证券代码：600887 证券简称：伊利股份 公告编号：临 2025-086 内蒙古伊利实业集团股份有限公司 关于回购股份减少注册资本通知债权人的公告 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。 通知起30日内，未接到通知者自本公告披露之日起45日内，均有权凭有 效债权文件及相关凭证要求公司清偿债务或提供相应担保。债权人如逾 期未向公司申报上述要求，不会因此影响其债权的有效性，相关债务（义 务）将由公司根据原债权文件的约定继续履行。债权人可采用邮寄信函 或传真的方式申报，具体方式如下： （一）申报时间： 2025 年 11 月 29 日至 2026 年 1 月 12 日 一、通知债权人的原由 2025 年 11 月 28 日，内蒙古伊利实业集团股份有限公司（简称"公 司"）召开了 2025 年第一次临时股东大会，审议并通过了《公司关于取 消监事会并修改<公司章程>的议案》，详见公司于 2025 年 11 月 29 日在 《 中 国 证 券 报 》《 上 海 证 券 报 》 及 上 海 证 券 交 易 所 网 站 （http: ...

Market Overview - The beverage and dairy sector increased by 1.88% on November 28, with Yantang Dairy leading the gains [1] - The Shanghai Composite Index closed at 3888.6, up 0.34%, while the Shenzhen Component Index closed at 12984.08, up 0.85% [1] Stock Performance - Notable stock performances include: - Caobo Dao V (002732) rose by 9.99% to a closing price of 20.03, with a trading volume of 163,400 shares and a turnover of 322 million yuan [1] - Sunshine Dairy (001318) also increased by 9.99% to 15.97, with a trading volume of 126,000 shares and a turnover of 198 million yuan [1] - Panda Dairy (300898) saw a 5.90% increase, closing at 29.42 with a trading volume of 151,100 shares and a turnover of 441 million yuan [1] Capital Flow - The beverage and dairy sector experienced a net inflow of 433 million yuan from institutional investors, while retail investors saw a net outflow of 284 million yuan [2] - Key stocks in terms of capital flow include: - Yili Group (600887) had a net inflow of 117 million yuan from institutional investors, but a net outflow of 130 million yuan from retail investors [3] - Sunshine Dairy (001318) had a net inflow of 91 million yuan from institutional investors, with significant outflows from both retail and speculative investors [3]

Core Viewpoint - Following the fire incident in Hong Kong's Tai Po district, multiple fast-moving consumer goods (FMCG) companies from mainland China quickly initiated donation efforts to support local rescue operations and assist affected residents, demonstrating corporate responsibility [1]. Group 1: Donations by Companies - Anta Group donated a total of HKD 30 million, which includes HKD 10 million in cash and HKD 20 million in cold-weather gear [1] - Bosideng contributed HKD 30 million [1] - Nongfu Spring donated HKD 10 million in cash and HKD 5 million in supplies [1] - Li Ning Group donated HKD 20 million in cash and equipment [1] - Xtep Group donated HKD 20 million in cash and equipment [1] - 361° Group donated HKD 15 million in cash and equipment [1] - Heytea donated HKD 5 million [1] - Cha Baidao donated HKD 5 million [1] - Mixue Ice City donated HKD 20 million [1] - Bawang Tea Princess donated HKD 500,000 to the Tung Wah Group of Hospitals in Hong Kong and provided 1,000 blankets [1] - Wens Foodstuff Group donated a total of HKD 40 million in cash and supplies [1] - Yili Group, in collaboration with the Red Cross Society of China, donated HKD 10 million [1] - Chow Tai Fook Group donated HKD 20 million and provided temporary accommodation and food support for affected residents [1] - Laopu Gold donated HKD 10 million [1] - Yum China, along with its brands, donated RMB 3 million [1] - Haitian Flavor Industry Co., Ltd. donated HKD 10 million [1]

Investment Rating - The report maintains an "Overweight" rating for the food and beverage industry, indicating an expectation that the industry index will outperform the market index by more than 10% over the next six months [2][47]. Core Viewpoints - The white liquor sector is bottoming out, with a focus on structural opportunities. The report anticipates continued pressure on sales in the white liquor market through Q4 of this year and Q1 of next year, with a potential recovery in Q2 of next year due to a low base effect. The report suggests monitoring high-end liquor brands like Kweichow Moutai and other regional brands for investment opportunities [2][44]. - The report highlights a mixed performance across various segments within the food and beverage industry, with certain sectors like snacks and soft drinks showing potential growth driven by key products and channel contributions [2][44]. Summary by Sections 1. Market Review - The SW food and beverage industry index decreased by 2.97% from November 14 to November 27, 2025, outperforming the CSI 300 index by approximately 1.00 percentage points [9][11]. - Most sub-sectors underperformed the CSI 300 index during the same period, with the dairy sector showing the smallest decline of 0.11% [11][12]. - Approximately 6% of stocks in the industry recorded positive returns, with notable gainers including Hai Xin Food (+11.34%) and Nan Qiao Food (+7.86%) [13][14]. - The industry valuation is currently below the five-year average, with a PE ratio of approximately 21.3 times, compared to the historical average of 32 times [15]. 2. Key Industry Data Tracking 2.1 White Liquor Sector - The report notes a decline in the prices of premium liquor brands, with the price of Feitian Moutai at 1590 RMB per bottle, down 50 RMB from the previous period [17]. 2.2 Seasoning Sector - Prices for soybean meal increased, while white sugar and glass prices decreased. The price of white sugar fell to 5470 RMB per ton, a decrease of 290 RMB [22]. 2.3 Beer Sector - The average price of barley decreased to 2195 RMB per ton, while the price of aluminum ingots increased slightly [27]. 2.4 Dairy Sector - The average price of fresh milk remained stable at 3.03 RMB per kilogram [34]. 2.5 Meat Products Sector - The average wholesale price of pork decreased to 18.07 RMB per kilogram, reflecting a year-on-year decline of 22.88% [36]. 3. Industry News - The report mentions a 4.1% year-on-year growth in retail sales of tobacco and alcohol for October 2025, indicating a positive trend in consumer spending [39]. - The report also highlights a 16.1% increase in beer exports for the first ten months of 2025, suggesting a growing international demand [40]. 4. Company Announcements - Yili Group announced a shareholder return plan for 2025-2027, committing to a cash dividend of no less than 75% of the net profit attributable to shareholders [43]. 5. Weekly Industry Perspective - The report emphasizes the importance of monitoring economic recovery and distributor confidence in the white liquor sector, while also suggesting investment in high-quality brands and sectors benefiting from policy support [44][45].

Group 1 - Multiple companies have pledged significant donations to support fire relief efforts in Hong Kong, demonstrating corporate social responsibility and community support [1][2][3][4][5][6] - China Resources Group has donated 20 million HKD for emergency rescue and medical assistance for victims [1] - Anta Group has committed a total of 30 million HKD, including 10 million HKD in cash and 20 million HKD in cold-weather gear for disaster relief [1] - Xtep Group has announced a donation of 20 million HKD in cash and equipment for disaster recovery efforts [1] - Bosideng has pledged 10 million HKD in cash and 20 million HKD in supplies for post-disaster support [2] - Nongfu Spring has donated 10 million HKD in cash and 5 million HKD in supplies for emergency relief and recovery [2] - Heytea has contributed 5 million HKD for resident support and rebuilding efforts [3] - Alibaba has initiated a donation of 20 million HKD and activated an emergency response mechanism to provide essential supplies [5] Group 2 - Companies are actively coordinating with local organizations to ensure timely delivery of aid and resources to affected residents [5][6] - Meituan's delivery platform Keeta has donated 5 million HKD for transitional housing and community recovery [5] - JD Group has mobilized resources to provide essential supplies and meals to affected individuals and rescue workers [5] - Ctrip Group has pledged 10 million HKD to assist affected residents and communities [5] - Various companies are continuing their support efforts, indicating a sustained commitment to aid the recovery process [6]

Core Viewpoint - The fire disaster in Hong Kong's Tai Po district has resulted in significant casualties and property damage, prompting a swift response from various companies to provide aid and support for recovery efforts [1]. Company Responses - China Resources Beverage activated its emergency response mechanism, delivering 10,080 bottles of water within two hours to ensure basic drinking water safety for affected residents [1]. - China Resources Vanguard coordinated with local welfare agencies to provide over 5,000 essential supplies, including milk and instant noodles, to support disaster relief efforts [1]. - China Resources Charity Fund donated HKD 20 million for emergency rescue, medical assistance, and emotional support for victims [1]. - Wens Foodstuff Group pledged HKD 40 million in cash and supplies to assist local residents with recovery and rebuilding efforts [1]. - Nongfu Spring delivered drinking water and beverages to shelters and donated HKD 10 million in cash and HKD 5 million in supplies for emergency relief and recovery [5]. - Haitian Flavoring & Food Company donated HKD 10 million for medical aid, emergency housing, and rebuilding efforts [7]. - Heytea contributed HKD 5 million to support disaster relief and subsequent recovery efforts for affected residents [11]. - Cha Baidao initiated a donation of HKD 5 million for medical assistance and rebuilding efforts for the affected population [13]. - Yum China, through its brands, donated RMB 3 million to aid Hong Kong's Tai Po fire relief efforts [15]. - Green Tea Group donated HKD 1 million for emergency assistance to affected residents and will continue to monitor the situation [18]. - Haidilao initiated an emergency response, sending over 1,200 boxes of instant food and donating RMB 4 million for medical aid and essential supplies [22].

Core Viewpoint - The 8th China International Import Expo showcases Yili Group's innovative vitality and proactive stance in the dairy industry, highlighting its global health food offerings in collaboration with Oceania Dairy [1][3]. Group 1: Yili's International Strategy - Yili Group has prioritized internationalization as a key strategy since 2006, leading to a significant transformation from a follower to a leader in the dairy sector [3]. - The company has established a global resource, innovation, and market system, with 15 innovation centers worldwide, enhancing its collaborative development model [3][4]. Group 2: Product Highlights - Featured products at the expo include New Zealand Pure Milk, Gold Crown Smart Nutrition, Muen Butter, and Global Selection Cream, all sourced from Yili's Oceania Dairy production base, showcasing the blend of pure milk sources and advanced processing techniques [4]. - The Gold Crown Smart Nutrition product utilizes New Zealand's pure raw milk and incorporates five self-care nutrient groups, becoming a standout in the imported milk powder market [4]. Group 3: Technological Advancements - Yili has made significant breakthroughs in key technology areas, notably increasing the retention rate of lactoferrin in ambient milk from less than 10% to over 90%, contributing to the high-quality development of China's dairy industry [4]. Group 4: Future Initiatives - The "Cloud Tour Yili: Global Quality Traceability" documentary premiered at the expo, marking the start of an initiative to explore Yili's global supply chain, emphasizing transparency and quality in the dairy industry [5][6]. - Yili aims to continue fostering international cooperation and providing high-quality products to consumers globally, under the leadership of Chairman Pan Gang [6].

经济观察网 11月26日，中国香港大埔宏福苑突发重大火灾，造成重大人员伤亡与财产损失，灾情牵动 人心。 伊利集团第一时间启动应急响应机制，联合中国红十字基金会捐赠1000万港元紧急驰援。这笔善款将专 项用于受灾同胞的医疗救助、紧急安置及过渡期生活保障等。 ...

Core Viewpoint - The Chinese dairy industry is transitioning from a focus on quantity to a focus on quality, with an emphasis on precision and functionality in nutritional products, making deep processing a key to industry upgrade [2][4]. Group 1: Industry Trends - The demand for more precise, professional, and functional nutritional products is increasing among consumers, leading to a shift in the dairy industry [2]. - The deep processing of dairy products is becoming essential for industry advancement [2]. Group 2: Company Innovations - Yili Group has invested 17 years in developing a breakthrough technology for the directional extraction and protection of lactoferrin, successfully breaking foreign technological monopolies [5][6]. - Yili has established a diverse health product matrix, transitioning from a dairy company to a "health food group," covering various categories including liquid milk, ice cream, milk powder, yogurt, cheese, and more [7]. Group 3: Market Performance - In the first half of 2025, Yili achieved an 18.1% market share in the infant formula retail sector, ranking first in the industry [9]. - Yili's infant goat milk powder business experienced a 65.7% growth overseas, gaining consumer trust [9]. Group 4: Global Strategy - Yili has built a global industrial system with 81 production bases and 15 innovation centers, with products available in over 60 countries and regions [4]. - The company has integrated global resources for milk source, research, and manufacturing, establishing the largest Chinese breast milk research database [9].

Core Insights - The report highlights the trend of the logistics industry shifting from quantity competition to quality development, driven by the "anti-involution" movement, which aims to improve profitability and service quality [8][10] - The company has adjusted its business volume guidance for the year to 38.2-38.7 billion pieces, reflecting a year-on-year growth of 12.3%-13.8%, down from the previous guidance of 38.8-40.1 billion pieces [8][10] - The company's single ticket revenue has shown a slight increase of 1.7% year-on-year, reaching 1.21 yuan per ticket, indicating a recovery in revenue despite previous declines [9][10] Company Performance - In Q3 2025, the company achieved a business volume of 9.573 billion pieces, a year-on-year increase of 9.8%, while its market share decreased by 0.6 percentage points to 19.4% [8] - The adjusted net profit for Q3 was 2.506 billion yuan, reflecting a year-on-year growth of 5.0% [8] - The company reported a decrease in single ticket core costs by 0.04 yuan, with transportation costs dropping from 0.39 yuan to 0.34 yuan, contributing to improved profitability [9][10] Industry Trends - The logistics industry is experiencing a decline in overall volume growth, with industry growth rates dropping from 12.7% in September to 7.9% in October [8] - The report notes that the "Double Eleven" shopping festival saw lower-than-expected volume growth, further impacting industry dynamics [8] - The focus on quality over quantity is expected to continue, with the company anticipating a decline in volume growth but an increase in single ticket profitability in Q4 [10]