Market Overview - The beverage and dairy sector experienced a decline of 0.97% on November 21, with Zhuangyuan Pasture leading the drop [1] - The Shanghai Composite Index closed at 3834.89, down 2.45%, while the Shenzhen Component Index closed at 12538.07, down 3.41% [1] Stock Performance - Notable stock performances include: - Dongpeng Beverage: Closed at 259.96, up 1.33% with a trading volume of 18,100 lots and a turnover of 471 million yuan [1] - New Dairy: Closed at 17.30, down 0.40% with a trading volume of 64,600 lots and a turnover of 112 million yuan [1] - Yili Group: Closed at 29.10, down 1.02% with a trading volume of 599,000 lots and a turnover of 1.75 billion yuan [1] - Zhuangyuan Pasture: Closed at 10.41, down 6.47% with a trading volume of 97,900 lots [2] Capital Flow - The beverage and dairy sector saw a net outflow of 118 million yuan from institutional investors and 170 million yuan from retail investors, while retail investors had a net inflow of 288 million yuan [2][3] - Specific capital flows for key stocks include: - Yili Group: Net inflow of 72.11 million yuan from institutional investors, with a net outflow of 132 million yuan from retail investors [3] - Dongpeng Beverage: Net inflow of 12.44 million yuan from institutional investors, with a net outflow of 18.66 million yuan from retail investors [3]

Core Insights - The "ESG China 8th Beijing Responsibility Exhibition" was held on November 20, focusing on corporate responsibility in the new era, with Yili Group recognized as the top in the dairy industry for corporate social responsibility for the eighth consecutive year [1][2] Group 1: Corporate Social Responsibility - Yili Group was awarded the top position in the "Corporate Social Responsibility Development Index" for the dairy industry, as recognized by the Chinese Academy of Social Sciences, highlighting its commitment to ESG principles and sustainable development [2] - The "Corporate Social Responsibility Blue Book (2025)" has been published for 17 years, establishing a benchmark for evaluating corporate social responsibility management and information disclosure [2] Group 2: Environmental Initiatives - Yili has implemented a "dual footprint" carbon reduction model since 2007, aiming for carbon neutrality across its entire supply chain by 2050, having already achieved peak carbon emissions in 2012 [3][5] - The company has developed six zero-carbon products and multiple carbon-reducing products, with 43 factories recognized as national "green factories" and 34 as "water-saving enterprises," leading the industry [3] Group 3: Global Engagement - Yili has actively participated in global climate governance, showcasing its "dual footprint" carbon reduction strategy at international conferences, including the UN Climate Change Conference [5][6] - The company was invited to share its sustainable development practices at the UN Convention to Combat Desertification, emphasizing its role in global climate action [5] Group 4: Community and Social Impact - Yili has established six long-term public welfare projects, focusing on nutrition improvement for the elderly and children, benefiting over 40,000 elderly individuals [6][7] - The company collaborates with partners to enhance social value through various initiatives, including disaster relief and community nutrition programs [6][7] Group 5: Recognition and Awards - Yili has been recognized as a leader in ESG practices, ranking first in the "China ESG Listed Company Pioneer 100" index for three consecutive years and receiving the highest rating in sustainable development reports from the Chinese Academy of Social Sciences [10] - The company has been included in the "2025 Best Practice Cases for Sustainable Development" by the China Listed Companies Association, reflecting its commitment to ESG governance and sustainable supply chains [10]

Core Viewpoint - The report from Zhongyou Securities indicates that Yili Group aims to establish leadership in various segments by 2025, with a projected compound annual growth rate (CAGR) of double digits in revenue from 2021 to 2025, significantly outperforming the industry average [1] Revenue Growth - The overall revenue growth of the company is influenced by consumer sentiment, with a projected CAGR of 4.55% from 2020 to 2024, compared to the industry's decline of -0.18% [1] Market Position - In the liquid milk segment, Yili maintains the top market share, continuing to lead the industry [1] - The company has achieved the highest market share in the milk powder and dairy products sector, with growth rates surpassing competitors, particularly in the cheese market [1] - Yili's ice cream business also retains the leading market share, reinforcing its leadership across all business lines [1] Future Strategy - Over the next five years, Yili plans to focus on value reconfiguration along the supply chain and explore diversification, aligning with consumer demand and channel changes [1] - The company aims for its growth rate to exceed that of the industry and national GDP growth [1] International Expansion - Yili's overseas core markets are concentrated in Indonesia, Thailand, and New Zealand, with a focus on ice cream and infant formula products [1] - The company anticipates a turning point in its ambient liquid milk segment by 2026, expecting to lead the industry in achieving growth [1] Investment Rating - The report maintains a "Buy" rating for Yili Group [1]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [2][15]. Core Insights - The company aims to establish leadership in various segments by 2025, with a projected compound annual growth rate (CAGR) of over 10% in revenue from 2021 to 2025, significantly outperforming the industry average of -0.18% during the same period [4][5]. - The company holds the leading market share in liquid milk, milk powder, and ice cream, with continuous growth in these segments, particularly in cheese products [4][5]. - The company plans to enhance its value chain through diversification and international expansion, focusing on markets in Indonesia, Thailand, and New Zealand, while also developing functional nutrition and deep processing products [5][6]. Financial Performance and Projections - The company is projected to achieve revenues of CNY 120.31 billion, CNY 126.17 billion, and CNY 132.41 billion for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 3.91%, 4.87%, and 4.94% [9][11]. - The net profit attributable to the parent company is expected to reach CNY 11.25 billion, CNY 12.20 billion, and CNY 13.25 billion for the same years, reflecting growth rates of 33.13%, 8.43%, and 8.57% [9][11]. - The company aims to maintain a cash dividend payout ratio of no less than 75% from 2025 to 2027, ensuring a stable dividend yield of approximately 4.92% by 2026 [9][11].

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].