A股乳业板块持续冲高，品渥食品大涨14%，天润乳业涨超6%，均瑶健康、麦趣尔涨超5%，立高食 品、皇氏集团跟涨。 ...

Group 1 - China State Construction signed new contracts totaling 1.52 trillion yuan from January to April, representing a year-on-year increase of 2.8% [1] - Yongpu Medical's subsidiary obtained a medical device business license valid until May 7, 2030, allowing it to engage in medical device retail and wholesale [1] - Ningbo Maritime received a government subsidy of 4.42 million yuan, which will impact its net profit for the fiscal year 2025 [1] Group 2 - Mingpu Optoelectronics obtained a patent for a magnetic powder core and its preparation method, enhancing its capabilities in magnetic materials technology [1] - Digital Zhitong plans to establish a wholly-owned subsidiary in Beijing with a registered capital of 5 million yuan [1] - Zhongmin Energy's shareholder plans to reduce its stake by up to 0.28% of the company's total shares [1][6] Group 3 - Tunnel Holdings' controlling shareholder intends to increase its stake in the company by investing between 250 million to 500 million yuan [1] - China Telecom appointed Liu Guiqing as the new President and COO [1] - Datang Power completed the issuance of 3 billion yuan in medium-term notes, with proceeds aimed at repaying debt and supplementing working capital [1] Group 4 - *ST Weihai won a bid for a flood control project worth 182 million yuan, accounting for 7.35% of its audited revenue for 2024 [1] - Huijin Tong announced a cash dividend of 0.0868 yuan per share, totaling 29.44 million yuan [1] - Xinkai Energy's shareholders plan to reduce their holdings by a combined total of 4% of the company's shares [1][39] Group 5 - Xinhuan Group's subsidiary won a 1.02 billion yuan nuclear power project contract [1] - Southern Airlines reported a 12.14% year-on-year increase in passenger turnover for April [1] - Xinjiang Torch plans to acquire 100% equity of Yushan Litai for 125 million yuan [1]

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： 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、股权激励和可持续发展等投资者关心的问题，与投资者进行沟通与交流，欢迎广大投资 者踊跃参与。 特此公 ...

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]