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 ...

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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].

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。作为中国乳 业领军企业，伊利集团再次亮相这一国际盛会，向全世界展示中国企业在节能减排和应对气候变化方面 的先进经验。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。 本届大会聚焦多项重要气候议题，呼吁全球携手为应对气候危机寻找共同解决方案，加速减少排放，增 强气候韧性，推动包容、公正的转型。凭借在节能环保领域的卓越探索，伊利已经连续三次受邀参加大 会。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获得由必维认证"水足迹"证书。欣活在全球人口老龄化加速的背景 下，把庞大的老年产业链率先引入到水足迹保护议题中，扩大了可持续发展的参与群体。 一。据统计，中国60岁以上人口已超2.8亿，对专业化健康解决方案的需求与日俱增。伊利欣活通过整 ...