Yili Group (600887) investor relations material

Executive summary

• Q3 2025 revenue was RMB 28.56 billion, down 1.63% year-over-year; YTD revenue reached RMB 90.34 billion, up 1.81% year-over-year.

• Net profit attributable to shareholders for Q3 was RMB 3.23 billion, down 3.35% year-over-year; YTD net profit was RMB 10.43 billion, down 4.07% year-over-year.

• Cash flow from operating activities for the first nine months was RMB 9.40 billion, a decrease of 32.23% year-over-year, mainly due to lower prepayments from distributors.

• Revenue is diversified across liquid milk, milk powder & dairy products, ice cream, and other categories.

• Main business revenue for Q3 2025 reached RMB 28.29 billion, with a nine-month total of RMB 89.60 billion.

Financial highlights

• Gross margin for the first nine months was RMB 32.49 billion, up from RMB 30.88 billion year-over-year.

• Basic and diluted EPS for Q3 was RMB 0.51, down 1.92% year-over-year; YTD EPS was RMB 1.65, down 3.51% year-over-year.

• Total assets at quarter-end were RMB 152.73 billion, down 0.65% from year-end 2024.

• Shareholders’ equity attributable to listed company shareholders increased 5.89% to RMB 56.31 billion.

• Q3 2025 liquid milk revenue: RMB 18.81 billion; milk powder & dairy: RMB 7.68 billion; ice cream: RMB 1.20 billion; other: RMB 0.59 billion.

Segment performance

• Q3 2025 regional revenue: North China RMB 8.16 billion, South China RMB 6.89 billion, Central China RMB 5.33 billion, East China RMB 4.28 billion, others RMB 3.63 billion.

• Nine-month regional revenue: North China RMB 25.30 billion, South China RMB 21.97 billion, Central China RMB 16.69 billion, East China RMB 13.34 billion, others RMB 12.31 billion.

• Q3 2025 revenue by sales model: distribution RMB 27.09 billion, direct sales RMB 1.19 billion.

• Nine-month revenue by sales model: distribution RMB 86.45 billion, direct sales RMB 3.15 billion.