Core Insights - Yili Group reported a revenue of approximately 90.34 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 1.81% [1] - The company's net profit attributable to shareholders was approximately 10.43 billion yuan, showing a year-on-year decline of 4.07% [1] Financial Performance - Revenue for the first three quarters: 90.34 billion yuan, up 1.81% year-on-year [1] - Net profit attributable to shareholders: 10.43 billion yuan, down 4.07% year-on-year [1]

新京报贝壳财经讯 10月30日，伊利股份公告，第三季度营收为285.64亿元，同比下降1.63%；归母净利 润为32.26亿元，同比下降3.35%。前三季度营收为903.41亿元，同比增长1.81%；归母净利润为104.26亿 元，同比下降4.07%。 ...

Core Insights - Yili Group continues to show strong performance in the third quarter of 2023, achieving a total revenue of 90.564 billion yuan, a year-on-year increase of 1.71%, and a net profit of 10.103 billion yuan, up 18.73% [1][3] Financial Performance - The company announced a cash dividend plan totaling 3.036 billion yuan, reflecting its commitment to returning value to shareholders [3] - Yili's revenue from liquid milk reached 54.939 billion yuan, maintaining its position as the industry leader [4] - The milk powder and dairy products segment generated revenue of 24.261 billion yuan, marking a historical high with a year-on-year growth of 13.74% [6] Product Innovation and Market Strategy - Yili's cold drink business reported revenue of 9.428 billion yuan, growing by 13% and maintaining its industry-leading position for 30 consecutive years [8] - The company has launched several innovative products, including a new formula for its premium infant formula and a range of health-focused beverages, which have received positive market feedback [9][15] - Yili's introduction of the "light milk juice drink" and the "fresh milk green bean ice cream" has successfully tapped into consumer preferences for health and taste, leading to significant sales growth [13][15] Brand Development and Consumer Engagement - Yili emphasizes emotional connection with consumers through its "partner marketing" strategy, positioning its products as companions in daily life [19][21] - The brand's initiatives during festive seasons have enhanced consumer engagement, reinforcing its image as a national brand that resonates with contemporary consumer values [21]

整体婴幼儿奶粉业务继实现销售额、市场份额双冠后，领先优势再度扩大。成人奶粉业务保持双位数增 长，市场份额稳居第一。前三季度，公司奶粉及奶制品营收242.61亿元，再创历史新高，同比增长 13.74%。 报告期，冷饮业务实现营业收入94.28亿元，同比增长13.00%，连续三十年稳居行业第一。同期，海外 业务继续高质量增长，表现亮眼。 前三季度，公司全品类持续领跑。基石业务液体乳稳居行业第一，规模优势持续扩大。其中，金典、安 慕希品牌持续高质量引领，低温白奶品类营收及市场份额实现双增。 责任编辑：刘万里 SF014 10月30日，乳业龙头伊利股份（600887.SH）发布2025年三季报。报告期，公司实现营业总收入905.64 亿元，同比增长1.71%；扣非归母净利润首超百亿，达101.03亿元，同比增长18.73%，公司主营业务韧 性向上，势头稳健。 ...

Economic News - China's National Energy Administration issued 229 million green certificates in September, involving 306,500 renewable energy projects, with 158 million being tradable, accounting for 68.86% [4] - The price of storage chips has accelerated in the fourth quarter due to a shift in production capacity towards high-end chips for AI and data centers, leading to a significant reduction in traditional storage chip supply [6] - The global smartphone market is expected to reach a shipment volume of 320.1 million units in Q3 2025, reflecting a 3% year-on-year growth, indicating signs of recovery after a weak first half [7] Company Insights - Sinopec Easy Joy and Taobao Flash Purchase announced a strategic partnership, with plans to have over 5,000 stores on the Taobao platform by the end of the year [5] - Pop Mart opened its first store in the Middle East at Hamad International Airport in Qatar, marking its first 24/7 operational store globally [5] - Youyan New Materials reported Q3 revenue of 2.674 billion yuan, a year-on-year increase of 20.43%, and a net profit of 115 million yuan, up 56.31% [5] - Tianli Lithium Energy's Q3 revenue was 569 million yuan, a 33.25% year-on-year increase, but it reported a net loss of 28.85 million yuan, an increase of 67.68% in losses [5] - China Telecom showcased its "Beidou Voice Message" service, becoming the first operator to implement this technology [5] Industry Analysis - The food and beverage industry is expected to benefit from the expansion of overall consumption, with new retail channels like instant retail and membership supermarkets emerging as significant opportunities [8][9] - The non-ferrous metals industry is poised for improvement in profitability and valuation levels due to a favorable supply-demand structure, driven by high-quality green development paths [11] - The production of ten non-ferrous metals in China is projected to grow at an annual rate of approximately 1.5% from 2025 to 2026, indicating a shift towards stable, high-quality growth [13] - The demand for metals is expected to expand significantly due to the growth of new energy industries and structural changes in demand, particularly for copper, lithium, and other metals [15][16]

Investment Rating - The investment rating for the food and beverage industry is "Outperform the Market" [4][5][31]. Core Views - The food and beverage sector maintains an overweight position despite a decrease in the fund's heavy holding ratio, which fell by 1.47 percentage points to 4.73% in Q3 2025, ranking eighth among Shenwan's primary industries [1][11]. - The overall overweight ratio for the food and beverage industry is 0.62%, with a decrease of 0.76 percentage points from the previous quarter [1][11]. Summary by Sections Fund Holdings Analysis - The heavy holding ratio for the food and beverage industry decreased to 4.73% in Q3 2025, with a total heavy holding market value of approximately 131.7 billion yuan [1][11]. - The white liquor sector remains the most heavily held, with a ratio of 3.69%, although it decreased by 0.81 percentage points [2][17]. - Other sub-sectors such as soft drinks, snacks, and condiments also saw a decline in fund holding ratios [2][17]. Individual Stocks - Major stocks like Guizhou Moutai and Wuliangye saw a decrease in heavy holding ratios, while stocks like Yanghe and Nongfu Spring received increased allocations [3][23]. - In Q3 2025, Guizhou Moutai's heavy holding ratio fell to 1.48%, a decrease of 0.41 percentage points, while Yanghe's ratio increased slightly to 0.03% [3][24]. - The top ten stocks by heavy holding in the food and beverage sector include Guizhou Moutai, Shanxi Fenjiu, and Wuliangye, with significant changes in their respective holding ratios [24][27].

Core Viewpoint - The integration of corporate social responsibility with business models is essential for companies to gain respect, which in turn can enhance brand influence and market competitiveness, ensuring long-term sustainability [1][3]. Group 1: National Economic Development - The "14th Five-Year Plan" emphasizes focusing on the real economy, promoting intelligent, green, and integrated development, and aims to build a strong manufacturing, quality, aerospace, transportation, and network nation [2]. - The development of the real economy is fundamental to national growth, and companies play a crucial role in advancing commercial civilization and social progress [2]. Group 2: Characteristics of Respected Enterprises - Respected companies are distinguished not only by their successful business operations but also by their social responsibility, corporate culture, and brand value [3]. - The ongoing global business environment changes and increasing public expectations highlight the importance of earning respect over short-term profits for long-term survival [2][3]. Group 3: Expert Recommendations - BYD has been highly recommended by experts for its rapid global expansion and local production strategies, positioning itself among the top four global car manufacturers [9]. - Other companies like Keda Xunfei, Fuyao Glass, Haier Group, JD.com, Weichai Power, New Oriental, and Cambricon have also received expert recognition for their contributions and innovations [9][10][11]. - Experts noted that Keda Xunfei is leading in AI integration across various sectors, while Haier is recognized for its global outreach and commitment to sustainable practices [10][11]. Group 4: Public Perception of Respected Enterprises - The public identifies five key internal qualities for companies to be considered respected: establishing correct values, building a robust management system, continuous innovation, shaping a positive corporate citizen image, and providing high-quality products and services [15][16]. - Companies like Beijing Rural Commercial Bank, JD.com, and McDonald's exemplify these qualities through their commitment to social responsibility and brand value enhancement [16][17]. Group 5: Additional Notable Companies - Other respected companies include Moutai Group, Yili Group, and Nestle China, recognized for their high product quality and low carbon emissions [13]. - Traditional companies like Tongrentang and Li Ning have also been highlighted for their commitment to quality and innovation, contributing to their respected status [18].

内蒙古伊利实业集团股份有限公司 董事会议事规则 （2025 年修订） 第一章 总 则 第一条 为了进一步规范内蒙古伊利实业集团股份有限公司（简称 "公司"）董事会的议事方式和决策程序，明确公司董事会的职责权限， 促使董事和董事会有效地履行其职责，提高董事会规范运作和科学决策 水平，根据《中华人民共和国公司法》（简称"《公司法》"）、《中 华人民共和国证券法》《上市公司治理准则》《上海证券交易所股票上 市规则》《上海证券交易所上市公司自律监管指引第 1 号——规范运作》 及《内蒙古伊利实业集团股份有限公司章程》（简称"《公司章程》"） 等有关规定，结合公司实际情况，制定本规则。 第二条 公司设董事会秘书，负责公司股东会和董事会会议的筹备、 文件保管以及公司股东资料管理，办理信息披露事务等事宜。 第三条 董事会下设董事会办公室，处理董事会日常事务。 董事会秘书或者证券事务代表兼任董事会办公室负责人，保管董事 会印章。 第二章 董事会的职责权限 第四条 董事会行使下列职权： 1 （一）召集股东会，并向股东会报告工作； （二）执行股东会的决议； （三）决定公司的经营计划和投资方案； （四）制订公司的年度财务预算方案、 ...

内蒙古伊利实业集团股份有限公司 董事会薪酬与考核委员会实施细则 （2025 年修订） 第一章 总 则 第一条 为进一步建立健全内蒙古伊利实业集团股份有限公司（简 称"公司"）董事（非独立董事）及高级管理人员的考核和薪酬管理制 度,完善公司治理结构,规范公司董事会薪酬与考核委员会组织结构，明 确薪酬与考核委员会的职责权限，根据《中华人民共和国公司法》《上 市公司治理准则》《上市公司独立董事管理办法》《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》"）、《内蒙古伊利实业集团股份有限公司董事会议事规则》的有 关规定，结合公司实际情况，制定本细则。 第二条 董事会薪酬与考核委员会是董事会设立的专门工作机构， 对董事会负责，向董事会报告工作。薪酬与考核委员会按董事会授权， 主要负责研究公司董事和高级管理人员的考核标准，进行考核并提出建 议；制定公司董事和高级管理人员的薪酬政策与方案。 第二章 人员组成 第三条 薪酬与考核委员会成员由三名独立董事组成。 第四条 薪酬与考核委员会委员由董事长、二分之一以上独立董事 或全体董 ...

第一条 为适应内蒙古伊利实业集团股份有限公司（简称"公司"） 战略发展需要，进一步增强公司核心竞争力与可持续发展能力，健全投 资决策程序，加强决策科学性，提高重大投资决策的效益和决策的质量， 持续完善公司治理结构，规范公司董事会战略与可持续发展委员会组织 机构、明确战略与可持续发展委员会的职责权限，根据《中华人民共和 国公司法》《上市公司治理准则》《上市公司独立董事管理办法》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》"）、《内蒙古伊利实业集团股份有限公司董事会议事规则》的有 关规定，结合公司实际情况，制定本细则。 第二条 董事会战略与可持续发展委员会是董事会设立的专门工作 机构，对董事会负责,向董事会报告工作。战略与可持续发展委员会依照 《公司章程》和董事会授权履行职责，主要负责对公司长期发展战略和 重大投资决策进行研究并提出建议。 第二章 人员组成 第三条 战略与可持续发展委员会由八名董事组成，其中应至少包 括两名独立董事。 内蒙古伊利实业集团股份有限公司 董事会战略与可持续发展委员会实施细则 （2025 年修订） 第一章 总 则 第四条 战略与可持续发展委员会 ...