中信证券股份有限公司 关于内蒙古伊利实业集团股份有限公司 部分募投项目结项并将节余募集资金永久补充流动资金的核查 意见 中信证券股份有限公司（以下简称"中信证券"或"保荐人"）作为内蒙古 伊利实业集团股份有限公司（以下简称"伊利股份""公司"或"伊利集团"） 2021 年非公开发行 A 股股票持续督导阶段的保荐人，根据《证券发行上市保荐 业务管理办法》《上海证券交易所上市公司自律监管指引第 11 号——持续督导》 《上海证券交易所股票上市规则》《上市公司监管指引第 2 号——上市公司募集 资金管理和使用的监管要求》和《上海证券交易所上市公司自律监管指引第 1 号 ——规范运作》等有关规定，对伊利股份部分募投项目结项并将节余募集资金永 久补充流动资金事项进行了审慎核查，核查情况及核查意见如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于核准内蒙古伊利实业集团股份有限公司非 公开发行股票的批复》（证监许可[2021]3196 号）核准，公司于 2021 年 12 月 9 日完成向 22 名特定投资者以非公开发行股票的方式发行人民币普通股（A 股） 317,953,285股，发行价格为37.89元/股，募 ...

北京天驰君泰律师事务所 关于内蒙古伊利实业集团股份有限公司回购注销 2019 年限制性股票激励计划部分限制性股票的 法 律 意 见 书 1、本所依据我国法律、法规和规范性文件及中国证监会、证券交易 二〇二四年九月 北京天驰君泰律师事务所 http://www.tiantailaw.com 总机/T:+8610 -6184 8000 传真/F:+8610-61848009 地址： 北京市朝阳区北辰东路八号汇宾大厦六层、七层、十七层、二十层 北京天驰君泰律师事务所 关于内蒙古伊利实业集团股份有限公司 回购注销 2019 年限制性股票激励计划部分限制性股票的 法 律 意 见 书 致：内蒙古伊利实业集团股份有限公司 北京天驰君泰律师事务所（以下简称"本所"）接受内蒙古伊利实 业集团股份有限公司（以下简称"伊利股份"或"公司"）的委托，担 任伊利股份2019年限制性股票激励计划（以下简称"本次激励计划"） 的专项法律顾问，就相关事宜提供专项法律服务。 本所现根据《中华人民共和国公司法》（以下简称"《公司法》"）、 《中华人民共和国证券法》（以下简称"《证券法》"）、中国证券监 督管理委员会（以下简称"中国证监会"）发布 ...

证券代码：600887 证券简称：伊利股份 公告编号：临 2024-084 内蒙古伊利实业集团股份有限公司 关于变更会计师事务所的公告 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： 拟聘任的会计师事务所名称：信永中和会计师事务所（特殊普通合 伙）（简称"信永中和"） 原聘任的会计师事务所名称：大华会计师事务所（特殊普通合伙） （简称"大华"） 变更会计师事务所的简要原因及前任会计师的异议情况：鉴于大 华被暂停从事证券服务业务 6 个月，为确保内蒙古伊利实业集团股份有 限公司（简称"公司"）2024 年度财务报告审计、内部控制审计工作顺利 开展，根据相关规定，公司拟变更会计师事务所。公司就本次变更事项 与大华进行了充分沟通，大华对变更事项无异议。 机构名称：信永中和会计师事务所（特殊普通合伙） 成立日期：2012年3月2日 组织形式：特殊普通合伙 注册地址：北京市东城区朝阳门北大街8号富华大厦A座8层 首席合伙人：谭小青 截止2023年12月31日，信永中和合伙人（股东）245人，注册会计师 1,656人。签署 ...

证券代码：600887 证券简称：伊利股份 公告编号：临 2024-087 内蒙古伊利实业集团股份有限公司 关于修改《公司章程》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2024年9月20 日召开了第十一届董事会临时会议，审议并通过了《关于修改<公司章程> 的议案》。现对相关事项公告如下： 一、根据《上市公司股权激励管理办法》《内蒙古伊利实业集团股份 有限公司 2019 年限制性股票激励计划草案（修订稿）》等相关规定，本 次限制性股票激励对象中 2 名激励对象因个人原因离职，不再具备限制 性股票激励对象资格，拟回购注销其持有的已获授但未解除限售的限制 性股票 61,600 股。 待回购注销完成后，公司股份总数将由原 6,365,962,305 股变更为 6,365,900,705 股，公司注册资本将由原 6,365,962,305.00 元变更为 6,365,900,705.00 元。 | 综上，拟对《公司章程》相关条款做如下修改： | | --- | | 原条款 ...

[Table_Summary] [Table_Title] 主动调整成效显现，龙头经营韧性仍强 [Table_ReportDate] 伊利股份(600887)公司简评报告 | 2024.09.12 [Table_Rank] 评级： 买入 核心观点 [Table_Authors] 赵瑞 分析师 SAC 执证编号：S0110522120001 zhaorui@sczq.com.cn [Table_Chart] 市场指数走势（最近 1 年） 资料来源：聚源数据 -0.2 -0.1 0 0.1 0.2 12-Sep 24-Nov 5-Feb18-Apr 30-Jun 11-Sep 伊利股份 沪深300 | --- | --- | |---------------------------------|-------------| | [Table_BaseData] 公司基本数据 | | | 最新收盘价（元） | 22.23 | | 一年内最高 / 最低价（元） | 28.25/21.48 | | 市盈率（当前） | 12.14 | | 市净率（当前） | 2.67 | | 总股本（亿股） | 63.66 | | 总市 ...

证券研究报告 | 公司动态点评 2024 年 09 月 04 日 伊利股份（600887.SH） 终端表现优于报表，下半年轻装上阵、改善可期 买入（维持评级） 股票信息 行业 食品饮料 2024 年 9 月 3 日收盘价（元） 22.21 总市值（百万元） 141,388.02 流通市值（百万元） 140,036.14 总股本（百万股） 6,365.96 流通股本（百万股） 6,305.09 近 3 月日均成交额（百万元） 1,062.33 股价走势 | --- | --- | --- | --- | --- | --- | |----------------------|---------|---------|---------|---------|---------| | | | | | | | | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | 122,698 | 125,758 | 126,846 | 132,649 | 137,909 | | 增长率 yoy （ % ） | 11.4 | 2.5 | 0.9 | 4.6 | 4 ...

Investment Rating - The report maintains a "Buy" rating for Yili Co., Ltd. (600887.SH) [2][4] Core Views - Yili Co., Ltd. reported a revenue of 59.915 billion yuan for H1 2024, a year-on-year decrease of 9.49%, while net profit attributable to shareholders increased by 19.44% to 7.531 billion yuan [2] - The company adjusted its sales rhythm for long-life liquid milk, while low-temperature products achieved growth against the trend [2] - The decline in raw milk prices improved gross margins, although promotional investments led to an increase in sales expense ratios [2] Summary by Sections Financial Performance - H1 2024 revenue was 599.15 billion yuan, down 9.49% year-on-year; net profit was 75.31 billion yuan, up 19.44% year-on-year; and non-recurring net profit was 53.24 billion yuan, down 12.81% year-on-year [2] - Q2 2024 revenue was 273.38 billion yuan, down 16.54% year-on-year; net profit was 16.08 billion yuan, down 40.21% year-on-year; and non-recurring net profit was 15.97 billion yuan, down 35.61% year-on-year [2] Product Segments - Liquid milk revenue for H1 2024 was 368.87 billion yuan, down 13.05% year-on-year; Q2 revenue was 166.26 billion yuan, down 19.61% year-on-year [2] - Milk powder and dairy products revenue for H1 2024 was 145.09 billion yuan, up 7.31% year-on-year; Q2 revenue was 70.81 billion yuan, up 16.49% year-on-year [2] - Ice cream products revenue for H1 2024 was 73.22 billion yuan, down 20.04% year-on-year; Q2 revenue was 29.89 billion yuan, down 44.27% year-on-year [2] Profitability and Expenses - Gross margins for H1 2024 and Q2 2024 were 35.02% and 33.84%, respectively, with year-on-year increases of 1.11 percentage points for H1 [2] - Sales expense ratios for H1 2024 and Q2 2024 were 19.41% and 20.56%, respectively, with year-on-year increases of 2.51 and 2.11 percentage points [2] - Net profit margins for H1 2024 and Q2 2024 were 12.57% and 5.88%, respectively, with year-on-year decreases of 2.33 and 12.30 percentage points [2] Future Outlook - The company expects to stabilize operations and improve profitability in H2 2024 after channel adjustments are completed [2] - The net profit forecasts for 2024-2026 have been revised down to 11.597 billion yuan, 11.506 billion yuan, and 12.313 billion yuan, respectively [2]

Investment Rating - The report maintains a "Buy" rating for Yili Co., Ltd. (600887.SH) [2][4] Core Views - Yili Co., Ltd. reported a 9.49% year-on-year decline in revenue for H1 2024, totaling 59.915 billion yuan, while net profit increased by 19.44% to 7.531 billion yuan [2] - The company is adjusting its sales strategy for long-life liquid milk, while low-temperature products are experiencing growth [2] - The forecast for net profit for 2024-2026 has been revised downwards due to expected slow recovery in terminal sales [2] Summary by Sections Financial Performance - H1 2024 revenue was 599.15 billion yuan, down 9.49% year-on-year; net profit was 75.31 billion yuan, up 19.44% [2] - Q2 2024 revenue was 273.38 billion yuan, down 16.54% year-on-year; net profit was 16.08 billion yuan, down 40.21% [2] - Liquid milk revenue for H1 2024 was 368.87 billion yuan, down 13.05% year-on-year [2] - Revenue from milk powder and dairy products increased by 7.31% in H1 2024 [2] Cost and Margin Analysis - H1 2024 gross margin was 35.02%, with a slight increase due to falling raw milk prices [2] - Sales expense ratio increased to 19.41% in H1 2024, attributed to marketing costs during channel adjustments [2] - Net profit margin for H1 2024 was 12.57%, down from the previous year [2] Future Outlook - The company expects to stabilize operations in H2 2024, with potential recovery in profitability as channel adjustments are completed [2] - Revised net profit forecasts for 2024-2026 are 11.597 billion yuan, 11.506 billion yuan, and 12.313 billion yuan respectively [2] - The current stock price corresponds to a P/E ratio of 12 for 2024, indicating a favorable valuation for a leading dairy company [2][3]

Group 1: Financial Performance and Market Position - In the first half of 2024, the company adjusted its liquid milk channels, resulting in improved freshness of products, with terminal data indicating a healthy overall performance despite a slowdown in shipment pace [2][3]. - The market share of the company's white milk business increased, with organic white milk growth also leading the market [3]. - As of July 2024, the liquid milk channel adjustments were nearly complete, laying a solid foundation for business recovery in the second half of the year [4]. Group 2: Sales and Pricing Strategy - The average selling price of dairy products decreased in the first half of the year due to imbalances in raw milk supply and demand, but this stimulated consumption in lower-tier cities [6]. - The company anticipates a gradual stabilization and recovery of prices in the second half of the year, supported by improved product freshness and ongoing market adjustments [3][4]. - The company plans to leverage digital marketing strategies to enhance consumer engagement and capitalize on seasonal opportunities such as the Mid-Autumn Festival and National Day [3]. Group 3: Industry Outlook and Consumer Trends - The dairy industry is expected to achieve stable growth driven by increasing health awareness among consumers and advancements in dairy technology [6][7]. - The company is focusing on product innovation and expanding into new consumer segments, particularly in adult nutrition products, which are projected to have significant growth potential [8][9]. - The company is also exploring cross-industry collaborations to create innovative ecosystems and enhance product offerings [9]. Group 4: Investment and Shareholder Returns - The company aims to maintain a stable dividend policy, with expectations of increasing dividend amounts compared to 2023, targeting a dividend payout ratio of no less than 70% in the coming years [16]. - The company is committed to maximizing shareholder value through consistent returns and effective cost management strategies [16]. Group 5: Raw Milk Supply and Demand Dynamics - The raw milk supply is currently in excess, but the growth rate of raw milk production is slowing, indicating a potential narrowing of the supply-demand gap in the near future [14][15]. - The company is actively working to balance raw milk supply and demand, with expectations of achieving basic equilibrium by next year [15].

Investment Rating - The investment rating for the company is "Buy" and is maintained [3]. Core Views - The company reported a total revenue of 599.15 billion yuan for H1 2024, a decrease of 9.49% year-on-year, while the net profit attributable to the parent company was 75.31 billion yuan, an increase of 19.44% [3]. - The liquid milk and cold drink segments faced short-term pressure, but the growth of milk powder and dairy products accelerated [3]. - The company expects net profits attributable to the parent company to be 116.72 billion yuan, 115.57 billion yuan, and 125.91 billion yuan for 2024, 2025, and 2026, respectively, with corresponding PE ratios of 12, 12, and 11 times [3]. Summary by Sections Financial Performance - In H1 2024, the company's revenue from liquid milk, milk powder and dairy products, cold drinks, and other products was 368.87 billion yuan (-13.05%), 145.09 billion yuan (+7.31%), 73.22 billion yuan (-20.04%), and 4.06 billion yuan (+26.59%) respectively [3]. - The company’s gross profit margin for H1 2024 was 34.78%, an increase of 1.63 percentage points year-on-year, primarily due to the decline in milk prices [3]. - The net profit margin for H1 2024 was 12.57%, up 3.04 percentage points year-on-year, benefiting from the increase in gross margin and investment income [3]. Sales and Distribution - The number of distributors decreased by 909 in H1 2024 but saw a net increase of 157 in Q2 2024, indicating a recovery in distributor numbers [3]. - Revenue from the North China, South China, Central China, East China, and other regions in H1 2024 was 167.98 billion yuan, 147.06 billion yuan, 109.98 billion yuan, 90.84 billion yuan, and 75.39 billion yuan, respectively, with year-on-year declines of 6.05%, 11.93%, 11.11%, 13.77%, and 5.05% [3]. Investment Outlook - The company is expected to maintain a stable growth trajectory with projected net profits showing a year-on-year growth of 11.92% in 2024, a slight decline of 0.98% in 2025, and a rebound of 8.95% in 2026 [3]. - The report emphasizes the potential for recovery in the company's performance, particularly in the milk powder and dairy product segments, despite current challenges in the liquid milk and cold drink markets [3].