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1 伊利股份 YILI 2017 First Half Results

2 目录 C ONTENTS 关于伊利 About Yili 财务回顾 Financial Review 经营回顾 Business Review 行业现状 Current Situation of Industry 企业文化和品牌管理 Culture and Brand Concept 2

3 关于伊利 About Yili

伊利是中国规模最大产品线最健全的乳品企业 Yili owns the largest scale and the most perfect product line in China dairy industry.

4 关于伊利 About Yili Financial Highlights 8 伊利是亚洲第一全球 8 强的中国乳品企业 Yili is the NO.1 in Asia and global top 8 Chinese dairy company. 伊利是中国规模最大产品线最健全的乳品企业 Yili owns the largest scale and the most perfect product line in China dairy industry. 伊利是中国唯一一家同时符合奥运会及世博会标准, 为 2008 年北京奥运会和 2010 年上海世博会提供服务的乳制品企业 Yili is the unique enterprise in China who conforms to Olympic Standard and World Expo Standard, providing dairy products for both Beijing 2008 Olympic Games and 2010 Shanghai World Expo. 4

关于伊利 About Yili Financial Highlights 2016 年营业总收入达 606.09 亿元, 实现归属母公司净利润 56.62 亿元, 双双保持增长, 继续稳居亚洲乳业首位 Total revenues of Yili in 2016 were RMB60.

5 关于伊利 About Yili Financial Highlights 2016 年营业总收入达亿元, 实现归属母公司净利润亿元, 双双保持增长, 继续稳居亚洲乳业首位 Total revenues of Yili in 2016 were RMB billion, and net profit attributable to owners of the company was RMB5.662 billion. Both revenues and net profit maintained growth as compared with last year and continued to rank NO.1 in Asia dairy industry 单位 : 十亿元 Unit : RMB billion 营业总收入 ( ) Total Revenues ( ) 数据来源 : 公司年报 Data source: Company Annual Report 5

6 股东回报 Shareholder Financial Returns Highlights 110 单位 : 十亿元 Unit : RMB billion 市值 Market Cap (10) 数据来源 : 公司数据 Data source: Company Data 总资产 Total Assets 净资产 Net Assets 固定资产 Fixed Assets 累计分红 Accumulated Dividends 累计融资 Accumulated Financing Amount

7 董事长寄语 Address from Chairman 在伊利人眼中, 世界上只有两种人 : 一种人是喝牛奶的, 一种人是不喝牛奶的, 伊利人的使命就是要将这两种人变成一种人, 喝牛奶的人, 享受牛奶营养与健康的人伊利集团董事长潘刚 In my opinions, there are two kinds of people: the ones who drink milk and the ones who do not. My goal is to combine the two kinds of people into one, the ones who drink milk and enjoy the nutritional and healthy lifestyle by drinking milk. Pan Gang, President of Yili Group 7

8 领导人简介 Introduction of Leader 潘刚 ( 董事长总裁 ) Pan Gang, the Chairman and President of Yili Group 2002 年成为中国 520 家重点工业企业最年轻的总裁 By 2002, he was the youngest president among the 520 key industrial enterprises 2005 年 6 月至今, 任伊利集团的董事长兼总裁 He has been holding the position of Chairman and President of Yili Group since June 2005 主要荣誉 External Recognition 中国共产党第十七次全国代表大会代表 Member of the 17th national congress of CPC 第十二届全国政协委员 Member of the 12 th national committee of CPPCC 联合国可持续发展顾问委员会成员 Member of UNDP Private Sector Advisory Board 全国工商联副主席 Vice chairman of All-China Federation of Industry and Commerce 中华全国青年联合会副主席 Vice chairman of the All China Youth Federation 中国青年企业家协会会长 Chairman of Chinese Young Entrepreneurs' Association 中国奶业协会副理事长 Vice chairman of Dairy Association of China 中国欧盟协会副会长 Vice chairman of China - EU Association 8

主要荣誉 External Recognition 领导人简介 Introduction of Leader 享受国务院特殊津贴 President Pan enjoys the special allowance of the State Council 2011 年, 亚太绿色经济杰出领袖奖 2011, Outstanding leadership

Changing China Awards 2009 年,2009 年度十大华人经济领袖 2009,Top 10 Chinese economics leader 2007 年, 俄中友好最具风采企业领袖奖 2007, The best leader of Russia-China friendship 2006 年, 达沃斯全球青年领袖

9 主要荣誉 External Recognition 领导人简介 Introduction of Leader 享受国务院特殊津贴 President Pan enjoys the special allowance of the State Council 2011 年, 亚太绿色经济杰出领袖奖 2011, Outstanding leadership award of Green economy in Asia & Pacific area 2010 年, 亚太杰出商业领袖 2010, Outstanding business leader in Asia & Pacific area 2010 年, 改变中国的商业力量企业领袖 2010,Business leader in Power of Changing China Awards 2009 年,2009 年度十大华人经济领袖 2009,Top 10 Chinese economics leader 2007 年, 俄中友好最具风采企业领袖奖 2007, The best leader of Russia-China friendship 2006 年, 达沃斯全球青年领袖 2006,Davos Youth Global Leader 2006 年, 全国五一劳动奖章 2006,National May-1st Labor Medal 2005 年,CCTV 中国年度经济人物 2005,CCTV China Annual Economic Figure 2004 年, 中国青年五四奖章 2004,China Youth May-fourth Medal 9 9

管理思想 Management Thinking 全球织网 & 全链创新战略实施 The global networking and the along-the-supply-chain innovation" strategy 品质管理 & 精确管理管理思想 The quality management" and the "precise management" management

10 管理思想 Management Thinking 全球织网 & 全链创新战略实施 The global networking and the along-the-supply-chain innovation" strategy 品质管理 & 精确管理管理思想 The quality management" and the "precise management" management ideas 奥运 & 世博大事件营销理念 The strategic partner of the Olympic Games and the World Expo 伊利始终以厚度优于速度行业繁荣胜于个体辉煌社会价值大于商业财富的伊利法则, 指导企业的每一次成长伊利集团董事长潘刚 Accumulation is more important than speed, the prosperity of the industry is more important than the success of individual enterprise, social value is more important than business wealth. That s the value that we hold in every step of our growth. Pan Gang, President of Yili Group 10

11 财务回顾 Financial Review

12 主要财务指标 Financial Financial Highlights Highlights 主要财务指标 Financial Highlights 人民币 ( 百万元 ) RMB (million) 营业总收入 Revenues 主营业务收入 Core Business Revenues 毛利 Gross Profit 毛利率 Gross Profit Margin 营业利润 Operating Profit 归属于母公司净利润 Net Profit Attributable to Owners of the Company 净利率 Net Profit Margin 每股收益 ( 元 ) EPS (RMB) 净资产收益率 ROE 数据来源 : 公司数据 Data source: Company Data 2016 H H1 增长率 Growth Rate 30,087 33, % 29,378 32, % 11,613 12, % 39.5% 38.7% -0.83ppt 3,266 4, % 3,211 3, % 10.7% 10.0% -0.63ppt % 15.2% 14.3% -0.85ppt 12

13 主营业务收入细分 Core Business Revenues Breakdown by Segment 主营业务收入细分 Core Business Revenues Breakdown by Segment 人民币 ( 百万元 ) RMB (million) 2016H1 收入 Revenues 2016H1 占比 % 2017H1 收入 Revenues 2017H1 占比 % 增长率 Growth Rate 液体乳 Liquid Milk 23, % 26, % 12.7% 冷饮产品系列 Ice Cream 2, % 3, % 10.6% 奶粉及奶制品 Milk Powder and Milk Products 2, % 3, % 19.9% 其他 Others % % -93.6% 总体 Overall 29, % 32, % 11.6% 数据来源 : 公司数据 Data source: Company Data 13

各业务毛利率及变化 Gross Margin Change by Segment 各业务毛利率及变化 Gross Margin Change by Segment 各主营业务 Core Business Segment 2016H1 2017H1 变化 Change 液体乳 Liquid Milk 37.2% 35.9% -1.

14 各业务毛利率及变化 Gross Margin Change by Segment 各业务毛利率及变化 Gross Margin Change by Segment 各主营业务 Core Business Segment 2016H1 2017H1 变化 Change 液体乳 Liquid Milk 37.2% 35.9% -1.27ppts 冷饮产品系列 Ice Cream 43.7% 43.9% 0.27ppt 奶粉及奶制品 Milk Powder and Milk Products 58.5% 56.7% -1.80ppts 总体 Overall 39.5% 38.7% -0.83ppt 数据来源 : 公司数据 Data source: Company Data 14

15 市场占有率 Market Share of Yili 常温 Ambient products 36% 34% 32% 30% 33.8% 33.8% 30.9% 30.3% 30.1% 30.0% 30.4% 30.8% 30.8% 31.2% 31.5% 32.3% 32.4% 32.6% 33.1% 33.0% 33.2% 33.6% 28% Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun 低温 Chilled products 18% 16% 16.8% 16.7% 16.3% 16.4% 16.1% 15.2% 15.0% 14.9% 14.7% 15.0% 15.4% 16.1% 16.0% 16.3% 16.5% 17.0% 17.1% 16.5% 14% Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun 婴幼儿奶粉 Infant milk formula 6% 5% 4.5% 4.8% 4.6% 4.7% 4.9% 4.7% 5.0% 4.8% 4.8% 4.8% 4.6% 4.8% 4.8% 5.3% 5.2% 5.2% 5.3% 5.1% 4% Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun 数据来源 : 尼尔森 Data source: Nielsen 15

16 销售及管理费用率 SG&A Expense Ratio 销售费用率 Selling Expense Ratio 管理费用率 G&A Expense Ratio 销售费用率 ( 其中 ) 广告营销费用率 30% Selling Expense Ratio A&P Expense Ratio 8% 25% 20% 18.5% 17.9% 18.5% 22.0% 23.3% 22.8% 6% 6.7% 5.0% 5.8% 5.7% 5.7% 15% 12.1% 12.6% 12.8% 4% 3.9% 10% 8.9% 8.2% 8.5% 5% H1 2% H1 数据来源 : 公司数据 Data source: Company Data 16

运营效率 Operating Efficiency 应收账款周转天数 Accounts Receivable Turnover

4 4.2 60 40 38.5 35.3 43.0 45.4 43.2 37.

2016 2017 H1 80 60 应付账款周转天数 Accounts Payable Turnover (Days) 53.

8 0 现金周转天数 Cash Turnover (Days) 2012 2013 2014 2015 2016 2017

17 运营效率 Operating Efficiency 应收账款周转天数 Accounts Receivable Turnover (Days) 存货周转天数 Inventory Turnover (Days) H H 应付账款周转天数 Accounts Payable Turnover (Days) 现金周转天数 Cash Turnover (Days) H H 数据来源 : 公司数据 Data source: Company Data 17

现金流和资本开支 Cash Flow and Capital Expenditure 经营性净现金流 Net Cash Flow

Unit: RMB million 12,817 5,000 单位 : 百万元 Unit: RMB million 12,000

5,475 2,000 4,000 2,409 2,436 2,829 1,000 2,000 0 2012 2013 2014

18 现金流和资本开支 Cash Flow and Capital Expenditure 经营性净现金流 Net Cash Flow from Operating Activities 资本开支 Capital Expenditure 14,000 单位 : 百万元 Unit: RMB million 12,817 5,000 单位 : 百万元 Unit: RMB million 12,000 10,000 9,536 4,000 3,102 3,241 3,946 3,652 3,419 8,000 3,000 6,000 5,475 2,000 4,000 2,409 2,436 2,829 1,000 2, H 数据来源 : 公司数据 Data source: Company Data 18

19 分红率稳步提升 Dividend Rate Steadily Improved 分红率 Dividend Rate 80% 60% 51.3% 59.2% 58.9% 64.4% 40% 30.5% 20% 0% 数据来源 : 公司数据 Data source: Company Data 19

20 经营回顾 Business Review

21 经营回顾 Business Review 品牌 Brand 产品 Product 国际化 Globalization 渠道 Channel 21

22 品牌 Brand 报告期, 公司继续坚守产品品质和倡导健康生活方式, 结合互联网时代社群平台, 公司对目标客户和品牌形象实施精准定位和传播, 获得更多消费者的认同 During the reporting period, Yili continued to adhere to product quality and promote a healthy lifestyle. Through the community platforms in the Internet era, Yili has gained wide acceptance by implementing the strategy of precise positioning on targeted customers and accurate dissemination on brand image. 公司作为入选央视国家品牌计划的唯一乳制品企业, 进一步向世界展现中国品牌的魅力 As the only dairy enterprise selected into the CCTV National Brand Plan, Yili shows the charm of China s brands to the world.

23 产品 Products 重点产品收入同比增长近 31% Revenues of key products increased by nearly 31% YoY 金典 Satine 安慕希 Ambrosial 畅轻 ChangQing 每益添 MeiYiTian Joy Day 金领冠 Pro-Kido 巧乐兹 Chocliz 甄稀 Zhenxi 数据来源 : 公司数据 Data source: Company Data 23

产品 Products 新产品收入占比约 7% New products accounted for

The package and flavor of Ambrosial ambient yogurt

推出了专为中国宝宝设计开发的金领冠睿护婴幼儿配方奶粉 Pro-Kido Ruihu infant

Many new products such as Joy Day flavored

24 产品 Products 新产品收入占比约 7% New products accounted for nearly 7% of total revenues 公司对安慕希常温酸奶进行了包装和口味创新升级 The package and flavor of Ambrosial ambient yogurt was upgraded. 推出了专为中国宝宝设计开发的金领冠睿护婴幼儿配方奶粉 Pro-Kido Ruihu infant milk formula,specially designed for Chinese babies, was launched. 新上市了 Joy Day 风味发酵乳帕瑞缇芝士酪乳以及巧乐兹绮炫脆层冰淇淋等多个新品 Many new products such as Joy Day flavored fermented milk Pureday Cheese buttermilk and Chocliz Qixuan ice cream came into the market. 数据来源 : 公司数据 Data source: Company Data

25 渠道 Channel 凯度调研数据显示, 截至 2017 年 6 月 16 日累计, 公司常温液态类乳品的市场渗透率为 78.5%, 比上年度提升了 1.3 个百分点, 产品的市场渗透能力逐年增强 According to Kantar, as of June 16th 2017, the penetration of Yili s ambient liquid dairy products was 78.5%, up 1.3 ppts YoY, showing an increasingly enhanced penetration capacity year by year. 尼尔森零研数据显示, 报告期, 公司婴幼儿配方奶粉在母婴渠道零售额比上年同期增长 35.9% According to Nielsen, during the reporting period, retail sales of Yili s infant milk formula in Maternal and Child channel increased by 35.9% YoY. 数据来源 : 凯度, 尼尔森 Data source: Kantar,Nielsen 25

国际化 Globalization 公司新一代婴幼儿配方奶粉金领冠睿护在大洋洲生产基地生产下线 Pro-Kido Ruihu, the new generation of Yili s infant milk formula has been off the assembly line in the production base of Oceania.

26 国际化 Globalization 公司新一代婴幼儿配方奶粉金领冠睿护在大洋洲生产基地生产下线 Pro-Kido Ruihu, the new generation of Yili s infant milk formula has been off the assembly line in the production base of Oceania. 随着公司全球资源全球创新全球市场三大体系的有序推进, 全球产业链布局的战略协同优势愈加显现 With the orderly development of our three systems, i.e. "global resources system, global innovation system and global market system", the strategic synergy advantage in global industrial chain layout became more apparent. 26

27 行业现状 Current Situation of Industry

28 行业现状 Current Situation of China's Dairy Industry 国内乳品消费增速稳步回升 Domestic dairy consumption growth steadily picking up 国家统计局公布数据显示, 月均消费者信心指数比上年同期提高 9.9 个百分点 According to the National Bureau of Statistics, the average monthly consumer confidence index increased by 9.9 ppts YoY. 食品消费升级加快 Food consumption upgrade speeding up. 城乡居民收入差距缩小, 尼尔森零研数据显示, 三四线城乡液态类乳品零售额比上年同期增长近 9% The gap between urban and rural residents income has been narrowed. According to Nielsen, the retail sales of liquid dairy products in tier 3 & tier 4 urban and rural areas increased by nearly 9% YoY. 二胎商机逐步释放 Business opportunities brought by Two-child policy. 新兴渠道助力乳品市场线上线下同步增长 Emerging channels helping the dairy market to grow both online and offline 线上 : 艾瑞电商监测数据显示,2017 年 1-6 月, 整体乳品在电商渠道的零售额规模已达 88.4 亿元, 比上年同期增长 22% Online : According to iresearch, from January 2017 to June 2017, the retail sales of overall dairy products in the e-commerce channel has reached RMB8.84 billion, up 22% YoY. 线下 : 尼尔森零研数据显示,2017 年 1-6 月, 液态类乳品与婴幼儿配方奶粉的零售额比上年同期分别增长 7.3% 9.4% 其中, 便利店的液态类乳品零售额同比增速为 13.2% Offline : According to Nielsen, from January 2017 to June 2017, the retail sales of liquid dairy products and infant milk formula increased by 7.3% and 9.4% YoY, respectively. Among which, the retail sales of liquid dairy products in convenience stores grew by 13.2% YoY. 数据来源 : 国家统计局尼尔森艾瑞 Data source: National Bureau of Statistics of China,Nielsen,iResearch 28

29 行业现状 Current Situation of China's Dairy Industry 创新乳品引领行业消费升级 Innovative dairy products leading the consumption upgrade 尼尔森零研数据显示, 报告期, 新型乳酸菌饮料和酸奶细分市场的零售额合计同比增速接近 20% According to Nielsen, during the reporting period, the combined retail sales of new lactobacillus beverages and yogurt products grew nearly 20% YoY. 政府政策保障乳品质量与安全 Government policy ensuring dairy quality and safety 推进婴幼儿配方乳粉产品配方注册管理体系 Promoting infant milk formula registration system 年乳企生产成本压力 Dairy enterprises facing costs pressure in 2017 报告期, 国内原料乳收购价格基本稳定 2017 年年初起, 国内白糖纸类包材采购价格持续上涨, 预计 2017 年乳企生产成本压力将大于上年 During the reporting period, the purchase price of domestic raw milk was basically stable. Beginning in early 2017, domestic sugar and packaging materials prices continued to rise. It is expected that dairy enterprises will face greater costs pressure in 2017 compared with the last year. 数据来源 : 尼尔森 Data source: Nielsen 29

30 企业文化和品牌管理 a Culture and Brand Concept

31 企业文化 Our Culture 愿景 Vision 成为全球最值得信赖的健康食品提供者 s Becoming the most trusted healthy food provider around the world. 31

32 企业文化 Our Culture 核心价值观 Core Values 卓越 Excellence 创新 Innovation 担当 Accountability 共赢 Win-Win 32

33 品牌精髓 Soul of Brand 滋养生命活力 Nourish for Life 是健康食品的提供者, 也是健康生活方式的倡导者 It is the provider of healthy food and also the advocator of healthy lifestyle 33

34 免责声明 DISCLAIMER 本材料由内蒙古伊利实业集团股份有限公司 ( 简称公司 ) 编制, 相关信息仅供参考其中涉及的行业展望发展战略未来愿景等前瞻性陈述反映本公司目前对未来事件的观点, 而非对未来表现的保证也不构成对投资者的实质承诺 ; 该等前瞻性陈述并受制于若干可变因素的影响, 包括但不限于 : 价格波动实际需求的变化汇率变动市场份额行业竞争环境风险法律财务和监管变化等请投资者注意投资风险 This material is provided by the Inner Mongolia Yili Industrial Group Co., Ltd. (the "Company"). This presentation is a simple description, which is for reference only, not a complete version. Material involving industry, strategy, vision and other forward-looking statements is not substantive commitment to investors. Investors should be aware of investment risks. 34

35 谢谢本材料由内蒙古伊利实业集团股份有限公司 ( 简称公司 ) 编制, 相关信息仅供参考其中涉及的行业展望发展战略未来愿景等前瞻性陈述反映本公司目前对未来事件的观点, 而非对未来表现的保证也不构成对投资者的实质承诺 ; 该等前瞻性陈述并受制于若干可变因素的影响, 包括但不限于 : 价格波动实际需求的变化汇率变动市场份额行业竞争环境风险法律财务和监管变化等请投资者注意投资风险 THANK YOU This material is provided by the Inner Mongolia Yili Industrial Group Co., Ltd. (the "Company"). This presentation is a simple description, which is for reference only, not a complete version. Material involving industry, strategy, vision and other forward-looking statements is not substantive commitment to investors. Investors should be aware of investment risks.

PowerPoint 演示文稿

PowerPoint 演示文稿伊利股份 YILI 2017 1 st Quarter Results 目录 C ONTENTS 1 关于伊利 About Yili 2 财务数据 Financial Data 3 企业文化和品牌管理 Culture and Brand Concept 2 关于伊利 About Yili 关于伊利 About Yili Financial Highlights 8 伊利是亚洲第一全球 8 强的中国乳品企业