以下文章来源于赢销力 ，作者程信 赢销力 . 135万+食品、饮料快消人都在关注的精准媒介！ 聚焦快消品行业资讯、热点、方法与案例四大核心板块！ "10万+爆款文章生产户"，深度覆盖行业读者超 1000 万次！ 前言： 半年卖了万头牛，还亏损千万，知名乳企苦熬阵痛期。 2 025年已过四分之三，国内乳制品行业在消费依旧疲软、成本高位运行、市场竞争白热化等多重压力下，迎来了新一轮财季的检验。 近日， 天润乳业发布 了 2025年三季度 业绩 报告 ， 公司前三季度 实现营收 20.74亿元，同比下滑3.81%；实现净利润-0.12亿元，同比下滑 147.66% 。其中，第三季度天润乳业营收 6.78亿元，同比下滑4.84%；实现净利润0.11亿元，同比下滑77.6%。 这是天润乳业近十年同期首次 出现亏损。 01 前三季 度 亏损 千万 此次亏损， 天润乳业表示，主要系公司加大低生产价值牛只淘汰力度、计提学生奶和哺育工程奶应收账款坏账准备所致。 天润乳业亏损主要来自第一季度。该季度公司实现营业收入 6.25亿元，同比下降2.50%；净利润亏损7330.36万元，上年同期盈利454.35万元。 彼时， 天润乳业表 ...

Core Viewpoint - The company reported a decline in revenue and net profit for the first three quarters of 2025, indicating challenges in the competitive dairy market and a slow recovery in end-user demand [1][2]. Financial Performance - For the first three quarters of 2025, the company achieved revenue of 2.074 billion yuan, a year-on-year decrease of 3.81%, and a net profit attributable to shareholders of -11 million yuan, a year-on-year decline of 147.66%. The adjusted net profit was 77 million yuan, a year-on-year increase of 3.12% [1]. - In Q3 2025, the company reported revenue of 678 million yuan, down 4.84% year-on-year, with a net profit of 11 million yuan, a decrease of 77.60%, and an adjusted net profit of 19 million yuan, down 62.71% year-on-year [1]. - The gross margin and net margin for Q3 2025 were 14.72% and 0.64%, respectively, reflecting declines of 5.15 and 5.68 percentage points, attributed to intense competition and increased promotional activities [2]. Product and Market Performance - In Q3 2025, revenue from various product lines included 358 million yuan from ambient dairy products, 264 million yuan from low-temperature dairy products, and 30 million yuan from livestock products, with year-on-year changes of -4%, -6%, and +80%, respectively [1]. - Revenue from different regions showed that the company generated 358 million yuan in the local market (up 10% year-on-year) and 300 million yuan in external markets (down 14% year-on-year) [1]. Strategic Initiatives - The company is focusing on expanding market channels and developing new products, with efforts including the establishment of an e-commerce subsidiary and the introduction of new products such as low-temperature yogurt and flavored milk beer [2]. - The company is optimizing its livestock structure, with a total of 51,900 cattle at the end of Q3 2025, and an increased proportion of breeding cows to 56%, enhancing feeding efficiency [2]. Investment Outlook - The company is projected to achieve net profits of 43 million yuan, 170 million yuan, and 211 million yuan for the years 2025 to 2027, with corresponding EPS of 0.14, 0.54, and 0.67 yuan per share, and PE ratios of 85X, 22X, and 17X [3].