Yili (伊利股份) ended September with 17,248 distributors, 531 fewer than a year earlier, while the dairy group’s revenue for the first nine months of 2026 grew 3.59 percent to RMB 93.58 billion. Net profit attributable to shareholders fell 15.56 percent over the same period, according to filings published on 30 October.
Liquid milk brought in 60.1 percent of main-business revenue
Liquid milk (液体乳) generated RMB 55.72 billion of the RMB 92.68 billion in main-business revenue from January to September, Yili’s third-quarter operating-data announcement shows. On a simple calculation that is 60.1 percent.
Milk powder and dairy products (奶粉及奶制品) added RMB 24.82 billion, or 26.8 percent. Cold-drink products (冷饮产品) contributed RMB 10.12 billion and other products RMB 2.02 billion.
Unit: %
Share of main-business revenue, Jan-Sep 2026, CMB calculation · Source: Yili, 30 October 2026
View as table
| Item | Value |
|---|---|
| Liquid milk | 60.1% |
| Milk powder and dairy products | 26.8% |
| Cold-drink products | 10.9% |
| Other | 2.2% |
The third quarter on its own was more concentrated. Liquid milk accounted for 66.2 percent of RMB 28.90 billion in main-business revenue, and cold-drink products for 3.6 percent, both on a simple calculation. Milk powder and dairy products brought in RMB 7.98 billion, or 27.6 percent.
Quarterly profit slipped 5.60 percent on 2.40 percent sales growth
Total revenue for the three months to 30 September was RMB 29.25 billion, up 2.40 percent year on year. Net profit attributable to shareholders fell 5.60 percent to RMB 3.05 billion. Excluding non-recurring items, it was RMB 2.94 billion, down 4.86 percent.
Nine-month net profit attributable to shareholders came to RMB 8.80 billion. Cash told a different story: net operating cash flow rose 64.27 percent to RMB 15.44 billion.
Yili put that mainly down to higher cash receipts from sales, together with larger amounts owed to suppliers, which cut cash paid for goods.
Basic earnings per share were RMB 1.39 for the nine months, down 15.76 percent, and RMB 0.48 for the quarter. The weighted average return on equity for January to September was 15.52 percent, 3.08 percentage points lower than a year earlier.
Distributors handled all but 5.1 percent of sales
Revenue through distributors reached RMB 87.96 billion for the nine months, against RMB 4.72 billion from direct sales. Direct sales therefore made up 5.1 percent of main-business revenue on a simple calculation, and 6.0 percent in the third quarter.
| Region | Revenue (RMB million) | Share | Distributors, end-Sep | Change y/y |
|---|---|---|---|---|
| North China | 26,770.8 | 28.9% | 4,783 | -45 |
| South China | 22,498.3 | 24.3% | 5,062 | -465 |
| Central China | 17,257.4 | 18.6% | 3,475 | -122 |
| East China | 13,535.1 | 14.6% | 2,693 | -173 |
| Other | 12,615.5 | 13.6% | 1,235 | +274 |
| Total | 92,677.2 | 100.0% | 17,248 | -531 |
South China accounted for 465 of the lost distributors
South China, Yili’s second-largest region by revenue, had 5,062 distributors at the end of September, 465 fewer than a year before. East China lost 173 and Central China 122.
Unit: distributors
Change in distributor numbers, end-Sep 2026 vs a year earlier · Source: Yili, 30 October 2026
View as table
| Item | Value |
|---|---|
| North China | -45 distributors |
| South China | -465 distributors |
| Central China | -122 distributors |
| East China | -173 distributors |
| Other | 274 distributors |
North China, the largest region with RMB 26.77 billion in nine-month revenue, was down 45. The only increase came in the “other” regions category, which added 274 distributors to reach 1,235.
