天润乳业（600419.SH）2024 年中报点评 短期业绩承压，疆外扩张趋势延续 2024 年 08 月 23 日 [盈利预测与财务指标 Table_Forcast] ➢ 事件：公司于 8 月 22 日发布 2024 年半年报，24H1 实现营收 14.43 亿元， 同增 3.89%；实现归母净利润-0.28 亿元，同减 122.18%；扣非归母净利润 0.24 亿元，同减 79.55%。单二季度，公司实现营收 8.03 亿元，同增 5.90%；实现归 母净利润-0.32 亿元，同减 145.82%；扣非归母净利润 0.01 亿元，同减 98.14%。 公司上半年亏损主要由于加大对低产奶牛及公牛的处置力度，计提存货减值准 备、生物性生物资产减值准备及坏账准备以及合并新农乳业增加亏损。 ➢ 加速淘汰低产牛只，聚焦疆外市场开发。今年上半年乳制品市场消费需求延 续放缓趋势，公司 24H1 实现乳制品销量 14.90 万吨，同增 1.78%，分产品看， 24H1 常温乳制品收入 7.80 亿元，同比-0.08%，占比 54.80%；低温乳制品收入 5.81 亿元，同比+3.48%，占比 40.80%；畜牧业产品收入 ...

证 券 研 究 报 告 天润乳业（600419）2024 年中报点评 中性（维持） 牧业拖累明显，盈利持续承压 当前价：7.18 元 事项： ❖ 公司发布 2024 年半年报。24H1 实现总营收 14.43 亿元，同比+3.89%；归母净 利润-0.28 亿元，同比-122.18%；扣非归母净利润 0.24 亿元，同比-79.55%。单 Q2 实现营收 8.03 亿元，同比+5.9%；归母净利润-0.32 亿元，同比-145.82%； 扣非归母净利 0.01 亿元，同比-98.14%。 评论： ❖ 需求偏弱竞争加剧，新农并表增厚营收表现。在需求疲软且奶价下行、行业竞 争加剧背景下，公司 Q2 内生增长延续承压，新农并表增厚带动营收实现正增 （新农于 23 年 6 月并表）。分地区看，24Q2 疆内/疆外分别实现收入 3.55/4.3 亿元，同比-10.1%/+19%，结合 24H1 疆内、疆外经销商较期初分别-1 个、+43 个，预计疆外招商铺货带动增速相对较优。分品类看，常温/低温/畜牧业/其他 24Q2 分别实现收入 4.17/3.4/0.27/0.01 亿元，同比-2.3%/+7.97%/+116.7 ...

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 2024-034 新疆天润乳业股份有限公司 关于召开 2024 年第二次临时股东大会的通知 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： 股东大会召开日期：2024年9月10日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票系统 一、召开会议的基本情况 网络投票系统：上海证券交易所股东大会网络投票系统 （一） 股东大会类型和届次 2024 年第二次临时股东大会 （二） 股东大会召集人：董事会 （三） 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票 相结合的方式 （四） 现场会议召开的日期、时间和地点 召开的日期时间：2024 年 9 月 10 日 15 点 30 分 召开地点：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 （五） 网络投票的系统、起止日期和投票时间 网络投票起止时间：自 2024 年 9 月 10 日 1 新疆天润乳业股份有 ...

Important Notice [Profit Distribution Plan](index=2&type=section&id=Profit%20Distribution%20Plan) No profit distribution or capital reserve to share capital plan for this reporting period - No profit distribution or capital reserve to share capital plan for this reporting period[4](index=4&type=chunk) [Risk Statement for Forward-Looking Statements](index=2&type=section&id=Risk%20Statement%20for%20Forward-Looking%20Statements) Forward-looking statements in the report are not substantive commitments and involve investment risks - Forward-looking statements in the report are not substantive commitments, and investors should be aware of investment risks[4](index=4&type=chunk) [Fund Occupation by Controlling Shareholder and Related Parties](index=2&type=section&id=Fund%20Occupation%20by%20Controlling%20Shareholder%20and%20Related%20Parties) No non-operating fund occupation by controlling shareholder or related parties - No non-operating fund occupation by controlling shareholder or related parties[4](index=4&type=chunk) [External Guarantees](index=2&type=section&id=External%20Guarantees) No external guarantees provided in violation of decision-making procedures - No external guarantees provided in violation of decision-making procedures[4](index=4&type=chunk) [Directors' Assurance of Report Authenticity, Accuracy, and Completeness](index=2&type=section&id=Directors%27%20Assurance%20of%20Report%20Authenticity%2C%20Accuracy%2C%20and%20Completeness) All directors assure the authenticity, accuracy, and completeness of the semi-annual report - All directors assure the authenticity, accuracy, and completeness of the semi-annual report[4](index=4&type=chunk) [Significant Risk Warning](index=2&type=section&id=Significant%20Risk%20Warning) Significant risk factors and countermeasures are detailed in the report, refer to the specified section - Significant risk factors and countermeasures are detailed in the report, please refer to the designated section[4](index=4&type=chunk) [Board of Directors, Supervisory Board, and Senior Management Statement](index=2&type=section&id=Board%20of%20Directors%2C%20Supervisory%20Board%2C%20and%20Senior%20Management%20Statement) The Board, Supervisory Board, and senior management guarantee the report's truthfulness, accuracy, and completeness, assuming legal responsibility - The Board, Supervisory Board, and all directors, supervisors, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, and assume individual and joint legal responsibility[5](index=5&type=chunk) [Board Meeting Attendance](index=2&type=section&id=Board%20Meeting%20Attendance) All company directors attended the Board of Directors meetings - All company directors attended the Board of Directors meetings[5](index=5&type=chunk) [Report Audit Status](index=2&type=section&id=Report%20Audit%20Status) This semi-annual report has not been audited - This semi-annual report has not been audited[5](index=5&type=chunk) [Financial Report Responsible Persons' Statement](index=2&type=section&id=Financial%20Report%20Responsible%20Persons'%20Statement) Company's responsible persons for financial reporting guarantee the truthfulness, accuracy, and completeness of the financial report - The company's responsible person, chief accountant, and head of accounting department declare that the financial report in the semi-annual report is true, accurate, and complete[5](index=5&type=chunk) Section I Definitions [Definitions of Common Terms](index=4&type=section&id=Definitions%20of%20Common%20Terms) This section defines common terms used in the report, including company names, regulatory bodies, and key stakeholders - This section provides definitions for common terms used in the report, covering the company, regulatory bodies, major shareholders, and subsidiaries[8](index=8&type=chunk) Section II Company Profile and Key Financial Indicators [Company Information](index=4&type=section&id=Company%20Information) This section provides basic company information, including its Chinese name, abbreviation, English name, and legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Chinese Name | 新疆天润乳业股份有限公司 | | Chinese Abbreviation | 天润乳业 | | English Name | Xinjiang Terun Dairy Co., Ltd. | | Legal Representative | 刘让 | [Contact Persons and Information](index=5&type=section&id=Contact%20Persons%20and%20Information) This section lists contact details for the company's Board Secretary and Securities Affairs Representative Company Contact Information | Position | Board Secretary | Securities Affairs Representative | | :--- | :--- | :--- | | Name | 冯育菠 | 陶茜 | | Contact Address | 新疆乌鲁木齐市经济技术开发区（头屯河区）乌昌公路2702号 | 新疆乌鲁木齐市经济技术开发区（头屯河区）乌昌公路2702号 | | Phone | 0991-3960621 | 0991-3960621 | | Fax | 0991-3930013 | 0991-3930013 | | Email | zqb600419@126.com | zqb600419@126.com | [Brief Introduction to Changes in Basic Information](index=5&type=section&id=Brief%20Introduction%20to%20Changes%20in%20Basic%20Information) This section outlines changes in the company's registered and office addresses, along with its website and email Company Address Information | Indicator | Content | | :--- | :--- | | Company Registered Address | 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 | | Historical Changes in Registered Address | Changed from No. 17, West Third Road, Shihezi City, Xinjiang to No. 2702, Wuchang Highway, Economic and Technological Development Zone (Toutunhe District), Urumqi City, Xinjiang in December 2013; changed to current registered address in December 2019 | | Company Office Address | 新疆乌鲁木齐市经济技术开发区（头屯河区）乌昌公路2702号 | | Company Office Address Postal Code | 830088 | | Company Website | www.xjtrry.com | | Email | zqb600419@126.com | [Information Disclosure and Document Placement](index=5&type=section&id=Information%20Disclosure%20and%20Document%20Placement) This section details the company's chosen newspapers for information disclosure, website for reports, and report placement location Information Disclosure Channels | Indicator | Content | | :--- | :--- | | Name of Information Disclosure Newspapers | 《中国证券报》《证券时报》 | | Website Address for Semi-Annual Report Publication | www.sse.com.cn | | Location for Semi-Annual Report Placement | Company Securities Investment Department | [Company Stock Overview](index=5&type=section&id=Company%20Stock%20Overview) This section provides an overview of the company's stock, including type, listing exchange, ticker, and code Stock Basic Information | Stock Type | Listing Exchange | Stock Abbreviation | Stock Code | Former Stock Abbreviation | | :--- | :--- | :--- | :--- | :--- | | A-share | Shanghai Stock Exchange | 天润乳业 | 600419 | 新疆天宏 | [Company's Key Accounting Data and Financial Indicators](index=5&type=section&id=Company's%20Key%20Accounting%20Data%20and%20Financial%20Indicators) In H1 2024, revenue grew **3.89%** to **RMB 1.44 billion**, but net profit attributable to shareholders decreased **122.18%** to **RMB -27.91 million**, impacted by culling low-value cattle, impairment provisions, and New Agriculture Dairy's losses. Operating cash flow significantly increased by **146.25%** to **RMB 247 million** Key Accounting Data (January-June 2024) | Indicator | Current Period (Jan-Jun) | Prior Year Period | Change from Prior Year Period (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,443,161,097.72 yuan | 1,389,185,619.96 yuan | 3.89 | | Net Profit Attributable to Listed Company Shareholders | -27,907,796.16 yuan | 125,804,699.69 yuan | -122.18 | | Net Profit Attributable to Listed Company Shareholders After Deducting Non-Recurring Gains and Losses | 23,947,641.78 yuan | 117,104,227.33 yuan | -79.55 | | Net Cash Flow from Operating Activities | 246,734,511.84 yuan | 100,197,133.70 yuan | 146.25 | Key Financial Indicators (January-June 2024) | Indicator | Current Period (Jan-Jun) | Prior Year Period | Change from Prior Year Period (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | -0.0885 | 0.3989 | -122.19 | | Diluted Earnings Per Share (yuan/share) | -0.0885 | 0.3989 | -122.19 | | Basic Earnings Per Share After Deducting Non-Recurring Gains and Losses (yuan/share) | 0.0759 | 0.3713 | -79.56 | | Weighted Average Return on Net Assets (%) | -1.18 | 5.35 | Decreased by 6.53 percentage points | | Weighted Average Return on Net Assets After Deducting Non-Recurring Gains and Losses (%) | 1.01 | 4.99 | Decreased by 3.98 percentage points | - Net profit and EPS-related indicators significantly decreased year-on-year, primarily due to: * Increased culling of low-production value cattle * Impairment provisions for milk powder and cattle based on market factors * Increased losses from the consolidation of New Agriculture Dairy[17](index=17&type=chunk) [Non-Recurring Gains and Losses Items and Amounts](index=6&type=section&id=Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) In H1 2024, non-recurring gains and losses totaled **RMB -51.86 million**, primarily from disposal losses of non-current assets (cattle) and government subsidies Non-Recurring Gains and Losses Items (January-June 2024) | Non-Recurring Gains and Losses Item | Amount (yuan) | Notes (if applicable) | | :--- | :--- | :--- | | Gains or losses on disposal of non-current assets, including the write-back of impairment provisions already made | -81,443,816.86 | Primarily losses from the disposal of cattle by the company's subsidiaries | | Government grants recognized in profit or loss for the current period, except for those closely related to the company's normal business operations, compliant with national policies, enjoyed according to fixed standards, and having a continuous impact on the company's profit or loss | 24,439,280.50 | | | Other non-operating income and expenses apart from the above items | 555,289.34 | | | Less: Income tax impact | 1,140,256.61 | | | Impact on minority interests (after tax) | -5,734,065.69 | | | Total | -51,855,437.94 | | Section III Management Discussion and Analysis [Industry and Main Business Overview](index=7&type=section&id=Industry%20and%20Main%20Business%20Overview) The company operates in dairy product manufacturing and animal husbandry, with revenue primarily from dairy sales, facing industry challenges despite policy support - The company primarily engages in dairy product manufacturing and animal husbandry, with operating revenue mainly derived from dairy product sales[21](index=21&type=chunk) - The company possesses an independent and complete system for dairy farming, dairy product R&D, procurement, production, and sales[21](index=21&type=chunk) - The state highly values dairy industry development, with policies supporting high-quality development and fresh milk consumption[22](index=22&type=chunk)[23](index=23&type=chunk) - The situation of phased oversupply in raw milk continues, with raw milk acquisition prices decreasing year-on-year for 28 consecutive months[23](index=23&type=chunk) [Main Business](index=7&type=section&id=Main%20Business) The company's core business is dairy product manufacturing and animal husbandry, with primary revenue and profit from dairy sales - The company primarily engages in dairy product manufacturing and animal husbandry, with operating revenue and profit mainly derived from dairy product sales[21](index=21&type=chunk) [Operating Model](index=7&type=section&id=Operating%20Model) The company employs an integrated operating model covering farm management, procurement, demand-driven production, and a combined direct and distribution sales network - The company possesses an independent and complete system for dairy farming, dairy product R&D, procurement, production, and sales[21](index=21&type=chunk) - Farm Management: Owns 9 dairy farming enterprises with a total of 26 farms, increasing the proportion of self-produced milk sources[21](index=21&type=chunk) - Production Model: Adopts a "production based on sales" approach, with dairy product production carried out by its subsidiaries[22](index=22&type=chunk) - Sales Model: Established a sales company, employing both direct sales and distribution models, building a stable marketing network[22](index=22&type=chunk) [Industry Situation](index=7&type=section&id=Industry%20Situation) The dairy industry benefits from strong national policy support for revitalization and quality, yet faces challenges of oversupply and declining raw milk prices, with a focus on digital and technological innovation - The state highly values dairy industry development, with the General Office of the State Council issuing "Opinions on Promoting Dairy Industry Revitalization and Ensuring Dairy Product Quality and Safety," and Central Document No. 1 proposing to "improve liquid milk standards, regulate reconstituted milk labeling, and promote fresh milk consumption"[22](index=22&type=chunk)[23](index=23&type=chunk) - The phased oversupply of raw milk continues, with raw milk acquisition prices in June 2024 falling by **13.4%** year-on-year, marking 28 consecutive months of decline[23](index=23&type=chunk) - The China Dairy Association released "Guidance Opinions on China's Dairy Industry Scientific and Technological Innovation" and "Opinions on the Digital and Intelligent Development of China's Dairy Industry," emphasizing digital empowerment and technological innovation to drive future dairy industry development[24](index=24&type=chunk) [Analysis of Core Competencies](index=8&type=section&id=Analysis%20of%20Core%20Competencies) The company's core strengths include superior natural resources, a stable self-owned milk source, skilled teams, refined management, strong R&D, stringent quality control, and a robust sales network - The company's farms and production bases are located in Xinjiang's "golden milk source belt," enjoying superior natural resources and strategic location advantages from the "Belt and Road" and Western Development strategies[25](index=25&type=chunk) - The company owns **26 cattle farms** with a total cattle inventory of approximately **57,300 head**, adhering to a self-owned and controllable milk source strategy to ensure stability and quality[26](index=26&type=chunk) - The company possesses a forward-thinking management team and seasoned industry experts, has established advanced production and equipment management systems, and utilizes an ERP system for refined management[26](index=26&type=chunk) - The company emphasizes technological R&D and innovation, launching multiple new products in H1 2024, collaborating with universities to establish innovation platforms, and holding a national patent for milk beer[27](index=27&type=chunk) - The company has established a comprehensive quality monitoring system from farm raw milk to consumer terminals, obtaining ISO9001, HACCP22000, and other certifications to ensure product quality[28](index=28&type=chunk)[29](index=29&type=chunk) - With over 20 years in the dairy industry, the company has built a solid marketing network, planning national market expansion based in Xinjiang, developing e-commerce platforms and specialty stores, and strengthening its brand image[29](index=29&type=chunk) [Discussion and Analysis of Operations](index=10&type=section&id=Discussion%20and%20Analysis%20of%20Operations) In H1 2024, the company faced dairy oversupply and slowing demand despite economic recovery, leading to a net loss due to declining raw milk and cattle prices, while actively managing sales, dairy, and animal husbandry segments - In H1 2024, the national economy continued its recovery, with GDP growing by **5.0%** year-on-year, stable resident income growth, and sustained recovery in consumption expenditure[30](index=30&type=chunk) - The industry faced a situation where milk production increased by **3.4%** while dairy product output decreased by **3.0%** year-on-year, with no significant alleviation of raw milk oversupply and slowing consumer demand[30](index=30&type=chunk) - In H1, the company achieved operating revenue of **RMB 1.44 billion**, a year-on-year increase of **3.89%**; net profit attributable to listed company shareholders was **RMB -27.91 million**, a year-on-year decrease of **122.18%**[31](index=31&type=chunk) - Net cash flow from operating activities was **RMB 247 million**, a year-on-year increase of **146.25%**[31](index=31&type=chunk) [Sales Segment](index=10&type=section&id=Sales%20Segment) In H1, dairy product sales increased by **1.78%** to **149,000 tons**, driven by enhanced brand promotion, expansion into markets outside Xinjiang (48.97% of revenue), and marketing activities, reaching **944** specialty stores - In H1 2024, the company achieved dairy product sales of **149,000 tons**, a **1.78%** increase compared to the same period last year[33](index=33&type=chunk) - Sales revenue from regions outside Xinjiang increased to **48.97%** of total, with new channels expanded through cooperation with chain supermarkets and special surveys[33](index=33&type=chunk) - As of the end of the reporting period, Terun Dairy had **944** specialty stores[33](index=33&type=chunk) - Increased brand value communication, with brand exposure exceeding **1.7 billion** times, and launched a special promotion activity "Xinjiang is a good place, drink Terun good milk and travel Xinjiang"[33](index=33&type=chunk)[34](index=34&type=chunk) [Dairy Segment](index=11&type=section&id=Dairy%20Segment) The dairy segment focused on quality, efficiency, and cost reduction, developing **59** new products and launching **11**, with a new innovation institute and a **200,000-ton** processing project nearing completion - The company strictly adheres to food quality management standards, strengthening quality control of production raw and auxiliary materials to ensure a **100%** product ex-factory pass rate[35](index=35&type=chunk) - During the reporting period, **59** new products were developed, and **11** new products, including organic bottled yogurt and lactose-free milk, were successively launched[35](index=35&type=chunk) - The Corps Dairy Product Industry Innovation Research Institute was officially unveiled and established at Terun Dairy, which will promote the R&D of new dairy product processes and technologies[35](index=35&type=chunk) - The main structure of Terun Technology's **200,000-ton** annual dairy product processing project has been completed, with subsequent construction of the logistics center, indoor pipelines, and installation of main production equipment underway[36](index=36&type=chunk) [Animal Husbandry Segment](index=12&type=section&id=Animal%20Husbandry%20Segment) Facing milk oversupply, the animal husbandry segment optimized herd structure by culling low-value cattle, reducing inventory by **11.85%** to **57,300 head**, while lowering raw milk costs and increasing per-cow yield through smart farming technologies - The company's animal husbandry segment continuously optimized its herd structure, culling low-production value cattle, resulting in a cattle inventory of **57,300 head** at the end of the reporting period, a **11.85%** decrease from the end of the previous year[37](index=37&type=chunk) - Achieved a reduction in raw milk production costs and an increase in the average yield per mature cow[37](index=37&type=chunk) - Strictly adhered to the principle of "no over-collection, no backlog" in formulating feed procurement plans to ensure high-quality and cost-effective feed reserves[37](index=37&type=chunk) - Focused on technological advancement for smart farming, combining genomic testing with culled cattle analysis to manage details such as dairy cow nutrition metabolism, digestive diseases, and feed conversion efficiency[37](index=37&type=chunk) [Key Operating Performance](index=12&type=section&id=Key%20Operating%20Performance) Revenue increased by **3.89%**, but net profit attributable to shareholders significantly decreased by **122.18%** to a loss, mainly due to culling low-yield dairy cows, impairment provisions, and losses from New Agriculture Dairy, while operating cash flow grew **146.25%** - The company incurred an operating loss in January-June 2024, primarily due to increased culling of low-yield dairy cows and bulls, impairment provisions for inventory and biological assets, bad debt provisions, and increased losses from the consolidation of New Agriculture Dairy[40](index=40&type=chunk) [Main Business Analysis](index=12&type=section&id=Main%20Business%20Analysis) Revenue increased by **3.89%**, but operating costs, sales, administrative, and financial expenses all rose, with financial expenses up **178.57%** due to increased financing, while operating cash flow surged **146.25%** from increased bull and milk powder sales Financial Statement Items Variation Analysis (January-June 2024) | Item | Current Period Amount (yuan) | Prior Year Period Amount (yuan) | Change Ratio (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,443,161,097.72 | 1,389,185,619.96 | 3.89 | | Operating Costs | 1,193,542,329.63 | 1,103,641,496.15 | 8.15 | | Selling Expenses | 86,178,845.07 | 74,410,479.00 | 15.82 | | Administrative Expenses | 51,001,267.31 | 41,902,183.29 | 21.72 | | Financial Expenses | 18,364,991.80 | 6,592,712.39 | 178.57 | | R&D Expenses | 10,948,685.81 | 11,492,547.79 | -4.73 | | Net Cash Flow from Operating Activities | 246,734,511.84 | 100,197,133.70 | 146.25 | | Net Cash Flow from Investing Activities | -312,682,108.78 | -494,989,298.55 | Not applicable | | Net Cash Flow from Financing Activities | 198,498,059.12 | 484,767,059.76 | -59.05 | - The change in financial expenses is primarily due to increased company financing during the reporting period[39](index=39&type=chunk) - The change in net cash flow from operating activities is primarily due to increased revenue from sales of bulls and milk powder during the reporting period[39](index=39&type=chunk) [Analysis of Assets and Liabilities](index=13&type=section&id=Analysis%20of%20Assets%20and%20Liabilities) Significant increases were observed in monetary funds, short-term borrowings, other receivables, intangible assets, deferred income tax assets (up **172.33%** due to impairment provisions), and other non-current assets, while construction in progress decreased by **33.67%** due to project completion Assets and Liabilities Status Variation (Period-End) | Item Name | Current Period End Amount (yuan) | Current Period End as % of Total Assets | Prior Year End Amount (yuan) | Prior Year End as % of Total Assets | Change from Prior Year End (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 667,901,199.82 | 11.40 | 510,750,737.64 | 8.96 | 30.77 | Primarily due to increased company working capital during the reporting period | | Construction in Progress | 338,221,106.50 | 5.77 | 509,924,430.21 | 8.95 | -33.67 | Primarily due to Phase I of Terun Qiyuan's 150,000-ton dairy product processing project reaching its intended use state and being transferred to fixed assets during the reporting period | | Short-Term Borrowings | 664,968,312.25 | 11.35 | 475,668,207.94 | 8.34 | 39.80 | Primarily due to increased company working capital needs during the reporting period | | Other Receivables | 27,833,509.07 | 0.47 | 21,109,217.31 | 0.37 | 31.85 | Primarily due to increased advertising and promotional expenses during the reporting period | | Intangible Assets | 114,385,429.01 | 1.95 | 62,215,515.40 | 1.09 | 83.85 | Primarily due to increased land use rights for Terun Qiyuan during the reporting period | | Deferred Income Tax Assets | 15,442,076.69 | 0.26 | 5,670,456.45 | 0.10 | 172.33 | Primarily due to increased asset impairment provisions during the reporting period | | Other Non-Current Assets | 19,194,282.61 | 0.33 | 12,641,106.06 | 0.22 | 51.84 | Primarily due to increased prepaid engineering and equipment costs during the reporting period | | Dividends Payable | 51,605,040.47 | 0.88 | 18,241,960.89 | 0.32 | 182.89 | Primarily due to the company determining the equity distribution plan based on the shareholders' meeting resolution during the reporting period | | Taxes Payable | 9,123,532.03 | 0.16 | 5,784,701.31 | 0.10 | 57.72 | Primarily due to accrued property tax and land use tax not yet paid during the reporting period | | Notes Payable | 24,600,000.00 | 0.42 | 0.00 | 0.00 | Not applicable | Primarily due to increased payment business demand during the reporting period | [Other Disclosures](index=15&type=section&id=Other%20Disclosures) The company faces risks from stricter regulations, livestock epidemics, intensified market competition, high reliance on the Xinjiang market, challenges in expanding outside Xinjiang, environmental compliance, and product quality control - The company faces risks from increasingly stringent industry regulations leading to higher costs, major epidemics in upstream animal husbandry, intensified market competition, high dependence on regional markets for sales, and challenges in expanding into markets outside Xinjiang[45](index=45&type=chunk)[47](index=47&type=chunk)[48](index=48&type=chunk) - The company also faces environmental risks from pollutant emissions generated during dairy production and farm operations, as well as product quality control risks from potential product quality and food safety issues[48](index=48&type=chunk)[50](index=50&type=chunk) [Potential Risks](index=15&type=section&id=Potential%20Risks) The company faces operational risks from increasing regulatory costs, livestock disease impacts on milk supply and consumer demand, intensified market competition, high dependence on the Xinjiang market, and difficulties in expanding outside Xinjiang, alongside environmental and product quality control challenges - Stricter industry regulations lead to higher costs: Increased quality supervision requirements in the dairy industry necessitate continuous investment, potentially impacting operating performance and profit margins[45](index=45&type=chunk) - Risk of major epidemics in upstream animal husbandry: Dairy cattle epidemics could severely affect raw milk supply and consumer confidence[45](index=45&type=chunk) - Risk of intensified market competition: Expansion by national dairy enterprises may lead to a decrease in the company's market share and a decline in performance[47](index=47&type=chunk) - Risk of reliance on regional sales markets: High dependence on the Xinjiang market means unfavorable changes in the regional market could pose operational risks[47](index=47&type=chunk) - Risk of challenges in expanding into markets outside Xinjiang: Facing competition from national first-tier brands, inadequate responses could hinder market expansion[48](index=48&type=chunk) - Environmental risks: Improper handling of pollutants generated during production and operations could lead to high treatment costs and legal penalties[48](index=48&type=chunk) - Product quality control risks: Product quality and food safety issues could damage the company's reputation and significantly adversely affect market sales and operating performance[50](index=50&type=chunk) Section IV Corporate Governance [Overview of Shareholder Meetings](index=17&type=section&id=Overview%20of%20Shareholder%20Meetings) In H1 2024, the company held two shareholder meetings, both combining on-site and online voting, with all **12** proposals approved in compliance with regulations Shareholder Meeting Convening Status | Session | Date of Convening | Query Index for Resolution Publication Website | Date of Resolution Publication | Meeting Resolution | | :--- | :--- | :--- | :--- | :--- | | First Interim Shareholders' Meeting of 2024 | 2024-04-03 | Shanghai Stock Exchange website (www.sse.com.cn) | 2024-04-04 | See "Xinjiang Terun Dairy Co., Ltd. 2024 First Interim Shareholders' Meeting Resolution Announcement" (Announcement No.: 2024-006) disclosed by the company on April 4, 2024, on "Shanghai Securities News" and Shanghai Stock Exchange website | | 2023 Annual Shareholders' Meeting | 2024-05-08 | Shanghai Stock Exchange website (www.sse.com.cn) | 2024-05-09 | See "Xinjiang Terun Dairy Co., Ltd. 2023 Annual Shareholders' Meeting Resolution Announcement" (Announcement No.: 2024-021) disclosed by the company on May 9, 2024, on "Shanghai Securities News" and Shanghai Stock Exchange website | - Company shareholder meetings are held through a combination of on-site and online voting, in compliance with the "Company Law" and the "Articles of Association"[54](index=54&type=chunk) - In H1 2024, the company held **2** shareholder meetings, and all **12** proposals reviewed were approved[54](index=54&type=chunk) [Profit Distribution or Capital Reserve to Share Capital Plan](index=18&type=section&id=Profit%20Distribution%20or%20Capital%20Reserve%20to%20Share%20Capital%20Plan) The company's proposed semi-annual profit distribution or capital reserve to share capital plan is "No," indicating no distribution or conversion - Proposed semi-annual profit distribution plan, capital reserve to share capital plan: No[55](index=55&type=chunk) Section V Environmental and Social Responsibility [Environmental Information](index=18&type=section&id=Environmental%20Information) Key polluting subsidiaries (Terun Technology, Shawan Gairui) met wastewater discharge standards with dedicated treatment facilities and low-nitrogen burners. All projects complied with EIA, emergency plans, and monitoring, with non-key polluters also compliant and no environmental incidents reported - Subsidiaries Terun Technology and grandson company Shawan Gairui are key polluting units, with average discharge concentrations of major wastewater pollutants (COD, BOD, ammonia nitrogen) meeting standards, and no exceedances occurred[57](index=57&type=chunk) - Terun Technology and Shawan Gairui are both equipped with wastewater treatment plants, with capacities of **3000 t/d** and **1500 t/d** respectively, and use gas-fired boilers with low-nitrogen burners for heating, ensuring stable facility operation[58](index=58&type=chunk) - Construction projects strictly adhere to the environmental impact assessment system, obtaining relevant approvals or completing备案; all pollutant discharge permits are valid, and pollutant discharge execution reports are completed as required[59](index=59&type=chunk)[60](index=60&type=chunk) - Terun Technology and Shawan Gairui have both prepared and filed emergency plans for environmental incidents, developed 2024 self-monitoring plans, and commissioned third-party monitoring, with all results meeting standards and uploaded to the National Pollution Source Monitoring Information and Sharing Platform[61](index=61&type=chunk)[63](index=63&type=chunk)[64](index=64&type=chunk) - Non-key polluting units Terun Tangwangcheng, Terun Qiyuan, and New Agriculture Dairy all meet wastewater discharge standards, and are equipped with wastewater treatment plants and low-nitrogen combustion technology. All subsidiaries in the animal husbandry segment are equipped with manure treatment facilities and have completed fixed pollution source discharge registration[65](index=65&type=chunk)[66](index=66&type=chunk)[67](index=67&type=chunk)[68](index=68&type=chunk) - In H1 2024, no environmental pollution incidents occurred at the company or its subsidiaries[68](index=68&type=chunk) [Consolidating Poverty Alleviation Achievements and Rural Revitalization Efforts](index=22&type=section&id=Consolidating%20Poverty%20Alleviation%20Achievements%20and%20Rural%20Revitalization%20Efforts) The company leverages its dairy processing industry to create stable employment and income in southern Xinjiang through subsidiaries, regularly supports beneficiaries, promotes local agricultural products, and actively contributes to early childhood education - The company leverages its dairy processing industry, establishing subsidiaries (Terun Tangwangcheng, New Agriculture Dairy, Terun Shahe, Bachu Terun) in southern Xinjiang to directly and indirectly drive stable employment and income growth for local residents[70](index=70&type=chunk) - Regularly visits the 51st Regiment to understand the actual situation, confirm no risk of returning to poverty, and provides employment opportunities, absorbing local residents and returning college students[70](index=70&type=chunk) - Actively engages in consumer assistance, promoting agricultural product brands such as "Tangcheng Muge" and "Tangyi Red Dates," and considering introducing southern Xinjiang specialties to the Terun Youpin e-commerce platform[71](index=71&type=chunk) - Actively promotes early childhood education, with the Terun Tangwangcheng Party Branch conducting joint activities with the Third Division 51st Regiment Tangyi Town Kindergarten Party Branch and providing charitable assistance[71](index=71&type=chunk) Section VI Significant Matters [Fulfillment of Commitments](index=23&type=section&id=Fulfillment%20of%20Commitments) The company's actual controller, shareholders, and related parties consistently fulfilled commitments during the reporting period, primarily concerning avoiding horizontal competition, standardizing related-party transactions, and maintaining the listed company's independence - Corps Dairy has legally disposed of the entrusted assets (Aoliya Dairy and Runda Animal Husbandry), terminating the equity entrustment matter[75](index=75&type=chunk) - The Twelfth Division State-owned Assets Company committed not to engage in businesses competing with Terun Dairy, and granted Terun Dairy priority development, priority right to acquire new technologies and products, and priority right to purchase assets[77](index=77&type=chunk) - The Twelfth Division State-owned Assets Company committed to standardize related-party transactions with Terun Dairy, ensuring fairness and fulfilling information disclosure obligations, without harming the interests of the listed company and non-related shareholders[79](index=79&type=chunk) - The Twelfth Division State-owned Assets Company committed to maintain the listed company's independence in personnel, organization, assets, finance, and business[77](index=77&type=chunk) [Explanation of Integrity Status](index=26&type=section&id=Explanation%20of%20Integrity%20Status) During the reporting period, the company, its controlling shareholder, and actual controller had no adverse integrity issues, such as unfulfilled court judgments or large overdue debts - During the reporting period, the company, its controlling shareholder, and actual controller had no adverse integrity issues, such as unfulfilled court judgments or large overdue debts due and unpaid[81](index=81&type=chunk) [Significant Related-Party Transactions](index=26&type=section&id=Significant%20Related-Party%20Transactions) In H1 2024, the company's daily related-party transactions totaled **RMB 7.22 million**, primarily for commissioned dairy processing and milk powder sales, remaining within the annual estimated limit of **RMB 31 million** Daily Related-Party Transactions Execution (January-June 2024) | Related-Party Transaction Category | Specific Content of Related-Party Transaction | Related Party | Estimated Amount for 2024 (ten thousand yuan) | Actual Amount Incurred in Jan-Jun 2024 (ten thousand yuan) | | :--- | :--- | :--- | :--- | :--- | | Acceptance of services provided by related parties | Commissioned processing of dairy products | Xinjiang Aoliya Dairy Co., Ltd. | 2,300 | 426.81 | | Sale of products to related parties | Sale of milk powder | | 300 | 279.10 | | | Other | | 500 | 16.21 | | Total | | | 3,100 | 722.12 | - The company's actual sales of goods to related parties and acceptance of services from related parties totaled **RMB 7.22 million** in January-June 2024, which is within the annual estimated limit[82](index=82&type=chunk) [Significant Contracts and Their Fulfillment](index=27&type=section&id=Significant%20Contracts%20and%20Their%20Fulfillment) The company had no external guarantees, but provided **RMB 166.61 million** in guarantees to subsidiaries during the period, with a total outstanding balance of **RMB 417.55 million**, representing **18.00%** of net assets, including **RMB 239.53 million** for subsidiaries with debt-to-asset ratios over **70%**. All guarantees were within approved limits and without overdue or non-compliant issues Company Total Guarantee Status (H1 2024) | Indicator | Amount (ten thousand yuan) | | :--- | :--- | | Total guarantees provided to subsidiaries during the reporting period | 16,660.93 | | Total outstanding guarantees to subsidiaries at period-end (B) | 41,755.44 | | Total guarantees (A+B) | 41,755.44 | | Total guarantees as % of company's net assets (%) | 18.00 | | Of which: Guarantees provided for shareholders, actual controllers, and their related parties (C) | 0 | | Debt guarantees provided directly or indirectly for guaranteed parties with a debt-to-asset ratio exceeding 70% (D) | 23,952.60 | | Total of the above three guarantee amounts (C+D+E) | 23,952.60 | - The actual guarantee amount incurred by the company during the reporting period was within the approved limit, with no overdue or non-compliant guarantees[87](index=87&type=chunk) [Explanation of Proceeds Utilization Progress](index=28&type=section&id=Explanation%20of%20Proceeds%20Utilization%20Progress) The company's total raised capital was **RMB 567.50 million**, with **RMB 463.16 million** invested by the end of the reporting period, achieving an **83.28%** progress rate. The "10,000-Head Dairy Farm Demonstration Project" saw **RMB 304.25 million** invested, reaching **76.59%** of its target and **100%** engineering completion Overall Proceeds Utilization (as of Period-End) | Total Proceeds (ten thousand yuan) | Total Cumulative Proceeds Invested as of Period-End (ten thousand yuan) | Cumulative Proceeds Investment Progress as of Period-End (%) | | :--- | :--- | :--- | | 56,750.00 | 46,316.02 | 83.28 | Specific Project Utilization (as of Period-End) | Project Name | Committed Investment Amount in Prospectus or Offering Document (ten thousand yuan) | Total Cumulative Proceeds Invested as of Period-End (ten thousand yuan) | Investment Progress (%) | Engineering Progress | | :--- | :--- | :--- | :--- | :--- | | 10,000-Head Large-Scale Dairy Farm Demonstration Project | 39,725.00 | 30,424.92 | 76.59 | 100% | Section VII Share Changes and Shareholder Information [Share Capital Changes](index=31&type=section&id=Share%20Capital%20Changes) No changes occurred in the company's total share capital or share structure during the reporting period - During the reporting period, there were no changes in the company's total share capital or share structure[95](index=95&type=chunk) [Shareholder Information](index=31&type=section&id=Shareholder%20Information) As of the end of the reporting period, the company had **29,492** common shareholders. The top two shareholders were Xinjiang Production and Construction Corps Twelfth Division State-owned Assets Management (Group) Co., Ltd. and Xinjiang Production and Construction Corps Dairy Group Co., Ltd., holding **31.10%** and **5.75%** respectively, with some shares of the latter frozen - Total number of common shareholders at the end of the reporting period: **29,492** households[96](index=96&type=chunk) Top Ten Shareholders' Shareholding (as of Period-End) | Shareholder Name (Full Name) | Shares Held at Period-End (shares) | Percentage (%) | Share Status | Number of Shares (shares) | | :--- | :--- | :--- | :--- | :--- | | Xinjiang Production and Construction Corps Twelfth Division State-owned Assets Management (Group) Co., Ltd. | 99,577,302 | 31.10 | None | 0 | | Xinjiang Production and Construction Corps Dairy Group Co., Ltd. | 18,411,532 | 5.75 | Frozen | 10,188,419 | | National Social Security Fund 604 Portfolio | 9,016,019 | 2.82 | None | 0 | | Industrial and Commercial Bank of China Co., Ltd. - Founder Fubon Tianrui Flexible Allocation Mixed Securities Investment Fund | 2,588,100 | 0.81 | None | 0 | | China Construction Bank Co., Ltd. - China Merchants 3-Year Closed-End Ruili Flexible Allocation Mixed Securities Investment Fund | 2,500,000 | 0.78 | None | 0 | | Zhuhai Liben Private Equity Fund Management Partnership (Limited Partnership) - Liben Growth No. 2 Private Securities Investment Fund | 2,238,000 | 0.70 | None | 0 | | Guolian Securities Co., Ltd. | 1,731,800 | 0.54 | None | 0 | | Fullgoal Fund - ICBC AXA Life Insurance Co., Ltd. - Fullgoal Fund - ICBC AXA Life Single Asset Management Plan | 1,401,500 | 0.44 | None | 0 | | Cao Junyi | 1,290,000 | 0.40 | None | 0 | | Xiao Guo | 1,069,400 | 0.33 | None | 0 | - At the end of the reporting period, the company's special securities account for share repurchase held **4,799,955** RMB ordinary shares, accounting for **1.50%** of the company's total share capital[99](index=99&type=chunk) - The largest shareholder of Xinjiang Production and Construction Corps Twelfth Division State-owned Assets Management (Group) Co., Ltd. and Xinjiang Production and Construction Corps Dairy Group Co., Ltd. is the Xinjiang Production and Construction Corps Twelfth Division State-owned Assets Supervision and Administration Commission[99](index=99&type=chunk) Section VIII Preferred Shares Related Information [Preferred Shares Related Information](index=34&type=section&id=Preferred%20Shares%20Related%20Information) The company has no preferred shares related information - The company has no preferred shares related information[102](index=102&type=chunk) Section IX Bonds Related Information [Corporate Bonds and Non-Financial Enterprise Debt Financing Instruments](index=34&type=section&id=Corporate%20Bonds%20and%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) The company has no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments - The company has no corporate bonds (including enterprise bonds) and non-financial enterprise debt financing instruments related information[103](index=103&type=chunk) [Convertible Corporate Bonds](index=34&type=section&id=Convertible%20Corporate%20Bonds) The company has no convertible corporate bonds - The company has no convertible corporate bonds related information[103](index=103&type=chunk) Section X Financial Report [Audit Report](index=34&type=section&id=Audit%20Report) This semi-annual report has not been audited - This semi-annual report has not been audited[104](index=104&type=chunk) [Financial Statements](index=34&type=section&id=Financial%20Statements) This section presents the company's H1 2024 consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, reflecting financial position and operating results [Consolidated Balance Sheet](index=34&type=section&id=Consolidated%20Balance%20Sheet) As of June 30, 2024, total assets were **RMB 5.86 billion** (up **2.81%**), with **RMB 1.50 billion** in current assets and **RMB 4.36 billion** in non-current assets. Total liabilities were **RMB 3.29 billion**, and total owners' equity was **RMB 2.57 billion**, showing significant increases in monetary funds, short-term borrowings, intangible assets, and deferred income tax assets Consolidated Balance Sheet Key Data (as of June 30, 2024) | Item | June 30, 2024 (yuan) | December 31, 2023 (yuan) | | :--- | :--- | :--- | | Monetary Funds | 667,901,199.82 | 510,750,737.64 | | Accounts Receivable | 157,829,316.66 | 143,140,262.28 | | Inventories | 570,546,400.67 | 811,833,783.04 | | Fixed Assets | 2,522,110,461.04 | 2,238,509,465.66 | | Construction in Progress | 338,221,106.50 | 509,924,430.21 | | Productive Biological Assets | 1,155,371,127.07 | 1,151,913,684.56 | | Intangible Assets | 114,385,429.01 | 62,215,515.40 | | Deferred Income Tax Assets | 15,442,076.69 | 5,670,456.45 | | Total Assets | 5,860,201,083.38 | 5,700,162,802.70 | | Short-Term Borrowings | 664,968,312.25 | 475,668,207.94 | | Accounts Payable | 800,901,215.98 | 867,669,289.57 | | Long-Term Borrowings | 906,067,760.58 | 842,392,189.12 | | Total Liabilities | 3,292,552,798.22 | 3,047,282,858.57 | | Total Owners' Equity Attributable to Parent Company | 2,320,069,079.48 | 2,390,869,955.22 | | Total Owners' Equity | 2,567,648,285.16 | 2,652,879,944.13 | [Parent Company Balance Sheet](index=37&type=section&id=Parent%20Company%20Balance%20Sheet) As of June 30, 2024, parent company total assets were **RMB 3.68 billion** (up **2.15%**), with **RMB 1.38 billion** in current assets and **RMB 2.30 billion** in non-current assets. Total liabilities were **RMB 1.53 billion**, and total owners' equity was **RMB 2.15 billion**, with monetary funds, accounts receivable, other receivables, and long-term equity investments as key assets Parent Company Balance Sheet Key Data (as of June 30, 2024) | Item | June 30, 2024 (yuan) | December 31, 2023 (yuan) | | :--- | :--- | :--- | | Monetary Funds | 475,937,921.20 | 326,041,577.40 | | Accounts Receivable | 114,343,967.78 | 86,244,349.92 | | Other Receivables | 785,035,279.26 | 885,863,966.38 | | Long-Term Equity Investments | 2,279,373,228.11 | 2,279,169,589.40 | | Total Assets | 3,681,988,515.31 | 3,604,610,399.75 | | Accounts Payable | 127,005,588.70 | 139,014,333.15 | | Other Payables | 749,685,217.39 | 520,248,264.60 | | Long-Term Borrowings | 643,275,137.48 | 645,652,805.92 | | Total Liabilities | 1,532,379,482.33 | 1,411,955,178.12 | | Total Owners' Equity | 2,149,609,032.98 | 2,192,655,221.63 | [Consolidated Income Statement](index=39&type=section&id=Consolidated%20Income%20Statement) In H1 2024, total operating revenue reached **RMB 1.44 billion** (up **3.89%**), while total operating costs were **RMB 1.37 billion** (up **9.8%**). Net profit attributable to parent company shareholders was **RMB -27.91 million** (down **122.18%**), resulting in a total profit of **RMB -44.05 million** Consolidated Income Statement Key Data (January-June 2024) | Item | H1 2024 (yuan) | H1 2023 (yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 1,443,161,097.72 | 1,389,185,619.96 | | Total Operating Costs | 1,367,696,110.40 | 1,245,753,686.61 | | Operating Profit | 36,867,387.64 | 161,194,169.14 | | Total Profit | -44,047,412.29 | 149,730,361.85 | | Net Profit | -42,338,579.39 | 130,721,710.89 | | Net Profit Attributable to Parent Company Shareholders | -27,907,796.16 | 125,804,699.69 | | Minority Interest Income/Loss | -14,430,783.23 | 4,917,011.20 | | Basic Earnings Per Share (yuan/share) | -0.0885 | 0.3989 | [Parent Company Income Statement](index=41&type=section&id=Parent%20Company%20Income%20Statement) In H1 2024, parent company operating revenue was **RMB 522 million** (down **7.38%**), with operating costs of **RMB 508 million**. Net profit turned to a loss of **RMB -0.15 million**, from a profit in the prior year, with total profit at **RMB 0.20 million** Parent Company Income Statement Key Data (January-June 2024) | Item | H1 2024 (yuan) | H1 2023 (yuan) | | :--- | :--- | :--- | | Operating Revenue | 522,376,094.31 | 563,996,231.05 | | Operating Costs | 508,346,905.94 | 527,023,207.98 | | Financial Expenses | 2,285,733.15 | -8,091,484.86 | | Operating Profit | 201,284.19 | 32,605,657.14 | | Total Profit | 201,284.19 | 32,591,785.36 | | Net Profit | -153,109.07 | 24,864,471.52 | [Consolidated Cash Flow Statement](index=43&type=section&id=Consolidated%20Cash%20Flow%20Statement) In H1 2024, net cash flow from operating activities was **RMB 247 million** (up **146.25%**), driven by increased sales of bulls and milk powder. Net cash flow from investing activities was **RMB -313 million**, and from financing activities was **RMB 198 million**, resulting in a net increase in cash and cash equivalents of **RMB 133 million** Consolidated Cash Flow Statement Key Data (January-June 2024) | Item | H1 2024 (yuan) | H1 2023 (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 246,734,511.84 | 100,197,133.70 | | Net Cash Flow from Investing Activities | -312,682,108.78 | -494,989,298.55 | | Net Cash Flow from Financing Activities | 198,498,059.12 | 484,767,059.76 | | Net Increase in Cash and Cash Equivalents | 132,550,462.18 | 89,974,894.91 | | Cash and Cash Equivalents at Period-End | 643,301,199.82 | 794,315,415.55 | [Parent Company Cash Flow Statement](index=45&type=section&id=Parent%20Company%20Cash%20Flow%20Statement) In H1 2024, parent company net cash flow from operating activities was **RMB 246 million**, from investing activities was **RMB -0.05 million**, and from financing activities was **RMB -96.24 million**, leading to a net increase in cash and cash equivalents of **RMB 150 million** Parent Company Cash Flow Statement Key Data (January-June 2024) | Item | H1 2024 (yuan) | H1 2023 (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 246,185,107.37 | 42,842,750.63 | | Net Cash Flow from Investing Activities | -52,695.13 | -408,748,807.86 | | Net Cash Flow from Financing Activities | -96,236,068.44 | 489,396,238.99 | | Net Increase in Cash and Cash Equivalents | 149,896,343.80 | 123,490,181.76 | | Cash and Cash Equivalents at Period-End | 475,937,921.20 | 475,214,396.12 | [Consolidated Statement of Changes in Owners' Equity](index=47&type=section&id=Consolidated%20Statement%20of%20Changes%20in%20Owners'%20Equity) As of June 30, 2024, consolidated owners' equity totaled **RMB 2.57 billion**, a decrease of **RMB 85.23 million** from the beginning of the period. Equity attributable to parent company owners decreased by **RMB 70.80 million**, primarily due to comprehensive loss and profit distribution Consolidated Statement of Changes in Owners' Equity (January-June 2024) | Item | Beginning Balance 2024 (yuan) | Change in Current Period (yuan) | Ending Balance 2024 (yuan) | | :--- | :--- | :--- | :--- | | Paid-in Capital (or Share Capital) | 320,190,246.00 | 0 | 320,190,246.00 | | Capital Reserves | 1,372,236,372.83 | 0 | 1,372,236,372.83 | | Less: Treasury Stock | 61,325,190.82 | 0 | 61,325,190.82 | | Surplus Reserves | 96,171,930.68 | 0 | 96,171,930.68 | | Retained Earnings | 663,596,596.53 | -70,800,875.74 | 592,795,720.79 | | Total Owners' Equity Attributable to Parent Company | 2,390,869,955.22 | -70,800,875.74 | 2,320,069,079.48 | | Minority Interests | 262,009,988.91 | -14,430,783.23 | 247,579,205.68 | | Total Owners' Equity | 2,652,879,944.13 | -85,231,658.97 | 2,567,648,285.16 | [Parent Company Statement of Changes in Owners' Equity](index=49&type=section&id=Parent%20Company%20Statement%20of%20Changes%20in%20Owners'%20Equity) As of June 30, 2024, parent company owners' equity totaled **RMB 2.15 billion**, a decrease of **RMB 43.05 million** from the beginning of the period, with retained earnings decreasing due to comprehensive loss and profit distribution Parent Company Statement of Changes in Owners' Equity (January-June 2024) | Item | Beginning Balance 2024 (yuan) | Change in Current Period (yuan) | Ending Balance 2024 (yuan) | | :--- | :--- | :--- | :--- | | Paid-in Capital (or Share Capital) | 320,190,246.00 | 0 | 320,190,246.00 | | Capital Reserves | 1,373,699,767.14 | 0 | 1,373,699,767.14 | | Less: Treasury Stock | 61,325,190.82 | 0 | 61,325,190.82 | | Surplus Reserves | 96,171,930.68 | 0 | 96,171,930.68 | | Retained Earnings | 463,918,468.63 | -43,046,188.65 | 420,872,279.98 | | Total Owners' Equity | 2,192,655,221.63 | -43,046,188.65 | 2,149,609,032.98 | [Company Basic Information](index=52&type=section&id=Company%20Basic%20Information) Xinjiang Terun Dairy Co., Ltd., formerly Xinjiang Tianhong Paper Co., Ltd., transformed into a dairy and animal husbandry company in 2013 through equity transfers and asset restructuring, with a registered capital of **RMB 320 million** - The company was formerly Xinjiang Tianhong Paper Co., Ltd., and officially changed its name to Xinjiang Terun Dairy Co., Ltd. on December 31, 2013[147](index=147&type=chunk)[152](index=152&type=chunk) - Through equity transfers, asset swaps, and share issuance to acquire assets, the controlling shareholder changed to the Agricultural Twelfth Division State-owned Assets Company, and the actual controller changed to the Xinjiang Production and Construction Corps Twelfth Division State-owned Assets Supervision and Administration Commission[148](index=148&type=chunk)[149](index=149&type=chunk)[150](index=150&type=chunk)[151](index=151&type=chunk) - The company's registered capital is **RMB 320,190,246.00**[155](index=155&type=chunk) - Business scope includes dairy industry investment and management, animal husbandry investment and management, processing and sales of milk and dairy products, and feed processing and sales[155](index=155&type=chunk) [Basis of Financial Statement Preparation](index=54&type=section&id=Basis%20of%20Financial%20Statement%20Preparation) The financial statements are prepared on a going concern basis, adhering to enterprise accounting standards and significant accounting policies, and are declared to accurately reflect the company's financial position - The company's financial statements are prepared on a going concern basis, with recognition and measurement performed in accordance with enterprise accounting standards[157](index=157&type=chunk) - The company will continue to operate for the next 12 months from the reporting period, and there are no significant doubts about its ability to continue as a going concern[158](index=158&type=chunk) - The company declares that the financial statements comply with the requirements of enterprise accounting standards and truly and completely reflect the company's financial position, operating results, and other information[159](index=159&type=chunk) [Significant Accounting Policies and Accounting Estimates](index=54&type=section&id=Significant%20Accounting%20Policies%20and%20Accounting%20Estimates) This section details the company's accounting year, reporting currency, and specific accounting policies and estimates for business combinations, financial instruments, receivables, inventories, fixed assets, biological assets, intangible assets, revenue recognition, government grants, and deferred taxes - The company's accounting year runs from January 1 to December 31 of the Gregorian calendar, and its functional currency is Renminbi[160](index=160&type=chunk)[161](index=161&type=chunk) Materiality Standards Determination Method | Item | Materiality Standard | | :--- | :--- | | Significant Construction in Progress | Single transaction amount greater than 6 million yuan | | Significant Intercompany Receivables/Payables Over 1 Year Old | Over 1 year old and amount greater than 3 million yuan | | Significant Non-Wholly Owned Subsidiaries | Operating revenue accounts for over 15% of consolidated revenue | | Significant Joint Ventures, Associates | Shareholding ratio of 20% or more, and total assets greater than 100 million yuan | - Financial assets are classified at initial recognition into those measured at amortized cost, at fair value through other comprehensive income, and at fair value through profit or loss[170](index=170&type=chunk) - The company's inventories include raw materials, consumable biological assets, work-in-progress, and finished goods; inventories are accounted for using the weighted average method for issuance, and valued at the lower of cost and net realizable value at period-end[184](index=184&type=chunk) - Productive biological assets include mature dairy cows, depreciated using the straight-line method over 6-8 years, with an estimated net residual value of **30%**[202](index=202&type=chunk) - The company recognizes revenue when it satisfies a performance obligation in the contract, i.e., when the customer obtains control of the related goods[219](index=219&type=chunk) [Taxation](index=73&type=section&id=Taxation) The company's main taxes include VAT, urban maintenance and construction tax, corporate income tax, and environmental protection tax, benefiting from various tax incentives for agricultural processing, western development, and small-profit enterprises Main Tax Types and Rates | Tax Type | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Output tax minus deductible input tax | 6%, 9%, 13% | | Urban Maintenance and Construction Tax | Payable turnover tax | 5% or 7% | | Corporate Income Tax | Taxable income calculated after adjusting pre-tax accounting profit according to tax laws | 0%, 15%, 25%, 20% | | Education Surcharge | Payable turnover tax | 3%, 2%, 1% | | Local Education Surcharge | Payable turnover tax | 2%, 1% | | Environmental Protection Tax | Taxable pollutants | 1.4 yuan/pollution equivalent, 1.2 yuan/pollution equivalent | - Subsidiaries Terun Technology, Shawan Gairui, Terun Tangwangcheng, New Agriculture Dairy, and Terun Qiyuan are exempt from corporate income tax on income derived from agricultural product primary processing projects[232](index=232&type=chunk) - Subsidiaries Terun Technology and Shawan Gairui are eligible for a **15%** preferential corporate income tax rate under the Western Development policy[233](index=233&type=chunk) - Subsidiaries such as Terun Aomuye and 9 other animal husbandry companies are exempt from corporate income tax on income derived from agricultural, forestry, animal husbandry, and fishery projects, and their sales of self-produced agricultural products are exempt from VAT[233](index=233&type=chunk)[235](index=235&type=chunk) - Subsidiary Xinjiang Terun Tangwangcheng Dairy Co., Ltd. is eligible for the "two-year exemption, three-year half reduction" corporate income tax policy for newly established enterprises in difficult areas of Xinjiang[234](index=234&type=chunk) [Notes to Consolidated Financial Statement Items](index=74&type=section&id=Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes on the consolidated financial statement items, including period-end balances, beginning-of-period balances, and explanations for significant changes in accounts such as monetary funds, receivables, inventory, fixed assets, and various income/expense items [Monetary Funds](index=74&type=section&id=Monetary%20Funds) As of the end of the reporting period, monetary funds totaled **RMB 668 million**, a **30.77%** increase due to increased working capital, with **RMB 24.6 million** restricted as bank acceptance bill deposits Monetary Funds | Item | Period-End Balance (yuan) | Period-Beginning Balance (yuan) | | :--- | :--- | :--- | | Bank Deposits | 643,301,199.82 | 510,750,737.64 | | Other Monetary Funds | 24,600,000.00 | 0.00 | | Total | 667,901,199.82 | 510,750,737.64 | - Restricted monetary funds at period-end are bank acceptance bill deposits[236](index=236&type=chunk) [Accounts Receivable](index=75&type=section&id=Accounts%20Receivable) As of the end of the reporting period, accounts receivable had a book balance of **RMB 184 million**, with bad debt provisions of **RMB 25.89 million**, resulting in a book value of **RMB 158 million**. Of this, accounts receivable for which bad debt provisions were individually recognized totaled **RMB 17.59 million** (provision rate **100%**), and those for which bad debt provisions were recognized by portfolio totaled **RMB 166 million** (provision rate **5.00%**) Accounts Receivable by Age (Period-End) | Age | Period-End Book Balance (yuan) | | :--- | :--- | | Within 1 year | 83,142,168.73 | | 1 to 2 years | 51,566,673.51 | | 2 to 3 years | 30,384,021.39 | | Over 3 years | 18,627,013.80 | | Total | 183,719,877.43 | Accounts Receivable Bad Debt Provision Classification (Period-End) | Category | Book Balance (yuan) | Percentage (%) | Bad Debt Provision (yuan) | Provision Rate (%) | Book Value (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Bad debt provision recognized individually | 17,585,447.52 | 9.57 | 17,585,447.52 | 100.00 | 0.00 | | Bad debt provision recognized by portfolio | 166,134,429.91 | 90.43 | 8,305,113.25 | 5.00 | 157,829,316.66 | | Total | 183,719,877.43 | / | 25,890,560.77 | / | 157,829,316.66 | Bad Debt Provision Changes (January-June 2024) | Category | Period-Beginning Balance (yuan) | Provision Made in Current Period (yuan) | Period-End Balance (yuan) | | :--- | :--- | :--- | :--- | | Accounts receivable for which bad debt provisions are individually recognized | 17,585,447.52 | 0 | 17,585,447.52 | | Accounts receivable for which bad debt provisions are recognized by portfolio | 7,527,795.45 | 777,317.80 | 8,305,113.25 | | Total | 25,113,242.97 | 777,317.80 | 25,890,560.77 | [Other Receivables](index=81&type=section&id=Other%20Receivables) As of the end of the reporting period, other receivables had a book balance of **RMB 35.49 million**, with bad debt provisions of **RMB 7.66 million**, resulting in a book value of **RMB 27.83 million**. The nature of the amounts is primarily intercompany and other miscellaneous items. Bad debt provisions of **RMB 0.20 million** were recognized in the current period Other Receivables by Age (Period-End) | Age | Period-End Book Balance (yuan) | | :--- | :--- | | Within 1 year | 25,619,572.58 | | 1 to 2 years | 1,419,100.62 | | 2 to 3 years | 1,167,555.85 | | Over 3 years | 7,286,322.69 | | Total | 35,492,551.74 | Other Receivables by Nature of Amount (Period-End) | Nature of Amount | Period-End Book Balance (yuan) | | :--- | :--- | | Petty cash and employee advances | 1,992,396.37 | | Deposits and guarantees | 1,222,522.35 | | Intercompany receivables | 12,313,197.87 | | Other | 19,964,435.15 | | Total | 35,492,551.74 | Other Receivables Bad Debt Provision Changes (January-June 2024) | Bad Debt Provision | Balance as of Jan 1, 2024 (yuan) | Provision Made in Current Period (yuan) | Balance as of Jun 30, 2024 (yuan) | | :--- | :--- | :--- | :--- | | Expected credit losses for the next 12 months | 7,454,601.07 | 204,441.60 | 7,659,042.67 | | Total | 7,454,601.07 | 204,441.60 | 7,659,042.67 | [Inventories](index=86&type=section&id=Inventories) As of the end of the reporting period, inventories had a book value of **RMB 571 million**, a **29.73%** decrease from the beginning of the period. Inventory impairment provisions totaled **RMB 51.65 million**, with a **RMB 46.30 million** increase this period, mainly for raw materials and consumable biological assets Inventory Classification (Period-End) | Item | Book Balance (yuan) | Inventory Impairment Provision/Contract Cost Impairment Provision (yuan) | Book Value (yuan) | | :--- | :--- | :--- | :--- | | Raw Materials | 566,066,070.63 | 49,976,631.84 | 516,089,438.79 | | Finished Goods | 22,735,046.11 | 50,324.22 | 22,684,721.89 | | Consumable Biological Assets | 7,098,359.51 | 1,618,824.20 | 5,479,535.31 | | Total | 622,192,180.93 | 51,645,780.26 | 570,546,400.67 | Inventory Impairment Provision and Contract Cost Impairment Provision Changes (January-June 2024) | Item | Prior Year-End Balance (yuan) | Increase in Current Period - Provision Made (yuan) | Decrease in Current Period - Reversal or Write-off (yuan) | Period-End Balance (yuan) | | :--- | :--- | :--- | :--- | :--- | | Raw Materials | 13,779,124.44 | 46,298,234.68 | 10,100,727.28 | 49,976,631.84 | | Consumable Biological Assets | 15,096,027.89 | 0 | 13,477,203.69 | 1,618,824.20 | | Total | 28,925,476.55 | 46,298,234.68 | 23,577,930.97 | 51,645,780.26 | - The reason for the reversal or write-off of inventory impairment provisions in the current period is the sale of raw materials and consumable biological assets[276](index=276&type=chunk) [Long-Term Equity Investments](index=90&type=section&id=Long-Term%20Equity%20Investments) As of the end of the reporting period, long-term equity investments had a book value of **RMB 19.61 million**, a slight increase from the beginning of the period. Primarily includes investments in joint venture Tiemenguan Youmu Grass Industry Co., Ltd. and associate Xinjiang Borun Animal Husbandry Co., Ltd Long-Term Equity Investments (Period-End) | Investee | Period-Beginning Balance (yuan) | Change in Current Period - Investment Income/Loss Recognized Under Equity Method (yuan) | Period-End Balance (yuan) | | :--- | :--- | :--- | :--- | | Tiemenguan Youmu Grass Industry Co., Ltd. | 16,235,593.09 | -189,048.67 | 16,046,544.42 | | Xinjiang Borun Animal Husbandry Co., Ltd. | 3,174,427.72 | 392,687.38 | 3,567,115.10 | | Total | 19,410,020.81 | 203,638.71 | 19,613,659.52 | [Fixed Assets](index=91&type=section&id=Fixed%20Assets) As of the end of the reporting period, fixed assets had a b

一、计提资产减值准备情况概述 单位：元 | 项 目 | 本期计提金额 | | --- | --- | | 存货减值准备 | 46,298,234.68 | | 生产性生物资产减值准备 | 10,291,224.09 | | 坏账准备 | 981,759.40 | | 合计 | 57,571,218.17 | 二、计提资产减值准备的情况说明 （一）存货减值准备计提依据及金额 公司存货主要包括原材料、消耗性生物资产及产成品等。 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 2024-033 新疆天润乳业股份有限公司 关于计提资产减值准备的公告 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"）第八届董事会审计委员会 2024 年第六次会议、第八届董事会第十二次会议及第八届监事会第十一次会议 分别审议通过了《新疆天润乳业股份有限公司关于计提资产减值准备的议案》， 具体情况如下： 原材料跌价准备的计提方法：资产负债表日，原材料成本高于其可变现净值 的 ...

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 2024-032 新疆天润乳业股份有限公司 2024 年半年度募集资金 存放与实际使用情况的专项报告 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。 根据《上市公司监管指引第 2 号——上市公司募集资金管理和使用的监管要 求》《上海证券交易所上市公司自律监管指引第 1 号——规范运作》及《新疆天 润乳业股份有限公司募集资金管理制度》等有关规定，新疆天润乳业股份有限公 司（以下简称"公司"）董事会编制了截至 2024 年 6 月 30 日止的《新疆天润乳业 股份有限公司 2024 年半年度募集资金存放与实际使用情况的专项报告》。 一、募集资金基本情况 （一）实际募集资金金额、资金到账时间 经中国证券监督管理委员会证监许可〔2021〕2972 号文核准，公司以非公 开发行股票方式向特定投资者发行人民币普通股（A 股）51,590,909 股，发行价 格为人民币 11.00 元/股，募集资金总额为人民币 567,499,999.00 元，扣除不 ...

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 2024-030 新疆天润乳业股份有限公司 第八届董事会第十二次会议决议公告 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个别及连带责任。 一、董事会会议召开情况 （一）本次董事会会议的召开符合有关法律、行政法规、部门规章、规范性 文件和《公司章程》的规定，会议所做决议合法有效。 （二）本次董事会会议通知于 2024 年 8 月 12 日以电子邮件形式发出。 （三）本次董事会会议于 2024 年 8 月 22 日以通讯方式召开。 （四）本次董事会应参加表决董事 9 名，实际参加表决董事 9 名。 二、董事会会议审议情况 （一）审议通过了《新疆天润乳业股份有限公司 2024 年半年度报告及摘要》。 表决结果：同意 9 票，反对 0 票，弃权 0 票。 公司董事认为：《新疆天润乳业股份有限公司 2024 年半年度报告》及《新 疆天润乳业股份有限公司 2024 年半年度报告摘要》内容和格式符合中国证监会 和上海证券交易所的各项规定，所包含的信息能从各方面真实 ...

新疆天润乳业股份有限公司 新疆天润乳业股份有限公司 会计师事务所选聘管理办法 第一章 总则 （三）熟悉国家有关财务会计方面的法律法规、规章和政策； 1 新疆天润乳业股份有限公司 第一条 为规范新疆天润乳业股份有限公司（以下简称"公司"）选聘（含"续聘"、 "改聘"，下同）会计师事务所的行为，提高审计工作和财务信息的质量，切实维护股 东利益，根据《中华人民共和国公司法》《国有企业、上市公司选聘会计师事务所管 理办法》《上海证券交易所上市公司自律监管指引第1号——规范运作》《新疆天润 乳业股份有限公司章程》（以下简称"《公司章程》"）等有关规定，结合公司实际情 况，制定本办法。 第二条 本办法所称选聘会计师事务所，是指公司根据相关法律法规要求，聘任 会计师事务所对财务会计报告发表审计意见、出具审计报告的行为。公司聘任会计 师事务所从事除财务会计报告审计之外的其他法定审计业务的，可以比照本办法执 行。 第三条 公司聘用或解聘会计师事务所，应当由董事会审计委员会（以下简称 "审计委员会"）审议同意后，提交董事会审议，并由股东会决定。公司不得在股东会 审议通过前聘请会计师事务所开展审计业务。 第四条 公司控股股东、实际 ...

新疆天润乳业股份有限公司 单位：元 币种：人民币 1 单位：元 币种：人民币 产品类别 2024 年 1-6 月 常温乳制品 779,645,926.59 低温乳制品 580,531,847.44 畜牧业产品 58,052,368.10 其他 4,550,536.40 合计 1,422,780,678.53 证券代码：600419 证券简称：天润乳业 公告编号：临 2024-035 新疆天润乳业股份有限公司 关于 2024 年半年度主要经营数据的公告 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。 根据《上海证券交易所上市公司自律监管指引第 3 号——行业信息披露》及 其附件《第十四号——食品制造》的相关规定，现将新疆天润乳业股份有限公司 2024 年半年度主要经营数据（未经审计）公告如下： 一、2024 年半年度主要经营数据情况 1、主营业务按照产品类别分类情况 2、主营业务按照销售渠道分类情况 3、主营业务按照地区分类情况 单位：元 币种：人民币 销售渠道 2024 年 1-6 月 经销 1,250,861,026. ...

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 2024-031 新疆天润乳业股份有限公司 第八届监事会第十一次会议决议公告 本公司监事会及全体监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、监事会会议召开情况 （一）本次监事会会议的召开符合有关法律、行政法规、部门规章、规范性 文件和《公司章程》的规定，会议所做决议合法有效。 （二）本次监事会会议通知于 2024 年 8 月 12 日以电子邮件形式发出。 （三）本次监事会会议于 2024 年 8 月 22 日以通讯表决方式召开。 （四）本次监事会应参加表决监事 3 名，实际参加表决监事 3 名。 二、监事会会议审议情况 （一）审议通过了《新疆天润乳业股份有限公司 2024 年半年度报告及摘要》。 表决结果：同意 3 票，反对 0 票，弃权 0 票。 公司监事会认为：《新疆天润乳业股份有限公司 2024 年半年度报告》及《新 疆天润乳业股份有限公司 2024 年半年度报告摘要》能够严格按照中国证监会《公 开发行证券的公司信息披露内容与格式准则第 3 ...