YILI(SH:600887) Cai Jing Wang·2025-05-14 03:13Core Insights - The article discusses the innovative development of crispy cheese snacks by Yili, which aims to break the traditional perception of cheese as a children's snack and expand its consumption scenarios [3][4]. Group 1: Product Innovation - Yili's new crispy cheese product, "Miao Zhi," has been developed over three years using vacuum microwave drying technology, creating a unique "crunch" sound and texture [3][4]. - The crispy cheese retains the nutritional benefits of cheese, with a cheese content of at least 76%, providing approximately seven times the protein and eleven times the calcium of regular milk per 100g [4]. Group 2: Market Trends - The cheese category is experiencing rapid innovation and iteration, with a significant number of new SKUs introduced in the market, indicating a vibrant product development environment [5]. - Despite challenges in market share and pricing, industry participants remain optimistic about the future of the cheese category [5][7]. Group 3: Sales and Distribution - Yili's cheese products have seen a steady increase in market share, with a reported 19.1% market share in the 2C business, up 1.5 percentage points from the previous year [9]. - The company aims for a growth target of over 15% for its cheese division this year, focusing on product innovation and strengthening local supply chains [9].