“替罪牛”？知名乳业公司，淘汰1万多头牛

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].