Core Insights - The China Securities Regulatory Commission (CSRC) has emphasized the importance of corporate governance and board effectiveness in listed companies, leading to the launch of the "2025 Best Practices for Corporate Boards" initiative, which has recognized 240 best practice cases, 190 excellent cases, and 156 typical cases [1][2]. Group 1: Corporate Governance and Board Effectiveness - The initiative aims to enhance the legal and compliant operation of corporate boards, improving governance effectiveness in response to higher demands from the new "National Nine Articles" and the "1+N" policy framework [1]. - The core role of corporate boards is to drive strategic decision-making, align with national macro policies, and integrate company growth into the modernization of the industrial system [1][2]. - Companies are encouraged to establish robust internal control systems and risk supervision capabilities to support high-quality development in the capital market [1][2]. Group 2: Value Management and Shareholder Returns - Corporate boards are elevating value management to a strategic level, focusing on enhancing intrinsic value, optimizing investor communication, and standardizing information disclosure [2]. - Emphasis on sustainable dividends has become a key aspect of governance, with companies responding to policies for multiple dividends per year and ensuring the continuity and stability of shareholder return policies [2]. - The boards are actively working to improve investor satisfaction and confidence through optimized dividend strategies [2]. Group 3: ESG Integration - Corporate boards are advancing the establishment and practice of Environmental, Social, and Governance (ESG) frameworks, embedding sustainability into strategic planning and performance evaluation [3]. - The ESG strategy focuses on innovation, employee growth, environmental friendliness, and corporate governance, aiming for a sustainable development governance model unique to China [3]. Group 4: Best Practice Case Listings - A comprehensive list of recognized companies for best practices in corporate governance has been compiled, showcasing a diverse range of sectors and industries [4][5][6][7][8][9][10].

特此公告 证券代码：600887 证券简称：伊利股份 公告编号：临2025-084 内蒙古伊利实业集团股份有限公司（简称"公司"）境外全资子公司YiLi Holding Investment Limited（简 称"YiLi Holding"）于2020年11月成功发行了境外高级无抵押定息债券，具体情况如下： 内蒙古伊利实业集团股份有限公司 ■ 关于境外全资子公司美元债券兑付完成的公告 2025年11月19日，公司境外全资子公司YiLi Holding已完成上述债券的到期兑付工作，上述债券本息已 全部结清。 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 董 事 会 二〇二五年十一月二十一日 ...

| 名称 | 发行总额 | | 票面利率 | 债券期限 | | | 起息日 | | | | 到期日 | | | 公告编号 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 高级无抵押定息债券 | 5 | 亿美元 | 1.625% | 5 | 年 | 2020 | 年 11 | 月 | 19 日 | 2025 | 年 11 | 月 | 19 日 | 临 | 2020-156 | 2025 年 11 月 19 日，公司境外全资子公司 YiLi Holding 已完成上述 债券的到期兑付工作，上述债券本息已全部结清。 特此公告 内蒙古伊利实业集团股份有限公司 关于境外全资子公司美元债券兑付完成的公告 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"）境外全资子公司 YiLi Holding Investment Limited（简称" ...

内蒙古伊利实业集团股份有限公司 2025 年第一次临时股东大会会议资料 二〇二五年十一月 | 目 录 | | | --- | --- | | 一、《公司 2025 年中期利润分配预案》 | 1 | | 二、《公司关于取消监事会并修改<公司章程>的议案》 | 2 | | 三、《公司股东会议事规则（2025 年修订）》 29 | | | 四、《公司董事会议事规则（2025 年修订）》 42 | | | 五、《关于为公司及董事、高级管理人员购买责任保险的议案》 | 52 | 内蒙古伊利实业集团股份有限公司 2025 年第一次临时股东大会会议资料 内蒙古伊利实业集团股份有限公司 2025 年中期利润分配预案 各位股东及股东代表： 根据内蒙古伊利实业集团股份有限公司（简称"公司"）2025 年第 三季度报告（未经审计），公司前三季度实现归属于上市公司股东的净利 润为 10,426,102,617.04 元，截至 2025 年 9 月 30 日，母公司报表未分 配利润为 30,542,253,602.28 元。为进一步提升对投资者的回报，结合 公司盈利情况、业务发展资金需求等情况，公司以实施权益分派股权登 记日登记的总股 ...

Market Overview - The beverage and dairy sector experienced a decline of 1.44% on November 20, with San Yuan leading the drop [1] - The Shanghai Composite Index closed at 3931.05, down 0.4%, while the Shenzhen Component Index closed at 12980.82, down 0.76% [1] Stock Performance - Notable stock performances include: - San Yuan (600429) closed at 5.52, down 8.15% with a trading volume of 961,900 shares and a turnover of 537 million [2] - Yili (600887) closed at 29.40, down 0.61% with a trading volume of 472,400 shares and a turnover of 1.397 billion [1] - Dongpeng Beverage (6655509) closed at 256.54, down 0.95% with a trading volume of 10,900 shares and a turnover of 280 million [1] Capital Flow - The beverage and dairy sector saw a net outflow of 300 million from institutional investors, while retail investors had a net inflow of 352 million [2] - Specific stock capital flows include: - Yili (600887) had a net inflow of 91.648 million from institutional investors, but a net outflow of 80.749 million from retail investors [3] - New Dairy (002946) experienced a net inflow of 4.227 million from institutional investors and a net outflow of 1.230 million from retail investors [3]

Core Viewpoint - The dairy sector has experienced a decline of 2.27% as of the market close on November 20, with several companies within the sector, such as Nanchao Food and Sanyuan Co., facing significant drops in their stock prices [1]. Group 1: Market Performance - The dairy sector ranked among the top decliners in the market, with a notable drop of 2.27% [1]. - Key companies in the dairy sector that saw substantial declines include Sanyuan Co. (-8.15%), Nanchao Food (-9.37%), and Huanlejia (-4.81%) [2][3]. Group 2: Capital Flow - The dairy sector experienced a net outflow of 316 million yuan in principal funds, with 25 stocks seeing net outflows [2]. - Sanyuan Co. led the outflows with a net withdrawal of 72.17 million yuan, followed by Huanlejia and Dabeinong with outflows of 71.56 million yuan and 47.96 million yuan, respectively [2][3]. - Conversely, Fucheng Co. and Yili Co. saw net inflows of 51.12 million yuan and 23.16 million yuan, respectively [2][3].

Core Insights - On November 19, brokerages provided target prices for listed companies, with notable increases for 易瑞生物 (Yirui Biotech), 中国海诚 (China Haicheng), and 健康元 (Health元), showing target price increases of 44.37%, 40.26%, and 26.01% respectively, across the medical device, professional engineering, and chemical pharmaceutical industries [1][2]. Group 1: Target Price Increases - 易瑞生物 (Yirui Biotech) received a target price of 15.00 yuan with a target increase of 44.37% from 华创证券 (Huachuang Securities) [2]. - 中国海诚 (China Haicheng) has a target price of 15.40 yuan, reflecting a 40.26% increase from 国泰海通证券 (Guotai Junan Securities) [2]. - 健康元 (Health元) was assigned a target price of 15.26 yuan, indicating a 26.01% increase from 国泰海通证券 (Guotai Junan Securities) [2]. Group 2: Brokerage Recommendations - A total of 37 listed companies received brokerage recommendations on November 19, with 伊利股份 (Yili Group) receiving recommendations from 3 brokerages, 南方航空 (Southern Airlines) from 1, and 易瑞生物 (Yirui Biotech) from 1 [3]. - 伊利股份 (Yili Group) closed at 29.58 yuan and was recommended by 3 brokerages in the beverage and dairy industry [3]. Group 3: First Coverage - On November 19, 6 companies received initial coverage from brokerages, including 潮宏基 (Chao Hong Ji) with a "Buy" rating from 首创证券 (Shouchuang Securities) [4]. - 海容冷链 (Hairong Cold Chain) received an "Increase" rating from 兴业证券 (Industrial Securities) [4]. - 风华高科 (Fenghua High-Tech) was rated "Buy" by 中邮证券 (China Post Securities) [4].

Group 1 - The core viewpoint of the article highlights the target price increases for several listed companies, with notable gains in the healthcare and engineering sectors [1] - The companies with the highest target price increases are Easybio, China Haicheng, and Health元, with increases of 44.37%, 40.26%, and 26.01% respectively [1] - On November 19, a total of 37 listed companies received broker recommendations, indicating a positive sentiment in the market [1] Group 2 - Easybio received one recommendation from brokers, while Yili and Southern Airlines received three and one recommendations respectively [1] - The article emphasizes the significance of broker recommendations in influencing market perceptions and potential investment opportunities [1]

Investment Rating - The report maintains an investment rating of "Recommended" for the food and beverage industry [3][8]. Core Insights - The food and beverage industry experienced a slight revenue increase of 0.17% year-on-year in the first three quarters of 2025, but the net profit attributable to shareholders declined by 4.58% [3][15]. - The third quarter of 2025 saw a significant decline in both revenue and profit, with revenues dropping by 4.75% year-on-year and net profits decreasing by 14.61% [3][15]. - The report highlights that the macroeconomic policies aimed at boosting domestic demand are expected to lead to a recovery in performance and valuation for the food and beverage sector [16]. Summary by Sections 1. Industry Overview - The food and beverage sector's overall revenue for the first three quarters of 2025 was CNY 8309.16 billion, with a net profit of CNY 1711.64 billion [3][15]. - The third quarter alone generated revenue of CNY 2500.62 billion, with a net profit of CNY 434.96 billion [3][15]. 2. Subsector Performance 2.1 Baijiu (Chinese liquor) - The baijiu sector faced significant pressure, with revenues and net profits declining in the third quarter of 2025 [24]. - Major brands like Moutai and Fenjiu performed relatively well despite the overall downturn [24]. - The report notes a 20%-30% decline in sales during traditional festive periods, with regional variations in performance [24]. 2.2 Beer - The beer sector maintained steady demand, achieving a revenue of CNY 620.52 billion in the first three quarters, up 2.02% year-on-year, and a net profit of CNY 94.84 billion, up 11.82% [29]. - The third quarter saw revenues of CNY 203.20 billion, with a net profit increase of 11.30% [29]. 2.3 Snacks - The snack sector showed positive growth, with revenues and net profits increasing in the third quarter [3][29]. 2.4 Soft Drinks - The soft drink sector experienced a strong performance, particularly in the third quarter, with leading companies showing significant growth [3][29]. 2.5 Dairy Products - The dairy sector continued to face demand challenges, but there were signs of marginal improvement as raw milk prices stabilized [4][29]. 2.6 Condiments - The condiment sector is undergoing intense competition, but leading companies are outperforming the overall market [4][29]. 3. Investment Recommendations - The report suggests focusing on resilient companies with strong growth potential, such as Dongpeng Beverage, Yili, and Moutai, among others [8][24].

Core Viewpoint - The article emphasizes that in the food and beverage industry, "safety," "transparency," and "responsibility" have become new cornerstones of brand value, moving beyond traditional competitive advantages like taste and convenience [2]. Group 1: ESG Performance Overview - Most food companies are currently at the industry average in mainstream ESG ratings, with few leading companies such as Mengniu, Yili, Chongqing Beer, Budweiser Asia Pacific, and Ausnutria rated AA or above by MSCI [2]. - The food industry is increasingly recognizing the importance of ESG as a strategic tool for enhancing competitiveness and achieving resilient development due to regulatory pressures and consumer awareness [5]. Group 2: Environmental Dimension - Key areas of focus for environmental performance include climate change response, greenhouse gas emissions management, packaging management, water resource management, and biodiversity protection [7]. - Leading companies like Mengniu and Yili have demonstrated advanced performance in environmental disclosures, producing specialized reports on climate-related risks and sustainability [8][10]. - The complexity of the food industry's value chain presents challenges in accurately calculating greenhouse gas emissions, particularly in agricultural activities [11]. Group 3: Social Dimension - The critical performance metrics for social responsibility include product quality and safety, nutrition and health improvement, supply chain management, responsible marketing, and customer service [14]. - Food safety remains a fundamental issue for survival, with a reported overall non-compliance rate of 2.61% in food safety inspections, indicating an improving trend [16]. - Companies are increasingly adopting digital management tools for traceability and enhancing food safety management systems [16]. Group 4: Governance Dimension - Key governance performance metrics include the establishment of independent ESG committees, integration of ESG risk management into overall risk management processes, and the independence and diversity of the board [20][21]. - Companies like Mengniu have established dedicated sustainability committees within their boards, demonstrating effective oversight of ESG issues [23]. - There is a growing trend to link executive compensation to ESG performance, although this practice is still relatively rare [23]. Group 5: Industry Trends and Challenges - The food and beverage industry is moving from a basic understanding of ESG to a more nuanced and systematic approach, with leading companies building barriers through comprehensive ESG strategies [25]. - Despite advancements, many companies still face challenges in collecting and reporting Scope 3 emissions data, which is critical for comprehensive ESG assessments [13].