Core Viewpoint - Tianrun Dairy reported a revenue of 1.395 billion yuan for the first half of 2025, with a net profit attributable to shareholders of -21.86 million yuan, impacted by cattle impairment, while the net profit excluding non-recurring gains increased by 141.32% year-on-year to 57.79 million yuan [1] Group 1: Financial Performance - The company achieved a dairy product sales volume of 162,300 tons, representing an 8.89% year-on-year growth, indicating strong market resilience despite intense competition and cattle culling pressures [3] - The total number of cattle decreased from approximately 64,800 heads at the end of 2024 to 54,400 heads, effectively reducing raw milk surplus and powder loss [3] Group 2: Market Strategy - In response to market pressures, the company established an e-commerce subsidiary to focus on self-operated online retail, integrating traditional e-commerce, live streaming, and community marketing to directly reach consumers [1] - The company has begun home delivery subscription services for pasteurized fresh milk in Urumqi to meet diverse consumer needs [2] Group 3: Product Innovation and Marketing - The company has developed over 60 new products, including zero-additive yogurt and fresh milk tea, with eight new products successfully launched, receiving positive market feedback [2] - Tianrun Dairy is actively engaging in social responsibility initiatives, sponsoring large events and providing customized dairy products to support deep-sea exploration [2]

Group 1 - The core viewpoint of the article is that Tianrun Dairy reported a decline in revenue and a net loss for the first half of 2025 [1] Group 2 - The company achieved a revenue of approximately 1.395 billion yuan in the first half of 2025, representing a year-on-year decrease of 3.3% [1] - The net profit attributable to the parent company was a loss of approximately 21.86 million yuan [1]

Core Viewpoint - Tianrun Dairy reported a decline in revenue and an increase in net loss for the first half of 2025 compared to the same period in 2024 [2] Financial Performance - The company's revenue for the first half of 2025 was approximately 1.395 billion yuan, a decrease of 3.3% year-on-year [2] - The net loss attributable to shareholders for the first half of 2025 was approximately 21.86 million yuan, compared to a net loss of 27.91 million yuan in the same period of 2024 [2] - Basic earnings per share for the first half of 2025 was a loss of 0.0693 yuan, compared to a loss of 0.0885 yuan in the first half of 2024 [2]

Group 1 - Tianrun Dairy announced the convening of its 22nd meeting of the 8th Board of Directors on August 21, 2025, via communication methods to discuss the appointment of the financial and internal control audit institution for the year 2025 [1] - For the year 2024, Tianrun Dairy's revenue composition is as follows: dairy products account for 93.31%, livestock industry accounts for 3.28%, other businesses account for 2.86%, and other industries account for 0.55% [1] - As of the report date, Tianrun Dairy has a market capitalization of 3.7 billion yuan [1]

Core Viewpoint - Tianrun Dairy (600419.SH) reported a decline in revenue and a net loss for the first half of the year, indicating challenges in the company's financial performance [1] Financial Performance - The company achieved an operating income of 1,395.4752 million yuan, a decrease of 3.30% compared to the same period last year [1] - The net profit attributable to shareholders of the listed company was -21.8564 million yuan, indicating a loss [1]

新疆天润乳业股份有限公司 证券代码：600419 证券简称：天润乳业 公告编号：2025-044 债券代码：110097 债券简称：天润转债 新疆天润乳业股份有限公司 第八届监事会第二十次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 一、监事会会议召开情况 （一）本次监事会会议的召开符合有关法律、行政法规、部门规章、规范性 文件和《公司章程》的规定，会议所做决议合法有效。 （二）本次监事会会议通知于 2025 年 8 月 11 日以电子邮件形式发出。 （三）本次监事会会议于 2025 年 8 月 21 日以通讯表决方式召开。 （四）本次监事会应参加表决监事 3 名，实际参加表决监事 3 名。 二、监事会会议审议情况 表决结果：同意 3 票，反对 0 票，弃权 0 票。 公司监事会认为：《新疆天润乳业股份有限公司 2025 年半年度报告》及《新 疆天润乳业股份有限公司 2025 年半年度报告摘要》能够严格按照中国证监会《公 开发行证券的公司信息披露内容与格式准则第 3 号——半年度报告的内容与格 式》和《上 ...

Group 1 - The core viewpoint of the announcement is to provide an overview of the main operating data for Xinjiang Tianrun Dairy Co., Ltd. for the first half of 2025, highlighting sales performance across different product categories and sales channels [2][3] - Total revenue for the first half of 2025 reached approximately 1.35 billion RMB, with the breakdown as follows: - Ambient dairy products: 738.35 million RMB - Chilled dairy products: 558.01 million RMB - Livestock products: 52.57 million RMB - Others: 5.67 million RMB [2] - Sales channels indicate that distribution accounted for approximately 1.22 billion RMB, while direct sales contributed around 139.30 million RMB, confirming the dominance of the distribution channel [2] Group 2 - Revenue distribution by region shows that sales within Xinjiang amounted to approximately 747.55 million RMB, while sales outside Xinjiang were about 607.06 million RMB, indicating a balanced market presence [2] - The company experienced an increase in the number of distributors during the reporting period, with 1 additional distributor in Xinjiang (totaling 392) and 8 additional distributors outside Xinjiang (totaling 580), leading to a total increase of 9 distributors [2]

新疆天润乳业股份有限公司 证券代码：600419 证券简称：天润乳业 公告编号：2025-048 债券代码：110097 债券简称：天润转债 新疆天润乳业股份有限公司 （6）截至 2024 年末，合伙人数量为 216 人，注册会计师数量为 1304 人， 签署过证券服务业务审计报告的注册会计师人数为 723 人。 关于续聘会计师事务所的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： ? 拟聘任的会计师事务所名称：中审众环会计师事务所（特殊普通合伙） （以下简称"中审众环"） 一、 拟聘任会计师事务所的基本情况 （一）机构信息 （1）机构名称：中审众环会计师事务所（特殊普通合伙） （2）成立日期：2013 年 11 月 6 日 （3）组织形式：特殊普通合伙企业 （4）注册地址：湖北省武汉市武昌区水果湖街道中北路 166 号长江产业大 厦 17-18 楼 （5）首席合伙人：石文先 （7）2024 年度经审计的收入总额 217,185.57 万元，审计业务收入 183,471.71 万元，证券业务收入 5 ...

Summary of Key Points Core Viewpoint The report outlines the fundraising activities and the actual usage of funds by Xinjiang Tianrun Dairy Co., Ltd., emphasizing compliance with regulations and the management of raised funds. Group 1: Fundraising Overview - The company raised a total of RMB 990 million through the issuance of convertible bonds, with a net amount of RMB 979.31 million after deducting issuance costs [1][2] - As of June 30, 2025, the cumulative amount used from the raised funds was RMB 647.87 million, leaving a balance of RMB 334.41 million [1][2] Group 2: Fund Management - The company has established a fundraising management system to ensure compliance with relevant laws and regulations, which was approved by the shareholders' meeting [1][2] - Funds are stored in dedicated accounts, and no non-fund-related deposits have been made [1][2] Group 3: Fund Usage - The company has used RMB 14.05 million from the raised funds in the first half of 2025, with a total of RMB 633.82 million used in previous years [1][2] - The company has replaced self-raised funds with RMB 350.36 million from the raised funds for project investments and issuance costs [2][3] Group 4: Cash Management - The company has approved the use of temporarily idle funds for cash management, with a maximum daily balance of RMB 400 million, and has invested RMB 334.41 million in various financial products [2][3] - The total income from cash management activities during the reporting period was RMB 2.52 million [2][3] Group 5: Project Status - The completion date for the "Annual Production of 200,000 Tons of Dairy Products Processing Project" has been postponed from December 31, 2024, to December 31, 2025, due to construction delays [2][3] - The company has not encountered any significant changes in the feasibility of the projects funded by the raised capital [2][3]

Core Viewpoint - The company has announced the provision for asset impairment totaling 15,662,010.28 yuan, which will reduce its profit for the first half of 2025 [2][4]. Summary by Category Asset Impairment Provision Overview - The company has made provisions for various asset impairments, including: - Inventory impairment provision: 7,782,369.03 yuan - Biological asset impairment provision: 5,238,458.80 yuan - Fixed asset impairment provision: 1,344,922.11 yuan - Bad debt provision: 1,296,260.34 yuan - Total impairment provision: 15,662,010.28 yuan [2][3]. Reasons for Impairment Provisions - **Inventory Impairment**: Due to a decline in milk powder prices influenced by the dairy industry environment, the company recognized an inventory impairment of 7,782,369.03 yuan [3]. - **Biological Asset Impairment**: The company identified that the recoverable amount of biological assets was lower than their book value due to market demand changes, leading to a provision of 5,238,458.80 yuan [3]. - **Fixed Asset Impairment**: A comprehensive inspection revealed signs of impairment in fixed assets, particularly due to the suspension of a wastewater treatment facility, resulting in a provision of 1,344,922.11 yuan [3]. - **Bad Debt Provision**: The company estimated bad debt provisions based on the financial status of debtors, leading to a provision of 1,296,260.34 yuan [3]. Impact of Impairment Provisions - The total asset impairment provision will decrease the company's total profit for the first half of 2025 by 15,662,010.28 yuan [4]. Decision-Making Process - The asset impairment provisions were approved through the company's board of directors and supervisory committee meetings, confirming compliance with accounting standards and reflecting the company's financial situation accurately [5].