[Xinjiang Tianrun Dairy Co., Ltd. H1 2025 Preliminary Loss Announcement](index=1&type=section&id=%E6%96%B0%E7%96%86%E5%A4%A9%E6%B6%A6%E4%B9%B3%E4%B8%9A%E8%82%A1%E4%BB%BD%E6%9C%89%E9%99%90%E5%85%AC%E5%8F%B82025%E5%B9%B4%E5%8D%8A%E5%B9%B4%E5%BA%A6%E4%B8%9A%E7%BB%A9%E9%A2%84%E4%BA%8F%E5%85%AC%E5%91%8A) [Current Period Performance Forecast](index=1&type=section&id=%E4%B8%80%E3%80%81%E6%9C%AC%E6%9C%9F%E4%B8%9A%E7%BB%A9%E9%A2%84%E5%91%8A%E6%83%85%E5%86%B5) The company forecasts a narrowed net loss for H1 2025 while expecting growth in net profit after non-recurring items H1 2025 Performance Forecast vs H1 2024 Actuals | Financial Metric | H1 2025 Forecast (RMB) | H1 2024 Actual (RMB) | | :--- | :--- | :--- | | **Net Profit Attributable to Parent Company Owners** | -26 million to -18 million | -27.91 million | | **Net Profit After Non-recurring Items** | 46 million to 67 million | 23.95 million | - The company explicitly states an expected **"loss reduction"** in net profit attributable to parent company owners compared to the same period last year[5](index=5&type=chunk) - This performance forecast has not been audited by a certified public accountant[8](index=8&type=chunk) [Prior Year Period Operating Performance and Financial Status](index=2&type=section&id=%E4%BA%8C%E3%80%81%E4%B8%8A%E5%B9%B4%E5%90%8C%E6%9C%9F%E7%BB%8F%E8%90%A5%E4%B8%9A%E7%BB%A9%E5%92%8C%E8%B4%A2%E5%8A%A1%E7%8A%B6%E5%86%B5) The company reported a net loss of 27.91 million RMB and earnings per share of -0.0885 RMB for the same period in 2024 H1 2024 Key Financial Data | Metric | Amount (RMB) | | :--- | :--- | | Total Profit | -44.05 million | | Net Profit Attributable to Parent Company Owners | -27.91 million | | Net Profit After Non-recurring Items | 23.95 million | | Earnings Per Share (EPS) | -0.0885 | [Main Reasons for the Forecasted Loss](index=2&type=section&id=%E4%B8%89%E3%80%81%E6%9C%AC%E6%9C%9F%E4%B8%9A%E7%BB%A9%E9%A2%84%E4%BA%8F%E7%9A%84%E4%B8%BB%E8%A6%81%E5%8E%9F%E5%9B%A0) The forecasted loss is attributed to the disposal of low-yield cows, losses from bulk milk powder sales, and increased market investments - Key operational factors contributing to the current period's forecasted loss include[11](index=11&type=chunk): - Increased losses from the accelerated disposal of low-yield dairy cows - Losses from the sale of bulk milk powder - Impairment provisions for biological assets - Increased investment and support for market expansion [Risk Warning](index=2&type=section&id=%E5%9B%9B%E3%80%81%E9%A3%8E%E9%99%A9%E6%8F%90%E7%A4%BA) The company confirms no other significant uncertainties are expected to affect the accuracy of this performance forecast - The company states that there are no other uncertain factors that could materially affect the accuracy of this performance forecast[12](index=12&type=chunk) [Other Explanatory Notes](index=2&type=section&id=%E4%BA%94%E3%80%81%E5%85%B6%E4%BB%96%E8%AF%B4%E6%98%8E%E4%BA%8B%E9%A1%B9) The company advises that these figures are preliminary and the final data will be in the official H1 2025 report - Investors are advised that the forecast data is preliminary, and the final, accurate financial data will be disclosed in the company's official H1 2025 semi-annual report[13](index=13&type=chunk)

Investment Rating - The industry investment rating is maintained as "Positive" [5] Core Viewpoints - The report highlights that the dairy industry is experiencing a significant oversupply of raw milk, leading to a slowdown in the culling of dairy cows. The current contract milk price is 3.04 CNY/kg, while spot milk prices are below 2.5 CNY/kg, indicating financial strain on dairy farms [7] - The report suggests that the culling of dairy cows may accelerate in the near future due to increasing operational pressures on farms, with spot milk prices dropping to around 2.3 CNY/kg [7] Summary by Sections Investment Recommendations and Targets - For the farm sector, it is recommended to focus on Yuran Dairy (09858, Buy), which is the largest farm enterprise and is expected to benefit from the rebound in milk prices and the recovery of dairy cow fair value. The report also suggests paying attention to leading farm Modern Dairy (01117, Not Rated) [2] - In the dairy enterprise sector, the report recommends Tianrun Dairy (600419, Not Rated), Yili Group (600887, Buy), and Mengniu Dairy (02319, Buy). The current low milk prices and intense competition in the dairy product market are expected to improve as milk prices recover, benefiting both Yili and Mengniu [2]

Industry Overview - Ice cream is a frozen food made primarily from drinking water, milk, cream, sugar, and food additives, produced through various processes [1][6] - The domestic ice cream industry in China is experiencing rapid growth, with market size projected to increase from 83.9 billion yuan in 2015 to 183.5 billion yuan in 2024, and expected to exceed 200 billion yuan by 2027 [1][6][8] Market Dynamics - The average per capita ice cream consumption in China is 2.9 kg, which is higher than the Asia-Pacific average of 2.1 kg but still below the global average of 4.5 kg, indicating significant growth potential for the market [8] - Consumer acceptance of ice cream prices generally falls between 3 to 10 yuan, with 70.9% of consumers preferring this price range, while higher-priced ice creams face lower acceptance [10] Consumer Preferences - In 2025, 64.29% of consumers expressed interest in fruit and herb flavors, while 47.61% preferred nut and spice flavors, indicating a trend towards innovative flavor combinations [12] - Health-conscious trends are driving demand for low-sugar, low-fat, and additive-free ice cream products, with functional ice creams like probiotic and collagen varieties gaining popularity [20] Competitive Landscape - Leading companies in the Chinese ice cream market include Yili, Unilever (Wall's), Mengniu, and Nestlé, with market shares of 19%, 15%, 9%, and 8% respectively [14] - New brands and traditional companies are entering the market, intensifying competition [14] Development Trends - The ice cream industry is witnessing a diversification of flavors and forms, with companies innovating to meet changing consumer preferences [21] - The expansion of online sales channels, driven by e-commerce and cold chain logistics, is providing broader market access for ice cream products [23]

Core Viewpoint - The company has issued convertible bonds, which have entered the conversion period, with limited conversion activity observed so far [2][5]. Group 1: Convertible Bond Issuance Overview - The company issued 9.9 million convertible bonds with a total value of 990 million yuan, with 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 [3]. - The bonds were approved by the China Securities Regulatory Commission and began trading on the Shanghai Stock Exchange on November 15, 2024, under the name "Tianrun Convertible Bonds" [3]. Group 2: Conversion Status - As of June 30, 2025, a total of 115,000 yuan worth of "Tianrun Convertible Bonds" has been converted into 13,839 shares, representing 0.00432% of the company's total shares before conversion [2][5]. - The remaining unconverted amount of "Tianrun Convertible Bonds" is 989,885,000 yuan, accounting for 99.98838% of the total issuance [2][5]. Group 3: Conversion Price Adjustment - The initial conversion price was set at 8.30 yuan per share, which was adjusted to 8.28 yuan per share effective June 27, 2025, due to the company's annual equity distribution [4].

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 2025-033 | | --- | --- | --- | | 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 2025 年第二季度可转债转股结果暨股份变动公告 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： 累计转股情况："天润转债"自 2025 年 4 月 30 日起进入转股期，截至 2025 年6月30日，累计转股金额为115,000.00元，累计因转股形成的股份数量为13,839 股，占可转债转股前公司已发行股份总额的 0.00432%。 未转股可转债情况：截至 2025 年 6 月 30 日，尚未转股的"天润转债"金 额为 989,885,000.00 元，占"天润转债"发行总量的 99.98838%。 本季度转股情况：2025 年第二季度，"天润转债"转股的金额为 115,000.00 元，因转股形成的股份数量为 13,839 股。 一、可转债发行上市概况 经 ...

Group 1 - Xinjiang Terun Dairy Co., Ltd. issued 9.9 million convertible bonds with a total fundraising amount of RMB 990 million, net proceeds amounting to RMB 979.31 million after deducting issuance costs [2][4][12] - The bonds will be listed on the Shanghai Stock Exchange on November 15, 2024, under the name "Terun Convertible Bonds" with the code "110097" [2][4] - The initial conversion price for the bonds is set at RMB 8.30 per share, which will be adjusted to RMB 8.28 per share due to the company's profit distribution plan [5][15] Group 2 - The company reported a revenue of RMB 280.43 million for 2024, a 3.33% increase from RMB 271.40 million in 2023, while the net profit attributable to shareholders decreased by 69.26% to RMB 43.66 million [13][14] - The company operates in the dairy processing industry, focusing on the research, production, and sales of dairy products and beverages, with a complete industry chain [13][14] - The company has 26 large-scale breeding farms with approximately 64,800 cattle, ensuring a stable supply of high-quality milk [13]

证券代码：600419 证券简称：天润乳业 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 向不特定对象发行可转换公司债券 受托管理事务报告 （2024 年度） 债券受托管理人 二〇二五年六月 重要声明 本报告依据《公司债券发行与交易管理办法》（以下简称"《管理办 法》"）《新疆天润乳业股份有限公司 2023 年向不特定对象发行可转换公司债 券之受托管理协议》（以下简称"《受托管理协议》"）《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募集说明书》（以下简称"《募集 说明书》"）《新疆天润乳业股份有限公司 2024 年年度报告》等相关公开信息 披露文件、第三方中介机构出具的专业意见等，由本期债券受托管理人中信建 投证券股份有限公司（以下简称"中信建投证券"）编制。中信建投证券对本 报告中所包含的从上述文件中引述内容和信息未进行独立验证，也不就该等引 述内容和信息的真实性、准确性和完整性做出任何保证或承担任何责任。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相 关事宜做出独立判断，而不应将本报告中的任何内容据以作为中信建投证券所 作的承诺或声明。在任何情况下 ...

Group 1 - The core point of the article is the adjustment of the conversion price for Tianrun Convertible Bonds due to the company's profit distribution plan for the year 2024 [1][2][5] - Tianrun Dairy issued 9.9 million convertible bonds with a total fundraising amount of 990 million yuan, with an initial conversion price set at 8.30 yuan per share [2][5] - The company plans to distribute a cash dividend of 0.21 yuan per 10 shares to all shareholders, with no stock dividends or capital reserve transfers [2][3] Group 2 - The conversion price will be adjusted from 8.30 yuan to 8.28 yuan per share, effective from June 27, 2025 [5] - The adjustment formula for the conversion price includes factors such as cash dividends and stock distributions, ensuring compliance with the terms outlined in the bond issuance prospectus [4][5] - The company will halt the conversion of bonds from June 20 to June 26, 2025, resuming on June 27, 2025 [5]

Core Viewpoint - The legal opinion letter confirms the legality of the convening, holding procedures, and voting results of the 2025 first extraordinary general meeting of Xinjiang Tianrun Dairy Co., Ltd. [1][2][5] Group 1: Meeting Procedures - The meeting was convened by the company's board of directors and publicly announced on June 6, 2025, through various media [2][3] - The meeting was held on June 24, 2025, using a combination of on-site and online voting methods [3][4] Group 2: Attendance and Voting - A total of 434 participants attended the meeting, representing 127,326,797 shares, which is 40.37% of the total voting shares [4] - The qualifications of the attendees were verified and deemed valid according to relevant laws and regulations [4][5] Group 3: Voting Results - The proposal to change the purpose of repurchased shares and reduce registered capital was approved with 126,813,827 votes in favor, representing a significant majority [4][5] - The voting process was conducted in accordance with legal and regulatory requirements, ensuring the legitimacy of the results [5]

Group 1 - The company held its first extraordinary general meeting of shareholders on June 24, 2025, at its office in Urumqi, Xinjiang [2][4] - The meeting was presided over by Chairman Liu Rang, and the voting method combined on-site and online voting, complying with legal and regulatory requirements [2][4] - The proposal to reduce registered capital was approved with a significant majority, where 99.5971% of A-share shareholders voted in favor [2][3] Group 2 - The meeting confirmed that there were no rejected resolutions, indicating a smooth decision-making process [2] - The legal procedures for the meeting were validated by lawyers, ensuring compliance with relevant laws and regulations [3][4]