文/劳江 最新披露的2025年半年报，透视出伊利股份的强劲增长动力。 除了营收和净利润方面的增长，伊利的自身业务结构持续优化。其中，公司基本盘的液态奶，保持稳定增长；奶粉、奶酪等"第二增长曲线"持续放量，获 得更多细分品类的市场占有率第一；而多品类的健康食品业务呈现多点开花状态——公司正在产品端践行"全球健康食品提供者"的承诺。 与此同时，伊利股份国际化版图布局效果明显，多个品牌产品陆续登陆美国、沙特等海外市场，公司全球化进程加速。 产品结构优化凸显增长韧性 8月28日，伊利股份发布2025年中报。上半年，公司实现营收619.33亿元，同比增长3.37%；扣非归母净利润70.16亿元，同比增长31.78%，再创历史新 高，稳居亚洲乳业第一，龙头领先优势持续扩大。 该公司在财报中提到，公司布局液态奶、乳饮料、奶粉、酸奶、冷冻饮品、奶酪、黄油、稀奶油、水饮等多个品类，并持续推动产品结构升级。以婴幼儿 营养品、成人营养品和专业餐饮业务为代表的高附加值品类业务增长良好，液体乳各主要子品类发展相对均衡，多元化的业务组合在复杂的经济环境下显 示出了良好韧性。 笔者注意到，伊利股份业绩稳步增长，源于极具韧性的"均衡系统"。 ...

事件：公司发布2025年半年报。 点评： 公司Q2业绩增速季环比改善。2025年上半年，公司实现营业总收入619.33亿元，同比增长3.37%；实现 归母净利润72.00亿元，同比下降4.39%。单季度看，公司去年积极去库存，虽今年液奶需求弱复苏，但 基于低基数公司Q2营收同比增长5.77%至289.15亿元。利润端，原奶价格呈下降趋势，叠加去年减值损 失基数低，公司Q2归母净利润同比增长44.65%至23.26亿元。 2025Q2公司液态乳降幅季环比收窄，奶粉及奶制品、冷饮业务同比实现增长。分产品看，2025年上半 年公司液体乳/奶粉及奶制品/冷饮产品分别实现营业收入361.26亿元/165.78亿元/82.29亿元，同比分 别-2.06%/+14.26%/+12.39%。二季度液体乳需求延续弱复苏，但基于去年同期低基数，2025Q2公司液体 乳业务同比下降0.84%至164.86亿元，降幅季环比收窄。奶粉业务中，受生育政策、人口预期改善等因 素催化，公司奶粉与奶制品业务Q2同比增长9.66%至77.65亿元。公司的冷饮业务经营向好，基于低基 数今年Q2收入同比增长37.97%至41.24亿元。 2025Q ...

财报体检工具显示： 据证券之星公开数据整理，近期伊利股份（600887）发布2025年中报。根据财报显示，伊利股份增收不 增利。截至本报告期末，公司营业总收入619.33亿元，同比上升3.37%，归母净利润72.0亿元，同比下 降4.39%。按单季度数据看，第二季度营业总收入289.15亿元，同比上升5.77%，第二季度归母净利润 23.26亿元，同比上升44.65%。 本次财报公布的各项数据指标表现一般。其中，毛利率36.05%，同比增3.62%，净利率11.71%，同比减 7.68%，销售费用、管理费用、财务费用总计132.2亿元，三费占营收比21.35%，同比减6.26%，每股净 资产8.43元，同比增1.24%，每股经营性现金流0.47元，同比减43.98%，每股收益1.14元，同比减3.39% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 599.15 Z | 619.33 亿 | 3.37% | | 归母净利润(元) | 75.31 Z | 72亿 | -4.39% | | 扣非净利润(元) | 5 ...

证券代码：600887 证券简称：伊利股份 公告编号：临 2025-062 第七次会议于 2025 年 8 月 27 日（星期三）上午在公司五楼会议室以现 场方式召开。本次会议通知于 2025 年 8 月 17 日以邮件方式发出，会议 应当出席的监事五名，实际出席会议的监事四名，监事王彩云女士因事 未能亲自出席本次会议，委托监事李建强先生代为出席并行使表决权。会 议由监事会主席李建强先生主持，会议符合《公司法》 《公司章程》的有 关规定，合法有效。 内蒙古伊利实业集团股份有限公司 第十一届监事会第七次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、监事会会议召开情况 内蒙古伊利实业集团股份有限公司（简称"公司" ）第十一届监事会 表决结果：同意5票，反对0票，弃权0票。 二、监事会会议审议情况 会议审议并通过了以下议案，形成如下决议： （一）审议并通过了《公司 2025 年半年度报告及摘要》（具体内容 详见上海证券交易所网站 www.sse.com.cn） （二）审议并通过了《公司关于<2025 年半年度募集 ...

Core Insights - The article highlights the strong performance of Yili Group in the dairy industry amidst market fluctuations and changing consumer demands, showcasing its resilience and high-quality development [2] - Yili's revenue and profit growth in the first half of 2025 reinforces its leading position in the Asian dairy market, with total revenue reaching 61.933 billion yuan, a year-on-year increase of 3.37%, and net profit of 7.016 billion yuan, up 31.78% [2] Liquid Milk Business - Yili's liquid milk segment remains a cornerstone of its business, achieving revenue of 36.126 billion yuan in the first half of 2025, maintaining the largest market share in the industry [3] - The segment shows a growth trend characterized by structural optimization, with core categories like ambient yogurt and high-end milk products all gaining market share [3] Milk Powder and Dairy Products - The milk powder and dairy products segment achieved a milestone with revenue of 16.578 billion yuan, a year-on-year increase of 14.26%, solidifying its position as the industry leader [4] - Yili's market share in infant formula reached 18.1%, marking a significant achievement in its strategic growth trajectory [4] Adult Nutrition Products - Yili has formed a strategic partnership with Tongrentang to innovate in the adult nutrition segment, leading to double-digit revenue growth in this category [5] - The company's sheep milk powder segment saw revenue growth exceeding 30%, with a market share of 34.4%, reinforcing its leadership in the global sheep milk powder market [5] International Expansion - Yili's international strategy is yielding significant results, with overseas business growth becoming a key revenue driver, particularly in the ice cream and infant sheep milk powder categories [6] - The company has successfully penetrated various international markets, including Hong Kong and Saudi Arabia, enhancing its global brand presence [6][8] Diversification into Non-Dairy Sectors - Yili is actively expanding into non-dairy sectors, particularly in health beverages, with innovative products like jasmine tea and low-sodium mineral water driving double-digit growth [10] - The company is also exploring opportunities in the beef market and other food sectors, establishing a multi-faceted growth strategy that enhances its resilience against market fluctuations [13]

Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Views - The company reported a total revenue of 61.933 billion yuan in the first half of 2025, representing a year-on-year increase of 3.37%. The net profit attributable to the parent company was 7.200 billion yuan, down 4.39%, while the net profit excluding non-recurring items was 7.016 billion yuan, up 31.78% [1]. - In Q2 2025, the company achieved total revenue of 28.915 billion yuan, an increase of 5.77%, with a net profit of 2.326 billion yuan, up 44.65%, and a net profit excluding non-recurring items of 2.387 billion yuan, up 49.48% [1]. - The decline in liquid milk revenue has narrowed, while the revenue growth of milk powder, dairy products, and ice cream products has led the growth [1]. - The company’s gross margin for H1 2025 was 36.05%, an increase of 1.26 percentage points year-on-year, with Q2 gross margin at 34.19%, up 0.61 percentage points [2]. Summary by Sections Revenue Performance - In H1 2025, revenue from liquid milk, milk powder and dairy products, ice cream products, and other products was 36.126 billion, 16.578 billion, 8.229 billion, and 386 million yuan, respectively, with year-on-year changes of -2.06%, +14.26%, +12.39%, and -5.05%. In Q2 2025, the revenue for each product was -0.85%, +9.65%, +37.96%, and -3.05% [1]. - The company’s distribution and direct sales channels showed steady revenue growth, with H1 revenue from distributors and direct sales at 59.357 billion and 1.961 billion yuan, respectively, representing year-on-year increases of 3.31% and 17.34% [1]. Regional Performance - Revenue growth was steady in North China, South China, and Central China, with all regions achieving positive growth in Q2 2025. H1 revenue for these regions was 17.140 billion, 15.080 billion, and 11.362 billion yuan, with year-on-year changes of +2.04%, +2.54%, and +3.31% [1]. Profitability and Forecast - The company’s net profit margin for H1 2025 was 11.63%, down 0.94 percentage points year-on-year, primarily due to reduced investment income. However, the net profit margin for Q2 2025 improved to 8.05%, up 2.16 percentage points year-on-year, driven by improved gross margins and reduced sales and financial expense ratios [2]. - The company is expected to achieve net profits of 11.250 billion, 12.012 billion, and 12.663 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 33.09%, 6.77%, and 5.42% [3].

Core Viewpoint - The company maintains its profit margin target of 9% and anticipates record-high dividends this year, signaling a positive outlook despite market cycles [1] Financial Performance - In the first half of the year, the company achieved total revenue of 61.933 billion yuan, significantly outpacing the second-largest competitor by 20.3 billion yuan, demonstrating a "disruptive" lead [1] - The non-GAAP net profit reached 7.016 billion yuan, a year-on-year increase of 31.78%, marking a historical high [1] Business Diversification - The company's diversified business model has significantly contributed to its robust performance, with the infant formula segment becoming a key revenue driver, achieving the largest market share in China [2][4] - The adult milk powder segment continues to lead the industry, with double-digit growth and an expanding market share [4] Product Innovation - The company is focusing on optimizing its product structure, with the proportion of milk powder and dairy products increasing from 11% in 2019 to 27% in the first half of this year [4] - New product launches in the health-oriented segment, such as the "Xinhui" brand, have received positive market feedback, driving over 20% growth in the mid-to-high-end business [4][6] Profitability and Growth Strategy - The company reported a 5.77% year-on-year increase in revenue for the second quarter, with a 44.65% rise in net profit, indicating accelerated improvement [7] - The company aims to maintain a net profit margin of approximately 9% for the year while striving for higher profitability through innovation and product upgrades [7] Shareholder Returns - The company plans to continue its dividend policy of distributing no less than 70% of net profits, with expectations for stable or increased dividend amounts compared to last year [8] - Over the past three years, the company has distributed a total of 22 billion yuan in cash dividends, maintaining a dividend payout ratio above 70% [8] Market Position and Valuation - The company is positioned as a leading player in the dairy industry, with a clear long-term growth trajectory supported by its core dairy business and expansion into high-potential new markets [10] - The valuation of the dairy sector is currently at historical lows, and the company’s high growth and dividend yield make it an attractive investment option [10][11]

Market Overview - The Shanghai Composite Index rose by 0.37% on August 29, with 17 out of the 28 sectors experiencing gains. The top-performing sectors were diversified and electrical equipment, with increases of 3.86% and 3.12% respectively. The food and beverage sector also saw a rise of 2.42%. Conversely, the household appliances and transportation sectors faced declines of 1.82% and 1.69% respectively [1] Capital Flow Analysis - The main capital flow showed a net outflow of 69.47 billion yuan across the two markets. However, seven sectors recorded net inflows, with the electrical equipment sector leading at a net inflow of 3.13 billion yuan, followed by the food and beverage sector with a net inflow of 1.63 billion yuan [1] Food and Beverage Sector Performance - The food and beverage sector increased by 2.42%, with a total net inflow of 1.63 billion yuan. Out of 124 stocks in this sector, 78 stocks rose, including 4 that hit the daily limit. The top net inflow stocks included Kweichow Moutai with 764.23 million yuan, followed by Wuliangye and Huadiao with 475 million yuan and 271 million yuan respectively [2] Top Gainers in Food and Beverage Sector - The following stocks in the food and beverage sector had significant gains: - Kweichow Moutai: +2.34%, turnover rate 0.50%, net inflow 764.23 million yuan - Wuliangye: +3.24%, turnover rate 1.12%, net inflow 474.99 million yuan - Huadiao: +9.99%, turnover rate 5.10%, net inflow 270.68 million yuan - Other notable gainers included Shede Liquor and Jiu Gui Liquor with increases of 6.02% and 5.26% respectively [2] Top Losers in Food and Beverage Sector - The following stocks in the food and beverage sector experienced notable losses: - Yili: -3.18%, turnover rate 3.36%, net outflow -172.62 million yuan - Wancheng Group: -20.00%, turnover rate 5.34%, net outflow -86.60 million yuan - Lianhua Holdings: -2.65%, turnover rate 3.64%, net outflow -57.04 million yuan - Other significant losers included Liziyuan and Tancheng Beijian with losses of -3.22% and -0.73% respectively [4]

Market Recovery - The milk powder business has shown significant signs of recovery, contrasting with the ongoing pressure in the liquid milk market [1][2] - In the first half of 2025, Yili's milk powder and dairy products achieved revenue of 16.578 billion yuan, a year-on-year increase of 14.26% [2] - Aoyou, a subsidiary of Yili, reported a revenue increase of 5.6% to 3.887 billion yuan and a net profit increase of 24.1% to 181 million yuan [2] - Mengniu's milk powder business also saw a slight revenue increase to 1.6756 billion yuan, up from 1.6353 billion yuan, with its share of total revenue rising from 3.7% to 4.0% [2] External Brand Performance - Foreign brands like a2 Milk Company reported a revenue increase of 13.5% to 1.902 billion NZD, with a 13.9% increase in revenue from China and other Asian regions [3] - FrieslandCampina's professional nutrition business in China grew by 18.1%, with operating profit surging by 61% [3] - The overall performance of foreign brands has outpaced domestic brands, leading to a decline in market share for domestic companies [3] Policy Support - The implementation of a child-rearing subsidy program starting January 1, 2025, is expected to boost consumer spending on infant formula [4] - The subsidy is set at 3,600 yuan per child per year, which may enhance disposable income and drive demand for mid-to-high-end products [4] Industry Dynamics - The infant formula market, despite being valued in the hundreds of billions, has faced growth challenges due to declining birth rates [5] - The market began to stabilize in 2024, with a slight increase in newborn numbers and the completion of the transition to new national standards [5][6] - Companies that implemented inventory and price control strategies have generally seen revenue and profit growth, while those engaging in price wars face operational difficulties [6] Strategic Moves - a2 Milk Company announced the acquisition of Mengniu's subsidiary, Yashili New Zealand Dairy Company, for approximately 282 million NZD to enhance production capacity [6][7] - This acquisition reflects different strategic considerations between domestic and foreign companies, with Mengniu focusing on optimizing its production capacity [6][7] - The industry is shifting towards a "whole family nutrition" approach, expanding beyond infant formula to include products for adults and seniors [7] - Aoyou's nutrition business revenue grew by 7.0%, and a2 Milk reported a 33.1% increase in revenue from its whole family nutrition products in Asia [7]

Core Viewpoint - The article highlights the strategic adjustments made by prominent fund managers in response to the market's structural characteristics, focusing on sectors like AI, innovative pharmaceuticals, and consumer goods, while also indicating a clear divergence in the consumer sector's performance [2][3][4]. Group 1: Fund Manager Strategies - Prominent fund managers have collectively increased their positions in high-growth sectors such as AI and innovative pharmaceuticals while making structural adjustments within the consumer sector [2]. - The technology and pharmaceutical sectors have emerged as core allocation directions, with significant investments in companies like BYD (increased by 184.78%) and Alibaba (increased by 161.10%) [2]. - Fund managers are focusing on "hard technology" in the tech sector, with AI computing and robotics becoming key investment areas [4]. Group 2: Consumer Sector Dynamics - The consumer sector has shown significant structural differentiation, with fund managers displaying contrasting attitudes towards traditional liquor and new consumption trends [3]. - Some fund managers have increased their holdings in traditional liquor stocks like Wuliangye and Moutai, while others have reduced their positions in these stocks, indicating a shift towards new consumption opportunities [3][4]. - The performance of consumer companies has influenced fund adjustments, with companies like Yili achieving strong revenue growth while others like Yanghe experienced profit declines [4]. Group 3: Future Outlook - Looking ahead to the third quarter, there is optimism regarding the innovative pharmaceutical sector, driven by global collaborations and anticipated clinical data disclosures [5]. - The consumer healthcare sector is expected to continue benefiting from rising health awareness among residents, with demand for home medical devices projected to grow steadily due to an aging population [5]. - The overall economic environment is seen as favorable for investment, although structural pressures may persist, with policies aimed at reducing excessive competition likely to improve corporate profitability [5].