证券代码：600887 证券简称：伊利股份 公告编号：临 2025-087 内蒙古伊利实业集团股份有限公司 2025年中期权益分派实施公告 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： A 股每股现金红利0.48元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/12/16 | － | 2025/12/17 | 2025/12/17 | 差异化分红送转：否 一、通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 11 月 28 日的2025年第一次临时股 东大会审议通过。 二、分配方案 (一)发放年度：2025年中期 (二)分派对象： 每股分配比例 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算 有限责任公司上海分公司（简称"中国结算上海分公司"）登记在册的本 公司全体股东。 (三)分配方案： 本次利润分配以方案实施前的公司总股本6,325,3 ...

伊利股份公告称，2025年中期权益分派方案已获2025年第一次临时股东大会审议通过。本次以总股本 63.25亿股为基数，每股派发现金红利0.48元（含税），共计派发现金红利30.36亿元。股权登记日为 2025年12月16日，除权（息）日和现金红利发放日为2025年12月17日。部分股东现金红利由公司自行发 放，不同类型股东扣税政策有别。 ...

Investment Rating - The report maintains a "Buy" rating for quality companies in the food and beverage sector, particularly in the liquor segment [4][9]. Core Insights - The report indicates that major liquor companies have experienced significant revenue declines year-on-year, with high-end liquor prices continuing to drop as the market seeks a balance between volume and price. It anticipates a double-digit decline in sales for Q1 2026, with a potential stabilization in Q2 and a fundamental turnaround in Q3 2026 as inventory clears and demand recovers [4][9]. - The report highlights that if the fundamentals improve as expected, the end of 2026 to 2027 could see a dual boost in valuation and performance for quality companies, marking a strategic allocation period for long-term investors [4][9]. - The report emphasizes a systemic opportunity in mass consumer goods, with a focus on CPI as a core observation indicator. It predicts a gradual improvement in food CPI throughout the year, driven by structural demand improvements and a shift in competitive strategies from price to quality [4][9]. Summary by Sections 1. Weekly Perspective on Food and Beverage - The food and beverage sector saw a decline of 1.90% last week, with liquor down 2.59%, underperforming the market by 2.27 percentage points. The top gainers included companies like Anji Food and Haixin Food, while the biggest losers were ST Yanshan and Yantang Dairy [8]. 2. Market Performance by Sector - The report notes that the average price of Moutai has dropped to 1545 RMB per bottle, a decrease of 25 RMB week-on-week, while the price for Wuliangye remains stable at approximately 825 RMB. The decline in Moutai prices is attributed to increased shipments by distributors to meet annual targets amid weak seasonal demand [10][12]. 3. Industry Matters - The report suggests focusing on the restaurant supply chain, particularly in condiments and frozen foods, with recommendations for companies like Anji Food and Qianhe Flavoring. It anticipates continued improvement in operational performance for these companies as the restaurant sector recovers [11][12]. 4. Valuation Table - As of December 5, 2025, the food and beverage sector has a dynamic PE of 20.19x, with a premium rate of 24%, while the liquor segment has a dynamic PE of 18.87x, with a premium rate of 16% [32].

Core Insights - The report from Huatai Securities indicates that the essential consumer sector has entered a favorable left-side layout window, with expectations for a mild recovery in consumption in the second half of 2026 due to stabilizing real estate prices, increased policy stimulus, and the recovery of household balance sheets [1][2]. Industry Overview - The essential consumer sector is currently at historical low valuation levels and public fund allocation ratios, providing a high safety margin and potential upside for investors [1][2]. - Some sub-industries are showing signs of bottoming out, with leading companies shifting focus from price wars to product innovation and adapting to channel changes [1][2][6]. - Structural changes such as the rebalancing of raw milk cycles, recovery in restaurant demand, and stricter regulations on zero additives are optimizing the competitive landscape of the industry [1][2]. Investment Recommendations - The report recommends four categories of stocks: 1. Cyclical high-upside stocks, including Gujing Gongjiu, Luzhou Laojiao, China Resources Beer, Qingdao Beer, Haitian Flavoring, Anjuke Food, and Qianhe Flavoring [2][7]. 2. Companies at fundamental turning points, such as Mengniu Dairy and Master Kong [2][7]. 3. High-dividend blue-chip leaders like Yili and Shuanghui Development [2][7]. 4. Small but promising growth stocks, including Ximai Food, Baoli Food, and Yanjinpuzi [2][7]. Market Trends - The report emphasizes a three-stage market strategy from expectation recovery to performance realization for 2026 [2]. - The essential consumer sector is expected to see a gradual improvement in retail sales growth, projected to reach 4.8% in 2026 [25]. - The consumer confidence index has shown some recovery but remains in a low range, indicating cautious consumer sentiment [26]. Sub-Industry Insights - Specific sub-industries are highlighted: 1. Frozen food is showing signs of bottoming out, with expectations for a reduction in price wars in 2026 [6][10]. 2. The dairy sector is anticipated to see a rebalancing of the raw milk cycle, enhancing domestic substitution logic [6][10]. 3. The beer industry is expected to maintain profit resilience due to rational competition and a diminishing demand dividend [6][10]. 4. Traditional condiment leaders are actively adjusting strategies to capture market share [6][10]. Conclusion - The essential consumer sector is positioned for a potential recovery, with various sub-industries adapting to market changes and focusing on innovation and strategic adjustments to enhance competitiveness [1][2][6].

Core Insights - Yili has launched a systematic sustainable solution called "Ecological Solution" aimed at addressing future challenges in sustainability [1][2] - The Sustainable Social Value Ecological Circle was established on May 20, 2025, with 46 members, including Yili, Tencent, and Lenovo, focusing on creating social value through collaboration [1][2] Group 1: Sustainable Initiatives - Yili's "Ecological Solution" is a culmination of years of exploration in sustainable supply chains, social value collaboration, and digital philanthropy [2] - The company has set dual carbon goals and established the "Zero Carbon Alliance," which has expanded to 154 core enterprises [2] - Yili has also initiated the "Global Low Water Footprint Initiative Alliance," gathering 60 global partners [2] Group 2: Community Engagement - In disaster relief efforts, Yili has created a digital philanthropy ecosystem connecting governments, enterprises, and beneficiaries [2] - Recently, 15 member units of the ecological circle donated over 200 million Hong Kong dollars to assist in recovery efforts after a fire in Hong Kong [2] Group 3: Global Recognition - The "Sustainable Social Value Ecological Circle" has been recognized by the United Nations, with the establishment of a "Sustainable Social Value Working Group" under the UN Global Compact framework [2]

Group 1 - The total amount of cash dividends distributed by listed companies in Shanghai reached 1.81 trillion yuan from January to November 2025, representing a 2% year-on-year increase [1] - A total of 193 companies in the Shanghai market distributed more than 1 billion yuan in dividends, with 28 companies exceeding 10 billion yuan in actual cash payouts, including major players like Industrial and Commercial Bank of China, China Mobile, and China Construction Bank, each distributing over 100 billion yuan [1] - The number of companies on the Sci-Tech Innovation Board that increased their cash dividend payouts reached 164, indicating a growing trend in shareholder returns [1] Group 2 - As of the end of November 2025, the overall dividend yield for Shanghai-listed companies was 2.25%, with 28 companies yielding over 2.5%, and 11 companies exceeding 4% [2] - Over the past three years, 342 companies in the Shanghai market maintained a cash dividend payout ratio of over 40%, with 199 companies achieving a payout ratio exceeding 50% consistently [2]

Core Insights - A leading beverage company in China has proactively lowered its growth target for 2026, indicating a significant reduction compared to its historical growth rates, while simultaneously pursuing aggressive expansion plans, suggesting the initiation of a "price war" [1][3] - Another major beverage player has announced a clear and aggressive strategy for the coming year, focusing on expanding market share through "internal competition" and seeking breakthroughs in new categories via price wars [1][3] Price War Dynamics - Historical trends show that when industry giants initiate internal competition, it often compels other players to follow suit, leading to a downward spiral into price wars [3] - The price decline in the beverage market has already begun to manifest, with average prices for sugar-free tea and "health water" dropping from approximately 5.6 yuan and 0.9 yuan per 100ml in 2023 to about 5.15 yuan and 0.86 yuan in 2025 [4][6] Pricing Strategies - New products in the health beverage category launched in the first half of the year have an average price of about 5 yuan per bottle, a 12% decrease from the 2024 average of 5.7 yuan [6] - Promotions such as "second bottle for 1 yuan" have led to actual transaction prices for health beverages dropping to between 3 and 5.5 yuan per bottle, representing a decline of over 40% [6] - The bottled water sector is also experiencing price reductions, with major brands like Nongfu Spring and Wahaha temporarily pausing before second-tier brands like Master Kong and Yili continue to push low-price strategies [8] Market Sentiment and Consumer Behavior - Distributors are feeling the impact of price reductions directly, with reports indicating that previously popular beverages priced at 6-8 yuan are now generally below 5 yuan [10] - The shift in pricing power from distributors to brand owners is evident, as brands are forced to lower prices to maintain market share and relationships with distributors amid high inventory levels [10][12] Promotional Tactics - Brands are employing sophisticated pricing strategies, including large packaging and "one yuan exchange" promotions, to capture market share without directly undermining existing price structures [12][15] - Some companies have officially announced price reductions by launching newly priced products, such as a major international cola brand introducing a 400ml product priced lower than its previous 500ml offerings [15] Industry Outlook - The signals from industry giants indicate that the beverage sector will become increasingly competitive in 2026, with price wars expected to be a primary battleground [16][20] - The ongoing price war is likely to impact all segments of the supply chain, including small brands, distributors, and consumers, with potential negative consequences for profit margins and product quality [20][22]

Core Insights - Yili Group has entered the 4.0 phase of industrial tourism, focusing on digitalization and immersive experiences, aiming to set a new benchmark in industrial tourism with appealing, substantial, engaging, and shareable experiences [2][3] - Yili has maintained its position as the leading dairy company in Asia for 12 consecutive years and ranks among the top five globally, with its industrial tourism segment receiving numerous accolades [2] - The total number of visitors to Yili's global industrial tourism has surpassed 310 million [2] Group 1 - The Yili Modern Smart Health Valley, operational since 2022, marks the full launch of the 4.0 chapter in industrial tourism, covering an area of 120 square kilometers and integrating various cultural and technological resources [3] - The facility includes a global manufacturing benchmark base capable of producing over 7,000 tons daily, serving as a key attraction for visitors interested in advanced dairy technology [3] - Yili's industrial tourism has developed a distinctive cultural tourism system, incorporating artistic aesthetics into production line scenes to create visually appealing experiences [3] Group 2 - Utilizing a "1+N" content model and interactive technologies like AI and VR, Yili has created engaging and educational content tailored to different audience segments, including children, youth, and entrepreneurs [3] - The company aims to deepen the integration of culture and tourism, with a mission to effectively communicate the stories of grassland culture and Chinese dairy culture [3] - Yili plans to showcase the quality and achievements of Chinese dairy through experiential projects like "Exploring Yili's Global Supply Chain" for both domestic and international visitors [3]

Core Insights - The 2025 Sustainable Social Value Innovation Conference aims to explore systemic solutions for leveraging technology to promote sustainable social development in the face of complex challenges [1] - The conference emphasizes the transition from isolated actions to collaborative ecosystem building in addressing systemic social issues [2] Group 1: Systemic Solutions and Collaboration - The forum "New Foundation for Ecological and Social Innovation" focuses on gathering diverse insights to explore collaborative paths for systemic solutions [2] - Experts highlight that the global economy is undergoing a significant structural transformation, necessitating a trend towards value co-creation between enterprises and social forces [2] - The future of sustainability relies on creating self-evolving, collaborative value creation systems rather than isolated initiatives [2] Group 2: Ecological Solutions and Methodologies - The concept of "Ecological Solutions" is introduced as a structured approach aimed at creating sustainable value through complementary core capabilities [4] - This methodology has been implemented across various dimensions, including the dairy industry, where it has become a replicable model for ecological collaboration [5] - The transition from individual corporate responsibility to empowering ecosystems is a key aspect of the "Ecological Solutions" in business contexts [5] Group 3: Practical Applications and Impact - The collaboration within the Sustainable Social Value Ecosystem has led to various social innovation practices, demonstrating the power of collective action [6] - Projects like "Warmth for Veterans" and disaster recovery initiatives showcase how integrated efforts can provide comprehensive support to communities [6] - The ecosystem has expanded from 19 to 46 partners in six months, illustrating the effectiveness and resilience of networked collaboration [6] Group 4: Future Directions - The ongoing refinement of ecological solutions aims to harness collective strength to address global challenges, marking an evolution in corporate social responsibility [7]

Core Insights - Yili Group reported a total revenue of 90.564 billion yuan for the first three quarters of 2025, marking a year-on-year growth of 1.71% [1] - The company's net profit attributable to shareholders exceeded 10 billion yuan for the first time, reaching 10.103 billion yuan, with a year-on-year increase of 18.73% [1] - Yili's chairman, Pan Gang, emphasized the importance of innovation for future growth, stating that the company is focused on new supply to meet new consumer demands [1] Financial Performance - Total revenue for the first three quarters: 90.564 billion yuan, up 1.71% year-on-year [1] - Net profit attributable to shareholders: 10.103 billion yuan, up 18.73% year-on-year [1] Innovation and Product Development - Yili launched several innovative products, including the "Jindian Fresh Pure Milk," which redefined the freshness boundary of ambient milk, receiving widespread market acclaim [1] - The company introduced a new sub-category of "light dairy juice drinks" with the product "Chew Lemon," which quickly gained popularity and refreshed the consumer experience [1] - Yili collaborated with Sam's Club to create "Raw Milk Green Bean Ice Cream," achieving a unique formulation with ≥35% raw milk and 19% green beans, winning the ice cream category championship [2] Awards and Recognition - Yili won two prestigious IDF Dairy Innovation Awards, becoming the most awarded dairy company globally and the only Chinese company to receive such recognition [2] - The "Xinhua Bone Health Formula Milk Powder," co-created with Beijing Tongrentang, won the "Human Nutrition Dairy Product Innovation Award" for addressing health concerns in China [2] - The "Anmuxi 'Only for a Bluer Sea'" limited edition eco-friendly packaging won the "Dairy Product Packaging and Transparency Innovation Award," providing a systematic green packaging solution for the industry [2] Strategic Focus - Yili adheres to the "consumer value leadership" philosophy, focusing on consumer needs and leveraging strategic determination to drive innovation and provide comprehensive nutritional solutions throughout the consumer lifecycle [4]