A poster for Yili's achievements in the first three quarters of 2023. [Photo provided to chinadaily.com.cn]

On Oct 30, Inner Mongolia Yili Industrial Group Co released its Q1-3 report for 2023, revealing a total operating revenue of 97.4 billion yuan ($13.31 billion). This new milestone brings the company closer to the coveted 100-billion-yuan mark.

Moreover, Yili achieved a 16.36 percent growth in net profit, showcasing its continuous improvement in core operational capabilities.

Yili Jindian dairy products. [Photo provided to chinadaily.com.cn]

The liquid milk business remains at the forefront of the industry, displaying a strong growth trend season after season. From January to September, the revenue from liquid milk reached 65.43 billion yuan, with a year-on-year growth of 2.07 percent. In Q3 alone, the growth rate surged to 8.48 percent. Yili's market share of ambient liquid milk rose to 43.4 percent, firmly securing its leading position.

The revenue from infant formula and dairy products reached 19.92 billion yuan. Despite challenging market conditions, Yili's market share in the infant formula category witnessed significant growth and continues to lead the industry. The adult milk formula maintained rapid growth, with a market share of 23.9 percent, further solidifying its leading position. The revenue from frozen products stood at 10.383 billion yuan, maintaining steady and rapid growth while claiming the top market share in the industry.