Core Insights - Tianrun Dairy, the largest liquid milk producer in Xinjiang, is innovating with products like original milk beer and Aikelin series low-temperature yogurt, expanding from regional focus to national presence, successfully exploring "Xinjiang milk going out" [1][3][4] Industry Context - The domestic dairy industry is currently facing a downturn characterized by low milk prices, supply-demand imbalance, and intense competition, making it urgent to find ways to recover from this low point [1][4] Company Strategy - Tianrun Dairy operates a complete industry chain from dairy farming to processing and sales, with an annual processing capacity of 600,000 tons and a focus on utilizing Xinjiang's unique resources to penetrate national markets [5][6] - The company has 24 large-scale farms with a herd size of 70,000, adhering to a strategy of "using Xinjiang resources for the national market" and continuously seeking new growth points [5][6] Product Innovation - Tianrun Dairy has successfully launched several popular products, including the Aikelin low-temperature concentrated yogurt, and has introduced over ten variations of this product line over the past decade [7][8] - The company plans to launch over 60 new products by 2025, including zero-additive yogurt and kefir yogurt, while also developing ready-to-drink products to diversify its offerings [7][8] Cultural Branding - The company is integrating its products with the cultural narrative of Xinjiang, enhancing consumer emotional connection and promoting a brand evolution from merely selling products to providing a cultural experience [8][10] Long-term Capability Building - In response to the industry downturn, Tianrun Dairy is optimizing its herd structure and investing significantly in long-term capabilities, including an intelligent factory with an investment of 852.5 million yuan, set to produce 200,000 tons of dairy products annually [10][11] - The company emphasizes differentiation as a vital strategy, expanding its product lines to include pasteurized milk, milk powder, and cheese, while also exploring new consumer demands in niche markets [10][11]

作为新疆液态奶产销量最大的企业，天润乳业通过创新推出原味奶啤、爱克林系列低温酸奶等"爆款"产 品，从区域精耕走向全国布局，成功探路"疆奶出疆"。当前，国内奶业正处于奶价低迷、供需失衡、激 烈竞争的低谷，如何尽快走出低谷是一个重大而紧迫的行业之问。近日，上海证券报记者实地走访天润 乳业，与公司董事长刘让面对面，探讨天润乳业如何通过系统性重构，为走出低谷、迎接下一轮发展周 期构筑新优势。 疆奶"破壁"出疆 天润乳业主要从事奶牛养殖、乳品加工与销售，形成"牧业养殖—乳业加工—市场销售"完整产业链。目 前，公司拥有天润科技等5家乳品生产企业，以及"天润""盖瑞""佳丽""新农"等品牌，乳品年加工能力 达到60万吨。 "我们的奶源基地位于北纬45°的新疆天山北坡，是一个'黄金奶源带'，最优质的饲草料以及独特的干燥 气候、光照资源、天山地下水，综合造就了独特风味的新疆奶。"刘让说。 新疆牧区是我国第二大牧区，好品质好口感的新疆奶正在加快出疆步伐。天润乳业拥有24个规模化牧 场，养殖规模达7万头，坚持"用新疆资源，做全国市场"的战略，不断开拓疆外市场、落地疆外加工项 目，寻求新的增长点。 "主要依托差异化、科学化、功能化的 ...

Group 1 - The annual market and specialty markets across various regions have opened, showcasing a vibrant scene of food and goods sales [1] - In Xining, Qinghai, the annual goods fair features a wide array of local specialties such as goji berries, yak jerky, and baked milk skin, attracting many consumers [2] - The food fair in Xining highlights local delicacies, with the aroma of traditional dishes filling the air [4] Group 2 - In Hubei's Yingcheng, the "Ying You Good Goods" market has become lively, featuring stalls from 17 local towns where consumers can enjoy authentic hometown cuisine and purchase exquisite handicrafts [8] - The event lasts for three days and has attracted over 100,000 consumers, with specialty product sales exceeding 30 million yuan [10]

Group 1 - The article discusses the process of making baked milk skin, highlighting its simplicity and similarity to cookie-making [2][9] - Ingredients for baked milk skin include fresh milk, milk powder, and cheese, which enhance the flavor and aroma [6][7] - The final product is described as crispy and fragrant, with a production method that can be automated for efficiency [11][12] Group 2 - The article contrasts two types of milk skin yogurt: a sugar-free version that is rich and creamy, and a sweeter version that includes sugar and additional ingredients like cream and gelatin [12][15] - The author reflects on the visual appeal of food surface textures, linking it to previous discussions on food design [18]

Investment Rating - The report maintains a "Recommendation" rating for Tianrun Dairy (600419) [2][8] Core Views - The demand remains weak, impacting profitability due to impairment losses. In Q1 2025, total revenue was CNY 625 million, down 2.5% year-on-year, with a net profit attributable to shareholders of -CNY 73 million compared to CNY 5 million in the same period last year [2][8] - The company is actively adjusting to pressures, with expectations for gradual improvement in operations throughout the year. The report anticipates that the reduction in cattle and the introduction of new products will help stabilize revenue and improve profitability [2][8] Financial Summary - **Revenue and Profit Forecasts**: - Total revenue is projected to grow from CNY 2,804 million in 2024 to CNY 3,327 million in 2027, with year-on-year growth rates of 3.3%, 5.2%, 6.4%, and 6.0% respectively [4] - Net profit is expected to recover from CNY 44 million in 2024 to CNY 204 million in 2027, with significant growth rates of -69.3%, 94.2%, 100.6%, and 20.0% [4] - **Earnings Per Share (EPS)**: - EPS is forecasted to increase from CNY 0.14 in 2024 to CNY 0.64 in 2027, reflecting the company's recovery strategy [4] - **Valuation Ratios**: - The price-to-earnings (P/E) ratio is projected to decrease from 72 in 2024 to 15 in 2027, indicating an improving valuation as earnings recover [4] Sales Performance - In Q1 2025, the sales revenue from various product lines showed a decline, with revenue from ambient products at CNY 347 million, down 4.37%, and low-temperature products at CNY 239 million, down 0.64% [8] - The company experienced a 12.37% increase in dairy product sales volume year-on-year, attributed to promotional activities in the Xinjiang region [8] Strategic Adjustments - The company is focusing on reducing cattle numbers and introducing new products to adapt to market pressures. New product launches include passion fruit milk beer and baked milk skin, aimed at diversifying revenue streams [8] - The report highlights the importance of monitoring the raw milk price cycle and the potential impact of consumer stimulus policies on future performance [8]