Group 1 - The core viewpoint of the article indicates that YouRan Dairy (09858) experienced a decline of over 5%, with a current price of HKD 3.51 and a trading volume of HKD 685 million [1] - YouRan Dairy reported interim results for the six months ending June 30, 2025, with revenue of RMB 10.284 billion, reflecting a year-on-year increase of 2.28% [1] - The company recorded a loss attributable to shareholders of RMB 297 million, which is a 10.37% reduction compared to the previous year, with a basic loss per share of RMB 0.08 [1] Group 2 - The announcement highlighted that the domestic raw milk supply and demand are experiencing a phase imbalance, leading to a decline in raw milk prices, with an average price of RMB 3.87 per kilogram, down 7.0% from RMB 4.16 per kilogram in the mid-2024 period [1] - Huatai Securities noted that the revenue performance of dairy products in the first half of 2025 is lackluster, with overall liquid milk demand remaining weak; however, current channel inventory levels are reasonable, and there is an expectation for demand recovery, particularly during the upcoming Mid-Autumn Festival and National Day holiday peak seasons [1]