新疆天润乳业股份有限公司关于 2025 年第四季度可转债转股结果暨股份变动公告 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：2026-001 | | --- | --- | --- | | 债券代码：110097 | 债券简称：天润转债 | | 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 12 月 31 日，累计转股金额为 1,007,000 元，累计因转股形成的股份数量为 121,590 股，占可转债转股前公司已发行股份总额的 0.0380%。 未转股可转债情况：截至 2025 年 12 月 31 日，尚未转股的"天润转债" 金额为 988,993,000 元，占"天润转债"发行总量的 99.8983%。 本季度转股情况：2025 年第四季度，"天润转债"转股的金额为 9,000 元， 因转股形成的股份数量为 1,094 股。 一、可转债发行上市概况 经中国证 ...

Investment Rating - The industry investment rating is "Positive" and is maintained [10] Core Insights - The konjac snack market is currently a standout growth category within the snack market, achieving a 17.45% year-on-year growth during the MAT202511 period (December 2024 to November 2025) despite an overall decline in the snack market [2][4][17] - The market share of the top three groups (CR3) in the konjac snack industry increased from 67% to 75%, indicating a significant concentration trend [4][26][28] - The konjac snack category is expected to continue expanding, with the number of SKUs increasing by 53% and the number of participating groups growing by 41% from December 2023 to November 2025 [26][33] Summary by Sections Konjac Snack Market Dynamics - The konjac snack category has shown remarkable growth, with a 17.45% year-on-year increase during the MAT202511 period, contrasting with an 11.94% decline in overall snack sales [2][17] - The spicy flavor remains the most stable and dominant in the konjac snack category, maintaining over 35% market share [18] - The market share of traditional snacks like spicy strips is declining, while konjac snacks are gaining traction, with their market share surpassing 2% for the first time in May 2025 [17][18] Supply and Market Concentration - The supply side of the konjac snack category is expanding, with SKU numbers rising from 2,718 to 4,158, and brand numbers increasing from 859 to 1,261 [26] - The CR3 group's market share has increased significantly, indicating a trend towards market concentration, while the CR10 group now holds 84.3% of the market [26][28] Competitive Landscape - Major brands like Weilong and Yanjin are adapting their strategies, with Yanjin's sub-brand "Big Demon King" rapidly gaining market share, while Weilon's sub-brand "Little Witch" has seen a decline [31][33] - The konjac snack market is characterized by strong competition, with both established and emerging brands vying for market share, highlighting its attractiveness and growth potential [33]

Group 1 - The core viewpoint of the news is that Tianrun Dairy Industry has shown a slight increase in stock price, reaching 9.92 yuan per share, with a total market capitalization of 3.13 billion yuan as of December 31 [1] - Tianrun Dairy Industry, established on December 30, 1999, and listed on June 28, 2001, is primarily engaged in the production and sales of dairy products, cattle breeding, and livestock-related services [1] - The revenue composition of Tianrun Dairy includes: ambient dairy products 52.91%, chilled dairy products 39.99%, livestock products 3.77%, and other supplementary products 2.93% [1] Group 2 - Among the top circulating shareholders of Tianrun Dairy, the fund managed by Harvest Fund, specifically Harvest Agricultural Industry Stock A (003634), reduced its holdings by 484,200 shares in the third quarter, now holding 2.89 million shares, which is 0.92% of the circulating shares [2] - The latest scale of Harvest Agricultural Industry Stock A is 966 million yuan, with a year-to-date return of 0.68%, ranking 4024 out of 4189 in its category [2] - The fund manager of Harvest Agricultural Industry Stock A is Wu Yue, who has been in the position for 6 years and 275 days, with the best fund return during his tenure being 63.07% [3]

Group 1 - China Medical plans to acquire 70% equity of Zezheng Pharmaceutical for 525 million yuan to enhance its R&D capabilities in the pharmaceutical sector [1] - Hongchang Electronics has commenced production of its functional high-end copper-clad laminate electronic materials project [2] - China State Construction has secured multiple major projects totaling 32.09 billion yuan, which represents 1.5% of its audited revenue for 2024 [3] Group 2 - China Resources Double Crane has established an industrial fund with a committed investment of 83 million yuan, targeting a total fundraising goal of 500 million yuan [4] - Pinggao Electric and its subsidiaries have won state grid procurement projects worth approximately 876 million yuan, accounting for 7.06% of its 2024 revenue [5] - Dong'an Power received a government subsidy of 2.47 million yuan, with 1.47 million yuan related to assets and 1 million yuan related to income [6] Group 3 - Nantian Information has paid overdue taxes and penalties totaling 50.31 million yuan, which will impact its net profit for 2025 [7] - Erli Six has changed its investment plan to establish a wholly-owned subsidiary in Hong Kong for submarine cable business with an investment of 320 million yuan [8] - Dream Lily plans to invest 170 million yuan in an e-commerce warehouse project at its East US factory [9] Group 4 - Shen Shen Fang A's controlling shareholder has terminated the agreement to transfer 7.07% of the company's shares to Dongfang Asset, with no change in control [10] - Tianfu Culture has signed strategic cooperation framework agreements with various cultural and tourism bureaus to promote film and tourism integration [11] - Jinzi Tianzheng's chairman has resigned due to work adjustments, but will continue to fulfill his duties until a new chairman is elected [12] Group 5 - Jiangshan Oupai and its subsidiaries received government subsidies totaling 10.04 million yuan, with 7.51 million yuan related to income [13] - Ninghu Expressway plans to increase its investment in Jiangsu Danjin Expressway Co., Ltd. by 128 million yuan to support highway construction [14] - Jiangyin Bank has received approval for the qualifications of its employee director and vice president [15] Group 6 - Aoxiang Pharmaceutical has received approval for the listing application of two chemical raw materials [16] - Daye Co. has not yet commenced mass production of its robotic tendon products, with ongoing uncertainties in technology and profitability [17] - Rongsheng Environmental has proposed a cash dividend of 3.8 yuan per 10 shares, totaling approximately 97.36 million yuan [19] Group 7 - Yunyi Electric plans to invest 66 million USD in Morocco to establish a wholly-owned subsidiary and production base [20] - Derun Electronics has reached an agreement regarding the delayed payment of 100 million yuan in equity transfer funds [21] - Baihua Pharmaceutical is planning a change in control, leading to a continued suspension of its stock [22] Group 8 - CITIC Bank's executive director and president has resigned due to work adjustments [23] - Haizike's subsidiary has received acceptance for clinical trial applications for two innovative drugs [24] - Tianrun Dairy's subsidiaries received government subsidies totaling 21.53 million yuan, representing 49.32% of its net profit for 2024 [25] Group 9 - Andisou plans to issue 398 million A-shares at 7.54 yuan per share, raising a total of 3 billion yuan [26][27] - Fuda Co. has completed the transfer of its 50% stake in a joint venture, which is expected to positively impact its 2025 financial results [28] - Jianghua Micro has received environmental approval for a project to produce 37,000 tons of ultra-pure wet electronic chemicals [29] Group 10 - Nanwang Technology received a government subsidy of 10 million yuan, accounting for 0.66% of its net assets for 2024 [30] - Changgao Electric New has won state grid procurement projects totaling 161 million yuan, representing 9.14% of its 2024 revenue [31] - Huaxin Precision plans to invest up to 600 million yuan of idle funds in low-risk financial products [32] Group 11 - Fuguang Co. received a government subsidy of 1.26 million yuan for basic research projects, which is 13.27% of its net profit for 2024 [33] - Benli Technology has obtained a drug production license, which will help optimize its product structure [34] - Jintuo Co. proposed a cash dividend of 4.1 yuan per 10 shares, totaling approximately 99.48 million yuan [35] Group 12 - Kang Enbei has elected a new chairman and vice chairman during its board meeting [36] - Sanyuan Bio has completed the construction and installation of equipment for the remaining capacity of its 20,000-ton alulose project [38]

Group 1 - The core point of the article is that Tianrun Dairy (600419.SH) announced that its subsidiaries received a total of government subsidies amounting to 21.53 million yuan, which is related to revenue [1] - The government subsidies represent 49.32% of the audited net profit attributable to the shareholders of the listed company for the fiscal year 2024 [1]

一、获得补助的基本情况 2025 年 12 月 29 日，新疆天润乳业股份有限公司（以下简称"公司"）之子 公司新疆天澳牧业有限公司、新疆天润沙河牧业有限公司、阿拉尔新农乳业有限 责任公司、新疆托峰冰川牧业有限公司共计收到政府补助 21,532,333.50 元，均 为与收益相关的政府补助，占公司 2024 年度经审计归属于上市公司股东的净利 润的 49.32%。 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：2025-066 | | --- | --- | --- | | 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。 特此公告。 新疆天润乳业股份有限公司董事会 2025年12月31日 1 二、补助的类型及其对上市公司的影响 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 项并划分补助的类型为与收益相关的政府补助，预计将增加公司 2025 年度归 ...

Core Viewpoint - Tianrun Dairy announced that its subsidiaries received a total of 21.53 million yuan in government subsidies, which are related to revenue and represent 49.32% of the company's audited net profit attributable to shareholders for the fiscal year 2024 [1] Group 1 - The subsidiaries involved in the government subsidies include Xinjiang Tianao Animal Husbandry Co., Ltd., Xinjiang Tianrun Shahe Animal Husbandry Co., Ltd., Alar New Agricultural Dairy Co., Ltd., and Xinjiang Tofeng Glacier Animal Husbandry Co., Ltd. [1] - The expected increase in net profit attributable to shareholders for the fiscal year 2025 is estimated to be 19.865 million yuan due to these subsidies [1]

Group 1 - The core point of the article is that Tianrun Dairy (600419.SH) received a total of government subsidies amounting to 24.36 million yuan as of December 26, 2025, which are all related to revenue [1] - These government subsidies account for 55.80% of the audited net profit attributable to the shareholders of the listed company for the fiscal year 2024 [1]

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 603156 | 乔元饮品 | 26.60 | -2.28% | 5.66万 | 1.51亿 | | 300915 | 海融科技 | 24.42 | -2.16% | 1.17万 | 2875.51万 | | 600429 | 三元股份 | 5.42 | -1.81% | 40.57万 | 2.21亿 | | 600882 | 妙可蓝多 | 26.93 | -1.64% | 7.79万 | 2.11亿 | | 605300 | 佳木食品 | 12.00 | -1.64% | 4.08万 | 4921.46万 | | 605499 | 东鹏饮料 | 268.33 | -1.39% | 1.19万 | 3.20亿 | | 300892 | 品屋食品 | 31.75 | -1.34% | 2.89万 | 9226.72万 | | 605337 | 李子园 | 12.12 | -1.30% | 4.83万 | 5892.31万 | | 605388 | 均 ...

新疆天润乳业股份有限公司 二、补助的类型及其对上市公司的影响 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 项并划分补助的类型为与收益相关的政府补助，预计将增加公司 2025 年度归属 于上市公司股东的净利润 20,618,542.03 元。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12月27日 | 证券代码：600419 | 证券简称：天润乳业 | 公告编号：2025-065 | | --- | --- | --- | | 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。 一、获得补助的基本情况 2025 年 12 月 26 日，新疆天润乳业股份有限公司（以下简称"公司"）共计 收到政府补助 24,360,440.00 元，均为与收益相关的政府补助，占 ...