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 2025-019 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参加新疆辖区 上市公司 2025 年投资者网上集体接待日活动的公告 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。 为进一步加强与投资者的互动交流，新疆天润乳业股份有限公司（以下简称 "公司"）将参加由新疆上市公司协会根据新疆证监局工作部署，联合深圳市全 景网络有限公司举办的"2025 年新疆辖区上市公司投资者网上集体接待日活动"， 现将相关事项公告如下： 1 2025年5月16日 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 (http://rs.p5w.net)，或关注微信公众号：全景财经，或下载全景路演 APP 参与本 次互动交流，活动时间为 2025 年 5 月 23 日（周五）15：00-17：30。届时公司 高管将在线就公司 2024 年度及 2025 年第一季度业绩、公司治理、发展战略、经 营状况、融资计划、股权激励和 ...

新疆天润乳业股份有限公司 | | | 1 新疆天润乳业股份有限公司 新疆天润乳业股份有限公司 关于聘任公司副总经理的公告 特此公告。 新疆天润乳业股份有限公司董事会 2025 年 5 月 16 日 2025 年 5 月 15 日，新疆天润乳业股份有限公司（以下简称"公司"）召开第 八届董事会第二十次会议，以 9 票同意、0 票反对、0 票弃权审议通过了《新疆 天润乳业股份有限公司关于聘任公司副总经理的议案》。根据《上海证券交易所 股票上市规则》和《公司章程》等有关规定，经公司总经理提名、董事会提名委 员会审核，董事会同意聘任王强先生（个人简历附后）为公司副总经理，任期自 本次董事会审议通过之日起至公司第八届董事会届满之日止。 王强先生的任职资格符合《公司法》《上海证券交易所股票上市规则》等相 关法律法规及《公司章程》的相关要求。截至本公告日，王强先生未持有公司股 份。除在公司及控股企业担任职务外，与公司的董事、高级管理人员、实际控制 人及持股 5%以上的股东之间不存在关联关系，不存在《上海证券交易所上市公 司自律监管指引第 1 号——规范运作》所列不适合担任公司高级管理人员的情形。 本公司董事会及全体董事保证 ...

关于新疆天润乳业股份有限公司 2024 年年度股东大会的 法律意见书 国枫律股字[2025]A0195 号 致：新疆天润乳业股份有限公司（贵公司） 北京国枫律师事务所（以下简称"本所"）接受贵公司的委托，指派律师出席并见 证贵公司 2024 年年度股东大会（以下简称"本次会议"）。 北京市东城区建国门内大街 26 号新闻大厦 7 层、8 层 电话：010-88004488/66090088 传真：010-66090016 邮编：100005 北京国枫律师事务所 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人 民共和国证券法》（以下简称"《证券法》"）、《上市公司股东会规则》（以下简称 "《股东会规则》"）、《律师事务所从事证券法律业务管理办法》（以下简称"《证券法律 业务管理办法》"）、《律师事务所证券法律业务执业规则（试行）》（以下简称"《证券法 律业务执业规则》"）等相关法律、行政法规、规章、规范性文件及《新疆天润乳业股份 有限公司章程》（以下简称"《公司章程》"）的规定，就本次会议的召集与召开程序、召 集人资格、出席会议人员资格、会议表决程序及表决结果等事宜，出具本法律意见书。 ...

新疆天润乳业股份有限公司 | | | 新疆天润乳业股份有限公司 2024年年度股东大会决议公告 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法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、会议召开和出席情况 （一）股东大会召开的时间：2025 年 5 月 15 日 （二）股东大会召开的地点：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 （三）出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情 况： | 1、出席会议的股东和代理人人数 | 290 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 123,128,494 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 39.0390 | | 份总数的比例（%） | | （四）表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况 等。 络投票相结合的表决方式，符合《公司法》及《公司章程》的规定。 （五）公司董事、监事和董事会秘书的出席情况 1、公司 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage [2]. Core Views - The company is experiencing operational pressure and profit disturbances due to impairment issues, with a focus on the performance of Tianrun Dairy [3][4]. - The company’s revenue for 2024 is projected at 2.804 billion yuan, with a year-on-year growth of 3.33%, while the net profit attributable to shareholders is expected to decline by 69.26% to 44 million yuan [5][8]. - The report highlights the company's strong performance in low-temperature dairy products compared to its room-temperature counterparts, driven by product innovation [5][8]. Financial Performance Summary - For 2024, the company is expected to achieve revenues of 13.59 billion yuan in the Xinjiang region, a decline of 6.31%, while revenues from outside Xinjiang are projected to grow by 9.25% to 13.65 billion yuan [5]. - The company’s gross margin for 2024 is forecasted to be 16.8%, down 2.35 percentage points year-on-year, with a further decline to 14.63% in Q1 2025 [5][8]. - The report anticipates a recovery in net profit, projecting 73 million yuan in 2025, a 66% increase, and further growth to 179 million yuan in 2026, representing a 146% increase [7][8]. Market Performance - As of May 13, 2025, the company's stock price is 9.48 yuan, with a 52-week price range of 6.74 to 11.87 yuan [4]. - The company has underperformed the CSI 300 index over the past month, with a decline of 14.7% compared to a 3.9% increase in the index [4]. Forecast and Valuation - The report provides a forecast for the company’s revenue growth of 4% in 2025, 6% in 2026, and 7% in 2027, with corresponding net profit growth rates of 66%, 146%, and 18% respectively [7][8]. - The projected earnings per share (EPS) are 0.23 yuan for 2025, 0.56 yuan for 2026, and 0.66 yuan for 2027, with price-to-earnings (P/E) ratios of 41.80, 16.96, and 14.41 respectively [7][9].

Core Viewpoint - Xinjiang Tianrun Dairy Industry Co., Ltd. has reported significant declines in net profit, with a 69.24% drop in 2024 and a loss of 73.30 million yuan in Q1 2025, marking the lowest performance in nearly a decade [1][3][2] Financial Performance - In Q1 2025, Tianrun Dairy's revenue was 625 million yuan, down 2.5% year-on-year, with a net profit loss of 73.30 million yuan, a staggering decline of 1713.36% [2] - For the full year 2024, the company reported revenue of 2.804 billion yuan, a 3.33% increase, but net profit fell to 43.66 million yuan, a 69.26% decrease [3] - The decline in net profit is attributed to increased culling of low-yield cows and inventory impairment provisions for milk powder [2][3] Market Conditions - The dairy and cattle farming industries are facing challenges, with a 3.5% year-on-year decrease in national cattle inventory and a 12.3% drop in fresh milk prices in major producing provinces [2] - The company is experiencing a phase of oversupply in milk sources and intensified market competition, prompting it to optimize its core herd and explore new sales channels [2][3] Acquisition Impact - The acquisition of Xinjiang New Agricultural Dairy Co., Ltd. has significantly impacted Tianrun Dairy's profits, with a reported loss of 95.35 million yuan attributed to this acquisition in 2023 [4][5] - New Agricultural Dairy's performance has been poor post-acquisition, with losses continuing into 2024, further straining Tianrun Dairy's financials [5][6] Strategic Focus - Despite challenges, Tianrun Dairy's revenue from markets outside Xinjiang has shown growth, with 2024 figures indicating a 9.25% increase in revenue from these markets [7][8] - The company aims to leverage its advantages in Xinjiang's milk sources to build a robust product matrix and industry system [10]

Core Viewpoint - The company reported a revenue of 2.8 billion yuan for 2024, a year-on-year increase of 3.3%, but the net profit attributable to shareholders fell to 40 million yuan, down 69.3% year-on-year [1] Revenue and Profit Analysis - In Q4 2024, the company achieved a revenue of 650 million yuan, a year-on-year increase of 2.8%, with a net profit of 20 million yuan compared to zero in the same period last year [1] - The company plans to distribute a cash dividend of 0.21 yuan per share (before tax) to all shareholders [1] - The revenue breakdown for 2024 shows that ambient dairy products generated 1.5 billion yuan (down 2%), low-temperature dairy products 1.12 billion yuan (up 3.5%), livestock products 90 million yuan (up 14.3%), and other products 10 million yuan (up 63.9%) [1] - Q4 2024 revenue growth rates for these categories were -3.4%, +2%, +51.2%, and +144% respectively [1] Market Performance - The company’s revenue from the Xinjiang region decreased by 6.3% to 1.36 billion yuan, while revenue from outside Xinjiang increased by 9.5% to 1.36 billion yuan [1] - The decline in the Xinjiang market was attributed to increased competition, while the expansion into external markets was successful, leading to a continuous increase in revenue share from these areas [1] Profitability and Cost Structure - The overall gross margin for 2024 was 18.1%, a decrease of 2.4 percentage points year-on-year, with Q4 gross margin at 12.2%, down 5.4 percentage points [2] - The increase in promotional activities, such as buy-gift promotions, contributed to the pressure on gross margins [2] - The company reported a net profit margin of 0.5% for 2024, down 4.6 percentage points year-on-year, while Q4 net profit margin improved by 2.8 percentage points to 1.9% [2] Product and Market Strategy - The company has a strong integrated dairy farming operation with high self-sufficiency and significant advantages in milk sourcing that are difficult to replicate [3] - The company is pursuing a dual-market strategy focusing on both Xinjiang and external markets, enhancing its presence in Xinjiang while expanding into external markets through targeted products like yogurt and milk [3] - Future profitability is expected to improve as milk prices stabilize in the second half of 2025 [3] Earnings Forecast - The company’s earnings per share (EPS) are projected to be 0.36 yuan, 0.45 yuan, and 0.56 yuan for the years 2025 to 2027, corresponding to dynamic price-to-earnings ratios of 31 times, 25 times, and 20 times respectively [3]

Core Viewpoint - The performance gap between national dairy companies and regional dairy companies is widening, with regional companies facing significant pressure to find new differentiation strategies in the market [1][2][3]. Group 1: Performance Trends - In 2023-2024, domestic dairy companies experienced a general decline in performance due to market demand and external factors, but signs of recovery were noted in early 2025 [2]. - Leading dairy companies like Yili achieved a revenue of 32.94 billion yuan in Q1 2025, a year-on-year increase of approximately 1.5%, with a net profit of 4.64 billion yuan, up 24.2% compared to 2024 [2]. - In contrast, regional dairy companies like Tianrun Dairy and Yantang Dairy reported declines in revenue and profits, with Tianrun's revenue dropping by 2.5% to 620 million yuan and a net loss of 73.03 million yuan [2][3]. Group 2: Competitive Landscape - Regional dairy companies are facing increased competition from national players who have expanded into the fresh milk market, which has historically been a differentiating factor for regional firms [3]. - Yili's high-end low-temperature milk revenue grew by over 30% in 2024, while Mengniu's fresh milk brand maintained double-digit growth [3]. - The overall dairy consumption in China is reaching a bottleneck, leading to intensified competition among existing players, particularly affecting regional companies [3][6]. Group 3: Differentiation Strategies - To survive, regional dairy companies must establish new differentiation strategies, as exemplified by New Dairy, which has performed better than its peers by focusing on a 24-hour fresh milk product line [4][5]. - New Dairy's revenue for 2024 was 10.67 billion yuan, with a net profit of 540 million yuan, and its 24-hour fresh milk series has seen significant growth [4][5]. - The company has also emphasized direct-to-consumer (DTC) sales, achieving 6.23 billion yuan in direct sales revenue, accounting for 58.4% of its total revenue [5]. Group 4: Future Outlook - The competitive landscape in the dairy market is expected to remain intense in 2025, with increasing market concentration [6]. - Regional dairy companies that fail to find unique brand positioning and product differentiation may face marginalization or even elimination from the market [6].

根据天润乳业2025年4月18日发布的《新疆天润乳业股份有限公司2024年年 度报告》，公司2024年业绩大幅下滑，其中营业利润由2023年的24,505.51万元下 滑至2024年的11,743.78万元，同比下降52.08%，针对此事项，保荐人对公司进行 了专项现场检查，具体情况如下： 一、本次专项现场检查的基本情况 2025 年 4 月 18 日，天润乳业公告了《新疆天润乳业股份有限公司 2024 年 年度报告》，保荐人在前次年度现场检查工作的基础上，结合 2024 年度持续督 导情况，于 2025 年 4 月 23 日-2025 年 4 月 25 日针对此次业绩下滑事项对公司 进行了进一步的专项现场检查。 在本次现场检查过程中，保荐人现场访谈了天润乳业管理层及核心人员，了 解公司业务开展情况；重点查阅了天润乳业 2024 年度的相关财务资料，对公司 2024 年度业务开展情况，各科目的财务数据变动情况、业绩变动原因进行详细 分析，并结合 2024 年行业发展形势等相关信息，对公司 2024 年度业绩大幅下滑 的原因进行分析。 二、公司2024年度业绩变动情况 根据天润乳业 2025 年 4 月 18 ...

新疆天润乳业股份有限公司 关于获得政府补助的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： 获得补助金额：736.27 万元 对当期损益的影响：为与收益相关的政府补助，将计入损益或冲减相关 成本费用，并对公司 2025 年度损益产生积极影响，具体的会计处理以及对公司 损益的影响最终以审计机构年度审计确认后的结果为准。 一、获得补助的基本情况 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 2025-018 债券代码：110097 债券简称：天润转债 公司按照《企业会计准则第 16 号——政府补助》的相关规定，确认上述事 1 新疆天润乳业股份有限公司 项并划分补助的类型为与收益相关的政府补助，公司直接计入损益或冲减相关成 本费用，预计将对公司 2025 年度损益产生积极影响。上述政府补助未经审计， 具体的会计处理以及对公司损益的影响最终以审计机构年度审计确认后的结果 为准。敬请广大投资者注意投资风险。 特此公告。 新疆天润乳业股份有限公司董事会 2025年5月7日 ...