股票简称：天润乳业 股票代码：600419 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 募集说明书 （上会稿） （注册地址：新疆乌鲁木齐市西山兵团乌鲁木齐工业园区丁香一街 9-181 号） 保荐人（主承销商） 二〇二四年四月 新疆天润乳业股份有限公司 可转债募集说明书 声 明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对申请文件及 所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人的盈利能力、投 资价值或者对投资者的收益作出实质性判断或保证。任何与之相反的声明均属虚假不实 陈述。 根据《证券法》的规定，证券依法发行后，发行人经营与收益的变化，由发行人自 行负责。投资者自主判断发行人的投资价值，自主作出投资决策，自行承担证券依法发 行后因发行人经营与收益变化或者证券价格变动引致的投资风险。 1-1-1 新疆天润乳业股份有限公司 可转债募集说明书 重大事项提示 本公司特别提醒投资者注意下列重大事项或风险因素，并认真阅读本募集说明书相 关章节。 一、关于本次可转换公司债券符合发行条件的说明 根据《证券法》《上市公司证券发行注册管理办法》等相关法规规定，公司对申请 向不特定 ...

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 补充法律意见书之五 国枫律证字[2023] AN127-15 号 GRANDWAY 北京国枫律师事务所 Grandway Law Offices 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发行可转换公司债券的律师工作报告》 (以下称"律师工作报告")、《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》(以下称 "补充法律意见书之一")、《北京国枫律师事务所关于新疆天润乳业股份有 ...

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（修订稿） 保荐机构（主承销商） （北京市朝阳区安立路 66 号 4 号楼） 二〇二四年四月 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，就审核问询函 所提问题逐项进行认真讨论、核查与落实，并逐项进行了回复说明。 如无特殊说明，本回复中的简称与《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募集 ...

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（修订稿） 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 ...

Financial Performance - The company's operating revenue for Q1 2024 was CNY 640,555,253.10, representing a year-on-year increase of 1.47%[2] - The net profit attributable to shareholders decreased by 91.74% to CNY 4,543,539.22, primarily due to losses from the merger with Xin Nong Dairy and increased culling of non-productive cattle[4] - Basic and diluted earnings per share both fell by 91.61% to CNY 0.0144[2] - The net profit for Q1 2024 was CNY 518,172.71, a significant decrease from CNY 57,068,784.49 in Q1 2023, reflecting a decline of approximately 99.1%[21] - Operating profit for Q1 2024 was CNY 30,550,152.44, down from CNY 67,881,696.98 in Q1 2023, representing a decrease of about 55.1%[21] - The company reported a total comprehensive income attributable to the parent company of CNY 4,543,539.22 in Q1 2024, compared to CNY 54,979,469.20 in Q1 2023, reflecting a decline of about 91.8%[22] Cash Flow and Liquidity - The net cash flow from operating activities was negative at CNY -6,264,433.81, a decline of 110.61% compared to the previous year[5] - The company's cash and cash equivalents increased to ¥557,997,580.50 as of March 31, 2024, compared to ¥510,750,737.64 at the end of 2023[16] - The cash and cash equivalents at the end of Q1 2024 were CNY 557,997,580.50, down from CNY 662,272,514.87 at the end of Q1 2023, a decrease of approximately 15.7%[27] - The total cash inflow from financing activities in Q1 2024 was CNY 439,206,532.62, compared to CNY 192,924,023.37 in Q1 2023, indicating an increase of about 128.0%[27] - The net cash flow from financing activities was -89,802,883.84, compared to -100,594,000.00 in the previous period, indicating a decrease of approximately 10.8%[37] - The ending balance of cash and cash equivalents reached 394,563,653.73, up from 324,607,388.74, representing an increase of about 21.5%[37] Assets and Liabilities - The total assets at the end of the reporting period were CNY 5,734,809,072.44, reflecting a slight increase of 0.61% from the previous year[2] - Total liabilities increased to ¥3,081,410,955.60 from ¥3,047,282,858.57, marking a growth of 1.12%[18] - The company's equity attributable to shareholders rose to ¥2,395,413,494.44 from ¥2,390,869,955.22, reflecting a marginal increase[19] - The total assets of the company as of the latest reporting period were CNY 3,648,558,924.03, an increase from CNY 3,604,610,399.75[30] - The total liabilities increased to CNY 1,457,162,832.28 from CNY 1,411,955,178.12, reflecting a rise in financial obligations[30] Operational Highlights - The total sales volume of dairy products reached 66,300 tons in Q1 2024, representing a growth of 0.63% year-on-year[10] - The company launched several new products, including "Peach Pear Not" flavored yogurt and A2β-casein pure milk, to diversify its product matrix[11] - The company is actively expanding its market presence, particularly in the Shandong region, with promotional activities and partnerships to enhance brand recognition[10] - The company has implemented strict quality control measures, ensuring 100% compliance of products leaving the factory[11] - The company is accelerating the elimination of non-productive cattle to optimize herd structure and reduce feed costs[13] - The company conducted four training sessions for over 100 technical staff to enhance skills in feed conversion efficiency and breeding techniques[13] - The construction of the 200,000-ton dairy processing project is progressing well, with key infrastructure completed by the end of March 2024[11] Cost and Expenses - Total operating costs for Q1 2024 were ¥617,230,126.86, up 8.01% from ¥571,411,867.34 in Q1 2023[20] - Operating costs included ¥535,293,773.00 in cost of goods sold, which rose from ¥504,684,462.53 in the previous year[20] - Research and development expenses for Q1 2024 were ¥5,296,895.66, slightly up from ¥5,197,005.63 in Q1 2023[20] - The company incurred financial expenses of CNY 318,507.13 in Q1 2024, contrasting with a financial income of CNY 3,850,331.04 in Q1 2023[33]

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 2024-017 新疆天润乳业股份有限公司 关于 2024 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 2024 年第一季度主要经营数据（未经审计）公告如下： 一、2024 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 单位：元 币种：人民币 | 产品类别 | 2024 年 1-3 月 | | | --- | --- | --- | | 常温乳制品 | | 362,553,451.89 | | 低温乳制品 | | 240,411,003.08 | | 畜牧业产品 | | 31,081,676.57 | | 其他 | | 3,690,138.39 | | 合计 | | 637,736,269.93 | 2、主营业务按照销售渠道分类情况 单位：元 币种：人 ...

证券代码：600419 证券简称：天润乳业 公告编号：临 2024-018 新疆天润乳业股份有限公司关于 召开 2023 年度暨 2024 年第一季度业绩说明会的公告 新疆天润乳业股份有限公司 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 7 日（星期二）至 5 月 13 日（星期一）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 2024 年 4 月 16 日 和 2024 年 4 月 30 日发布公司 2023 年年度报告及 2024 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 2023 年度和 2024 年第一季度经营成果和 财务状况，公司定于 2024 年 5 月 14 日下午 16:00-17:00 举行 202 ...

新疆天润乳业股份有限公司 2023 年年度股东大会会议资料 一、现场会议时间：2024 年 5 月 8 日 15 点 30 分 新疆·乌鲁木齐 二〇二四年五月八日 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 | 2023 | | | | | 年年度股东大会议程 1 | | --- | --- | --- | --- | --- | --- | --- | | 新疆天润乳业股份有限公司 | 2023 | | | | | 年度董事会工作报告 3 | | 新疆天润乳业股份有限公司 | 2023 | | | | | 年度监事会工作报告 19 | | 新疆天润乳业股份有限公司 | 2023 | | | | | 年度财务决算报告 25 | | 新疆天润乳业股份有限公司 | 2024 | | | | | 年度财务预算报告 29 | | 新疆天润乳业股份有限公司 | 2023 | | | | | 年年度报告及摘要 31 | | 新疆天润乳业股份有限公司截至 | | 2023 | 年 | 12 | 月 31 | 日止前次募集资金使用情况报 | | 告 32 | | | | | | | | 新疆天润乳业股份有 ...

Investment Rating - The report maintains an "Outperform" rating for the company, with a target price range of 9.06-11.32 yuan for 2024, based on a PE multiple of 16-20x [1][13] Core Views - The company achieved a total operating revenue of 2.714 billion yuan in 2023, a YoY increase of 12.6%, while net profit attributable to the parent company declined by 27.7% to 142 million yuan, mainly due to the consolidation of Xinong Dairy [1] - Excluding the impact of Xinong Dairy, the adjusted net profit attributable to the parent company increased by 8.7% YoY to 237 million yuan [1] - The company's room-temperature dairy business maintained steady growth, with revenue increasing by 18.7% YoY in 2023, while the low-temperature dairy business grew by 7.6% YoY [1] - The company actively expanded its presence in markets outside Xinjiang, with revenue from these regions increasing by 20.8% YoY in 2023, accounting for 46.3% of total revenue [1] Financial Performance - The company's gross margin improved slightly by 1.23 percentage points to 19.1% in 2023, benefiting from lower raw milk prices and product structure optimization [1] - The net profit margin attributable to the parent company declined by 2.92 percentage points to 5.2% in 2023, mainly due to increased operating expenses and non-operating losses [1] - The company's EPS for 2023 was 0.44 yuan, and it is expected to increase to 0.57, 0.64, and 0.70 yuan in 2024, 2025, and 2026, respectively [2][16] Business Development - The company launched over 70 new products in 2023, including zero-sugar yogurt, sea buckthorn milk beer, and apricot yogurt, to consolidate its competitive advantage [1] - Xinong Dairy, which was acquired by the company, has gradually entered a stable operational phase after organizational restructuring and process standardization [1] Market Expansion - The company achieved full coverage of county-level markets in Xinjiang, with revenue from the region increasing by 6.0% YoY in 2023 [1] - The number of distributors increased by 52 to 930 in Q4 2023, with 46 new distributors added outside Xinjiang [1]

Investment Rating - The report maintains a "Recommended" rating for Tianrun Dairy (600419.SH) [1] Core Views - In 2023, Tianrun Dairy achieved a revenue of 2.714 billion yuan, a year-on-year increase of 12.62%, while the net profit attributable to shareholders decreased by 27.71% to 142 million yuan [1] - The decline in milk prices has impacted the performance of the livestock sector, but the company is steadily expanding outside its home region [1] - The company sold 284,500 tons of dairy products in 2023, a year-on-year increase of 6.21% [1] - The company plans to achieve a dairy product sales volume of 320,000 tons in 2024, representing a growth of 12.48% [1] Summary by Sections Financial Performance - In Q4 2023, the company reported a revenue of 631 million yuan, a year-on-year increase of 13.04%, but a net profit of -473,400 yuan, a decrease of 101.11% [1] - The gross margin in Q4 2023 was 17.58%, a decrease of 0.07 percentage points [1] - The company expects revenues of 3.022 billion yuan in 2024, a growth of 10.54% [7] Product and Market Expansion - The revenue from room temperature products in Q4 2023 was 360 million yuan, accounting for 57.48% of total revenue, with a year-on-year increase of 13.01% [1] - The company has increased its number of dealers to 930, with significant growth in the number of dealers outside its home region [1] - The self-sufficiency rate of milk sources reached 92.36% by the end of 2023 [1] Future Projections - The company forecasts revenues of 3.398 billion yuan and 3.826 billion yuan for 2025 and 2026, respectively [7] - The net profit attributable to shareholders is projected to be 186 million yuan in 2024, with a growth rate of 31.2% [7]