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.