Group 1 - The competition in the food delivery market has significantly impacted the dairy industry, with Mengniu's revenue declining by 6.95% to 41.567 billion yuan in the first half of 2025, and liquid milk revenue dropping by 11.2% to 32.19 billion yuan [1] - In contrast, Yili's revenue increased by 3.37% to 61.933 billion yuan during the same period, although its liquid milk revenue fell by 2.1% to 36.13 billion yuan [1] - Nielsen IQ data indicates that the overall sales of dairy products across all channels decreased by 9.6% in June 2025, with offline channel sales down by 12.7% [1] Group 2 - Yili noted that ready-to-drink tea beverages are substituting liquid milk products, particularly affecting packaged liquid milk sales, although the overall demand for liquid milk remains stable [1][2] - The company believes that the pressure from competition is manageable and that the impact of ready-to-drink tea on packaged liquid milk will weaken over time due to the health attributes and gifting properties of dairy products [2] Group 3 - Yili expressed confidence in the long-term growth potential of liquid milk, citing factors such as the aging population's increasing health awareness and the ongoing upgrade potential within the dairy product sector [3] - The current product structure in the dairy industry is still immature, with basic categories accounting for over half of the market, particularly evident in lower-tier cities [3]