [1] - On August 8, the company indicated its involvement in the humanoid robot business through an interaction platform [1]

Financial Performance - The company reported total revenue of 154 million yuan for Q1 2025, a decrease of 3.06% year-on-year [1] - The net profit attributable to shareholders was 22.5 million yuan, an increase of 30.23% year-on-year [1] - Gross margin increased by 9.86% to 31.9%, while net margin rose by 34.34% to 14.59% [1] - Total expenses (selling, administrative, and financial) amounted to 14.39 million yuan, accounting for 9.33% of revenue, a decrease of 18.1% year-on-year [1] Key Financial Metrics - Earnings per share (EPS) increased by 32.46% to 0.16 yuan [1] - Operating cash flow per share rose by 24.92% to 0.18 yuan [1] - The company's net assets per share increased by 3.23% to 6.39 yuan [1] - The company's receivables decreased by 4.72% to 109 million yuan [1] Business Evaluation - The company's return on invested capital (ROIC) was 6.38%, indicating average capital returns [3] - The net profit margin for the previous year was 10%, suggesting average added value for products or services [3] - The company has raised a total of 467 million yuan since its listing, with cumulative dividends of 110 million yuan, resulting in a dividend-to-financing ratio of 0.24 [3] Project Development - The smart manufacturing project for precision transmission components is expected to be completed by October 31, 2024, with an anticipated annual production capacity increase of approximately 300,000 high-precision gears and 180,000 turbocharger housing parts [3] - The project is projected to achieve benefits of 8.78 million yuan in 2024, with cumulative benefits expected to reach 12.38 million yuan by the end of 2024 [3]