YILI(SH:600887) 新浪财经·2025-11-04 09:27Core Viewpoint - Yili Group (伊利股份) is committed to maintaining a dividend payout ratio of no less than 70% in the coming years, with expectations for continued increases in dividend amounts, reflecting strong confidence in market share growth and consolidation of its leading position in the dairy industry [2][5][7]. Financial Performance - In the first three quarters, 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% year-on-year, indicating resilient operational performance [4]. - The company announced a mid-term dividend plan, proposing a total cash dividend of 3.036 billion yuan [4]. Dividend Policy - Yili emphasizes a high dividend level and high dividend yield as part of its market identity, aiming to return profits to shareholders through timely dividends [7]. - The company plans to adjust dividend scales dynamically based on profit growth while ensuring the financial health and funding needs of core business development [7]. Business Segments Performance - The liquid milk segment has shown significant improvement, stabilizing market share and enhancing profitability for distributors, setting a solid foundation for future growth [8]. - The infant formula segment continues to lead the market with double-digit revenue growth, maintaining the highest market share in the industry [10]. - The adult nutrition segment has also outperformed the industry, with revenue growth driven by differentiated product offerings [12]. - The cheese business is emerging as a new growth driver, with both consumer and business-to-business segments expected to achieve double-digit growth [12]. Strategic Initiatives - Yili is focusing on building a deep processing system for dairy products to enhance industry resilience and maximize value [14][16]. - The company is actively investing in deep processing production lines and plans to introduce a wider range of high-value products [16]. - Yili aims to leverage product innovation and channel expansion to drive growth in its ice cream business, which has also seen double-digit revenue growth [16]. Future Outlook - Yili anticipates that the combination of healthy growth in liquid milk and strong performance in milk powder, cheese, and ice cream will drive overall revenue growth [19]. - The company is optimistic about the industry's supply-demand balance improving, which will enhance the competitive advantages of leading enterprises [24]. - Looking towards 2026, Yili plans to continue diversifying its product offerings and optimizing operational strategies to strengthen its competitive capabilities [26].