伊利股份 20251031 摘要 伊利股份预计 2025 年全年收入将实现正增长，尽管四季度液态奶业务 可能因春节错配下滑，但奶粉、奶酪和冷饮业务预计将实现双位数增长。 公司将继续推出高性价比产品并提供渠道费用支持，以维护经销商库存 健康。 2025 年第三季度液态奶收入同比下降约 9%，主要由于销量和产品结构 调整。公司计划通过产品创新和渠道拓展，优化经营策略，挖掘细分人 群消费潜力，以拓展增长边界，实现业绩提升。 公司不再依赖单一爆款产品，而是通过丰富品牌矩阵，推出更多品类产 品，尤其乳饮料表现突出，并积极探索户外饮用场景。未来产品布局将 更加均衡，以适应市场需求。 伊利股份积极把握会员店、零食折扣店及即食零售等新兴渠道的发展机 遇，推出定制产品以获得增长红利，并持续精细化运营电商渠道，提升 盈利能力。 公司在液奶业务上进行价值链和体系运营升级，加强基础能力建设。随 着消费者信心指数企稳和行业供需改善，液奶业务有望重回稳健增长轨 道。 2025 年前三季度，伊利股份的营业总收入为 905.64 亿元，同比增长 1.7%。 扣除非经常性损益后的净利润达到 101.03 亿元，同比增长 18.7%，创下历史 ...

Core Insights - The company reported a total revenue of 90.564 billion yuan for the first three quarters, representing a year-on-year growth of 1.71% [1] - The net profit attributable to the parent company exceeded 10 billion yuan for the first time, reaching 10.103 billion yuan, with a year-on-year increase of 18.73% [1] Industry Overview - The dairy product industry is currently undergoing a cyclical adjustment phase characterized by oversupply, with discounts on yogurt and fresh milk becoming commonplace, leading to a "volume and price decline" situation [3] - The management emphasized that competition should not rely solely on price reductions but should focus more on consumer demand [3] Business Performance - The liquid milk segment experienced a revenue decline of 54.939 billion yuan, down 4.49% year-on-year, while other business segments showed growth [3] - The company has proactively adjusted its delivery and inventory in response to the lack of significant improvement in liquid milk market demand, indicating that the most challenging phase of business pressure has passed [3] Product Segment Growth - Revenue from the milk powder and dairy products segment reached 24.261 billion yuan, up 13.74% year-on-year, while revenue from frozen products was 9.428 billion yuan, reflecting a 12.99% increase [5] - The company initiated a 1.6 billion yuan maternity subsidy plan to enhance its infant formula market presence, resulting in over 800,000 consumers participating in the program and a 20% year-on-year increase in membership [5] - The management highlighted ongoing exploration in non-dairy segments, particularly in bottled water and tea drinks, aiming to develop one or two scalable products in this category over the next five years [5]