8月23日，根据全国12315消费投诉信息公示，新疆天润乳业股份有限公司新增投诉。 根据投诉信息，2025年06月17日，消费者毕**（手机尾号 2069，用户ID ****7426）反映其于2025年06 月16日通过现场购买发酵乳。可能存在食品安全问题，要求赔偿损失，退赔费用。 2025年8月23日，未达成调解协议。处理部门为：济南市历城区市场监督管理局。 天眼查商业履历信息显示，新疆天润乳业股份有限公司成立于1999年12月30日，位于新疆乌鲁木齐市西 山兵团乌鲁木齐工业园区丁香一街9-181号，是一家以从事酒、饮料和精制茶制造业为主的企业，企业 注册资本32019.0246万人民币，法定代表人为刘让。 ...

在生鲜乳供过于求的大环境下，整个乳业正在经历一场寒冬。8月21日，天润乳业发布的半年报显示， 其尚未摆脱这一大环境带来的严峻挑战，2025年上半年，该公司净亏损2185.64万元。而其亏损的主要 原因是处置牛只造成非经常性损益项目出现亏损。今年上半年，天润乳业淘汰牛只1.04万头。 自2023年以来，生鲜乳市场持续处于供过于求的状态，给整个乳业带来普遍压力，其中养殖牧业规模较 大的天润乳业面临的挑战尤为严峻。为应对行业困境，天润乳业自2024年起主动启动牛只淘汰计划以控 制成本。然而，当前该公司所面临的核心难题不仅在于如何有效止亏，更在于如何遏制疆外市场营收下 滑的趋势，这两大挑战成为其亟待突破的经营困局。 疆外市场受挫 然而，天润乳业当前面临的挑战不仅在于亏损，更在于营收下滑这一深层隐忧，后者对于天润乳业而言 是更为棘手的问题。 净亏损超2000万元 今年上半年，天润乳业业绩继续承压，其营收为13.95亿元，同比减少3.3%；净亏损为2185.64万元，较 2024年同期亏损的2790.78万元有所收窄。此番天润乳业净亏损主要是受非经常性损益项目的影响， 2025年上半年，其扣非净利润为5779.12万元， ...

证券之星消息，近日天润乳业披露，截至2025年6月30日公司股东户数为2.5万户，较5月20日减少439.0 户，减幅为1.73%。户均持股数量由上期的1.26万股增加至1.28万股，户均持股市值为12.65万元。 在饮料乳品行业个股中，天润乳业股东户数低于行业平均水平，截至6月30日，饮料乳品行业平均股东 户数为4.97万户。户均持股市值方面，饮料乳品行业A股上市公司户均持股市值为37.8万元，天润乳业 低于行业平均水平。 从股价来看，2025年5月20日至2025年6月30日，天润乳业区间跌幅为0.2%，在此期间股东户数减少 439.0户，减幅为1.73%。 | 统计截止日 | 区间股价涨跌幅 | 股东户数 增减 | | | 增减比例 户均持股市值 (元) | | 户均持股数(股) | | --- | --- | --- | --- | --- | --- | --- | --- | | 2025-06-30 | -0.20% | 25009 | -439 | -1.73% | | 12.65万 | 1.28万 | | 2025-05-20 | 3.01% | 25448 | -1195 | -4.49% ...

Group 1 - Heytea has officially launched on Taobao Flash Sale, with over 4,000 stores nationwide fully operational [1] - The collaboration with Taobao Flash Sale aims to provide differentiated products and brand experiences to a broader consumer base [1] - The overall market capacity for food delivery has increased from 100 million orders per day to over 200 million [1] Group 2 - Moutai has also announced its entry into Taobao Flash Sale, indicating a trend among leading brands to utilize this platform for business growth [2] - The launch of Heytea on Taobao Flash Sale is seen as a significant move, suggesting a shift in the industry from competition for traffic to ecosystem building [2] - The new customer count for tea merchants on Taobao Flash Sale saw a week-on-week increase of 255% on the day of the autumn equinox [1][2] Group 3 - Chayan Yuese has opened three new stores in Changsha, expanding into the new Chinese baking sector with products priced mainly between 3-6 yuan [1][2] Group 4 - Cangzhong Ancient Tea announced that some bank accounts have been frozen due to a lawsuit, impacting normal payment operations [4] - The lawsuit involves a business cooperation contract dispute, with the company and its executives listed as defendants [5] Group 5 - Kudi Coffee (Hengqin) Co., Ltd. has been established with a registered capital of 100 million USD, focusing on various services including restaurant management and supply chain management [6][7] Group 6 - Tianrun Dairy reported a net loss of 21.86 million yuan for the first half of 2025, with total revenue of 1.395 billion yuan, a decrease of 3.30% year-on-year [8] - The company has invested in 20 enterprises and participated in 1,269 bidding projects, indicating active engagement in the market [8]

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] Q2 净利润扭亏为盈，不强赎转债增强信心 公司研究 [Table_ReportType] 公司点评报告 [天Ta润bl乳e_业Sto(c6k0A0n4d1Ra9n)k] 实现较大增幅。我们预计公司 2025-2027 年 EPS 为 0.22/0.56/0.73 元， 分别对应 2025-2027 年 52X/21X/16X PE，维持对公司的"买入"评 级。 风险因素：食品安全问题，行业竞争加剧，扩产不及预期 | [T重a要bl财e务_P指r标ofit] | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 2,714 | 2,804 | 2,825 | ...

Group 1: Logistics and Warehousing Industry - In July 2025, the national express delivery volume reached 16.4 billion pieces, a year-on-year increase of 15.1%, with a total of 112.05 billion pieces from January to July, up 18.7% year-on-year [5][6] - The express delivery industry is experiencing a trend of concentration, with the CR8 increasing to 86.9, reflecting a 1.7 point year-on-year increase, indicating a significant rise in the market share of leading companies [6][7] - The revenue of the express delivery industry in July 2025 increased by 8.9% year-on-year, while the average revenue per piece decreased by 5.3%, showing a narrowing of the price decline and a shift towards healthier competition [7][8] Group 2: New Energy Power Generation Industry - The report discusses the supply-demand contradictions and cyclical nature of the new energy industry, particularly focusing on the photovoltaic sector [10] - It emphasizes the importance of reviewing the photovoltaic industry's supply-side capacity cycles and new technologies [10] Group 3: Building Materials Industry - The report outlines a research framework focusing on sub-industries such as cement, glass fiber, and consumer building materials [11] Group 4: Robotics Industry - The report highlights breakthroughs in humanoid robots, particularly in their ability to walk without visual aids, indicating significant advancements in technology [12][13] - It suggests that the humanoid robot industry is rapidly evolving, driven by technological deepening and practical applications, with a focus on key manufacturers and core component suppliers [13][15] Group 5: Dairy Products Industry - The report indicates that raw milk prices are expected to continue declining, with a potential supply-demand balance in the second half of 2025, benefiting from reduced costs and improved demand [17][18] - It notes that beef prices are entering an upward cycle, driven by supply reduction and decreased import pressures, which could enhance profitability for livestock companies [18][20] Group 6: Company Reports - Futu Holdings reported a strong net inflow of funds, with H1 2025 revenue and net profit reaching 10.006 billion and 4.72 billion HKD, respectively, marking increases of 74.89% and 109.76% year-on-year [22][23] - Baba Foods achieved H1 2025 revenue of 8.35 billion, a year-on-year increase of 9.31%, with net profit rising by 18.08% [26][28] - Milky Way achieved a 13.17% year-on-year increase in net profit for H1 2025, driven by a focus on intelligent supply chain services [35][36]

Core Viewpoint - The company reported a decline in revenue for the first half of 2025, but showed resilience in operations with improved profitability in the second quarter, indicating a potential recovery in the dairy sector despite ongoing challenges [1][3]. Financial Performance - For the first half of 2025, the company achieved revenue of 1.395 billion yuan, a year-on-year decrease of 3.30%, and a net profit attributable to shareholders of -22 million yuan, showing a reduction in losses. The adjusted net profit was 58 million yuan, reflecting a year-on-year increase of 141.32% [1]. - In Q2 2025, revenue reached 771 million yuan, down 3.94% year-on-year, with a net profit of 51 million yuan, up 258.54% year-on-year, and an adjusted net profit of 59 million yuan, up 4533.75% year-on-year [1]. Product Performance - Revenue from ambient dairy products, chilled dairy products, and livestock products for H1 2025 was 738 million yuan, 558 million yuan, and 53 million yuan, respectively, with year-on-year declines of 5%, 4%, and 9%. In Q2 2025, the revenue for these categories was 392 million yuan, 319 million yuan, and 35 million yuan, with year-on-year changes of -6%, -6%, and +31% [2]. - The company reported a continuous increase in dairy product sales, with volumes of 74,500 tons in Q1 and 87,800 tons in Q2, representing year-on-year growth of 12% and 6%, respectively [1][2]. Channel and Regional Performance - In H1 2025, revenue from distribution and direct sales channels was 1.215 billion yuan and 139 million yuan, respectively, with year-on-year changes of -3% and -19%. In Q2 2025, the performance remained consistent with Q1 [2]. - Revenue from domestic and foreign markets in H1 2025 was 748 million yuan and 607 million yuan, with year-on-year changes of +3% and -13%, respectively. In Q2 2025, domestic revenue was 393 million yuan and foreign revenue was 356 million yuan, with year-on-year changes of +11% and -17% [2]. Profitability and Cost Management - The gross margin for H1 2025 was 16.87%, while Q2 2025 saw an increase to 18.68%. The net profit margin for H1 was -1.57%, improving to 6.67% in Q2 [3]. - The company focused on cost management, with stable expense ratios across sales, management, finance, and R&D in H1 2025. The losses were primarily due to non-operational factors, including the disposal of low-yield cattle and market investments [3]. Strategic Initiatives - The company is enhancing channel expansion and brand upgrading by establishing an e-commerce subsidiary and expanding offline brand experience stores. It has also launched new products and improved operational efficiency through equipment upgrades and process optimization [4]. - The company is actively engaging in social media marketing to increase brand exposure and has developed over 60 new products, including various types of yogurt and ready-to-drink products [4].

专题：2024年度A股独立董事数据报告 经过多年发展，独立董事制度已经成为我国上市公司治理结构的重要一环，在完善公司治理结构、促进规范运作、保护中小投资者合法权益等方面发挥了积极作用。独立董事可以促进提升董事会 龚巧莉，2024年在*ST新研、天润乳业、万憬能源3家A股上市公司担任独立董事，报酬分别为8万元、6万元及4.8万元，合计18.8万元。 履历显示，龚巧莉，女，汉族，1964年1月出生，本科毕业于中央财经大学会计学；硕士毕业于大连理工大学软件工程（金融信息管理方向）和新疆财经大学会计学。 现任新疆财经大学会计学院会计学教授，MBA导师、硕士研究生导师，上市公司新疆天润乳业股份有限公司、新疆机械研究院股份有限公司、新疆浩源天然气股份有限公司以及非上市公司德蓝水 责任编辑：公司观察 任职期间内，*ST新研共召开8次董事会会议、4次股东大会，龚巧莉出席了所有应出席的董事会，由于工作性质原因，现场出席1次股东大会。同时，对公司董事会审议的各项议案均投以赞成票 天润乳业共召开9次董事会会议、4次股东大会，龚巧莉均按时出席上述会议。同时，对公司董事会审议的各项议案均投以赞成票，没有提出异议的事项，也没有反对或弃权 ...

Group 1 - The independent director system has become an important part of corporate governance in China's listed companies, enhancing decision-making and protecting the rights of minority investors [1] - Gong Qiaoli served as an independent director for three A-share listed companies in 2024, receiving total compensation of 188,000 yuan [1] - During her tenure, Gong attended all required board meetings and shareholder meetings for *ST Xinyan, Tianrun Dairy, and Wanqing Energy, voting in favor of all proposals without raising objections [1] Group 2 - Gong Qiaoli has an academic background with a bachelor's degree in accounting from Central University of Finance and Economics and master's degrees in software engineering and accounting [2] - She is currently a professor at the Accounting School of Xinjiang Finance University and serves as a mentor for MBA and master's students [2] - Gong holds positions in several companies, including Tianrun Dairy and Xinjiang Mechanical Research Institute, as well as non-listed companies [2]

Investment Rating - The report maintains a "Recommendation" rating for Tianrun Dairy (600419), indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [8][24]. Core Insights - The company reported a total revenue of 1.395 billion yuan for H1 2025, a year-on-year decrease of 3.3%. However, the net profit attributable to shareholders improved to -22 million yuan from -28 million yuan in the same period last year. The non-recurring net profit reached 58 million yuan, reflecting a significant increase of 141.32% year-on-year [2][3]. - In Q2 2025, the company achieved a revenue of 771 million yuan, down 3.94% year-on-year, but the net profit attributable to shareholders was 51 million yuan, compared to -32 million yuan in the same quarter last year. The non-recurring net profit also improved to 59 million yuan from 1 million yuan year-on-year [2][3]. Financial Performance Summary - The total revenue forecast for 2025 is 2.791 billion yuan, with a slight decline of 0.5% compared to 2024. The net profit attributable to shareholders is expected to rise to 630 million yuan, reflecting a growth of 44.5% year-on-year [4]. - The earnings per share (EPS) for 2025 is projected at 0.20 yuan, with subsequent years showing an increase to 0.49 yuan in 2026 and 0.58 yuan in 2027 [4][14]. - The company’s gross margin for Q2 2025 was reported at 18.68%, an increase of 0.7 percentage points year-on-year, attributed to improved cost management and government subsidies [8][9]. Sales and Market Dynamics - The report highlights that despite external consumption pressures, the company has actively worked on sales strategies, leading to a notable revenue increase in domestic markets. The revenue from Xinjiang increased by 10.65% year-on-year, while revenue from outside Xinjiang decreased by 17.21% [8][9]. - The company is focusing on channel expansion and product innovation to counteract the competitive pressures and weak demand in the market [8][9]. Future Outlook - The report suggests a positive outlook for profit recovery in the short term, driven by reduced impairment losses and improved operational efficiency. The company is expected to benefit from a recovery in demand and expansion into new markets in the medium to long term [8][9].