三季度随着消费端进入淡季,奶价继续小幅探底,已创年内新低。在中秋国庆节日效应的提振作用下,三季末奶价小幅反弹。乳品企业半年报出炉,多数乳品企业营收下滑利润增长,体现出行业下行周期中乳品企业对于市场投入的谨慎态度。本文从第三方的角度对第三季度的乳制品市场进行了分析,以期为乳品企业了解行业现状提供参考价值。本文主要内容包括：三季度行业基本面、乳业上市公司2025半年报解读。三季度行业/企业动态评析、三季度重点新品评析。

In the third quarter,as consumption entered the off-season,milk prices continued to decline slightly,hitting a new low for the year. Boosted by the Mid-Autumn Festival and National Day holidays,milk prices experienced a slight rebound at the end of the quarter. The semi-annual reports of dairy companies were released,showing revenue declines but profit growth for most,reflecting a cautious approach to market investment during the industry's downward cycle. This paper analyzed the dairy market in the third quarter from a third-party perspective,aiming to provide reference value for dairy companies to understand the current industry situation. The main contents of this paper include：the fundamental industry situation in Q3,an interpretation of the 2025 semi-annual reports of listed dairy companies,an analysis of industry/company dynamics in Q3,and an analysis of key new product launches in Q3.