新疆天润乳业股份有限公司 | | | 新疆天润乳业股份有限公司 2024年年度股东大会决议公告 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法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、会议召开和出席情况 （一）股东大会召开的时间：2025 年 5 月 15 日 （二）股东大会召开的地点：新疆乌鲁木齐市经济技术开发区（头屯河区） 乌昌公路 2702 号新疆天润乳业股份有限公司办公楼一楼会议室 （三）出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情 况： | 1、出席会议的股东和代理人人数 | 290 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 123,128,494 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 39.0390 | | 份总数的比例（%） | | （四）表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况 等。 络投票相结合的表决方式，符合《公司法》及《公司章程》的规定。 （五）公司董事、监事和董事会秘书的出席情况 1、公司 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage [2]. Core Views - The company is experiencing operational pressure and profit disturbances due to impairment issues, with a focus on the performance of Tianrun Dairy [3][4]. - The company’s revenue for 2024 is projected at 2.804 billion yuan, with a year-on-year growth of 3.33%, while the net profit attributable to shareholders is expected to decline by 69.26% to 44 million yuan [5][8]. - The report highlights the company's strong performance in low-temperature dairy products compared to its room-temperature counterparts, driven by product innovation [5][8]. Financial Performance Summary - For 2024, the company is expected to achieve revenues of 13.59 billion yuan in the Xinjiang region, a decline of 6.31%, while revenues from outside Xinjiang are projected to grow by 9.25% to 13.65 billion yuan [5]. - The company’s gross margin for 2024 is forecasted to be 16.8%, down 2.35 percentage points year-on-year, with a further decline to 14.63% in Q1 2025 [5][8]. - The report anticipates a recovery in net profit, projecting 73 million yuan in 2025, a 66% increase, and further growth to 179 million yuan in 2026, representing a 146% increase [7][8]. Market Performance - As of May 13, 2025, the company's stock price is 9.48 yuan, with a 52-week price range of 6.74 to 11.87 yuan [4]. - The company has underperformed the CSI 300 index over the past month, with a decline of 14.7% compared to a 3.9% increase in the index [4]. Forecast and Valuation - The report provides a forecast for the company’s revenue growth of 4% in 2025, 6% in 2026, and 7% in 2027, with corresponding net profit growth rates of 66%, 146%, and 18% respectively [7][8]. - The projected earnings per share (EPS) are 0.23 yuan for 2025, 0.56 yuan for 2026, and 0.66 yuan for 2027, with price-to-earnings (P/E) ratios of 41.80, 16.96, and 14.41 respectively [7][9].

Core Viewpoint - Xinjiang Tianrun Dairy Industry Co., Ltd. has reported significant declines in net profit, with a 69.24% drop in 2024 and a loss of 73.30 million yuan in Q1 2025, marking the lowest performance in nearly a decade [1][3][2] Financial Performance - In Q1 2025, Tianrun Dairy's revenue was 625 million yuan, down 2.5% year-on-year, with a net profit loss of 73.30 million yuan, a staggering decline of 1713.36% [2] - For the full year 2024, the company reported revenue of 2.804 billion yuan, a 3.33% increase, but net profit fell to 43.66 million yuan, a 69.26% decrease [3] - The decline in net profit is attributed to increased culling of low-yield cows and inventory impairment provisions for milk powder [2][3] Market Conditions - The dairy and cattle farming industries are facing challenges, with a 3.5% year-on-year decrease in national cattle inventory and a 12.3% drop in fresh milk prices in major producing provinces [2] - The company is experiencing a phase of oversupply in milk sources and intensified market competition, prompting it to optimize its core herd and explore new sales channels [2][3] Acquisition Impact - The acquisition of Xinjiang New Agricultural Dairy Co., Ltd. has significantly impacted Tianrun Dairy's profits, with a reported loss of 95.35 million yuan attributed to this acquisition in 2023 [4][5] - New Agricultural Dairy's performance has been poor post-acquisition, with losses continuing into 2024, further straining Tianrun Dairy's financials [5][6] Strategic Focus - Despite challenges, Tianrun Dairy's revenue from markets outside Xinjiang has shown growth, with 2024 figures indicating a 9.25% increase in revenue from these markets [7][8] - The company aims to leverage its advantages in Xinjiang's milk sources to build a robust product matrix and industry system [10]

Core Viewpoint - The company reported a revenue of 2.8 billion yuan for 2024, a year-on-year increase of 3.3%, but the net profit attributable to shareholders fell to 40 million yuan, down 69.3% year-on-year [1] Revenue and Profit Analysis - In Q4 2024, the company achieved a revenue of 650 million yuan, a year-on-year increase of 2.8%, with a net profit of 20 million yuan compared to zero in the same period last year [1] - The company plans to distribute a cash dividend of 0.21 yuan per share (before tax) to all shareholders [1] - The revenue breakdown for 2024 shows that ambient dairy products generated 1.5 billion yuan (down 2%), low-temperature dairy products 1.12 billion yuan (up 3.5%), livestock products 90 million yuan (up 14.3%), and other products 10 million yuan (up 63.9%) [1] - Q4 2024 revenue growth rates for these categories were -3.4%, +2%, +51.2%, and +144% respectively [1] Market Performance - The company’s revenue from the Xinjiang region decreased by 6.3% to 1.36 billion yuan, while revenue from outside Xinjiang increased by 9.5% to 1.36 billion yuan [1] - The decline in the Xinjiang market was attributed to increased competition, while the expansion into external markets was successful, leading to a continuous increase in revenue share from these areas [1] Profitability and Cost Structure - The overall gross margin for 2024 was 18.1%, a decrease of 2.4 percentage points year-on-year, with Q4 gross margin at 12.2%, down 5.4 percentage points [2] - The increase in promotional activities, such as buy-gift promotions, contributed to the pressure on gross margins [2] - The company reported a net profit margin of 0.5% for 2024, down 4.6 percentage points year-on-year, while Q4 net profit margin improved by 2.8 percentage points to 1.9% [2] Product and Market Strategy - The company has a strong integrated dairy farming operation with high self-sufficiency and significant advantages in milk sourcing that are difficult to replicate [3] - The company is pursuing a dual-market strategy focusing on both Xinjiang and external markets, enhancing its presence in Xinjiang while expanding into external markets through targeted products like yogurt and milk [3] - Future profitability is expected to improve as milk prices stabilize in the second half of 2025 [3] Earnings Forecast - The company’s earnings per share (EPS) are projected to be 0.36 yuan, 0.45 yuan, and 0.56 yuan for the years 2025 to 2027, corresponding to dynamic price-to-earnings ratios of 31 times, 25 times, and 20 times respectively [3]

Core Viewpoint - The performance gap between national dairy companies and regional dairy companies is widening, with regional companies facing significant pressure to find new differentiation strategies in the market [1][2][3]. Group 1: Performance Trends - In 2023-2024, domestic dairy companies experienced a general decline in performance due to market demand and external factors, but signs of recovery were noted in early 2025 [2]. - Leading dairy companies like Yili achieved a revenue of 32.94 billion yuan in Q1 2025, a year-on-year increase of approximately 1.5%, with a net profit of 4.64 billion yuan, up 24.2% compared to 2024 [2]. - In contrast, regional dairy companies like Tianrun Dairy and Yantang Dairy reported declines in revenue and profits, with Tianrun's revenue dropping by 2.5% to 620 million yuan and a net loss of 73.03 million yuan [2][3]. Group 2: Competitive Landscape - Regional dairy companies are facing increased competition from national players who have expanded into the fresh milk market, which has historically been a differentiating factor for regional firms [3]. - Yili's high-end low-temperature milk revenue grew by over 30% in 2024, while Mengniu's fresh milk brand maintained double-digit growth [3]. - The overall dairy consumption in China is reaching a bottleneck, leading to intensified competition among existing players, particularly affecting regional companies [3][6]. Group 3: Differentiation Strategies - To survive, regional dairy companies must establish new differentiation strategies, as exemplified by New Dairy, which has performed better than its peers by focusing on a 24-hour fresh milk product line [4][5]. - New Dairy's revenue for 2024 was 10.67 billion yuan, with a net profit of 540 million yuan, and its 24-hour fresh milk series has seen significant growth [4][5]. - The company has also emphasized direct-to-consumer (DTC) sales, achieving 6.23 billion yuan in direct sales revenue, accounting for 58.4% of its total revenue [5]. Group 4: Future Outlook - The competitive landscape in the dairy market is expected to remain intense in 2025, with increasing market concentration [6]. - Regional dairy companies that fail to find unique brand positioning and product differentiation may face marginalization or even elimination from the market [6].

根据天润乳业2025年4月18日发布的《新疆天润乳业股份有限公司2024年年 度报告》，公司2024年业绩大幅下滑，其中营业利润由2023年的24,505.51万元下 滑至2024年的11,743.78万元，同比下降52.08%，针对此事项，保荐人对公司进行 了专项现场检查，具体情况如下： 一、本次专项现场检查的基本情况 2025 年 4 月 18 日，天润乳业公告了《新疆天润乳业股份有限公司 2024 年 年度报告》，保荐人在前次年度现场检查工作的基础上，结合 2024 年度持续督 导情况，于 2025 年 4 月 23 日-2025 年 4 月 25 日针对此次业绩下滑事项对公司 进行了进一步的专项现场检查。 在本次现场检查过程中，保荐人现场访谈了天润乳业管理层及核心人员，了 解公司业务开展情况；重点查阅了天润乳业 2024 年度的相关财务资料，对公司 2024 年度业务开展情况，各科目的财务数据变动情况、业绩变动原因进行详细 分析，并结合 2024 年行业发展形势等相关信息，对公司 2024 年度业绩大幅下滑 的原因进行分析。 二、公司2024年度业绩变动情况 根据天润乳业 2025 年 4 月 18 ...

新疆天润乳业股份有限公司 关于获得政府补助的公告 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： 获得补助金额：736.27 万元 对当期损益的影响：为与收益相关的政府补助，将计入损益或冲减相关 成本费用，并对公司 2025 年度损益产生积极影响，具体的会计处理以及对公司 损益的影响最终以审计机构年度审计确认后的结果为准。 一、获得补助的基本情况 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：临 2025-018 债券代码：110097 债券简称：天润转债 公司按照《企业会计准则第 16 号——政府补助》的相关规定，确认上述事 1 新疆天润乳业股份有限公司 项并划分补助的类型为与收益相关的政府补助，公司直接计入损益或冲减相关成 本费用，预计将对公司 2025 年度损益产生积极影响。上述政府补助未经审计， 具体的会计处理以及对公司损益的影响最终以审计机构年度审计确认后的结果 为准。敬请广大投资者注意投资风险。 特此公告。 新疆天润乳业股份有限公司董事会 2025年5月7日 ...

Investment Rating - The report maintains a "Buy" rating for Tianrun Dairy (600419.SH) [6] Core Views - Tianrun Dairy's 2024 annual revenue reached 2.804 billion yuan, a year-on-year increase of 3.33%, while the net profit attributable to shareholders dropped by 69.26% to 43.66 million yuan [1] - The company faced challenges in the first quarter of 2025, with a revenue of 625 million yuan, a decrease of 2.50% year-on-year, and a net loss of 73.30 million yuan [1][4] - The report highlights the impact of cattle impairment on short-term profits, with a projected recovery in profitability expected as the company normalizes its cattle culling rate [3][4] Summary by Sections Financial Performance - In 2024, Tianrun Dairy's revenue was 2.804 billion yuan, with a net profit of 43.66 million yuan, and a significant decline in net profit margin to 1.56% [1][3] - The first quarter of 2025 showed a revenue of 625 million yuan, with a net loss of 73.30 million yuan, indicating a challenging market environment [1][4] Product Categories - The revenue breakdown for Q1 2025 showed that the revenue from ambient dairy products, low-temperature dairy products, and livestock products were 347 million yuan, 239 million yuan, and 17 million yuan respectively, with low-temperature products being relatively stable [2] Profitability and Costs - The gross margin for 2024 was 16.76%, with a decline in Q1 2025 to 14.63% due to increased promotional activities [3] - Selling expense ratio increased to 6.87% in Q1 2025, attributed to promotional discounts [3] Profit Forecast and Valuation - The net profit forecasts for 2025 and 2026 have been revised down to 108 million yuan and 195 million yuan, respectively, with an introduction of a 2027 forecast of 247 million yuan [4] - The report indicates that the current stock price corresponds to a P/E ratio of 29x for 2025, 16x for 2026, and 13x for 2027, reflecting the company's differentiated product advantages and growth potential in external markets [4]

Investment Rating - The investment rating for the company is "Buy" [1][4]. Core Views - The report indicates that the company's performance in Q1 2025 showed a slight decline in revenue, with total revenue at 625 million yuan, down 2.50% year-on-year. The net profit attributable to the parent company was a loss of 73.3 million yuan, a significant decrease of 1713.36% year-on-year [2][4]. - The report highlights that the dairy industry is facing oversupply and weak demand, leading to a decrease in milk prices. The national cattle inventory decreased by 3.5% year-on-year, and dairy product output fell by 2.4% year-on-year [4]. - The company has experienced a slight decline in gross margin, which was 14.63% in Q1, down 1.80 percentage points year-on-year, primarily due to short-term promotional activities [4]. - Despite the challenges, the company has managed to increase its dairy product sales volume by 12.37% year-on-year, reaching 74,500 tons [4]. - The report forecasts that the company's earnings are expected to recover after an initial decline, with projected EPS for 2025-2027 at 0.24, 0.53, and 0.77 yuan, respectively, corresponding to P/E ratios of 40X, 18X, and 13X [4][5]. Financial Summary - For the fiscal years 2023 to 2027, the company is projected to have total revenue growth rates of 12.6%, 3.3%, 4.9%, 8.6%, and 8.9%, respectively [5]. - The net profit attributable to the parent company is expected to decline significantly in 2024, with a forecast of 44 million yuan, before recovering to 78 million yuan in 2025 and reaching 246 million yuan by 2027 [5]. - The gross margin is projected to fluctuate, with estimates of 19.1%, 16.8%, 17.1%, 18.2%, and 19.2% from 2023 to 2027 [5]. - The return on equity (ROE) is expected to improve from 1.8% in 2024 to 8.2% in 2027 [5].

Investment Rating - The investment rating for the company is "Buy" [1][4]. Core Views - The report indicates that the company's performance in Q1 2025 showed a slight decline in revenue due to weak demand in the dairy industry, with a revenue of 625 million yuan, down 2.50% year-on-year [2][4]. - The company faced a net loss of 73.3 million yuan in Q1 2025, a significant decrease of 1713.36% year-on-year, primarily due to the culling of cows impacting profitability [2][4]. - Despite the challenges, the report suggests that the company's operational resilience remains strong, and it anticipates a recovery in performance after an initial decline [4]. Financial Summary - The company achieved total revenue of 2,714 million yuan in 2023, with a projected growth rate of 12.6% [5]. - The net profit attributable to the parent company for 2023 was 142 million yuan, reflecting a year-on-year decrease of 27.7% [5]. - The gross margin for 2023 was reported at 19.1%, with a forecasted increase to 19.2% by 2027 [5]. - The earnings per share (EPS) for 2025 is estimated at 0.24 yuan, with a price-to-earnings (P/E) ratio of 39.66 [5]. Market and Competitive Landscape - The dairy industry is experiencing oversupply and weak demand, leading to a decline in milk prices and a 3.5% year-on-year decrease in the national cow inventory [4]. - The company has been exploring new sales channels and optimizing its cattle structure to improve production efficiency, with a reported increase in dairy product sales volume by 12.37% year-on-year [4]. - The report highlights that the company is actively addressing the challenges posed by increased market competition and supply-demand imbalances [4].