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1 伊利股份 2018 年度业绩 YILI 2018 Annual Results

2 关于伊利 About Yili 2

3 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 healthy food enterprise sponsor for both Summer and Winter Olympics games. 3

关于伊利 About Yili 2018 年营业总收入达 795.53 亿元, 实现净利润 ( 归属上市公司股东 )64.40 亿元, 双双保持增长, 继续稳居亚洲乳业首位 Total revenues of Yili in 2018 were RMB79.

4 关于伊利 About Yili 2018 年营业总收入达亿元, 实现净利润 ( 归属上市公司股东 )64.40 亿元, 双双保持增长, 继续稳居亚洲乳业首位 Total revenues of Yili in 2018 were RMB billion, and net profit attributable to shareholders of the company was RMB6.440 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 ( ) 8.7 Total Revenues ( )

5 股东回报 Shareholder Return 累计融资 Accumulated Financing Amount 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 市值 ( 右轴 ) Market Cap (Right Axis) 单位 : 十亿元 Unit : RMB billion

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 CEO 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

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

6 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 CEO 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 12th 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 6 6

7 领导人简介 Introduction of Our Leader 主要荣誉 Major Recognition 享受国务院特殊津贴 CEO 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 7 7 7

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

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 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/CEO of Yili Group 8

9 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, Chairman/CEO of Yili Group 9

10 财务回顾 Financial Review 10

11 主要财务指标 Financial 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 增长率 Growth Rate 68,058 79, % 66,801 78, % 25,063 29, % 37.5% 37.8% 0.32ppt 7,116 7, % 6,001 6, % 8.8% 8.1% -0.72ppt % 25.22% 24.33% -0.89ppt 数据来源 : 公司数据 Data source: Company Data 11

12 主要业务收入细分 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 年收入 Revenues 2017 年占比 % 2018 年收入 Revenues 2018 年占比 % 增长率 Growth Rate 液体乳 Liquid Milk 55, % 65, % 17.8% 奶粉及奶制品 Milk Powder and Milk Products 6, % 8, % 25.1% 冷饮产品系列 Ice Cream 4, % 4, % 8.5% 总体 Total 66, % 78, % 17.8% 数据来源 : 公司数据 Data source: Company Data 12

主营业务收入增长归因 Core Business Revenues Growth Attribution 收入增长归因 Revenues Growth

Mix 销量 Volume 单价 ASP 结构升级 Product Mix 销量 Volume 30% 822 3,724 1.2% 5.6% 20% 1.

1% 收入贡献 ( 百万元 ) Revenues (RMB million) 增速贡献 Growth Contribution -10% 液体乳

13 主营业务收入增长归因 Core Business Revenues Growth Attribution 收入增长归因 Revenues Growth Attribution 各业务增长归因 Revenues Growth Attribution by Segment 单价 ASP 结构升级 Product Mix 销量 Volume 单价 ASP 结构升级 Product Mix 销量 Volume 30% 822 3, % 5.6% 20% 1.7% 11.0% 4.9% 7, % 10% 0% 11.2% 15.8% 5.9% 2.7% -1.6% -0.1% 收入贡献 ( 百万元 ) Revenues (RMB million) 增速贡献 Growth Contribution -10% 液体乳 Liquid Milk 奶粉及奶制品 Milk Powder and Milk Products 冷饮 Ice Cream 数据来源 : 公司数据 Data source: Company Data 13

14 业务成本分析 Cost by Segment 业务成本分析 Cost by Segment 直接材料 Direct Material 直接人工 Direct Labor 制造费用 Manufacturing Expense 120% 100% 8.2% 14.5% 16.6% 80% 2.5% 4.1% 9.0% 60% 40% 89.3% 81.4% 74.4% 20% 0% 液体乳奶粉及奶制品冷饮 Liquid Milk Milk Powder and Milk Products Ice Cream 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 2018 年市占率 36.8% 同比上升 2.3 个百分点 The market share of our ambient products was 36.8% in 2018, up 2.3 ppts YoY. % Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 低温 Chilled Products 2018 年市占率 16.6% 同比上升 0.5 个百分点 The market share of our chilled products was 16.6% in 2018, up 0.5 ppt YoY. % Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 婴幼儿奶粉 Infant Milk Formula 数据来源 : 尼尔森 Data source: Neilsen 2018 年市占率 5.8% 同比上升 0.6 个百分点 The market share of our infant milk formula was 5.8% in 2018, up 0.6 ppt YoY. % Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

16 各业务毛利率情况 Gross Margin by Segment 整体液体乳奶粉及奶制品冷饮产品系列 Total Liquid Milk Milk Powder and Milk Products Ice Cream 0.32 ppt 0.04 ppt 0.83 ppt 1.98 ppts 54.0% 54.8% 37.5% 37.8% 35.2% 35.2% 43.1% 45.1% 数据来源 : 公司数据 Data source: Company Data 16

17 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 10% 24.9% 25% 22.0% 23.3% 22.8% 20% 15% 18.5% 12.1% 12.6% 12.1% 13.8% 5% 5.7% 5.6% 5.4% 4.6% 3.7% 10% 8.5% 5% % 注 : 根据财务报表列报项目的变更, 自 2018 年三季报, 研发费用不再计入管理费用科目为保持一致性, 公司将 2014 到 2018 年度可比会计期间的管理费用进行了相应的调整 Note : In accordance with changes in accounting policy, R&D expense has been excluded from administrative expenses item since rd quarter. In order to maintain consistency, we have adjusted corresponding data in the comparable accounting period from 2014 to 数据来源 : 公司数据 Data source: Company Data 17

营运效率 Operating Efficiency 6 4 2 应收票据及应收账款周转天数 Notes Receivable and Accounts Receivable Turnover (Days) 2.8 3.7 4.2 4.4 5.1 60 40 20 存货周转天数 Inventory Turnover (Days) 43.0 45.4 43.2 38.1 37.

18 营运效率 Operating Efficiency 应收票据及应收账款周转天数 Notes Receivable and Accounts Receivable Turnover (Days) 存货周转天数 Inventory Turnover (Days) 应付票据及应付账款周转天数 Notes Payable and Accounts Payable Turnover (Days) 现金周转天数 Cash Turnover (Days) 注 : 根据会计政策变更, 应收票据和应收账款合并应付票据和应付账款合并为保持一致性, 公司将可比会计期间的比较数据进行相应调整 Note : In accordance with changes in accounting policy, notes receivable and accounts receivable are merged as one item, and notes payable and accounts payable are merged as one item. In order to maintain consistency, we have adjusted corresponding data in the comparable accounting period. 数据来源 : 公司数据 Data source: Company Data 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 单位 : 百万元 Unit: RMB million 单位 : 百万元 Unit: RMB million 14,000 12,817 6,000 12,000

19 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 单位 : 百万元 Unit: RMB million 单位 : 百万元 Unit: RMB million 14,000 12,817 6,000 12,000 5,000 5,091 10,000 9,536 8,625 4,000 3,946 3,652 3,419 3,351 8,000 7,006 3,000 6,000 2,000 4,000 2,000 2,436 1, 数据来源 : 公司数据 Data source: Company Data 19

20 分红率 Dividend Rate 100% 59.2% 58.9% 64.4% 70.9% 66.1% 50% 0% 数据来源 : 公司数据 Data source: Company Data 20

21 经营回顾 Business Review 21

22 国际化 Globalization 品牌 Brand 产品 Product 创新 Innovation 质量 Quality 资源共享 Resource Sharing 渠道 Channel 22

榜单显示, 伊利品牌再度蝉联最具价值中国品牌榜食品和乳品行业第一 On the list of BrandZ

23 品牌 Brand 报告期, 公司已拥有伊利母品牌及 20 余个子品牌, 其中, 有 11 个品牌年销售收入在 10 亿元以上 11 Brands Each with Annual Sales Exceeding 1 Billion RMB. 卓越的品牌优势 Excellent Brand Image 报告期, BrandZ 最具价值中国品牌 100 强榜单显示, 伊利品牌再度蝉联最具价值中国品牌榜食品和乳品行业第一 On the list of BrandZ Top 100 Most Valuable Chinese Brands 2018, Yili again ranked No. 1 in the food and beverages industry. 23

产品 Products 新品及重点产品 New Products and Key Products 有机产品 Organic Products 进口液奶产品 Imported Liquid Milk Products 金典安慕希畅意

6 个百分点 Satine", "Ambrosial, Chang Yi 100%", ChangQing","Joy Day", Pro-Kido, Chocliz", Zhenxi" and other key products

公司旗下已有金典畅轻 QQ 星有机产品系列报告期, 公司有机产品零售额市占份额居市场首位, 其中, 金典有机常温液态奶产品, 在对应的细分市场中, 零售额市占份额为 44.1%, 较上年同期提高 8.

Its market share in the retail sales ranked in the first place, among which, Satine organic liquid milk products market

24 产品 Products 新品及重点产品 New Products and Key Products 有机产品 Organic Products 进口液奶产品 Imported Liquid Milk Products 金典安慕希畅意 100% 畅轻 Joy Day 金领冠巧乐兹甄稀等重点产品销售收入同比增长 34.3%; 同期, 新品销售收入占比 14.8%, 较上年同期提高了 5.6 个百分点 Satine", "Ambrosial, Chang Yi 100%", ChangQing","Joy Day", Pro-Kido, Chocliz", Zhenxi" and other key products revenue grew by 34.3% YoY; New products accounted for 14.8% of revenue, up 5.6 ppts YoY. 公司旗下已有金典畅轻 QQ 星有机产品系列报告期, 公司有机产品零售额市占份额居市场首位, 其中, 金典有机常温液态奶产品, 在对应的细分市场中, 零售额市占份额为 44.1%, 较上年同期提高 8.9 个百分点 Company s organic product series own Satine, ChangQing and QQ star. Its market share in the retail sales ranked in the first place, among which, Satine organic liquid milk products market share in the corresponding segment was 44.1%, represented an increase of 8.9 ppts YoY. 报告期, 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 Satine" New Zealand imported milk and Perfectlands" milk from Oceania production base both launched successfully in China. 24

质量 Quality 报告期, 公司通过对标国际领先的食品安全防控和质量合规审计体系, 融合新版 ISO9001:2015 标准和卓越绩效评价准则, 对食品安全风险监测数据库及风险识别管控模型进行持续完善, 获取了更多风险防控新技术和新方法, 进一步提升了食品安全风险防控效率 By benchmarking international leading food safety control

evaluation criteria, and continuous improvement on risk identification and control of food safety risk monitoring database model, company has gained more technology and method of risk prevention and

25 质量 Quality 报告期, 公司通过对标国际领先的食品安全防控和质量合规审计体系, 融合新版 ISO9001:2015 标准和卓越绩效评价准则, 对食品安全风险监测数据库及风险识别管控模型进行持续完善, 获取了更多风险防控新技术和新方法, 进一步提升了食品安全风险防控效率 By benchmarking international leading food safety control and quality compliance audit system, integrating the updated 报告期, 公司聚焦整体运营过程中的品质控制, 利用过程识别与审核, 建立可视化的质量领先管理地图, 推动质量自主管理, 有效保障了产品品质, 赢得了消费者信赖 ISO9001:2015 standards and the outstanding performance evaluation criteria, and continuous improvement on risk identification and control of food safety risk monitoring database model, company has gained more technology and method of risk prevention and control, and further enhanced the efficiency of the food safety risk prevention and control. Company focused on quality control in the overall operation process. By establishing a visual quality leading management map through identification and auditing process, promoted independent quality management, effectively guaranteed product quality, and earned consumers trust. 25

渠道 Channel 渗透率提升 Higher Penetration 截至 2018 年 12 月, 公司常温液态类乳品的市场渗透率为 82.3%, 较上年同期提升了 2.2 个百分点 As of December 2018, ambient liquid milk market penetration rate reached 82.3%, up 2.2 ppts YoY.

26 渠道 Channel 渗透率提升 Higher Penetration 截至 2018 年 12 月, 公司常温液态类乳品的市场渗透率为 82.3%, 较上年同期提升了 2.2 个百分点 As of December 2018, ambient liquid milk market penetration rate reached 82.3%, up 2.2 ppts YoY. 终端网点增加 Points of Sales Increase 公司所服务的线下液态奶终端网点数量,2018 年末达到 175 万家, 比上年同期增长 23.2% 报告期, 公司直控村级网点近 60.8 万家, 较上年提升了 14.7% Number of offline liquid milk point of sales served by Yili reached 1.75 million by the end of 2018, up 23.2% yoy. Yili directly controlled nearly 608,000 village-level point of sales, up 14.7% YoY. 各渠道增长 Growth in Channels 报告期, 公司电商业务收入较上年增长 61%; 同期, 尼尔森零研数据显示, 母婴渠道公司的零售额较上年增长 32%; 在便利店渠道, 公司常温液态奶业务的零售额市占份额较上年提高 3.7 个百分点 E-commerce business revenue increased by 61% YoY; According to Nielsen, retail sales in the maternalinfant stores were up 32% YoY. In the convenience store channel, ambient liquid milk accounted for 3.7ppts increase of the retail sales market share YoY. 26

27 资源共享 Resource Sharing 产业链金融 Industry Chain Financing 报告期, 公司发放融资款约亿元, 为 3,593 家上下游合作伙伴提供了融资服务自 2014 年公司正式启动产业链金融业务以来, 累计发放融资款约 282 亿元, 累计服务客户数近 4,400 户 During the reporting period, the company issued about billion RMB in the amount which provided financing services for 3,593 upstream and downstream partners. Yili has accumulated financing of 28.2 billion RMB and served nearly 4,400 customers since financing business launched in 大数据应用 Big Data 报告期, 公司借助大数据应用技术, 不断优化消费者研究会员管理与供应链运营体系, 通过线上线下的信息互动以及跨业态企业间的信息合作战略, 更加精准地洞察和满足消费者需求 Through constant optimizing consumer research, member management and supply chain operation system with the aid of big data technology. Also 020 interaction and information cooperation strategy cross-industry enterprises, which all enabled Yili to more accurately observed and met consumers demand. 牧场管理 Pasture Management 公司依托奶牛学校平台, 全面升级了现代牧场人才培养模式, 开发了覆盖青贮制作奶牛健康管理等覆盖牧场各生产环节的网络课程, 培训供应商达上万人次, 自 2016 年至 2018 年期间, 公司帮助奶农将奶牛日均单产提升了 2 公斤, 每公斤牛奶养殖成本下降了 0.4 元, 通过上述一升一降, 公司为奶农增收 30 多亿元 Company comprehensively upgraded personnel training for modern pasture, developed covering silage production, cows health management and more that covered all the production process through online curriculum, there were over ten thousands suppliers benefited from training. From 2016 to 2018, company helped suppliers daily average yield increased by 2 kg, and milk production cost decreased by 0.4 RMB/kg. Overall the company helped upstream suppliers added more than 3 billion RMB of income. 27

28 创新 Innovation 截至 2018 年 12 月, 公司累计获得专利授权 2383 件, 其中, 发明专利授权数量为 497 件, 并有 4 项专利获得中国专利优秀奖 As of December 2018, the company has obtained a total of 2,383 patents, Number of invention patents has reached 497, and 4 of which have won the China patent excellence award 年 11 月, 公司发布母乳研究白皮书, 揭开了母乳中核苷酸对婴儿免疫功能肠道成熟以及脑发育等方面起到的重要作用 In November 2018, company published "white paper on breast milk research, which revealed the important role of nucleotides in breast milk in infant immune function, intestinal maturity and brain development. 28

国际化 Globalization 创新中心 Innovation Center 东南亚市场 Southeast Asia 2018 年 9

29 国际化 Globalization 创新中心 Innovation Center 东南亚市场 Southeast Asia 2018 年 9 月, 将伊利欧洲研发中心正式升级为伊利欧洲创新中心 In Sep, 2018, Yili upgraded its R&D center to Innovation Center in Europe. 报告期, 公司 Joy Day 冰淇淋在印度尼西亚多个城市成功上市 Joy Day Ice cream successfully launched in multi-cities in Indonesia 年 11 月, 公司收购泰国本土最大冰淇淋企业 THE CHOMTHANA COMPANY LIMITED In Nov, 2018, Yili acquired CHOMTHANA, the largest local Thai Ice Cream Enterprise. 29

30 行业现状及展望 Industry Status and Outlook 30

31 行业现状 Industry Status 从供应者角度看从市场消费角度看 Supply Perspective Demand Perspective 销售收入 Total Sales 3399 亿 RMB billion 同比增长 11% Up 11% YoY 国内常温 + 低温液态乳品及奶粉产品零售额 Retail sales of domestic dairy products(incl. ambient liquid milk, chilled liquid milk and milk powder) 线上增长线下增长 Percentage of Percentage of 乳品产量 Dairy Production 2687 万吨 million tons 同比增长 4.4% Up 4.4% YoY Online Increase Offline Increase 24.1 % 8.6 % 利润总额 Total Profit before Tax 230 亿 RMB 23 billion 同比减少 1% Down 1% YoY 整体增长乳品加工企业数 Number of Dairy Processing Enterprises 587 家 587 companies 同比减少 24 家 24 less than prior year Percentage of Overall Increase 10.6 % 31

32 行业格局和趋势 Industry Pattern and Trend 消费持续升级 Sustainable Consumption Upgrade 尼尔森零研数据显示, 报告期, 有机乳品细分市场零售额比上年同期增长 16.4%, 成人奶粉细分市场零售额比上年同期增长 16.7%, 同期, 婴幼儿配方奶粉细分市场零售额比上年同期增长 15.8% According to Nielsen,during the reporting period, the retail sales of organic dairy, milk powder for adult, and the infant milk formula increased by 16.4%,16.7% and 15.8%, respectively, over the same period of the previous year. 人口结构改变 Demographic Change 城镇化持续推进 Continuing Urbanization 成本上涨压力 Cost Pressure 新生儿规模减少, 人口结构老龄化,90 后人群成为消费主力基于以上现状, 婴儿食品行业需要通过品质升级和差异化服务实现增长, 与成人健康和营养相关的品类进入快速增长通道 The reduced size of the newborn and the aging population structure made the post-90s population become the main consumers. Therefore, the baby food industry needs to achieve growth through quality upgrades and differentiated services, and categories related to adult health and nutrition will enter a rapid growth track. 国内城镇化进程持续推进, 城镇人口规模上升, 城乡居民收入与消费水平的差异化缩小, 随着电子商务和新零售模式的创新发展, 将进一步推动乳品及其他健康食品消费规模不断发展壮大 Along with the continuously advanced domestic urbanization process, the urban population increased, and the income and consumption levels of urban and rural residents narrowed. The innovative development of e-commerce and new retail models will help dairy products and other healthy foods continue to grow. 受中美贸易摩擦影响, 部分进口乳品原料采购成本上升与此同时, 乳企还面临国内奶源包装材料等其他原辅材料价格上涨的压力, 行业整体盈利增速低于收入 Affected by Sino-US trade friction, the procurement cost of some imported dairy raw materials increased. And domestic dairy companies also faced pressure from rising price of other raw and auxiliary materials, such as domestic raw milk and packaging materials. The overall profit growth rate of the industry is lower than revenue growth rate. 32

33 经营展望 Business Outlook 33

34 经营展望 Business Outlook 2019 年公司计划 2019 Business Outlook 营业总收入实现 900 亿 Total revenues to be RMB 90 billion 利润总额实现 76 亿 Total profit before tax to be RMB 7.6 billion 2019 年公司部署 2019 Company Deployment 坚守伊利即品质信条, 进一步夯实全球领先的全链条端到端质量自主管理体系和高效的风险防控体系 Yili will adhere to the belief of "Yili represents the highest quality and continuously enhance the globally leading full-chain end-to-end self-control quality system and efficient risk control system. 加快创新步伐, 坚持创新引领发展, 以满足消费者需求为目的, 积极探索全新的产品创新及渠道管理模式, 推动公司业务健康持续发展 Yili will accelerate the pace of innovation to lead the industry and meet the needs of consumers, and actively explore new product innovation and channel management models to promote the healthy and sustainable development of the company's business. 坚定走国际化发展道路, 通过搭建国际化业务运营管理平台及人才队伍, 聚焦并强化国际化业务关键能力, 为公司整体业务高效发展提供支持 Yili will continue to develop international business. Through building an international business operation management platform and talent introduction to strengthen the capabilities of running international business, and provide support for the efficient development of the company's overall business. 依托大数据技术, 强化信息化建设及应用能力, 实现数据驱动下的业务与管理创新 Relying on big data technology, we will strengthen the capabilities of information construction and application to realize data-driven business and management innovation. 继续以精准营销精益运营精确管理为指导, 打造卓越经营能力 Yili will continue to take Precise Marketing, Lean Operation and Precise Management" as the guidance to create operational excellence. 6 强化伊利文化的践行与传承, 夯实公司基业长青的文化根基 Company will strengthen the practice and inheritance of Yili culture to enhance the cultural foundation. 34

35 企业文化和品牌管理 Culture and Brand Management 35

36 企业文化 Our Culture 信条 Belief 伊利即品质 Yili represents the highest quality. 36

37 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. 37

38 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 38

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

39 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 self-reflective, fostering a virtuous atmosphere 39

40 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 40

41 免责声明 DISCLAIMER 本材料由内蒙古伊利实业集团股份有限公司编制, 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. 41

42 谢谢!

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