前十大流通股东累计持有： 13514.39万股，累计占流通股比： 42.21%，较上期变化： -235.94万股。 数据四舍五入，查看更多财务数据>> 三、分红送配方案情况 二、前10名无限售条件股东持股情况 本次公司不分配不转赠。 一、主要会计数据和财务指标 | 名称 | 持有数量(万股) | 占总股本比 | 增减情况 | | --- | --- | --- | --- | | | | 例(%) | (万股) | | 新疆生产建设兵团第十二师国有资产经营(集团)有限责任 公司 | 9957.73 | 31.10 | 不变 | | 新疆生产建设兵团乳业集团有限责任公司 | 1841.15 | 5.75 | 不变 | | 金华市裕恒资本管理有限责任公司-裕恒资本双龙一号私募 证券投资基金 | 322.44 | 1.01 | 新进 | | 中信证券股份有限公司-社保基金17052组合 | 296.00 | 0.92 | 新进 | | 易方达港股通红利混合 | 224.09 | 0.70 | 新进 | | 方正富邦天睿混合A | 198.98 | 0.62 | 新进 | | 大成国际资产管理有限公司-大成中国灵活配 ...

Financial Performance - The company's revenue for Q1 2025 was CNY 624.52 million, a decrease of 2.50% compared to CNY 640.56 million in the same period last year[2]. - The net profit attributable to shareholders was a loss of CNY 73.30 million, a significant decline of 1,713.36% from a profit of CNY 4.54 million in the previous year[2]. - The basic earnings per share (EPS) was -CNY 0.2324, down 1,713.89% from CNY 0.0144 in the same period last year[2]. - The weighted average return on equity decreased by 3.27 percentage points to -3.08% from 0.19%[2]. - The net profit attributable to shareholders was RMB -7,330.36 million, a decline of RMB 1,713.36 million compared to the same period last year[10]. - The company's net profit for Q1 2025 was a loss of approximately ¥5.68 million, compared to a loss of ¥1.26 million in Q1 2024, indicating a significant decline in profitability[28]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 5.79 billion, a decrease of 6.50% from CNY 6.19 billion at the end of the previous year[3]. - As of March 31, 2025, the total assets amounted to RMB 5,789,746,769.07, down from RMB 6,192,266,178.65 at the end of 2024[13]. - The company's total liabilities decreased to ¥3,232,282,670.40 from ¥3,546,112,489.57 year-over-year[16]. - The total equity attributable to shareholders decreased to ¥2,339,599,812.28 from ¥2,412,903,415.80 year-over-year[16]. - The total liabilities increased to CNY 1,989,411,288.45 from CNY 1,820,145,690.38, reflecting a rise in financial obligations[26]. Cash Flow - The net cash flow from operating activities was CNY 47.53 million, a significant improvement compared to a negative cash flow of CNY 6.26 million in the same period last year[2]. - The cash inflow from operating activities was CNY 761,247,123.78, an increase of 7.87% compared to CNY 705,585,277.79 in Q1 2024[21]. - The net cash flow from operating activities turned positive at CNY 47,534,028.91, recovering from a negative CNY 6,264,433.81 in the same period last year[21]. - The company's cash and cash equivalents decreased to RMB 647,460,477.43 from RMB 849,062,678.49 at the end of 2024[13]. - The total cash and cash equivalents at the end of Q1 2025 were approximately ¥262.17 million, down from ¥394.56 million at the end of Q1 2024, a decrease of about 33.5%[32]. Operational Highlights - The company sold 74,500 tons of dairy products in Q1 2025, representing a growth of 12.37% year-on-year[11]. - The company optimized its core breeding population, resulting in an average annual milk yield of 11.25 tons per cow, an increase of 0.94 tons year-on-year[11]. - The company launched 5 new products during the reporting period, including a passion fruit milk beer, enhancing its product matrix[11]. - The company conducted over 3,000 promotional activities to boost product sales during the reporting period[10]. - The company is focusing on health-oriented product development, collaborating with third-party institutions to enhance product functionality[11]. Market Conditions - The average price of fresh milk in major production provinces fell by 12.3% year-on-year in March 2025, indicating ongoing market challenges[9]. - Non-recurring losses amounted to CNY 72.27 million, primarily due to losses from the disposal of livestock and asset impairment provisions[4]. - The company increased its efforts to eliminate low-value livestock, which contributed to the decline in net profit[4]. Shareholder Information - The top shareholder, Xinjiang Production and Construction Corps, holds 31.10% of the shares, indicating strong state ownership[7].

中信建投证券股份有限公司关于新疆天润乳业股份有限公司 工作内容 督导情况 1、建立健全并有效执行持续督导工作制 度，并针对具体的持续督导工作制定相应 的工作计划。 保荐人已经制定了持续督导工作计 划。 2、根据中国证监会相关规定，在持续督 导工作开始前，与上市公司或相关当事人 签署持续督导协议，明确双方在持续督导 期间的权利义务，并报上海证券交易所备 保荐人已与公司签订保荐承销协议， 协议已明确了双方在持续督导期间 的权利和义务。 一、持续督导工作情况 2024 年持续督导年度报告书 | 保荐人名称： | 被保荐上市公司名称： | | --- | --- | | 中信建投证券股份有限公司 | 新疆天润乳业股份有限公司 | | 保荐代表人姓名：吴小鹏 | 联系方式：010-85156478 联系地址：北京市朝阳区景辉街 号院 号 16 1 | | | 楼泰康集团大厦 层 10 | | 保荐代表人姓名：甘伟良 | 联系方式：028-68850835 | | | 联系地址：四川省成都市武侯区天府大道中段 | | | 588 号通威国际中心 2002 室 | 根据中国证券监督管理委员会《关于同意新疆天润乳业股份有限公 ...

Summary of Key Points - The company has issued 9.9 million convertible bonds with a total value of 990 million yuan, which will be traded on the Shanghai Stock Exchange starting November 15, 2024 [2][3][4] - The bonds have a maturity period of 6 years, from October 24, 2024, to October 23, 2030, with a conversion period starting from April 30, 2025, to the maturity date [4][6] - The initial conversion price is set at 8.30 yuan per share, and the bonds will have a tiered interest rate starting from 0.30% in the first year and increasing to 2.00% in the sixth year [2][3][14] - The conversion process allows bondholders to convert their bonds into shares, with the minimum conversion unit being one share [5][7] - The company will adjust the conversion price in case of stock dividends, capital increases, or other corporate actions that affect the number of shares [15][17] - If the stock price falls below 85% of the conversion price for a specified period, the company may propose a downward adjustment of the conversion price, subject to shareholder approval [17][18] - The newly converted shares will enjoy the same rights as existing shares and will be listed for trading the day after the conversion application [11][12]

近日，天润乳业（600419.SH）发布2024年报。根据年报，天润乳业2024年实现营业收入28.04亿元，同比增长3.33%，但净利润仅为4365.9万元，同比大幅 下滑69.26%，陷入"增收不增利"的尴尬局面。这一业绩表现引发市场关注，在乳制品行业集体承压的背景下，区域乳企的成长空间是否已被挤压？ 从财报数据看，成本端压力与行业价格战的"双杀"成为天润乳业利润下滑的主因。尽管天润乳业通过疆外市场拓展带动营收增长，但激烈的市场竞争迫使企 业加大促销力度，拖累全年毛利率同比下降2.35个百分点至16.76%。 面对盈利困境，天润乳业正试图通过产品结构调整寻找突破口。天润乳业低温乳制品收入保持稳中有增的态势，2024年该业务营收同比增加3.447%，常温 产品营收则同比下滑2.03%，其明确将低温鲜奶、特色产品奶啤作为重点培育方向。 天润乳业这一战略与近年消费升级趋势相契合，但低温奶对冷链物流和渠道管控的高要求，也考验着区域乳企的精细化运营能力。 此外，得益于活牛和大包粉销售贡献，天润乳业的现金流改善显著，2024年经营活动现金流净额同比增长89.45%，为6.52亿元。 当前乳制品行业已进入存量竞争阶段， ...

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 2025-015 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 关于"天润转债"开始转股的公告 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： 一、可转债发行上市概况 经中国证券监督管理委员会《关于同意新疆天润乳业股份有限公司向不特定 对象发行可转换公司债券注册的批复》（证监许可〔2024〕899 号）同意注册， 新疆天润乳业股份有限公司（以下简称"公司"）于 2024 年 10 月 24 日向不特 定对象发行了 990.00 万张可转换公司债券，每张面值 100 元，发行总额 99,000.00 万元，发行期限 6 年。 经上海证券交易所自律监管决定书〔2024〕149 号文同意，公司本次发行的 99,000.00万元可转换公司债券于2024 年11月15日在上海证券交易所挂牌交易， 债券简称"天润转债"，债券代码"110097"。 根据《上海证券交易所股票上市规则》等有关规定和《新疆天润乳业股份 ...

Investment Rating - The report maintains an "Accumulate" rating for Tianrun Dairy [1] Core Views - The company's performance in 2024 met expectations, with a projected revenue increase in 2025 and 2026 [4] - The company is expected to see improved profitability in 2025 and 2026 due to a recovery in net profit margins [4] Summary by Relevant Sections Financial Performance - In 2024, total revenue is projected at 28.04 billion yuan, a year-on-year increase of 3.3%, while net profit is expected to be 0.44 billion yuan, a decrease of 69% [8] - The company anticipates revenue of 29.7 billion yuan in 2025 and 31.6 billion yuan in 2026, with corresponding net profits of 1.3 billion yuan and 2.1 billion yuan [4] - The report indicates a recovery in net profit margins in Q4 2024, with a year-on-year improvement of 3.4 percentage points [3] Market Dynamics - The decline in gross margin in 2024 is attributed to falling prices due to intense competition, with a year-on-year decrease of 2.4 percentage points [3] - The company has seen a steady expansion of its sales network outside its primary market, contributing to revenue growth [8] Cost Management - The report highlights an increase in asset impairment losses by 60% in 2024, primarily due to oversupply in the industry [3] - In Q4 2024, the company managed to reduce asset impairment losses by 65%, indicating improved cost control measures [3]

2025 年 04 月 21 日 | 分析师：孙山山 | S1050521110005 | | --- | --- | | sunss@cfsc.com.cn | | | 联系人：肖燕南 | S1050123060024 | | xiaoyn@cfsc.com.cn | | | 基本数据 | 2025-04-18 | | --- | --- | | 当前股价（元） | 11.08 | | 总市值（亿元） | 35 | | 总股本（百万股） | 320 | | 流通股本（百万股） | 320 | | 52 周价格范围（元） | 6.79-11.46 | | 日均成交额（百万元） | 61.73 | 市场表现 -30 -20 -10 0 10 20 30 (%) 天润乳业 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《天润乳业（600419）：二季度 经营承压，疆外市场开拓顺利》 2024-08-23 2、《天润乳业（600419）：利润端 承压，看好后续修复潜力》2024- 05-01 营收稳健彰显韧性，期待盈利能力修复 —天润乳业（600419.SH）公司事件点评报告 买入(维持) 事件 3、 ...

公司研究 [Table_ReportType] 公司点评报告 [天Ta润bl乳e_业Sto(c6k0A0n4d1Ra9n)k] 上次评级 买入 赵 雷 食品饮料行业分析师 执业编号：S1500524100003 邮 箱：zhaolei@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲 127 号 金隅大厦 B 座 邮编：100031 证券研究报告 [Table_Title] 全年平稳收官，期待盈利持续复苏 [Table_ReportDate] 2025 年 4 月 20 日 投资评级 买入 [T事ab件le：_S公um司ma发ry布] 2024 年年报。2024 年，公司实现营业收入 28.04 亿元， 同比+3.33%；归母净利润 4366 万元，同比-69.26%；实现扣非归母净利润 7601 万元，同比-45.78%。其中，24Q4 公司实现营业收入 6.49 亿元，同 比+2.76%；归母净利润 2139 万元，同比+4617.96%；实现扣非归母净利 润 179 万元，同比+144.51%。 点评： 风险因素：食品安全问题，行 ...

[Table_ReportType] 公司点评报告 [天Ta润bl乳e_业Sto(c6k0A0n4d1Ra9n)k] 公司研究 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲 127 号 金隅大厦 B 座 邮编：100031 上次评级 买入 证券研究报告 [Table_Title] 全年平稳收官，期待盈利持续复苏 [Table_ReportDate] 2025 年 4 月 20 日 投资评级 买入 [T事ab件le：_S公um司ma发ry布] 2024 年年报。2024 年，公司实现营业收入 28.04 亿元， 同比+3.33%；归母净利润 4366 万元，同比-69.26%；实现扣非归母净利润 7601 万元，同比-45.78%。其中，24Q4 公司实现营业收入 6.49 亿元，同 比+2.76%；归母净利润 2139 万元，同比+4617.96%；实现扣非归母净利 润 179 万元，同比+144.51%。 点评： 风险因素：食品安全问题，行业竞争加剧，扩产不及预期 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 [Ta ...