YILI(SH:600887) Mei Ri Jing Ji Xin Wen·2025-05-06 07:59Core Insights - The annual report of Yili Group for 2024 shows a total revenue of 115.78 billion yuan, with a net profit of 11.539 billion yuan, reflecting a year-on-year growth of 12.2% after excluding goodwill impairment [1][2] - The first quarter report for 2025 indicates a revenue of 33.018 billion yuan, a 1.35% increase year-on-year, and a net profit of 4.629 billion yuan, up 24.19%, demonstrating improved profitability [1][2] - Yili's dividend payout for 2024 reached a record high of 7.726 billion yuan, with a payout ratio of 91.4%, and total shareholder returns equating to 100.4% of net profit [4] Industry Overview - The dairy industry faces challenges in 2024, including increased raw milk production and insufficient consumer demand, yet Yili maintains a leading position in Asia with stable revenue growth [2] - Yili's gross margin has improved by 377 basis points from 2020 to 2024, indicating strong operational efficiency and resilience against market risks [2] Product Performance - Yili's liquid milk business generated 75.003 billion yuan in revenue, maintaining its industry leadership, while the high-end low-temperature milk segment saw over 30% growth [3] - The infant formula and dairy products segment achieved a revenue of 29.675 billion yuan, a 7.53% increase, with the "Golden Crown" brand experiencing double-digit growth [3] Strategic Initiatives - Yili plans to develop a new five-year strategic plan in the second half of 2025, with a focus on internationalization as a key agenda [1][7] - The company aims to enhance its growth logic through a "dual-wheel drive" strategy, expanding into the health food sector and building a non-dairy business framework [6][7] Future Outlook - Yili is optimistic about maintaining a positive profit margin trend, targeting a 9% profit margin for 2025, and plans to uphold a dividend payout ratio of no less than 70% [8]