YILI(SH:600887) Chang Jiang Shang Bao·2025-12-09 23:33Core Viewpoint - Yili Group is actively fulfilling its commitment to implement a significant mid-term dividend, marking its first mid-term dividend since its listing, with a cash dividend of 0.48 yuan per share, totaling 30.36 billion yuan [1][3]. Financial Performance - For the first three quarters of 2025, Yili Group achieved total revenue of 905.64 billion yuan, a year-on-year increase of 1.71%, while net profit attributable to shareholders was 104.26 billion yuan, a decrease of 4.07% [1][9]. - The company completed over 76% of its annual revenue target in the first three quarters, indicating a strong likelihood of achieving its planned goals [10]. - The gross profit margin for the first three quarters reached 35.32%, up 0.51 percentage points from the previous year, marking a four-year high [10]. Dividend Policy - The mid-term dividend payout ratio is approximately 29%, reflecting the company's commitment to high dividend levels and stable operations [2][3]. - Yili Group plans to maintain a cash dividend total of no less than 75% of the net profit attributable to shareholders for the years 2025-2027, with a minimum cash dividend of 1.22 yuan per share for 2024 [4]. Market Position - Yili Group remains a leader in the industry, with significant market shares in various segments, including liquid dairy products and infant formula [8]. - The company aims to achieve a total revenue of 1,190 billion yuan and a total profit of 126 billion yuan in 2025 [8]. Research and Development - Yili Group has consistently increased its investment in research and development, with R&D expenses exceeding 8 billion yuan for three consecutive years [12]. - In the first three quarters of 2025, R&D expenses reached 6.28 billion yuan, a year-on-year increase of 12.83%, with expectations to exceed 9 billion yuan for the full year [13].