Dividend and Profit Distribution - The company plans to distribute a cash dividend of 0.21 RMB per 10 shares, totaling approximately 6,623,196.11 RMB, which accounts for 15.17% of the net profit attributable to shareholders for the year[6]. - The total number of shares entitled to profit distribution is 315,390,291 shares after excluding treasury shares[6]. - The company will not issue bonus shares or increase capital reserves in 2024[6]. - The company’s cash dividend amount for the recent reporting period was 6,623,196.11 RMB, which is 15.17% of the net profit attributable to ordinary shareholders[110]. - In 2023, the company distributed cash dividends of 1.36 RMB per 10 shares, totaling 42,893,079.58 RMB (including tax), representing a cash dividend ratio of 30.20%[108]. - The cumulative cash dividends over the last three accounting years amounted to 108,494,260.10 RMB, with an average annual net profit of 127,384,571.76 RMB, resulting in a cash dividend ratio of 85.17%[112]. Financial Performance - The company's operating revenue for 2024 was CNY 2,804,338,817.18, representing a 3.33% increase compared to CNY 2,713,999,965.30 in 2023[25]. - The net profit attributable to shareholders for 2024 decreased by 69.26% to CNY 43,659,443.55 from CNY 142,028,337.55 in 2023[25]. - The cash flow from operating activities for 2024 increased by 89.45% to CNY 652,349,880.20 compared to CNY 344,335,343.11 in 2023[25]. - The basic earnings per share for 2024 was CNY 0.1384, down 69.26% from CNY 0.4503 in 2023[26]. - The total assets at the end of 2024 were CNY 6,192,266,178.65, an increase of 8.63% from CNY 5,700,162,802.70 at the end of 2023[25]. - The company reported a significant loss from non-operating income of CNY -113,536,829.77 in 2024, primarily due to the disposal of non-current assets[28]. - The weighted average return on equity decreased to 1.83% in 2024 from 6.07% in 2023, reflecting a decline of 4.24 percentage points[26]. - The company’s cash flow from operating activities reached 652.3499 million yuan, an increase of 89.45% year-on-year[42]. - The company’s quality control systems achieved a 100% pass rate for product inspections and market sampling[44]. Market and Product Development - The company is focusing on product innovation to meet diverse consumer demands, expanding from traditional dairy products to functional and plant-based alternatives[32]. - The company has developed over 100 new products in 2024, with 16 successfully launched, including organic milk and yogurt, enhancing market share through differentiated flavors and health concepts[39]. - The company plans to enhance R&D investment to develop high-protein, low-fat, and multifunctional nutritional dairy products, leveraging digitalization and smart production technologies to improve efficiency and product quality[33]. - The online sales channels, including e-commerce platforms and social commerce, are projected to continue growing, targeting younger consumers while optimizing offline channels for better experience and convenience[34]. - The company aims to achieve a sales volume of 310,000 tons of dairy products and an estimated revenue of 3 billion yuan by 2025[73]. - The company will focus on product innovation and brand value growth by integrating media resources and aligning industry development with consumer needs[73]. Risk Management - The report includes a risk statement indicating that future plans and strategies do not constitute a commitment to investors, highlighting the importance of investment risk awareness[7]. - The report outlines various risk factors and countermeasures that the company may face in the future[11]. - The company faces risks from stricter industry regulations that may increase costs and impact profit margins[75]. - The company is exposed to risks from potential outbreaks of diseases in the upstream livestock industry, which could affect milk supply and quality[75]. - The company relies heavily on the Xinjiang market, which poses risks if there are adverse changes in the regional market conditions[76]. - The company has invested significantly in environmental protection measures to comply with stricter regulations, which may increase operational costs if not managed properly[77]. - The company's dairy farming operations are highly dependent on natural conditions, and adverse weather events could significantly impact livestock management and overall business performance[79]. Corporate Governance - The company adheres to corporate governance standards, ensuring equal treatment of all shareholders and compliance with relevant laws and regulations[81]. - The board of directors consists of 9 members, including 3 independent directors, and has established various committees to enhance governance and decision-making processes[82]. - The supervisory board is composed of 3 members, including a representative from employees, ensuring compliance with legal requirements[83]. - The company has implemented a strict insider information management system to prevent misuse of sensitive information prior to public disclosures[83]. - The company held a total of 4 shareholder meetings in 2024, with all 15 proposals approved[86]. - The total pre-tax remuneration for the board members and senior management in the reporting period amounted to CNY 654.97 million[87]. - The company has not reported any changes in shareholding for its directors and senior management during the reporting period[87]. - The company has not engaged in any related party transactions that would affect the independence of its operations[87]. - There are no reported conflicts of interest with controlling shareholders or actual controllers[87]. Environmental and Social Responsibility - The company has invested 17.6554 million yuan in environmental protection during the reporting period[122]. - The average discharge concentration of COD was 70.106 mg/L, with a total discharge of 61.8 tons in 2024[123]. - The wastewater treatment capacity of Tianrun Technology and Shawan Gary is 2500 tons/day and 1500 tons/day, respectively[124]. - The company has installed online monitoring equipment at wastewater treatment stations for real-time monitoring of pollutants[131]. - The company has complied with environmental impact assessment regulations for new construction projects[125]. - The company distributed 14,500 custom Spring Festival couplets and provided welfare products to 240 individuals in assisted communities[140]. - The company aims to deepen industry integration and innovate assistance models to enhance the effectiveness of its support efforts[141]. Audit and Financial Reporting - The company received a standard unqualified audit report from Zhongshun Zhonghuan Accounting Firm[5]. - The audit committee confirmed that the asset impairment provisions are in line with accounting standards and reflect the company's financial status accurately[97]. - The company has maintained effective internal control over financial reporting as per the audit conducted by Zhongxun Zhonghuan Accounting Firm[120]. - The audit report issued by Zhonghuan Accounting Firm confirmed that the financial statements fairly reflect the company's financial position[198]. - The company’s financial condition is stable, with no significant issues reported in the audit[198]. Related Party Transactions - The company has committed to avoiding and regulating related party transactions to protect the interests of minority shareholders[146]. - The company will ensure that related transactions do not harm the legitimate rights and interests of Tianrun Dairy and its non-related shareholders[144]. - The company will adhere to the relevant provisions of the China Securities Regulatory Commission regarding related transactions and avoid competition in the same industry[144]. - The company will notify Tianrun Dairy of any new technologies or products developed by its controlling shareholder that may affect its operations[145]. - The controlling shareholder has guaranteed that any sale of related assets will be offered to Tianrun Dairy first under the same conditions as independent third parties[145].

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 年度独立董事述职报告 2024 年度，本人康莹作为新疆天润乳业股份有限公司(以下简称"公司") 独立董事，根据《公司法》《证券法》《上市公司治理准则》《上市公司独立董事 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》等法 律法规和《公司章程》《公司独立董事工作制度》等有关规定，秉持对公司和全 体股东负责的态度，依据自身在公司经营管理方面的丰富经验，严格按照法律法 规和公司章程的规定，认真履行独立董事职责。现将本人 2024 年度工作情况报 告如下： 一、个人基本情况 （一）工作履历、专业背景以及兼职情况 康莹，女，汉族，1973 年 1 月出生，研究生学历，中级会计师职称，具有独 立董事资格、律师资格、律师从事证券法律业务资格、董事会秘书资格。现任新 疆天润乳业股份有限公司独立董事，曾任新疆浩源天然气股份有限公司董事长。 本人拥有多年公司经营管理经验，在战略规划、企业运营管理等方面积累了丰富 经验，同时具备深厚的法律专业背景，精通公司法、合同法等相关法律法规。 （二）独立性情况说明 经本人自查及董事会核查在公司的履职情况，本 ...

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 年度独立董事述职报告 作为新疆天润乳业股份有限公司(以下简称"公司")独立董事，2024 年度 本人龚巧莉根据《公司法》《证券法》《上市公司治理准则》《上市公司独立董事 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》等法 律法规和《公司章程》《公司独立董事工作制度》等有关规定，忠实履行独立董 事职责，切实维护公司整体利益和全体股东尤其是中小股东的合法利益。现将本 人 2024 年度履职情况报告如下： 一、个人基本情况 （一）工作履历、专业背景以及兼职情况 龚巧莉，女，汉族，1964 年 1 月出生，研究生学历，会计学教授职称，具有 独立董事资格。现任新疆财经大学会计学院会计学教授，MBA 导师、硕士研究生 导师，上市公司新疆天润乳业股份有限公司、新疆机械研究院股份有限公司、新 疆浩源天然气股份有限公司以及非上市公司德蓝水技术股份有限公司、恒升医学 科技股份有限公司独立董事。本人长期从事会计领域工作，具备丰富的会计专业 知识和实践经验，在财务审计、财务管理等方面积累了深厚的专业素养。 （二）独立性情况说明 经本人自查及董事会核 ...

新疆天润乳业股份有限公司 经本人自查及董事会核查在公司的履职情况，本人具备胜任独立董事岗位的 资格。张列兵及其配偶、父母、子女、主要社会关系均未在公司或公司附属企业 任职，未在公司主要股东及其附属企业任职，未与公司存在重大的持股关系，与 公司以及主要股东之间不存在重大业务往来关系或提供财务、法律、咨询、保荐 等服务关系，符合《上市公司独立董事管理办法》等法律法规及《公司章程》中 关于独立董事的任职资格及独立性的要求。 新疆天润乳业股份有限公司 2024 年度独立董事述职报告 2024 年度，本人张列兵作为新疆天润乳业股份有限公司(以下简称"公司") 独立董事，根据《公司法》《证券法》《上市公司治理准则》《上市公司独立董事 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》等法 律法规和《公司章程》《公司独立董事工作制度》等有关规定，秉持客观、公正、 独立的原则，充分发挥自身在乳品行业的专业知识与丰富经验，切实履行独立董 事职责，致力于维护公司整体利益以及全体股东，尤其是中小股东的合法权益。 现将本人 2024 年度工作情况报告如下： 一、个人基本情况 （一）工作履历、专业背景以及兼职情况 ...

新疆天润乳业股份有限公司 新疆天润乳业股份有限公司董事会 关于独立董事独立性情况的专项意见 2025 年 4 月 17 日 经核查独立董事张列兵先生、康莹女士、龚巧莉女士及其直系亲属和主要社 会关系人员的任职经历及其独立董事签署的相关自查文件，上述独立董事不存在 《上市公司独立董事管理办法》第六条不得担任独立董事的情形。在担任公司独 立董事期间，独立董事能够严格遵守中国证监会和上海证券交易所的相关规定， 作出独立判断时不受公司及公司主要股东、实际控制人或其他与公司存在利害关 系的单位或个人的影响。因此，董事会认为公司独立董事符合《上市公司独立董 事管理办法》《上海证券交易所股票上市规则》《上海证券交易所上市公司自律监 管指引第 1 号——规范运作》中对独立董事独立性的相关要求。 新疆天润乳业股份有限公司董事会 根据中国证监会《上市公司独立董事管理办法》、上海证券交易所《股票上 市规则》《上市公司自律监管指引第 1 号--规范运作》等要求，新疆天润乳业股 份有限公司（以下简称"公司"）董事会，就公司在任独立董事张列兵、康莹、 龚巧莉的独立性情况进行评估并出具如下专项意见： ...

证券代码：600419 证券简称：天润乳业 公告编号：临 2025-014 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 关于副总经理退休辞职的公告 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 新疆天润乳业股份有限公司董事会 新疆天润乳业股份有限公司（以下简称"公司"）于近期收到公司副总经理周 建国先生递交的书面辞职报告。因达到法定退休年龄，周建国先生申请辞去公司 副总经理职务，辞职后将不再担任公司任何职务。 2025年4月18日 截至本公告日，周建国先生未持有公司股份，其辞职不会影响公司相关工作 的正常进行，辞职报告自送达董事会之日起生效。 1 周建国先生担任公司副总经理期间，勤勉尽责，为公司的规范运作和健康发 展发挥了积极作用。在此，公司及董事会对周建国先生在担任副总经理期间为公 司做出的贡献表示衷心的感谢。 特此公告。 ...

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：临 | 2025-006 | | --- | --- | --- | --- | | 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 2024 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。 一、募集资金基本情况 （一）实际募集资金金额、资金到账时间 1. 2021 年非公开发行股票项目 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，扣除不含税 发行费用人民币 11,338,996.20 元后，募集资金净额为人民币 556,161,002.80 元。 上述资金截至 2021 年 12 月 10 日已到位，已经希格玛会计师事务所（特殊普通 合伙）验证并出 ...

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 | 2025-004 | | --- | --- | --- | --- | | 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 第八届董事会第十八次会议决议公告 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）会议通知已于 2025 年 4 月 7 日以书面或电子邮件形式向全体董事、 监事及高级管理人员发出。 （三）本次董事会会议于 2025 年 4 月 17 日以现场结合通讯方式召开。 （四）本次董事会由公司董事长刘让先生主持，本次会议应到董事 9 人，实 际出席会议董事 9 人，其中现场参会董事 6 人，董事曹旭先生、独立董事张列兵 先生、康莹女士因工作原因以通讯方式参会。公司监事及部分高级管理人员列席 了会议。 二、董事会会议审议情况 ...

天润乳业（600419）公告，2024年营业收入28.04亿元，同比增长3.33%。归属于上市公司股东的净利润 4365.94万元，同比下降69.26%。公司拟向全体股东每10股派发现金红利0.21元(含税)，截至2025年4月 17日，公司总股本3.2亿股，以此计算拟派发现金红利662.32万元(含税)，占当年归属于上市公司股东的 净利润比例为15.17%。2024年度公司不送红股，亦不进行资本公积金转增股本。 ...

Investment Rating - The report maintains a "Recommendation" rating for the food and beverage industry, particularly highlighting the white wine sector as it is expected to clear and stabilize, with gradual improvements in the mass market [1]. Core Insights - The white wine sector is currently in a clearing and bottoming phase, with expectations for marginal improvement in the second half of the year. The industry has seen risks transition from off-balance sheet channels to on-balance sheet for most listed companies, leading to a slight slowdown in payment and delivery progress in Q1. However, leading companies have largely completed their initial targets for the year [4][9]. - In the mass market, beer shows signs of marginal improvement, with standout performance in the snack category, particularly for konjac products. The dairy sector is expected to rebound in Q2 after a period of adjustment [19][25]. Summary by Sections White Wine Sector - The white wine sector is in a clearing and bottoming phase, with expectations for improvement in the second half of the year. Q1 saw a slowdown in payment and delivery, but leading companies have met their initial targets [4][9]. - High-end brands like Moutai and Wuliangye are expected to see revenue and profit growth of approximately 9% and 10%, and 4% and 3% respectively in Q1 [10][12]. - The mid-range segment is experiencing varied performance, with brands like Fenjiu and Gujing showing growth, while others like Yanghe are facing challenges [10][12]. Mass Market - The beer sector is showing signs of recovery, with leading brands like Qingdao and Yanjing achieving revenue growth of 4% and 6% respectively in Q1 [26][29]. - The snack segment, particularly konjac products, is performing well, with brands like Salted and Wei Long seeing significant growth [19][25]. - The dairy sector is expected to improve as inventory levels stabilize, with companies like Yili and Mengniu showing resilience [25]. Investment Recommendations - The report suggests bottom-fishing in the white wine sector, with a focus on brands like Moutai, Wuliangye, and Fenjiu, while also recommending attention to the mass market for potential turning points in beer and dairy [5][19].