Credit Brief — INNER MONGOLIA YILI INDUSTRIAL GROUP CO., LTD. (伊利股份)
600887.SH · Shanghai Main Board · Data window: 2022–2026 H1 · Sources: official periodic reports filed via cninfo (巨潮资讯网)
All figures are extracted mechanically from official filings and are traceable to source page (see §9). Narrative sections are analyst commentary; mechanical sections are produced without any LLM. Not investment advice. Not a credit rating.
1. Identity & legitimacy
- Legal representative: 潘刚
- Registered address: 内蒙古自治区呼和浩特市敕勒川乳业开发区伊利大街1号
- Office address: 内蒙古自治区呼和浩特市敕勒川乳业开发区伊利大街1号
- Controlling shareholder: None (stated in the filed report)
- Actual controller: None (stated in the filed report)
- Employees: 62,666
Source: identity fields above are mechanically extracted from the issuer's own filed annual reports. - Registration data via corporate registry is not included in this build
2. Compliance & legal
Compliance screens (dishonest debtor / enforcement / penalties / business exceptions) require a registry data source not included in this build
3. Business profile
Top customer/supplier tables not generated for this issuer.
4. Financial dashboard (CNY mn)
Assets
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Cash and bank balances | 33,853.3 | 43,371.5 | 25,404.3 | 19,494.9 | 16,616.7 |
| Trading financial assets | 30.2 | 11.5 | 6.1 | 3.3 | 109.2 |
| Accounts receivable | 3,088.3 | 3,084.7 | 2,878.4 | 2,987.4 | 4,077.5 |
| Other receivables | 200.0 | 194.7 | 125.7 | 120.9 | 155.9 |
| Inventories | 14,836.2 | 12,511.8 | 10,744.7 | 10,823.1 | 9,504.6 |
| Long-term equity investments | 4,562.8 | 4,408.4 | 3,992.0 | 4,143.7 | 5,302.9 |
| Fixed assets | 33,735.1 | 35,242.2 | 34,618.5 | 34,386.3 | 32,782.6 |
| Construction in progress | 3,442.7 | 4,336.8 | 2,955.2 | 1,357.3 | 1,363.3 |
| Intangible assets | 4,648.0 | 4,729.2 | 4,780.1 | 4,755.4 | 4,644.8 |
| Total assets | 130,965.3 | 151,620.3 | 153,718.0 | 152,098.5 | 157,165.3 |
Liabilities
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Short-term borrowings | 26,799.5 | 39,754.9 | 36,354.6 | 45,630.6 | 64,677.2 |
| Notes payable | 880.8 | 1,040.7 | 969.4 | 1,650.8 | 5,797.9 |
| Accounts payable | 15,925.8 | 13,798.9 | 12,312.9 | 11,479.4 | 13,253.3 |
| Contract liabilities | 8,912.6 | 8,695.8 | 12,072.8 | 10,564.2 | 4,948.9 |
| Other payables | 3,154.2 | 2,756.1 | 2,769.9 | 2,675.3 | 3,130.7 |
| Current portion of non-current liabilities | 982.7 | 2,434.9 | 9,229.5 | 4,414.7 | 198.4 |
| Long-term borrowings | 9,298.2 | 11,705.4 | 4,686.5 | 472.5 | 197.7 |
| Bonds payable | 3,482.3 | 3,541.3 | 0.0 | 0.0 | 0.0 |
| Total liabilities | 76,822.2 | 94,299.9 | 96,710.4 | 93,554.2 | 99,888.9 |
Equity
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Paid-in capital | 6,399.3 | 6,366.1 | 6,365.9 | 6,325.4 | 6,325.4 |
| Capital reserve | 14,235.2 | 13,380.3 | 13,211.5 | 12,262.3 | 12,240.7 |
| Retained earnings | 27,586.6 | 31,414.5 | 32,229.0 | 33,041.1 | 33,106.9 |
| Equity attributable to owners of the parent | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Minority interests | 3,875.2 | 3,781.0 | 3,827.7 | 3,888.6 | 3,565.0 |
| Total equity | 50,267.9 | 53,539.3 | 53,179.9 | 54,655.7 | 53,711.4 |
Income statement
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Revenue | 123,171.0 | 126,179.5 | 115,779.6 | 115,931.1 | 64,489.7 |
| Cost of sales | 83,118.5 | 84,788.6 | 76,298.8 | 75,653.8 | 40,894.1 |
| Selling expenses | 22,908.2 | 22,571.5 | 21,982.3 | 21,544.6 | 11,432.2 |
| Administrative expenses | 5,342.8 | 5,154.2 | 4,465.1 | 4,695.6 | 2,470.9 |
| Finance costs | -254.6 | -152.8 | -591.6 | -690.9 | -525.5 |
| Investment income | 244.0 | -31.1 | 2,417.3 | 147.2 | 212.9 |
| Operating profit | 10,860.0 | 11,873.3 | 10,181.8 | 13,527.8 | 7,512.4 |
| Profit before tax | 10,630.2 | 11,721.2 | 10,126.7 | 12,993.8 | 7,314.5 |
| Net profit | 9,318.2 | 10,284.3 | 8,463.7 | 11,513.9 | 5,523.7 |
5. Ratios
| Ratio | 2022 | 2023 | 2024 | 2025 | 2026 H1 |
|---|---|---|---|---|---|
| Current ratio | 0.99x | 0.90x | 0.74x | 0.73x | 0.62x |
| Quick ratio | 0.75x | 0.74x | 0.62x | 0.61x | 0.53x |
| Debt-to-asset ratio | 58.7% | 62.2% | 62.9% | 61.5% | 63.6% |
| Total debt / EBITDA | 2.91x | 3.83x | 3.65x | 3.04x | 6.18x |
| EBITDA interest coverage | 54.80x | 98.13x | 23.27x | 24.06x | 20.03x |
| Gross margin | 32.5% | 32.8% | 34.1% | 34.7% | 36.6% |
| Net margin | 7.6% | 8.2% | 7.3% | 9.9% | 8.6% |
| Return on equity (ROE) | 18.5% | 19.2% | 15.9% | 21.1% | 10.3% |
| Revenue growth | — | 2.4% | -8.2% | 0.1% | -44.4% |
| Net profit growth | — | 10.4% | -17.7% | 36.0% | -52.0% |
| Receivable days | 9 | 9 | 9 | 9 | 23 |
| Cash received / revenue | 108.5% | 108.8% | 112.8% | 108.5% | 99.2% |
| Operating CF / net profit | 1.44x | 1.78x | 2.57x | 1.25x | 1.77x |
| Free cash flow | -6,093.4 | 2,245.9 | -10,969.7 | 6,547.6 | -3,435.9 |
Mechanical risk flags
- ⚠ Current ratio: 0.73 (level: high, reference threshold: <1.0)
- ⚠ Quick ratio: 0.61 (level: medium, reference threshold: <1.0)
- ⚠ Debt-to-asset ratio: 0.62 (level: high, reference threshold: <0.65)
6. Cross-check flags (mechanical reconciliation)
- 2023 · Cash-flow statement net increase vs balance-sheet cash movement: 9,623.7 vs 9,518.2 CNY mn (deviation 1.1%, severity mid)
Sources: 2023年年度报告.pdf p.88 「五、现金及现金等价物净增加额」 vs 2023年年度报告.pdf p.84 「货币资金」. CF-statement figure above the balance-sheet movement by 105.4 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review. - 2024 · Cash-flow statement net increase vs balance-sheet cash movement: -18,265.6 vs -17,967.3 CNY mn (deviation 1.63%, severity mid)
Sources: 2024年年度报告.pdf p.91 「五、现金及现金等价物净增加额」 vs 2024年年度报告.pdf p.87 「货币资金」. CF-statement figure below the balance-sheet movement by 298.3 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review. - 2025 · Cash-flow statement net increase vs balance-sheet cash movement: -6,868.9 vs -5,909.3 CNY mn (deviation 13.97%, severity mid)
Sources: 2025年年度报告.pdf p.86 「五、现金及现金等价物净增加额」 vs 2025年年度报告.pdf p.82 「货币资金」. CF-statement figure below the balance-sheet movement by 959.6 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review. - 2026Q2 · Cash-flow statement net increase vs balance-sheet cash movement: -3,763.3 vs -2,878.2 CNY mn (deviation 23.52%, severity mid)
Sources: 2026年半年度报告.pdf p.52 「五、现金及现金等价物净增加额」 vs 2026年半年度报告.pdf p.48 「货币资金」. CF-statement figure below the balance-sheet movement by 885.1 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review.
4 check(s) not run for missing inputs: 前五大应收 vs BS 应收账款; 前五大其他应收 vs BS 其他应收款; 前五大预付 vs BS 预付款项; 授信表内总合计 vs Σ机构行.
Premium tier. The analyst red-flag review and the industry-context commentary (sections 7–8 of the full brief) are not included in this free build. Join the waitlist for early access.
9. Method & provenance
All financial figures above were extracted mechanically from the company's official periodic reports (unit-normalized to CNY). Each key figure carries cell-level provenance — source file, page and original line item. Samples (latest annual period):
| Item | Period | Value (CNY mn) | Source file | Page | Raw line item | Raw value (as filed) |
|---|---|---|---|---|---|---|
| Cash and bank balances | 2025 | 19,494.9 | 2025年年度报告.pdf | 82 | 货币资金 | 19494920358.0 (元) |
| Total assets | 2025 | 152,098.5 | 2025年年度报告.pdf | 82 | 资产总计 | 152098516632.34 (元) |
| Accounts receivable | 2025 | 2,987.4 | 2025年年度报告.pdf | 82 | 应收账款 | 2987426531.59 (元) |
| Fixed assets | 2025 | 34,386.3 | 2025年年度报告.pdf | 82 | 固定资产 | 34386310115.64 (元) |
| Short-term borrowings | 2025 | 45,630.6 | 2025年年度报告.pdf | 82 | 短期借款 | 45630626027.83 (元) |
This brief is built solely on officially filed public disclosures. It is not investment advice, not a credit rating, and not an offer of any service. Figures may contain extraction or caliber effects; verify against the original filings before relying on them.