YILI(SH:600887) Xin Lang Ke Ji·2025-09-02 07:35Core Viewpoint - Yili Group's half-year report shows strong performance with revenue of 61.933 billion yuan, a year-on-year increase of 3.37%, and a net profit of 7.016 billion yuan, up 31.78%, exceeding market expectations [1][3] Financial Performance - In the second quarter, Yili's revenue grew by 5.77%, with net profit increasing by 44.65% year-on-year, indicating a clear profitability turning point [3] - The overall gross margin for Yili reached 36.21%, an increase of 1.27 percentage points year-on-year, while the net profit margin hit a historical high of 11.33% [4] Business Segments - Yili's liquid milk business generated revenue of 36.126 billion yuan, maintaining the largest market share in the industry, while the milk powder and dairy products segment saw revenue of 16.578 billion yuan, a growth of 14.26% [3] - The company achieved over 30% revenue growth in goat milk powder, increasing its market share to 34.4%, and the cheese and dairy fat business targeting professional clients also grew by over 20% [3] Diversification and Growth Strategy - Yili's diversified business now accounts for over 40% of its revenue, contributing significantly to its profitability [4] - The company is focusing on high-end markets and optimizing its product matrix to enhance overall gross margins [4] Industry Outlook - The dairy industry is expected to see structural growth, with demand factors becoming more prominent as supply issues are resolved [5] - Yili is well-positioned to benefit from the recovery in liquid milk supply and the anticipated rise in raw milk prices, which could lead to a new growth phase [6]