Core Viewpoint - The dairy industry is in a mild recovery phase, but Yili Co., Ltd. has already crossed the cycle ahead of time, delivering impressive results with a revenue of 61.933 billion yuan and a net profit of 7.016 billion yuan in the first half of 2025, marking a year-on-year growth of 3.37% and 31.78% respectively [1][5] Group 1: Financial Performance - Yili's net profit excluding non-recurring items surged by 31.78%, attributed to the proactive adjustments made by the company, rather than gains from asset disposals [2][5] - The first half of 2025 marks Yili's best-ever half-year report in terms of profit quality, indicating strong operational performance [5] Group 2: Business Growth Drivers - Yili's milk powder business has emerged as a "second growth curve," contributing significantly to overall performance, with revenues of 16.578 billion yuan, a year-on-year increase of 14.26% [7][10] - The company has diversified its product matrix, which has led to balanced growth across various segments, including liquid milk, milk powder, and cold drinks [6][9] Group 3: Channel Strategy - Yili has established a robust channel strategy, focusing on both traditional and emerging channels, with a significant portion of liquid milk sales now coming from new channels [11][12] - The company has streamlined its distributor network and reduced pressure on distributors by controlling inventory and providing marketing support, resulting in a decrease in contract liabilities and cash flow pressures [11][12]

奶业仍处温和复苏阶段，但伊利股份却提前穿越周期，交出一份亮眼的"成绩单"。 2025年上半年，伊利股份实现营业收入619.33亿元，同比增长3.37%，实现扣非净利润70.16亿元，同比增长31.78%。从盈利质量上来看，这是伊利股份有史 以来成绩最好的一份"半年报"，龙头优势进一步扩大。 1、扣非净利润大涨31.78% 与"猪周期"逻辑相似，牧业供给阶段性不平衡是形成"奶周期"的根本原因。2021年，受疫情影响，乳制品需求不断增加，上游牧场积极扩建增加产能，由于 奶牛从出生到产奶需经过2-3年的时间，因此即便当时原奶价格已开始下跌，上游牧业的调整也滞后了2-3年。 在这种情况下，伊利股份积极调整，其业绩面率先迎来大幅改善。 2025年上半年，伊利股份实现营业收入619.33亿元，同比增长3.37%，实现扣非净利润70.16亿元，同比增长31.78%。 与去年不同，今年上半年，伊利股份的盈利没有处置非流动资产获得的收益加成，可以说，其上半年的盈利基本得益于自身的积极调整。仅从盈利质量上来 看，这份半年报是伊利股份有史以来最好的一份半年报，可谓"含金量"十足。 2、奶粉业务已成"第二增长曲线" 在终端需求呈现弱 ...