液态奶是大众最熟悉的乳制品品类，但当前陷入传统产品过剩、特色产品供给不足的困境。 市场的集中度也较高，伊利、蒙牛等头部企业凭借渠道和规模优势稳住主导地位，而中小乳企因规模化不足陷入业绩下滑甚至亏损的困境。 同时，液态奶市场的销售增长正在逐渐放缓，常温奶的市场份额虽依旧庞大，但已经不再是乳企唯一的增长引擎，头部乳企正逐步降低液态奶收入占比，转 向奶酪、奶粉、冷饮等更高附加值的业务。 有趣的是，伊利忙着向第二曲线转移，"热火朝天"卖着奶粉、奶酪及冷饮，例如以金领冠品牌的有机婴幼儿奶粉为代表，并涵盖悠滋小羊、佳贝艾特等羊奶 粉产品，同时在酸奶品类中除畅轻外，还包括伊利草原酸奶等特色产品及冷饮业务以巧乐兹为主导品牌等。 而蒙牛则另辟蹊径，不仅凭借妙可蓝多在奶酪赛道站稳脚跟，更让旗下优益C拿下首款乳酸菌"健字号"，将普通饮品升级为具有保健品属性的健康产品，在 垂直领域开辟新方向。 那么，伊利、蒙牛都已经向更加垂直领域去精进，到底谁能率先走出差异化路径来？ 01 第二曲线比重上升，伊利对市场敏锐度很高 其实，常温液态奶一直都是是中国乳业最大的摇钱树，其凭借其长保质期、便于运输的特性，让伊利和蒙牛建立了覆盖全国的渠道网络， ...

Core Viewpoint - The performance of Yili Group in the first three quarters of 2025 exceeded expectations, with a revenue of 90.564 billion yuan, a year-on-year increase of 1.71%, and a net profit of 10.103 billion yuan, up 18.73% [1] Business Performance - Yili's liquid milk segment remains the industry leader, generating revenue of 54.939 billion yuan, with products like organic milk becoming popular in the gifting market [1] - The company has successfully expanded its market share in infant formula, achieving the highest market share in China for the first time [3][4] Anti-Cyclical Strategies - Yili's approach to anti-cyclicality involves optimizing both profit quality and business structure rather than merely expanding scale [1][2] - The deep processing of milk is highlighted as a key strategy to convert surplus raw milk into high-value products, enhancing the value chain and addressing consumer demand for personalized products [2] Technological Innovation - Yili has implemented smart farming technologies, resulting in over a 10% increase in milk production per cow and a 12% reduction in labor costs [5][6] - The company has completed the digital transformation of all its factories, enabling real-time data collection and analysis to ensure product quality [6] Industry Collaboration - Yili has supported its partner farms by providing financial assistance totaling 185.215 billion yuan and technical support, significantly reducing operational costs [8] - The company has established a strategic partnership with Tongrentang to explore functional food markets, leading to a 45% year-on-year increase in revenue from functional dairy products [9] Future Outlook - Yili plans to focus on deep processing of dairy, functional foods, and health beverages, with an annual R&D investment growth of at least 20% over the next five years [9]

Core Insights - The dairy industry is facing increasing survival pressures, with major players like Mengniu and Yili needing to collaborate to reshape the industry landscape [3][8] - The average price of fresh milk in Q2 this year was only 3.04 yuan/kg, significantly below the breakeven point of 3.5 yuan/kg for most farms, leading to over 90% of dairy farms operating at a loss [3][8] Company Strategies - Mengniu's premium product, "Te Long Su," has achieved sales exceeding 30 billion yuan, becoming the largest single product in the global dairy industry, while also launching a new "desert organic" product [5][8] - Yili's "Jindian" focuses on creating a high-end image through organic branding but lacks a clear connection between organic and source quality, which may limit its competitive edge [5][8] Market Trends - The dairy market is characterized by a dominance of liquid milk, with 92.7% of total dairy production in China being liquid milk, while deep-processed products like cheese and butter account for less than 7.3% [8][9] - The B2B dairy market has expanded to a scale of hundreds of billions, with significant demand for dairy products from coffee chains like Starbucks and Luckin Coffee [9] Competitive Landscape - Both Mengniu and Yili have faced challenges with product packaging similarities, leading to consumer confusion, but Mengniu has chosen to focus on its development strategy rather than legal disputes [6][7] - The overall dairy consumption has declined, with a 9.6% drop in sales across all channels, prompting companies to shift focus towards product quality and pricing [7][8]

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]

Core Viewpoint - Yili continues to expand its leading position in the dairy industry amidst market fluctuations, achieving record high revenues and profits in the first half of the year [1][18]. Financial Performance - In the first half of the year, Yili's total revenue reached 61.933 billion yuan, a year-on-year increase of 3.37%, while the net profit attributable to shareholders, excluding non-recurring items, was 7.016 billion yuan, up 31.78% [1][2]. - Yili's revenue significantly outpaced the second-largest competitor by 20.3 billion yuan [2]. Business Segments - Yili's liquid milk revenue was 36.13 billion yuan, while the milk powder and dairy products segment grew by 14.3% to 16.578 billion yuan, and the ice cream segment saw a 12.4% increase to 8.23 billion yuan [2]. - The infant formula segment has become a key growth driver, with Yili achieving the largest market share in the infant formula market at 18.1% [2][4]. Strategic Initiatives - Yili's "Balanced System" strategy allows it to maintain resilience in the market, with a diversified product portfolio across liquid milk, ice cream, and key strategic categories [9]. - The company is focusing on product innovation and channel upgrades, which have led to significant growth in its adult milk powder segment and a strong partnership with Tongrentang to explore the health food market [6][7]. Global Expansion - Yili is accelerating its global expansion, with successful entries into markets in Hong Kong, Southeast Asia, and the United States, and establishing a comprehensive global resource and innovation network [11][12]. - The company has over 2,000 global partners and operates 15 R&D centers and 81 production bases worldwide [12]. Policy Environment - Recent government policies, including the introduction of a national childcare subsidy and support for the dairy industry, are expected to boost demand for infant formula and dairy products [15][17]. - Yili has launched a 1.6 billion yuan maternity subsidy plan to support the creation of a "fertility-friendly society," which is anticipated to positively impact its infant formula sales [17]. Future Outlook - Yili is committed to maintaining a dividend policy of no less than 70% of net profits, reflecting confidence in its future growth prospects [17][18]. - The company aims to continue its strategic focus on product innovation and market expansion, positioning itself for sustained growth in the dairy sector [18].

Core Viewpoint - The latest half-year report for 2025 reveals the strong growth momentum of Yili Group, highlighting its robust performance across various product categories and successful international expansion [1][4]. Financial Performance - In the first half of 2025, Yili achieved revenue of 61.933 billion yuan, a year-on-year increase of 3.37%, while the net profit attributable to shareholders after deducting non-recurring gains and losses reached 7.016 billion yuan, up 31.78%, setting a new historical high [4][6]. - The company maintains its position as the leading player in the Asian dairy industry, with a continued expansion of its competitive advantage [4]. Business Structure Optimization - Yili's business structure is continuously optimizing, with stable growth in its core liquid milk segment and significant market share gains in milk powder and cheese, contributing to the "second growth curve" [3][6]. - The revenue from milk powder and dairy products has increased from 11% of total revenue in 2019 to 27% in the first half of 2025, indicating a diversification and balance in product offerings [6]. Product Innovation and Development - Yili has launched several innovative products, including various types of tea and low-sodium mineral water for infants, which have received high market recognition and contributed to double-digit growth in the water beverage segment [7]. - The company has established a diverse product matrix, with leading brands in various categories such as liquid milk, infant formula, and ice cream, focusing on specific consumer segments and scenarios [7]. International Expansion - Yili's internationalization efforts are accelerating, with brands like "Jinlingguan" entering markets in Hong Kong and Saudi Arabia, and a notable presence at the 2025 FIBA Asia Cup [8][12]. - The overseas cold drink business has seen a revenue increase of 14.4%, while the infant goat milk powder segment has grown by 65.7% [8]. Global Supply Chain and Sustainability - The company is enhancing its global supply chain network, achieving efficient coordination between domestic and international markets, particularly in regions like Oceania and Europe [10][13]. - Yili is committed to building a sustainable ecosystem, with initiatives like the "Zero Carbon Alliance" and the "Global Low Water Footprint Initiative," which have seen significant participation from industry partners [15]. Research and Development - Yili has established a global innovation network with 15 innovation centers, collaborating with renowned universities and research institutions to drive advancements in nutrition, food safety, and sustainable packaging [15][16]. - The company emphasizes local adaptation in product development, tailoring offerings to meet regional tastes and preferences, which enhances brand resilience in international markets [18].

Core Insights - The article highlights the strong performance of Yili Group in the dairy industry amidst market fluctuations and changing consumer demands, showcasing its resilience and high-quality development [2] - Yili's revenue and profit growth in the first half of 2025 reinforces its leading position in the Asian dairy market, with total revenue reaching 61.933 billion yuan, a year-on-year increase of 3.37%, and net profit of 7.016 billion yuan, up 31.78% [2] Liquid Milk Business - Yili's liquid milk segment remains a cornerstone of its business, achieving revenue of 36.126 billion yuan in the first half of 2025, maintaining the largest market share in the industry [3] - The segment shows a growth trend characterized by structural optimization, with core categories like ambient yogurt and high-end milk products all gaining market share [3] Milk Powder and Dairy Products - The milk powder and dairy products segment achieved a milestone with revenue of 16.578 billion yuan, a year-on-year increase of 14.26%, solidifying its position as the industry leader [4] - Yili's market share in infant formula reached 18.1%, marking a significant achievement in its strategic growth trajectory [4] Adult Nutrition Products - Yili has formed a strategic partnership with Tongrentang to innovate in the adult nutrition segment, leading to double-digit revenue growth in this category [5] - The company's sheep milk powder segment saw revenue growth exceeding 30%, with a market share of 34.4%, reinforcing its leadership in the global sheep milk powder market [5] International Expansion - Yili's international strategy is yielding significant results, with overseas business growth becoming a key revenue driver, particularly in the ice cream and infant sheep milk powder categories [6] - The company has successfully penetrated various international markets, including Hong Kong and Saudi Arabia, enhancing its global brand presence [6][8] Diversification into Non-Dairy Sectors - Yili is actively expanding into non-dairy sectors, particularly in health beverages, with innovative products like jasmine tea and low-sodium mineral water driving double-digit growth [10] - The company is also exploring opportunities in the beef market and other food sectors, establishing a multi-faceted growth strategy that enhances its resilience against market fluctuations [13]

Core Insights - Despite the ongoing adjustment period in China's dairy product consumption, the company has demonstrated resilient growth, achieving a 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%, setting a new historical high [1][3][4] Business Performance - The company has led the industry in multiple categories, including infant formula and ice cream, with significant breakthroughs in overseas markets [3][4] - The liquid milk segment generated revenue of 36.126 billion yuan, maintaining the largest market share, while the infant formula and dairy products segment reached 16.578 billion yuan, a 14.26% increase, also leading the market [4][6] - The ice cream business achieved revenue of 8.229 billion yuan, growing by 12.39%, and remains the market leader [4][7] Innovation and Product Development - The company has focused on consumer-centric innovation, launching new products that meet diverse consumer needs, with new product revenue accounting for 14.7% of total income [8][9] - Collaborations with academic institutions have led to advancements in nutritional science and product development, enhancing the company's competitive edge [9][10] International Expansion - The company is accelerating its internationalization strategy, with significant growth in overseas business, particularly in the ice cream and infant formula segments, which saw revenue increases of 14.4% and 65.7%, respectively [13][14] - The company has established a global resource and innovation network, with 15 R&D centers and 81 production bases worldwide, enhancing its market penetration and brand influence [15]

Core Viewpoint - Despite the ongoing adjustment period in China's dairy product consumption, Yili has demonstrated resilient growth, achieving a 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%, setting a new historical high [1][3][20] Business Performance - Yili's liquid milk business generated revenue of 36.126 billion yuan, maintaining the industry's top market share. The milk powder and dairy products segment achieved revenue of 16.578 billion yuan, a 14.26% increase, also leading the market. The ice cream business reported revenue of 8.229 billion yuan, up 12.39%, securing the first position in the market [5][9][10] - The infant formula segment saw a significant breakthrough, with a retail market share of 18.1%, an increase of 1.3 percentage points year-on-year, marking Yili as the leader in the national retail market [5][7] Product Innovation and Diversification - Yili has focused on product innovation, launching new items such as "Anmuxi" yellow peach oatmeal yogurt and "Jindian" fresh pure milk, which contributed to 14.7% of total revenue [12] - The company has established a strategic partnership with Tongrentang to develop health-oriented dairy products, reflecting a commitment to meet consumer health demands [13] International Expansion - Yili's international business is accelerating, with significant growth in overseas revenue, particularly in the ice cream and infant formula segments, which saw increases of 14.4% and 65.7% respectively [18] - The company has expanded its presence in markets such as Hong Kong and Saudi Arabia, with plans to enhance its global footprint through localized operations and resource integration [19][20] Strategic Outlook - Yili aims to maintain a profit margin target of 9% for the year, indicating confidence in its growth trajectory despite market challenges [1][3] - The company is committed to further diversifying its product offerings, including health drinks and other non-dairy products, to enhance its competitive edge [14][16]

Core Viewpoint - Yili Group has achieved significant growth in both revenue and profit in the first half of 2025, solidifying its position as the leading dairy company in Asia with a 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% [2] Group 1: Business Performance - The infant formula segment has reached a historic milestone, capturing the number one market share in China with a retail market share of 18.1% [3] - Yili's overall revenue from milk powder and dairy products has grown to 16.578 billion yuan, reflecting a year-on-year increase of 14.26% [4] - The liquid milk business remains the industry leader, with significant growth in various subcategories, including a 20% increase in low-temperature white milk revenue [6] Group 2: Strategic Initiatives - Yili has successfully launched a series of innovative products in the health water segment, contributing to double-digit growth in this category [7] - The company has expanded its international presence, with significant growth in overseas markets, including a 14.4% increase in cold drink revenue and a 65.7% increase in infant goat milk powder revenue [7] - Yili has established a strategic partnership with Tongrentang to develop health-oriented dairy products, enhancing its product offerings in the "food and medicine homology" category [9][10] Group 3: Market Position and Innovation - Yili's cheese business has seen robust growth, with a focus on product innovation to meet diverse consumer needs [4] - The company is pioneering the "solid-state revolution" in dairy, aiming to elevate cheese from a side dish to a staple food, thereby enhancing its market position [11] - Yili is committed to establishing authoritative industry standards for the "food and medicine homology" sector, further solidifying its leadership in the dairy industry [10]