内蒙古伊利实业集团股份有限公司 证券代码：600887 证券简称：伊利股份 公告编号：临2025-081 第十一届监事会临时会议决议公告 本公司监事会及全体监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、监事会会议召开情况 内蒙古伊利实业集团股份有限公司（简称"公司"）第十一届监事会临时会议于2025年11月17日（星期 一）以通讯方式召开。本次会议通知于2025年11月13日以邮件方式发出，会议应当出席的监事五名，实 际出席会议的监事五名。会议符合《公司法》《公司章程》的规定，合法有效。 二、监事会会议审议情况 会议审议并通过了以下议案，形成如下决议： 审议并通过了《公司未来三年（2025-2027年）股东回报规划》（具体内容详见上海证券交易所网站 www.sse.com.cn）。 公司监事会认为：《公司未来三年（2025-2027年）股东回报规划》符合公司利润分配政策，符合公司 及全体股东的长远利益，决策程序符合《公司法》《公司章程》等有关规定。 表决结果：同意5票，反对0票，弃权0票。 本议案需提交股东大会审议。 特此公告 内蒙古伊利 ...

11月17日主力资金净流入261.16万元，占总成交额0.25%；游资资金净流入5295.87万元，占总成交额 4.98%；散户资金净流出5557.03万元，占总成交额5.22%。 公司公告汇总内蒙古伊利实业集团股份有限公司第十一届监事会临时会议决议公告 内蒙古伊利实业集团股份有限公司于2025年11月17日以通讯方式召开第十一届监事会临时会议，应出席 监事5名，实际出席5名，会议合法有效。会议审议通过《公司未来三年（2025-2027年）股东回报规 划》，认为该规划符合公司利润分配政策及全体股东长远利益，决策程序符合相关法律法规及公司章程 规定。表决结果为同意5票，反对0票，弃权0票。该议案尚需提交股东大会审议。 内蒙古伊利实业集团股份有限公司关于为全资子公司提供担保的进展公告 截至2025年11月17日收盘，伊利股份(600887)报收于28.57元，上涨0.78%，换手率0.6%，成交量37.47万 手，成交额10.64亿元。 当日关注点 交易信息汇总资金流向 内蒙古伊利实业集团股份有限公司关于未来三年（2025-2027年）股东回报规划暨贯彻落实"提质增效重 回报"行动方案的公告 内蒙古伊利实业集团股 ...

Summary of Key Points Group 1: Overall Industry Analysis - The report indicates a systemic recovery opportunity for the food and beverage industry in 2026 after a five-year adjustment period from 2021 to 2025, with key external indicators being the Consumer Price Index (CPI) and a focus on cyclical attributes in the liquor and catering supply chain [4][19]. - The liquor sector is expected to see a fundamental turning point in Q3 2026, following a significant decline in sales and prices in Q3 2025, with a projected stabilization and recovery in prices as inventory clears and demand rebounds [4][7][19]. - The report emphasizes that if the fundamentals recover as anticipated, a dual boost in valuation and performance is expected by the end of 2026 and into 2027, marking a strategic allocation period for quality companies [4][7][19]. Group 2: Liquor Investment Strategy - The liquor sector has experienced a significant decline in sales, with Q3 2025 showing a 50% year-on-year drop compared to Q3 2023, and high-end liquor prices continuing to fall as the market seeks a balance between volume and price [4][7][8]. - Key recommended companies in the liquor sector include Luzhou Laojiao, Shanxi Fenjiu, Kweichow Moutai, and Wuliangye, with a focus on strategic positioning for quality firms as the market stabilizes [4][7][8]. - Historical performance analysis from 2012 to 2015 suggests that stock price turning points often precede fundamental turning points, indicating a potential recovery in Q3 2026 [4][7][23]. Group 3: Consumer Goods Investment Strategy - The report identifies systemic opportunities in the consumer goods sector, with CPI as a core observation indicator, predicting gradual improvement in food CPI due to structural demand changes and a shift from price competition to quality competition among companies [4][19]. - Recommended companies in the consumer goods sector include Yili Group, Qingdao Beer, Anjuke Food, and Tianwei Food, with a focus on firms that possess pricing power and are positioned for systematic recovery if CPI continues to improve [4][19]. - The report highlights that if CPI improves consistently, leading companies in various sub-sectors will also experience systematic recovery [4][19].

内蒙古伊利实业集团股份有限公司 关于为全资子公司提供担保的进展公告 证券代码：600887 证券简称：伊利股份 公告编号：临 2025-083 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： 担保对象及基本情况 | | 被担保人名称 本次担保债务最高本金余额 | Westland 1 | Dairy Company Limited 亿新西兰元（折合人民币约 4.01 亿元） | | --- | --- | --- | --- | | 担保对象 | 实际为其提供的担保余额 | 6.81 | 亿元人民币 | | | 是否在前期预计额度内 | √是 | □否 □不适用：_______ | | | 本次担保是否有反担保 | □是 | √否 □不适用：_______ | 累计担保情况 | 对外担保逾期的累计金额（亿元人民币） | | | | | 0.32 | | --- | --- | --- | --- | --- | --- | | 截至 2025 日公司及其控股子公司对外担保余额（亿元人民币） | 年 | 11 | ...

《上市公司监管指引第3号——上市公司现金分红》《上海证券交易所上 市公司自律监管指引第1号——规范运作》等法律、法规、规范性文件及 《内蒙古伊利实业集团股份有限公司章程》（简称"《公司章程》"） 的有关规定，经综合考虑内蒙古伊利实业集团股份有限公司（简称"公 司"）的经营情况、财务状况以及未来盈利能力的情况，公司董事会制 定了《内蒙古伊利实业集团股份有限公司未来三年（2025-2027年）股东 回报规划》（简称"本规划"），具体内容如下： 一、本规划制定原则 本规划应符合相关法律、法规、规范性文件及《公司章程》的有关 规定，公司本着重视对投资者的合理投资回报，同时兼顾公司合理资金 需求以及可持续发展的原则，实施持续、稳定的股利分配政策。 证券代码：600887 证券简称：伊利股份 公告编号：临 2025-082 内蒙古伊利实业集团股份有限公司 关于未来三年（2025-2027 年）股东回报规划暨贯彻 落实"提质增效重回报"行动方案的公告 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。 为深入贯彻落实国务院《关于进一步提高上市公 ...

本议案需提交股东大会审议。 一、监事会会议召开情况 内蒙古伊利实业集团股份有限公司（简称"公司"）第十一届监事 会临时会议于2025年11月17日（星期一）以通讯方式召开。本次会议通 知于2025年11月13日以邮件方式发出，会议应当出席的监事五名，实际 出席会议的监事五名。会议符合《公司法》《公司章程》的规定，合法 有效。 二、监事会会议审议情况 会议审议并通过了以下议案，形成如下决议： 审议并通过了《公司未来三年（2025-2027年）股东回报规划》（具 体内容详见上海证券交易所网站www.sse.com.cn）。 公司监事会认为：《公司未来三年（2025-2027年）股东回报规划》 符合公司利润分配政策，符合公司及全体股东的长远利益，决策程序符 合《公司法》《公司章程》等有关规定。 表决结果：同意5票，反对0票，弃权0票。 证券代码：600887 证券简称：伊利股份 公告编号：临 2025-081 内蒙古伊利实业集团股份有限公司 第十一届监事会临时会议决议公告 本公司监事会及全体监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。 特此公告 内 ...

伊利股份公告称，2025年11月14日，公司与平安银行签署最高额保证担保合同，为全资子公司Westland 在该行的授信及贷款业务提供连带责任保证担保，担保债务最高本金余额为1亿新西兰元（折合人民币 约4.01亿元）。公司此前已审议通过为其提供不超18亿元或等值其他货币的担保额度，本次在范围内无 需再审议。截至11月14日，公司及控股子公司对外担保余额89.70亿元，占最近一期经审计净资产的 16.87%，下属担保公司逾期金额0.32亿元。 ...

Investment Rating - Investment advice indicates a sector recovery catalyzed by recent CPI data, focusing on growth and supply-demand inflection points [5][16]. Core Views - The report emphasizes the importance of consumer goods growth, particularly in beverages, snacks, and food ingredients, while also highlighting structural opportunities in the baijiu sector [5][16]. - CPI data shows a positive trend with October CPI year-on-year at +0.2% and core CPI at +1.2%, indicating a recovery in domestic demand [6][16]. - The baijiu industry is undergoing accelerated clearing, with expectations for improved sales and inventory adjustments leading into 2026 [7][16]. - Consumer goods are expected to benefit from stabilization and recovery, with a focus on low valuation and high dividend stocks [8][16]. Summary by Sections Investment Recommendations - Recommended baijiu stocks include Shanxi Xinghuacun Fen Wine Factory, Gujing Distillery, and stable targets like Kweichow Moutai and Wuliangye [5][16]. - Beverage growth is highlighted with recommendations for Eastroc Beverage and Nongfu Spring, alongside low valuation stocks like China Foods and Tingyi [5][16]. - Snack and food ingredient stocks recommended include Bailong Chuangyuan, Yankershop Food, and Three Squirrels [5][16]. - Beer recommendations include Yanjing Brewery and Tsingtao Brewery, while condiment stocks like Haitian Flavoring & Food are also suggested [5][16]. Baijiu Sector Insights - The baijiu sector is experiencing a significant adjustment, with industry destocking still in progress and a focus on promotional sales for 2026 [7][16]. - Recent sales data from JD.com shows a +18% year-on-year increase in liquor sales during the Double 11 shopping festival, indicating a positive market response [7][16]. Consumer Goods Outlook - Consumer goods are expected to see growth as the mainline, with structural differentiation evident in beverages, snacks, and health products [8][16]. - The report notes that companies with product innovation and channel expansion will have growth advantages, particularly in the context of recent service and non-food price recoveries [8][16].

Group 1 - The food ETF (515710) showed weak performance with a decline of 0.32% and a trading volume of 54.66 million yuan as of November 17 [1] - Leading stocks in the food sector included Tianwei Food, Lianhua Holdings, and Kweichow Moutai, with increases of 2.06%, 1.37%, and 0.65% respectively [1] - Conversely, Dongpeng Beverage, Yunnan Energy Investment, and Yanghe Distillery experienced declines of 3.02%, 2.34%, and 2.33% respectively [1] Group 2 - The white liquor industry is undergoing a destocking phase, with expectations of recovery in demand and economic revival by Q4 2025 [2] - The trend towards healthier snacks is evident, with categories like konjac continuing to benefit, and leading companies are expected to gain from this trend [2] - The dairy product demand is gradually recovering, with raw milk prices potentially stabilizing [2] Group 3 - The food ETF and its linked funds passively track a segmented food index, with the top ten weighted stocks including Kweichow Moutai, Wuliangye, and Yili [2]

Core Insights - The article compares four major companies in the consumer sector: China Duty Free Group, Midea Group, Yili, and Muyuan Foods, highlighting their performance and potential as leaders in the current market environment [1] Company Summaries China Duty Free Group - The company has partnerships with approximately 1,600 brands and operates around 200 duty-free stores across over 100 cities [3] - In Q3, revenue decreased by 7% and net profit fell by 22%, reflecting broader economic challenges [3] - The current P/E ratio is about 44.9, slightly above its historical average of 43.84, indicating a modest recovery from historical lows [3] - Recent technical signals suggest a potential upward trend after a period of decline [3] Midea Group - Midea is recognized for its stability in the home appliance sector, with a strong presence in smart home solutions and core appliance components [3] - Q3 revenue grew by 13% and profit increased by 19%, marking 12 consecutive years of profit growth [3] - The current P/E ratio is approximately 12.1, below the historical average of 15.33, suggesting it is undervalued [3] - The stock has shown resilience and is nearing a breakout after a prolonged period of consolidation [3] Yili - Yili is a leading player in the food and beverage industry, with a diverse product range and a global footprint [5] - In Q3, the net profit grew by 18%, while revenue saw a slight increase of 1.71% [5] - The current P/E ratio is around 12.9, significantly lower than the historical average of 29, indicating potential undervaluation [5] - The stock has been in a consolidation phase since November 2022 [5] Muyuan Foods - Muyuan represents the pork industry chain, with a fully integrated operation from breeding to slaughtering [5] - Q3 revenue increased by 15% and profit surged by 41%, although profits are highly cyclical and sensitive to pork price fluctuations [5] - The current P/E ratio is about 13.8, well below its historical average of 45.78, suggesting it is undervalued [5] - The stock recently broke out of a two-year consolidation phase and is currently testing the upper boundary of this range [5] Market Context - The consumer sector has been underperforming until recent positive CPI data, which has shifted market sentiment towards previously undervalued consumer stocks [7] - China Duty Free and Muyuan exhibit higher volatility and sensitivity to macroeconomic factors, while Midea and Yili are characterized by stable growth and lower volatility [7] - Valuation analysis shows that China Duty Free's P/E ratio is above its historical average, while Midea, Yili, and Muyuan are trading below their historical averages, reflecting market skepticism about their short-term growth potential [9]