重要内容提示： 被担保人名称：内蒙古伊利实业集团股份有限公司（简称"公司"） 的全资子公司香港金港商贸控股有限公司（简称"金港控股"） 证券代码：600887 证券简称：伊利股份 公告编号：临 2025-016 内蒙古伊利实业集团股份有限公司 关于为全资子公司提供担保的进展公告 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。 本次担保金额及已实际为其提供的担保余额：本次担保贷款本金 不超过 3.96 亿美元或其他币种等值金额（折合人民币 28.53 亿元），已 实际为其提供的担保余额 9.44 亿元人民币。 本次担保是否有反担保：无 对外担保逾期的累计数量：0.33 亿元人民币 本公告中担保金额折算汇率以 2025 年 4 月 21 日的汇率中间价计 算：1 美元对人民币 7.2055 元 一、担保情况概述 （一）本次担保基本情况 2025 年 4 月 21 日，公司与荷兰合作银行香港分行(Coöperatieve Rabobank U.A., Hong Kong Branch)签署了保证协议，为金港控股在上 述银行的银行授信 ...

证券代码：600887 证券简称：伊利股份 公告编号：临 2025-015 内蒙古伊利实业集团股份有限公司关于召开 2024 年度暨 2025 年第一季度业绩说明会的公告 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： 会议召开方式： 1、电话会议 2、上证路演中心音频直播结合网络互动 会议召开时间：2025 年 4 月 30 日（星期三）9:00-11:00，其中， 电话会议和上证路演中心音频直播时间为 9:00-10:30，上证路演中心网 络互动时间为 10:30-11:00。 投资者可于 2025 年 4 月 23 日（星期三）至 4 月 29 日（星期二） 16:00 前通过电话会议预报名系统或登录上证路演中心网站首页点击"提 问预征集"栏目进行提问。公司将在说明会上对投资者普遍关注的问题 进行回答。 内蒙古伊利实业集团股份有限公司（简称"公司"）将于 2025 年 4 月 30 日发布公司 2024 年年度报告及 2025 年第一季度报告。为便于广大 投资者更全面、深入地了解公司经营成果、财务状况，公 ...

Core Viewpoint - The collaboration between Yili Xinhui and Beijing Tongrentang aims to meet the growing health needs of Hubei consumers by combining traditional health wisdom with modern technology, launching new nutritional products tailored for local dietary habits [3][6][7] Group 1: Health Trends in Hubei - Hubei's unique climate and rich dietary culture have led to a significant increase in residents' demand for balanced nutrition and health supplements, particularly in the context of modern lifestyle changes [2][5] - A recent survey indicates that 65.7% of consumers prefer medicinal dietary supplements during festive periods, highlighting a strong market for health-oriented products [3] Group 2: Product Launch and Consumer Engagement - The launch event for the new products included a donation of Yili nutritional milk powder worth 450,000 yuan to local health centers, showcasing corporate social responsibility [3] - The "Medicinal Food Homology" product series received positive feedback for its traditional formulations and convenience, particularly from the elderly demographic [4][6] Group 3: Innovative Marketing Strategies - The event utilized an innovative "experience + education" model, incorporating live demonstrations and expert consultations to enhance consumer engagement and understanding of health concepts [7] - The collaboration has successfully positioned the new products as popular health gifts for the upcoming holiday season, tapping into the rising trend of health-conscious consumerism [7]

Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [1][34] Core Views - In March, retail sales showed a month-on-month recovery, increasing consumer demand focus. The retail sales growth rate in March was 5.9% year-on-year, up 1.9 percentage points from January-February, indicating a sustained recovery in consumption driven by previous policy stimuli. Looking ahead, the importance of domestic demand is expected to rise amid external demand disturbances, with consumption policies likely to be further enhanced to boost demand recovery [5][6] - The food and beverage index increased by 1.47% this week, with notable stock performances from Anji Food (+50.00%), Gui Faxiang (+14.58%), and Zuming Shares (+12.00%). The report emphasizes the resilience of essential consumer goods, predicting a sustained increase in attention towards these products due to improving consumer confidence and income [5][11] Summary by Sections Alcohol Industry - The high-end liquor segment remains strong, with recommendations for Kweichow Moutai, Wuliangye, and Luzhou Laojiao. The next tier of liquor, represented by Shanxi Fenjiu, is also recommended as it continues to expand nationally. For real estate liquor, companies like Yingjia Gongjiu and Jiansiyuan are highlighted [5][6] - Kweichow Moutai is projected to achieve a revenue of 170.6 billion yuan in 2024, a year-on-year increase of 15.9%. The company aims for a revenue growth of around 9% in 2025 [6][33] - Wuliangye's revenue for Q3 2024 is expected to be 173 billion yuan, with a net profit of 59 billion yuan, reflecting a stable shareholder return strategy [6][33] Food Industry - The food index saw a rise of 1.47% this week, with significant gains in essential consumer goods. The report suggests that the demand for essential goods will continue to grow, supported by policies aimed at boosting consumption and improving household income [5][11] - Anji Food reported a revenue of 110.77 billion yuan for Q1-Q3 2024, with a year-on-year growth of 7.84%. The company is positioned well in the frozen food market, despite facing some pressure from the macroeconomic environment [8][33] - Dongpeng Beverage's revenue for Q1-Q3 2024 reached 125.58 billion yuan, a 45.34% increase year-on-year, indicating strong growth in the functional beverage sector [8][33] Key Company Announcements - Kweichow Moutai is recruiting operators for its products on major platforms, aiming to expand its market presence [16] - Jinhuijiu reported a revenue of 11.1 billion yuan for Q1 2025, a year-on-year increase of 3.0% [17]

这是新消费智库第 2 6 1 9 期文章 2. 水獭吨吨官宣上新春季限定冻干龙井茶 近日，水獭吨吨官宣上新春季限定冻干龙井茶，新品选用杭州龙井茶，采用鲜萃冻干 5.0 技术，低温冻住茶色香味， 0 糖 0 脂 0 卡，最大 程度保留茶叶原本味道，支持热泡冷泡。 （ TOPBRAND ） 3. 空刻冲泡意面口味上新 近日，空刻官宣其冲泡意面系列上新四种新口味。 上新的口味分别是：经典番茄肉酱、黑椒菌菇鸡肉、辣火鸡风味和金枪鱼柠香风味，该款 冲泡意面采用了 2 分钟免煮新技术，冲泡即可食用。 （ FBIF 食品饮料创新） 新消费导读 1.水獭吨吨官宣上新春季限定冻干龙井茶 2.空刻冲泡意面口味上新 3.达美乐中国今年Q1新开门店97家 4.三只羊上线小杨臻选APP 5.雀巢咖啡即饮系列官宣代言人虞书欣 6.凯乐石FUGA新门店或将落户上海新天地 7.王老吉将进入马来西亚市场 8.美国烧酒品牌Hello Soju完成680万美元融资 9.椰子水品牌if拟赴香港上市 10.杭州团家完成3000万元A轮融资 11.LYS美妆完成A轮融资 12.资生堂集团推出首个高端医美品牌 13.橘朵推出首个高性能彩妆副牌 . . . ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The March retail sales growth has rebounded month-on-month, indicating strengthened consumer policy expectations. The food and beverage index increased by 0.2% from April 14 to April 18, ranking 15th among 28 sectors, underperforming the CSI 300 by approximately 0.3 percentage points. The sub-sectors of soft drinks (+4.4%), processed foods (+4.1%), and baked goods (+3.9%) performed relatively well [4][13][15] - The total retail sales of consumer goods in March 2025 increased by 5.9% year-on-year, with a month-on-month growth of 1.9 percentage points compared to January-February. The first quarter of 2025 saw a year-on-year increase of 4.6% in retail sales, with food and beverage categories showing significant growth [4][14][13] Summary by Sections Weekly Insights - The March retail sales growth has rebounded, reflecting stronger consumer policy expectations. The food and beverage index increased by 0.2%, ranking 15th among sectors, and underperformed the CSI 300 by about 0.3 percentage points. The sub-sectors of soft drinks, processed foods, and baked goods showed leading performance [4][13][15] Market Performance - The food and beverage index rose by 0.2% from April 14 to April 18, ranking 15th among 28 sectors, and underperformed the CSI 300 by approximately 0.3 percentage points. The leading sub-sectors included soft drinks (+4.4%), processed foods (+4.1%), and baked goods (+3.9%) [4][15] Upstream Data - The price of whole milk powder at GDT auction was $4,171 per ton, up 2.7% month-on-month and up 28.7% year-on-year. The domestic fresh milk price was 3.1 yuan per kilogram, unchanged month-on-month but down 11.5% year-on-year [19][23] Alcohol Industry Data - The production of large-scale white liquor from January to March was 1.032 million kiloliters, with a year-on-year decrease of 7.3%. The beer production in March was 312.8 million kiloliters, showing a year-on-year increase of 1.9% [48][47] Recommended Stocks - Recommended stocks include Shanxi Fenjiu, Guizhou Moutai, Ganyuan Foods, and Ximai Foods. Guizhou Moutai is expected to deepen its reform process, while Shanxi Fenjiu is anticipated to have high growth certainty in the medium term [6][14][56]

Core Viewpoint - The China Securities Index (CSSW Silk Road) has shown a decline in performance, reflecting the challenges faced by companies involved in the Belt and Road Initiative, with a notable drop in the index over the past month and year-to-date [1][2]. Group 1: Index Performance - The CSSW Silk Road Index closed at 1274.4 points, down 0.06% on the day, with a trading volume of 41.559 billion yuan [1]. - Over the past month, the index has decreased by 6.59%, and it has fallen by 6.51% year-to-date [1]. - The index is designed to reflect the performance of 100 listed companies that are profitable and involved in the Belt and Road Initiative, with a base date of December 31, 2008, set at 1000.0 points [1]. Group 2: Index Holdings - The top ten holdings of the CSSW Silk Road Index include Zijin Mining (6.03%), Gree Electric (5.63%), Kweichow Moutai (5.56%), Midea Group (5.22%), Wuliangye (4.89%), CATL (4.53%), Yili (3.79%), Mindray (3.75%), Guodian NARI (3.66%), and China Shenhua (3.63%) [1]. - The market capitalization distribution shows that 50.83% of the index is from the Shenzhen Stock Exchange, while 49.17% is from the Shanghai Stock Exchange [1]. Group 3: Industry Composition - The industry composition of the index includes: Industrial (20.90%), Consumer Staples (19.46%), Consumer Discretionary (15.93%), Healthcare (13.72%), Materials (8.99%), Information Technology (6.30%), Energy (5.29%), Utilities (4.81%), and Communication Services (4.59%) [2]. Group 4: Index Adjustment - The index samples are adjusted biannually, with adjustments occurring on the second Friday of June and December [2]. - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [2].

Group 1 - The core viewpoint of the article highlights the introduction of "fertility subsidies" by major domestic milk powder brands, including Feihe, Yili, and Junlebao, as a response to declining birth rates and a strategy to attract new customers [1][2][4] - The fertility subsidies are seen as a social supplement to government policies aimed at encouraging childbirth, which have been included in the State Council's work report and the "Special Action Plan to Boost Consumption" [1][2][4] - The subsidies are expected to benefit brands, channels, and consumers, with an anticipated increase in the number of milk powder companies adopting similar subsidy strategies in the future [1][4][6] Group 2 - Junlebao announced a 1.6 billion yuan subsidy plan starting in May 2025, while Feihe and Yili have already initiated their subsidy programs, with Feihe committing 1.2 billion yuan and Yili also pledging 1.6 billion yuan [2][3] - The subsidies are designed to provide direct benefits to consumers, allowing eligible families to receive milk powder products, with Feihe's program already seeing over 50,000 successful applications [2][4] - The competition for new customers has intensified, with the cost of acquiring a new customer now estimated to be between 500 to 1,000 yuan, compared to 20 yuan before 2019 [4][5] Group 3 - The overall market for infant formula has faced challenges due to a decline in birth rates, leading to a double-digit decrease in industry scale since 2022, although the rate of decline is expected to slow in 2024 [4][6] - The introduction of fertility subsidies is viewed as a tactical response by leading brands to enhance customer loyalty and reduce the pressure on consumers regarding feeding choices [5][6] - The market is expected to see further differentiation, with leading brands likely to increase their market share, while smaller brands may struggle to implement similar subsidy strategies due to lower profit margins [6][7]

Core Viewpoint - The A-share market showed mixed performance with the Shanghai 180 Stable Index experiencing a slight decline of 0.03% to close at 11,128.3 points, with a trading volume of 51.95 billion yuan [1] Group 1: Index Performance - The Shanghai 180 Stable Index has decreased by 1.24% over the past month, increased by 2.50% over the last three months, and has declined by 1.06% year-to-date [1] - The index is based on a sample space from the Shanghai 180 and 380 indices, focusing on securities with varying risk exposures to macroeconomic conditions [1] Group 2: Index Holdings - The top ten weighted stocks in the Shanghai 180 Stable Index include Kweichow Moutai (11.91%), China Merchants Bank (6.3%), and Yangtze Power (4.32%) [1] - The index is composed entirely of stocks listed on the Shanghai Stock Exchange [2] Group 3: Sector Allocation - The sector distribution of the index holdings is as follows: Financials (33.92%), Consumer Staples (16.25%), Industrials (13.93%), Materials (8.52%), Utilities (7.52%), Healthcare (6.48%), Energy (5.49%), Consumer Discretionary (3.81%), Communication Services (3.80%), and Information Technology (0.28%) [2] Group 4: Index Adjustment - The index samples are adjusted biannually, typically on the second Friday of June and December, with a sample adjustment limit of 30% [2] - Temporary adjustments may occur under special circumstances, such as delisting or corporate actions like mergers and acquisitions [2]

证券代码：600887 证券简称：伊利股份 公告编号：临 2025-014 内蒙古伊利实业集团股份有限公司 关于董事辞职的公告 根据《公司法》及《公司章程》的规定，朝鲁先生辞职报告自送达 董事会时生效，公司将根据相关规定尽快完成董事的补选工作。 朝鲁先生在担任公司董事职务期间恪尽职守、勤勉尽责，公司董事 会对朝鲁先生任职期间为公司发展所做出的贡献表示衷心感谢！ 特此公告 内蒙古伊利实业集团股份有限公司 董 事 会 二○二五年四月十八日 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"）董事会近日收 到公司董事朝鲁先生提交的书面辞职书，朝鲁先生因工作变动原因辞去 公司第十一届董事会董事及董事会战略与可持续发展委员会委员职务， 辞职后，朝鲁先生不在公司担任任何职务。 ...