今年 9 月份伊利股份的动销情况和备货情况如何？与去年同期相比有哪些变化？ 今年 9 月份正值中秋和国庆双节的备货阶段，由于双节都在 10 月份，因此 9 月份主要是备货期，10 月份才会看到动销情况。从 7、8 月份的动销情况来看， 常温液奶端的表现与二季度相差不大，没有明显改善。根据尼尔森的数据，7 月终端数据也显示动销情况没有显著好转。因此，经销商在 9 月备货时并不急 于提前准备，一个月时间已经足够。今年的中秋和国庆假期集中在 10 月初， 因此备货集中在 9 月。总体而言，今年经销商端的备货启动时间较去年稍晚。 伊利股份 20250922 摘要 伊利股份 2025 年中秋国庆备货策略稳健，不强行压货，关注渠道健康， 鼓励经销商把握销售旺季，备货启动时间较去年稍晚，主要集中在 9 月 底前完成。 伊利股份维持全年经营目标不变，预计收入小个位数增长，净利润率保 持 9%，常温液奶复苏偏弱，但其他业务超预期，上半年业绩良好支撑 全年目标。 伊利股份各品类表现分化，冷饮受备货周期影响较小，乳饮料优酸乳表 现突出，新品升级契合市场需求，双节期间主推经典和安慕希，并拓展 多元化礼赠市场。 伊利股份奶粉业务上半年 ...

Summary of the Conference Call for Yili Group Industry Overview - The liquid milk industry is experiencing weak terminal sales in Q2 2025, but is expected to perform better than Q1 due to a low base from the previous year and inventory adjustments [2][3] - There is still growth potential in the dairy industry, particularly in lower-tier cities and new retail channels [2][7] Company Performance - In Q1 2025, the company achieved positive revenue growth with a 24% increase in net profit attributable to shareholders [3] - The company aims for revenue growth that outpaces the industry and targets a net profit margin of 9% [2][4] Product Performance - Low-temperature liquid milk has shown slight growth, while room-temperature liquid milk has experienced a mid-single-digit decline [2][5] - The company is focusing on high-end products and optimizing SKU to improve revenue in low-temperature liquid milk [2][5] - The introduction of high-cost performance products is expected to impact product structure but will help in reducing raw milk costs [2][8] Market Strategy - The company is cautious about liquid milk growth expectations, with a strategy to reduce channel inventory and launch customized products [2][5][9] - The adult nutrition market is a key focus, with a market share of 24% and a goal for double-digit growth [3][16] - The infant formula segment has seen a balanced development, with a target to increase market share and reach the top position by 2027 [3][15] Supply Chain and Pricing - The company sources milk primarily from local suppliers, with about 40% from its own farms [13] - The current low milk prices are affecting the market, but the company is focusing on channel opportunities rather than just low pricing strategies [14][21] Future Outlook - The dairy industry is expected to have significant growth opportunities, especially in new retail channels and increased per capita consumption [7][22] - The company is exploring non-dairy businesses and international markets, aiming for substantial growth in these areas over the next five years [18][22] Competitive Landscape - The competitive environment in the dairy market has shifted, with the company maintaining stable pricing strategies to ensure market share [23] - New product launches have performed well, contributing positively to the company's growth [24] Conclusion - The company is strategically positioned to navigate the current challenges in the dairy market while capitalizing on growth opportunities in various segments and channels [2][7][18]