证券研究报告|公司点评报告 [Table_Date] 2025 年 11 月 23 日 [Table_Title] "十五五"方向确定，当前最佳稳健配置品 种 [Table_Title2] 伊利股份(600887) | [Table_DataInfo] 评级： | 买入 | 股票代码： | 600887 | | --- | --- | --- | --- | | 上次评级： | 买入 | 52 周最高价/最低价： | 31.12/26.65 | | 目标价格： | | 总市值(亿) | 1,840.68 | | 最新收盘价： | 29.1 | 自由流通市值(亿) | 1,831.53 | | | | 自由流通股数(百万) | 6,293.93 | [Table_Summary] 事件概述 2025 年 11 月 18 日，伊利股份召开以"聚力成长，价值启新"为主题的投资者日活动，明确"十五五"战 略方向，同步发布 2025-2027 年股东回报规划，承诺年度分红比例不低于 75%且每股分红金额不低于 1.22 元 （含税），强化长期投资价值预期。 分析判断 ► 双引擎驱动结构性增长，走价值创新之路 根据伊利微 ...

每经记者｜刘明涛 每经编辑｜彭水萍 上周，全球市场风险偏好下降，美股科技股调整，国内半导体、新能源产业链板块调整幅度较大。 受此影响，每经品牌100指数上周下跌4.45%，以1150.98点报收。不过，在监管部门强调"坚决防止市场 大起大落、急涨急跌"的背景下，市场或不具备持续下跌的基础。 上周主要股指全线下跌 上周，外部风险释放带来指数层面的调整，A股主要股指全线下跌。截至11月21日收盘，上证指数周跌 3.90%，深证成指周跌5.13%，创业板指和科创50指数则分别周跌6.15%和5.54%。每经品牌100指数上周 也出现回调，周跌幅达4.45%，以1150.98点报收，失守1200点大关。 成分股表现方面，中国银行上周上涨8.08%，周K线实现"七连阳"，股价创历史新高，中国石化、伊利 股份、光大银行、建设银行、中国石油以及古井贡酒周涨幅超过2%，跑赢股指。周市值增长方面，中 国银行周市值增长1514.4亿元，市值增长较大，建设银行、中国石油以及中国石化市值增长则在300亿 元以上。 虽然A股主要股指出现大幅调整，但证监会明确将加大制度建设力度，优化上市公司结构、强化风险防 控与投资者保护，护航市场高质 ...

Core Viewpoint - The dairy sector has experienced a decline of 2.27% as of the market close on November 20, with several companies within the sector, such as Nanchao Food and Sanyuan Co., facing significant drops in their stock prices [1]. Group 1: Market Performance - The dairy sector ranked among the top decliners in the market, with a notable drop of 2.27% [1]. - Key companies in the dairy sector that saw substantial declines include Sanyuan Co. (-8.15%), Nanchao Food (-9.37%), and Huanlejia (-4.81%) [2][3]. Group 2: Capital Flow - The dairy sector experienced a net outflow of 316 million yuan in principal funds, with 25 stocks seeing net outflows [2]. - Sanyuan Co. led the outflows with a net withdrawal of 72.17 million yuan, followed by Huanlejia and Dabeinong with outflows of 71.56 million yuan and 47.96 million yuan, respectively [2][3]. - Conversely, Fucheng Co. and Yili Co. saw net inflows of 51.12 million yuan and 23.16 million yuan, respectively [2][3].

Core Insights - The dairy sector in the A-share market experienced a collective decline, with several companies seeing significant drops in their stock prices [1] Company Performance - Sanyuan Foods (三元股份) saw a decline of 7.99%, with a total market capitalization of 83.07 billion [2] - Nanchao Foods (南侨食品) dropped by 7.80%, with a market cap of 82.23 billion [2] - Pinwo Foods (品渥食品) fell by 4.67%, with a market value of 34.07 billion [2] - Miaokelando (妙可蓝多) decreased by 3.93%, with a market capitalization of 13 billion [2] - Huangshi Group (皇氏集团) declined by 3.61%, with a market cap of 31.13 billion [2] - Maijuer (麦趣尔) fell by 3.18%, with a market value of 16.42 billion [2] - Yiming Foods (一鸣食品) decreased by 3.08%, with a market capitalization of 85.77 billion [2] - Zhuangyuan Pasture (庄园牧场) dropped by 3.08%, with a market cap of 21.55 billion [2] - Junyao Health (均瑶健康) fell by 2.93%, with a market value of 45.82 billion [2] - Western Pastoral (西部牧业) decreased by 2.92%, with a market capitalization of 23.88 billion [2] - New Dairy (新乳业) dropped by 2.80%, with a market cap of 149 billion [2] - Knight Dairy (骑士乳业) fell by 2.66%, with a market value of 20.68 billion [2] - Panda Dairy (熊猫乳品) decreased by 2.56%, with a market capitalization of 34.45 billion [2] - Wewei Co. (维维股份) dropped by 2.50%, with a market cap of 56.76 billion [2]

登录新浪财经APP 搜索【信披】查看更多考评等级 骑士乳业因期货投资巨亏却"秘而不宣"，被推至舆论的风口浪尖。这家北交所"乳业第一股"因涉嫌信息 披露违法违规，公司及相关当事人被证监会立案调查，并收到监管部门的行政处罚事先告知书。 期货投机的雪球越滚越大，而市场却在很长时间内对此一无所知。根据调查，骑士乳业存在多次应披露 而未及时披露期货交易重大亏损的情形，亏损金额在相当长的时间内持续扩大。 01 监管与法律风险高悬 骑士乳业此次事件首先暴露的是其面临的严峻监管与法律风险。 公司因未及时披露期货交易重大亏损事项，涉嫌信息披露违法违规，已被证监会正式立案。这不仅导致 公司面临罚款，相关董监高人员也一同被罚，凸显了监管层对上市公司信息披露合规性的"零容忍"态 度。 更严重的是，此类信息披露违规行为可能引发投资者的集体诉讼。法律专业人士指出，信息披露义务人 未按照规定披露信息，致使投资者在证券交易中遭受损失的，受损投资者有权依法要求赔偿。 这并非骑士乳业首次触碰信披"红线"。今年早些时候，公司就曾因业绩预告披露不准确且未能及时修正 等问题，被北交所给予通报批评的纪律处分。连续的信披违规记录，进一步加剧了公司的监管风 ...

随着10月份CPI"翻红"，市场的目光又重新聚集在正在复苏的消费市场。作为消费龙头，伊利股份从"乳业巨头"到"全域营养解决方案提供者"的健康嬗 变，引发业内和投资市场关注。 11月18日在北京举办的伊利股份2025年投资者日活动，以"聚力成长·价值启新"为主题，全面展示了伊利的经营成果、创新技术及未来发展思路和战略布 局。同时，也让来自世界各地的投资者重新思考行业发展前景，重新定义伊利的价值边界。 行业从"量增"到"质升" 布局三大结构性增长机会 伊利集团董事长兼总裁潘刚在开场致辞中提到，中国乳业已经从单纯追求增速的"量增"时期，全面进入以多元化、精细化需求为导向的"质升"新阶 段，"结构性增长"正在取代"普适性增长"。 而行业的结构性增长机会主要有三个方面：第一，随着国民健康意识的不断提升，乳制品的需求还会持续释放，这也是行业增长最根本的支撑。第二，高 线城市需求升级推动多元化增长。乳制品已经从基础饮食，全面融入休闲社交、代餐佐餐、健康管理等多元场景。第三，品类差异化赛道潜力巨大。目前 看，差异化核心增长机会主要在成人营养品、奶酪、B2B及乳深加工等领域。预计2030年成人营养品的整体规模将超过3000亿元 ...

Core Viewpoint - The Chinese dairy industry is currently facing challenges such as overcapacity and weak consumption, but experts believe that through advancements in deep processing technology and strategic restructuring, the industry can achieve high-quality development and overcome cyclical difficulties [1][6]. Industry Challenges - The industry is experiencing both overcapacity and reliance on imports, with a total milk production of 40.79 million tons last year and fresh milk prices hitting historical lows. The supply of raw milk exceeds demand, leading to increased losses in farming [2][3]. - The consumption pattern in China primarily focuses on liquid milk, which has a short shelf life and a rigid supply chain, causing rapid transmission of consumption fatigue to the farming sector and resulting in volatile raw milk purchase prices [2][3]. Deep Processing Opportunities - Developing deep processing is seen as a key solution to the challenges faced by the dairy industry. By extracting components like cream, butter, whey protein, and casein from fresh milk, companies can significantly increase their revenue. For instance, processing 100 tons of fresh milk can yield over 750,000 yuan compared to 262,500 yuan from direct powder sales [2][3]. Core Challenges in Deep Processing - There are four main challenges in deep processing: 1. Technical path differences, as domestic processes must start from fresh milk rather than whey liquid [3]. 2. Lack of mature application scenarios for by-products like casein and lactose [3]. 3. Absence of regulatory standards for residual materials post-extraction [3]. 4. Insufficient collaboration across the industry chain, requiring participation from cheese, infant formula, and baking sectors [3]. Strategic Recommendations - Companies are advised to abandon the "small but beautiful" mindset and instead compete directly with leading brands through large product branding to achieve scale [4]. - The concept of "freshness" should be integrated into brand positioning, product structure, and channel development [4]. - Regional dairy companies should leverage local advantages to create differentiated brand systems, as demonstrated by Shandong Jiasheng Dairy's 60% growth during the pandemic [4]. Successful Case Study - Xinjiang Tianrun Dairy has achieved 1 billion yuan in sales outside its region by capitalizing on the unique qualities of its milk and innovating its distribution channels, including over 800 self-built specialty stores and a new retail model combining online and offline strategies [5]. Future Transformations - The dairy industry is expected to undergo three major transformations: 1. Accelerating the localization of deep processing technology and addressing the value realization of components [6]. 2. Shifting from opportunistic strategies to a more structured approach through brand remodeling and comprehensive channel strategies [6]. 3. Regional companies focusing on geographical advantages, product differentiation, and channel innovation to establish an irreplaceable position in niche markets [6].

近3亿执行标的惊现 西部利得基金回应：系专户产品商事纠纷 基金经理涉赌刚辞，一则近3亿元的执行案，再次将西部利得基金推上市场关注焦点。据中国执行信息 公开网，西部利得基金近日被上海金融法院列为被执行人，执行标的为2.91亿元，立案时间是11月6 日。由于目前官方尚未公布具体案由，这一事件引发市场多方猜测。针对此事，西部利得基金对第一财 经表示，本次事件系专户产品运作过程中的商事纠纷引发，公司作为管理人代表资产管理计划管理和处 分计划财产，但计划财产产生债务应由计划财产本身承担。"公司后续协助法院完成对资管计划财产的 处分即可。"西部利得基金称。（第一财经） "免费午餐"消失？有银行掏钱请客户关闭短信提醒 广期所：调整碳酸锂期货相关合约交易手续费标准 广期所发布公告称，自2025年11月20日交易时起，碳酸锂期货LC2601合约的交易手续费标准调整为成 交金额的万分之一点二，日内平今仓交易手续费标准调整为成交金额的万分之一点二。 IDC：2025上半年中国视频云市场规模达52.3亿美元 同比增长8.9% 11月18日，国际数据公司（IDC）发布《中国视频云市场跟踪，2025上半年》与《音视频AI实时互动与 智能 ...

Core Viewpoint - The article highlights the transformation of Yili Group from a dairy giant to a comprehensive nutrition solution provider, emphasizing its strategic focus on structural growth opportunities in the dairy industry as consumer demand evolves towards quality and diversity [1][3]. Group 1: Industry Transition - The Chinese dairy industry has shifted from a phase of "quantity growth" to a new stage of "quality enhancement," driven by diversified and refined consumer demands [3]. - Structural growth opportunities in the industry are identified as: increasing health awareness among consumers, demand upgrades in high-tier cities, and significant potential in differentiated product categories [5][6]. Group 2: Targeting New Markets - Yili is focusing on the aging population as a new market for functional nutrition, with over 210 million people aged 60 and above in China, expected to exceed 400 million by 2035 [7]. - The company has established a leading position in the adult nutrition segment, with its "Xinhui" series of adult milk powder holding the top market share for ten consecutive years [9]. Group 3: Industry Chain Upgrades - Yili is transitioning from liquid dairy products to solid dairy products, indicating a significant growth potential in the solid dairy segment [10]. - The deep processing of dairy products in China is still in its infancy, with a reliance on imports for key raw materials, presenting an opportunity for Yili to focus on domestic alternatives [12]. Group 4: International Expansion - Yili's international strategy has evolved from merely exporting products to establishing a comprehensive ecosystem, with a clear organizational structure for its global operations [13][15]. - The company aims to enhance its market share and product value through a dual-circulation model that integrates global resources and markets, with a goal of becoming a global leader in the dairy industry [15]. Group 5: Shareholder Returns - Yili has a strong commitment to shareholder returns, having distributed a total of 58.566 billion yuan in dividends since its listing, with a consistent high dividend payout ratio [18]. - The company has announced a three-year shareholder return plan, ensuring that cash dividends will not be less than 75% of the net profit attributable to shareholders, with a minimum cash dividend of 1.22 yuan per share for 2024 [18].

Core Viewpoint - The sales revenue of San Yuan Dairy continues to decline, with a significant drop in its dairy product segment in the first three quarters of 2025 compared to the previous year [1][2][3]. Sales Performance - In the first three quarters of 2025, San Yuan's dairy product sales amounted to 4.718 billion yuan, down from 5.315 billion yuan in the same period last year, representing a year-on-year decrease of 5.97 million yuan [1]. - The breakdown of sales includes liquid milk at 2.917 billion yuan, solid milk at 703 million yuan, and ice cream and others at 1.098 billion yuan, compared to 3.359 billion yuan, 675 million yuan, and 1.281 billion yuan respectively in the previous year [1]. Market Challenges - The company is facing increased competition in its home market of Beijing, where sales fell to 2.28 billion yuan from 2.67 billion yuan year-on-year, a decrease of 390 million yuan [3][9]. - The overall dairy market is experiencing a downturn, with Nielsen IQ reporting a 16.8% year-on-year decline in sales across all channels in September, and offline sales down by 21.3% [8]. Competitive Landscape - Despite maintaining a leading position in the low-temperature milk market in Beijing, San Yuan's competitive edge is weakening due to lower profit margins and aggressive pricing strategies from competitors [10][11]. - The profit margin for a box of San Yuan's pure milk is reported to be less than 5 yuan, which affects retailers' willingness to promote the brand [11]. Brand Perception and Product Development - Consumer feedback indicates that San Yuan's milk is perceived as having a bland taste, which may impact brand loyalty and sales [12][18]. - The company has been slow to expand into high-end retail channels like Sam's Club, where competitors have successfully established a presence [12]. Organizational Changes - San Yuan is undergoing significant organizational restructuring under the new leadership of Chen Haifeng, who has a background in internet and marketing strategies [14][15]. - The company plans to optimize its organizational structure by reducing the number of departments and enhancing digital management, aiming for a more agile sales approach [16]. Marketing Strategies - The appointment of celebrity endorsements, such as actor Ge You, is part of San Yuan's efforts to revitalize its brand image and attract consumers [17].