Core Insights - In the first half of 2025, Yili achieved total revenue of 61.933 billion yuan, a year-on-year increase of 3.37%, and a net profit of 7.016 billion yuan, up 31.78% year-on-year, demonstrating stable growth despite challenges in the dairy industry [2][16] - Yili's growth is driven by maintaining a stable core business, strengthening competitive advantages, and leveraging innovation to drive new growth, serving as a practical model for the dairy industry's adjustment phase [2][16] - The company is transitioning from "scale competition" to "value competition," injecting strong momentum into the collaborative development of the industry chain [2] Business Highlights - The liquid milk segment remains Yili's core business, generating revenue of 36.126 billion yuan in the first half of the year, maintaining the industry's leading position with market share growth across various categories [2][4] - Yili's infant formula and dairy products generated revenue of 16.578 billion yuan, with the overall market share of infant formula reaching 18.1%, ranking first in China [4][6] - The non-dairy segment has also contributed to Yili's growth, with new products like jasmine tea and low-sodium mineral water driving double-digit growth in the water beverage business [7] Strategic Initiatives - Yili has established a comprehensive strategic partnership with Tongrentang to innovate in the health food sector, launching several functional products that have seen significant sales growth [9][11] - The company is exploring new business models, transitioning from selling products to providing health solutions, and extending health services to new venues such as communities and pharmacies [11] - Yili's international business continues to grow, with revenue from core categories like ice cream increasing by 14.4% and infant goat milk powder by 65.7% [13] Global Expansion - Yili's globalization strategy is characterized by multi-directional capability building, integrating global quality resources, and localizing operations to enhance brand resilience and market penetration [13][14] - The company is moving towards a model of "global co-construction," fostering local talent and building sustainable supply chains to enhance its presence in international markets [14] - Yili's achievements reflect a broader shift in the Chinese dairy industry from being a significant participant to a leader, emphasizing the importance of long-term commitment, innovative thinking, and global engagement [16]

2025年上半年，伊利实现营业总收入619.33亿元，同比增长3.37%；扣非归母净利润为70.16亿元，同比增长31.78%。从伊利发布的半年报看，稳定基本 盘、强化优势业务以及用创新拉动新增量，是伊利保持稳定增长的背后推动力，也为处于调整期的乳制品行业提供了"抗周期、谋增长"的实践范本。 伊利股份（600887）（600887.SH，下称"伊利"）于8月28日发布了2025年半年报。上半年，伊利实现营业总收入619.33亿元，同比增长3.37%；扣非归母 净利润为70.16亿元，同比增长31.78%。在地缘政治导致进出口不确定增强，终端消费复苏缓慢等挑战之下，伊利交出了持续增长的成绩单。 从伊利发布的半年报看，稳定基本盘、强化优势业务以及用创新拉动新增量，是伊利保持稳定增长的背后推动力，也为处于调整期的乳制品行业提供 了"抗周期、谋增长" 的实践范本。伊利在产品创新、渠道变革与全球化布局上的突破，推动行业从 "规模竞争" 向 "价值竞争" 加速转型，为产业链上下游 协同发展注入强劲动能。 三大业务亮点 从半年报看，液体乳业务一直是伊利的基本盘。今年上半年，该业务实现营业收入361.26亿元，全品类稳居行业 ...

2025年上半年，伊利实现营业总收入619.33亿元，同比增长 3.37%；扣非归母净利润为70.16亿元，同比增长31.78%。 从伊利发布的半年报看，稳定基本盘、强化优势业务以及用创 新拉动新增量，是伊利保持稳定增长的背后推动力，也为处于 调整期的乳制品行业提供了"抗周期、谋增长"的实践范本。 作者： 小满 封图：图片资料室 伊利股份（ 600887.SH ，下称"伊利"）于 8 月 28 日发布了 2025 年半年报。上半年，伊利实现营业总收入 619.33 亿元，同比增长 3.37% ； 扣非归母净利润为 70.16 亿元，同比增长 31.78% 。在地缘政治导致进出口不确定增强，终端消费复苏缓慢等挑战之下，伊利交出了持续增长的成 绩单。 从伊利发布的半年报看，稳定基本盘、强化优势业务以及用创新拉动新增量，是伊利保持稳定增长的背后推动力，也为处于调整期的乳制品行业提供了 "抗周期、谋增长" 的实践范本。伊利在产品创新、渠道变革与全球化布局上的突破，推动行业从 "规模竞争" 向 "价值竞争" 加速转型，为产业链上 下游协同发展注入强劲动能。 三大业务亮点 具体来看，明星大单品安慕希零售额连续多年稳居常温 ...

Group 1 - The core viewpoint of the article highlights that Yili has successfully maintained its market share in the liquid milk category through rapid shifts towards basic products and emerging channels, while also reaping benefits from its investments in infant formula and cheese products as well as overseas markets [1][2] - Yili's revenue for the first half of 2025 increased by 3.37% to 61.93 billion yuan, with a 31.78% rise in net profit to 7.016 billion yuan, attributed to the company's diversified product layout and operational resilience [2][4] - The proportion of infant formula and dairy products has increased from 11% five years ago to 27% in the first half of this year, indicating a successful shift towards high-value products [2][4] Group 2 - The company has actively targeted emerging channels and lower-tier markets, launching a series of high-quality and cost-effective new products, which have helped maintain stable market share while ensuring healthy channel inventory [2][3] - Yili's low-temperature business has seen significant growth, particularly in membership store channels, with customized low-temperature products showing considerable incremental sales [2][3] - The management anticipates a balanced supply and demand for raw milk in the future, which is expected to contribute to better growth [2][3] Group 3 - The infant formula and cheese segments are entering a high growth phase, with infant formula and dairy product revenue increasing by 14.26% to 16.578 billion yuan in the first half of the year [4][5] - The cheese market is recovering, with growth driven by the popularity of baking and pizza, and the company is optimizing its product line to cater to health-conscious consumers [4][5] - Yili's adult nutrition products also achieved double-digit growth, with the adult powder business holding a retail market share of 26.1%, leading the industry [5][6] Group 4 - Yili's overseas business has shown strong growth, with infant goat milk powder revenue increasing by 65.7% and ice cream revenue rising by 14.4% [7][8] - The company is leveraging sports events to enhance brand influence, with its ice cream brands Joyday and Cremo gaining traction in the Middle East [7][8] - Yili plans to introduce more dairy products into overseas markets while exploring high-potential regions like Africa [8]