Core Points - The company reported a revenue of 28.564 billion yuan for Q3 2025, representing a year-on-year decline of 1.63% [1] - The net profit attributable to shareholders for Q3 2025 was 3.226 billion yuan, down 3.35% year-on-year [1] - Basic earnings per share for Q3 2025 stood at 0.51 yuan [1] - For the first three quarters of 2025, the company achieved a total revenue of 90.341 billion yuan, reflecting a year-on-year growth of 1.81% [1] - The net profit attributable to shareholders for the first three quarters was 10.426 billion yuan, which is a decline of 4.07% year-on-year [1] - Basic earnings per share for the first three quarters was reported at 1.65 yuan [1]

Financial Performance - The company's operating revenue for the third quarter was CNY 28,563,801,435.51, a decrease of 1.63% compared to the same period last year[4]. - The total profit for the quarter was CNY 3,606,149,140.23, down 3.77% year-on-year[4]. - The net profit attributable to shareholders was CNY 3,225,625,005.13, reflecting a decline of 3.35% compared to the previous year[4]. - The basic earnings per share for the quarter was CNY 0.51, a decrease of 1.92% year-on-year[4]. - Total operating revenue for the first three quarters of 2025 reached ¥90.56 billion, a slight increase from ¥89.04 billion in the same period of 2024, representing a growth of approximately 1.7%[17]. - Net profit for the first three quarters of 2025 was ¥10.42 billion, compared to ¥10.90 billion in 2024, indicating a decrease of about 4.3%[18]. - Operating profit for the first three quarters of 2025 was ¥12.32 billion, slightly down from ¥12.50 billion in 2024, reflecting a decrease of around 1.5%[17]. - The total comprehensive income for the first three quarters of 2025 was ¥11.16 billion, compared to ¥10.80 billion in 2024, indicating an increase of about 3.3%[18]. - Basic earnings per share for the first three quarters of 2025 were ¥1.65, slightly down from ¥1.71 in 2024, reflecting a decrease of about 3.5%[18]. Cash Flow and Investments - The net cash flow from operating activities for the year-to-date period decreased by 32.23%, amounting to CNY 9,399,863,342.62[4][7]. - The company experienced a significant decrease in cash received from sales, impacting the net cash flow from operating activities[7]. - Cash flow from operating activities for the first three quarters of 2025 was ¥9.40 billion, a significant decrease from ¥13.87 billion in 2024, representing a decline of about 32.5%[21]. - The net cash flow from investment activities was -15,609,791,873.63, a significant decrease compared to -5,076,062,812.82 from the previous period, indicating increased investment outflows[22]. - Cash inflow from financing activities totaled 152,860,917,055.23, while cash outflow was 158,251,039,299.71, resulting in a net cash flow of -5,390,122,244.48, slightly worse than -5,345,393,020.73 from the previous period[22]. - The company experienced a net cash outflow from financing activities of ¥10.20 billion in 2025, compared to a net outflow of ¥9.56 billion in 2024[29]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 152,726,359,994.44, a decrease of 0.65% from the end of the previous year[4]. - The company's current assets totaled RMB 67.66 billion, showing an increase from RMB 66.62 billion in the previous period[13]. - The company's total liabilities were RMB 92.48 billion, down from RMB 96.71 billion, reflecting a decrease of about 4.5%[14]. - Short-term borrowings increased to RMB 45.18 billion from RMB 36.35 billion, representing a rise of approximately 24.5%[14]. - The total assets increased to 143,021,438,411.37 from 133,370,151,846.58, reflecting a growth of approximately 7.3% year-over-year[24][25]. - Current assets rose to 54,314,693,266.71, up from 43,433,416,698.08, marking an increase of about 25%[24]. - The total liabilities reached 91,560,425,579.36, compared to 84,648,062,850.60, showing an increase of approximately 8.5%[25]. - The company's equity increased to 51,461,012,832.01 from 48,722,088,995.98, reflecting a growth of about 5%[25]. Research and Development - Research and development expenses increased to ¥627.68 million in 2025 from ¥556.31 million in 2024, marking an increase of approximately 12.8%[17]. - Research and development expenses increased to ¥526.18 million in the first three quarters of 2025, up from ¥481.43 million in 2024, marking a growth of 9.3%[27]. Shareholder Information - The top ten shareholders hold a combined total of 1,500,000,000 shares, representing approximately 23.73% of the total shares[9]. - The equity attributable to shareholders increased by 5.89% to CNY 56,310,618,404.84 compared to the end of the previous year[4]. - The total equity attributable to shareholders rose to RMB 56.31 billion from RMB 53.18 billion, marking an increase of about 5.4%[14]. Other Income and Expenses - Non-recurring gains and losses for the quarter totaled CNY 139,193,017.35, down from CNY 323,321,126.39 year-to-date[5]. - The company reported a decrease in sales expenses, which amounted to ¥16.55 billion in 2025 compared to ¥17.15 billion in 2024, a reduction of approximately 3.5%[17]. - The company reported a decrease in sales expenses to ¥14.09 billion in 2025 from ¥14.76 billion in 2024, a reduction of 4.5%[27]. - The company experienced a significant increase in other income, which rose to ¥741.99 million in 2025 from ¥734.38 million in 2024, a growth of approximately 1%[17]. - Total investment income for the first three quarters of 2025 was ¥3.94 billion, down from ¥5.89 billion in 2024, reflecting a decline of 33.2%[27]. Strategic Focus - The company continues to explore new product development and market expansion strategies to enhance its competitive position in the industry[15]. - The company's net profit for the first nine months of 2025 is yet to be disclosed, but previous trends indicate a focus on maintaining profitability amidst market fluctuations[15]. Accounting Standards - The company has not adopted new accounting standards for the year 2025[30].

证券代码：600887 证券简称：伊利股份 公告编号：临 2025-077 内蒙古伊利实业集团股份有限公司 关于取消监事会并修改《公司章程》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"）于2025年10月29 日召开了第十一届董事会第八次会议及第十一届监事会第八次会议，审 议并通过了《公司关于取消监事会并修改<公司章程>的议案》。现对相 关事项公告如下： 为进一步完善公司治理结构，推动公司规范运作，根据《中华人民 共和国公司法》（简称"《公司法》"）、《上市公司章程指引》（简称"《章 程指引》"）等相关法律法规的规定，公司拟不再设置监事会，监事会的 职权由董事会审计委员会行使，相应废止《内蒙古伊利实业集团股份有 限公司监事会议事规则》，公司其他制度中涉及"监事会""监事"的相 关规定不再适用。 在公司股东大会审议通过取消监事会设置事项前，公司第十一届监 事会及监事仍将严格按照《公司法》《内蒙古伊利实业集团股份有限公司 章程》（简称"《公司章程》"）等相关规定的要求，勤勉尽 ...

证券代码：600887 证券简称：伊利股份 公告编号：临 2025-079 内蒙古伊利实业集团股份有限公司 关于 2025 年第三季度经营数据的公告 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。 根据上海证券交易所《上市公司行业信息披露指引第十四号——食 品制造（2022 年修订）》的相关规定，现将内蒙古伊利实业集团股份有 限公司 2025 年第三季度主要经营数据（未经审计）公告如下： 一、主营业务经营情况 | | 销售模式 | 2025 | 年 7-9 | 月 | 2025 年 1-9 月 | | --- | --- | --- | --- | --- | --- | | 经销 | | | 27,094,477,894.13 | | 86,451,848,878.36 | | 直营 | | | 1,191,870,271.31 | | 3,152,960,383.04 | | | 合计 | | 28,286,348,165.44 | | 89,604,809,261.40 | （三）主营业务收入按地区分部分类情况 单位：元 ...

证券代码：600887 证券简称：伊利股份 公告编号：临 2025-078 内蒙古伊利实业集团股份有限公司 关于召开2025年第一次临时股东大会的通知 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。 股东大会召开日期：2025年11月28日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网 络投票系统 一、召开会议的基本情况 （一）股东大会类型和届次 2025年第一次临时股东大会 （二）股东大会召集人：公司董事会 （三）投票方式：本次股东大会所采用的表决方式是现场投票和网 络投票相结合的方式 （四）现场会议召开的日期、时间和地点 召开的日期时间：2025 年 11 月 28 日14 点 00 分 召开地点：呼和浩特市金川开发区金四路 8 号伊利全球人才发展中 心二楼会议室 重要内容提示： 不适用 （五）网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 11 月 28 日 至2025 年 11 月 28 日 采用上海证券交易所网络投票系统，通过交易系 ...

Market Overview - The beverage and dairy sector experienced a decline of 0.54% on the trading day, with Junyao Health leading the drop [1] - The Shanghai Composite Index closed at 3986.9, down 0.73%, while the Shenzhen Component Index closed at 13532.13, down 1.16% [1] Stock Performance - Notable gainers in the beverage and dairy sector included: - Weiweijia (600300) with a closing price of 3.47, up 2.97% [1] - New Dairy (002946) at 17.01, up 2.47% [1] - Yili (600887) at 27.36, up 0.66% with a transaction volume of 621,200 shares and a transaction value of 1.702 billion [1] - Major decliners included: - Junyao Health (605388) at 7.13, down 3.52% [2] - Happy Home (300997) at 16.62, down 3.26% [2] - Beiyinmei (002570) at 6.28, down 2.64% with a transaction value of 305 million [2] Capital Flow - The beverage and dairy sector saw a net inflow of 193 million from institutional investors, while retail investors experienced a net outflow of 39.39 million [2] - The capital flow for key stocks showed: - Yili (600887) had a net inflow of 285 million from institutional investors, but a net outflow of 172 million from retail investors [3] - Chengde Lululemon (000848) had a net inflow of 42.62 million from institutional investors, with a net outflow of 5.37 million from retail investors [3] - Miao Ke Lan Duo (600882) had a net inflow of 20.36 million from institutional investors, but a significant net outflow of 29.61 million from retail investors [3]

证券代码：600887 证券简称：伊利股份 公告编号：临 2025-073 本公告中担保金额折算汇率以 2025 年 10 月 28 日的汇率中间价计 算：1 新西兰元对人民币 4.0992 元 一、担保情况概述 （一）担保的基本情况 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 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 本次担保债务本金 | Westland 合计不超过 | Dairy | Company Limited 2.65 亿新西兰元（折合人民币 | | --- | --- | --- | --- | --- | | | | 约 10.86 | 亿元） | | | 担保对象 | 实际为其提供的担保余额 | 8.81 | 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 ...

Group 1: Company Performance Highlights - Hu Silicon Industry (688126.SH) achieved a revenue of 1.697 billion CNY in H1 2025, a year-on-year increase of 8.16%[9] - Jingzhida (688627.SH) reported a revenue of 444 million CNY in H1 2025, up 22.68% year-on-year[12] - Kingsoft Office (688111.SH) generated a revenue of 2.657 billion CNY in H1 2025, reflecting a 10.12% increase year-on-year[22] Group 2: Market Trends and Projections - The average selling price of 200mm semiconductor wafers has slightly rebounded due to product mix changes, although the market for 200mm and below wafers remains weak[11] - The smart connected vehicle market for wireless communication modules is projected to grow from 2.3 billion CNY in 2020 to 5 billion CNY by 2024, with a CAGR of 21%[19] - The lithium battery equipment sector is expected to see a resonance of cycles and growth, potentially leading to a "Davis Double" effect due to domestic leadership in integration[36] Group 3: Investment Ratings and Forecasts - Hu Silicon Industry is projected to have EPS of 0.02, 0.09, and 0.13 CNY for 2025-2027, maintaining a "recommend" rating[11] - Jingzhida's EPS forecast for 2025-2027 is 1.92, 2.88, and 3.80 CNY, with a "recommend" rating[16] - Kingsoft Office's projected net profit for 2025-2027 is 1.768 billion, 2.150 billion, and 2.693 billion CNY, with a strong recommendation rating[24] Group 4: Risk Factors - Risks include lower-than-expected downstream demand, intensified market competition, and potential technological iteration risks across various sectors[17][35]

Market Overview - The beverage and dairy sector experienced a decline of 0.32% on October 29, with Hai Rong Technology leading the drop [1] - The Shanghai Composite Index closed at 4016.33, up 0.7%, while the Shenzhen Component Index closed at 13691.38, up 1.95% [1] Individual Stock Performance - Knight Dairy (920786) saw a closing price of 10.29, with an increase of 3.11% and a trading volume of 114,100 shares [1] - Bei Yin Mei (002570) closed at 6.45, up 1.74%, with a trading volume of 639,200 shares [1] - San Yuan Co. (600429) closed at 4.91, up 0.82%, with a trading volume of 164,200 shares [1] - Other notable performances include Happy Home (300997) at 17.18, up 0.41%, and West Pastoral (300106) at 11.13, up 0.18% [1] Capital Flow Analysis - The beverage and dairy sector saw a net outflow of 78.36 million yuan from institutional investors, while retail investors contributed a net inflow of 109 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors increased their positions [2] Detailed Capital Flow for Selected Stocks - Bei Yin Mei (002570) had a net inflow of 25.29 million yuan from institutional investors, but a net outflow of 27.71 million yuan from retail investors [3] - San Yuan Co. (600429) experienced a net inflow of 18.93 million yuan from institutional investors, with a significant net outflow of 22.18 million yuan from retail investors [3] - Yi Li Co. (600887) had a minor net inflow of 5.09 million yuan from institutional investors, but faced a substantial net outflow of 43.44 million yuan from retail investors [3]

Core Viewpoint - The new national standard aims to regulate the elderly nutrition food market, addressing existing challenges and promoting growth in the silver economy as the aging population increases [1][3]. Group 1: Market Overview - The elderly nutrition product market is expected to experience significant growth due to the aging population and increasing health awareness among consumers [4]. - The market size for nutrition health foods in China is projected to reach 522.3 billion yuan in 2024, with functional nutrition foods and health foods accounting for 289.1 billion yuan and 233.1 billion yuan, respectively [4]. - The compound annual growth rate (CAGR) for functional nutrition foods is expected to be 8.5% over the next five years, surpassing the previous five-year rate of 6.6% [4]. Group 2: Current Challenges - The elderly nutrition food market is characterized by a lack of standards, leading to confusion and mistrust among consumers due to misleading marketing and exaggerated claims [4][6]. - Many products marketed for the elderly do not meet the specific physiological needs of older adults, resulting in a wide variance in ingredient quality and nutritional composition [2][6]. Group 3: New National Standard - The recently proposed national standard for elderly nutrition supplements defines these products as special dietary foods made from dairy, soy, or their derivatives, supplemented with vitamins and minerals [4][5]. - The draft standard includes strict requirements for raw materials, such as a minimum protein content of 20% of the total product weight and restrictions on the use of hydrogenated fats [5]. - The new standard aims to shift the industry from concept marketing to value supply, promoting standardization and quality improvement in the elderly nutrition food sector [6].