YILI(SH:600887) Zheng Quan Shi Bao Wang·2025-10-31 03:13Core Insights - The core viewpoint of the article highlights the resilience of Yili Group in the dairy industry, showcasing revenue growth and a significant increase in non-recurring net profit despite a challenging market environment [1][2]. Financial Performance - In the first three quarters of 2025, Yili achieved total revenue of 90.564 billion yuan, a year-on-year increase of 1.71% [2] - The net profit attributable to shareholders was 10.426 billion yuan, a decline of 4.07% year-on-year, while the non-recurring net profit reached 10.103 billion yuan, marking an 18.73% increase [2] - This is the first time Yili's non-recurring net profit has surpassed 10 billion yuan in the first three quarters, indicating improved core profitability and high-quality development of its main business [2]. Profitability and Cost Management - The strong growth in non-recurring net profit is attributed to product structure optimization, an increase in the proportion of high-margin products, and refined cost control [4] - The gross margin improved by 0.52 percentage points to 35.32%, reflecting the company's pricing power and cost control advantages in high-end and functional products [4] - The sales expense ratio decreased by 0.98 percentage points to 18.28%, while the management expense ratio was 3.84% and the R&D expense ratio was 0.69%, indicating stable overall expense ratios [4]. Business Segments Performance - Yili's liquid milk segment remains the industry leader, generating revenue of 54.939 billion yuan in the first three quarters [5] - The milk powder segment achieved revenue of 24.261 billion yuan, a historical high with a year-on-year increase of 13.74%, maintaining the top market share in China [5] - The ice cream business also performed well, with revenue of 9.428 billion yuan, a 13% increase, continuing its leadership in the industry for thirty consecutive years [5]. Global Expansion - Yili is accelerating its global expansion, with brands like Jinlingguan and Cremo entering markets in Hong Kong and Saudi Arabia, and the JinDian brand launching in Singapore [6] - The overseas business showed strong performance, particularly in core categories like ice cream and infant goat milk powder, becoming a key driver for global business expansion [6]. Dividend Policy - Yili announced a mid-year dividend plan, marking the first time in its history to implement such a distribution, responding to regulatory encouragement for companies to reward investors [7] - The company plans to distribute a cash dividend of 0.48 yuan per share, totaling approximately 3.036 billion yuan, which accounts for 29.12% of its net profit for the first three quarters [7] - With a projected dividend yield exceeding 6%, Yili ranks among the top dividend-paying companies in the A-share market [7][8].