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Tianrun Dairy reported Q3 2026 results. First nine months revenue 2.185 bln yuan, up 5.4% YoY; net profit attributable to shareholders 80.23 mln yuan, swinging to profit; net profit excluding non-recurring items 53.57 mln yuan, down 30.0% YoY. Q3 revenue 735 mln yuan, up 8.4% YoY; Q3 net profit attributable 25.98 mln yuan, up 131.1% YoY; Q3 adjusted net profit 34.82 mln yuan, up 85.7% YoY. Company said the year-to-date improvement was driven by smaller losses from herd culling, reduced losses from converting surplus raw milk into spray powder and bulk milk, stronger sales and product-mix optimisation.