YILI(SH:600887)2025-04-29 14:48Financial Performance - In 2024, the company's operating revenue was CNY 115.39 billion, a decrease of 8.24% compared to CNY 125.76 billion in 2023[21]. - The net profit attributable to shareholders was CNY 8.45 billion, down 18.94% from CNY 10.43 billion in the previous year[21]. - The net profit after deducting non-recurring gains and losses was CNY 6.01 billion, a decline of 40.04% compared to CNY 10.03 billion in 2023[21]. - Basic earnings per share decreased by 18.90% to CNY 1.33 in 2024 compared to CNY 1.64 in 2023[22]. - Diluted earnings per share also fell by 18.90% to CNY 1.33 in 2024 from CNY 1.64 in 2023[22]. - The weighted average return on equity decreased by 4.39 percentage points to 15.81% in 2024 from 20.20% in 2023[22]. - The company achieved total revenue of 115.78 billion CNY and a net profit of 8.464 billion CNY during the reporting period[47]. - The company's operating revenue for the period was approximately CNY 115.39 billion, a decrease of 8.24% compared to the previous year[60]. - The company's operating costs decreased by 10.01% to approximately CNY 76.30 billion, primarily due to reduced sales volume and lower raw material prices[60]. Cash Flow and Assets - The net cash flow from operating activities increased by 18.86% to CNY 21.74 billion, up from CNY 18.29 billion in 2023[21]. - The total assets at the end of 2024 were CNY 153.72 billion, reflecting a 1.38% increase from CNY 151.62 billion at the end of 2023[21]. - The net cash flow from operating activities in Q3 2024 was CNY 8.54 billion, while Q4 was CNY 7.87 billion[26]. - The company's total R&D investment amounted to ¥869,976,531.80, representing 0.75% of its operating revenue[70]. - The total assets include cash and cash equivalents of ¥25,404,255,558.60, which is 16.53% of total assets, down 41.43% from the previous year[78]. Dividends and Shareholder Returns - The company plans to distribute a cash dividend of CNY 1.22 per share, totaling CNY 7.73 billion, which represents 91.40% of the net profit for 2024[5]. - The cumulative cash dividend amount over the last three accounting years is 21,986,737,202.88 RMB, with a cash dividend ratio of 243.57% based on the average annual net profit of 9,437,488,376.97 RMB[162]. Market Position and Sales - The company maintains its leadership position in the dairy industry, ranking first in China, first in Asia, and among the top five globally[35]. - The retail market share for liquid dairy products remains the highest in the segment, with infant formula market share at 17.3%, up 1.1 percentage points year-on-year, and adult milk powder at 24%, up 0.8 percentage points year-on-year[36]. - The liquid milk business generated revenue of 75.003 billion CNY, maintaining the industry's highest retail market share[47]. - The infant formula and dairy products segment reported revenue of 29.675 billion CNY, a year-on-year increase of 7.53%[49]. - The company's e-commerce channel for infant formula saw a revenue growth of 50.8%, with an overall market share of 17.3%[51]. Innovation and Product Development - New product revenue accounts for 15.1% of total revenue, driven by innovations such as "Anmuxi" probiotic yogurt and "Golden Crown" organic infant formula[39]. - The company upgraded its research institute to a global maternal and infant nutrition research center, enhancing product capabilities in infant nutrition[54]. - The company launched several new products, including "Anmuxi" ambient probiotic yogurt, which contributed to a 1.4 percentage point increase in ambient yogurt market share[47]. - The company has made significant breakthroughs in the extraction and application of lactoferrin, enhancing the functionality and added value of dairy products[72]. Sustainability and Environmental Initiatives - The company is focused on sustainable development and innovation, with key technologies recognized by industry awards, enhancing its competitive edge[44]. - The company invested a total of 205 million yuan in environmental protection in 2024, focusing on wastewater treatment facility upgrades and online monitoring equipment[180]. - The company launched the "Zero Carbon Future Plan" and roadmap, upgrading its carbon reduction targets for 2024 and achieving significant progress in greenhouse gas emission management and carbon neutrality certification for four key products and five factories[191]. - The company has achieved zero sludge generation in 40 wastewater treatment systems, an increase of 3 systems from 2023[187]. - The company has established 34 subsidiaries recognized as "water-saving enterprises," an increase of 2 from the end of 2023[189]. Governance and Management - The company has a clear governance structure with independent directors constituting over one-third of the board[128]. - The company has established a performance evaluation and incentive mechanism for senior management to ensure efficiency and fairness[132]. - The company strictly adheres to information disclosure regulations, ensuring that all shareholders have equal access to information[132]. - The company has implemented a strict insider information management system to maintain fairness in information disclosure[133]. - The company’s board of directors includes members with extensive experience in various sectors, enhancing governance and strategic decision-making[138]. Employee Engagement and Development - The company has a total of 63,414 employees, with 26,244 in the parent company and 37,170 in major subsidiaries[151]. - The company has established two digital learning platforms, "Yi Qi Xue" and "Yi Qi Ying," to enhance employee capabilities and support long-term development[154]. - The company has maintained a high level of employee engagement and satisfaction, leading to recognition as a top employer in the industry[153]. - The company has a comprehensive compensation management system that aligns value return with organizational and individual performance, including various incentive awards[153]. Risks and Challenges - The company faces potential risks including supply chain disruptions due to geopolitical factors and financial risks related to international operations[124]. - The company is actively working on compliance strategies to address the discharge issues reported across its facilities[177][178].