千亿乳企的攻守道：伊利重构乳业增长逻辑，备战行业拐点

Core Viewpoint - The company demonstrates resilience and strong performance in a challenging industry environment, achieving significant revenue and profit growth despite market pressures [1][4]. Financial Performance - In 2024, the company reported total revenue of 115.78 billion yuan, maintaining its position as the leading dairy company in Asia, with a net profit of 11.54 billion yuan, a year-on-year increase of 12.2% [1]. - For Q1 2025, the company achieved total revenue of 33.02 billion yuan, a year-on-year growth of 1.35%, and a net profit of 4.63 billion yuan, up 24.19% year-on-year [1][4]. - The overall gross margin improved by 131 basis points to 34.03%, and operating cash flow reached 21.74 billion yuan, an increase of 18.86% [2]. Strategic Initiatives - The company is preparing for industry recovery by focusing on maintaining channel and supply chain health, enhancing profitability, and promoting high-quality business development [1][4]. - The company has successfully adjusted its strategies in response to market challenges, leading to improved channel health and stable sales during peak seasons [4][5]. Business Segments - The liquid milk and ice cream businesses remain the company's primary revenue drivers, with liquid milk revenue reaching 75.00 billion yuan in 2024, maintaining the top position in the industry [6]. - The milk powder and dairy products segment achieved revenue of 29.68 billion yuan in 2024, marking a year-on-year growth of 7.53% [8]. - The company is also expanding into the health food sector, with strong growth in non-dairy products such as bottled water and beef [10]. Future Outlook - The company is optimistic about the industry's recovery, noting positive signals from upstream and downstream sectors and supportive government policies aimed at boosting consumption and health [13][14]. - The company anticipates that the restructuring of the dairy value chain will enhance operational efficiency and profitability in the upcoming strategic cycle [14].