事件：中国商务部 2025 年 12 月 22 日发布公告，初步裁定原产于欧盟的进 口相关乳制品，包括鲜乳酪及凝乳、加工乳酪、稀奶油等存在补贴。中方决 定自 2025 年 12 月 23 日起对相关产品收取临时反补贴税保证金。 审核历时一年，初步裁定从价补贴率以 28.6%-42.7%为主。应国内产业申请， 商务部于 2024 年 8 月 21 日对原产于欧盟的进口相关乳制品发起反补贴调 查。经过一年多的审慎调查，初步证据显示，欧盟通过共同农业政策等补贴 计划向乳及乳制品产业等涉农领域提供了大量补贴。调查期内，中国国内产 业受进口欧盟补贴产品影响，库存不断增加，利润由盈利转为亏损，生产经 营出现困难。调查机关初步认为，欧盟相关乳制品产品存在补贴，中国国内 产业受到实质损害，且两者之间的因果关系成立。据此，商务部于 2025 年 12 月 22 日发布初裁公告，决定实施临时反补贴措施。根据商务部提供的欧 盟各公司从价补贴率列表，抽样公司的从价补贴率以 29.7%为主，菲仕兰比 利时有限公司和菲仕兰荷兰有限公司为 42.7%；配合调查公司的从价补贴率 为 28.6%；其他公司为 42.7%。 涉及的商品进口占比较 ...

Core 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].

Core Viewpoint - Yili Group (600887.SH) has released multiple positive signals during its Q3 earnings presentation, indicating confidence in maintaining a market share increase and a commitment to a dividend payout ratio of no less than 70% in the coming years [2][4]. Financial Performance - In the first three quarters, Yili achieved total revenue of 90.564 billion yuan, a year-on-year increase of 1.71%. The net profit attributable to shareholders exceeded 10 billion yuan for the first time, reaching 10.103 billion yuan, with a year-on-year growth of 18.73% [2]. - Yili announced a mid-term dividend plan, proposing a total cash dividend of 3.036 billion yuan [2]. Dividend Policy - Yili aims to maintain a dividend payout ratio of at least 70% in the coming years, with expectations for continued increases in dividend amounts as profits grow [5]. - The company emphasizes a flexible approach to shareholder returns, adjusting dividend scales based on profit growth while ensuring core business funding and financial stability [5]. Business Segments Performance - Yili's liquid milk business has shown significant improvement, stabilizing market share and enhancing profitability for distributors, setting a solid foundation for future growth [7]. - The infant formula segment continues to lead the market with double-digit revenue growth, while the adult nutrition segment also outperformed the industry, maintaining a leading market share [7]. - The cheese business is emerging as a new growth driver, with both consumer and business-to-business segments showing strong performance, expecting double-digit growth for the year [8]. Strategic Outlook - Yili's new five-year plan focuses on high-quality growth, with expectations for double-digit growth in the milk powder, cheese, and ice cream segments, contributing to overall revenue growth [10]. - The company aims to improve gross margins and sales expense ratios while maintaining a net profit margin target of 9% for the year [10]. - Yili plans to leverage industry opportunities through product innovation and expansion of distribution channels, reinforcing its competitive advantage in the market [10][11].