Core Insights - Tianrun Dairy reported a significant decline in performance for the first three quarters of the year, with revenue of 2.074 billion yuan, a year-on-year decrease of 3.81%, and a shift from a profit of 22.27 million yuan to a loss of 10.61 million yuan, marking the first loss in the same period in nearly a decade [2][5] Industry Overview - The dairy industry is currently in an adjustment phase, characterized by a cyclical oversupply of raw milk, leading to frequent discounts on yogurt and fresh milk in supermarkets. This situation is compounded by the accelerated penetration of national dairy companies into regional markets, putting additional pressure on local enterprises [2][6] Company Performance - Tianrun Dairy's revenue from long-term dairy products was 1.096 billion yuan, while revenue from low-temperature dairy products was 822 million yuan, both showing declines compared to the previous year. Revenue from livestock products and others totaled 94 million yuan, also down from last year [2] - In the Xinjiang market, the company's revenue was 1.106 billion yuan, nearly flat compared to 1.051 billion yuan last year. However, revenue from outside Xinjiang dropped from 1.044 billion yuan to 907 million yuan, a decrease of approximately 13% [5] Market Strategy - Despite challenges, the company aims to maintain a balanced focus on both Xinjiang and external markets. The management emphasized plans to deepen market penetration and explore opportunities in southern Xinjiang, while targeting core products like yogurt and white milk in external markets through differentiated channels [6]