Core Insights - Sunshine Dairy's revenue for the first half of 2025 was approximately 237 million yuan, a year-on-year decline of 7.03%, while net profit attributable to shareholders was about 59.82 million yuan, an increase of 8.27% [2] - Low-temperature dairy products remain the main revenue contributor, generating approximately 185 million yuan, accounting for 78.37% of total revenue [2] - The company is facing challenges with milk supply and price fluctuations, but has established stable partnerships with large-scale farms to mitigate risks [2][3] Revenue Breakdown - Low-temperature dairy products: Revenue of approximately 185 million yuan, down from previous year [2] - Ambient dairy products: Revenue of approximately 30.16 million yuan, up 8.56% year-on-year [2] - Milk powder: Revenue increased by 1189.94% year-on-year, but only amounted to 1.11 million yuan, contributing minimally to overall revenue [2] Supply Chain Strategy - The company is increasing its own farm construction to enhance self-supply of milk [3] - Sunshine Dairy is forming strong partnerships with large national farms to secure stable milk supply [3] - Long-term supply contracts are being signed to lock in prices and quantities, reducing risks associated with milk supply shortages and price volatility [3]