YILI(SH:600887) Zheng Quan Shi Bao Wang·2025-04-29 15:17Core Insights - The company achieved a total revenue of 115.78 billion yuan in 2024, maintaining its position as the leading dairy company in Asia [1] - The net profit, excluding goodwill impairment, was 11.539 billion yuan, representing a year-on-year growth of 12.2% [1] - The net cash flow from operating activities reached 21.74 billion yuan, an increase of 18.86% compared to the previous year [1] Industry Overview - The dairy consumption demand faced some suppression due to economic slowdown, low consumer confidence, and short-term imbalances in raw milk supply and demand [1] - Despite these challenges, dairy products are considered essential consumer goods, indicating a degree of inelastic demand [1] - The industry is expected to experience healthier and more sustainable development as raw milk supply and demand return to balance [1] Company Operations - The company is engaged in the production and sales of various dairy products and health drinks, including liquid milk, milk beverages, milk powder, yogurt, frozen drinks, cheese, and packaged drinking water [1] - The company holds the leading market share in liquid dairy products and adult milk powder, as well as maintaining its position as the top player in the ice cream market for 30 consecutive years [1] Innovation and R&D - The company adheres to the principle of "Yili means quality," focusing on consumer-centric approaches, accelerating technological and product innovation, and optimizing its business portfolio [2] - In 2024, the company's R&D expenditure was 870 million yuan, the highest among listed companies in the dairy industry [2] - The company continuously launches new products based on consumer demand, with new product revenue accounting for 15.1% of total revenue [5] Technological Advancements - The company initiated an AI application platform for breast milk research to enhance formula development efficiency and accelerate product iteration [5] - The deployment of generative AI capabilities includes the creation of the dairy industry's first large model product, YILI-GPT, and the establishment of a new intelligent platform, YILI-Agent, to support intelligent operations and innovation breakthroughs [5] Profit Distribution - The company announced a profit distribution plan, proposing a cash dividend of 1.22 yuan per share (including tax), with a total proposed cash dividend amounting to 7.726 billion yuan, representing 91.4% of the net profit for the period [5]