证券代码：600887 证券简称：伊利股份 公告编号：临 2024-110 内蒙古伊利实业集团股份有限公司 关于2019年股权激励计划部分限制性股票 回购注销实施公告 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： 回购注销原因：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）》 （简称"《2019 年股权激励计划》"）等相关规定，内蒙古伊利实业集 团股份有限公司（简称"公司"）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 61,600 股限制性股票。 本次注销股份的有关情况 | 回购股份数量（股） | 注销股份数量（股） | 注销日期 | | | | | | --- | --- | --- | --- | --- | --- | --- | | 61,600 | 61,600 | 2024 年 | 12 | 月 | 17 | 日 | 一、本次限制性股票回购注销的决策与信息披露 ...

北京天驰君泰律师事务所 法 律 意 见 书 致：内蒙古伊利实业集团股份有限公司 关于内蒙古伊利实业集团股份有限公司 2019 年股权激励计划部分限制性股票回购注销实施的 法 律 意 见 书 二〇二四年十二月 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 2019 年股权激励计划部分限制性股票回购注销实施的 本所及本所承办律师声明如下： 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"2019年股权激励计 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"）发布的《上市公司股权激励 管理 ...

2024 年 12 月 3 日，公司完成了 2024 年度第二十期超短期融资券的 兑付工作，本息兑付总额为人民币 9,016,096,438.36 元；2024 年 12 月 4 日，公司完成了 2024 年度第二十一期超短期融资券的兑付工作，本息兑 付总额为人民币 7,012,887,671.23 元，均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。 证券代码：600887 证券简称：伊利股份 公告编号：临 2024-109 内蒙古伊利实业集团股份有限公司关于 2024 年度 第二十、二十一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 2024 年 10 月 成功发行了 2024 年度第二十、二十一期超短期融资券，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 | | | --- | --- | --- | --- | ...

Summary of Conference Call Company and Industry Overview - The conference call primarily discusses the dairy industry, focusing on a specific company involved in dairy products, including milk powder and other dairy items [1][2][3][4]. Key Points and Arguments 1. **Channel Inventory and Product Freshness**: - As of July, the company completed channel adjustments, leading to a healthy inventory level and improved product freshness. By the third quarter, dealer profitability also showed improvement, with mid-range product prices returning to normal levels [1][3]. 2. **Consumer Behavior and Sales Trends**: - In October, consumer behavior was influenced by travel during the National Day holiday, with sales remaining stable. The company is expanding consumption scenarios but still sees a high proportion of self-drinking and gifting scenarios [1][2]. 3. **Government Policies Impacting Dairy Demand**: - In September, the government introduced policies to boost consumer confidence and dairy demand, which are expected to positively impact sales in the upcoming quarters [2]. 4. **Healthy Inventory Levels**: - The average channel inventory is now at a healthy level of 20 to 30 days, indicating a return to pre-loss conditions. Dealers are stocking based on sales performance, avoiding excess inventory [3][4]. 5. **Market Trends in Gifting and Self-Consumption**: - The company notes a shift towards self-consumption, with gifting scenarios becoming more diverse. The proportion of self-drinking is expected to increase in the long term [5][6]. 6. **Raw Milk Supply and Pricing Outlook**: - The company anticipates a stabilization in raw milk prices, with expectations of a balanced supply-demand relationship by the second half of next year. Current raw milk prices are hovering around 3.1 RMB per liter [9][22]. 7. **Sales and Marketing Strategies**: - The company is adapting its sales strategies to focus on new channels, including e-commerce and discount stores, to meet changing consumer preferences. There is an emphasis on customized products for specific channels [14][20]. 8. **Advertising and Promotion Adjustments**: - Future advertising strategies will focus on precision and diversity, utilizing digital platforms like Xiaohongshu and Douyin to enhance sales effectiveness [28]. 9. **Challenges in the Ice Cream Sector**: - The ice cream segment faces challenges due to weather conditions and inventory pressures. The company is using this time to improve channel health [25][26]. 10. **Future Growth in Organic and Premium Products**: - There is a potential for growth in organic dairy products, although the current market share is still low compared to international standards. The company aims to capture this growth as consumer confidence improves [30][31]. Other Important but Overlooked Content - The company is maintaining a cautious approach to inventory management, avoiding pressure on dealers to stock excess products. This strategy is aimed at sustaining a healthy supply chain [4][10]. - The company has a controlled milk source accounting for approximately 40% of its supply, with no significant changes expected in this ratio [36]. - The overall sentiment indicates a cautious optimism about future sales growth, particularly in the context of improving consumer confidence and government support for the dairy sector [22][31].

证券代码：600887 证券简称：伊利股份 公告编号：临 2024-108 内蒙古伊利实业集团股份有限公司 关于股份回购进展公告 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。 一、回购股份的基本情况 内蒙古伊利实业集团股份有限公司（简称"公司"）分别于 2024 年 4 月 28 日、2024 年 5 月 20 日召开第十一届董事会临时会议和 2023 年年 度股东大会，审议通过了《关于以集中竞价交易方式回购公司股份方案 的议案》，同意公司使用不低于人民币 10 亿元（含）且不超过人民币 20 亿元（含）的自有资金以集中竞价交易方式回购公司股份，回购价格不 超过人民币 41.88 元/股（含），回购期限自公司股东大会审议通过回购 方案之日起不超过 12 个月，回购股份将用于依法注销减少注册资本。具 体内容详见公司于 2024 年 5 月 21 日披露的《内蒙古伊利实业集团股份 有限公司关于以集中竞价交易方式回购公司股份的回购报告书》。 1 回购方案首次披露日 2024/4/30 回购方案实施期限 2024/5/20~2025 ...

Summary of Yili Co. Conference Call Company Overview - **Company**: Yili Co. - **Date**: November 20, 2024 - **Industry**: Dairy Products Key Points Industry and Market Dynamics - The liquid milk industry experienced its first decline in production in 2023, but output remained flat compared to 2022, indicating a stabilization in demand post-pandemic [2][4] - Consumer confidence is recovering quickly post-pandemic, supported by national stimulus policies, which is expected to boost demand in the second half of the year [2][3] - Yili has proactively managed channel inventory, leading to a healthy inventory level across the industry, with slight growth in end-consumer demand [2][5] Company Performance - Yili's third-quarter results showed a stable industry demand, with upstream raw milk supply growth slowing as expected [3][4] - The company has successfully restored channel inventory to healthy levels after adjustments made in July, improving product freshness and dealer profitability [3][4] - Yili anticipates a sequential improvement in revenue in Q4, driven by a favorable performance in liquid milk and milk powder segments [3][6] Consumer Trends and Product Strategy - Gift-giving scenarios for dairy products are diversifying, but dairy remains a preferred choice; self-consumption is increasing, particularly in high-tier cities [2][7] - The company is focusing on upgrading its product structure, with classic brands outperforming basic versions and a push towards high-end milk powder and functional products [2][11] - The dairy industry is evolving towards health-oriented products, but consumer education remains a barrier; large enterprises like Yili are expected to benefit more from this trend [2][13] Future Outlook - Yili maintains an optimistic outlook for future growth, supported by healthy channel inventory and recovering consumer confidence [2][6] - The growth momentum in the dairy industry is expected to come primarily from product innovation rather than channel expansion [2][14] - There is significant potential for increased per capita milk consumption in lower-tier cities, which remains a key growth area [2][14] Competitive Landscape - The competitive environment is influenced by small enterprises entering the market with lower prices, but Yili is countering this by launching new sub-brands and maintaining price stability for its main brand [2][20] - The company has a strategy to manage excess raw milk supply by converting it into powder or other products during off-peak demand seasons [2][20] Challenges and Risks - The dairy industry faces challenges in consumer perception, particularly regarding the classification of yogurt and other products as functional foods [2][13] - The company is also navigating the complexities of credit losses associated with upstream loans, which have become more common due to tighter relationships with large-scale farms [2][23] Product Segmentation - Yili's cheese division is projected to grow significantly, with a balanced focus on both consumer (To C) and business (To B) markets [2][16] - The company is expanding its presence in the pasteurized milk segment, with a strong growth rate in its classic fresh milk products [2][17][18] Pricing and Promotions - The company has reduced promotional intensity in Q3, focusing on managing inventory levels while maintaining price stability [2][19] - Overall, the pricing landscape in the industry has seen a slight decline, but Yili's internal adjustments have mitigated larger impacts [2][19] Supply Chain and Sourcing - Yili sources approximately one-third of its raw milk from controlled companies, with the remainder from social farms, indicating a diversified supply chain [2][24] - The reliance on imported raw materials has decreased significantly, with a shift towards domestic sourcing expected to continue [2][25] This summary encapsulates the key insights from Yili Co.'s conference call, highlighting the company's strategic positioning, market dynamics, and future outlook within the dairy industry.

证券代码：600887 证券简称：伊利股份 公告编号：临 2024-107 内蒙古伊利实业集团股份有限公司 关于 2024 年度第一、二期短期融资券发行结果的公告 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。 1 | 簿记管理人 | 中国工商银行股份有限公司 | | --- | --- | | 主承销商 | 中国工商银行股份有限公司 | | 联席主承销商 | 无 | | 名称 | 内蒙古伊利实业集团股份有限公司 2024 年度第二期短期融资券 | 简称 | 24 伊利实业 CP002 | | --- | --- | --- | --- | | 代码 | 042480571 | 期限 | 311 天 | | 起息日 | 202 ...

Key Points Industry and Company * **Company**:伊利股份 * **Industry**: Dairy Products Core Views and Arguments * **Third Quarter Performance**:伊利股份三季度业绩表现亮眼，行业需求与上半年基本持平，但供需层面出现积极信号。[2] * **Fourth Quarter Expectations**:公司预计四季度需求与前9个月持平，但将通过推出高质价比产品、开拓新兴渠道等措施实现环比改善。[4] * **Next Year Outlook**:公司对明年市场需求持谨慎乐观态度，预计与今年持平。[5] * **Product Strategy**:公司计划推出更多高质价比产品，以满足消费者对于质价比的追求。同时，在功能性和多元化消费趋势下，公司也会推出相应产品以更好地满足消费者需求。[6] * **Competition**:行业价格开始企稳，竞争更多是由供需矛盾引发的周期性变化，而非企业主动加剧竞争。[7] * **Supply Chain**:畜牧业产能去化进程仍在持续，预计明年供需有望趋于平衡，原奶价格也应能够企稳。[8] * **Business Segments**:四季度白奶表现最好，其次是乳饮料和常温酸奶。低温板块体量较小，公司聚焦低温白奶并保持良好增长。[10] * **International Expansion**:公司在东南亚的国际化布局已经有多年历史，并通过多种模式探索出适合的经营方式。[12] * **Asset Impairment**:四季度资产减值测试主要集中在几个方面：大包粉、生物资产减值、澳优商誉减值、信用减值。[13] * **Raw Milk Price**:原奶价格下跌确实对白牌产品造成冲击，但也促进了消费者饮奶习惯的培养。[14] * **Strategic Focus**:公司计划在2025年推出未来五年的战略规划，以更好地了解各品类的发展方向。[16] * **New Business**:公司在水业务和现泡茶方面已有三四年的培育，目前行业竞争激烈，公司希望通过差异化策略面向小众群体。[17] * **Capital Limitation**:公司对某些业务的资本限额有限制，例如水和现泡茶业务的亏损限额。[18] * **Revenue Target**:今年收入目标完成难度较大，但扣非利润表现良好，因此整体利润尚可。[20] * **Supply and Demand Balance**:上游供需平衡是一个动态过程，预计明年三季度将是全年中供需最为平衡的季度。[21] * **Production Capacity**:现泡茶业务产能建设是一个逐渐释放的过程，目前还无法确定具体量体。[22] * **Non-伊利姆 Brand**:伊利在非伊利姆品牌产品方面推出了两款产品，分别是山姆的 Note 和冬天牛奶。[23] * **Competition with Local Brands**:伊利在低温奶制品市场中的竞争策略主要依赖于品牌优势和渠道优势。[24] * **Synergy**:低温酸奶与低温白奶之间存在较高的协同效应。[25] * **Industry Demand**:根据尼尔森 POS 机数据，今年乳业行业需求基本平稳，但金额端有所下滑。[26] * **Impact of White-Label Milk**:一些中小品牌通过低价策略进入市场，对市占率产生了一定侵蚀。[27] * **High-Low Line City Consumption**:今年高线城市消费信心下降程度比三四线城市更严重。[28] * **Sales and Marketing Expenditure**:明年销售费用率预计将稳中有降，主要因为收入企稳回升以及规模效应带来的积极影响。[29] * **Cooling Channel Inventory**:冷饮渠道库存去化基本完成。[30]

Summary of Earnings Call Transcript Company and Industry - **Company**: Yili Group (伊利股份) - **Industry**: Dairy Products Key Points and Arguments Industry Overview - The overall industry demand remains stable, similar to the first half of the year, with positive signals observed in the third quarter, particularly in supply and demand dynamics [1][2] - Raw milk supply growth has slowed, with the growth rate becoming flat in the first nine months of the year [1][2] - The dairy product category is considered a necessity, maintaining stable growth despite weaker consumer spending in the first half of the year [2] Company Performance - In July, the company completed channel adjustments, resulting in healthy inventory levels and improved product freshness [2] - The company anticipates that the demand situation in October and the following months will not significantly change from the previous nine months [2] - The company aims to maintain a healthy channel level and solidify its core products while introducing high-quality, cost-effective products [3] Future Demand and Market Conditions - The company is cautiously optimistic about next year's demand, expecting it to be similar to this year, influenced by government policies aimed at boosting the dairy industry [5][6] - The company has observed a decline in gift-giving demand but sees self-consumption as a compensating factor [6] - The overall demand is expected to remain stable, with organic products showing good growth while basic categories face more pressure [7] Competitive Landscape - The competitive environment has been intense, with price pressures observed in the first half of the year due to low raw milk prices [8] - However, competition is expected to ease as supply and demand reach a relative balance, with companies opting to manage excess raw milk internally rather than flooding the market [9] Supply Chain and Pricing - The company notes a continued decline in dairy cattle inventory, which is expected to lead to a narrowing supply-demand gap [10][32] - The raw milk price is anticipated to stabilize next year, which may impact smaller brands that are sensitive to raw milk costs [39] Product Segmentation - The company expects white milk to perform better than other dairy segments, with yogurt and other dairy beverages showing weaker performance [11][12] - Low-temperature products are experiencing double-digit growth, with the company focusing on high-quality offerings [13] International Expansion - The company has been actively expanding its international presence, particularly in Southeast Asia, with successful acquisitions and local brand positioning [15][16] - Ice cream is identified as a suitable product for international markets due to cultural similarities and economic conditions [16] Financial Outlook - The company is preparing for potential asset impairments at year-end, particularly concerning biological assets and commercial impairments [17][18] - The overall profit margin is expected to improve, excluding one-time losses, with a focus on maintaining healthy channel dynamics [31] Consumer Behavior - There is a noted shift in consumer preferences towards high-quality products, with price sensitivity becoming a significant factor [7][20] - The company plans to introduce more high-quality, cost-effective products to meet evolving consumer demands [20] Sales and Marketing Strategy - The company anticipates a stable to declining sales expense ratio, leveraging digital tools for advertising efficiency [41] - The channel restructuring is nearly complete, setting the stage for a healthier sales environment in the coming year [41] Additional Important Insights - The company is exploring new product categories and market opportunities, including adult nutrition products, which are seen as a growth area [25] - The competitive landscape is evolving, with local brands gaining traction in lower-tier cities, prompting the company to adapt its strategies accordingly [36][40]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7][9]. Core Insights - The company reported a total revenue of 89.039 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 8.59%. The net profit attributable to shareholders was 10.868 billion yuan, up 15.87% year-on-year, while the net profit excluding non-recurring items was 8.509 billion yuan, a slight increase of 0.65% [4][5]. - In Q3 2024, the total revenue was 29.125 billion yuan, down 6.67% year-on-year, but the net profit attributable to shareholders increased by 8.53% to 3.337 billion yuan, with a significant rise in net profit excluding non-recurring items by 19.86% to 3.184 billion yuan [4][5]. - The company has seen a narrowing decline in liquid milk and ice cream products, while milk powder maintains positive growth, indicating overall improvement [5][6]. - The gross profit margin improved due to a decrease in costs and reduced promotional expenses, with the net profit margin increasing by 2.58 percentage points to 12.21% for the first three quarters of 2024 [6][7]. - The company is expected to continue its recovery in Q4 2024, with potential improvements in revenue due to seasonal demand and inventory adjustments [7]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved total revenue of 89.039 billion yuan, with a year-on-year growth of 8.59%. The net profit attributable to shareholders was 10.868 billion yuan, reflecting a 15.87% increase year-on-year [4][5]. - In Q3 2024, the total revenue was 29.125 billion yuan, down 6.67% year-on-year, while the net profit attributable to shareholders increased by 8.53% to 3.337 billion yuan [4][5]. Product and Regional Performance - Revenue from liquid milk for the first three quarters was 57.524 billion yuan, down 12.09% year-on-year, while milk powder and dairy products generated 21.33 billion yuan, up 7.07% year-on-year [5]. - Revenue from major regions showed declines, with North China at 24.718 billion yuan (down 6.28%), South China at 22.247 billion yuan (down 8.21%), and Central China at 16.377 billion yuan (down 12.78%) [5]. Profitability and Cost Management - The gross profit margin for the first three quarters improved to 35.03%, an increase of 1.91 percentage points year-on-year, driven by lower raw milk costs and reduced promotional activities [6]. - The net profit margin for Q3 2024 was 11.46%, up 1.61 percentage points year-on-year, indicating enhanced profitability [6]. Future Outlook - The company is expected to see continued improvement in Q4 2024, with a potential stabilization in raw milk prices and a gradual recovery in dairy product demand [7]. - The forecasted EPS for 2024 and 2025 is 1.89 yuan and 1.80 yuan, respectively, with corresponding PE ratios of 16 and 17 times [7].