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 | | --- | --- | --- | --- | --- | --- | -- ...

[ 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].

Investment Rating - The investment rating for the company is "Buy," consistent with the previous rating [1]. Core Views - The company reported a revenue of 59.9 billion yuan for H1 2024, a year-on-year decrease of 9.49%, while the net profit attributable to shareholders was 7.531 billion yuan, an increase of 19.44% year-on-year [1]. - The company is actively adjusting its shipment pace to clear channel inventory, which has impacted revenue in Q2 2024, particularly in liquid milk, while the milk powder segment showed strong performance [2][3]. - The company is expected to see a gradual recovery in revenue and profit starting from Q3 2024, as the adjustments made in Q2 are nearing completion [3]. Summary by Sections Financial Performance - In Q2 2024, the company achieved a revenue of 27.3 billion yuan, down 16.54% year-on-year, with a net profit of 1.608 billion yuan, down 40.21% year-on-year [1]. - The gross margin for Q2 was 33.84%, an increase of 1.11 percentage points year-on-year, primarily due to the decline in raw milk prices [2]. - The net profit margin for Q2 was 5.92%, a decrease of 2.32 percentage points year-on-year, affected by increased sales expenses and asset impairment losses [2]. Market Position and Competitive Advantage - The company maintains a strong competitive advantage, with its liquid milk products performing better than the industry average despite adjustments in shipment [2]. - The milk powder segment has seen significant growth, with market share reaching 16.9% for infant formula, and the adult powder segment remains the market leader [2]. - New business segments, such as cheese and water beverages, have also shown robust growth, with cheese C-end business recovering and achieving positive growth in Q2 [2]. Earnings Forecast and Valuation - The company is expected to have an EPS of 1.81 yuan in 2024, with a corresponding P/E ratio of 13 times, indicating a low valuation compared to historical levels [3]. - The long-term outlook for dairy consumption in China remains positive, correlating with GDP growth, suggesting potential for further consumption increases [3].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company is expected to see a sequential improvement in H2 2024, focusing on long-term growth [2][9] - The company reported a revenue of 59.696 billion (down 9.53%) and a net profit of 7.531 billion (up 19.44%) for H1 2024 [6][9] - The Q2 revenue was 27.233 billion (down 16.60%), with a net profit of 1.608 billion (down 40.21%) [6] Revenue Summary - Q2 revenue breakdown: liquid milk 16.626 billion (down 19.61%), milk powder 7.081 billion (up 16.49%), and cold drinks 2.989 billion (down 44.27%) [7] - The company actively adjusted its market share in Q2 to address challenges, leading to weaker performance in liquid milk [7] Profitability Summary - Q2 gross margin increased by 1.1 percentage points to 33.58%, driven by lower raw milk costs [8] - The net profit margin for Q2 was 5.94%, down 2.32 percentage points year-on-year, impacted by credit impairment losses of 440 million [8] Investment Recommendations - The report maintains a "Buy" recommendation, anticipating improved performance in H2 2024 as inventory levels stabilize and cost efficiencies are realized [9] - Revenue forecasts for 2024-2026 are projected at 1218.95 billion, 1277.32 billion, and 1331.9 billion respectively, with corresponding net profits of 114.79 billion, 109.77 billion, and 118.16 billion [9][10]

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].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][6] Core Views - The company is experiencing short-term performance pressure due to channel adjustments, but there is an expectation for a sequential improvement in the second half of the year [6][7] - The company's total revenue for H1 2024 was 599.15 billion, a year-on-year decrease of 9.5%, while the net profit attributable to shareholders was 75.31 billion, an increase of 19.4% [6] - The report anticipates a steady improvement in long-term profitability due to diversified product categories, enhanced channel matrix, and strengthened brand power [6] Financial Performance Summary - In Q2 2024, total revenue was 273.38 billion, down 16.5% year-on-year, with a net profit of 16.08 billion, down 40.2% year-on-year [6] - The company has slightly adjusted its profit forecast for 2024-2026, expecting net profits of 116.8 billion, 115.6 billion, and 126.0 billion respectively [6] - The earnings per share (EPS) for the same period are projected to be 1.83, 1.82, and 1.98, with corresponding price-to-earnings (PE) ratios of 12.3, 12.5, and 11.4 [6] Business Segment Performance - The liquid milk segment saw a significant decline of 19.6% year-on-year, while the milk powder segment grew by 16.5% [7] - The company maintains the leading market share in both infant and adult milk powder, with shares of 16.9% and 24.3% respectively [7] - The cold drink segment faced a decline of 44.3% due to adverse weather conditions and high base effects from the previous year, but the company remains the industry leader in both online and offline revenue [7] Profitability Metrics - In Q2 2024, the gross margin improved by 1.1 percentage points to 33.8%, while the net margin decreased by 2.3 percentage points to 5.9% [8] - The increase in sales expense ratio to 20.6% was a contributing factor to the decline in net margin [8] - The report projects that the gross margin will continue to improve due to stable or slightly decreasing raw milk costs and ongoing optimization of product and business structure [8]

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

证券代码：600887 证券简称：伊利股份 公告编号：临 2024-075 内蒙古伊利实业集团股份有限公司关于收到中国 银行间市场交易商协会《接受注册通知书》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 5 月 20 日召开的 2023 年年度股东大会审议并通过了《公司关于申请注册发行境 内债务融资工具的议案》，同意公司注册发行余额合计不超过 400 亿元 人民币的多品种债务融资工具（DFI），详见公司刊登于上海证券交易所 网站的相关公告。 公司于近日收到中国银行间市场交易商协会（简称"交易商协会"） 出具的编号为"中市协注〔2024〕DFI44 号"《接受注册通知书》，交 易商协会接受公司债务融资工具注册。现将《接受注册通知书》的相关 事项公告如下： 一、公司债务融资工具注册自本通知书落款之日起 2 年内有效，由中 信银行股份有限公司、招商银行股份有限公司、华夏银行股份有限公司、 兴业银行股份有限公司、中国光大银行股份有限公司、中国银行股份有限 公司、 ...

证券代码：600887 证券简称：伊利股份 公告编号：临2024-073 内蒙古伊利实业集团股份有限公司 关于为呼和浩特市伊兴奶业投资管理有限公司 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。 重要内容提示： 被担保人名称：呼和浩特市伊兴奶业投资管理有限公司（简称"伊 兴奶业投资"） 本次担保金额及已实际为其提供的担保余额：本次担保本金不超过 人民币0.40亿元，已实际为其提供的担保余额为人民币0.428亿元。 本次担保是否有反担保：无 对外担保逾期金额：0.20亿元 一、担保情况概述 （一）本次担保基本情况 2024年8月19日，内蒙古伊利实业集团股份有限公司（简称"公司"） 与伊兴奶业投资及兴业资产管理有限公司（简称"兴业资管"）三方签 署了《差额补足之担保协议》，为伊兴奶业投资与兴业资管签署的以融 资为目的的股权收益权转让主合同项下的业绩补偿费及股权收益权回购 款承担差额补足连带保证担保义务，差额补足本金不超过人民币0.40亿 元。 （二）本次担保事项履行的内部决策程序 公司于2024年4月28日召 ...