转自：中国质量报 9月16日，被誉为"中国质量领域最高荣誉"的第五届中国质量奖评选结果在中国质量（南京）大会上正式揭晓。在这场汇聚能源、装备制造等国家战略产业 领军企业的角逐中，内蒙古伊利实业集团股份有限公司（以下简称"伊利集团"）从500余家行业翘楚中脱颖而出，凭借"'自主预防 三线促零'质量管理模 式"，荣获第五届中国质量奖提名奖。这份沉甸甸的荣誉，不仅凝结着伊利人对品质的极致追求，更见证了中国乳业从"追赶"到"超越"的历史性跨越，也是 伊利集团用"乳业品质"为"中国质造"写下的生动注脚。 中国质量奖自设立以来，一直是质量管理顶尖企业的实力竞技场。市场监管总局公示的信息显示，经审查，共有541家组织和73名个人进入第五届中国质量 奖受理名单，评选围绕质量创新发展、效益提升和质量管理制度模式推广等方面展开。经中国质量奖评选表彰委员会投票表决，伊利集团与中核核电、中国 船舶集团、哈尔滨飞机工业集团等"国之重器"企业一同荣获该奖项。作为一家食品企业，伊利集团与能源、高端制造领域巨头同台竞技，充分展示了其在品 质管理、技术创新方面的强大实力。 "本届中国质量奖评选汇聚了高端制造、能源、国防工业等战略领域的领军企业 ...

Investment Rating - The report does not explicitly state an investment rating for the dairy products industry Core Insights - The dairy products industry in China has experienced rapid growth due to economic development and a large population, evolving through six distinct phases from its inception to the present recovery period post-pandemic [12][15] - The overall fast-moving consumer goods (FMCG) market is recovering, but the dairy products segment is projected to decline by 3.1% in sales in 2024 [15][18] - The market size of the dairy products sector is expected to reach approximately 5,216.70 billion yuan by 2022, with projections of 5,966.60 billion yuan by 2026 [26][20] Summary by Sections Industry Overview - The dairy products industry connects agriculture and food processing, producing various products such as liquid milk, milk powder, cheese, butter, and ice cream [9][11] Historical Development - The industry has evolved from a period of scarcity (1949-1978) to a recovery phase (2020-present), with significant milestones including the introduction of UHT technology and the impact of the melamine scandal [12][13] Current Industry Status - The FMCG market is stabilizing, but the dairy segment is facing a decline, with a projected sales drop of 3.1% in 2024 [15][16] Market Size - The retail scale of the dairy products market has shown fluctuations, with a slight decline in production expected due to overcapacity and reduced demand [20][22] Policy Environment - Recent policies focus on quality improvement and consumption stimulation, aiming to address overcapacity and promote high-value-added products [27][29] Industry Chain - The dairy industry features a long supply chain, including raw milk supply, processing, and retail, with strong interdependencies among various segments [31] Upstream Supply - China relies on imported milk powder to supplement its domestic raw milk production, which is insufficient to meet demand [34][36] Midstream Processing - The processing segment is the most profitable, with significant value addition through technology and innovation [39][41] Downstream Retail - Traditional retail channels dominate, but online sales are growing, reflecting changing consumer preferences [42][44] Consumption Patterns - Per capita dairy consumption in China is low compared to developed countries, indicating substantial growth potential in the market [47][51] Competitive Landscape - The market is primarily dominated by two major players, Yili and Mengniu, which together hold over 50% of the market share [60][62] Case Study: Yili Group - Yili Group is a leading player with a diverse product range and significant market presence, achieving substantial revenue from liquid milk and milk powder [64][66] Future Challenges - The industry faces challenges such as supply chain risks, changing consumer perceptions, and technological limitations in deep processing [70][72] Future Opportunities - There are growth opportunities in the B2B dairy market, driven by increasing demand for cheese and butter in various sectors [76][78]

Summary of Yili Co., Ltd. Conference Call Company Overview - **Company**: Yili Co., Ltd. - **Date**: September 22, 2025 Key Points Industry and Market Strategy - Yili's strategy for the Mid-Autumn Festival and National Day is cautious, focusing on channel health without forcing inventory on distributors, with stock preparation starting later than last year, primarily completed by the end of September [2][3][4] - The company maintains its annual operational targets, expecting low single-digit revenue growth and a net profit margin of 9%, despite weak recovery in the ambient liquid milk segment [2][8] Performance Insights - Performance across product categories is mixed; cold drinks are less affected by inventory cycles, while yogurt products, particularly the upgraded versions, are performing well [2][9] - The milk powder segment achieved double-digit growth in the first half of the year, with cash rebates for childbirth subsidies expected to drive future repurchase rates [2][12] Market Share and Competitive Landscape - Yili's market share in the ambient liquid milk segment remains stable, benefiting from rising costs among smaller dairy companies, with a focus on maintaining a stable pricing structure [2][16] - The cheese business also saw double-digit growth, with an increasing share of B2B sales driven by the recovery of the catering market [2][17][20] Financial Outlook - The company expects a slight improvement in gross margins in the second half of the year, although not as significant as in the first half, with a commitment to a dividend payout ratio of no less than 70% [4][30][25] - The impact of childbirth subsidies on financials is minimal, with expectations of increased revenue from infant formula due to potential repurchase growth [12][31] Consumer Trends and Product Development - The gifting market has diversified, with a growing preference for health-oriented dairy products over traditional gifts like mooncakes, indicating a shift in consumer behavior [10] - Yili is expanding its B2B market presence by collaborating with new channels such as tea and coffee chains, while also focusing on customized product offerings [18][20] Challenges and Risks - The company faces challenges in maintaining profitability due to potential price competition and the need for promotional activities, especially during peak sales periods [28][29] - The outlook for raw material costs is cautiously optimistic, with signs of supply-demand balance emerging, although precise timing for cost changes remains uncertain [24] Additional Insights - The company is preparing for the launch of a deep processing production line aimed at enhancing customization capabilities for B2B clients [21][23] - Yili's cheese product sales structure currently shows a 60% share in B2B and 40% in B2C, indicating a strong focus on the B2B segment [19] This summary encapsulates the key insights and strategic directions discussed during the conference call, highlighting Yili's operational strategies, market performance, and future outlook in the dairy industry.

证券代码：600887 证券简称：伊利股份 公告编号：临2025-065 内蒙古伊利实业集团股份有限公司关于 2025年度第八期超短期融资券兑付完成的公告 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2025年7月成功发行了2025年度第八期超短期融资 券，具体情况如下： ■ 2025年9月19日，公司完成了2025年度第八期超短期融资券的兑付工作，本息兑付总额为人民币 11,034,283,835.62元，由银行间市场清算所股份有限公司代理划付至债券持有人指定的银行账户。 特此公告 内蒙古伊利实业集团股份有限公司 董 事 会 ● 担保对象及基本情况 ■ ● 累计担保情况 ■ ● 本公告中担保金额折算汇率以2025年9月19日的汇率中间价计算：1欧元对人民币8.3834元 一、担保情况概述 （二）内部决策程序 二〇二五年九月二十三日 证券代码：600887 证券简称：伊利股份 公告编号：临2025-066 内蒙古伊利实业集团股份有限公司 关于为控股子公司提供担保的进展公告 本 ...

Core Viewpoint - Yili Group announced the completion of the repayment of its 2025 eighth phase of short-term financing bonds, with a total principal and interest repayment amounting to RMB 11,034,283,835.62 [1] Summary by Category - **Company Announcement** - Yili Group completed the repayment of its 2025 eighth phase short-term financing bonds on September 19, 2025 [1] - The total amount for principal and interest repayment was RMB 11,034,283,835.62 [1]

Group 1 - The food and beverage sector is experiencing a pullback, with the Food ETF (515710) showing a significant decline of 1.43% at the close, and individual stocks like Dongpeng Beverage and Shede Liquor dropping over 3% [1][3] - Despite the recent downturn, the Food ETF has seen net inflows of 69.18 million yuan over the last five trading days, indicating continued investor interest [3][4] - The white liquor sector is under demand pressure, but there are signs of improvement in sales performance as the Mid-Autumn Festival and National Day approach, suggesting a potential recovery in the market [3][5] Group 2 - The current valuation of the food and beverage sector is at a low point, with the food index's price-to-earnings ratio at 20.74, which is in the 7.06% percentile of the last decade, indicating a good time for long-term investment [4][5] - The government’s advocacy for reducing competition is expected to stabilize prices and support high-quality development, which may lead to a recovery in the liquor sector [5][6] - The white liquor sector is entering a peak season, with signs of improved sales and inventory reduction, suggesting that the bottoming out of the sector may present investment opportunities [6][7]

Market Overview - The dairy sector experienced a decline of 1.82% as of the market close on September 22, ranking among the top losers in concept sectors [1] - Major stocks within the dairy sector that saw significant declines include Huanlejia, Xinong Development, and Maiqu'er [1] Capital Flow - The dairy sector faced a net outflow of 391 million yuan from main funds, with 30 stocks experiencing net outflows, and 13 stocks seeing outflows exceeding 10 million yuan [1] - The stock with the highest net outflow was Dabeinong, with a net outflow of 71.71 million yuan, followed by Yiyatong, Huanlejia, and Beiyinmei [1] Top Gainers and Losers - The top gainers in the market included Yili, Maiqu'er, and Qingdao Food, with net inflows of 10.36 million yuan, 5.83 million yuan, and 0.87 million yuan respectively [1] - The dairy sector's outflow leaderboard featured Dabeinong, Yiyatong, Huanlejia, and Beiyinmei, all showing negative performance [2] Detailed Stock Performance - Dabeinong: -1.66% with a turnover rate of 2.73% and a main fund flow of -71.71 million yuan [2] - Yiyatong: -2.78% with a turnover rate of 6.31% and a main fund flow of -69.72 million yuan [2] - Huanlejia: -5.99% with a turnover rate of 3.92% and a main fund flow of -33.29 million yuan [2] - Beiyinmei: -1.69% with a turnover rate of 4.51% and a main fund flow of -22.49 million yuan [2]

证券代码：600887 证券简称：伊利股份 公告编号：临 2025-065 内蒙古伊利实业集团股份有限公司关于 2025 年度第八期超短期融资券兑付完成的公告 2025 年 9 月 19 日，公司完成了 2025 年度第八期超短期融资券的兑 付工作，本息兑付总额为人民币 11,034,283,835.62 元，由银行间市场清 算所股份有限公司代理划付至债券持有人指定的银行账户。 特此公告 内蒙古伊利实业集团股份有限公司 董 事 会 二〇二五年九月二十三日 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"）于 2025 年 7 月 成功发行了 2025 年度第八期超短期融资券，具体情况如下： | 名称 | | 发行总额 | | 发行利率 | 发行期限 | | | 起息日 | | | 兑付日 | | | | 公告编号 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- ...

证券代码：600887 证券简称：伊利股份 公告编号：临 2025-066 内蒙古伊利实业集团股份有限公司 关于为控股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。 重要内容提示： 担保对象及基本情况 | 对外担保逾期的累计金额（亿元人民币） | | | | | 0.40 | | --- | --- | --- | --- | --- | --- | | 截至 2025 日公司及其控股子公司对外担保余额（亿元人民币） | 年 | 9 | 月 | 19 | 82.45 | | 对外担保余额占公司最近一期经审计净资产的比例（%） | | | | | 15.50 | 本公告中担保金额折算汇率以 2025 年 9 月 19 日的汇率中间价计 算：1 欧元对人民币 8.3834 元 一、担保情况概述 （一）担保的基本情况 2025 年 9 月 19 日，内蒙古伊利实业集团股份有限公司（简称"公 司"）与控股子公司 Ausnutria B.V.贷款行荷兰合作银行（Coöperatieve Rabobank U.A ...

9月22日，A股三大指数集体收涨。 热门ETF中，食品饮料ETF天弘（159736）截至收盘跌1.22%，成交额超2800万元，净申购达8400万 份。成分股中，中粮糖业涨1.48%，粤桂股份、国投中鲁、华统股份等多股跟涨。 此外，在资金流向方面，Wind数据显示，截至9月19日，食品饮料ETF天弘（159736）已连续4日获资金 净流入，累计"吸金"7435万元。 食品饮料ETF天弘（159736）紧密跟踪中证食品饮料指数，该指数以中证全指为样本空间，选取归属于 饮料、包装食品与肉类两个行业的上市公司股票作为成分股。十大重仓股包括贵州茅台、伊利股份、五 粮液、山西汾酒、泸州老窖、海天味业等多只大市值龙头股。此外，食品饮料ETF天弘（159736）还配 置了场外联接基金（A: 001631；C: 001632）。 华创证券表示，重视白酒底部催化，大众品精选产业趋势。白酒二季度报表加速出清，头部白酒等传统 消费步入底部吸筹期，后续旺季催化有望推动估值回升。大众品精选产业趋势，零食、饮料、黄酒等表 现较好，而传统板块啤酒、乳业等传统龙头ROE已实现开始改善。 国元证券认为，白酒方面，双节将至，建议密切追踪批价和动 ...