Core Viewpoint - The company announced an adjustment to the conversion price of its convertible bonds due to the repurchase and cancellation of shares, resulting in a new conversion price of 8.21 yuan per share effective from August 19, 2025 [6][18][21]. Group 1: Convertible Bond Issuance and Adjustment - The company issued 9.9 million convertible bonds on October 24, 2024, with a total value of 990 million yuan and an initial conversion price of 8.30 yuan per share [2][16]. - The conversion price was adjusted to 8.28 yuan per share on June 27, 2025, following the company's annual equity distribution [2][18]. - The conversion price will be further adjusted to 8.21 yuan per share due to the cancellation of 4,799,955 shares, which represents a decrease in the company's total share capital [5][6][18]. Group 2: Share Repurchase and Cancellation - The company decided to change the purpose of the repurchased shares from employee stock ownership plans to cancellation, which was approved in meetings held on June 5 and June 24, 2025 [3][12]. - The cancellation of the repurchased shares was completed on August 12, 2025, and the company will proceed with the necessary registration changes [3][13]. Group 3: Redemption Terms and Decisions - The company’s convertible bonds have a conditional redemption clause that was triggered when the stock price exceeded 130% of the conversion price for at least 15 trading days [19][21]. - On August 15, 2025, the board decided not to exercise the early redemption option for the convertible bonds, citing confidence in the company's future and market conditions [14][22].

证券代码：600419 证券简称：天润乳业 公告编号：临 2025-042 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（以下简称"公司"）于 2025 年 8 月 15 日接到 公司控股股东新疆生产建设兵团第十二师国有资产投资发展集团有限公司（以下 简称"国资公司"）的通知，获悉其于 2025 年 7 月 16 日至 2025 年 8 月 15 日期 间通过上海证券交易所系统减持其所持有的公司可转换公司债券。具体情况如 下： 一、股东配售可转债的情况 新疆天润乳业股份有限公司 新疆天润乳业股份有限公司 关于控股股东减持公司可转换公司债券的公告 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。 二、前次可转债减持情况 海证券交易所系统累计减持天润转债 1,016,060 张，占公司可转债发行总量的 公司于 2025 年 7 月 16 日披露的《新疆天润乳业股份有限公司关于关于控股股东 减持公司可转换公司债券的公告》（公告编号：2025-035）。 三、本次可转债减持情况 月 15 日期间，其通过上海 ...

Core Viewpoint - Xinjiang Tianrun Dairy Co., Ltd. has decided not to exercise the early redemption rights of its convertible bonds, known as "Tianrun Convertible Bonds," despite triggering the conditional redemption clause due to stock price performance [2][3][4]. Group 1: Convertible Bond Issuance and Terms - The company issued 9.9 million convertible bonds with a total value of 990 million yuan, maturing in six years with a tiered interest rate starting from 0.30% in the first year to 2.00% in the sixth year [3][4]. - The conversion price for the bonds was adjusted to 8.28 yuan per share as of June 27, 2025, due to the company's equity distribution [4][5]. - The conditional redemption clause allows the company to redeem the bonds if the stock price remains above 10.76 yuan (130% of the conversion price) for at least 15 trading days within a 30-day period [4][6]. Group 2: Decision on Early Redemption - The company's board of directors, in a meeting held on August 15, 2025, unanimously decided not to exercise the early redemption rights for the "Tianrun Convertible Bonds," citing confidence in the company's future prospects and market conditions [2][3][7]. - The company will not exercise the early redemption rights for the next three months, with a review planned if the redemption conditions are triggered again after November 15, 2025 [3][8]. Group 3: Shareholder Activity - The actual controller and major shareholders of the company have reduced their holdings of the convertible bonds prior to the redemption conditions being met, with the largest shareholder reducing their holdings from 3,078,900 to 1,066,070 bonds [7]. - The major shareholder has committed to comply with legal regulations regarding any future reductions in bond holdings [7]. Group 4: Regulatory Compliance - The underwriting institution, CITIC Securities, confirmed that the decision not to redeem the bonds early was made following necessary procedures and complies with relevant regulations and the terms outlined in the offering prospectus [7][8].

Core Viewpoint - The company is adjusting the conversion price of its convertible bonds due to the repurchase and cancellation of shares, resulting in a new conversion price of 8.21 CNY per share effective from August 19, 2025 [1][4]. Group 1: Share Repurchase and Bond Adjustment - The company has completed the repurchase and cancellation of 4,799,955 shares on August 12, 2025, which necessitated the adjustment of the conversion price for the "Tianrun Convertible Bonds" [3]. - The initial conversion price was set at 8.30 CNY per share when the bonds were issued on October 24, 2024, and was adjusted to 8.28 CNY per share on June 27, 2025, due to the company's annual equity distribution [2][3]. - The new conversion price of 8.21 CNY per share is calculated based on the formula provided in the bond issuance prospectus, reflecting the impact of the share cancellation [4]. Group 2: Regulatory Compliance and Announcement - The company has ensured compliance with the relevant regulations set by the China Securities Regulatory Commission regarding the adjustment of convertible bond prices following changes in share capital [3]. - The board of directors and all directors have guaranteed the accuracy and completeness of the announcement regarding the bond price adjustment [1].

Group 1 - The company issued 9.9 million convertible bonds with a total amount of 990 million yuan, with a maturity of 6 years and a tiered interest rate starting from 0.30% in the first year to 2.00% in the sixth year [2][3] - The convertible bonds are listed under the name "Tianrun Convertible Bonds" with the code "110097" [2] - The conversion price for the bonds will be adjusted to 8.28 yuan per share starting from June 27, 2025, following the annual equity distribution [3] Group 2 - The redemption clause allows the company to redeem the bonds if the stock price remains at or above 130% of the conversion price for at least 15 out of 30 consecutive trading days, or if the unconverted balance is below 30 million yuan [4] - As of July 24, 2025, the company's stock price has met the condition for redemption, with 10 trading days above the threshold of 10.76 yuan per share [4]

（文章来源：证券日报） 证券日报网讯 8月8日晚间，天润乳业发布公告称，自2025年7月24日至2025年8月8日，公司股票已有十 个交易日的收盘价不低于"天润转债"当期转股价格的130%（即10.76元/股）。若公司股票在未来十八个 交易日内仍有五个交易日的收盘价不低于当期转股价格的130%（含130%），将可能触发"天润转债"的 有条件赎回条款。公司将根据本公司《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》的约定和相关法律法规要求，于触发可转债赎回条款后确定本次是否赎回"天润转债"，并及 时履行信息披露义务。 ...

Economic Overview - In June, the total retail sales of consumer goods in China reached 42,287 billion yuan, with a year-on-year growth of 4.8% [1][7] - For the first half of 2025, the total retail sales amounted to 245,458 billion yuan, reflecting a 5.0% year-on-year increase [1][7] - Excluding automobiles, retail sales in June were 37,649 billion yuan, also growing by 4.8% [1][7] - Online retail sales for the first half of 2025 reached 74,295 billion yuan, with an 8.5% year-on-year growth [7] Consumer Behavior - The average working hours for employees have increased from 47.43 hours in 2021 to 49.1 hours in January 2025, which may negatively impact consumer spending time [3][4] - The decline in consumer spending time is particularly affecting service consumption, which has strict time requirements [3] Policy and Initiatives - The government is implementing "anti-involution" policies aimed at encouraging paid leave and flexible work schedules to boost consumption [4] - The "Promoting Consumption Special Action Plan" includes initiatives like exploring spring and autumn breaks for schools [4] Company News - Marriott International announced that CFO Leeny Oberg will retire in 2026 after 26 years with the company, with Jen Mason and Shawn Hill set to take over her roles [8][9] - Tianrun Dairy's major shareholder reduced its holdings of convertible bonds by 101.61 million units, representing 10.26% of the total issued [10] - Good Idea expects a net loss of 15 to 25 million yuan for the first half of 2025, while also projecting a significant increase in net profit after excluding non-recurring items [11] - Maiqu'er anticipates a net profit increase of 102.17% to 103.11% for the first half of 2025 [12] Market Trends - The Shanghai Consumer 80 Index closed at 4,759.65 points, with a slight increase of 0.07% [6] - Douyin is investing hundreds of millions in subsidies to enhance its local lifestyle business, particularly in the hotel sector [16]

Group 1 - The controlling shareholder of Tianrun Dairy, Xinjiang Production and Construction Corps 12th Division State-owned Assets Investment Development Group Co., Ltd., reduced its holdings of the company's convertible bonds by 1.0161 million units, accounting for 10.26% of the total issuance [1] - After the reduction, the state-owned company holds 2.0628 million units of Tianrun convertible bonds, representing 20.84% of the total issuance [1] - The company issued 9.9 million units of convertible bonds on October 24, 2024, with a face value of 100 yuan per unit, totaling 990 million yuan, with a maturity period of 6 years [1]

Core Viewpoint - The company has issued convertible bonds, which have entered the conversion period, with limited conversion activity observed so far [2][5]. Group 1: Convertible Bond Issuance Overview - The company issued 9.9 million convertible bonds with a total value of 990 million yuan, with a maturity of 6 years and a tiered interest rate starting from 0.30% in the first year to 2.00% in the sixth year [3]. - The bonds were approved by the China Securities Regulatory Commission and began trading on the Shanghai Stock Exchange on November 15, 2024, under the name "Tianrun Convertible Bonds" [3]. Group 2: Conversion Status - As of June 30, 2025, a total of 115,000 yuan worth of "Tianrun Convertible Bonds" has been converted into 13,839 shares, representing 0.00432% of the company's total shares before conversion [2][5]. - The remaining unconverted amount of "Tianrun Convertible Bonds" is 989,885,000 yuan, accounting for 99.98838% of the total issuance [2][5]. Group 3: Conversion Price Adjustment - The initial conversion price was set at 8.30 yuan per share, which was adjusted to 8.28 yuan per share effective June 27, 2025, due to the company's annual equity distribution [4].

Group 1 - Xinjiang Terun Dairy Co., Ltd. issued 9.9 million convertible bonds with a total fundraising amount of RMB 990 million, net proceeds amounting to RMB 979.31 million after deducting issuance costs [2][4][12] - The bonds will be listed on the Shanghai Stock Exchange on November 15, 2024, under the name "Terun Convertible Bonds" with the code "110097" [2][4] - The initial conversion price for the bonds is set at RMB 8.30 per share, which will be adjusted to RMB 8.28 per share due to the company's profit distribution plan [5][15] Group 2 - The company reported a revenue of RMB 280.43 million for 2024, a 3.33% increase from RMB 271.40 million in 2023, while the net profit attributable to shareholders decreased by 69.26% to RMB 43.66 million [13][14] - The company operates in the dairy processing industry, focusing on the research, production, and sales of dairy products and beverages, with a complete industry chain [13][14] - The company has 26 large-scale breeding farms with approximately 64,800 cattle, ensuring a stable supply of high-quality milk [13]