Abstract: Affected by the overall economic environment,there has been an oversupply of milk sources in the past year,resulting in a continuous decline in milk prices and industry adjustments. From the perspective of industry fundamentals in the first quarter,dairy production continued to decrease year-on-year. But with the continuous adjustment of dairy cattle inventory and the gradual stabilization of milk prices, the industry has entered a bottoming out stage. At the market level,it has also become active,with new hot categories constantly emerging, indicating that the dairy market will gradually emerge from the trough.This paper analyzed the dairy market in the first quarter from a third-party perspective, in order to provide reference value for dairy companies to understand the current situation of the industry. The main content of this paper included: industry fundamentals in the first quarter and interpretation of 2024 annual reports of listed dairy companies. First quarter industry/enterprise dynamic analysis,first quarter key new product analysis.

Key words: the year of 2025, the First Quarter Dairy, dairy, market