伊利韧性向上：第二增长曲线持续高增

Core Viewpoint - Yili is demonstrating resilient growth, with significant revenue and profit increases despite challenging market conditions [1][4] Financial Performance - For the first three quarters of 2025, Yili achieved revenue of 90.564 billion yuan, a year-on-year increase of 1.71% [1] - The company's net profit attributable to shareholders, excluding non-recurring items, exceeded 10.103 billion yuan, marking an 18.73% year-on-year growth [1] Shareholder Returns - Yili announced a cash dividend plan totaling 3.036 billion yuan, reflecting its commitment to shareholder returns [3] - Since its listing, Yili has implemented 25 dividend distributions, totaling 58.566 billion yuan, with a dividend payout ratio exceeding 70% for six consecutive years [3] Business Segments - Yili's liquid milk segment remains the industry leader, while its Ambrosial brand continues to dominate the ambient yogurt market [5][10] - The infant formula segment has seen significant growth, with revenue reaching 24.261 billion yuan, a 13.74% increase year-on-year, and it holds the largest market share in China [5][6] Strategic Initiatives - Yili's long-term strategy includes achieving the top position in the infant formula market by 2025, supported by product innovation and strategic acquisitions [6] - The company is enhancing its research capabilities in maternal milk and has launched new premium products to strengthen its market position [6] Global Expansion - Yili is accelerating its globalization efforts, with successful entries into markets such as Hong Kong, Saudi Arabia, and Singapore [11] - The company is focusing on building a multi-directional capability in its global strategy, integrating high-quality resources and localizing operations to enhance brand resilience [11] Non-Dairy Business Growth - Yili's non-dairy segment, including the Yike H2O brand, is experiencing a 70% growth rate [12] - The company is exploring new health service models and partnerships with well-known brands to expand its market reach [12]