+852-2978-6983 | christina.liu@gs.com Goldman Sachs (Asia) L.L.C. 18 November 2025 | 8:41PM HKT Equity Research Yili Industrial (600887.SS) Investor Day Takeaway: Aim to outgrow industry in next FYP, Adult nutrition and high-value processed products as the new growth pillar; Buy 600887.SS 12m Price Target: Rmb33.90 Price: Rmb29.52 Upside: 14.8% We attended Yili investor day in Beijing on Nov 18th, with key themes of industry transformation driven by long-term rising dairy intake and premium urban demand, wh ...