一“利”一“红”，伊利三季报里的“双响炮”

Core Viewpoint - Yili Group has demonstrated strong profit growth and a stable dividend policy, reflecting confidence in future cash flow and long-term profitability [3][12]. Financial Performance - In the first three quarters of 2025, Yili achieved total revenue of 90.564 billion yuan, a year-on-year increase of 1.71%, and a net profit attributable to shareholders of 10.103 billion yuan, up 18.73% [1][14]. - The company plans to distribute a cash dividend of 3.036 billion yuan, showcasing its commitment to shareholder returns [1][12]. Business Segments - Yili leads the liquid milk sector with revenue of 54.939 billion yuan, while its milk powder and dairy products segment reported revenue of 24.261 billion yuan, marking a significant growth of 13.74% year-on-year [6][10]. - The infant formula segment continues to dominate the market, maintaining a leading market share and achieving double-digit revenue growth [6][8]. Strategic Initiatives - Yili's long-term strategy focuses on innovation and product development, with recent advancements in core nutritional areas such as HMO and lactoferrin [8][19]. - Collaborations with traditional medicine brands have led to the creation of new health-oriented dairy products, which have seen substantial sales growth [8][19]. Dividend Policy and Cash Flow - Yili has a strong track record of returning capital to shareholders, with a total dividend payout exceeding 58.5 billion yuan since its listing and maintaining a dividend payout ratio above 70% for six consecutive years [12][14]. - The company's net cash flow from operating activities reached 6.436 billion yuan in Q3 2025, more than double its net profit for the same period, indicating robust cash generation capabilities [13][14]. Resilience and Growth Strategy - Yili's diversified business model, comprising cash cow (liquid milk), growth (milk powder, ice cream), and emerging (health drinks, cheese) segments, provides resilience against market fluctuations [16][19]. - The company's global expansion strategy has evolved from merely exporting products to establishing brands and systems in international markets, contributing to significant growth in key categories [17][19].