Transferring Coverage of Yili With Narrow Moat Rating and CNY 33.60 Fair Value Estimate
Business Strategy and Outlook
Yili has been the largest dairy producer in China since the early 2010s. Revenue more than doubled in the decade to 2023 on rising Chinese dairy consumption but fell in 2024 and stalled in 2025 amid weak consumer demand. Still, we remain optimistic about Yili’s long-term growth outlook, since China’s dairy consumption per capita remains well below the global average and that of its Asian neighbors.
