YILI(SH:600887) Sou Hu Cai Jing·2025-11-19 06:49Core Viewpoint - The article highlights the transformation of Yili Group from a "dairy giant" to a "comprehensive nutrition solution provider," emphasizing its strategic focus on structural growth opportunities in the dairy industry as consumer demand evolves towards quality and diversity [1][3]. Group 1: Industry Transition - The Chinese dairy industry has shifted from a phase of "volume growth" to a new stage of "quality improvement," driven by diversified and refined consumer demands [3]. - Structural growth opportunities in the industry are identified in three main areas: increasing health awareness among consumers, demand upgrades in high-tier cities, and significant potential in differentiated product categories [5]. Group 2: Targeting New Markets - Yili is focusing on the silver-haired market, with over 210 million people aged 60 and above in China, projected to exceed 400 million by 2035, who have strong health management and quality of life demands [6]. - The adult nutrition product category is a key growth area for Yili, with the company maintaining a leading market share in adult milk powder and expanding its product matrix to include specialized nutrition products [8]. Group 3: Industry Chain Upgrades - Yili is advancing into solid dairy products, with a significant growth potential as consumer habits shift from liquid to solid dairy consumption [9]. - The deep processing of dairy products in China is still in its early stages, with a reliance on imports for key raw materials. Yili aims to achieve domestic substitution and expand into high-value B2B markets [11]. Group 4: International Expansion - Yili's international strategy has evolved from merely exporting products to establishing a comprehensive ecosystem, with a clear organizational structure supporting its global operations [12][14]. - The company has set ambitious goals for its international business, aiming to enhance market share and product value, transitioning from being "Asia's first" to "the world's first" in the dairy sector [14]. Group 5: Shareholder Returns - Yili has a strong commitment to shareholder returns, having distributed a total of 58.566 billion yuan in dividends since its listing, with a consistent high dividend payout ratio [17]. - The company has announced a three-year shareholder return plan, ensuring that cash dividends will account for no less than 75% of the net profit attributable to shareholders, with a minimum cash dividend of 1.22 yuan per share for 2024 [17].