证券代码：600887 证券简称：伊利股份 公告编号：临2025-035 内蒙古伊利实业集团股份有限公司 关于参与设立创业投资基金的进展公告 经出资方共同协商，创业投资基金采取公司制基金形式。公司将根 据基金的后续进展情况，按照有关规定履行相关信息披露义务，敬请广 大投资者注意投资风险。 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。 特此公告 内蒙古伊利实业集团股份有限公司 董 事 会 为提升内蒙古伊利实业集团股份有限公司（简称"公司"）的核心 竞争优势与产业拓展能力，寻求健康食品领域早期创新创业企业投资机 会，有效把握新的市场机遇，公司全资有限合伙企业珠海健瓴股权投资 基金管理合伙企业（有限合伙）、深圳市健瓴创新种子私募股权投资基 金合伙企业（有限合伙）、健瓴（珠海）母基金合伙企业（有限合伙） 与安徽省种子基金二期合伙企业（有限合伙）共同出资设立创业投资基 金。创业投资基金总认缴出资额为20,000万元，公司全资有限合伙企业 合计出资13,000万元。具体内容详见《内蒙古伊利实业集团股份有限公 司关于参与设立创业投资基金的 ...

证券代码：600887 证券简称：伊利股份 公告编号：临 2025-036 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 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 累计已回购股数 36,205,761股 累计已回购股数占总股本比例 0.5687% 累计已回购金额 877,573,940.14元 实际回购价格区间 21.57元/股~29.97元/股 重要内容提示： 二、回购股份的进展情况 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： 2025 年 4 月，公司通过集中竞价交易方式已累计回购公司股份 3,700,400 股，占公司总股本的比例 0.0581%，购买的最高价为 29.97 元 /股、最低价为 28.00 元/股，支付的金额为 109,992, ...

Group 1: Yili Co., Ltd. (伊利股份) - Business Quality: In 2024, Yili's revenue is projected to be 115.8 billion, a decrease of 8% year-on-year, with a net profit of 6.011 billion, down 40% year-on-year [2][3] - Cost Pressure: Sales expenses reached 21.98 billion, accounting for 19% of revenue, significantly higher than R&D expenses of 870 million, leading to a net profit margin of only 7.33% [3][4] - Competitive Advantage: ROIC decreased from 9.5% in 2023 to 7%, indicating that Yili's competitive edge lies in channel management rather than product innovation [4] - Valuation Concerns: Current PE ratio is 22.5 based on 2024 net profit, with a warning that the dairy industry growth has slowed to single digits and high sales expense ratios may hinder profit growth [5] Group 2: Midea Group (美的集团) - Business Quality: In 2024, Midea's revenue is expected to be 409.1 billion, a 9.5% increase year-on-year, with a net profit of 38.5 billion, up 14.3% year-on-year [9][10] - Cost Structure: Sales expenses of 38.75 billion account for 9.5% of revenue, which is 2.4 times higher than R&D expenses of 16.23 billion, raising questions about the sustainability of marketing-driven growth [10][11] - Growth Acceleration: In Q1 2025, revenue surged to 128.4 billion, a 20.6% increase year-on-year, with net profit rising 38% [12] - Valuation Analysis: Current PE ratio is approximately 14.5 based on 2024 net profit, with concerns about declining ROIC and potential risks from overseas revenue exposure [14] Group 3: Kweichow Moutai (贵州茅台) - Business Quality: Moutai's revenue grew by 10.54% and profit by 11.56% in Q1, showcasing its strong market position with a high gross margin of 91.93% and net margin of 52.27% [18][19] - Competitive Advantage: Moutai maintains a healthy inventory level of 0.5 months, significantly lower than competitors, indicating strong pricing power and market demand [19] - Valuation Insights: Current valuation based on a projected net profit of 93.485 billion in 2025 suggests a PE ratio of around 20, which is considered reasonable given its ability to outperform inflation [20] - Extreme Scenario Analysis: Moutai's pricing power allows it to maintain positive revenue growth even in adverse market conditions, supported by strong cash flow [21]

Investment Rating - The report maintains a "Recommended" investment rating for Yili Co., Ltd. (600887.SH) with a current stock price of 28.79 yuan [1]. Core Insights - The company reported a total revenue of 115.39 billion yuan for 2024, a decrease of 8.24% year-on-year, and a net profit of 8.45 billion yuan, down 18.94% year-on-year. The first quarter of 2025 showed a revenue of 32.94 billion yuan, an increase of 1.46% year-on-year, while net profit decreased by 17.71% year-on-year to 4.87 billion yuan [3][4]. - The report highlights that the liquid milk segment remains the market leader despite a revenue decline of 12.32% to 75.00 billion yuan. The milk powder segment saw a revenue increase of 7.53% to 29.68 billion yuan, driven by innovation in infant nutrition products [6][7]. - The financial outlook suggests a gradual recovery in revenue as consumer demand improves, with projected net profits for 2025-2027 being 10.74 billion yuan, 11.64 billion yuan, and 12.71 billion yuan respectively [7][9]. Financial Summary - **Revenue and Profit Trends**: - 2024 revenue: 115.39 billion yuan, 2025E: 119.20 billion yuan, 2026E: 124.21 billion yuan, 2027E: 129.80 billion yuan [5]. - 2024 net profit: 8.45 billion yuan, 2025E: 10.74 billion yuan, 2026E: 11.64 billion yuan, 2027E: 12.71 billion yuan [5]. - **Profitability Ratios**: - Gross margin for 2024 is projected at 33.88%, with a net margin of 7.3% [6][7]. - **Valuation Metrics**: - The price-to-earnings (P/E) ratio is expected to be 21.7 for 2024, decreasing to 14.4 by 2027 [5][9]. Market Position - Yili maintains a strong market position in the liquid milk sector, holding the largest market share despite recent revenue declines. The company is also a leader in the adult milk powder market with a 24% market share [6][7]. Regional Performance - Revenue by region shows a decline across all areas, with North China leading at 32.19 billion yuan, down 5.15% year-on-year. South China and Central China also experienced declines of 9.81% and 13.46% respectively [6]. Cash Flow and Financial Health - The cash flow from operating activities for 2024 is projected at 21.59 billion yuan, with a net increase in cash of -18.41 billion yuan due to significant investment outflows [9]. - The total assets for 2024 are estimated at 153.72 billion yuan, with a debt-to-asset ratio of 62.9% [8].

Group 1 - The core investment strategy of Honghu Fund in Q1 2025 involved significant increases in holdings of Yili Co. and Shaanxi Coal, while maintaining its position in China Telecom [1][5][8] - Honghu Fund's holdings include 1.53 billion shares of Yili Co. valued at 4.289 billion yuan, and 1.16 billion shares of Shaanxi Coal valued at 2.304 billion yuan as of the end of Q1 2025 [5][8] - The fund's investment in China Telecom remained unchanged, with a holding of 760 million shares valued at 5.979 billion yuan, reflecting an increase in market value due to stock price appreciation [5][8] Group 2 - The fund's sector allocation shows a distribution of 47.56% in communication services, 34.12% in data services, and 18.33% in coal mining [4][3] - The total number of stocks held by Honghu Fund is three, with two stocks increased and one stock unchanged in Q1 2025 [3][5] - The insurance capital market is experiencing a significant increase in long-term stock investments, with the scale rising from 500 billion yuan to 1.62 trillion yuan, indicating a growing trend of insurance funds entering the equity market [10][11]

Investment Rating - The report maintains a "Strong Buy" rating for Yili Co., Ltd. (600887) with a target price of 36 CNY [2][8]. Core Views - The company reported a revenue of 115.39 billion CNY for 2024, a year-on-year decrease of 8.24%, and a net profit attributable to shareholders of 8.45 billion CNY, down 18.9% year-on-year. The first quarter of 2025 showed a revenue increase of 1.46% year-on-year, indicating a potential recovery [2][9]. - The company plans to distribute a cash dividend of 1.22 CNY per share, totaling 7.73 billion CNY, with a payout ratio of 91.4% [2]. Financial Performance Summary - **2024 Financials**: - Total revenue: 115.78 billion CNY, down 8.2% year-on-year - Net profit: 8.45 billion CNY, down 18.9% year-on-year - EPS: 1.33 CNY [9]. - **2025 Estimates**: - Projected revenue: 119.11 billion CNY, up 2.9% year-on-year - Projected net profit: 10.74 billion CNY, up 27.1% year-on-year - Projected EPS: 1.69 CNY [9]. Product Performance - In Q4 2024, the revenue from liquid milk, milk powder, and dairy products was 17.48 billion CNY, 8.35 billion CNY, and 0.377 billion CNY respectively, with year-on-year changes of -13.1%, +8.7%, and +23.7% [7]. - In Q1 2025, the revenue from liquid milk, milk powder, and dairy products was 19.64 billion CNY, 8.81 billion CNY, and 4.11 billion CNY respectively, with year-on-year changes of -3.1%, +18.6%, and -5.3% [7]. Cost and Profitability - The gross margin for Q4 2024 was 30.8%, a decrease of 0.69 percentage points year-on-year, while the gross margin for Q1 2025 improved to 37.7%, an increase of 1.88 percentage points year-on-year [7]. - The net profit margin for Q1 2025 was 15.0%, down 3.33 percentage points year-on-year, primarily due to a decrease in investment income [7]. Future Outlook - The company aims for a revenue target of 119 billion CNY and a total profit of 12.6 billion CNY for 2025, representing a year-on-year increase of 2.8% and 24% respectively [7]. - The expected net profit margin for 2025 is 9.0%, aligning with previous plans [7].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 36.33 RMB [7][8]. Core Insights - The company's performance in Q1 2025 exceeded expectations, with significant improvements in gross profit margin and a positive outlook for revenue growth in 2025 [1][4]. - The liquid milk business showed a narrowing decline in revenue, while the infant formula segment continued to perform strongly, indicating competitive advantages [2][3]. - The company plans to achieve a revenue target of 119 billion RMB in 2025, representing a year-on-year increase of 2.8%, and a profit target of 12.6 billion RMB, reflecting a 24.4% increase [1][4]. Summary by Sections Financial Performance - In 2024, the company's revenue, net profit attributable to the parent, and net profit excluding non-recurring items were 115.78 billion RMB, 8.45 billion RMB, and 6.01 billion RMB, respectively, showing declines of 8.2%, 18.9%, and 40.0% year-on-year [1]. - For Q1 2025, the company reported revenues of 33.02 billion RMB, a net profit of 4.87 billion RMB, and a net profit excluding non-recurring items of 4.63 billion RMB, with year-on-year changes of +1.4%, -17.7%, and +24.2% respectively [1][2]. Business Segments - In 2024, the revenue breakdown by product category was 750 billion RMB for liquid milk, 87.2 billion RMB for cold drinks, and 296.8 billion RMB for milk powder and dairy products, with year-on-year changes of -12.3%, -18.4%, and +7.5% [2]. - In Q1 2025, the revenue for liquid milk, cold drinks, and milk powder and dairy products was 196.4 billion RMB, 41.1 billion RMB, and 88.1 billion RMB, with year-on-year changes of -3.1%, -5.3%, and +18.6% respectively [2]. Profitability Metrics - The gross profit margin for 2024 was 34.1%, with a year-on-year increase of 1.3 percentage points, while the gross profit margin for Q1 2025 improved to 37.8%, reflecting a year-on-year increase of 1.8 percentage points [3]. - The company reported a net profit margin of 14.0% in Q1 2025, which is the highest in its history, driven by improved gross profit and reduced selling expenses [3]. Future Projections - The company expects to achieve an EPS of 1.73 RMB in 2025, with projected growth rates of 30.51% and 10.66% for the following years [6][4]. - The report anticipates a continued positive trend in profitability and revenue growth, supported by strategic adjustments in product offerings and market positioning [1][4].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside in the stock price [4][10]. Core Insights - The company reported a revenue of RMB 115.78 billion for 2024, a year-on-year decline of 8.2%, with a net profit attributable to shareholders of RMB 8.45 billion, down 19% [5]. - In Q1 2025, the company achieved a revenue of RMB 33.02 billion, a year-on-year increase of 1.4%, with a net profit of RMB 4.87 billion, down 17.7% [5]. - The company plans to distribute a cash dividend of RMB 12.2 per 10 shares, resulting in a dividend yield of approximately 4.24% [5]. Revenue Breakdown - The product mix includes liquid milk (59.98%), milk powder and dairy products (26.92%), and frozen products (12.54%) [2]. - In Q4 2024, liquid milk revenue was RMB 17.48 billion, down 13% year-on-year, while milk powder and dairy products revenue increased by 8.7% to RMB 8.35 billion [6]. Cost and Profitability - The gross margin in Q4 2024 decreased by 0.7 percentage points to 31%, primarily due to changes in product mix [6]. - The company reported a significant impairment loss of RMB 30.4 billion related to goodwill, impacting overall profitability [6]. Future Projections - The company is expected to achieve net profits of RMB 10.71 billion, RMB 12.18 billion, and RMB 13.40 billion for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 26.7%, 13.8%, and 10% [8]. - The earnings per share (EPS) for the same years are projected to be RMB 1.68, RMB 1.91, and RMB 2.11, with corresponding price-to-earnings (P/E) ratios of 17x, 15x, and 14x [8].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 36.33 [7][8]. Core Views - The company's performance in Q1 2025 exceeded expectations, with significant improvements in gross sales margin and profitability [1][4]. - The liquid milk business has stabilized, while the infant formula segment continues to show strong growth, and the cold drink business is expected to recover as inventory adjustments are completed [2][3]. Summary by Sections Financial Performance - For 2024, the company reported revenues of RMB 115.78 billion, a decline of 8.2% year-on-year, with a net profit attributable to the parent company of RMB 8.45 billion, down 18.9% [1]. - In Q1 2025, revenues reached RMB 33.02 billion, a slight increase of 1.4% year-on-year, while net profit attributable to the parent company was RMB 4.87 billion, down 17.7% [1][2]. - The gross margin improved by 1.8 percentage points to 37.8% in Q1 2025, with a corresponding increase in net profit margin to 14.0% [3]. Business Segments - Revenue from liquid milk in 2024 was RMB 750.0 billion, down 12.3% year-on-year, while infant formula and dairy products generated RMB 296.8 billion, up 7.5% [2]. - In Q1 2025, liquid milk revenue decreased by 3.1%, cold drinks by 5.3%, but infant formula revenue increased by 18.6% [2]. Profitability and Forecasts - The company plans to achieve revenue of RMB 119.0 billion in 2025, representing a growth of 2.8%, and a total profit of RMB 12.6 billion, up 24.4% year-on-year [1][4]. - The report projects EPS for 2025 at RMB 1.73, with an upward revision of 2% from previous estimates [4]. Valuation Metrics - The target price of RMB 36.33 corresponds to a PE ratio of 21x for 2025, reflecting a favorable valuation compared to peers [4][7].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside in the stock price [4][8]. Core Insights - The company reported a revenue of RMB 115.78 billion for 2024, a year-on-year decline of 8.2%, with a net profit attributable to shareholders of RMB 8.45 billion, down 19% year-on-year [5]. - In Q1 2025, the company achieved a revenue of RMB 33.02 billion, a year-on-year increase of 1.4%, with a net profit of RMB 4.87 billion, down 17.7% year-on-year [5]. - The company is expected to see gradual improvement in performance from 2025 to 2027, with projected net profits of RMB 10.71 billion, RMB 12.18 billion, and RMB 13.40 billion, respectively, reflecting year-on-year growth rates of 26.7%, 13.8%, and 10% [8]. Summary by Sections Company Overview - The company operates in the food and beverage industry, with a market capitalization of RMB 182.37 billion and a current share price of RMB 28.79 [1]. Financial Performance - The company’s revenue for 2024 was RMB 115.78 billion, with a significant decline in net profit due to increased competition and lower birth rates affecting demand [5][6]. - The Q4 2024 results showed a revenue of RMB 26.74 billion, down 7% year-on-year, and a net loss of RMB 2.42 billion [5]. Product Segmentation - The product mix includes liquid milk (59.98%), milk powder and dairy products (26.92%), and frozen products (12.54%) [2]. Future Projections - The company anticipates a recovery in dairy product demand, with expected revenue growth driven by improved consumer confidence and cost advantages from low raw milk prices [6][8]. - The projected earnings per share (EPS) for 2025, 2026, and 2027 are RMB 1.68, RMB 1.91, and RMB 2.11, respectively [9]. Dividend Policy - The company plans to distribute a cash dividend of RMB 12.2 per 10 shares, resulting in a dividend yield of approximately 4.24% [5].