北京国枫律师事务所 关于新疆天润乳业股份有限公司 向不特定对象发行可转换公司债券的 补充法律意见书之二 国枫律证字[2023]AN127-6 号 北京国枫律师事务所 Grandway Law Offices 北京市东城区建国门内大街 26 号新闻大厦 7 层 邮编：100005 电话（Tel）：010-88004488/66090088 传真（Fax）：010-66090016 北京国枫律师事务所 关于新疆天润乳业股份有限公司 向不特定对象发行可转换公司债券的 补充法律意见书之二 国枫律证字[2023]AN127-6号 致：新疆天润乳业股份有限公司（发行人） 根据本所与发行人签订的《律师服务协议书》，本所接受发行人的委托， 担任发行人本次发行的专项法律顾问。 本所律师已根据《公司法》《证券法》《管理办法》《证券法律业务管理 办法》《证券法律业务执业规则》等相关法律、法规、规章和规范性文件的规 定并按照律师行业公认的业务标准、道德规范和勤勉尽责精神，对发行人提供 的文件和有关事实进行了查验，并就发行人本次发行事宜出具了《北京国枫律 师事务所关于新疆天润乳业股份有限公司向不特定对象发行可转换公司债券 的法律意见书 ...

Financial Performance - The company's operating revenue for the first half of 2023 reached ¥1,389,185,619.96, representing a 12.62% increase compared to ¥1,233,464,515.70 in the same period last year[19]. - The net profit attributable to shareholders of the listed company was ¥125,804,699.69, up 16.55% from ¥107,943,039.26 in the previous year[19]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥117,104,227.33, reflecting a 21.05% increase from ¥96,736,670.34 in the same period last year[19]. - Basic earnings per share increased by 18.33% to CNY 0.3989 compared to the same period last year[21]. - Diluted earnings per share also rose by 18.33% to CNY 0.3989 year-on-year[21]. - The weighted average return on equity improved by 0.60 percentage points to 5.35%[21]. - The company reported a total non-recurring gains and losses of CNY 8,700,472.36, primarily from government subsidies and other income[22]. - The company achieved a revenue of CNY 1,389,185,619.96 in the first half of 2023, representing a 12.62% increase compared to CNY 1,233,464,515.70 in the same period last year[43]. - The company sold 146,400 tons of dairy products in the first half of 2023, a growth of 6.71% year-on-year[38]. - The company launched 16 new products in the first half of 2023, contributing positively to performance[39]. Cash Flow and Investments - The net cash flow from operating activities decreased by 33.87% to ¥100,197,133.70, down from ¥151,508,086.69 in the previous year[20]. - The company generated a net cash flow from operating activities of CNY 10,019.71 million and paid various taxes amounting to CNY 4,777.63 million[36]. - The company’s investment activities resulted in a net cash outflow of CNY 494,989,298.55, mainly due to the acquisition of New Agricultural Dairy[44]. - The company’s financing activities generated a net cash inflow of CNY 484,767,059.76, reflecting increased acquisition loans[45]. - The net cash flow from operating activities for the first half of 2023 was ¥42,842,750.63, a significant decrease of 88.2% compared to ¥361,973,284.93 in the same period of 2022[127]. - The net cash flow from investing activities was negative at -¥408,748,807.86, worsening from -¥30,002,503.10 in the first half of 2022[128]. Assets and Liabilities - The total assets of the company increased by 36.80% to ¥5,380,959,481.14, compared to ¥3,933,478,713.51 at the end of the previous year[20]. - The total liabilities amounted to CNY 2,730,107,132.94, compared to CNY 1,394,799,904.43, marking a significant increase of around 95.7%[111]. - The company's short-term borrowings rose to CNY 399,091,805.56 from CNY 269,176,427.78, which is an increase of approximately 48.3%[110]. - Long-term borrowings reached ¥821,991,814.52, a 100.00% increase, due to acquisition loans for Xin Nong Dairy[47]. - The company's equity attributable to shareholders increased to CNY 2,375,768,673.23 from CNY 2,308,941,957.96, reflecting a growth of approximately 2.9%[111]. Market and Industry Trends - The dairy industry is experiencing increased competition, with domestic brands focusing on technological innovation and high-end market expansion[29]. - The supply of raw milk is increasing, but prices are declining, leading to a mismatch in supply and demand[28]. - The penetration rate of low-temperature fresh milk in liquid milk consumption is expected to rise due to improved cold chain logistics and consumer preferences[29]. - The Chinese dairy industry is supported by government policies aimed at enhancing quality and expanding consumption by 2025 and 2030[26]. - The competitive landscape is intensifying, with national brands potentially acquiring regional players, which could challenge the company's market expansion efforts[58]. Research and Development - The company has established partnerships with universities for R&D, resulting in 68 national patents, including 9 invention patents[34]. - The company’s R&D expenses increased by 255.18% to CNY 11,492,547.79, driven by new product development and livestock technology improvements[43]. - The company emphasizes high-end and functional product development to meet personalized consumer demands[30]. Environmental and Social Responsibility - The company is investing in environmental protection measures to comply with increasing regulatory standards, which may affect operational costs[58]. - The company has not faced any administrative penalties for environmental issues in the reporting period[74]. - The company leveraged its role as a key agricultural enterprise in southern Xinjiang, focusing on dairy processing and related industries to support local economic development and employment[80]. - Tianrun Dairy continued targeted poverty alleviation efforts in the 51st regiment of southern Xinjiang, implementing specific measures based on the needs of impoverished communities[80]. Related Party Transactions and Governance - The company expects to engage in related party transactions amounting to approximately CNY 19 million for the year 2023, with actual transactions in the first half of 2023 totaling CNY 7.2872 million[89]. - The company has committed to ensuring that related party transactions do not harm the interests of non-related shareholders and will adhere to fair pricing principles[86]. - There are no significant litigation or arbitration matters affecting the company during the reporting period[88]. - The company has established a commitment to avoid future competition with its controlling shareholder and ensure fair treatment in related transactions[86]. Financial Reporting and Compliance - The financial statements are prepared based on the assumption of ongoing operations and comply with accounting standards[152]. - The company’s accounting policies and estimates are in accordance with the relevant accounting standards[152]. - The company has confirmed its ability to continue as a going concern for the next 12 months[150].

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 2023-056 新疆天润乳业股份有限公司 关于召开 2023 年半年度业绩说明会的公告 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： 投资者可于 2023 年 8 月 25 日（星期五）至 8 月 31 日（星期四）16:00 前 登 录 上 证 路 演 中 心 网 站 首 页 点 击 " 提 问 预 征 集 " 栏 目 或 通 过 公 司 邮 箱 zqb600419@126.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行 回答。 新疆天润乳业股份有限公司（以下简称"公司"）已于 2023 年 8 月 25 日发布 了公司 2023 年半年度报告，为便于广大投资者更全面深入地了解公司 2023 年半 年度经营成果和财务状况，公司定于 2023 年 9 月 1 日下午 16:00-17:00 举行 2023 年半年度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 本次业绩说明会以网络互动形式召开， ...

希格玛会计师事务所（特殊普通合伙） X i g e m a C p a s ( S p e c i a l G e n e r a l P a r t n e r s h i p ) 关于新疆天润乳业股份有限公司 向不特定对象发行可转换公司债券 申请文件的审核问询函的回复 上海证券交易所： 根据贵所于 2023 年 7 月 26 日下发的《关于新疆天润乳业股份有限公司向不 特定对象发行可转换公司债券申请文件的审核问询函》（上证上审（再融资）〔2023〕 519 号）（以下简称"审核问询函"）的要求，我们在审慎核查的基础上，就审核 问询函中的相关问题作出如下答复： 问题 2、关于融资规模以及效益测算 根据申报材料，1）发行人本次募集资金不超过 9.9 亿元，其中用于"年产 20 万吨乳制品加工项目"7.12 亿元、用于"补充流动资金"2.78 亿元。2）本 次募投项目建成且达产后，预计内部收益率为 15.8%。 请发行人说明：（1）建筑工程费、设备购置及安装费等具体内容及测算过 程，建筑面积、设备购置数量的确定依据及合理性，与新增产能的匹配关系， 建筑单价、设备单价以及安装费与公司已投产项目及同行业公司可比项目 ...

新疆天润乳业股份有限公司 与 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 向不特定对象发行可转换公司债券 申请文件的审核问询函的回复 保荐机构（主承销商） （北京市朝阳区安立路 66 号 4 号楼） $$\Xi{\bf O}\,{\bf\underline{{{=}}}}\,{\bf\underline{{{=}}}}\,{\bf\#}/\backslash\,{\bf\#}$$ 上海证券交易所： 根据贵所于 2023 年 7 月 26 日下发的《关于新疆天润乳业股份有限公司向不 特定对象发行可转换公司债券申请文件的审核问询函》（上证上审（再融资）〔2023〕 519 号）（以下简称"审核问询函"）的要求，新疆天润乳业股份有限公司（以下 简称"天润乳业""发行人"或"公司"）会同本次向不特定对象发行可转换公司 债券的保荐机构中信建投证券股份有限公司（以下简称"中信建投""保荐机构" 或"保荐人"）、发行人律师北京国枫律师事务所（以下简称"国枫""发行人律 师"）和申报会计师希格玛会计师事务所（特殊普通合伙）（以下简称"希格玛" "申报会计师"）等相关各方，本着勤勉尽责、诚实守信的原则，就审核问询 ...

北京国枫律师事务所 关于新疆天润乳业股份有限公司 向不特定对象发行可转换公司债券的 补充法律意见书之一 国枫律证字[2023] AN127-5 号 GRANDWAY 北京国枫律师事务所 电话（Tel）: 010-88004488/66090088 传真（Fax）: 010-66090016 北京国枫律师事务所 关于新疆天润乳业股份有限公司 向不特定对象发行可转换公司债券的 补充法律意见书之一 国枫律证字[2023]AN127-5号 致:新疆天润乳业股份有限公司（发行人） 根据本所与发行人签订的《律师服务协议书》,本所接受发行人的委托,担 任发行人本次发行的专项法律顾问。 本所律师已根据《公司法》《证券法》《管理办法》《证券法律业务管理办 法》《证券法律业务执业规则》等相关法律、法规、规章和规范性文件的规定并 按照律师行业公认的业务标准、道德规范和勤勉尽责精神,对发行人提供的文件 和有关事实进行了查验,并就发行人本次发行事宜出具了《北京国枫律师事务所 关于新疆天润乳业股份有限公司向不特定对象发行可转换公司债券的法律意见 书》(以下称"法律意见书")、《北京国枫律师事务所关于新疆天润乳业股份 有限公司向不特定对象 ...

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 2023-051 特此公告。 新疆天润乳业股份有限公司董事会 2023年8月11日 新疆天润乳业股份有限公司 关于向不特定对象发行可转换公司债券申请文件的 审核问询函回复的提示性公告 1 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（以下简称"公司"）于 2023 年 7 月 26 日收到 上海证券交易所(以下简称"上交所")出具的《关于新疆天润乳业股份有限公司 向不特定对象发行可转换公司债券申请文件的审核问询函》（上证上审（再融资） 〔2023〕519 号）。上交所审核机构对公司提交的向不特定对象发行可转换公司 债券申请文件进行了审核，并形成了首轮问询问题。 公司收到审核问询函后，会同相关中介机构结合公司情况就审核问询函中提 出的问题进行了认真研究和逐项落实，现根据要求将审核问询函回复进行公开披 露，具体内容详见公司同日在上交所网站（www.sse.com.cn）披露的《新疆天润 乳业股份有限公司与中信建投证 ...

新疆天润乳业股份有限公司 1 证券代码：600419 证券简称：天润乳业 公告编号：临 2023-045 新疆天润乳业股份有限公司关于参加新疆辖区 上市公司 2023 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"）定于 2023 年 6 月 16 日参加由新疆证监局、新疆上市公司协会与深圳 市全景网络有限公司联合举办的"新疆辖区上市公司 2023 年投资者网上集体接 待日活动"，现将有关事项公告如下： 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 2023 年 6 月 16 日（周五）15:30-18:00。届时 公司高管将在线就公司业绩、公司治理、发展战略、经营状况、融资计划和可持 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 2023-042 新疆天润乳业股份有限公司关于 召开 2022 年度暨 2023 年第一季度业绩说明会的公告 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： 投资者可于 2023 年 5 月 17 日（星期三）至 5 月 23 日（星期二）16:00 前 登 录 上 证 路 演 中 心 网 站 首 页 点 击 " 提 问 预 征 集 " 栏 目 或 通 过 公 司 邮 箱 zqb600419@126.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行 回答。 新疆天润乳业股份有限公司（以下简称"公司"）已分别于 2023 年 3 月 31 日 和 2023 年 4 月 21 日发布公司 2022 年年度报告及 2023 年第一季度报告，为便 于广大投资者更全面深入地了解公司 2022 年度和 2023 年第一季度经营成果和 财务状况，公司定于 2023 年 5 月 24 日下午 16:00-17:00 举行 20 ...

Financial Performance - The company's revenue for Q1 2023 reached ¥631,264,265.05, representing a year-on-year increase of 16.26%[3] - Net profit attributable to shareholders was ¥54,979,469.20, up 55.58% compared to the same period last year[3] - The basic earnings per share (EPS) was ¥0.1717, reflecting a growth of 56.10% year-on-year[3] - Total operating revenue for Q1 2023 reached CNY 631,264,265.05, an increase of 16.2% compared to CNY 542,983,359.79 in Q1 2022[14] - Net profit for Q1 2023 was CNY 57,068,784.49, representing a 54.9% increase from CNY 36,851,940.09 in Q1 2022[15] - Earnings per share for Q1 2023 were CNY 0.17, compared to CNY 0.11 in Q1 2022, indicating a growth of 54.5%[15] - The company's operating revenue for Q1 2023 reached ¥249,585,467.73, a significant increase of 68.3% compared to ¥148,260,843.09 in Q1 2022[25] - The net profit for Q1 2023 was ¥9,566,473.18, compared to a net profit of ¥446,119.00 in Q1 2022, reflecting a substantial growth[26] - The basic and diluted earnings per share for Q1 2023 were both ¥0.0299, up from ¥0.0014 in Q1 2022, indicating a significant improvement in profitability[26] Cash Flow - The net cash flow from operating activities was ¥59,036,439.73, with the increase attributed to higher product sales[3] - In Q1 2023, the company reported cash inflows from operating activities of CNY 684,263,023.05, an increase of 11.24% compared to CNY 615,127,367.10 in Q1 2022[18] - The net cash flow from operating activities for Q1 2023 was CNY 59,036,439.73, a significant improvement from a net outflow of CNY 50,187,421.53 in the same period last year[18] - The total cash inflow from operating activities in Q1 2023 was ¥1,851,130,028.34, a notable rise from ¥341,026,899.47 in Q1 2022[27] - The net cash flow from operating activities for Q1 2023 was ¥171,983,281.26, compared to ¥19,313,600.73 in Q1 2022, showing a strong increase[27] Assets and Liabilities - The total assets at the end of Q1 2023 were ¥3,919,534,898.41, a slight decrease of 0.35% from the end of the previous year[4] - Total assets as of Q1 2023 amounted to CNY 3,919,534,898.41, slightly down from CNY 3,933,478,713.51 at the end of Q1 2022[14] - Total liabilities decreased to CNY 1,323,787,304.84 in Q1 2023 from CNY 1,394,799,904.43 in Q1 2022, a reduction of 5.1%[13] - The company's total assets as of March 31, 2023, were CNY 2,759,522,600.20, a decrease from CNY 2,811,152,336.24 at the end of 2022[20] - The total liabilities of the company amounted to CNY 713,455,556.97, down from CNY 774,651,766.19 at the end of 2022[22] Equity - The company's equity attributable to shareholders rose to ¥2,363,921,427.16, an increase of 2.38% from the previous year-end[4] - The company's total equity increased to CNY 2,595,747,593.57 in Q1 2023, compared to CNY 2,538,678,809.08 in Q1 2022, reflecting a growth of 2.2%[14] - The company's total equity increased to CNY 2,046,067,043.23 as of March 31, 2023, compared to CNY 2,036,500,570.05 at the end of 2022[22] Expenses - Operating costs for Q1 2023 were CNY 571,411,867.34, up from CNY 504,966,717.33 in Q1 2022, reflecting a rise of 13.1%[14] - Research and development expenses increased to CNY 5,197,005.63 in Q1 2023, up from CNY 1,749,183.22 in Q1 2022, marking a significant rise of 196.5%[14] - The company incurred sales expenses and management expenses, with management expenses totaling ¥5,104,000.37 in Q1 2023, up from ¥4,417,447.05 in Q1 2022[25] Investment Activities - The company reported a loss of ¥2,519,096.31 from the disposal of non-current assets, mainly related to livestock and fixed asset disposals[5] - The company incurred cash outflows from investing activities totaling CNY 97,580,257.65, up from CNY 67,597,056.54 in Q1 2022, resulting in a net cash outflow of CNY 81,120,713.30 for investing activities[19] - The company reported a net cash outflow from investing activities of ¥98,506,106.88 in Q1 2023, compared to a smaller outflow of ¥7,144.00 in Q1 2022[28] - The company reported investment income of ¥128,263.50 in Q1 2023, an increase from ¥74,352.18 in Q1 2022, indicating improved returns from investments[25]