随着2024年半年报对牛只损失的计提的完成，2024年三季度公司净利润环比扭亏，实现归属于上市公司 股东的净利润5017.71万元。 分析人士对此表示，结合行业大背景而言，奶牛养殖仍处于低谷周期，同时乳制品消费复苏乏力，在供 需失衡的市场环境下，原料奶阶段性过剩，牛只和原料乳销售价格持续走低，乳制品行业市场竞争愈发 激烈，牧业资产较重的上市公司普遍面临亏损。在这样的情况下，天润乳业在去年上半年加大牛只处置 力度，去年三四季度持续改善，成效较为显著。到今年一季度，由于奶牛养殖行业周期仍未见好转，乳 制品消费需求复苏疲软，天润乳业提前加大了低生产价值牛只处置力度，能够尽可能降低畜牧业下行带 给公司业绩的负面影响，虽然一季度形成亏损，但后续季度预计经营情况将转为持续向好趋势。(秦声) 据了解，回溯2024年半年报，天润乳业披露，公司处置牛只损失，造成非流动性资产处置损益-8144.38 万元。该报告期，公司实现归属于上市公司股东的净利润-2790.78万元。 4月28日，天润乳业（600419）披露2025年一季报，报告期公司实现营业收入6.25亿元；由于报告期公 司处置牛只损失，产生非流动性资产处置损益约-1.1 ...

Core Insights - The social security fund has invested in 478 stocks by the end of Q1, with 46 stocks held for over 20 consecutive quarters [1] - The fund's long-term holdings include 257 stocks held for more than four quarters, with 169 stocks held for over two years [1] - Notable long-term holdings include China Overseas Land & Investment, Zhongnan Media, and others, with the longest-held stock being China Overseas Land & Investment since Q2 2011 [1] Holdings Overview - The top holdings by quantity include Changshu Bank (254 million shares), Hualu Hengsheng (122 million shares), and China Jushi (84.52 million shares) [2] - The highest holding percentages are Changshu Bank (8.42%), Hualu Hengsheng (5.77%), and Keri International (5.70%) [2] - Among the 46 stocks, 12 saw an increase in holdings, with significant increases for Huayu Automotive (62.65%), Hualu Hengsheng (19.18%), and Yanjinpuzi (17.90%) [2] Performance Analysis - Of the 46 stocks, 28 reported year-on-year profit growth, with notable increases from Xiantan Co. (583.83%), Zhongyuan Media (234.61%), and China Jushi (108.52%) [3] - Conversely, 17 stocks experienced profit declines, with the largest decreases from Tianrun Dairy (-1713.36%), China Overseas Land & Investment (-303.09%), and Zhongqi Co. (-245.04%) [3] - Stocks with consistent profit growth over the past three years include Aide Biology, Yutong Bus, and Blue Sky Technology [3] Industry Distribution - The 46 stocks are concentrated in industries such as basic chemicals (6 stocks), automotive (5 stocks), and pharmaceutical biology (5 stocks) [2] - The main board contains 30 stocks, while the ChiNext board has 15 stocks, and the Sci-Tech Innovation board has 1 stock [2]

Core Insights - The company reported Q1 2025 revenue of 625 million yuan, a year-on-year decrease of 2.50%, and a net profit attributable to shareholders of -73 million yuan, a significant decline of 1713.36% year-on-year [1] - Despite a slight revenue decline, the company achieved a double-digit growth in dairy product sales, with a total volume of 74,500 tons, representing a 12% increase year-on-year [2] - The company is focusing on eliminating low-yield cows, which has temporarily pressured profits but is expected to improve gradually as operational efficiency increases [3] Revenue Breakdown - Dairy product revenue was segmented into three categories: ambient dairy products (347 million yuan, -4.37% YoY), chilled dairy products (239 million yuan, -0.64% YoY), and livestock products (17 million yuan, -44.28% YoY), indicating resilience in chilled products despite overall industry weakness [2] - Revenue from distribution and direct sales channels was 545 million yuan and 60 million yuan, respectively, reflecting declines of 3.18% and 18.94% year-on-year [2] - Revenue from domestic and foreign markets was 355 million yuan and 251 million yuan, with year-on-year decreases of 4.40% and 5.87%, accounting for 59% and 41% of total revenue [2] Profitability and Cost Management - The company's gross margin and net profit margin for Q1 2025 were 14.63% and -11.74%, down 1.81 and 12.45 percentage points year-on-year, respectively [3] - The company increased its focus on cost management, with sales, management, financial, and R&D expense ratios at 6.87%, 4.21%, 1.19%, and 0.82%, showing slight increases in sales and management expenses [3] - The reduction in the number of cows from 64,800 at the end of 2024 to 56,300 at the end of Q1 2025 resulted in a non-current asset disposal loss of 117 million yuan, significantly impacting profitability [3] Sales and Marketing Strategy - The company adopted flexible sales strategies in response to market changes, focusing on promotional activities in both domestic and foreign markets to stabilize product sales [4] - Efforts to expand distribution channels included deepening penetration in southern Xinjiang and entering key scenic areas and chain restaurants, as well as exploring direct sales models in major cities [4] - The company launched five new products in Q1 2025, including a new milk powder line, and successfully established product displays in 100 stores [4] Future Outlook - The company is projected to achieve net profits attributable to shareholders of 71 million yuan, 201 million yuan, and 247 million yuan for 2025-2027, representing year-on-year growth rates of 62.63%, 182.52%, and 23.13% respectively [4] - The current stock price corresponds to price-to-earnings ratios of 47X, 17X, and 14X for 2025-2027 [4]

新疆天润乳业股份有限公司 证券代码：600419 证券简称：天润乳业 公告编号：临 2025-017 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。 重要内容提示： 获得补助金额：1,729.31 万元 对当期损益的影响：均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 2025 年 4 月 27 日至 4 月 28 日，新疆天润乳业股份有限公司（以下简称"公 司"）之控股子公司收到政府补助共计 1,729.31 万元，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 39.61%。具体情况 如下： | 序 | 获得时间 | | 发放单位 | 发放事由 | | 补助依据 | | 补助 | 补助金额 | | --- | --- | --- | - ...

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 | 2025-016 | | --- | --- | --- | --- | | 债券代码：110097 | 债券简称：天润转债 | | | 新疆天润乳业股份有限公司 关于 2025 年第一季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 2025 年第一季度主要经营数据（未经审计）公告如下： 一、2025 年第一季度主要经营数据 1、主营业务按照产品类别分类情况 二、2025 年第一季度经销商变动情况 2、主营业务按照销售渠道分类情况 单位：元 币种：人民币 | 销售渠道 | 2025 年 1-3 月 | | --- | --- | | 经销 | 545,486,834.99 | | 直销 | 60,277,680.86 | | 合计 | 605,764,515 ...

新疆天润乳业股份有限公司 2024 年年度股东大会会议资料 新疆·乌鲁木齐 二〇二五年五月十五日 新疆天润乳业股份有限公司 目 录 | 新疆天润乳业股份有限公司 | 2024 | 年年度股东大会议程 | | 1 | | --- | --- | --- | --- | --- | | 新疆天润乳业股份有限公司 | 2024 | 年度董事会工作报告 | | 3 | | 新疆天润乳业股份有限公司 | 2024 | 年度监事会工作报告 | | 18 | | 新疆天润乳业股份有限公司 | 2024 | 年度财务决算报告 | | 25 | | 新疆天润乳业股份有限公司 | 2025 | 年度财务预算报告 | | 29 | | 新疆天润乳业股份有限公司 | 2024 | 年年度报告及摘要 | | 31 | | 新疆天润乳业股份有限公司 | 2024 | 年度利润分配方案 | | 32 | | 新疆天润乳业股份有限公司关于 | | 2025 年度申请银行综合授信额度的议案 | | ... 36 | | 新疆天润乳业股份有限公司关于 | | 2025 年度担保额度预计的议案 | | 37 | | 新疆天润乳业股份有限公司关于计 ...

前十大流通股东累计持有： 13514.39万股，累计占流通股比： 42.21%，较上期变化： -235.94万股。 数据四舍五入，查看更多财务数据>> 三、分红送配方案情况 二、前10名无限售条件股东持股情况 本次公司不分配不转赠。 一、主要会计数据和财务指标 | 名称 | 持有数量(万股) | 占总股本比 | 增减情况 | | --- | --- | --- | --- | | | | 例(%) | (万股) | | 新疆生产建设兵团第十二师国有资产经营(集团)有限责任 公司 | 9957.73 | 31.10 | 不变 | | 新疆生产建设兵团乳业集团有限责任公司 | 1841.15 | 5.75 | 不变 | | 金华市裕恒资本管理有限责任公司-裕恒资本双龙一号私募 证券投资基金 | 322.44 | 1.01 | 新进 | | 中信证券股份有限公司-社保基金17052组合 | 296.00 | 0.92 | 新进 | | 易方达港股通红利混合 | 224.09 | 0.70 | 新进 | | 方正富邦天睿混合A | 198.98 | 0.62 | 新进 | | 大成国际资产管理有限公司-大成中国灵活配 ...

Financial Performance - The company's revenue for Q1 2025 was CNY 624.52 million, a decrease of 2.50% compared to CNY 640.56 million in the same period last year[2]. - The net profit attributable to shareholders was a loss of CNY 73.30 million, a significant decline of 1,713.36% from a profit of CNY 4.54 million in the previous year[2]. - The basic earnings per share (EPS) was -CNY 0.2324, down 1,713.89% from CNY 0.0144 in the same period last year[2]. - The weighted average return on equity decreased by 3.27 percentage points to -3.08% from 0.19%[2]. - The net profit attributable to shareholders was RMB -7,330.36 million, a decline of RMB 1,713.36 million compared to the same period last year[10]. - The company's net profit for Q1 2025 was a loss of approximately ¥5.68 million, compared to a loss of ¥1.26 million in Q1 2024, indicating a significant decline in profitability[28]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 5.79 billion, a decrease of 6.50% from CNY 6.19 billion at the end of the previous year[3]. - As of March 31, 2025, the total assets amounted to RMB 5,789,746,769.07, down from RMB 6,192,266,178.65 at the end of 2024[13]. - The company's total liabilities decreased to ¥3,232,282,670.40 from ¥3,546,112,489.57 year-over-year[16]. - The total equity attributable to shareholders decreased to ¥2,339,599,812.28 from ¥2,412,903,415.80 year-over-year[16]. - The total liabilities increased to CNY 1,989,411,288.45 from CNY 1,820,145,690.38, reflecting a rise in financial obligations[26]. Cash Flow - The net cash flow from operating activities was CNY 47.53 million, a significant improvement compared to a negative cash flow of CNY 6.26 million in the same period last year[2]. - The cash inflow from operating activities was CNY 761,247,123.78, an increase of 7.87% compared to CNY 705,585,277.79 in Q1 2024[21]. - The net cash flow from operating activities turned positive at CNY 47,534,028.91, recovering from a negative CNY 6,264,433.81 in the same period last year[21]. - The company's cash and cash equivalents decreased to RMB 647,460,477.43 from RMB 849,062,678.49 at the end of 2024[13]. - The total cash and cash equivalents at the end of Q1 2025 were approximately ¥262.17 million, down from ¥394.56 million at the end of Q1 2024, a decrease of about 33.5%[32]. Operational Highlights - The company sold 74,500 tons of dairy products in Q1 2025, representing a growth of 12.37% year-on-year[11]. - The company optimized its core breeding population, resulting in an average annual milk yield of 11.25 tons per cow, an increase of 0.94 tons year-on-year[11]. - The company launched 5 new products during the reporting period, including a passion fruit milk beer, enhancing its product matrix[11]. - The company conducted over 3,000 promotional activities to boost product sales during the reporting period[10]. - The company is focusing on health-oriented product development, collaborating with third-party institutions to enhance product functionality[11]. Market Conditions - The average price of fresh milk in major production provinces fell by 12.3% year-on-year in March 2025, indicating ongoing market challenges[9]. - Non-recurring losses amounted to CNY 72.27 million, primarily due to losses from the disposal of livestock and asset impairment provisions[4]. - The company increased its efforts to eliminate low-value livestock, which contributed to the decline in net profit[4]. Shareholder Information - The top shareholder, Xinjiang Production and Construction Corps, holds 31.10% of the shares, indicating strong state ownership[7].

中信建投证券股份有限公司关于新疆天润乳业股份有限公司 工作内容 督导情况 1、建立健全并有效执行持续督导工作制 度，并针对具体的持续督导工作制定相应 的工作计划。 保荐人已经制定了持续督导工作计 划。 2、根据中国证监会相关规定，在持续督 导工作开始前，与上市公司或相关当事人 签署持续督导协议，明确双方在持续督导 期间的权利义务，并报上海证券交易所备 保荐人已与公司签订保荐承销协议， 协议已明确了双方在持续督导期间 的权利和义务。 一、持续督导工作情况 2024 年持续督导年度报告书 | 保荐人名称： | 被保荐上市公司名称： | | --- | --- | | 中信建投证券股份有限公司 | 新疆天润乳业股份有限公司 | | 保荐代表人姓名：吴小鹏 | 联系方式：010-85156478 联系地址：北京市朝阳区景辉街 号院 号 16 1 | | | 楼泰康集团大厦 层 10 | | 保荐代表人姓名：甘伟良 | 联系方式：028-68850835 | | | 联系地址：四川省成都市武侯区天府大道中段 | | | 588 号通威国际中心 2002 室 | 根据中国证券监督管理委员会《关于同意新疆天润乳业股份有限公 ...

Summary of Key Points - The company has issued 9.9 million convertible bonds with a total value of 990 million yuan, which will be traded on the Shanghai Stock Exchange starting November 15, 2024 [2][3][4] - The bonds have a maturity period of 6 years, from October 24, 2024, to October 23, 2030, with a conversion period starting from April 30, 2025, to the maturity date [4][6] - The initial conversion price is set at 8.30 yuan per share, and the bonds will have a tiered interest rate starting from 0.30% in the first year and increasing to 2.00% in the sixth year [2][3][14] - The conversion process allows bondholders to convert their bonds into shares, with the minimum conversion unit being one share [5][7] - The company will adjust the conversion price in case of stock dividends, capital increases, or other corporate actions that affect the number of shares [15][17] - If the stock price falls below 85% of the conversion price for a specified period, the company may propose a downward adjustment of the conversion price, subject to shareholder approval [17][18] - The newly converted shares will enjoy the same rights as existing shares and will be listed for trading the day after the conversion application [11][12]