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]

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 amid challenges in the dairy industry [1][2][3] - Yili's growth is driven by stabilizing its core business, strengthening competitive advantages, and leveraging innovation to drive new growth, serving as a practical model for the dairy industry's adjustment period [1][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][3] - Yili's milk powder and dairy products generated revenue of 16.578 billion yuan, with infant formula market share reaching 18.1%, ranking first in China, showcasing the company's strong competitive position [3][5] Innovation and New Product Development - Yili has introduced innovative products such as "Xinhua" functional milk powder and "Shuhua" lactose-free milk, achieving significant sales growth, with some products seeing over 70% increase in e-commerce channels [6][7] - The company is exploring new market segments by collaborating with Tongrentang to develop health-oriented dairy products, enhancing consumer awareness of traditional Chinese dietary concepts [6][7] Global Expansion and Market Strategy - 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% [7][8] - The company is adopting a multi-directional approach to globalization, focusing on local talent development and integrating into local dairy ecosystems to enhance brand resilience and market penetration [8][9] Future Outlook - Yili aims to solidify its leading position in the domestic dairy market while playing a more significant role on the global stage, contributing to the transition of the Chinese dairy industry from "scale first" to "value first" [9]

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 ...

Core Viewpoint - Yili Group reported strong financial performance for the first half of 2025, with revenue reaching 61.933 billion yuan, a year-on-year increase of 3.37%, and a non-net profit of 7.016 billion yuan, up 31.78%, marking a historical high for the company [1] Group 1: Business Performance - The company maintained its leading position in the dairy industry, with liquid milk and ice cream market shares remaining at the top, and significant growth in various segments, including over 20% revenue growth in low-temperature white milk and double-digit growth in ice cream, generating 8.229 billion yuan [2] - Yili's infant formula business achieved a market share of 18.1%, becoming the largest in China, completing a "grand slam" in both adult and infant formula categories [2][3] - The adult milk powder segment also saw continuous market share growth, with the "Xinhui" brand contributing to double-digit revenue growth in adult nutrition products [3] Group 2: Innovation and Digital Transformation - The company has integrated AI and digital tools into its R&D, supply chain, and marketing, significantly enhancing efficiency and reducing costs, with a 25% year-on-year increase in monthly active users in private domains [5] - Yili has received 995 domestic and international invention patents, showcasing its strong R&D capabilities, and has won multiple awards at global dairy innovation competitions [5] Group 3: Industry Leadership and Standards - Yili plays a crucial role in setting industry standards, leveraging its advanced experience in product development and quality control to elevate the entire dairy sector [6][7] - The company is actively promoting the upgrade of the dairy industry by collaborating with upstream and downstream enterprises to foster innovation and sustainability [7] Group 4: Global Expansion - Yili has established a comprehensive global presence, with 15 R&D centers and 81 production bases, selling products in over 60 countries [9] - The company's overseas business has shown rapid growth, with a 14.4% increase in ice cream revenue and a remarkable 65.7% growth in infant goat milk powder sales [9] Group 5: Policy and Market Outlook - The Chinese government has introduced supportive policies for the dairy industry, including a 1.6 billion yuan fertility subsidy plan, which aligns with Yili's strategic initiatives [10] - The per capita dairy consumption in China remains below global averages, indicating long-term growth potential for the dairy market as health awareness increases [10][11]

Core Viewpoint - Yili Group (伊利股份) reported strong financial performance for the first half of 2025, with revenue and net profit reaching historical highs, indicating its leadership in the Asian dairy industry and its role in redefining the development of Chinese dairy enterprises [2][3]. Financial Performance - The company achieved total revenue of 61.933 billion yuan, a year-on-year increase of 3.37% - The non-net profit reached 7.016 billion yuan, marking a year-on-year growth of 31.78% [2]. Market Position and Product Performance - Yili maintained its leading market share across all product categories, with significant growth in liquid milk and ice cream segments [3]. - The low-temperature white milk category saw revenue growth exceeding 20%, while the ice cream business generated revenue of 8.229 billion yuan, achieving double-digit growth [3]. - The infant formula segment reached a retail market share of 18.1%, becoming the market leader in China [4]. Innovation and Digital Transformation - The company has integrated AI and digital tools into its R&D, supply chain, and marketing, significantly enhancing efficiency and responsiveness to consumer trends [6][7]. - Yili has been awarded numerous patents and industry awards, showcasing its strong R&D capabilities and commitment to innovation [7]. Industry Leadership and Standards - Yili plays a crucial role in setting industry standards and driving technological advancements in the dairy sector, contributing to the overall modernization of the Chinese dairy industry [8][9]. - The company is actively involved in promoting sustainable development and collaboration within the dairy supply chain [9]. Global Expansion - Yili has established a global operational framework, with products sold in over 60 countries and regions, and has built 15 R&D centers and 81 production bases worldwide [10][11]. - The company reported a 14.4% increase in revenue from its ice cream business in overseas markets, and a remarkable 65.7% growth in infant goat milk powder sales [11]. Policy and Market Outlook - The Chinese government has implemented policies to boost consumption and support the dairy industry, creating a favorable environment for growth [12]. - Yili's diversified business model and continuous innovation position it well for future growth in the dairy market, which is expected to expand as consumer health awareness increases [12][13].

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]