Workflow
乳业寒冬
icon
Search documents
羊奶粉全球第一的澳优,为何撑不起伊利的“双降”困局?
3 6 Ke· 2025-05-12 00:17
Group 1 - The core viewpoint of the article highlights the financial struggles of Yili, which reported a revenue decline of 8.2% and a net profit drop of 18.9% in 2024, marking its first "double decline" since its listing, attributed to the high-cost acquisition of Ausnutria [1][2][4] - Yili's net profit, excluding goodwill impairment, would have shown a 12.2% increase, indicating that the financial results are a strategic cleanup following a failed investment [1][2] - Ausnutria's performance in 2024 showed a slight revenue increase of 0.28% to 7.402 billion yuan and a significant net profit growth of 35.32% to 236 million yuan, contrasting with Yili's decline [1][4] Group 2 - The acquisition of Ausnutria by Yili was marked by a high premium, with the acquisition cost amounting to 8.734 billion yuan, leading to a significant increase in goodwill from 3 million to 4.954 billion yuan [2][4] - Since Yili took over Ausnutria, there have been calls from shareholders for privatization due to perceived overvaluation, but Yili has maintained its commitment to the brand [5][6] - The management of Ausnutria has been fully integrated with Yili's team, aiming for better synergy across supply chains, channels, and branding [5][6] Group 3 - Despite Yili's overall revenue decline, its milk powder business has shown resilience, with a 7.5% revenue increase, contributing significantly to the overall performance [7] - Ausnutria's sheep milk powder business has gained traction, with a 68.2% increase in overseas revenue, although this still represents a small portion of total revenue [8][11] - The sheep milk powder market in China is growing rapidly, with a projected market size of 35 billion yuan by 2028, but Ausnutria's growth in this segment has not been as strong as expected [8][9] Group 4 - Ausnutria's reliance on sheep milk powder has led to a decline in its cow milk powder revenue, which fell by 17.8% in 2024, indicating a shift in its product focus [11][12] - The international market for dairy products presents significant challenges, with strong competition from established global players, making it difficult for Ausnutria to expand its market share [12][13] - Yili's marketing strategies have been criticized for lagging behind competitors, impacting its ability to capitalize on emerging market opportunities [13][14]
上市以来首次出现营利双降,伊利的困局也是行业寒冬的缩影
Sou Hu Cai Jing· 2025-05-07 09:21
Core Viewpoint - Yili's 2024 annual report reveals a significant decline in both revenue and profit, marking the first occurrence of a "double decline" since its listing in 1992, with revenue down 8.24% to 115.78 billion yuan and net profit down 18.94% to 8.45 billion yuan [1][3][5] Group 1: Financial Performance - Yili's revenue for 2024 was 115.78 billion yuan, a decrease of 8.24% from 2023's 125.76 billion yuan [3] - The net profit attributable to shareholders fell to 8.45 billion yuan, down 18.94% from 10.43 billion yuan in 2023 [3] - The company's non-recurring net profit saw a drastic decline of 40.04%, dropping to 6.01 billion yuan [3] - In Q4 2024, Yili reported a loss of 2.42 billion yuan, marking its first quarterly loss in nearly two decades [1][3] Group 2: Sales and Market Dynamics - Yili attributed the revenue decline to reduced product sales and falling prices, particularly in its core liquid milk segment, which accounts for over 60% of its business [5][7] - The liquid milk segment's revenue was 75.00 billion yuan, down 12.32% year-on-year, despite maintaining a market share of approximately 31% [5][7] - The overall liquid milk market in China saw a 3.7% decline in sales, with volumes and average prices dropping by 5.1% and 1.8%, respectively [7] - Yili's cold drink business also faced challenges, with revenue falling 18.4% to 8.72 billion yuan in 2024 [5] Group 3: Impairment and Strategic Concerns - Yili's profit decline was significantly impacted by goodwill impairment from two subsidiaries, totaling 5.23 billion yuan in asset impairment provisions for the year [8][9] - The goodwill from the acquisition of Ausnutria in 2020 was impaired by 3.04 billion yuan due to unmet performance expectations [8] - The company also faced inventory impairments of 1.23 billion yuan and fixed asset impairments of 370 million yuan due to market demand changes and operational inefficiencies [9] Group 4: Industry Challenges - The broader dairy industry is experiencing a downturn, with 24 out of 31 major listed dairy companies reporting revenue declines in 2024 [10] - The second-largest player, Mengniu, reported a 10.1% revenue drop to 88.68 billion yuan, with net profit plummeting 97.8% [10] - The industry is grappling with oversupply and weakened consumer demand, leading to intensified price wars [12][13] Group 5: Future Strategies - In response to industry challenges, Yili is focusing on new product categories and marketing strategies, particularly in the milk powder segment, which saw a 7.53% revenue increase to 29.68 billion yuan in 2024 [14][16] - The growth in the milk powder segment was partly driven by a rise in newborns, but future demand remains uncertain due to changing birth rates [14] - Yili is also exploring expansion into other beverage categories and convenience foods, although the success of these initiatives is yet to be determined [17]