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1 伊利股份年半年度业绩 YILI 2018 Interim Results

2 目录 CONTENTS 关于伊利 About Yili 经营回顾 Business Review 财务回顾 Financial Review 行业现状 Industry Current Situation 05 企业文化和品牌管理 Corporate Culture and Brand Concept

3 关于伊利 About Yili

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 2017 年, 伊利签约北京冬奥, 成为首家双奥健康食品企业 Yili is the sole enterprise in China who conforms to both Olympic

4 关于伊利 About Yili 伊利是亚洲第一的中国乳品企业 Yili is the NO.1 dairy enterprise in Asia. 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 complete 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 2017 年, 伊利签约北京冬奥, 成为首家双奥健康食品企业 Yili is the sole enterprise in China who conforms to both Olympic Standard and World Expo Standard, providing dairy products for both Beijing 2008 Olympic Games and 2010 Shanghai World Expo. In 2017, Yili became the Official Dairy Products Partner of the Olympic and Paralympic Winter Games Beijing 2022, which made Yili the only sponsor for both Summer and Winter Olympics games. 4

关于伊利 About Yili 2017 年营业总收入达 680.58 亿元, 实现净利润 ( 归属上市公司股东 )60.01 亿元, 双双保持增长, 继续稳居亚洲乳业首位 Total revenues of Yili in 2017 were RMB68.

5 关于伊利 About Yili 2017 年营业总收入达亿元, 实现净利润 ( 归属上市公司股东 )60.01 亿元, 双双保持增长, 继续稳居亚洲乳业首位 Total revenues of Yili in 2017 were RMB billion, and net profit attributable to shareholders of the company was RMB6.001 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 Return 累计融资 Accumulated Financing Amount 单位 : 十亿元 Unit : RMB billion 累计分红 Accumulated Dividends 累计净利润 ( 归属于上市公司股东 ) Net Profit Attributable to Shareholders of the Company 固定资产 Fixed Assets 净资产 Net Assets 总资产 Total Assets 49 市值 ( 右轴 ) Market Cap (Right Axis) 数据来源 : 公司年报 Data source: Company Annual Report 6

7 领导人简介 Introduction of Our Leader 潘刚 ( 内蒙古伊利实业集团股份有限公司党委书记董事长总裁 ) 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 社会职务 Social Positions 中国共产党第十九次全国代表大会代表 Member of the 19th national congress of CPC 中国企业联合会中国企业家协会副会长 Vice President of China Enterprise Union and China entrepreneur Association 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 中国欧盟协会副会长 Vice chairman of China - EU Association 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 中华全国工商业联合会第十一届执行委员会副主席 Vice chairman of the 11th executive committee of All-China Federation of Industry and Commerce 7

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

8 领导人简介 Introduction of Our Leader 主要荣誉 Major Recognition 享受国务院特殊津贴 President Pan enjoys the special allowance of the State Council 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 8 8

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

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 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 Solid results matter more than time taken; Industrial prosperity outranks personal glory; Social value takes precedence over business fortune; That s the value that we hold in every step of our growth. Pan Gang, Chairman/President of Yili Group 9

10 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, 关于伊利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 About Yili 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 10

11 财务回顾 Financial Review

12 主要财务指标 Financial Highlights 人民币 ( 百万元 ) RMB (million) 营业总收入 Total 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 归属于上市公司股东的净利润 Net Profit Attributable to Shareholders of the Company 净利率 Net Profit Margin 每股收益 ( 元 ) EPS (RMB) 净资产收益率 ROE 注 : 毛利是主营业务毛利 Note : gross profit is calculated from core business revenues 主要财务指标 Financial Highlights 2017 H H1 增长率 Growth Rate 33,494 39, % 32,798 39, % 12,692 15, % 38.7% 38.6% ppt 4,051 4, % 3,364 3, % 10.0% 8.6% ppts % 14.30% 12.79% ppts 数据来源 : 公司数据 Data source: Company Data 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) 2017 H1 收入 Revenues 2017 H1 占比 % 2018 H1 收入 Revenues 2018 H1 占比 % 增长率 Growth Rate 液体乳 Liquid Milk 26, % 31, % 20.5% 冷饮产品系列 Ice Cream 3, % 3, % 14.9% 奶粉及奶制品 Milk Powder and Milk Products 3, % 3, % 27.3% 混合饲料及其他 Mixed Feeding Stuffs and Others 总体 Total % , % 39, % 20.5% 数据来源 : 公司数据 Data source: Company Data 13

14 各业务毛利率情况 Gross Margin by Segment 0.06 ppt 0.02 ppt 2.22 ppts 3.11 ppts 38.7% 38.6% 35.9% 35.9% 43.9% 46.1% 56.7% 53.6% 2017 H H H H H H H H1 整体液体乳冷饮产品系列奶粉及奶制品 Total Liquid Milk Ice Cream Milk Powder and Milk Products 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 2018 年上半年市占率 35.8% 同比上升 2.38 个百分点 % Ambient Products The market share of our ambient products was 35.8% in 1H 2018, up 2.38 ppts YoY. Jan 2017 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan 2018 Feb Mar Apr May Jun 低温 2018 年上半年市占率 17.5% 同比上升 1.01 个百分点 % Chilled Products The market share of our chilled products was 17.5% in 1H 2018, up 1.01 ppts YoY. Jan 2017 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan 2018 Feb Mar Apr May Jun 婴幼儿奶粉 2018 年上半年市占率 5.8% 同比上升 0.81 个百分点 % Infant Milk Formula The market share of our infant milk formula was 5.8% in 1H 2018, up 0.81 ppt YoY. Jan 2017 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan 2018 Feb Mar Apr May Jun 数据来源 : 尼尔森 Data source: Neilsen 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 Selling Expense Ratio A&P Expense Ratio 30% 25% 22.0% 23.3% 22.8% 25.5% 8% 7% 6.7% 20% 15% 18.5% 17.9% 18.5% 12.1% 12.6% 12.1% 14.9% 6% 5% 5.0% 5.8% 5.7% 5.7% 4.9% 10% 8.9% 8.2% 8.5% 4% 3.5% 5% 3% 0% 2% H H1 数据来源 : 公司数据 Data source: Company Data 16

营运效率 Operating Efficiency 应收账款周转天数 Accounts Receivable

2.4 2.4 2.8 3.3 3.4 3.6 4.5 60 40 38.5 35.3 43.0 45.

1 2 20 1 2012 2013 2014 2015 2016 2017 2018 H1 0 2012

3 应付账款周转天数 Accounts Payable Turnover (Days) 50.5 51.

4 0 现金周转天数 Cash Turnover (Days) 2012 2013 2014 2015

17 营运效率 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

million 单位 : 百万元 Unit: RMB million 资本开支 Capital

4,000 3,102 3,241 3,946 3,652 3,419 3,351 8,000 7,006

2,000 0 2012 2013 2014 2015 2016 2017 2018 H1 0 2012

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 单位 : 百万元 Unit: RMB million 单位 : 百万元 Unit: RMB million 资本开支 Capital Expenditure 14,000 12,817 5,000 12,000 10,000 9,536 4,000 3,102 3,241 3,946 3,652 3,419 3,351 8,000 7,006 3,000 6,000 5,475 5,283 2,000 4,000 2,409 2,436 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% 64.4% 70.9% 60% 51.3% 59.2% 58.9% 40% 20% 0% 数据来源 : 公司数据 Data source: Company Data 19

20 经营回顾 Business Review

21 产品 Product 渠道 Channel 品牌 Brand 国际化 Globalization 21

22 重点产品及新产品 Key Products and New Products 重点产品收入比上年同期增长 30% 以上新品销售收入占比较上年同期提高 5 个百分点 Sales of key products increased over 30% YoY; Proportion of new products over total revenues increased by 5 ppts YoY 金典 Satine 畅轻 Chang Qing 安慕希 Ambrosial 每益添 MeiYiTian 金领冠 Pro-Kido Joy Day 巧乐兹 Chocliz 甄稀 Gemice 数据来源 : 公司数据 Data source: Company Data 22

23 产品创新 Products Innovation 公司继续坚持和推动创新战略, 推出了植物蛋白饮料植选系列豆乳能量饮料焕醒源果昔酸奶饮品果果昔女士配方奶粉优悦高端饮用型酸奶畅轻 PET 等产品, 目前市场反馈良好植选豆奶 Plant Selected Soymilk The company has maintained and propelled its innovation strategies and has launched soymilk Plant Selected, energy drink Huanxingyuan, smoothie yogurt Fruit Smoothie, lady formula milk powder Youyue, high-end yogurt 焕醒源 Huanxingyuan PET packaging Chang Qing, which have gained favorable feedback so far. 优悦 Youyue 果果昔 Fruit Smoothie 畅轻 PET Chang Qing (PET) 23

24 渠道 Channel 凯度调研数据显示, 截至 2018 年 6 月, 公司常温液态类乳品的市场渗透率为 81.2%, 比上年同期提升了 2.7 个百分点 38.7 % 尼尔森零研数据显示, 婴幼儿配方奶粉在母婴渠道的零售额比上年同期增长 38.7% According to Nielsen, the retail sales of our infant milk formula in the maternal-and-infant channel increased by 38.7% YoY. According to Kantar, the market penetration rate of our ambient liquid dairy products was 81.2% as of June 2018, up 2.7 ppts YoY % 数据来源 : 凯度尼尔森 Data source : Kantar,Nielsen 24

25 品牌 Brand 在荷兰合作银行最新发布的 2018 年全球乳业 20 强排名报告中, 伊利集团再次蝉联亚洲第一, 稳居全球乳业第一阵营 In the 2018 global Dairy Top 20 Report released by Rabobank, Yili Group maintained the undisputable position of No. 1 in Asia and stayed firmly in the first dairy camp in the world. Brand Finance 正式发布 2018 年度全球最有价值乳品品牌 10 强, 公司获全球乳品品牌潜力第一名, 并蝉联全球乳品品牌价值第二名, 公司品牌价值比 2017 年增长 43% According to the 2018 Top 10 Most Valuable Global Dairy brands released by Brand Finance, Yili ranked No.1 in the global dairy brand potential and maintained No. 2 in the global dairy brand value. The brand value of our company increased by 43% compared with

国际化 Globalization 公司大洋洲生产基地生产的金典新西兰进口牛奶柏菲兰牛奶, 在国内相继上市 The New Zealand imported milk Satine and Perfectlands, which are produced in our Oceania production base, have been launched in domestic

26 国际化 Globalization 公司大洋洲生产基地生产的金典新西兰进口牛奶柏菲兰牛奶, 在国内相继上市 The New Zealand imported milk Satine and Perfectlands, which are produced in our Oceania production base, have been launched in domestic market. 公司积极响应一带一路倡议, 大力拓展国际化业务, 产品走出国门, 落地印尼市场, 受到当地消费者的青睐 We have positively responsed to Belt and Road Initiative and proactively expanded our international business. The company s products enter Indonesian market, where the products enjoy local consumers popularity. 26

27 行业现状 Industry Current Situation

28 行业现状 Current Situation of China's Dairy Industry 细分市场快速发展 Rapid development in different segments 三四线城市及农村快速发展 Rapid development in lower tier cities and rural areas 原材料价格压力大 Raw material prices under pressure 尼尔森零研数据显示, 在实体零售终端, 奶粉低温纯牛奶与常温酸奶的零售额, 分别比上年同期增长 14.8% 16.1% 18.6% 与此同时, 星图数据显示, 在线上零售渠道, 乳品交易规模也在继续扩大, 其零售额比上年同期增长 36.8% According to Nielsen, the retail sales of milk powder, chilled pure milk and ambient yogurt at the physical retail terminals increased by 14.8%,16.1% and18.6% YoY, respectively. According to Syntun, the transaction scale of diary products in online retail channels continued to expand and the online retail sales increased by 36.8% YoY. 随着城乡居民人均收入差距逐步缩小, 三四线城市及乡镇市场液态类乳品的零售额与上年同期相比, 增速明显快于一二线城市 With the narrowing of the income gap between urban and rural residents, the retail sales growth of liquid dairy product in lower tier cities is significantly higher than the retail sales growth of similar products in tier 1 and tier 2 cities. 受国内生产环境与国际贸易环境双重影响, 纸类包装材料及部分辅料采购价格呈持续上涨态势, 导致乳品加工企业生产成本控制压力明显大于上年同期, 国内原料乳收购价格基本稳定 Affected by the domestic production environment and international trade environment, the purchase price of paper packaging material and some auxiliary materials has been continuously rising, leading to the cost control pressure of domestic dairy processing companies greater than that of the previous year. During the reporting period, the purchase price of raw milk remained largely stable in China. 数据来源 : 尼尔森, 星图 Data source : Nielsen,Syntun 28

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

30 企业文化 Our Culture 信条 Belief 伊利即品质 Yili Means Quality 30

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

企业文化 Our Culture 伊利精神 The Spirit of Yili 忠诚守信重情知恩 Be loyal, trustworthy, grateful, and value emotions 勇于担当用心做事 Be courageous in meeting challenges, diligent in overcoming them 纪律严明

33 企业文化 Our Culture 伊利精神 The Spirit of Yili 忠诚守信重情知恩 Be loyal, trustworthy, grateful, and value emotions 勇于担当用心做事 Be courageous in meeting challenges, diligent in overcoming them 纪律严明高效执行 Be extremely disciplined, highly efficient in execution 居安思危持续创新 Be vigilant, over-innovative 自律自省风清气正 Be self-disciplined and selfreflective, fostering a virtuous atmosphere 33

34 品牌精髓 Brand Essence 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 34

35 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. 35

PowerPoint 演示文稿

PowerPoint 演示文稿伊利股份 http://www.yili.com 2018 年三季度业绩 YILI 2018 3rd Quarter Results 目录 CONTENTS 01 02 03 关于伊利 About Yili 财务数据 Financial Data 企业文化和品牌管理 Corporate Culture and Brand Concept 关于伊利 About Yili 关于伊利 About Yili