Tianchuang Fashion (603608) Limit-Up Analysis and Market Interpretation

Tianchuang Fashion (603608) entered the limit-up pool due to a limit-up on January 4, 2026, with the core driving factor being

. Anhui Xianrui plans to acquire 19.95% of the company’s shares for 628 million yuan; upon completion of the acquisition, it will become the controlling shareholder, and the actual controller will change to Hu Xiangen [1][2]. Coupled with the company’s main business of mid-to-high-end fashion women’s shoes, its multi-brand matrix, and its turnaround from loss to profit in the first half of 2025, the rising popularity of the new retail concept has jointly driven the stock price up [3].

From the price trend perspective, from December 5 to December 31, 2025, the stock price rose from 7.30 yuan to 10.30 yuan, with a cumulative increase of 41.10% [0]. It hit a limit-up on December 19 (before suspension), and after resuming trading on December 29, it had consecutive limit-ups, achieving a 2-day consecutive limit-up on January 4, 2026 [4]. In terms of trading volume, the average daily trading volume during this period was 174,700 shares, a significant increase compared to usual, indicating increased market participation [0].

1. Market Sentiment and Capital Linkage
   : The consecutive limit-ups reflect investors’ strong optimism about the control right change; the company’s convertible bond price premium of 185.15% and conversion premium rate of 274.41% further verify the bullish expectation for the underlying stock [5].
2. Game Between Concept and Fundamentals
   : The new retail concept provides market heat for the stock price rise, but the company has continued to lose money in the first three quarters of 2023-2025, and it will take time for fundamental improvement [2]; the short-term rise is more driven by events rather than a fundamental reversal.

:

• The control right change requires confirmation from relevant authorities and share transfer, which has uncertainties [1];
• The net profit in the first three quarters of 2025 was negative, with weak fundamentals [2];
• After consecutive limit-ups, the valuation is at a high level, with a risk of correction [6].

:

• The entry of the new controlling shareholder is expected to bring opportunities for business strategy adjustment;
• Under the popularity of the new retail concept, the company’s brand matrix may be re-priced by the market.

Tianchuang Fashion’s limit-up is mainly driven by control right change and the new retail concept; the market sentiment is optimistic but risks need to be vigilant. Pay attention to the support level around 10.00 yuan and the resistance level around 13.00 yuan [6]; in the future, focus on tracking the progress of control right change and the company’s business adjustment.