Core Viewpoint - Xinjiang Tianrun Dairy Co., Ltd. has decided not to exercise the early redemption rights of its convertible bonds, known as "Tianrun Convertible Bonds," despite triggering the conditional redemption clause due to stock price performance [2][3][4]. Group 1: Convertible Bond Issuance and Terms - The company issued 9.9 million convertible bonds with a total value of 990 million yuan, maturing in six years with a tiered interest rate starting from 0.30% in the first year to 2.00% in the sixth year [3][4]. - The conversion price for the bonds was adjusted to 8.28 yuan per share as of June 27, 2025, due to the company's equity distribution [4][5]. - The conditional redemption clause allows the company to redeem the bonds if the stock price remains above 10.76 yuan (130% of the conversion price) for at least 15 trading days within a 30-day period [4][6]. Group 2: Decision on Early Redemption - The company's board of directors, in a meeting held on August 15, 2025, unanimously decided not to exercise the early redemption rights for the "Tianrun Convertible Bonds," citing confidence in the company's future prospects and market conditions [2][3][7]. - The company will not exercise the early redemption rights for the next three months, with a review planned if the redemption conditions are triggered again after November 15, 2025 [3][8]. Group 3: Shareholder Activity - The actual controller and major shareholders of the company have reduced their holdings of the convertible bonds prior to the redemption conditions being met, with the largest shareholder reducing their holdings from 3,078,900 to 1,066,070 bonds [7]. - The major shareholder has committed to comply with legal regulations regarding any future reductions in bond holdings [7]. Group 4: Regulatory Compliance - The underwriting institution, CITIC Securities, confirmed that the decision not to redeem the bonds early was made following necessary procedures and complies with relevant regulations and the terms outlined in the offering prospectus [7][8].

Group 1 - The company has completed the repurchase and cancellation of 4,799,955 shares, which will lead to a reduction in registered capital [3][4][5] - The decision to change the purpose of the repurchased shares from employee stock ownership plans to cancellation was approved in the 21st meeting of the 8th Board of Directors [3][4] - No creditors raised objections or claims regarding the repurchase and cancellation during the designated creditor declaration period [3][4] Group 2 - The total share capital before the cancellation was 320,306,732 shares, which will be reduced to 315,506,777 shares after the cancellation [5] - The number of unrestricted circulating shares decreased from 320,306,732 to 315,506,777 shares due to the cancellation [5] - The company will proceed with the necessary procedures for business registration changes following the cancellation [4][5]

Core Viewpoint - The company is adjusting the conversion price of its convertible bonds due to the repurchase and cancellation of shares, resulting in a new conversion price of 8.21 CNY per share effective from August 19, 2025 [1][4]. Group 1: Share Repurchase and Bond Adjustment - The company has completed the repurchase and cancellation of 4,799,955 shares on August 12, 2025, which necessitated the adjustment of the conversion price for the "Tianrun Convertible Bonds" [3]. - The initial conversion price was set at 8.30 CNY per share when the bonds were issued on October 24, 2024, and was adjusted to 8.28 CNY per share on June 27, 2025, due to the company's annual equity distribution [2][3]. - The new conversion price of 8.21 CNY per share is calculated based on the formula provided in the bond issuance prospectus, reflecting the impact of the share cancellation [4]. Group 2: Regulatory Compliance and Announcement - The company has ensured compliance with the relevant regulations set by the China Securities Regulatory Commission regarding the adjustment of convertible bond prices following changes in share capital [3]. - The board of directors and all directors have guaranteed the accuracy and completeness of the announcement regarding the bond price adjustment [1].

Summary of Key Points Core Viewpoint - The company, Xinjiang Tianrun Dairy Co., Ltd., has decided not to exercise the early redemption option for its convertible bonds, "Tianrun Convertible Bonds," despite meeting the conditions for redemption. This decision is made to protect the interests of investors and is based on the current market conditions and the company's actual situation [6][7]. Group 1: Convertible Bond Issuance and Terms - The company issued 9.9 million convertible bonds with a total value of 990 million yuan, each with a face value of 100 yuan, on October 24, 2024. The bonds have a maturity of 6 years and a tiered interest rate starting from 0.30% in the first year to 2.00% in the sixth year [1][2]. - The bond's conversion price will be adjusted due to the company's share repurchase and cancellation, changing from 8.28 yuan per share to 8.21 yuan per share starting August 19, 2025 [3]. Group 2: Redemption Conditions and Trigger - The convertible bonds have a conditional redemption clause that allows the company to redeem the bonds if the stock price exceeds 130% of the conversion price for at least 15 out of 30 consecutive trading days or if the remaining unconverted bonds are less than 30 million yuan [4][5]. - The redemption conditions were met between July 24, 2025, and August 15, 2025, as the stock price met the required threshold [4][5]. Group 3: Board Decision and Future Considerations - The company's board has reviewed the situation and decided not to exercise the early redemption right for the "Tianrun Convertible Bonds." The board will reconsider this decision if the redemption conditions are triggered again after November 15, 2025 [6][7]. - The company has complied with all necessary decision-making procedures and legal requirements regarding the non-redemption of the bonds [7][8].

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 | 2025-040 | | --- | --- | --- | --- | | 债券代码：110097 | 债券简称：天润转债 | | | 3、公司于 2025 年 8 月 12 日在《中国证券报》《证券时报》和上海证券交 易所网站（http://www.sse.com.cn）披露了《新疆天润乳业股份有限公司关于实 施回购股份注销暨股份变动的公告》（公告编号：2025-038），本次用于注销回 购股份并相应减少注册资本的股票数量为 4,799,955 股。 二、本次回购股份注销情况 新疆天润乳业股份有限公司 关于回购股份注销实施完成的公告 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。 一、本次注销回购股份的决策程序与信息披露 1、新疆天润乳业股份有限公司（以下简称"公司"）于 2025 年 6 月 5 日召 开第八届董事会二十一次会议及第八届监事会第十九次会议，并于 2025 年 6 月 24 日召开 2025 年第一次临 ...

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 | 2025-039 | | --- | --- | --- | --- | | 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 关于因实施回购股份注销调整可转债转股价格的公告 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法律责任。 证券停复牌情况：适用 因实施回购股份注销需调整"天润转债"转股价格，本公司的相关证券停复牌情 重要内容提示： 况如下： | 证券代码 | 证券简称 | 停复牌类型 | 停牌起始日 | 停牌期间 | 停牌终止日 | 复牌日 | | --- | --- | --- | --- | --- | --- | --- | | 110097 | 天润转债 | 可转债转股停牌 | 2025/8/18 | 全天 | 2025/8/18 | 2025/8/19 | 一、可转债发行上市概况及前次调整转股价格情况 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 ...

新疆天润乳业股份有限公司 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。 新疆天润乳业股份有限公司（以下简称"公司"）于 2025 年 8 月 15 日接到 公司控股股东新疆生产建设兵团第十二师国有资产投资发展集团有限公司（以下 简称"国资公司"）的通知，获悉其于 2025 年 7 月 16 日至 2025 年 8 月 15 日期 间通过上海证券交易所系统减持其所持有的公司可转换公司债券。具体情况如 下： 一、股东配售可转债的情况 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），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上市交易，债券简称 ...

新疆天润乳业股份有限公司 | | | 新疆天润乳业股份有限公司 关于不提前赎回"天润转债"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。 新疆天润乳业股份有限公司（以下简称"公司"）股票自 2025 年 7 月 24 日至 2025 年 8 月 15 日，已有十五个交易日的收盘价不低于"天润转债"当 期转股价格 8.28 元/股的 130%，即不低于 10.76 元/股。根据公司《向不特定对 象发行可转换公司债券募集说明书》（以下简称"《募集说明书》"）的约定， 已触发"天润转债"的有条件赎回条款。 公司于 2025 年 8 月 15 日召开第八届董事会第二十三次会议，审议通过 《新疆天润乳业股份有限公司关于不提前赎回"天润转债"的议案》，公司董事 会决定本次不行使"天润转债"的提前赎回权利，不提前赎回"天润转债"。 未来三个月（即 2025 年 8 月 16 日至 2025 年 11 月 15 日）内，如公司触 发"天润转债"的赎回条款均不行使"天润转债"的提前赎回权利。以 2025 年 11 月 15 日之后 ...

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 不提前赎回"天润转债"的核查意见 中信建投证券股份有限公司（以下简称"保荐人""中信建投"）作为新疆 天润乳业股份有限公司（以下简称"天润乳业""公司"）2024 年向不特定对象 发行可转换公司债券的保荐人，根据《证券发行上市保荐业务管理办法》《可转 换公司债券管理办法》《上海证券交易所股票上市规则》《上海证券交易所上市 公司自律监管指引第 1 号——规范运作》《上海证券交易所上市公司自律监管指 引第 12 号——可转换公司债券》等相关法律、法规及规范性文件的规定，对天 润乳业不提前赎回"天润转债"事项进行了核查，核查情况如下： 30 日起可转换为公司股份，初始转股价格为 8.30 元/股。 由于公司实施 2024 年度权益分派，"天润转债"的转股价格自 2025 年 6 月 27 日起调整为 8.28 元/股，具体内容详见公司于 2025 年 6 月 23 日披露的《新疆 天润乳业股份有限公司关于因权益分派调整可转债转股价格的公告》（公告编号： 2025-030 号）。 一、可转债发行上市概况 （一）可转债发行情况 根据中国证券监督管理委员会《关于同意 ...

Group 1 - The stock price of Tianrun Dairy is reported at 11.30 yuan, down 0.20 yuan from the previous trading day, with a trading volume of 89,500 lots and a total transaction amount of 103 million yuan [1] - Tianrun Dairy is a significant dairy product manufacturer in the Xinjiang region, involved in the research, production, and sales of liquid milk, yogurt, and milk powder [1] - On August 13, the stock experienced a rapid decline, with a drop of over 2% within five minutes, while the net inflow of main funds was 1.7384 million yuan, and the cumulative net outflow over the past five trading days reached 10.011 million yuan [1]