内蒙古伊利实业集团股份有限公司 关于为全资子公司提供担保的进展公告 证券代码：600887 证券简称：伊利股份 公告编号：临 2025-083 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 担保对象及基本情况 | | 被担保人名称 本次担保债务最高本金余额 | Westland 1 | Dairy Company Limited 亿新西兰元（折合人民币约 4.01 亿元） | | --- | --- | --- | --- | | 担保对象 | 实际为其提供的担保余额 | 6.81 | 亿元人民币 | | | 是否在前期预计额度内 | √是 | □否 □不适用：_______ | | | 本次担保是否有反担保 | □是 | √否 □不适用：_______ | 累计担保情况 | 对外担保逾期的累计金额（亿元人民币） | | | | | 0.32 | | --- | --- | --- | --- | --- | --- | | 截至 2025 日公司及其控股子公司对外担保余额（亿元人民币） | 年 | 11 | ...

《上市公司监管指引第3号——上市公司现金分红》《上海证券交易所上 市公司自律监管指引第1号——规范运作》等法律、法规、规范性文件及 《内蒙古伊利实业集团股份有限公司章程》（简称"《公司章程》"） 的有关规定，经综合考虑内蒙古伊利实业集团股份有限公司（简称"公 司"）的经营情况、财务状况以及未来盈利能力的情况，公司董事会制 定了《内蒙古伊利实业集团股份有限公司未来三年（2025-2027年）股东 回报规划》（简称"本规划"），具体内容如下： 一、本规划制定原则 本规划应符合相关法律、法规、规范性文件及《公司章程》的有关 规定，公司本着重视对投资者的合理投资回报，同时兼顾公司合理资金 需求以及可持续发展的原则，实施持续、稳定的股利分配政策。 证券代码：600887 证券简称：伊利股份 公告编号：临 2025-082 内蒙古伊利实业集团股份有限公司 关于未来三年（2025-2027 年）股东回报规划暨贯彻 落实"提质增效重回报"行动方案的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 为深入贯彻落实国务院《关于进一步提高上市公 ...

本议案需提交股东大会审议。 一、监事会会议召开情况 内蒙古伊利实业集团股份有限公司（简称"公司"）第十一届监事 会临时会议于2025年11月17日（星期一）以通讯方式召开。本次会议通 知于2025年11月13日以邮件方式发出，会议应当出席的监事五名，实际 出席会议的监事五名。会议符合《公司法》《公司章程》的规定，合法 有效。 二、监事会会议审议情况 会议审议并通过了以下议案，形成如下决议： 审议并通过了《公司未来三年（2025-2027年）股东回报规划》（具 体内容详见上海证券交易所网站www.sse.com.cn）。 公司监事会认为：《公司未来三年（2025-2027年）股东回报规划》 符合公司利润分配政策，符合公司及全体股东的长远利益，决策程序符 合《公司法》《公司章程》等有关规定。 表决结果：同意5票，反对0票，弃权0票。 证券代码：600887 证券简称：伊利股份 公告编号：临 2025-081 内蒙古伊利实业集团股份有限公司 第十一届监事会临时会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 特此公告 内 ...

Market Overview - A-shares experienced a decline today, with the consumer sector facing a second consecutive day of pullback, as the Consumer ETF (159928) fell by 0.59% with a total trading volume exceeding 650 million yuan [1] - The Consumer ETF (159928) saw a net inflow of over 640 million yuan in the past five days, and as of November 14, its latest scale surpassed 22 billion yuan, leading its peers significantly [1] ETF Performance - The Hong Kong Stock Connect Consumer 50 ETF (159268) also declined by 0.3%, with a total trading volume exceeding 42 million yuan, and it has attracted over 1 billion yuan in the last 20 days, maintaining a leading position among similar funds [4] Valuation Insights - The Consumer ETF (159928) has a TTM price-to-earnings ratio of 20.42 as of November 14, which is at the 6.75% percentile of the past decade, indicating it is cheaper than 93% of the historical time frame, suggesting high valuation attractiveness [3] Consumer Spending Trends - In October, the total retail sales of consumer goods increased by 2.9% year-on-year to 4.6 trillion yuan, slightly above the consensus expectation of 2.7%, with growth impacted mainly by a slowdown in automotive and home appliance sales [7] - The holiday economy from the National Day and Mid-Autumn Festival contributed to a recovery in offline consumption, with restaurant income and retail sales increasing by 3.8% and 2.8% year-on-year, respectively [8] Sector Performance - The demand for gold and silver jewelry surged by 37.6% year-on-year in October, driven by record-high international gold prices, which enhanced the investment appeal of these products [9] - The performance of various consumer categories showed structural differentiation, with furniture and communication equipment seeing significant growth, while home appliances faced a decline [9] Future Outlook - The market demand is expected to continue its recovery, with policies aimed at boosting consumption and expanding the supply of quality consumer goods and services [10] - Investment recommendations include focusing on sectors benefiting from holiday economies, domestic brands with competitive pricing, and durable goods with high export ratios and dividend characteristics [10][11]

伊利股份公告称，2025年11月14日，公司与平安银行签署最高额保证担保合同，为全资子公司Westland 在该行的授信及贷款业务提供连带责任保证担保，担保债务最高本金余额为1亿新西兰元（折合人民币 约4.01亿元）。公司此前已审议通过为其提供不超18亿元或等值其他货币的担保额度，本次在范围内无 需再审议。截至11月14日，公司及控股子公司对外担保余额89.70亿元，占最近一期经审计净资产的 16.87%，下属担保公司逾期金额0.32亿元。 ...

Investment Rating - Investment advice indicates a sector recovery catalyzed by recent CPI data, focusing on growth and supply-demand inflection points [5][16]. Core Views - The report emphasizes the importance of consumer goods growth, particularly in beverages, snacks, and food ingredients, while also highlighting structural opportunities in the baijiu sector [5][16]. - CPI data shows a positive trend with October CPI year-on-year at +0.2% and core CPI at +1.2%, indicating a recovery in domestic demand [6][16]. - The baijiu industry is undergoing accelerated clearing, with expectations for improved sales and inventory adjustments leading into 2026 [7][16]. - Consumer goods are expected to benefit from stabilization and recovery, with a focus on low valuation and high dividend stocks [8][16]. Summary by Sections Investment Recommendations - Recommended baijiu stocks include Shanxi Xinghuacun Fen Wine Factory, Gujing Distillery, and stable targets like Kweichow Moutai and Wuliangye [5][16]. - Beverage growth is highlighted with recommendations for Eastroc Beverage and Nongfu Spring, alongside low valuation stocks like China Foods and Tingyi [5][16]. - Snack and food ingredient stocks recommended include Bailong Chuangyuan, Yankershop Food, and Three Squirrels [5][16]. - Beer recommendations include Yanjing Brewery and Tsingtao Brewery, while condiment stocks like Haitian Flavoring & Food are also suggested [5][16]. Baijiu Sector Insights - The baijiu sector is experiencing a significant adjustment, with industry destocking still in progress and a focus on promotional sales for 2026 [7][16]. - Recent sales data from JD.com shows a +18% year-on-year increase in liquor sales during the Double 11 shopping festival, indicating a positive market response [7][16]. Consumer Goods Outlook - Consumer goods are expected to see growth as the mainline, with structural differentiation evident in beverages, snacks, and health products [8][16]. - The report notes that companies with product innovation and channel expansion will have growth advantages, particularly in the context of recent service and non-food price recoveries [8][16].

Economic News - The State Council meeting emphasized enhancing supply-demand adaptability to unleash consumption potential and promote economic circulation, focusing on consumption upgrades to lead industrial upgrades [1] - The Ministry of Foreign Affairs and Chinese consulates in Japan warned Chinese citizens about the deteriorating safety environment in Japan, advising against travel [1] - The National Bureau of Statistics reported that the industrial added value above designated size grew by 4.9% year-on-year in October, with a cumulative growth of 6.1% from January to October [4] Key Company Information - Ningde Times' shareholder Huang Shilin plans to transfer 1% of shares [4] - Huaxia Happiness has had its pre-restructuring accepted by the Langfang Intermediate Court [4] - Kaiser Travel Industry formed a consortium with Guangzhou Haina to participate in the restructuring investment of Zhangjiajie Tourism Group, acquiring 800,000 shares [4] - Huakang Clean won a project worth 100 million yuan [4] - Chuangye Huikang is planning a change of control and will resume trading on November 17 [4] Antimony Industry Insights - China holds 30% of global antimony resources, with reserves increasing from 480,000 tons in 2020 to 670,000 tons in 2024, reflecting a CAGR of 8.7% [6] - In 2024, China is projected to produce 60,000 tons of antimony, accounting for 57.7% of global production, which has been declining over the past decade [7] - The demand for antimony in flame retardants remains the highest, while the fastest growth is seen in photovoltaic glass, with a projected 10.8% increase in global antimony consumption in 2024 [8] - The strong growth in photovoltaic installations is expected to drive sustained demand for antimony, with projections indicating a significant increase in demand from 2024 to 2027 [9] - The global antimony supply-demand gap is expected to widen, with a projected shortfall of 9.5 million tons by 2027, representing 42.8% of demand [10] - The tightening of antimony supply due to export controls and environmental policies in China is likely to push prices higher, with potential increases of up to 56% in domestic prices [11]

Investment Rating - The industry investment rating is maintained at "Outperform" [2] Core Insights - The overall sales performance of the industry is stable and improving, with a focus on cost-effectiveness and health trends [7] - Consumer purchasing decisions are increasingly driven by product quality and taste, with health and nutritional components also gaining importance [18][49] - The industry faces challenges such as declining consumer loyalty and intense competition, but there are optimistic growth prospects in specific segments [26][56] Summary by Sections 1. General Overview - The survey conducted from October 15 to 17, 2025, collected 124 valid responses, indicating a cautious optimism in sales performance, with 14.52% of respondents reporting "very hot, historical highs" and 29.03% noting "good growth" [4][9] - The majority of respondents believe that consumer spending has not fully recovered to pre-pandemic levels, suggesting significant room for improvement [4] 2. Snack Foods/Baking - Snack foods are highly regarded, with competition focusing on channel strength and product quality [10] - The most critical innovation directions are extreme flavor and health-conscious products, reflecting a dual trend towards taste and health [18] - The most promising sales channels include interest/content e-commerce and instant retail, which are expected to drive growth in the next 1-2 years [26] 3. Dairy Products - The dairy sector is perceived to have stable fundamentals, with yogurt and high-end milk products identified as key growth areas [29] - The growth drivers for milk products include high-quality raw materials and precise nutritional targeting, moving away from basic consumption needs [29] - The overall sentiment towards sales in the dairy sector is optimistic, with many respondents reporting growth or historical highs [29] 4. Condiments/Culinary Ingredients - The condiment industry is under pressure, with a focus on cost-effectiveness and channel changes [37] - The primary innovation direction is cost-effectiveness, with consumer purchasing decisions heavily influenced by price and promotions [49] - Instant retail is viewed as the most promising growth channel, reflecting a shift in consumer purchasing behavior [49] 5. Ready-to-Eat Meals - The ready-to-eat meal segment is transitioning from "wild expansion" to "value cultivation," with a focus on health and quality [60] - The most significant product innovation direction is cost-effectiveness, with consumers willing to pay for better taste and quality [64] - Interest/content e-commerce is seen as the most promising growth channel, indicating a shift in sales logic from passive search to active recommendation [64] 6. Health Products - The health product sector is entering a refined era, with a strong emphasis on health and transparency in ingredients [65] - The most important innovation direction is health-conscious products, with cost-effectiveness also gaining attention [65] - Interest/content e-commerce and instant retail are identified as the most promising channels for growth, reflecting changing consumer preferences [65]

Group 1 - The food ETF (515710) showed weak performance with a decline of 0.32% and a trading volume of 54.66 million yuan as of November 17 [1] - Leading stocks in the food sector included Tianwei Food, Lianhua Holdings, and Kweichow Moutai, with increases of 2.06%, 1.37%, and 0.65% respectively [1] - Conversely, Dongpeng Beverage, Yunnan Energy Investment, and Yanghe Distillery experienced declines of 3.02%, 2.34%, and 2.33% respectively [1] Group 2 - The white liquor industry is undergoing a destocking phase, with expectations of recovery in demand and economic revival by Q4 2025 [2] - The trend towards healthier snacks is evident, with categories like konjac continuing to benefit, and leading companies are expected to gain from this trend [2] - The dairy product demand is gradually recovering, with raw milk prices potentially stabilizing [2] Group 3 - The food ETF and its linked funds passively track a segmented food index, with the top ten weighted stocks including Kweichow Moutai, Wuliangye, and Yili [2]

Group 1: Core Insights - The food and beverage sector is experiencing a long-term correction, with low domestic demand and significantly reduced valuations, creating a clear bottom logic for quality assets like liquor [1][2] - The report highlights four key sectors: liquor, snacks and health products, dairy, and restaurant chains, with a focus on potential recovery in demand and investment opportunities [1] Group 2: Liquor Sector - The liquor market is facing weak demand, with consumer confidence remaining low and a negative year-on-year CPI for liquor products, leading to price declines in mainstream products [2] - High-end and mid-high-end liquor are performing relatively well, while the industry is entering a competitive era with significant internal differentiation among listed companies [2] - Companies are focusing on market order control, product iteration, and consumer engagement to improve market share, although profit margin growth is slowing [1][2] Group 3: Restaurant Chains - The overall restaurant market remains weak, but companies are showing signs of improvement due to strategic adjustments over the past two years [3] - The shift from price competition to quality-price ratio competition is expected to optimize the competitive environment [3] - Companies are embracing new retail channels and enhancing supply chain efficiency, with international expansion becoming a key growth direction [3] Group 4: Snacks - The trend towards healthier and low-calorie snacks is driving sales, particularly in the konjac product category, with brands like Salted Fish and Yanjin achieving strong sales [4] - The transformation of bulk snack retail formats and the growth of discount stores are contributing to market opportunities [4] - The sector is expected to benefit from channel growth and new product launches in 2026, with recommendations for specific brands [4] Group 5: Beverages - The beverage sector is witnessing a trend towards health and functionality, with high demand in specific subcategories [5][6] - Companies like Dongpeng Beverage are expanding nationally, with strong growth prospects and new product lines [6] Group 6: Health Products - The health product sector is being driven by new consumer trends, with brands that embrace new consumption patterns expected to benefit significantly [7] - Companies like Xianle Health are well-positioned to capitalize on high-demand channels and new product categories [7] Group 7: Dairy Products - The dairy market is expected to enter an upward price cycle, with raw milk prices stabilizing and deep processing capacity increasing [8] - Major dairy companies are improving their market share and profitability through strategic initiatives and government support [8] Group 8: Beer - The beer industry is facing rising raw material costs, which may lead to adjustments in product pricing and promotional strategies [9] - Companies like Yanjing Beer and Qingdao Beer are highlighted for their growth potential and strong dividend attributes [9]