证券代码：600887 证券简称：伊利股份 公告编号：临 2025-013 内蒙古伊利实业集团股份有限公司关于 全资子公司内蒙古惠商融资担保有限公司 2025 年 第一季度对外担保情况公告 本公司董事会及全体董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。 根据内蒙古伊利实业集团股份有限公司（简称"公司"）2023 年年 度股东大会审议通过的《公司关于授权全资子公司内蒙古惠商融资担保 有限公司 2024 年为产业链上下游合作伙伴提供担保的议案》相关规定， 现对全资子公司内蒙古惠商融资担保有限公司（简称"担保公司"）2025 年第一季度对外担保情况披露如下： 一、截至 2025 年 3 月 31 日，担保公司本年度累计对外担保总额为 106,526.07 万元，全部为下游经销商担保；担保责任余额为 243,857.93 万元，其中上游供应商担保责任余额为 15,120.41 万元，下游经销商担 保责任余额为 228,737.52 万元。 二、截至 2025 年 3 月 31 日，担保公司对外担保在保户数为 2,325 户，其中上游供应商在保户数为 ...

Group 1 - The Shanghai Composite Index opened lower but rose throughout the day, with the Shanghai Elderly Industry Index reported at 6726.25 points [1] - The Shanghai Elderly Industry Index has increased by 0.92% over the past month, 8.38% over the past three months, and 0.70% year-to-date [1] - The index consists of 40 listed companies involved in health management, leisure tourism, life insurance, and other elderly industry-related businesses [1] Group 2 - The top ten weighted stocks in the Shanghai Elderly Industry Index include Miaokelan Duo (3.64%), Haoyue Nursing (3.21%), Borui Pharmaceutical (3.02%), and others [1] - The index is fully composed of stocks listed on the Shanghai Stock Exchange, with a sector breakdown of 37.51% in consumer discretionary, 35.31% in healthcare, 13.83% in consumer staples, 8.99% in financials, and 4.36% in communication services [2] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2]

Group 1 - A new venture capital fund, Anhui Jianling Venture Capital Fund Co., Ltd., has been established in Anhui Province with a registered capital of 200 million RMB, focusing on venture capital investments [1][2] - The company's business scope includes private equity investment, investment management, and asset management, indicating its ambition in the capital market [1][2] - The founding shareholders include well-known investment institutions such as Yili Group's Jianling (Zhuhai) Mother Fund Partnership and Shenzhen Jianling Innovation Seed Private Equity Fund Partnership, showcasing a strong shareholder lineup with rich investment experience [2][3] Group 2 - The establishment of Anhui Jianling Venture Capital Fund Co., Ltd. injects new vitality into the venture capital market in Anhui Province and reflects the strength and determination of its shareholders in capital operations [3] - The timing of the fund's establishment coincides with a rising trend in the domestic venture capital market, driven by national support for innovation and entrepreneurship, leading to increased investor interest [4]

证券代码：600887 证券简称：伊利股份 公告编号：临 2025-012 内蒙古伊利实业集团股份有限公司 关于股份回购进展公告 内蒙古伊利实业集团股份有限公司（简称"公司"）分别于 2024 年 4 月 28 日、2024 年 5 月 20 日召开第十一届董事会临时会议和 2023 年年 度股东大会，审议通过了《关于以集中竞价交易方式回购公司股份方案 的议案》，同意公司使用不低于人民币 10 亿元（含）且不超过人民币 20 亿元（含）的自有资金以集中竞价交易方式回购公司股份，回购价格不 超过人民币 41.88 元/股（含），回购期限自公司股东大会审议通过回购 方案之日起不超过 12 个月，回购股份将用于依法注销减少注册资本。具 体内容详见公司于 2024 年 5 月 21 日披露的《内蒙古伊利实业集团股份 有限公司关于以集中竞价交易方式回购公司股份的回购报告书》。 1 回购方案首次披露日 2024/4/30 回购方案实施期限 2024/5/20~2025/5/19 预计回购金额 10 亿元~20 亿元 回购用途 √减少注册资本 □用于员工持股计划或股权激励 □用于转换公司可转债 □为维护公司价值及股东权益 ...

证券代码：600887 证券简称：伊利股份 公告编号：临 2025-011 内蒙古伊利实业集团股份有限公司关于 2025 年度 第三、四、五期超短期融资券发行结果的公告 本公司董事会及全体董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。 | 簿记管理人 | 中信银行股份有限公司 | | --- | --- | | 主承销商 | 中信银行股份有限公司 | | 联席主承销商 | 中国邮政储蓄银行股份有限公司、中国民生银行股份有限公司、中国工商银行股份有限 公司 | | 名称 | 内蒙古伊利实业集团股份有限公司 2025 年度第四期超短期融资券 | 简称 | 25 伊利实业 SCP004 | | --- | --- | --- | --- | | 代码 | 012580804 | 期限 | 84 天 | | 起息日 | 2025 年 4 月 2 日 | 兑付日 | 2025 年 6 月 25 日 | | 计划发行总额 | 110 亿元 | 实际发行总额 | 110 亿元 | | 发行利率 | 1.71% | 发行价格 | 100 元/百元面值 | | ...

根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管 指引第 7 号--回购股份》等相关规定，公司应当在每个月的前 3 个交易 日内公告截至上月末的回购进展情况，现将回购股份进展情况公告如下： 证券代码：600887 证券简称：伊利股份 公告编号：临 2025-010 内蒙古伊利实业集团股份有限公司 关于股份回购进展公告 本公司董事会及全体董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、回购股份的基本情况 内蒙古伊利实业集团股份有限公司（简称"公司"）分别于 2024 年 4 月 28 日、2024 年 5 月 20 日召开第十一届董事会临时会议和 2023 年年 度股东大会，审议通过了《关于以集中竞价交易方式回购公司股份方案 的议案》，同意公司使用不低于人民币 10 亿元（含）且不超过人民币 20 亿元（含）的自有资金以集中竞价交易方式回购公司股份，回购价格不 超过人民币 41.88 元/股（含），回购期限自公司股东大会审议通过回购 方案之日起不超过 12 个月，回购股份将用于依法注销减少注册资本。具 体内容详见公司于 2024 ...

证券代码：600887 证券简称：伊利股份 公告编号：临 2025-009 内蒙古伊利实业集团股份有限公司关于 2025 年度第一、二期超短期融资券兑付完成的公告 本公司董事会及全体董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。 内蒙古伊利实业集团股份有限公司（简称"公司"）于 2025 年 2 月 成功发行了 2025 年度第一、二期超短期融资券，具体情况如下： | 名称 | | | 发行总额 | | 发行利率 | 发行期限 | | | | 起息日 | | | | | 兑付日 | | | | 公告编号 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 公司 期超短期融资券 | 2025 | 年度第一 | 60 | 亿元 | 1.88% | 37 | 天 | 2025 | 年 | 2 月 | 17 | 日 | 2025 | 年 | 3 | 月 | ...

Core Viewpoint - The China Securities Major Consumer Dividend Index has shown a slight increase of 0.08%, indicating a stable performance in the consumer sector despite recent fluctuations in the broader market [1]. Group 1: Index Performance - The China Securities Major Consumer Dividend Index has increased by 4.17% over the past month, but has decreased by 4.25% over the last three months and is down 2.97% year-to-date [2]. - The index is designed to reflect the overall performance of high dividend yield securities in the major consumer sector, calculated using a dividend yield weighting method [2]. Group 2: Index Composition - The top ten weighted stocks in the index include: Shuanghui Development (5.44%), COFCO Sugar (4.55%), Meihua Biological Technology (3.92%), Yili Group (3.4%), and others, with a total of 10 companies listed [2]. - The index's holdings are primarily listed on the Shenzhen Stock Exchange (51.40%) and the Shanghai Stock Exchange (48.60%) [2]. - The index exclusively comprises stocks from the major consumer sector, with a 100% allocation [2]. Group 3: Index Adjustment Mechanism - The index samples are adjusted annually, with the adjustment occurring on the next trading day after the second Friday of December [3]. - A buffer zone is established for sample selection, allowing certain stocks to be exempt from strict criteria if they meet specific cash dividend yield and trading volume conditions [3]. - The weight factors are adjusted in line with the sample changes, and temporary adjustments can occur under special circumstances [3].

Investment Rating - The investment rating for Yili Co., Ltd. is "Accumulate" with a target price of 35.00 RMB, up from the previous forecast of 33.53 RMB [2][13]. Core Views - The dairy industry is expected to reach a turning point in 2025, benefiting leading companies like Yili to increase market share. The company is projected to experience healthy growth in liquid milk, with other business segments contributing to revenue growth. Profit elasticity is anticipated to be released following a reduction in impairments, and policy-driven improvements in liquid milk market conditions are expected to act as a catalyst [3][13]. Financial Summary - **Revenue Forecast**: - 2022A: 123,171 million RMB - 2023A: 126,179 million RMB - 2024E: 120,414 million RMB - 2025E: 124,520 million RMB - 2026E: 132,564 million RMB - Revenue growth rates: 11.4% (2022A), 2.4% (2023A), -4.6% (2024E), 3.4% (2025E), 6.5% (2026E) [4]. - **Net Profit (Attributable to Parent)**: - 2022A: 9,431 million RMB - 2023A: 10,429 million RMB - 2024E: 11,826 million RMB - 2025E: 11,099 million RMB - 2026E: 12,499 million RMB - Net profit growth rates: 8.3% (2022A), 10.6% (2023A), 13.4% (2024E), -6.1% (2025E), 12.6% (2026E) [4]. - **Earnings Per Share (EPS)**: - 2022A: 1.48 RMB - 2023A: 1.64 RMB - 2024E: 1.86 RMB - 2025E: 1.74 RMB - 2026E: 1.96 RMB [4]. - **Return on Equity (ROE)**: - 2022A: 18.8% - 2023A: 19.5% - 2024E: 21.0% - 2025E: 19.0% - 2026E: 20.6% [4]. Market Data - **Current Price**: 29.75 RMB - **Market Capitalization**: 189,386 million RMB - **52-week Price Range**: 21.37 - 30.23 RMB [5]. Industry Outlook - The dairy industry is expected to face challenges in 2024 due to oversupply, weak demand, and high inventory levels, leading to a decline in fresh milk prices. However, the report suggests that the worst phase for the industry has passed, with expectations for stabilization in milk prices by Q3 2025, which could improve the competitive landscape [13]. - Yili is expected to achieve healthy growth in liquid milk and other segments, with infant formula benefiting from a slight rebound in birth rates and adult formula focusing on functional product development [13]. - The report emphasizes that cost reductions and lower impairment losses are expected to enhance profit elasticity, with a maintained target net profit margin of 9% for 2025 [13].

证券代码：600887 证券简称：伊利股份 公告编号：临 2025-008 内蒙古伊利实业集团股份有限公司 关于股份回购进展公告 本公司董事会及全体董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、回购股份的基本情况 内蒙古伊利实业集团股份有限公司（简称"公司"）分别于 2024 年 4 月 28 日、2024 年 5 月 20 日召开第十一届董事会临时会议和 2023 年年 度股东大会，审议通过了《关于以集中竞价交易方式回购公司股份方案 的议案》，同意公司使用不低于人民币 10 亿元（含）且不超过人民币 20 亿元（含）的自有资金以集中竞价交易方式回购公司股份，回购价格不 超过人民币 41.88 元/股（含），回购期限自公司股东大会审议通过回购 方案之日起不超过 12 个月，回购股份将用于依法注销减少注册资本。具 体内容详见公司于 2024 年 5 月 21 日披露的《内蒙古伊利实业集团股份 有限公司关于以集中竞价交易方式回购公司股份的回购报告书》。 1 回购方案首次披露日 2024/4/30 回购方案实施期限 2024/5/20~2025 ...