Yili sees net profit growth exceed 30%

By Jim Cornall contact

- Last updated on GMT

The first three quarters saw a year-on-year increase of 180% in the total retail sales of Yili's cheese business. Pic: Yili
The first three quarters saw a year-on-year increase of 180% in the total retail sales of Yili's cheese business. Pic: Yili

Related tags: Yili

Yili Group has published its financial results for the first three quarters of 2021.

During the period, Yili achieved a total operating revenue of RMB 85.007bn ($13.29bn) and a net profit of RMB 7.967bn ($1.25bn), a year-on-year increase of 15.23% and 31.82%, respectively. Both indicators reached a record high, and the profit growth of more than 30% far outstripped expectations.

Pan Gang, the chairman of Yili Group, said, "We will invest more in the tracks focused on new consumption trends and aspire to do our best in each of them. We will also accelerate our digital transformation to boost the overall operational efficiency of the Group, in a bid to achieve our strategic objectives."

New product sales have risen strongly, with brand potential beginning to emerge as the new force underpinning Yili's performance growth. High-growth categories, including cheese, mineral water, low-temperature milk, and milk formula, have all sustained rapid growth.

Yili's Xinhuo adult milk powder has led the market segment in sales volume, while Jinlingguan has been the infant formula brand with the most rapid growth in China's market. During the first three quarters of 2021, Yili's infant formula category reached a growth rate of more than 30% year-on-year.

The first three quarters also saw a year-on-year increase of 180% in the total retail sales of Yili's cheese business.

Yili established a digitalization team in 2019 and has developed its digitalization-oriented transformation strategy for the next decade, laying out a roadmap for marketing, products and supply chains.

"Digital transformation should be accelerated to ensure our consumer-oriented practice in terms of brand-building and product innovation. That is the major task for Yili in 2021,"​ Pan Gang said.

Related topics: Manufacturers, Yili

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