YILI(SH:600887) Ge Long Hui A P P·2025-11-13 08:59Core Viewpoint - Yili Group's net profit attributable to shareholders for Q1-Q3 2025 is 10.426 billion yuan, a year-on-year decrease of 4.07%, with Q3 net profit at 3.226 billion yuan, down 3.35% year-on-year [1] Financial Performance - The company is actively exploring business growth despite pressure on liquid milk demand, showing strong performance in new products and channels [1] - The company's internal profit capability is expected to significantly improve due to lean management and enhanced cost-effectiveness [1] Capital Expenditure - Capital expenditure is gradually entering a stable phase, with 2024 capital expenditure projected at approximately 3.978 billion yuan, down from 6.956 billion yuan in 2023, and further reduced to 2.223 billion yuan for the first three quarters of 2025, compared to 2.95 billion yuan for the first three quarters of 2024 [1] Shareholder Returns - The company plans to distribute a mid-term dividend of 3.036 billion yuan, representing 29.12% of the net profit attributable to shareholders for the first three quarters, indicating an expected enhancement in shareholder returns [1] Earnings Forecast - The expected earnings per share (EPS) for 2025 and 2026 are 1.80 yuan and 1.95 yuan, respectively, corresponding to price-to-earnings (PE) ratios of 15 and 14 times, maintaining a "buy" rating [1]