YILI(SH:600887) 2 1 Shi Ji Jing Ji Bao Dao·2025-09-03 11:38Core Viewpoint - Yili continues to expand its leading position in the dairy industry amidst market fluctuations, achieving record high revenues and profits in the first half of the year [1][18]. Financial Performance - In the first half of the year, Yili's total revenue reached 61.933 billion yuan, a year-on-year increase of 3.37%, while the net profit attributable to shareholders, excluding non-recurring items, was 7.016 billion yuan, up 31.78% [1][2]. - Yili's revenue significantly outpaced the second-largest competitor by 20.3 billion yuan [2]. Business Segments - Yili's liquid milk revenue was 36.13 billion yuan, while the milk powder and dairy products segment grew by 14.3% to 16.578 billion yuan, and the ice cream segment saw a 12.4% increase to 8.23 billion yuan [2]. - The infant formula segment has become a key growth driver, with Yili achieving the largest market share in the infant formula market at 18.1% [2][4]. Strategic Initiatives - Yili's "Balanced System" strategy allows it to maintain resilience in the market, with a diversified product portfolio across liquid milk, ice cream, and key strategic categories [9]. - The company is focusing on product innovation and channel upgrades, which have led to significant growth in its adult milk powder segment and a strong partnership with Tongrentang to explore the health food market [6][7]. Global Expansion - Yili is accelerating its global expansion, with successful entries into markets in Hong Kong, Southeast Asia, and the United States, and establishing a comprehensive global resource and innovation network [11][12]. - The company has over 2,000 global partners and operates 15 R&D centers and 81 production bases worldwide [12]. Policy Environment - Recent government policies, including the introduction of a national childcare subsidy and support for the dairy industry, are expected to boost demand for infant formula and dairy products [15][17]. - Yili has launched a 1.6 billion yuan maternity subsidy plan to support the creation of a "fertility-friendly society," which is anticipated to positively impact its infant formula sales [17]. Future Outlook - Yili is committed to maintaining a dividend policy of no less than 70% of net profits, reflecting confidence in its future growth prospects [17][18]. - The company aims to continue its strategic focus on product innovation and market expansion, positioning itself for sustained growth in the dairy sector [18].