Core Insights - Yili's liquid milk division held its 2026 customer conference in Zhuhai, celebrating the achievements of 2025 and discussing future opportunities in the industry and channels [1] - The division awarded 305 outstanding distributors with a total bonus exceeding 64 million yuan and announced a rebate policy for 2026 with planned investments reaching several hundred million yuan [1] - Yili's liquid milk revenue for the first three quarters of 2025 reached 54.939 billion yuan, maintaining its leading position in the industry [1] Product Expansion and Innovation - Yili's liquid milk division is focusing on innovation to enhance product strength amid increasing market competition and consumer demand segmentation [2] - In 2025, new products such as probiotic yogurt with popping pearls and premium fresh milk were launched, gaining market attention and driving steady sales growth [2] - The conference introduced over ten new products, including upgraded versions of pure milk and various functional products targeting children and health-conscious consumers [2] Quality Management and Channel Optimization - Yili continues to strengthen its quality advantages, with raw milk exceeding EU standards in protein, fat, and microbial indicators [3] - Lean management practices are being implemented, with the Jin Hao factory receiving a five-star rating from the China Quality Association for its management capabilities [3] - The company is optimizing its marketing and policy systems to enhance channel value, utilizing both online and offline strategies to drive sales and improve distributor retention [3] - For 2026, Yili plans to strategically position itself around key consumption periods, enhancing rebate policies and marketing resources to convert brand awareness into sales effectively [3]

Group 1 - The Super Brand concept index declined by 0.48%, ranking among the top declines in concept sectors, with notable declines in stocks such as Aucma, Zhonggong Education, and TCL Technology [1] - Among the Super Brand concept stocks, 13 stocks saw price increases, with Anfu Technology, SF Holding, and Dong'e Ejiao leading the gains at 2.40%, 1.22%, and 1.11% respectively [1] - The Super Brand concept experienced a net outflow of 1.662 billion yuan from main funds, with 32 stocks facing net outflows, and 7 stocks seeing outflows exceeding 100 million yuan [2] Group 2 - The top net outflow stocks included China Mobile, TCL Technology, and Kweichow Moutai, with net outflows of 359.45 million yuan, 219.80 million yuan, and 155.96 million yuan respectively [2] - Conversely, the stocks with the highest net inflows included SF Holding, Dong'e Ejiao, and Yunnan Baiyao, with net inflows of 89.39 million yuan, 34.34 million yuan, and 14.78 million yuan respectively [2] - The trading volume for China Mobile was 2.28%, while TCL Technology had a turnover rate of 2.06% [3]

Core Insights - The conference held by Yili Group's Adult Nutrition Division focused on summarizing the business performance of 2025 and planning for 2026, highlighting the launch of the industry's first full-chain 28-day "Fresh Delivery" service system, marking a new era of quality in the adult milk powder sector [1][2] Group 1: Business Development - Yili Group reviewed the evolution of quality in the Chinese adult milk powder industry, transitioning from basic needs to a focus on fresh and nutritious experiences, with the introduction of the "Fresh" brand leading the industry upgrade [2] - The "28-day 'Fresh' Delivery" service system integrates the entire supply chain, enhancing the core competitiveness of freshness beyond just product attributes [2] Group 2: Quality Assurance - The "28-day" commitment is supported by four key assurance systems: fresh milk sources from top 1% exclusive farms, rapid processing within two hours at 4°C, stringent quality control with 112 processes and 453 checkpoints, and a 95% delivery rate within three days [3] - The service was initially launched on the JD platform, with plans to expand this commitment across the entire product range, reinforcing the company's dedication to quality and consumer-centric values [3]

Core Insights - The core focus of the news is the successful 2026 customer conference held by Yili's liquid milk division, highlighting achievements in 2025 and unveiling new products and rebate policies for 2026 [1][4]. Group 1: Achievements and Financial Performance - In 2025, Yili's liquid milk division achieved a revenue of 54.939 billion yuan, maintaining its position as the industry leader [4]. - The division awarded over 64 million yuan in bonuses to 305 outstanding distributors during the conference [1]. Group 2: Product Innovation - Yili launched over ten new products, including upgraded versions of its classic milk and innovative yogurt products, to meet evolving consumer demands [1][4]. - The new products focus on health benefits and taste, such as the Anmuxi probiotic yogurt and the upgraded JinDian fresh milk, which utilizes advanced sterilization technology [4][26]. Group 3: Quality Standards - Yili's liquid milk products exceed EU standards in key quality indicators such as protein and fat content, showcasing the high quality of Chinese dairy products [10]. - The JinHao factory received a five-star rating for lean management, marking it as the first in the Chinese dairy industry to achieve this recognition [10]. Group 4: Marketing Strategies - Yili is enhancing its marketing strategies by focusing on consumer-centric content and leveraging online and offline channels to boost brand recognition and sales [13][14]. - The company plans to implement a comprehensive marketing strategy for 2026, including promotional activities and digital tools to support distributors [47][51]. Group 5: Future Plans - For 2026, Yili aims to further innovate its product offerings to cater to diverse consumer needs, including nutritional enhancements and flavor variety [26][28]. - The company is committed to strengthening partnerships with distributors through supportive policies and a robust product matrix to drive mutual growth [53].

Investment Rating - The report maintains a "Buy" rating for high-end liquor companies and recommends several key stocks in the food and beverage sector [6][8]. Core Insights - The report emphasizes the importance of expanding domestic demand as a strategic initiative for economic stability and security, with government agencies prioritizing this in 2026 [6][8]. - Despite recent price fluctuations in high-end liquor, the report anticipates a recovery in the sector, projecting a potential turning point in fundamentals by Q3 2026 [6][8]. - The report identifies systemic opportunities in consumer goods, particularly in the food sector, with a focus on CPI as a core observation indicator [6][8]. Summary by Sections 1. Weekly Insights on Food and Beverage - The food and beverage sector saw a 1.05% increase last week, with the liquor segment declining by 0.58% [5]. - The report ranks the food and beverage sector 13th among 31 sub-industries in terms of performance [5]. 2. Market Performance of Food and Beverage Segments - The report highlights the recent price movements of key liquor brands, including Moutai and Wuliangye, with Moutai's bottle price increasing by 45 RMB to 1545 RMB [7][30]. - Wuliangye is focusing on optimizing its product matrix and channel strategies to enhance long-term growth [7]. 3. Industry Matters - The report discusses the expected improvement in the supply-demand dynamics of the dairy industry in 2026, recommending stocks like Yili and New Hope Dairy [8][9]. - It also notes the high dividend yield of Hai Tian Wei Ye, projecting a dividend payout of 17.54 billion RMB [9][26]. 4. Valuation Table - The food and beverage sector's dynamic PE is reported at 20.10x, with a premium rate of 24% [30]. - The liquor segment's dynamic PE stands at 18.49x, with a premium rate of 14% [30].

Investment Rating - The report maintains a positive outlook on the food and beverage industry, particularly emphasizing the strategic importance of expanding domestic demand and consumption [3][8]. Core Insights - The report highlights the importance of expanding domestic demand as a strategic initiative for economic stability and security, with government agencies prioritizing this in their upcoming plans [3][8]. - Despite recent price fluctuations in high-end liquor, the report anticipates a recovery in the market, projecting a potential turning point in fundamentals by Q3 2026 [3][8]. - The report recommends several high-quality liquor companies for long-term investment, including Luzhou Laojiao, Shanxi Fenjiu, Guizhou Moutai, and Wuliangye, while also suggesting attention to other brands [3][8]. - For consumer goods, the report identifies opportunities in sectors like seasoning, frozen foods, and dairy, recommending companies such as Anjuke Foods, Yili, and QD Beer [3][8]. Summary by Sections 1. Weekly Insights on Food and Beverage - The food and beverage sector saw a 1.05% increase last week, with liquor experiencing a slight decline of 0.58% [7]. - The report ranks the food and beverage sector 13th among 31 sub-industries in terms of performance [7]. 2. Market Performance of Food and Beverage Sectors - The report provides detailed price updates for major liquor brands, noting Moutai's bottle price at 1545 RMB, a week-on-week increase of 45 RMB, and Wuliangye's price remaining stable at approximately 780 RMB [9][35]. - The report emphasizes the need for liquor companies to optimize their product matrices and channels to adapt to external pressures [9]. 3. Industry Matters - The report discusses the anticipated improvement in food CPI due to structural demand changes and a shift from price competition to quality competition among companies [3][8]. - It highlights the expected gradual recovery in the dairy sector, with recommendations for Yili and New Dairy [10][11]. 4. Valuation Table - The report notes the current dynamic PE for the food and beverage sector at 20.10x, with a premium rate of 24%, and for liquor at 18.49x, with a premium rate of 14% [35].

Core Viewpoint - Corporate philanthropy in China is a significant and undervalued force, contributing 76.85% of total social donations, with private enterprises being the main contributors [2][4] Group 1: Corporate Philanthropy and Social Value - Corporate donations accounted for 76.58% of total social donations in 2023, with private enterprises contributing 80% of this amount [3][4] - The economic foundation of China's philanthropic efforts is primarily established by private enterprises and entrepreneurs [4] - A report indicates that the total donations from the 34 most active Chinese philanthropists over the past decade exceed 230 billion [4] Group 2: Strategic Opportunities for Enterprises - Chinese enterprises are transitioning from a focus on scale growth to social value innovation, which is expected to be a core competitive advantage during the 14th Five-Year Plan [3] - Digital technology is reshaping sustainable development pathways, making charitable actions more quantifiable and manageable [3] - With the advancement of China's dual carbon goals, the country is transitioning from being a standard executor to a co-developer of global standards, enhancing its international influence [3] Group 3: Trends in Corporate Philanthropy - Six new trends in corporate philanthropy have emerged, including deeper involvement of entrepreneurs in charitable activities and a focus on using core business capabilities to address social issues [4] - There is an increasing emphasis on the exit strategies of philanthropic projects, and scientific philanthropy is gaining traction, particularly in higher education and technological innovation [4] Group 4: Collaborative Ecosystems - The consensus among industry leaders is to move from isolated efforts to collaborative ecosystems to tackle complex social issues [6] - Tencent, along with other companies, has established a "Sustainable Social Value Ecosystem" to pool resources and capabilities for greater social impact [6][7] - The foundation of ecosystem building is the core capabilities of enterprises, which must be transformed into social value production [7] Group 5: Technological Empowerment - Technology is viewed as a bridge to enhance the efficiency and inclusivity of charitable efforts, with companies developing solutions for underserved communities, such as the hearing-impaired [9][10] - Innovations in AI and smart devices are being utilized to provide personalized care in childcare and elderly care sectors [10] Group 6: Future of Corporate Social Responsibility - The future of corporate growth is expected to balance self-interest with altruism, integrating efficiency with meaningful social contributions [11] - The success of enterprises will increasingly be measured not just by financial metrics but also by their contributions to a better society [11]

Core Viewpoint - Inner Mongolia Yili Industrial Group Co., Ltd. has completed the sale of shares from its sixth, seventh, and eighth employee stock ownership plans, as part of its ongoing stockholding plan initiated in 2014 [1][2]. Group 1 - The company’s board of directors guarantees that the announcement contains no false records, misleading statements, or major omissions, and they assume legal responsibility for its authenticity, accuracy, and completeness [1]. - The sixth phase of the stockholding plan held 3,459,159 shares, the seventh phase held 1,912,400 shares, and the eighth phase held 1,886,965 shares, all of which have been fully sold [1]. - Following the completion of the share sales, the company will proceed with asset liquidation and distribution as per the regulations of the stockholding plan [1].

Group 1 - The dairy sector has seen a rise of 3.73%, ranking second among concept sectors, with 34 stocks increasing in value, including Zhuangyuan Pasture which hit the daily limit, and Huanlejia, Qishi Dairy, and Xibu Dairy with increases of 15.90%, 6.42%, and 6.25% respectively [1][2] - The dairy sector attracted a net inflow of 355 million yuan from main funds today, with 23 stocks receiving net inflows, and 5 stocks exceeding 30 million yuan in net inflow, led by Huanlejia with a net inflow of 129 million yuan [2][3] - The top stocks by net inflow ratio include Yisheng Co., Yiyaton, and Huanlejia, with net inflow ratios of 13.68%, 10.97%, and 10.65% respectively [3][4] Group 2 - The dairy sector's inflow ranking shows Huanlejia leading with a daily increase of 15.90% and a turnover rate of 9.98%, followed by Beiyinmei with a 3.23% increase and a turnover rate of 10.27% [3][4] - Other notable stocks include Zhuangyuan Pasture with a 9.99% increase and a turnover rate of 25.09%, and Sanyuan Co. with a 3.39% increase and a turnover rate of 6.32% [3][4] - Stocks such as Yili Co. and Jinyuan Rice also saw increases of 0.72% and 3.73% respectively, with net inflows of 328.74 million yuan and 647.99 million yuan [4][5]

内蒙古伊利实业集团股份有限公司 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"）2014 年第一次 临时股东大会审议通过《内蒙古伊利实业集团股份有限公司持股计划（草 案）》（简称"持股计划"）和《内蒙古伊利实业集团股份有限公司持 股计划管理规则》等议案（具体内容详见上海证券交易所网站 www.sse.com.cn），同意公司实施持股计划。 截至本公告披露日，公司第六期持股计划持有的 3,459,159 股、第 七期持股计划持有的 1,912,400 股、第八期持股计划持有的 1,886,965 股公司股票已全部出售完毕。根据持股计划相关规定，后续将进行财产 清算和分配等工作。 特此公告 证券代码：600887 证券简称：伊利股份 公告编号：临 2025-089 内蒙古伊利实业集团股份有限公司 关于第六、七、八期持股计划股票出售完毕的公告 董 事 会 二○二五年十二月二十日 ...