YILI(SH:600887) Chang Jiang Shang Bao·2025-05-29 23:54Core Viewpoint - Yili Group's performance in 2024 has declined significantly, with revenue and net profit both decreasing, reflecting broader challenges in the dairy industry amid economic slowdown and consumer confidence issues [4][6][9]. Financial Performance - Yili achieved a revenue of 115.78 billion yuan in 2024, a decrease of 8.24% year-on-year [4][6]. - The net profit attributable to shareholders was 8.453 billion yuan, down 18.94% from the previous year [4][6]. - The net profit excluding non-recurring items was 6.011 billion yuan, representing a decline of 40.04% [4][6]. - Despite the downturn, Yili's gross margin improved by 131 basis points to 34.03% [9]. R&D and Innovation - Yili's R&D expenses reached 870 million yuan in 2024, an increase of 2.33% year-on-year [7]. - The company has established 15 innovation centers globally, focusing on key areas of international dairy research [7]. - Yili holds the second-highest number of global patent applications in the dairy industry and ranks first in China [8]. Executive Compensation - Yili's chairman and CEO, Pan Gang, received a pre-tax salary of 19.74 million yuan in 2024, a decrease of approximately 9.4% from the previous year [11][12]. - Pan Gang's total compensation, including dividends, amounted to approximately 37 million yuan for the year, averaging over 1 million yuan per day [3][18]. - The total compensation for Yili's board and senior management was 36.52 million yuan, with Pan Gang accounting for about 54% of this total [12]. Dividend Distribution - Yili plans to distribute a total cash dividend of 7.717 billion yuan for 2024, which represents 91.29% of the net profit attributable to shareholders [16]. - The proposed cash dividend per share is 1.22 yuan, including tax [15].