During the period, Yili achieved total operating income of RMB 85.007 billion ($13.29 billion) and net profit of RMB 7.967 billion ($1.25 billion), an increase in YoY of 15.23% and 31.82%, respectively. Both metrics hit record highs and earnings growth of over 30% far exceeded expectations.
Pan Gang, Chairman of Yili Group, said, “We will invest more in tracks focusing on new consumer trends and aspire to do our best in each of them. We will also accelerate our digital transformation to strengthen the Group’s overall operational efficiency, with the aim of achieving our strategic objectives.”
New product sales surged as the potential of the brand began to emerge as a new force supporting Yili’s performance growth. High-growth categories, including cheese, mineral water, low-temperature milk and milk formula, all experienced rapid growth.
Yili’s Xinhuo adult milk powder led the market segment by sales volume, while Jinlingguan was the fastest growing infant formula brand in the Chinese market. In the first three quarters of 2021, Yili’s infant formula category achieved a year-over-year growth rate of more than 30%.
The first three quarters also saw a 180% year-over-year increase in total retail sales for Yili’s cheese business.
Yili established a digitization team in 2019 and developed its digitization-driven transformation strategy for the next decade, establishing a marketing, product and supply chain roadmap.
“Digital transformation should be accelerated to ensure our consumer-oriented practice in terms of brand creation and product innovation. This is Yili’s main task in 2021,”said Pan Gang.