YILI(SH:600887) Zheng Quan Ri Bao Wang·2025-04-30 03:42Core Insights - The company achieved a total revenue of 115.78 billion yuan in 2024, maintaining its position as the leading dairy company in Asia, with a net profit of 11.539 billion yuan, reflecting a growth of 12.2% after excluding goodwill impairment [1] - In Q1 2025, the company reported a revenue of 33.018 billion yuan, a year-on-year increase of 1.35%, and a net profit of 4.629 billion yuan, up 24.19%, indicating a stable performance amidst industry challenges [1] Revenue Breakdown - The liquid milk business generated revenue of 75.003 billion yuan in 2024, holding the top position in the industry, with market share increases in both ambient white milk and ambient yogurt [2] - The cold drink segment achieved revenue of 8.721 billion yuan, maintaining its leadership in the national cold drink industry for 30 consecutive years [2] Growth Drivers - The milk powder and dairy products segment reached a revenue of 29.675 billion yuan in 2024, marking a year-on-year growth of 7.53%, with the adult milk powder market share continuing to rise [3] - The cheese business showed significant growth, particularly in the high-value 2B sector, with revenue increasing by over 20% year-on-year [3] Strategic Initiatives - The company operates 15 R&D centers globally and leads the only national-level technology innovation center in China's dairy industry [4] - A strategic partnership with Tongrentang aims to launch a series of functional products, exploring the frontier of traditional Chinese medicine [4] - The upcoming cheese manufacturing benchmark base will address import dependencies and enhance product structure, driving the industry towards higher value [4] - The integration of digital technologies such as AI and IoT into operations has significantly improved efficiency and reduced product launch cycles [4]