Entering the second quarter, weak growth and declining performance have almost become the main theme of the industry. However, in the downward cycle of the industry, it also nurtures more opportunities. On the positive side, competitive pressure drives the continuous upgrading of corporate brands, the launch of more innovative products, and also encourages enterprises to actively expand into the market and build competitive barriers. Meanwhile, the sluggish growth of large enterprises also provides opportunities for small and medium-sized enterprises to catch up with the gap.This paper analyzed the dairy market in the second 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 article includes: industry fundamentals for the second quarter, and interpretation of the first quarter reports of some listed dairy companies. Industry/enterprise dynamic analysis and evaluation of key new products in the second quarter.