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 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].