证券代码：600887 证券简称：伊利股份 公告编号：临 2024-081 内蒙古伊利实业集团股份有限公司 关于股东股份补充质押的公告 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。 重要内容提示： 呼和浩特投资有限责任公司持有内蒙古伊利实业集团股份有限公 司（简称"公司"）股份538,535,826股，占公司总股本的8.46%。本次 补充质押后，呼和浩特投资有限责任公司所持公司股份累计质押数量 195,914,400股，占其持股总数的36.38%。 公司于2024年9月2日接到股东呼和浩特投资有限责任公司函告，获 悉其所持有本公司的部分股份办理了补充质押业务，具体事项如下： 三、股东累计质押股份情况 截至2024年9月2日，呼和浩特投资有限责任公司累计质押股份情况 如下: | 股东 | | 持股 | 本次质押前累 | 本次质押后累 | 占其所 | 占公司 总股本 | 已质押股份情况 已质押 | 已质押 | 未质押股份情况 未质押 | 未质押 | | --- | --- | --- | --- | --- | --- | -- ...

证券代码：600887 证券简称：伊利股份 公告编号：临 2024-080 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 2024/5/20~2025/5/19 预计回购金额 10 亿元~20 亿元 回购 ...

[ T able_StockInfo] 2024 年 08 月 30 日 证券研究报告•2024 年半年报点评 买入 （维持） 当前价：22.63 元 伊利股份（600887）食品饮料 目标价：——元（6 个月） 渠道库存调整基本到位，期待下半年轻装上阵 [Table_Summary 事件：公司发布] 2024 年半年报，上半年实现营业总收入 599 亿元，同比下滑 9.5%；实现归母净利润 75.3亿元，同比增长 19.4%。其中 24Q2实现营业总收 入 273亿元，同比下滑 16.5%；实现归母净利润 16.1亿元，同比下滑 40.2%。 液奶渠道库存调整基本到位，奶粉及奶制品增速领先。2024H1液体乳、奶粉及 奶制品、冷饮产品分别实现营业收入 369亿元（-13%）、145亿元（+7.3%）、 73.2 亿元（-20%）。1）液体乳：渠道库存调整已基本到位，终端表现好于行 业整体，零售额继续稳居行业第一。白奶表现领先，低温液奶逆势增长。2）奶 粉及奶制品：公司整体婴幼儿奶粉、成人奶粉零售额市场份额分别达到 16.9%、 24.3%；奶酪线下零售额市场份额约 18.8%（+1.2pp）。3）冷饮：受天 ...

Investment Rating - The investment rating for the company is downgraded to "Hold" due to concerns over limited profit growth potential in the slowing dairy market [1]. Core Views - The company is a leading player in the Chinese dairy industry with strong brand power and solid fundamentals. However, the slowing market demand raises concerns about future profit growth [1]. - The company's revenue growth is expected to remain in the mid-single digits over the next 2-3 years, with profit growth projected in the mid to high single digits. The current valuation lacks sufficient cost-effectiveness [1]. - The future revenue growth is contingent on the recovery of end-demand, with a cautious approach to shipment schedules in the second half of 2024 [1]. - The company aims to increase shareholder returns, transitioning from a growth stock to a value stock, with a dividend payout ratio not less than 70% [1]. Financial Summary - Revenue for 2022 was 123,171 million RMB, with a projected decline to 121,203 million RMB in 2024, reflecting a year-on-year change of -3.9% [2]. - Net profit for 2022 was 9,431 million RMB, expected to rise to 12,319 million RMB by 2024, indicating a year-on-year growth of 18.1% [2]. - The company's price-to-earnings ratio (P/E) is projected to be 12.9x for 2024 and 12.2x for 2026 [2]. - The return on equity (ROE) is expected to increase from 18.1% in 2022 to 20.9% in 2024 [2]. Operational Performance - In the first half of 2024, the company's liquid milk revenue declined by 13% year-on-year, while excluding inventory clearance effects, a single-digit decline is anticipated [1][5]. - The company reported a 7.3% year-on-year increase in milk powder revenue in the first half of 2024, outperforming most peers [1]. - The gross profit margin for the first half of 2024 was 34.4%, showing an improvement from 32.8% in the first half of 2023 [5][6]. Market Outlook - The company faces challenges in enhancing profitability due to limited cost reduction opportunities, with management targeting a stable profit margin for 2024 [1]. - The overall industry outlook remains uncertain, impacting the company's long-term revenue growth prospects [1].

信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127 金隅大 厦B座 邮编：100031 证券研究报告 公司研究 [公司点评报告 Table_ReportType] [Table_StockAndRank] 伊利股份(600887) 投资评级 买入 上次评级 买入 [Table_Author] 赵丹晨 食品饮料行业分析师 执业编号：S1500523080005 联系电话：13806086406 邮 箱：zhaodanchen@cindasc.com [主动完成调整， Table_Title] 期待需求复苏 [Table_ReportDate] 2024 年 9 月 1 日 [Table_S 事件： 伊利发布 ummary] 2024 年半年报。2024H1，公司实现营收 599 亿元，同比 -9.49%；归母净利润 75.31 亿元，同比+19.44%；扣非归母净利润 53.24 亿元，同比-35.61%。其中，24Q2 实现营收 273 亿元，同比-16.54%；归 母净利润 16.08 亿元，同比-40.21%；扣非归母净利润 15.97 亿元，同比35 ...

聚焦长期，H2 有望环比改善 ——伊利股份 24H1 业绩点评 | --- | --- | |---------------------------------|-------------| | | | | 报告日期： | 2024-08-31 | | [Table_BaseData] 收盘价（元） | 22.63 | | 近 12 个月最高 / 最低（元） | 29.45/21.48 | | 总股本（百万股） | 6,366 | | 流通股本（百万股） | 6,305 | | 流通股比例（ % ） | 99.04 | | 总市值（亿元） | 1,441 | | 流通市值（亿元） | 1,427 | [公司价格与沪深 Table_Chart] 300 走势比较 -26% -14% -2% 11% 23% 8/23 11/23 2/24 5/24 伊利股份 沪深300 [Table_Author] 分析师：邓欣 执业证书号：S0010524010001 邮箱：dengxin@hazq.com 分析师：陈姝 执业证书号：S0010522080001 邮箱：chenshu@hazq.com [Table_Compa ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the benchmark index within the next six months [9]. Core Insights - The company has passed the peak pressure point for liquid milk inventory, with expectations for both revenue and profit to improve moving forward [3][4]. - In the first half of 2024, the company reported total revenue of 599.15 billion yuan, a decrease of 9.49% year-on-year, while net profit attributable to shareholders increased by 19.44% to 75.31 billion yuan [3][4]. - The report highlights that the decline in revenue is primarily due to inventory reduction in liquid milk and slow sales in cold beverages, which have negatively impacted profits [4][6]. Financial Performance Summary - For the first half of 2024, the company's gross margin was 35.02%, and net profit margin was 12.57%, showing improvements of 1.65 and 3.04 percentage points year-on-year, respectively [4]. - The company experienced a significant increase in investment income, amounting to 26.28 billion yuan, primarily from the sale of a subsidiary [4]. - Credit impairment losses rose to 4.54 billion yuan, reflecting increased provisions due to cautious assessments of upstream partners [4]. Revenue Breakdown - In the first half of 2024, revenue from liquid milk, milk powder and dairy products, cold beverages, and other products was 368.87 billion yuan, 145.09 billion yuan, 73.22 billion yuan, and 4.06 billion yuan, respectively [5]. - The revenue for liquid milk decreased by 13.05% year-on-year, while milk powder and dairy products saw a growth of 7.31% [5]. Future Outlook - The report anticipates that the second half of 2024 will see improved performance in the liquid milk segment as inventory pressures ease and marketing expenses stabilize [6]. - Revenue projections for 2024-2026 are set at 1197.91 billion yuan, 1249.49 billion yuan, and 1290.36 billion yuan, with expected growth rates of -5.06%, 4.31%, and 3.27%, respectively [6][8]. - The forecasted net profit for the same period is 121.68 billion yuan, 113.01 billion yuan, and 124.91 billion yuan, with growth rates of 16.68%, -7.13%, and 10.53% [6][8].

公 司 研 究 伊利股份（600887.SH） 2024 年 08 月 31 日 短期调整下业绩承压，期待下半年环比改善 ——公司信息更新报告 投资评级：买入（维持） 张宇光（分析师） 张思敏（联系人） zhangyuguang@kysec.cn 证书编号：S0790520030003 zhangsimin@kysec.cn 证书编号：S0790123070080 | --- | --- | |-------------------------|-------------| | 日期 | 2024/8/30 | | 当前股价 ( 元 ) | 22.63 | | 一年最高最低 ( 元 ) | 29.45/21.48 | | 总市值 ( 亿元 ) | 1,440.62 | | 流通市值 ( 亿元 ) | 1,426.84 | | 总股本 ( 亿股 ) | 63.66 | | 流通股本 ( 亿股 ) | 63.05 | | 近 3 个月换手率 (%) | 42.68 | 股价走势图 -24% -16% -8% 0% 8% 16% 2023-08 2023-12 2024-04 伊利股份 沪深300 数据来源：聚源 ...

Financial Performance - Revenue for the first half of 2024 was RMB 59.70 billion, a decrease of 9.53% year-over-year[11] - Net profit attributable to shareholders was RMB 7.53 billion, an increase of 19.44% year-over-year[11] - Basic earnings per share (EPS) for the first half of 2024 was RMB 1.18, up 19.19% compared to the same period last year[11] - Operating cash flow for the first half of 2024 was RMB 5.33 billion, a decrease of 11.42% year-over-year[11] - Weighted average return on equity (ROE) was 13.18%, an increase of 1.32 percentage points compared to the same period last year[11] - The company achieved total operating revenue of 59.915 billion yuan and a net profit of 7.573 billion yuan in the reporting period[21] - Net profit after deducting non-recurring gains and losses decreased by 12.81% to 5.324 billion RMB[105] - Total operating income for the first half of 2024 was RMB 59.91 billion, a decrease of 9.5% compared to RMB 66.20 billion in the same period of 2023[110] - Operating costs for the first half of 2024 were RMB 53.28 billion, a decrease of 9.6% compared to RMB 58.94 billion in the same period of 2023[110] - Net profit for the first half of 2024 was RMB 8.75 billion, an increase of 19.4% compared to RMB 7.33 billion in the same period of 2023[110] - Net profit attributable to parent company shareholders reached RMB 7.53 billion, a 19.4% increase from RMB 6.31 billion in the previous year[111] - Total comprehensive income for the period was RMB 7.23 billion, up 12.8% from RMB 6.41 billion in the prior year[111] - Basic earnings per share increased to RMB 1.18, compared to RMB 0.99 in the previous year[111] - Parent company's net profit rose 30.3% to RMB 8.81 billion from RMB 6.77 billion in the prior year[113] - Investment income for the parent company surged 90.4% to RMB 5.78 billion from RMB 3.04 billion in the previous year[113] - Parent company's operating profit increased by 26.4% to RMB 9.20 billion from RMB 7.28 billion in the prior year[113] - Parent company's total comprehensive income grew 30.1% to RMB 8.81 billion from RMB 6.77 billion in the previous year[113] - Sales revenue from goods and services in the first half of 2024 was RMB 60.73 billion, a decrease of 9.6% compared to RMB 67.18 billion in the same period of 2023[114] - Net cash flow from operating activities in the first half of 2024 was RMB 5.33 billion, a decrease of 11.4% compared to RMB 6.01 billion in the same period of 2023[114] - Cash received from selling goods and providing services in the first half of 2024 was RMB 60.73 billion, a decrease of 9.6% compared to RMB 67.18 billion in the same period of 2023[114] - Cash paid for goods and services in the first half of 2024 was RMB 45.73 billion, a decrease of 11.8% compared to RMB 51.84 billion in the same period of 2023[114] - Net cash flow from investing activities in the first half of 2024 was negative RMB 2.71 billion, an improvement from negative RMB 11.09 billion in the same period of 2023[115] - Cash received from investments in the first half of 2024 was RMB 1.16 billion, an increase of 27.3% compared to RMB 910.88 million in the same period of 2023[115] - Cash paid for investments in the first half of 2024 was RMB 2.02 billion, a significant decrease of 77.4% compared to RMB 8.97 billion in the same period of 2023[115] - Net cash flow from financing activities in the first half of 2024 was negative RMB 1.15 billion, compared to positive RMB 8.85 billion in the same period of 2023[115] - Cash received from borrowings in the first half of 2024 was RMB 130.43 billion, a decrease of 14.6% compared to RMB 152.79 billion in the same period of 2023[115] - Cash and cash equivalents at the end of the first half of 2024 were RMB 44.24 billion, an increase of 19.6% compared to RMB 36.99 billion at the end of the first half of 2023[115] - Sales revenue from goods and services received in cash decreased to 54.06 billion yuan in the first half of 2024, compared to 60.26 billion yuan in the same period of 2023[116] - Net cash flow from operating activities significantly dropped to 1.32 billion yuan in the first half of 2024, down from 27.35 billion yuan in the first half of 2023[116] - Net cash flow from investing activities improved to 3.33 billion yuan in the first half of 2024, compared to a negative 7.45 billion yuan in the same period of 2023[116] - Net cash flow from financing activities was negative 2.99 billion yuan in the first half of 2024, an improvement from negative 14.17 billion yuan in the first half of 2023[116] - The company distributed dividends and profits amounting to 7.64 billion yuan in the first half of 2024[117] - The ending balance of cash and cash equivalents increased to 25.16 billion yuan by the end of the first half of 2024, up from 23.01 billion yuan at the end of the same period in 2023[116] - Total owner's equity decreased slightly to 56.76 billion yuan by the end of the first half of 2024, down from 57.32 billion yuan at the beginning of the period[117] - Owner's equity decreased by 653.9 million yuan in the first half of 2024, from 54.14 billion yuan to 53.49 billion yuan[119][120] - Comprehensive income for the period was 6.41 billion yuan, with 6.32 billion yuan attributable to parent company owners[119] - Profit distribution to shareholders amounted to 6.62 billion yuan[120] - Capital reserve decreased by 880.9 million yuan, mainly due to a reduction in owner's capital investment[119] - Treasury stock decreased by 370.5 million yuan[119] - Minority shareholders' equity increased by 185.7 million yuan[119] - Other comprehensive income showed a positive adjustment of 466,807.67 yuan[119] - Retained earnings decreased by 296.7 million yuan[119] - Other equity instruments increased by 60.1 million yuan[120] - The company's total assets stood at 53.49 billion yuan as of the end of the reporting period[120] - Total owner's equity at the end of the period increased to CNY 44.53 billion, up from CNY 43.46 billion at the beginning of the period[121] - Comprehensive income for the period amounted to CNY 8.81 billion[121] - Capital reserve increased by CNY 20.3 million during the period[121] - Retained earnings grew by CNY 1.18 billion, reaching CNY 23.04 billion at the end of the period[121] - Total owner's equity decreased by CNY 455.56 million compared to the previous period, ending at CNY 41.61 billion[122] - Comprehensive income for the period was CNY 6.77 billion[122] - Capital reserve decreased by CNY 941.01 million during the period[122] - Retained earnings increased by CNY 164.43 million, reaching CNY 20.36 billion at the end of the period[122] Assets and Liabilities - Total assets as of the end of the reporting period were RMB 149.89 billion, a decrease of 1.14% compared to the end of the previous year[11] - Overseas assets amounted to RMB 18.79 billion, accounting for 12.53% of total assets[33] - Contract liabilities decreased by 49.06% to RMB 4.43 billion, mainly due to reduced prepayments from distributors[30] - Long-term borrowings decreased by 36.89% to RMB 7.39 billion, with a significant portion reclassified as current liabilities[30] - Investments in associates and joint ventures increased slightly by 0.50% to RMB 4.43 billion, generating RMB 39.57 million in investment income[35] - Total assets decreased slightly to 1.499 trillion RMB, with current assets at 689.951 billion RMB and non-current assets at 808.950 billion RMB[106] - Total liabilities decreased to 93.13 billion RMB from 94.30 billion RMB year-over-year[107] - Short-term borrowings increased to 48.24 billion RMB from 39.75 billion RMB[107] - Accounts payable decreased to 13.25 billion RMB from 13.80 billion RMB[107] - Contract liabilities decreased to 4.43 billion RMB from 8.70 billion RMB[107] - Total current liabilities increased to 80.14 billion RMB from 76.86 billion RMB[107] - Long-term borrowings decreased to 7.39 billion RMB from 11.71 billion RMB[107] - Total non-current liabilities decreased to 12.99 billion RMB from 17.44 billion RMB[107] - Total assets increased to 122.99 billion RMB from 117.51 billion RMB[108] - Cash and cash equivalents increased to 25.43 billion RMB from 24.01 billion RMB[108] - Long-term equity investments increased to 53.77 billion RMB from 50.77 billion RMB[108] - Total liabilities as of June 2024 were RMB 78.46 billion, an increase of 6.0% compared to RMB 74.05 billion in June 2023[109] - Short-term borrowings as of June 2024 were RMB 12.31 billion, an increase of 101.4% compared to RMB 6.11 billion in June 2023[109] - Accounts payable as of June 2024 were RMB 12.29 billion, a decrease of 5.2% compared to RMB 12.96 billion in June 2023[109] - Contract liabilities as of June 2024 were RMB 4.01 billion, a decrease of 50.6% compared to RMB 8.12 billion in June 2023[109] - Long-term borrowings as of June 2024 were RMB 6.91 billion, a decrease of 37.7% compared to RMB 11.09 billion in June 2023[109] - Total equity as of June 2024 was RMB 44.53 billion, an increase of 2.5% compared to RMB 43.46 billion in June 2023[109] Business Operations - New product revenue accounted for 15.2% of total revenue, driven by products like "Anmuxi" probiotic yogurt and "Jinlingguan" organic HMOs infant formula[16] - Overseas business revenue increased by 4% year-over-year, with organic growth in Southeast Asia reaching 7% excluding currency effects[16] - The company accelerated digital transformation across the entire industry chain, leveraging AI, IoT, and big data, and launched the YILI-GPT model to enhance efficiency[16] - Domestic raw milk supply growth exceeded demand growth, leading to a short-term imbalance and downward pressure on retail prices[16] - The company operates in six major product categories: liquid milk, infant nutrition, adult nutrition, frozen beverages, yogurt, and cheese[14] - The company employs a centralized procurement model for raw materials to enhance bargaining power and capital efficiency[14] - The company utilizes a global production network, leveraging advantages in Asia, Oceania, and Europe to ensure high-quality product output[14] - The company focuses on digital marketing and content marketing to enhance brand awareness and reputation[14] - The company's overseas subsidiaries, such as THE CHOMTHANA COMPANY LIMITED and PT Yili Indonesia Dairy, focus on producing and selling products like milk powder and cheese globally[14] - Liquid milk business generated revenue of 36.887 billion yuan, maintaining the top market share in the industry[21] - The penetration rate of room-temperature liquid milk in household consumption increased by 0.8% year-on-year, with purchase frequency rising by 2.2%[17] - In lower-tier cities, the penetration rate of household consumption increased by 1.9% year-on-year, and purchase frequency rose by 2.4%[17] - The company's milk powder and dairy products business achieved revenue of 14.509 billion yuan, a year-on-year increase of 7.31%[22] - The company holds 919 domestic and international invention patents, an increase of 81 from the end of the previous year[20] - The company operates 81 production bases globally, with products sold in 60 countries and regions, and a total production capacity of 16.31 million tons per year[20] - The company's MSCI ESG rating was upgraded to AA, the highest among Chinese dairy companies[20] - The company launched the world's first room-temperature probiotic yogurt under the "Ambrosial" brand, addressing the challenge of maintaining active probiotics in long-shelf-life yogurt[22] - The company's "Golden Classic" brand continued to increase its market share, driven by organic product upgrades[22] - The company's infant formula retail sales market share increased by 1.7 percentage points year-on-year to 16.9%, with sales achieving growth against the trend[23] - Adult milk powder retail sales market share rose by 0.5 percentage points year-on-year to 24.3%, maintaining the top market position[23] - Cheese business offline retail sales market share reached 18.8%, up 1.2 percentage points year-on-year, with traditional channel retail sales market share increasing by 5.5 percentage points to 25.7%[23] - Cold beverage business revenue reached 7.322 billion yuan, maintaining the top market position[24] - The company successfully developed internationally leading probiotic encapsulation technology and commercialization equipment, achieving breakthrough results in promoting probiotic efficacy[25] - The company launched the dairy industry's first large model application, YILI-GPT, applying AI capabilities across core business areas[26] - Overseas ice cream brand Joyday was selected for the IOC global brand list in the food and beverage industry[26] - The company initiated the "Lactating Cow Yield Improvement Project" to lead high-quality development in the industry[26] - The company's 28 laboratories have obtained CNAS laboratory accreditation certificates, enhancing quality management and consumer satisfaction[24] - The company's "Jinlingguan" organic HMOs infant formula drove double-digit sales growth in the organic series[23] Investments and Financial Instruments - Dada Group's stock investment had an initial cost of 10,050,000.00 yuan, with a fair value change loss of -6,043,560.82 yuan, resulting in an ending book value of 3,708,554.47 yuan[38] - SenseTime Group's stock investment had an initial cost of 15,449,703.36 yuan, with a fair value change gain of 243,338.45 yuan, resulting in an ending book value of 2,001,069.10 yuan[38] - ANE Logistics' stock investment had an initial cost of 10,000,000.00 yuan, with a fair value change gain of 5,509,933.90 yuan, resulting in an ending book value of 32,028,020.29 yuan[38] - Inner Mongolia Yili Industrial Group's investment in private equity funds amounted to 1,534,379,413.42 yuan as of the reporting period[39] - Yili's commodity futures investment had a fair value change loss of -518,988.64 yuan, resulting in an ending book value of -416,362.71 yuan[40] - Yili's foreign exchange derivatives investment had an initial book value of 90,680,896.17 yuan, with a fair value change loss of -76,601,247.01 yuan, resulting in an ending book value of 12,804,417.96 yuan[40] - Yili's total derivative investments had a fair value change loss of -449,313.64 yuan, resulting in an ending book value of 12,388,055.25 yuan[40] - Yili's commodity futures and options generated a net loss of -44.93 million yuan, while foreign exchange derivatives generated a net loss of -1,294.31 million yuan[40] - Yili's derivative investments for hedging purposes had a total fair value change loss of -7,694.85 million yuan[41] - Yili's board approved derivative investments on April 30, 2024, and the shareholders' meeting approved them on May 21, 2024[41] - Hong Kong Jin Gang Trading Holdings Co., Ltd. reported a net loss of 4,444.67 million yuan with total assets of 3,104,216.32 million yuan and net assets of 1,733,129.25 million yuan[43] - Yili Finance Co., Ltd. achieved a net profit of 22,558.00 million yuan with total assets of 1,720,500.67 million yuan and net assets of 199,428.93 million yuan[43] - Inner Mongolia Sheng Tai Venture Capital Co., Ltd. recorded a net profit of 216,409.17 million yuan with total assets of 356,074.32 million yuan and net assets of 351,862.67 million yuan[43] - Ningxia Yili Dairy Co., Ltd. reported a net profit of 36,220.81 million yuan with total assets of 233,948.51 million yuan and net assets of 154,687.25 million yuan[43] Risk Management - The company faces supply risks due to potential fluctuations in imported raw material prices influenced by geopolitical and international trade policies[44] - Financial risks are heightened as the company's international strategy progresses, with increased exposure to exchange rate and trade policy fluctuations[44] - The company emphasizes the importance of food safety and continuously improves its global quality management system to mitigate product quality risks[44] - Two subsidiaries, Fuxin Yili Dairy Co., Ltd. and Zhumadian Yili Dairy Co., Ltd., were dissolved[44] Corporate Governance