研报掘金丨民生证券：天润乳业盈利能力逐步修复，维持“推荐”评级

Core Viewpoint - Tianrun Dairy achieved a net profit attributable to shareholders of -0.22 billion in H1 2025, showing a reduction in losses year-on-year; the non-recurring net profit attributable to shareholders was 0.58 billion, an increase of 141.32% [1] Financial Performance - In Q2, the company realized a net profit attributable to shareholders of 0.51 billion, marking a year-on-year turnaround; the non-recurring net profit attributable to shareholders was 0.59 billion [1] - The company experienced a gradual stabilization and recovery in performance following proactive adjustments in Q1, with significant improvement in non-recurring net profit [1] Industry Position - As a leading dairy enterprise in Xinjiang, the company demonstrated operational resilience under industry supply and demand pressures, with marginal improvements in profitability [1] - The company anticipates a turning point in raw milk prices as the industry faces a phase of excess supply [1] Future Outlook - The company has set a 2025 operational plan aiming for dairy product sales and revenue of 310,000 tons and 3 billion respectively, representing year-on-year increases of 5.33% and 6.99% [1] - It is recommended to observe the future costs of fresh milk and the company's pace of expansion outside Xinjiang [1]