转自：中国质量报 与时俱进不断升级质量管理模式 让"国奶自信"更深入人心 —— 伊利集团连续3届荣获中国质量奖提名奖采访记 □ 本报记者 徐建华 2018年，凭借"三不准则"质量管理模式，首次获得第三届中国质量奖提名奖；2021年，凭借"三线促 零"质量管理模式，蝉联中国质量奖提名奖；2025年，凭借"自主预防 三线促零"质量管理模式，第三次 斩获中国质量奖提名奖……内蒙古伊利实业集团股份有限公司（以下简称"伊利集团"）在收获中国质量 领域重要荣誉的同时，也书写了属于自己的质量传奇。 "伊利集团连续3届获中国质量奖提名奖，不仅代表行业对伊利品质的持续认可，也见证了中国乳业 从'追赶'到'超越'的历史性跨越。这份荣誉更是一份沉甸甸的责任，推动我们持续坚守品质初心，打造 更加卓越的品质产品与服务，让'国奶自信'更深入人心。"伊利集团相关负责人在接受中国质量报记者 采访时如此说。 从伊利全球近1000家牧场中臻选0.1%的顶级牧场，依托北纬45°黄金奶源带的自然禀赋，叠加科学化、 智能化管理体系，打造专属A2牧场，确保生牛乳含100%A2 β-酪蛋白，更适配宝宝的消化系统。 搭建4℃冷链运输体系，确保鲜牛乳两小时内 ...

Investment Rating - The report maintains a "Strong Buy" rating for Yili Co., Ltd. (600887) with a target price of 36 CNY [2][6]. Core Insights - Yili has outlined a five-year growth plan focusing on stabilizing the entire industry chain and enhancing profitability amidst weak demand and intensified competition. The company aims for a net profit margin of 9% for the year [6]. - The company expects revenue growth to outpace GDP growth over the next five years, with a focus on liquid milk and functional nutrition as key growth drivers [6]. - Yili plans to increase its market share in various product categories, including infant formula and low-temperature dairy products, while also accelerating international expansion [6]. - A commitment to high dividend payouts has been established, with plans for cash dividends to account for at least 75% of net profit from 2025 to 2027 [6]. Financial Summary - Projected total revenue (in million CNY) for 2024A is 115,780, with a year-on-year growth rate of -8.2%. By 2027E, revenue is expected to reach 125,537 million CNY, with a growth rate of 3.5% [2][6]. - The net profit attributable to the parent company is projected to be 8,453 million CNY in 2024A, with a significant increase to 13,302 million CNY by 2027E, reflecting a growth rate of 8.2% [2][6]. - Earnings per share (EPS) are expected to rise from 1.34 CNY in 2024A to 2.10 CNY in 2027E, indicating a positive trend in profitability [2][6]. Market Position and Strategy - Yili aims to lead the liquid milk market by 2026, with a focus on penetrating lower-tier markets and enhancing presence in high-tier cities [6]. - The company is shifting its marketing strategy from traditional methods to more engaging and ROI-focused approaches, which is expected to support ongoing profitability improvements [6]. - Yili's international business is projected to grow at a compound annual growth rate (CAGR) of 20%, with a focus on high-value products from New Zealand and expanding its presence in Southeast Asia [6].

Investment Rating - The report maintains a "Strong Buy" rating for Yili Co., Ltd. (伊利股份) [3][5] Core Views - Yili Co., Ltd. emphasizes a strategy focused on quality leadership, horizontal expansion, and vertical upgrades, aiming for balanced growth and profitability while enhancing shareholder returns [2][4] - Despite short-term demand pressures, the company has stabilized its liquid milk market share, with other business segments performing well and continuous improvement in net profit margins [5] - The company plans to focus on the recovery of liquid milk, performance improvement under supply-demand balance, and new growth drivers from deep processing, health products, and overseas markets [5] Summary by Sections Company Overview - Yili Co., Ltd. held an investor day on November 18, 2025, where management discussed the five-year development plan, highlighting the potential for increased per capita consumption of dairy products in China [2] Financial Performance - The company expects earnings per share (EPS) of 1.76 CNY and 1.94 CNY for 2025 and 2026, respectively, with a valuation of 16.7X for 2025 [5] - The projected total revenue for 2025 is 116.53 billion CNY, with a slight increase of 0.6% year-on-year [6][14] Business Segments - Liquid Milk: The company is shifting from extensive growth to high-quality growth through product innovation and brand enhancement, aiming for positive growth ahead of the industry by 2026 [4][5] - Infant Formula: The "Golden Crown" brand has maintained over 15% compound growth in the past five years, with a target to achieve over 25% market share [4] - Deep Processing: The deep processing sector is rapidly developing, with significant market potential driven by consumption upgrades [4] International Expansion - Yili Co., Ltd. is committed to international growth, with targets for double-digit compound growth in markets like Indonesia and Thailand, and a 20% growth target in the Australian market [4] Shareholder Returns - The company has announced a dividend payout ratio of no less than 75% for the years 2025-2027, with a minimum cash dividend of 1.22 CNY per share for 2024 [4][5]

+852-2978-6983 | christina.liu@gs.com Goldman Sachs (Asia) L.L.C. 18 November 2025 | 8:41PM HKT Equity Research Yili Industrial (600887.SS) Investor Day Takeaway: Aim to outgrow industry in next FYP, Adult nutrition and high-value processed products as the new growth pillar; Buy 600887.SS 12m Price Target: Rmb33.90 Price: Rmb29.52 Upside: 14.8% We attended Yili investor day in Beijing on Nov 18th, with key themes of industry transformation driven by long-term rising dairy intake and premium urban demand, wh ...

Group 1: AI Developments - Google launched its new AI model Gemini 3, claiming it to be the "most intelligent" and "factually reliable" AI system to date, with enhanced capabilities in handling text, images, and audio simultaneously [2] - Jeff Bezos founded a new AI startup named "Project Prometheus," which has raised $6.2 billion in funding and employs nearly 100 staff from major tech companies [4] - Perplexity integrated the Kimi K2 Thinking model, marking it as the only domestic model included alongside OpenAI's GPT-5.1 [17] Group 2: Company Financials and Performance - Amer Sports, the parent company of Arc'teryx, reported a 30% revenue increase to $1.756 billion in Q3 2025, with a 161% rise in adjusted net profit to $185 million [14] - Xiaomi Group announced a record high adjusted net profit of 11.3 billion yuan in Q3 2025, with total revenue reaching 113.1 billion yuan, a 22.3% year-on-year increase [14] - 元气森林 announced the separation of its dairy brand 北海牧场 into an independent operation, focusing on low-temperature yogurt while consolidating resources in the beverage sector [14] Group 3: Market Trends and Predictions - A report indicated that the number of "millionaires" in Hong Kong has increased to approximately 395,000, reflecting a growing wealth concentration in the region [27] - The global smartphone shipment is projected to reach 1.2213 billion units in 2025, with AI smartphones expected to grow from 445.8 million units in 2025 to nearly 600 million units in 2026 [27] Group 4: Corporate Changes and Strategies - DJI held closed-door meetings with multiple investment institutions regarding its new panoramic drone, DJI Avata 360, while stating it has no current financing or IPO plans [6][7] - Manner Coffee responded to rumors about a potential IPO in Hong Kong, stating it would not comment on the speculation [7] - The management of 胖东来 underwent significant changes, with 于东来 stepping down as general manager while retaining his position as chairman [7]

Core Viewpoint - The article highlights the transformation of Yili Group from a dairy giant to a comprehensive nutrition solution provider, emphasizing its strategic focus on structural growth opportunities in the dairy industry as consumer demand evolves towards quality and diversity [1][3]. Group 1: Industry Transition - The Chinese dairy industry has shifted from a phase of "quantity growth" to a new stage of "quality enhancement," driven by diversified and refined consumer demands [3]. - Structural growth opportunities in the industry are identified as: increasing health awareness among consumers, demand upgrades in high-tier cities, and significant potential in differentiated product categories [5][6]. Group 2: Targeting New Markets - Yili is focusing on the aging population as a new market for functional nutrition, with over 210 million people aged 60 and above in China, expected to exceed 400 million by 2035 [7]. - The company has established a leading position in the adult nutrition segment, with its "Xinhui" series of adult milk powder holding the top market share for ten consecutive years [9]. Group 3: Industry Chain Upgrades - Yili is transitioning from liquid dairy products to solid dairy products, indicating a significant growth potential in the solid dairy segment [10]. - The deep processing of dairy products in China is still in its infancy, with a reliance on imports for key raw materials, presenting an opportunity for Yili to focus on domestic alternatives [12]. Group 4: International Expansion - Yili's international strategy has evolved from merely exporting products to establishing a comprehensive ecosystem, with a clear organizational structure for its global operations [13][15]. - The company aims to enhance its market share and product value through a dual-circulation model that integrates global resources and markets, with a goal of becoming a global leader in the dairy industry [15]. Group 5: Shareholder Returns - Yili has a strong commitment to shareholder returns, having distributed a total of 58.566 billion yuan in dividends since its listing, with a consistent high dividend payout ratio [18]. - The company has announced a three-year shareholder return plan, ensuring that cash dividends will not be less than 75% of the net profit attributable to shareholders, with a minimum cash dividend of 1.22 yuan per share for 2024 [18].

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 603711 | 香飘飘 | 14.99 | 3.59% | 11.82万 | | 1.73亿 | | 600887 | 伊利股份 | 29.52 | 3.33% | 130.33万 | | 38.32亿 | | 603156 | 乔元饮品 | 27.83 | 1.38% | 1 6.07万 | | 1.68亿 | | 300915 | 海融科技 | 26.24 | -0.23% | 7224.1 0 | | 1883.93万 | | 600882 | 妙可蓝多 | 26.14 | -0.31% | 4.13万 | | 1.07亿 | | 002946 | 新乳业 | 17.53 | -0.51% | 6.05万 | | 1.05亿 | | 605388 | 均瑶健康 | 7.69 | -0.52% | 7.16万 | | 5480.93万 | | 001318 | 一次来到 | 14.69 | -0.61% | 3.67万 | | ...

【国内首款"低水足迹"认证！伊利欣活中老年奶粉在联合国气候变化大会惊艳亮相】11月10日，《联合 国气候变化框架公约》第30次缔约方大会（COP30）在巴西贝伦正式开幕。伊利集团副总裁徐克发表 《致力于全链"碳+水"双足迹管理 强化企业参与全球气候治理》主题演讲，并代表集团在大会上发布了 伊利集团在双碳路线上的代表产品——伊利欣活中老年奶粉。 徐克表示，在应对全球气候变化这一重大课题上，不应是旁观者，而是积极的参与者。伊利集团旗下欣 活品牌更是在2023年就对原料种植、加工、运输等环节进行了全生命周期的水资源消耗核查，形成水足 迹报告，获得了奶粉行业内首个由必维认证的"水足迹"证书。 (0.0 @ 成分 象焦银发经济提供专业精准营养 除查声明 国内首款 四 房活 EREC "低水足迹认证"奶粉 PHOESTIE 第30届联合播气候变化大众(COP30) 全新开展 ENTLE Letter Letter Leutshed with the CHINA DA t 2017 面 BRASIL person of the 中国画 / 2025 AZONIA - / I ...

Group 1: Market Trends and Brand Strategies - The demand for health-oriented food products is driving brands to innovate through ingredient upgrades and category innovations, targeting specific consumer health needs [2][3] - In the dairy sector, brands like Mengniu and "Raising a Cow" are focusing on high-quality nutrition and original sourcing to meet the refined nutritional demands of high-end families [2] - Snack brands such as Three Squirrels are strategically targeting various consumer segments, including mothers and young health-conscious individuals, with products that feature no added sugars, salts, or artificial flavors [2] Group 2: Consumer Engagement and Marketing Approaches - Brands are embedding their products into daily life scenarios, utilizing strategies that combine scene binding, interactive experiences, and immediate conversion to create a complete consumption loop [4] - For instance, Wangwang's electrolyte drink "Hui Dong" sponsors sports events to tap into high-frequency consumption scenarios, while Master Kong introduces seasonal products to meet specific consumer needs [4] - Collaborative marketing efforts, such as the partnership between Qiaolezi and Harry Potter, enhance emotional connections with consumers, particularly targeting younger demographics [4] Group 3: Industry Insights and Future Outlook - The integration of technology, consumer insights, and channel adaptation is reshaping the health food industry, moving beyond simple ingredient labels to a more comprehensive value proposition [3] - This shift is fostering innovation driven by consumer demand, helping brands establish differentiated barriers in a competitive market [3] - The ongoing monitoring of various industries, including food and beverage, by the Shiyuan Index aims to provide insights into consumer trends and enhance business competitiveness [5]

Core Viewpoint - Recent announcements from multiple listed companies regarding future dividend plans have garnered market attention, indicating a trend towards increased shareholder returns and confidence in corporate profitability [1][2][8]. Group 1: Dividend Plans - Yili Co. announced a plan for 2025-2027, committing to a cash dividend totaling at least 75% of the net profit attributable to shareholders each year, with a minimum cash dividend of 1.22 yuan per share for 2024 [1][8]. - Sanda Membrane disclosed a special dividend plan for 2025, proposing a cash dividend of 2.1 yuan per 10 shares, reflecting stable operational performance and a healthy balance sheet [2]. - China Communications Construction Company (CCCC) plans to distribute a minimum cash dividend of 0.11756 yuan per share for 2025, amounting to approximately 1.9142 billion yuan, which is about 20% of its net profit for the first half of 2025 [2][3]. Group 2: Implementation of Dividend Plans - Jidian Co. announced a cash dividend of 0.21 yuan per 10 shares for the first three quarters of 2025, with an expected total payout of approximately 76.17 million yuan, representing a dividend rate of 9.73% [4]. - Midea Group plans to distribute 5 yuan per 10 shares, totaling around 3.448 billion yuan, with the record date set for November 17 [5]. Group 3: Enhancing Shareholder Returns - Many companies are expressing intentions to gradually increase investor returns, with Ming Tai Aluminum committing to a minimum annual dividend payout ratio of 30% over the next three years [6][7]. - Yili Co. emphasized the importance of stable dividend expectations in enhancing company value and investor confidence, advocating for increased frequency of dividends and simplified mid-term dividend processes [8].