3 6 Ke·2025-05-12 00:17Group 1 - The core viewpoint of the article highlights the financial struggles of Yili, which reported a revenue decline of 8.2% and a net profit drop of 18.9% in 2024, marking its first "double decline" since its listing, attributed to the high-cost acquisition of Ausnutria [1][2][4] - Yili's net profit, excluding goodwill impairment, would have shown a 12.2% increase, indicating that the financial results are a strategic cleanup following a failed investment [1][2] - Ausnutria's performance in 2024 showed a slight revenue increase of 0.28% to 7.402 billion yuan and a significant net profit growth of 35.32% to 236 million yuan, contrasting with Yili's decline [1][4] Group 2 - The acquisition of Ausnutria by Yili was marked by a high premium, with the acquisition cost amounting to 8.734 billion yuan, leading to a significant increase in goodwill from 3 million to 4.954 billion yuan [2][4] - Since Yili took over Ausnutria, there have been calls from shareholders for privatization due to perceived overvaluation, but Yili has maintained its commitment to the brand [5][6] - The management of Ausnutria has been fully integrated with Yili's team, aiming for better synergy across supply chains, channels, and branding [5][6] Group 3 - Despite Yili's overall revenue decline, its milk powder business has shown resilience, with a 7.5% revenue increase, contributing significantly to the overall performance [7] - Ausnutria's sheep milk powder business has gained traction, with a 68.2% increase in overseas revenue, although this still represents a small portion of total revenue [8][11] - The sheep milk powder market in China is growing rapidly, with a projected market size of 35 billion yuan by 2028, but Ausnutria's growth in this segment has not been as strong as expected [8][9] Group 4 - Ausnutria's reliance on sheep milk powder has led to a decline in its cow milk powder revenue, which fell by 17.8% in 2024, indicating a shift in its product focus [11][12] - The international market for dairy products presents significant challenges, with strong competition from established global players, making it difficult for Ausnutria to expand its market share [12][13] - Yili's marketing strategies have been criticized for lagging behind competitors, impacting its ability to capitalize on emerging market opportunities [13][14]