Group 1 - The core event is the "Together to See the Stars" public welfare research and study activity initiated by the China Population Welfare Foundation and sponsored by Yili Group, held in Beijing from September 22 to 26, attracting 20 teachers and students from two primary schools [1][2] - Participants visited significant locations such as Peking University, the Beijing Aerospace Museum, and the Beijing Ancient Observatory to enhance their astronomy knowledge and experience the development of national astronomical technology [1][9] - The project aims to provide astronomy education and research opportunities for students from resource-poor areas, encouraging them to explore the universe and pursue their scientific dreams [10] Group 2 - The exhibition "Let Beauty Speak" at the UCCA Center for Contemporary Art showcased warm moments from Yili's six long-term public welfare projects, transforming public welfare actions into interactive experiences for the audience [2] - Students selected for the program were chosen based on their performance in summer astronomy-themed courses and their participation in science resource donation activities, with a focus on those from rural backgrounds with limited opportunities [5][10] - The initiative has already reached 11 schools in Ulanqab City, Inner Mongolia, donating 2,000 sets of teaching aids and involving 98 teachers and students in research activities, with plans to expand further by 2025 [10]

Core Points - Inner Mongolia Yili Industrial Group Co., Ltd. successfully issued the first and second phases of short-term financing bonds for the year 2024 in November 2024 [1] - The company completed the repayment of the first phase of short-term financing bonds on September 24, 2025, with a total principal and interest repayment amounting to RMB 5,085,356,164.38 [1] - The repayment of the second phase of short-term financing bonds was completed on September 25, 2025, with a total principal and interest repayment amounting to RMB 5,085,631,506.85 [1] Summary by Sections - **Bond Issuance**: The company issued short-term financing bonds in November 2024 [1] - **Repayment Details**: - First phase repayment completed on September 24, 2025, totaling RMB 5,085,356,164.38 [1] - Second phase repayment completed on September 25, 2025, totaling RMB 5,085,631,506.85 [1] - **Payment Process**: Payments were made through the China Interbank Market Clearing House to the designated bank accounts of bondholders [1]

Group 1 - The company, Yili Co., announced the completion of the repayment of the first phase of short-term financing bonds for the year 2024 on September 24, 2025, with a total principal and interest repayment amounting to RMB 5,085,356,164.38 [2] - On September 25, 2025, the company completed the repayment of the second phase of short-term financing bonds for the year 2024, with a total principal and interest repayment amounting to RMB 5,085,631,506.85 [2] - Both repayments were facilitated by the China Central Depository & Clearing Co., Ltd., which transferred the amounts to the designated bank accounts of the bondholders [2]

Core Insights - Rabobank's 2025 Global Dairy Top 20 list ranks Yili Group as one of the top five dairy companies globally, maintaining its position as the leading dairy company in Asia for 12 consecutive years, and the only Chinese company in the top five [1][2] Financial Performance - Yili Group achieved a total revenue of 115.78 billion yuan (approximately 16.1 billion USD) in 2024, solidifying its status as Asia's top dairy company [2] - The company's net profit, after excluding goodwill impairment, reached 11.54 billion yuan (approximately 1.6 billion USD), reflecting a year-on-year growth of 12.2% [2] Market Position - Yili Group holds the largest market share in the liquid milk segment and ranks first in overall milk powder sales in China, while also being a leader in the national cold drink industry [2] Strategic Initiatives - In 2025, Yili Group is focusing on two strategic areas: functional nutrition and deep processing of dairy products, aiming to capture high-value segments of the industry [3] - A comprehensive strategic partnership with Tongrentang aims to integrate traditional Chinese medicine concepts with dairy products, creating a new category of health-oriented dairy offerings [3] - The launch of a cheese manufacturing base will address the domestic production of cheese and reduce reliance on imported raw materials [3] Innovation and Future Growth - Yili Group is exploring new channels and service innovations, transitioning from merely selling products to providing comprehensive health solutions across various consumer touchpoints [3] - The global dairy industry has seen moderate revenue growth, prompting companies to adjust their strategies, with Yili Group's expansion into new fields and vertical integration expected to drive high-quality development in the dairy sector [3]

Market Overview - The Shanghai Composite Index fell by 0.65% on September 26, with 10 industries experiencing gains, led by the petroleum and petrochemical sector, which rose by 1.17%, and the environmental protection sector, which increased by 0.38% [1] - The computer and electronics sectors saw the largest declines, with drops of 3.26% and 2.75%, respectively [1] - Overall, there was a net outflow of 83.579 billion yuan in the main funds across the two markets, with 5 industries seeing net inflows [1] Industry Performance - The automotive industry had the highest net inflow of funds at 0.882 billion yuan, despite a decline of 0.56% in its stock price [1] - The banking sector also saw a slight increase of 0.08% with a net inflow of 0.566 billion yuan [1] - A total of 26 industries experienced net outflows, with the electronics sector leading with a net outflow of 29.836 billion yuan, followed by the computer sector with a net outflow of 13.807 billion yuan [1] Food and Beverage Sector - The food and beverage industry declined by 0.15% but had a net inflow of 0.128 billion yuan, with 69 out of 124 stocks rising [2] - Guizhou Moutai led the inflow with 0.373 billion yuan, followed by Jinzi Ham and Wancheng Group with inflows of 0.115 billion yuan and 0.0429 billion yuan, respectively [2] - The sector also had 17 stocks with net outflows exceeding 10 million yuan, with Wuliangye, Yangyuan Beverage, and ST Juewei leading the outflows at 0.125 billion yuan, 0.0729 billion yuan, and 0.0409 billion yuan, respectively [2][4] Fund Flow in Food and Beverage Sector - Top inflow stocks included: - Guizhou Moutai: -0.28% change, 0.373 billion yuan inflow [2] - Jinzi Ham: +6.61% change, 0.115 billion yuan inflow [2] - Wancheng Group: +0.43% change, 0.0429 billion yuan inflow [2] - Top outflow stocks included: - Wuliangye: -1.11% change, -0.125 billion yuan outflow [4] - Yangyuan Beverage: +10.01% change, -0.0729 billion yuan outflow [4] - ST Juewei: -3.40% change, -0.0409 billion yuan outflow [4]

Investment Rating - The report maintains an "Overweight" rating for the food and beverage industry, expecting the industry index to outperform the market index by over 10% in the next six months [53]. Core Viewpoints - The report highlights the focus on liquor sales during the Mid-Autumn Festival and National Day, suggesting that consumer demand remains under pressure, particularly for high-end liquor brands like Kweichow Moutai [4][48]. - The report indicates a structural opportunity in mass-market products, with varying performance across different sub-sectors, emphasizing the importance of monitoring demand and cost indicators in the beer sector and consumption recovery in the condiment sector [4][48]. Summary by Sections Market Review - From September 12 to September 25, 2025, the SW food and beverage industry index fell by 5.76%, underperforming the CSI 300 index by approximately 6.76 percentage points [11]. - All sub-sectors underperformed the CSI 300 index during this period, with the baking sector experiencing the largest decline at -7.80% [13][14]. - Approximately 7% of stocks in the industry recorded positive returns, with notable gainers including Qianwei Yangchu (+21.90%) and Yangyuan Beverage (+16.80%) [15] . Industry Important Data Tracking Liquor Sector - As of September 25, 2025, the price of Feitian Moutai decreased to 1,765 RMB per bottle, while the price of Guojiao 1573 increased to 840 RMB per bottle [22]. Condiment Sector - As of September 25, 2025, the price of soybean meal was 2,988 RMB per ton, down 72 RMB from September 11, while the price of white sugar was 5,780 RMB per ton, down 110 RMB [25]. Beer Sector - As of September 25, 2025, the average price of barley was 2,230 RMB per ton, while the price of aluminum ingots was 20,710 RMB per ton, down 100 RMB [30]. Dairy Sector - The average price of fresh milk remained stable at 3.03 RMB per kilogram as of September 19, 2025 [37]. Meat Products Sector - The average wholesale price of pork was 19.44 RMB per kilogram as of September 25, 2025, down 0.49 RMB from September 11 [39]. Industry News - The report notes a slight decline in the national liquor price index in early September 2025, indicating ongoing market adjustments [41]. - The number of registered beer-related enterprises increased by 10.83% year-on-year from January to August 2025, reflecting a growing market [42]. Weekly Industry Perspective - The report emphasizes the importance of monitoring liquor sales during the upcoming holidays and suggests focusing on high-certainty liquor brands and mass-market products that benefit from policy catalysts [48].

Core Insights - The article highlights the innovative practices at Yili's dairy farms, focusing on the comfort and well-being of cows to enhance milk production and quality [2][3][10] Group 1: Cow Comfort and Production - Cows at Yili's farms sleep approximately 12-14 hours a day, with each additional hour of rest leading to an increase of 1.7 kilograms in milk production [3] - Farm staff regularly kneel and even lie down on the cows' bedding to ensure it is soft and comfortable, which is essential for the cows' rest [3][10] Group 2: Bedding Management - Each cow has a dedicated bed that is kept dry, soft, clean, and comfortable, with staff cleaning and maintaining the bedding at least three times a day [7] - The farm has adopted a "cow dung recycling bedding" technology, transforming cow dung into ecological bedding through a series of processes, resulting in a moisture content below 50% [8] Group 3: Quality of Milk - The comfortable sleeping conditions for cows lead to better rest and rumination, which in turn improves the quality of milk produced, with Yili's raw milk exceeding EU standards in key quality indicators [10]

月成功发行了 2024 年度第一、二期短期融资券，具体情况如下： | 名称 | | | 发行总额 | | 发行利率 | 发行期限 | | | 起息日 | | | | 兑付日 | | | | 公告编号 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 公司 期短期融资券 | 2024 | 年度第一 | 50 | 亿元 | 2.01% | 310 | 天 | 2024 | 年 11 | 月 | 18 日 | 2025 | 年 9 | 月 | 24 日 | 临 | 2024-107 | | 公司 期短期融资券 | 2024 | 年度第二 | 50 | 亿元 | 2.01% | 311 | 天 | 2024 | 年 11 | 月 | 18 日 | 2025 | 年 9 | 月 | 25 日 | 临 | 2024-107 | 2025 年 9 月 24 日，公司完成了 2024 年度第一期短期融资券的兑付 工作，本息兑付总额为人民币 5,085 ...

Market Overview - The beverage and dairy sector increased by 0.97% on September 26, with Yangyuan Beverage leading the gains [1] - The Shanghai Composite Index closed at 3828.11, down 0.65%, while the Shenzhen Component Index closed at 13209.0, down 1.76% [1] Key Performers - Yangyuan Beverage (603156) closed at 28.14, up 10.01% with a trading volume of 152,200 shares and a transaction value of 428 million [1] - Other notable performers include: - San Yuan (600429) at 4.68, up 1.74% [1] - Zhuangyuan Pasture (002910) at 9.50, up 1.39% [1] - Yili (600887) at 27.26, up 1.08% with a transaction value of 1.731 billion [1] Decliners - The sector also saw some declines, with: - Pinwu Food (300892) down 1.65% to 34.50 [2] - Panda Dairy (300898) down 1.13% to 27.03 [2] - Beiyinmei (002570) down 0.48% to 6.17 with a transaction value of 204 million [2] Capital Flow - The beverage and dairy sector experienced a net outflow of 119 million from institutional investors, while retail investors saw a net inflow of 42.55 million [2] - Notable capital flows include: - Yili (600887) with a net inflow of 17.0855 million from institutional investors [3] - Light Industry (600597) with a net inflow of 2.1462 million from institutional investors [3] Summary of Trading Activity - The trading activity in the beverage and dairy sector reflects mixed performance, with significant gains from leading companies like Yangyuan Beverage and Yili, while some companies faced declines [1][2][3]

Core Viewpoint - The article discusses the intense competition in the food delivery market, particularly focusing on the impact of this competition on the dairy industry, highlighting the challenges faced by traditional dairy companies due to the rise of ready-to-drink beverages and the ongoing subsidy wars among major platforms [1][4][27]. Group 1: Market Competition - Since February, the competition among major food delivery platforms like Meituan, JD, and Alibaba has intensified, leading to a surge in consumer demand for takeout [1][2]. - On peak subsidy days, Meituan's daily order volume exceeded 150 million, while Taobao's flash sales also broke records, indicating a significant increase in consumer engagement with food delivery services [1][2]. - The current competitive landscape is characterized by a three-way standoff among these platforms, suggesting that the subsidy wars have become a normalized aspect of the market [4]. Group 2: Impact on Dairy Companies - The growth of the food delivery market has negatively impacted traditional dairy companies, with liquid milk revenues showing declines in mid-2025 compared to the previous year [5][6]. - Major dairy companies like Yili and Mengniu reported revenue drops of 2.15% and 11.22%, respectively, indicating the financial strain caused by the competitive environment [6][8]. - The rise of ready-to-drink beverages, particularly tea and coffee, is expected to further erode the market share of packaged liquid milk, with estimates suggesting a potential 10% market share loss to these alternatives [9]. Group 3: Opportunities for Suppliers - The influx of orders in the food delivery sector has led to a significant increase in demand for dairy raw materials, benefiting suppliers in the B2B space [11][12]. - During promotional events, substantial subsidies were allocated to beverages, resulting in a 20% growth in the milk tea industry, which in turn increased the demand for dairy ingredients [11][12]. - Smaller beverage brands have also experienced rapid growth, with order volumes increasing by 70% compared to earlier in the year, allowing them to negotiate better terms with suppliers [12]. Group 4: Trends in Ready-to-Drink Beverages - The ready-to-drink beverage segment is gaining traction, with non-tea dairy products accounting for 15.1% of the market, becoming a significant category among beverage brands [13]. - Companies like Yiming Foods are shifting towards a franchise model, which has led to rapid revenue growth despite the competitive pricing environment [14][17]. - The profitability of companies with a strong supply chain focus, such as Yiming Foods, has remained stable, as they benefit from increased order volumes and economies of scale [17][18]. Group 5: Consumer Behavior Changes - The ongoing competition has shifted consumer preferences towards ready-to-drink beverages, diminishing reliance on packaged drinks [23][24]. - The proliferation of similar products in the market has led to a dilution of brand value, with price becoming a more significant factor in consumer purchasing decisions [24][25]. - Concerns are rising about the sustainability of current pricing strategies, as consumers may resist returning to higher prices once subsidies are reduced [25]. Group 6: Future Outlook - The article suggests that dairy companies need to adapt to the changing landscape by exploring opportunities in the ready-to-drink segment and leveraging the growth of food delivery services [27]. - Engaging in the ready-to-drink beverage market could provide a pathway for dairy companies to navigate the challenges posed by external competition and changing consumer habits [27].