一、可转债发行上市概况 证券代码：600419 证券简称：天润乳业 公告编号：2026-001 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关于2025年第四季度可转债转股结果暨股份变动公告 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： ● 累计转股情况："天润转债"自2025年4月30日起进入转股期，截至2025年12月31日，累计转股金额为 1,007,000元，累计因转股形成的股份数量为121,590股，占可转债转股前公司已发行股份总额的 0.0380%。 ● 未转股可转债情况：截至2025年12月31日，尚未转股的"天润转债"金额为988,993,000元，占"天润转 债"发行总量的99.8983%。 ● 本季度转股情况：2025年第四季度，"天润转债"转股的金额为9,000元，因转股形成的股份数量为 1,094股。 截至2025年12月31日，尚未转股的"天润转债"金额为988,993,000元，占可转债发行总量的99.8983%。 三、股本变动情况 单位：股 经中国证 ...

Core Viewpoint - The company announced a net fundraising amount of 278 million yuan from its initial public offering, which will be allocated to various projects, including a concentrated dairy product production project and an optimization project for beverages and seasonings [1] Group 1: Fundraising and Project Allocation - The net amount raised from the IPO is 278 million yuan, designated for the "Cangnan annual production of 30,000 tons of concentrated dairy products project" and the "beverage and seasoning product optimization and upgrading project" [1] - The concentrated dairy product project will receive 187 million yuan, but due to significant subsidence of the factory building, the construction progress has been slower than expected, leading to a lawsuit with related parties and a postponement of the project's completion date to June 30, 2027 [1] - The beverage and seasoning optimization project is allocated 40 million yuan, but due to adjustments in the company's business layout, the project's progress has not met initial plans, resulting in a delay until January 31, 2027 [1] Group 2: Project Delays and Implications - The decision to delay some fundraising investment projects is based on a prudent assessment of actual implementation conditions, and it does not change the project implementation entities, the use of raised funds, or the investment scale [1] - There is no indication that the delays will adversely affect the company's normal operations or overall fundraising arrangements, aligning with the company's long-term development plans [1]

Core Viewpoint - The report from Haitong International indicates a rebound in investor risk appetite during the New Year period, with expectations for the consumer staples sector to follow suit, although the overall fundamentals lack catalysts [1] Demand - Among the eight key consumer sectors tracked in December, four showed positive growth while four experienced negative growth. The growing sectors included condiments, frozen foods, soft drinks, and dining, while the declining sectors included high-end and mid-range liquor, dairy products, and beer. Compared to the previous month, most sectors, except high-end liquor, saw improvements in year-on-year growth rates [2] Pricing - In December, the prices of most liquor products stabilized, with specific prices for various brands noted. For example, the price for Feitian liquor was 1600 yuan per box, down 50 yuan from the previous month and down 720 yuan year-on-year. The price for Wuliangye was 820 yuan, up 20 yuan from the previous month but down 100 yuan year-on-year [3] Cost - The cost index for six categories of consumer goods showed mixed results in December. The cost indices for soft drinks, instant noodles, condiments, dairy products, frozen foods, and beer changed by +1.06%, +0.49%, -0.29%, -0.45%, -0.54%, and -1.05% respectively. Prices for raw materials such as aluminum cans and paper saw significant year-on-year changes [4] Capital - As of the end of December, net inflows into Hong Kong Stock Connect amounted to 20.825 billion yuan, a decrease from the previous month's inflow. The market capitalization of the consumer staples sector accounted for 5.61% of the total, an increase of 0.2 percentage points from the previous month [5] Valuation - By the end of December, the historical PE ratio for A-share food and beverage sectors was at 16% (20.3x), a decrease of 5 percentage points from the previous month. The median valuation for leading food and beverage companies in A-shares remained stable at 22x [6]

Group 1 - The report suggests that the liquor industry is expected to experience a dual improvement in supply and demand in 2026, following a risk release in 2025, with a focus on short-term sales recovery and mid-term structural and dividend considerations [4][78] - The consumer market is stabilizing, with structural growth changes continuing, as evidenced by a 4% decline in the food and beverage sector in 2025, which underperformed the Shanghai and Shenzhen 300 index by 20% [15][18] - The report highlights a significant differentiation in performance among consumer goods, with health products and frozen food sectors showing increases of 18% and 15% respectively, while liquor and beer sectors faced declines of 7% and 9% [15][18] Group 2 - The liquor sector is characterized by a threefold bottoming out, with supply clearing and value becoming more apparent, as major brands like Moutai and Wuliangye stabilize prices and restore confidence in the market [52][78] - The beer and beverage sectors are expected to benefit from a recovery in dining, with a focus on leading brands that can outperform expectations in terms of volume and price [4][52] - The food sector is positioned for recovery and growth, with a focus on strong alpha stocks, particularly in the restaurant supply chain and snack categories, as demand begins to rebound [4][52] Group 3 - The report indicates that the high-end consumer segment is showing signs of recovery, with luxury retail sales improving and experience-based consumption leading the way [30][33] - The report notes that the overall retail landscape is evolving towards discount retail, quality retail, and instant retail, reflecting a shift in consumer preferences [40][46] - The report emphasizes the importance of product innovation and channel development in the liquor industry, with a focus on lower alcohol content and appealing to younger consumers [72]

以下文章来源于天下网商 ，作者天下网商 天下网商 . 记录互联网商业的人物和故事。 来源丨 天下网商（ID：txws_txws） 作者丨朱之丛 图源丨AI制作 "雪糕刺客"陨落后，"牛奶刺客"也未能幸免。 近日，高端牛奶品牌"谢添地"被曝产品价格大幅下跌。此前其主推产品之一"黑土娟姗纯牛乳"售价 128元，每盒牛奶价格高达12.8元。如今，其新款产品"黑土有机纯牛乳"的售价已定为3.3元一盒。 据悉，谢添地品牌创立于2024年11月，其母公司"越秀辉山"由广州越秀集团收购辽宁辉山乳业而 来。目前，越秀辉山的掌舵者为白瑛，这名老将出身于蒙牛创始团队，当年曾一手缔造了特仑苏品 牌。 作为越秀辉山推出的首个常温液态奶品牌，谢添地承担着"再造一个特仑苏"的厚望。 面向"卷"成红海的牛奶市场，这个新锐品牌打出"一杯好奶，听天由地"的广告语，并高调赞助了《声 生不息》《妻子的浪漫旅行2025》等综艺节目，发动铺天盖地的宣传攻势。它入驻天猫、盒马、抖 音等电商平台，以线上为突破口，逐步渗透线下渠道。 品牌面貌年轻化、产品定位高端化、渠道策略轻量化，谢添地的打法，呈现出明确的电商品牌特征： 重产品、重营销、轻线下。然而，市场 ...

Core Viewpoint - Morningstar maintains a fair value of HKD 20.5 per share for Mengniu Dairy (02319), indicating that the stock is currently undervalued with a projected price-to-earnings ratio of 10 times for 2026 [1] Group 1: Financial Projections - The company is expected to see a rebound in net profit by 2026, benefiting from limited downward pressure on raw milk prices and a recovery in liquid milk sales [1] - Liquid milk demand is projected to experience a moderate recovery in 2026, with sales expected to grow by 4% year-on-year [1] Group 2: Strategic Initiatives - The company plans to increase investments in deep-processed dairy products such as cheese, butter, and products for the food service channel [1] - These initiatives are anticipated to capture the increasingly diversified consumer demand in the long term [1]

Core Viewpoint - Morningstar maintains a fair value of HKD 20.5 per share for Mengniu Dairy (02319), indicating that the stock is currently undervalued, with a projected price-to-earnings ratio of 10 times for 2026 [1] Group 1: Financial Projections - The company is expected to see a rebound in net profit by 2026, benefiting from limited downward space in raw milk prices and a recovery in liquid milk sales [1] - Liquid milk demand is projected to experience a moderate recovery in 2026, with sales expected to grow by 4% year-on-year [1] Group 2: Strategic Initiatives - The company plans to increase investments in deep-processed dairy products such as cheese, butter, and products for the food service channel [1] - These initiatives are anticipated to capture the increasingly diversified consumer demand in the long term [1]

新乳业1月6日披露，截至12月31日公司股东户数为13119户，较上期（12月20日）减少1081户，环比降 幅为7.61%。这已是该公司股东户数连续第2期下降。 证券时报·数据宝统计，截至发稿，新乳业最新股价为18.75元，下跌0.27%，本期筹码集中以来股价累 计下跌1.16%。具体到各交易日，3次上涨，7次下跌。 公司发布的三季报数据显示，前三季公司共实现营业收入84.34亿元，同比增长3.49%，实现净利润6.23 亿元，同比增长31.48%，基本每股收益为0.7200元，加权平均净资产收益率18.34%。 机构评级来看，近一个月该股获2家机构买入评级。预计目标价最高的是华泰证券，12月8日华泰证券发 布的研报给予公司目标价23.52元。 （文章来源：证券时报网） ...

Core Viewpoint - The report from Pacific Securities suggests that the food and beverage sector, particularly frozen food, is expected to recover due to low base effects and reduced competition, leading to improved profitability. The sector's low valuation may benefit from a "Davis Double" effect as demand recovers and leading companies explore new product opportunities [1][3]. Group 1: Industry Performance and Trends - In 2025, consumer demand is under pressure, with the liquor and restaurant chains lagging behind. The overall consumption has been flat, with retail sales and CPI data at low levels, impacting traditional consumption [2]. - The liquor sector has shown a decline in performance, with major brands like Moutai experiencing a drop in prices from 2200 yuan to 1550 yuan. Most liquor companies, except for a few leaders, have reported declining revenues and profits [2]. - The snack and beverage sectors have shown resilience, characterized by high-frequency consumption and low average transaction values. New products and channels have positively impacted their performance [2][3]. Group 2: Future Outlook and Recommendations - The central economic work conference has prioritized boosting domestic demand, with expectations for policy support to stimulate recovery. There is potential for improvement in consumer spending if housing prices stabilize and supportive policies are implemented [3]. - For 2026, the focus is on the recovery of the restaurant chain sector, particularly frozen foods, as competition eases and profitability improves. The beverage sector, especially low-cost and high-frequency items, is also expected to perform well [3][4]. - Investment opportunities are identified in four areas: overseas demand, cost benefits, new product launches, and value-for-money consumption. Companies like Moutai, Anqi Yeast, and various beverage brands are highlighted for their potential [4].

酸奶的中产神话，正在加速终结。 曾被称为"酸奶界爱马仕"的Blueglass，价格腰斩。 原始标价49元一杯的酸奶饮，如今打出了"低至4.5折"的促销标语。 Blueglass的降价，不过是行业残酷内卷的冰山一角。 前两年还在大杀四方、所向披靡的K22、茉酸奶等现制酸奶品牌，如今也都在经历高光后的黯淡： 一个转身下沉，放下身段去争夺9块9市场； 一个创始人套现离场，一度被称为给这场"百元酸奶"泡沫画上句号。 "一杯酸奶卖一百多块钱"的疯狂，终究是昙花一现，几乎快要成为历史。 而那曾经想统一中产味蕾的豪情，也彻底沦为了一场资本的幻梦。更具讽刺意味的是：曾经构建标准中产画像的三件套——lululemon、小布自行车、 Blueglass，如今除了小布依然昂贵，其余两者的价格都已悄然松动。 象征自律和健康的中产消费品，开始集体打折。 中产的健康生活方式，也在悄悄迭代。 酸奶界「爱马仕」，贵不动了？ 时间退回到两年前，以Blueglass，K22和茉酸奶为代表，现制酸奶这个品类可是火得一塌糊涂—— 一杯浓稠的、带着甜味的酸奶奶昔，辅料一定要用"现做现切"和"拉美进口"等标签的水果或干果； 封盖后，要插上一根大大的粗吸 ...