Yili’s 2023 revenue reaches 126.2 billion yuan, placing the company at the forefront of the global dairy industry towards healthy and sustainable development

Class in: Deals
Topics : Profits, Sales Reports, ESG

HOHHOT, China, May 11, 2024 /PRNewswire/ — On April 29, YiliGroup released its 2023 financial report, which reported a record total operating profit of 126.179 billion yuan and a net profit attributable to the parent company of 10.429 billion yuan. The company has now enjoyed steady growth for 31 consecutive years.

On the same day, Yili also announced a stock repurchase plan worth not less than 1 billion yuan, but at most 2 billion yuan. These shares will be entirely canceled to reduce the share capital of the company.

During the reporting period, Yili’s entire product line remained industry-leading. Its liquid milk business generated an operating profit of 85.54 billion yuan, allowing the company to maintain its leading position in both scale and market share. Sales of milk powder and dairy products reached 27.598 billion yuan in revenue, up 5.09% year-on-year, while the overall sales of milk powder reached the highest level in the Chinese market. The cold drinks sector generated an operating profit of 10.69 billion, up 11.72% compared to the previous year, an average growth rate well above that of the rest of the industry, and the company maintained its market leadership for the 29th consecutive year.

Activities abroad also generated good results. In 2023, Yili’s overseas business income increased by 10.08% year-on-year, with products sold to more than 60 countries and regions. In particular, Cremo and Joyday products have gained popularity in Southeast Asia, while Joyday ice cream has made a name for itself in Africa.

Yili has continuously improved and optimized its global supply chain network, achieving effective synergy between its domestic bases and overseas bases. In May 2023, construction work on a lactoferrin plant for Westland Dairy Company Limited, one of Yili’s subsidiaries, started. Once the plant is commissioned, it will be one of the top three lactoferrin producers in the world. This breakthrough in capability is fueled by technological advances that have helped translate research into tangible results.

In 2023, Yili has made continuous breakthroughs with its cutting-edge technologies, and these innovations have quickly translated into products that have set new trends in healthy consumption. It is worth noting the development of a unique technology for directional extraction and protection of lactoferrin, which made it possible to increase the retention rate of lactoferrin in UHT milk from 10% to more than 90%. Additionally, the company has solved the challenge of inactivating probiotics at room temperature, creating new scenarios for healthy yogurt consumption.

Using its cutting-edge technological capabilities as a basis, the group launched successful new products such as SATINE activated lactoferrin organic milk and AmbpomialAMX probiotic yogurt, providing the company with new growth vectors.

These innovative achievements stem from the company’s long-term investment in technology. Recently, on the tenth anniversary of the Yili European Innovation Center, the modernization of the center and the establishment of the Global Maternal and Child Nutrition Research Center were celebrated at Wageningen University in the Netherlands. Since its establishment, the center has achieved remarkable results in areas such as breast milk research, probiotic development and innovative processes and technologies. In the future, the center will focus on cutting-edge global dairy technologies to accelerate the application and commercialization of innovative results.

As an industry leader, Yili not only achieves steady business growth, but also emphasizes a sustainable future. The company actively promotes ecology and sustainability, contributes to environmental protection and the well-being of the general public, and strives to create a win-win situation economically, socially and environmentally.

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