Yili Reports FY2024 H1 Revenue of 59.9 Billion Yuan with 19% YoY Growth in Net Profit Attributable to the Parent Company

On August 29, Yili Group (600887.SS) released its FY2024 H1 report. During the reporting period, the company continued to solidify its industrial leadership with a total revenue of 59.915 billion yuan ($8.45 billion). With a record-high growth of 19.44% YoY in net profit attributable to the parent company totaling 7.531 billion yuan ($1.06 billion), it has set a new record amongst Asian dairy companies.

In the 2024 Global Dairy Top 20 Report published by Rabobank, Yili once again secured its place among the global top five, firmly holding onto its top leadership position in the Asian dairy industry for the 11^th consecutive year.

In FY2024 H1, the company's liquid milk business recorded a revenue of 36.887 billion yuan ($5.20 billion), continuing to lead the industry in terms of business scale and market share. The revenue generated from the milk powder business and other related businesses increased by 7.31% YoY and stood at 14.509 billion yuan ($2.05 billion), with its overall sales topping the domestic market. The ice cream business achieved a revenue of 7.322 billion yuan ($1.03 billion), ranking at the top of the market segment in terms of business scale and market share for 29 consecutive years.

Meanwhile, the company doubled down on its innovation efforts, actively pursuing diversified growth strategies to foster new areas of development. During the reporting period, Yili's flagship new products accounted for 15.2% of its total revenue. The water beverage business doubled its overall revenue YoY, driving sustained business momentum.

While strengthening its presence in the domestic market, Yili's internationalization strategy has also achieved notable progress, with overseas revenue recording 4% YoY growth in FY2024 H1. With 81 production bases across the globe, Yili's products have been exported to over 60 countries and regions.

In July 2024, several core products of Yili obtained the approval of the U.S. FDA and landed in local markets for sale, including AMBPOMIAL yoghurt, Youngfun milk beverage and Chocliz ice cream. Following this, Yili unveiled its first U.S. flagship store in Los Angeles. In Thailand and Indonesia, the Group's ice cream brands such as Cremo and Joyday continue to lead in the markets with the highest growth.

Leveraging its solid growth, Yili also adheres to pursuing sustainable development and promoting the integration of commercial and social value. In May 2024, Yili released the world's first ESG value accounting report in the food industry. The report shows that in 2023, Yili's external donations amounted to 280 million yuan ($39.48 million) and its operations created a positive impact value of 6.805 billion yuan ($0.96 billion).

In MSCI's 2024 ESG ratings, the company achieved a significant milestone with an AA rating, marking four consecutive years of improvement.

Integrating UN SDGs into its strategy, the company actively engages members of the "Net-Zero Carbon Alliance" and partners across the industrial chain to promote carbon footprint reduction and water conservation.

Source: Yili Group

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