"压力最大的时候已经过去，我们有信心通过产品创新和渠道拓展，让来年比今年业务表现更好。" 作为乳业风向标的伊利股份，交出了稳中有升的三季报。并因先行一步的渠道管理和高潜能品类布局， 继续领跑行业。尤其是奶粉业务中，完成核心单品配方焕新的婴配粉，抓住龙年新生儿红利，市场份额 再提升。成人营养粉则捕捉到银发群体对功能营养认知的强化，锚定以乳基为核心，深耕中式膳食、药 食同源的发展路径，筹划业务范围延伸至功能保健食品领域。 多引擎发力，渠道健康度率先好转。强经营韧性下轻装上阵的伊利，超额完成全年9%利润增长目标的 图景愈发清晰。 终端液态奶价盘、新鲜度持续向好，新品"嚼柠檬"带动优酸乳双位数高成长 近日，伊利发布2025年前三季报。披露公司实现营收905.64亿元，同比增长1.71%；扣非归母净利润首 超百亿，达101.03亿元，同比增长18.73%。 稳健增长来源于公司节奏的提前调整。今日的业绩说明会上，伊利提到，公司一方面持续推出了质价比 突出的产品，另一方面也给渠道费用支持，与经销商一起拉动终端动销。"2024年是公司蓄势调整的一 年，依托于去年的调整结果，公司在液奶的市场份额基本平稳。" 今年前三季，伊利基 ...

Core Insights - Yili Group reported a revenue of 61.777 billion yuan for the first half of 2025, a year-on-year increase of 3.49%, while net profit attributable to shareholders decreased by 4.39% to 7.2 billion yuan [2] - The company demonstrated strong operational resilience through product innovation and channel optimization, maintaining its leading market position across all categories [2] Revenue Breakdown - The liquid milk segment generated revenue of 36.126 billion yuan, maintaining the top market share in the industry [4] - The infant formula and dairy products segment achieved revenue of 16.578 billion yuan, a year-on-year increase of 14.26%, with a market share of 18.1% [6] - The cheese segment saw an increase in market share to 15.2%, with a revenue growth of over 20% in the food service channel [7] - The ice cream business generated revenue of 8.229 billion yuan, a year-on-year increase of 12.39%, also maintaining the market leadership [7] Product Innovation - New products contributed 14.7% to total revenue, with successful launches such as "Yogurt with Lemon" and "Gold Standard" fresh milk driving growth [3][4] - The company is focusing on product structure upgrades and category innovations, leading to double-digit growth in several brands [4] Market Position - Yili Group's infant formula market share increased by 1.3 percentage points, with significant growth in the goat milk powder segment, which reached a market share of 34.4% [6] - The adult nutrition segment also saw a market share increase of 1.8 percentage points, reaching 26.1% [6] Digital Transformation and International Expansion - The company is advancing its digital transformation, enhancing operational efficiency through self-developed platforms and AI technology [9] - Yili is actively expanding its international market presence, with increasing market shares in Indonesia and Thailand for its ice cream business, and continuous breakthroughs in North America and the Middle East for its infant formula [9]