YILI(SH:600887) Guo Ji Jin Rong Bao·2025-10-31 15:33Core Insights - The company reported a total revenue of 90.564 billion yuan for the first three quarters, representing a year-on-year growth of 1.71% [1] - The net profit attributable to the parent company exceeded 10 billion yuan for the first time, reaching 10.103 billion yuan, with a year-on-year increase of 18.73% [1] Industry Overview - The dairy product industry is currently undergoing a cyclical adjustment phase characterized by oversupply, with discounts on yogurt and fresh milk becoming commonplace, leading to a "volume and price decline" situation [3] - The management emphasized that competition should not rely solely on price reductions but should focus more on consumer demand [3] Business Performance - The liquid milk segment experienced a revenue decline of 54.939 billion yuan, down 4.49% year-on-year, while other business segments showed growth [3] - The company has proactively adjusted its delivery and inventory in response to the lack of significant improvement in liquid milk market demand, indicating that the most challenging phase of business pressure has passed [3] Product Segment Growth - Revenue from the milk powder and dairy products segment reached 24.261 billion yuan, up 13.74% year-on-year, while revenue from frozen products was 9.428 billion yuan, reflecting a 12.99% increase [5] - The company initiated a 1.6 billion yuan maternity subsidy plan to enhance its infant formula market presence, resulting in over 800,000 consumers participating in the program and a 20% year-on-year increase in membership [5] - The management highlighted ongoing exploration in non-dairy segments, particularly in bottled water and tea drinks, aiming to develop one or two scalable products in this category over the next five years [5]