Group 1 - The eighth China-Australia CEO Roundtable was held in Beijing, with Yili being the only Chinese dairy company invited to speak [1] - Yili's Senior Executive Vice President Liu Chunxi highlighted Australia's rich agricultural resources and expertise in dairy farming, while China offers a stable macroeconomic environment and a growing health food market [1] - Yili views Australia as a key hub for global resource integration, with investments and trade exceeding 3 billion RMB in Australia [1] Group 2 - In New Zealand, Yili has established a comprehensive industry layout covering milk source cooperation, innovation, production, and brand marketing, with six production bases and partnerships with over 400 local farms [2] - This extensive layout strengthens Yili's position in the global supply chain and injects new vitality into the dairy industry in the Australia-New Zealand region [2]

Core Viewpoint - The third China International Supply Chain Promotion Expo highlights the importance of the dairy supply chain, with Inner Mongolia Yili Industrial Group showcasing its commitment to quality and innovation in the dairy industry through the launch of the first Dairy Supply Chain Quality Convention in China [2][3]. Group 1: Industry Developments - The dairy industry in China is entering a new development phase, characterized by rapid iteration and profound changes in the supply chain system, from raw milk source construction to refined production processing [5]. - The Dairy Supply Chain Quality Convention aims to unify the industry's commitment to quality, focusing on excellence, innovation, and collaborative success across the supply chain [2][5]. Group 2: Company Initiatives - Yili has participated in the expo for three consecutive years, aligning its goals with the expo's theme of linking the world and co-creating the future, while aiming to build a global health ecosystem [8]. - Yili's Vice President emphasized the company's role as a "chain master" in the dairy industry, with over 2,000 partners across six continents, and its commitment to enhancing global supply chain resilience and stability [8][10]. - The company plans to continue focusing on consumer-centered strategies, maintaining quality, and accelerating digital and green transformation to meet the growing health consumption demand [10].

Core Insights - The third China International Supply Chain Promotion Expo was held from July 16 to 20, attracting over 650 companies and institutions from 75 countries and regions, marking it as the world's first national-level exhibition focused on supply chains [2] - Yili Group, a leading enterprise in the dairy industry, launched the "China Dairy Supply Chain Quality Covenant" during the expo, emphasizing a commitment to quality across the industry [2][3] - The covenant signifies a new phase for the Chinese dairy industry, aiming for higher standards and stricter requirements to ensure consumer safety and quality [3] Industry Development - Yili Group is recognized as a "chain master" in the dairy sector, showcasing China's modernization in the industry and its commitment to high-quality development [4] - The per capita dairy consumption in China has dramatically increased from 0.4 kg in 1949 to 40.5 kg in 2024, representing a 100-fold growth over 75 years, indicating significant progress in the dairy sector [4] - Yili's Vice President Xu Ke highlighted the rapid evolution and transformation of the supply chain system in the dairy industry, focusing on innovation and upgrades across all stages from raw milk sourcing to consumer delivery [6] Quality Management and Collaboration - The launch of the "China Dairy Supply Chain Quality Covenant" is a collaborative effort involving key industry stakeholders, aiming to enhance quality management throughout the supply chain [13] - The "China Dairy Industry Supply Chain High-Quality Development Report" was released, identifying six major issues in the industry, including reliance on imports for key technologies and quality feed [8] - Yili is committed to building a robust ecosystem for supply chain quality, facilitating a leap from catching up to surpassing global standards in the dairy industry [6][11] Technological Innovation - Yili has established 15 innovation centers globally and is leading the construction of a national dairy technology innovation center, promoting collaborative research and breaking down industry barriers [11] - The company is leveraging advanced technologies such as IoT and AI to achieve automation and transparency in dairy production, setting a benchmark for smart upgrades in the industry [10][11] - Yili's partnerships with companies like GEA are focused on enhancing production efficiency and quality management, contributing to the overall advancement of the dairy sector [10]

内蒙古伊利实业集团股份有限公司(简称"公司")于 2025 年 5 月 债务融资工具的议案》 ，同意公司增加 50 亿元多品种债务融资工具（DFI） 发行规模，本次增加发行规模后多品种债务融资工具（DFI）项下所有产 品的余额合计不超过 450 亿元人民币，详见公司刊登于上海证券交易所 网站的相关公告。 根据中国银行间市场交易商协会（简称"交易商协会"）出具的编号 为"中市协注〔2024〕DFI44 号"的《接受注册通知书》，交易商协会接 受公司债务融资工具注册。公司债务融资工具注册自《接受注册通知书》 落款之日起 2 年内有效，公司在注册有效期内可分期发行超短期融资券、 短期融资券、中期票据、永续票据、资产支持票据、绿色债务融资工具 等产品，也可定向发行相关产品，详见公司刊登于上海证券交易所网站 的相关公告。 证券代码：600887 证券简称：伊利股份 公告编号：临 2025-057 内蒙古伊利实业集团股份有限公司 关于 2025 年度第十一期科技创新债券（乡村振兴） 发行结果的公告 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 ...

Investment Rating - The report assigns an "Outperform" rating to the company for the first time, with a reasonable valuation range of 33.80 to 35.60 CNY per share, indicating a potential premium of 23% to 30% over the current stock price of 27.38 CNY [5][4]. Core Insights - The company is positioned as a leading platform-based dairy enterprise, transitioning towards high-quality growth and dividend-focused investment strategies. It has shifted from prioritizing market share to focusing on profitability, with a commitment to maintaining a dividend payout ratio of over 70% [1][13]. - The dairy industry is experiencing a stable recovery in demand, with a potential supply-demand inflection point expected by late 2025. The industry is projected to reach a scale of 611.7 billion CNY by 2028, with a compound annual growth rate (CAGR) of 1.61% from 2024 to 2028 [2][4]. - The company has a strong competitive advantage through its national brand and channel foundation, leading to cost efficiency and superior profitability compared to peers. It is actively expanding its product lines, including liquid milk, milk powder, and cheese, to sustain growth [3][4]. Summary by Sections Company Overview - The company has established itself as the largest dairy producer in China, achieving over 100 billion CNY in revenue since 2021. It has transitioned its strategy to prioritize profit over market share, focusing on high-value products [1][24]. Market Trends - The dairy market is entering a mature phase, with a projected retail value of 560 billion CNY in 2024. The demand for liquid milk is expected to grow, while other segments like yogurt and dairy beverages face challenges [2][38]. Competitive Position - The company maintains a strong market position with significant brand recognition and distribution channels. It has consistently outperformed competitors in terms of profitability and market share, particularly in the liquid milk and milk powder segments [3][4]. Financial Projections - Revenue forecasts for 2025, 2026, and 2027 are estimated at 119.34 billion CNY, 122.50 billion CNY, and 125.44 billion CNY, respectively, with corresponding net profits of 11.31 billion CNY, 12.22 billion CNY, and 13.15 billion CNY [4][5].

Core Viewpoint - The China Securities Dividend Return Index has shown a mixed performance, with a recent increase but a decline year-to-date, reflecting the overall performance of high dividend-paying companies in the market [2]. Group 1: Index Performance - The China Securities Dividend Return Index rose by 2.66% in the past month, decreased by 0.78% over the last three months, and has fallen by 2.89% year-to-date [2]. - The index is based on companies with high cumulative dividend financing ratios and average dividend financing ratios over the past three years, with a base date of December 31, 2004, set at 1000.0 points [2]. Group 2: Index Holdings - The top ten weighted companies in the index include Kweichow Moutai (14.72%), Wuliangye (9.37%), Gree Electric (8.3%), Yili (6.69%), Sany Heavy Industry (4.33%), Wanhua Chemical (4.0%), Haier Smart Home (3.74%), Fuyao Glass (3.51%), Guodian Nanjing Automation (3.38%), and Luzhou Laojiao (3.38%) [2]. - The index's holdings are primarily from the Shanghai Stock Exchange (62.84%) and the Shenzhen Stock Exchange (37.16%) [2]. Group 3: Industry Composition - The industry composition of the index holdings includes Consumer Staples (39.27%), Consumer Discretionary (18.78%), Industrials (13.74%), Materials (10.27%), Health Care (6.42%), Information Technology (3.73%), Energy (3.32%), Communication Services (3.26%), and Utilities (1.22%) [2]. Group 4: Sample Adjustment Criteria - The index samples are adjusted annually, with criteria including a cash dividend to net profit ratio of at least 30%, ranking in the top 90% of average total market capitalization, and ranking in the top 90% of average trading volume over the past year [3]. - Each sample adjustment typically does not exceed 20%, unless more than 20% of the original samples are disqualified based on the cash dividend criteria [3]. - Weight factors are adjusted in line with sample changes, with fixed weights generally maintained until the next scheduled adjustment [3].

证券代码：600887 证券简称：伊利股份 公告编号：临 2025-057 内蒙古伊利实业集团股份有限公司 关于 2025 年度第十一期科技创新债券（乡村振兴） 发行结果的公告 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 5 月 20 日召开的 2024 年年度股东大会审议并通过了《公司关于发行境内外 债务融资工具的议案》，同意公司增加 50 亿元多品种债务融资工具（DFI） 发行规模，本次增加发行规模后多品种债务融资工具（DFI）项下所有产 品的余额合计不超过 450 亿元人民币，详见公司刊登于上海证券交易所 网站的相关公告。 根据中国银行间市场交易商协会（简称"交易商协会"）出具的编号 为"中市协注〔2024〕DFI44 号"的《接受注册通知书》，交易商协会接 受公司债务融资工具注册。公司债务融资工具注册自《接受注册通知书》 落款之日起 2 年内有效，公司在注册有效期内可分期发行超短期融资券、 短期融资券、中期票据、永续票据、资产支持票据、绿色债务融资工具 ...

Summary of Conference Call Notes Industry Overview - The report focuses on the food and beverage industry, analyzing new consumer demands, products, and channels [1][2][3]. Key Points and Arguments New Consumer Demands - The emerging consumer base primarily consists of Generation Z (post-1995), characterized by a heightened self-awareness and faster development compared to previous generations [1]. - Government policies aimed at boosting consumption have been introduced, including the "Special Action Plan to Boost Consumption" and "Consumer Service System Benefit Action 2025" [2]. - Consumer behavior is diversifying, with Generation Z and affluent groups showing more optimistic consumption attitudes, while middle-class and rural older consumers exhibit weaker consumption willingness [3]. Changes in Consumption Patterns - There is a notable shift towards value-for-money products, with consumers increasingly prioritizing cost-effectiveness [4]. - The market has identified four potential growth categories: education, food and beverages, health products, and travel, while three risk categories include home appliances, tobacco, and certain consumables [3]. - The health consciousness among consumers is rising, leading to increased demand for health-related products, with the health food market projected to reach 836.2 billion by 2027, reflecting a 42% growth from 2022 [5]. Innovations in Products and Channels - Companies are innovating to meet health demands, introducing products like konjac, seaweed, and quail eggs [6]. - The focus on cost-effectiveness has led to supply chain optimization, reducing intermediaries to lower prices for consumers [7]. - The beverage market is witnessing significant growth in sugar-free teas and plant-based drinks, with growth rates of 19% and 32% respectively [8]. New Sales Channels - The rise of temporary retail channels has transformed the market, with the temporary retail industry expected to grow from 211 billion in 2019 to 1.5 trillion by 2027 [12]. - Membership warehouse stores are gaining traction, with the market size increasing from 20 billion in 2012 to 36.4 billion in 2023 [14]. - Online sales are rapidly growing, with a 56% year-on-year increase in online sales across nine categories, surpassing 120 billion in 2023 [18]. Recommendations and Risks - The report suggests focusing on new products, channels, and consumer demands as key investment themes, maintaining a strong rating for the food and beverage industry [20]. - Specific recommendations include companies like Three Squirrels, Yili, and Qingdao Beer, while highlighting the potential for profitability recovery in dairy and seasoning sectors [21][22]. - Risks include raw material price fluctuations and intensified industry competition [23]. Additional Important Insights - The emotional value of consumption is increasing, with service-related spending rising from 43% in 2020 to 46% in 2024 [5]. - The shift in consumer purchasing habits is leading to a more significant online presence for traditional products, including liquor, which is becoming a focus for major brands [17].

Summary of the Conference Call on the Infant Formula Industry Industry Overview - The report focuses on the **infant formula food industry in China**, particularly following the implementation of the new national standards for infant formula in February 2023, which provides a regulatory framework for formula registration [1][3] - The new standards emphasize nutritional requirements, product safety, and production process regulations, prompting companies to reapply for formula registration to comply with these standards [1][4] Key Insights and Arguments - The report includes sections on **industry overview, supply chain analysis, competitive landscape, and company profiles** [2] - A comparison between the new national standards and EU standards highlights differences in mandatory vitamins and minerals, indicating varying safety and quality requirements across regions [3] - The market demand for infant formula is declining due to a decrease in birth rates, with the birth rate dropping from **1.0% in 2019 to 0.64% in 2023**, resulting in a reduction of newborns from **14.67 million to 9.02 million** [4][6] - The market size for the infant formula industry decreased from **197.29 billion yuan in 2019 to 176.08 billion yuan in 2023**, with a projected decline to **112.86 billion yuan by 2028**, reflecting a compound annual growth rate (CAGR) of **-2.8%** and **-8.5%** respectively [6] Market Dynamics - The demand for infant formula is expected to drop below **350,000 tons** due to the shrinking population of infants, which will negatively impact market growth [7] - The pricing structure of infant formula is categorized into three segments: - Ordinary formula (below 300 yuan) - High-end formula (300-400 yuan) - Super high-end formula (above 400 yuan) - High-end and super high-end products account for **50.5%** of the overall market despite only holding **35%** of the market share [7] Supply Chain Analysis - The supply chain consists of upstream raw material suppliers, midstream manufacturers, and downstream sales channels, including both online and offline platforms [8] - The number of dairy cows in China is increasing slowly, impacting the supply of milk, which is a primary ingredient in infant formula [9] Competitive Landscape - The competition between foreign and domestic brands is intensifying, with foreign brands like **Mead Johnson and Wyeth** holding over **75%** of the market share, especially in first-tier cities [12] - Domestic brands are increasing their investment in research and quality control to improve their product offerings and adapt to market demands [13] - The new national standards require different stages of formula to have independent standards, affecting the formulation of proteins, fats, and carbohydrates [13] Future Outlook - The market is expected to see a significant shift as nearly one-third of brands may exit the market, solidifying the dominance of leading domestic brands [14] - The concentration of production facilities is skewed towards northern regions, with **119 domestic factories** registered compared to **35 foreign factories** [14] - Leading companies like **Feihe, Junlebao, and Yili** are expanding their production capabilities and product lines to capture market share [15] Conclusion - The infant formula industry in China is facing challenges due to declining birth rates and increasing competition, but there is potential for growth in high-end product segments as consumer preferences shift towards quality and safety [11][16]

碧海环抱的鹭岛盛夏，正酝酿一场关乎中国奶业未来的深度探索。7月13日至15日，第十六届奶业大会 奶业20强(D20)论坛暨2025中国奶业展览会在厦门国际会议展览中心隆重启幕。本届大会以"品质与品 牌，奋进中的坚守；合作与共赢，变局中的选择"为号角，吸引全产业链目光聚焦。作为中国乳业领军 者，伊利集团以"品质筑基·精益升级——携手牧场共赢未来"为行动纲领，在这座以"爱拼才会赢"精神 闻名世界的创新之城，将中国奶业的创新脉动汇聚成转型升级的澎湃动能。 降本增效成果打破行业天花板 当聚光灯照亮伊利集团展台，一组突破性成果引发全场瞩目：伊利集团在黑龙江省合作牧场平均单公斤 奶饲喂成本降至1.62元，在河北省降至1.68元，引领全国牧场迈入"1.6元饲喂成本时代"；在内蒙古、宁 夏的合作牧场良种胚胎移植数量超过2万枚，奶牛年繁殖率平均达到80%以上，良种牛品质升级迈入全 新阶段；为牧场免费提供的"伊起牛·智慧牧业生态系统"正式部署"YILI-AI"私有化大语言模型AI智能 体，携手奶产业链进入AI智慧养殖时代。 为牧场代表和伊利集团奶源管理代表颁发奖杯 当来自黑龙江、河北、内蒙古、宁夏的12家牧场代表和伊利集团奶源管 ...