SANYUAN(SH:600429) 2 1 Shi Ji Jing Ji Bao Dao·2025-11-17 23:47Core Viewpoint - The sales of San Yuan milk continue to decline, with a significant drop in revenue and market share, particularly in its home market of Beijing, indicating increased competition and challenges in the dairy industry [2][4][6]. Sales Performance - In the first three quarters of 2025, San Yuan's dairy segment revenue was 4.718 billion yuan, down from 5.315 billion yuan in the same period last year, representing a year-on-year decline of 5.97 million yuan [2]. - Specifically, the sales figures for liquid milk, solid milk, ice cream, and others were 2.917 billion yuan, 703 million yuan, and 1.098 billion yuan, respectively, compared to 3.359 billion yuan, 675 million yuan, and 1.281 billion yuan in the previous year [2]. - In Beijing, San Yuan's sales were 2.28 billion yuan, down from 2.67 billion yuan, a decrease of 390 million yuan year-on-year [2][6]. Market Trends - The overall dairy market is facing difficulties, with Nielsen IQ reporting a 16.8% year-on-year decline in sales across all channels in September, and a 21.3% drop in offline channels [4]. - Competitors like Yili and Bright Dairy also reported declines in revenue, with Yili's revenue down 1.70% to 28.631 billion yuan and Bright Dairy's liquid milk revenue down 8.44% to 3.54 billion yuan [5]. Competitive Landscape - The competition in the Beijing market has intensified, with San Yuan's market share being eroded [7][8]. - Despite maintaining a leading position in the low-temperature milk market, San Yuan's advantages are diminishing due to lower profit margins and aggressive pricing strategies from competitors [9][10]. Consumer Perception - There are concerns regarding the taste and quality of San Yuan's products, with consumers describing the milk as "bland" [12]. - Brand recognition is notably weaker in the ambient milk segment, where competitors like Yili and Mengniu have established stronger consumer trust [11]. Strategic Adjustments - San Yuan is undergoing significant organizational changes under the new leadership of Chen Haifeng, who has a background in internet and marketing strategies [18][19]. - The company is implementing a systematic transformation that includes organizational restructuring, talent acquisition, and digital management initiatives [19][20]. - San Yuan's marketing efforts have included high-profile endorsements, such as using actor Ge You to promote its products [20].