伊利股份上半年扣非净利增长32%，经销商总数净减少489个

Core Insights - In the first half of 2025, Yili Group achieved operating revenue of 61.77 billion yuan, a year-on-year increase of 3.49% [1][2] - The net profit attributable to shareholders decreased by 4.39% to 7.20 billion yuan, while the net profit excluding non-recurring gains and losses increased by 31.78% to 7.02 billion yuan [1][2] - Yili's guidance for 2025 includes a target total revenue of 119 billion yuan and a profit total of 12.6 billion yuan, with over half of the year completed [1] Financial Performance - Operating revenue for the first half of 2025: 61.78 billion yuan, up 3.49% from 59.70 billion yuan in the same period last year [2] - Total profit for the period was 8.27 billion yuan, down 5.50% from 8.76 billion yuan [2] - Net profit attributable to shareholders: 7.20 billion yuan, down 4.39% from 7.53 billion yuan [2] - Net profit excluding non-recurring items: 7.02 billion yuan, up 31.78% from 5.32 billion yuan [2] - Cash flow from operating activities decreased by 44.34% to 2.96 billion yuan [2] Product Performance - Revenue by product category for the first half of 2025: - Liquid milk: 36.13 billion yuan, a decrease of 7.61 billion yuan from the previous year [2][3] - Milk powder and dairy products: 16.58 billion yuan, an increase of 2.07 billion yuan [2][3] - Ice cream products: 8.23 billion yuan, an increase of 0.91 billion yuan [2][3] - Other products: 0.39 billion yuan, a decrease of 0.02 billion yuan [2][3] Sales Model - In the first half of 2025, Yili's revenue from distribution was 59.36 billion yuan, while direct sales revenue was 1.96 billion yuan [2] - The number of distributors at the end of the reporting period was 18,099, a net decrease of 489 compared to the previous year [2][5] Regional Distribution - Distributor numbers by region at the end of the reporting period: - North: 4,888, a decrease of 89 - South China: 5,633, an increase of 411 - Central: 3,662, a decrease of 225 - East China: 2,927, a decrease of 10 - Others: 989, a decrease of 576 - Total: 18,099, a decrease of 489 [5]