Core Viewpoint - Tianrun Dairy's performance in the first three quarters of 2025 shows a decline in revenue and net profit, attributed to a low milk price cycle in the Chinese dairy industry, despite an increase in product sales volume [1][2]. Financial Performance - For the first three quarters of 2025, the company's operating revenue was 2.074 billion yuan, a year-on-year decrease of 3.81% [1]. - The net profit attributable to shareholders was a loss of approximately 10.61 million yuan, a year-on-year decline of 147.7% [1]. - In Q3 2025, the operating revenue was 678 million yuan, down 4.8% year-on-year, while the net profit attributable to shareholders was 11.24 million yuan, a decrease of 77.6% [1]. - The non-recurring net profit was 18.75 million yuan, a year-on-year decline of 62.7% [1]. - As of the end of Q3, total assets were 5.767 billion yuan, a decrease of 6.9% from the end of the previous year, and the net assets attributable to shareholders were 2.397 billion yuan, down 0.7% [1]. Market and Product Development - Despite the challenging market conditions, the company achieved a sales volume of 230,000 tons of dairy products, an increase of 1.91% compared to the same period last year [1]. - The company has launched several new products to enrich its product matrix [1]. - The company is actively expanding its market channels, with its e-commerce subsidiary completing the setup of mainstream e-commerce platforms and live streaming rooms, and preparing for the "Double 11" shopping event [2]. - The company has also opened multiple direct-operated stores to enhance brand influence [2]. - The construction of a smart factory with an annual production capacity of 200,000 tons of dairy products has been largely completed and is in trial operation, marking significant progress in production intelligence and digitalization [2].

Core Viewpoint - Tianrun Dairy reported a decline in revenue and a net loss for the first three quarters of 2023, indicating significant challenges in the dairy industry amid low milk prices and increased competition [1][3]. Financial Performance - For the first three quarters, the company achieved revenue of 2.074 billion yuan, a year-on-year decrease of 3.81% [1][2]. - In Q3, revenue was 678 million yuan, down 4.84% year-on-year [1][2]. - The net profit attributable to shareholders was approximately -10.61 million yuan, marking a shift from profit to loss [1][2]. - The total profit for Q3 was 1.58 million yuan, a decline of 96.50% [2]. - The net profit attributable to shareholders decreased by 77.60% in Q3 [2]. Sales and Product Performance - The company sold 226,800 tons of dairy products from January to September, an increase of 1.91% compared to the same period last year [3]. - Shelf-stable dairy products accounted for 54% of the company's revenue, while low-temperature dairy products contributed approximately 40% [3]. Industry Context - The Chinese dairy industry is currently experiencing a downturn, characterized by low milk prices, capacity reduction in upstream farming, and intense competition among downstream dairy companies [3]. - The company's net profit growth rates are projected to decline by 27.71% in 2023 and 69.26% in 2024 [3]. Operational Adjustments - Tianrun Dairy has actively eliminated low-yield dairy cows, with over 7,700 cows culled in 2024 [3]. - As of the reporting period, the company had 51,900 cows, a decrease of 12,900 from the end of 2024 [3]. - The proportion of breeding cows increased to 56%, enhancing breeding efficiency [3]. Production Capacity - The company’s annual production capacity for dairy products has reached 200,000 tons, with the project nearing completion and entering trial operations [3]. - The production system includes 21 operational systems, creating a comprehensive data ecosystem covering the entire dairy supply chain [3]. Market Performance - As of October 23, Tianrun Dairy's stock price increased by 1.76%, closing at 10.42 yuan per share, with a total market capitalization of 3.288 billion yuan [4].

Core Insights - Tianrun Dairy reported a revenue of approximately 2.074 billion yuan for the first three quarters of 2025, representing a year-on-year decrease of 3.81% [1] - The company experienced a net loss attributable to shareholders of approximately 10.61 million yuan, which is a significant year-on-year decline of 147.7% [1] Financial Performance - Revenue for the first three quarters: 2.074 billion yuan, down 3.81% year-on-year [1] - Net profit loss: approximately 10.61 million yuan, a decrease of 147.7% year-on-year [1]

Group 1 - The core point of the article highlights that Tianrun Dairy's performance has shifted from profit to loss in the first three quarters of the year due to low raw milk prices and increased culling of low-value cattle [1][2] - In the first three quarters, the company reported a revenue of 2.074 billion yuan, a decrease of 3.81% year-on-year, and a net profit attributable to shareholders of approximately -10.61 million yuan [1] - The third quarter saw a revenue of 678 million yuan, down 4.84% year-on-year, with a net profit of 11.24 million yuan, reflecting a significant decline of 77.60% [1] Group 2 - The company has increased the culling of cattle to optimize herd structure, resulting in a reduction of cattle inventory from 64,800 to 51,900 heads by the end of the reporting period [2] - The domestic dairy industry is experiencing a phase of capacity reduction in upstream farming and inventory clearance in downstream dairy enterprises, with fresh milk prices in major producing provinces dropping by 3.2% year-on-year [2] - As of September, Tianrun Dairy's annual production capacity for processed dairy products has reached 200,000 tons, with the project nearing completion and entering trial production [3]

智通财经APP讯，天润乳业(600419.SH)披露2025年第三季度报告，公司前三季度实现营收20.74亿元， 同比下降3.81%;归属于上市公司股东的净利润亏损1061万元;扣非净利润7654万元，同比增长3.12%;基本 每股收益-0.0337元。 ...

关于 2025 年第三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 年第三季度主要经营数据（未经审计）公告如下： 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：2025-060 | | --- | --- | --- | | 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 单位：元 币种：人民币 产品类别 2025 年 1-9 月 常温乳制品 1,096,097,300.58 低温乳制品 822,213,736.68 畜牧业产品 83,041,416.31 其他 11,222,123.32 合计 2,012,574,576.89 新疆天润乳业股份有限公司 一、2025 年第三季度主要经营数据 1、主营业务按照产品类别分类情况 2、主营业务按照销售渠道分类情况 单位： ...

Financial Performance - The company's operating revenue for the third quarter was ¥678,152,147.20, a decrease of 4.84% compared to the same period last year[2] - The total profit for the third quarter was ¥1,582,503.20, reflecting a significant decline of 96.50% year-over-year[2] - The net profit attributable to shareholders was ¥11,241,834.80, down 77.60% from the previous year[2] - The net profit after deducting non-recurring gains and losses for the third quarter was ¥18,748,931.52, a decrease of 62.71% year-over-year[2] - The basic earnings per share for the third quarter was ¥0.0356, down 77.62% year-over-year[2] - The net profit attributable to shareholders was -10.61 million RMB, a year-on-year decline of 147.66%[11] - Operating profit for the first three quarters of 2025 increased to CNY 157,330,756.83, compared to CNY 93,593,197.76 in 2024, marking a growth of 68.3%[18] - Net profit for the first three quarters of 2025 was a loss of CNY 35,906,959.62, compared to a profit of CNY 2,696,908.15 in 2024, indicating a significant decline[18] - The company reported a basic and diluted earnings per share of -0.0337 for the first three quarters of 2025, compared to 0.0706 in 2024[19] - Net profit for the first three quarters of 2025 reached CNY 196.76 million, a significant recovery from a net loss of CNY 9.07 million in the first three quarters of 2024[29] - Operating profit for the first three quarters of 2025 was CNY 194.90 million, compared to an operating loss of CNY 8.77 million in the same period of 2024[29] Assets and Liabilities - The company's total assets at the end of the reporting period were ¥5,767,052,338.98, a decrease of 6.87% from the end of the previous year[3] - The company's total assets decreased to CNY 5,767,052,338.98 from CNY 6,192,266,178.65, a reduction of approximately 6.9%[16] - Total liabilities decreased to CNY 3,167,634,606.16 from CNY 3,546,112,489.57, reflecting a decline of about 10.7%[16] - The company's equity attributable to shareholders decreased to CNY 2,396,657,155.70 from CNY 2,412,903,415.80, a decrease of 0.7%[16] - Total assets as of September 30, 2025, were CNY 4,347,004,863.48, an increase from CNY 3,980,756,996.96 at the end of 2024[24] - Total liabilities increased to CNY 1,995,267,431.09 from CNY 1,820,145,690.38, indicating a rise of 9.6%[26] - The company's total equity reached CNY 2,351,737,432.39, up from CNY 2,160,611,306.58, reflecting a growth of 8.8%[26] Cash Flow - The company reported a net cash flow from operating activities of ¥453,897,784.88 for the year-to-date, an increase of 4.37%[2] - Cash flow from operating activities for the first three quarters of 2025 was CNY 453,897,784.88, an increase of 4.5% compared to CNY 434,906,576.39 in the same period of 2024[22] - Total cash inflow from operating activities was CNY 2,512,359,538.69, up from CNY 2,433,029,232.26 in the previous year, reflecting a growth of 3.3%[22] - The company reported a net increase in cash and cash equivalents of -CNY 132,337,377.41 for the first three quarters of 2025, compared to a positive increase of CNY 15,949,964.42 in the same period of 2024[23] - Cash and cash equivalents at the end of September 2025 amounted to CNY 716,725,301.08, compared to CNY 526,700,702.06 at the end of September 2024, representing a year-over-year increase of 36.1%[23] - Cash flow from operating activities showed a net outflow of CNY 68.59 million in the first three quarters of 2025, contrasting with a net inflow of CNY 207.27 million in the same period of 2024[32] - Total cash inflow from operating activities was CNY 6.14 billion in the first three quarters of 2025, compared to CNY 6.12 billion in the same period of 2024[31] Market and Product Development - The company has increased its market investment efforts, which contributed to the decline in net profit due to higher provisions for bad debts related to accounts receivable[6] - In the first three quarters of 2025, the company achieved a dairy product sales volume of 226,800 tons, a year-on-year increase of 1.91%[11] - The company has opened nearly 800 specialty and brand stores nationwide, expanding its market presence[11] - A new intelligent factory project with an annual production capacity of 200,000 tons has commenced trial operations, integrating various advanced production systems[12] - The company has optimized its cattle structure, with a total of 51,900 cattle, and the proportion of breeding cows increased to 56%[12] - The company has launched several new products, including low-temperature yogurt and flavored milk beer, to enhance its product matrix[12] - The company did not report any new product launches or significant market expansion strategies during the conference call[34] Expenses - Research and development expenses for the first three quarters of 2025 were CNY 15,347,817.28, down from CNY 17,761,037.00 in 2024, a decrease of 13.6%[18] - The company reported a decrease in management expenses to CNY 15.82 million in the first three quarters of 2025 from CNY 17.60 million in the same period of 2024[28] - Financial expenses increased to CNY 5.30 million in the first three quarters of 2025, up from CNY 4.66 million in the same period of 2024[28] - Investment income for the first three quarters of 2025 was CNY 208.75 million, a significant increase compared to CNY 239.85 million in the same period of 2024[28]

格隆汇10月23日丨天润乳业(600419.SH)公布，公司第三季度实现营业收入6.78亿元，同比下降4.84%； 归属于上市公司股东的净利润1124.18万元，同比下降77.60%；归属于上市公司股东的扣除非经常性损 益的净利润1874.89万元，同比下降62.71%；基本每股收益0.0356元。 ...

Core Viewpoint - Tianrun Dairy (600419) reported a decline in both revenue and net profit for the third quarter of 2025, indicating challenges in its operational performance [1] Financial Performance - The company's third-quarter revenue was 678 million yuan, a year-on-year decrease of 4.84% [1] - Net profit for the third quarter was 11.24 million yuan, reflecting a significant year-on-year decline of 77.6% [1] - For the first three quarters, total revenue reached 2.074 billion yuan, down 3.81% compared to the same period last year [1] - The company reported a net loss of 10.61 million yuan for the first three quarters [1] Operational Challenges - The decline in performance is attributed to the company's increased efforts in eliminating low-production-value cattle [1] - The company has also made provisions for bad debts related to student milk and infant formula receivables [1]

南财智讯10月23日电，天润乳业公告，2025年前三季度公司实现营业收入20.74亿元，同比下降3.81%； 归属于上市公司股东的净利润-0.11亿元，同比下降147.66%。基本每股收益-0.0337元，同比下降 147.73%。 ...