(Yicai Global) Aug. 28 -- Yili Industrial Group's shares jumped to a historic high today after China's largest dairy firm disclosed first-half earnings that outstripped arch-rival China Mengniu Dairy by a wide margin. 

Hohhot-based Yili's stock price [SHA: 600887] climbed by the daily limit of 10 percent to CNY40.59 (USD5.90), bringing its gain so far this year to 31 percent.

Net profit fell 1.2 percent to CNY3.7 billion (USD538.7 million) in the six months ended June 30 from a year earlier, Yili said in an earnings report released yesterday, without disclosing predictions for future performance. Revenue edged up 6 percent to CNY45.7 billion (USD6.7 billion).

In the same period, Mengniu's net profit plunged 42 percent to CNY1.2 billion on a 6 percent drop in revenue to CNY37.5 billion.

Yili's recovery from the effects of the pandemic has been swift, with second-quarter net profit surging 72 percent, it said. A greater emphasis on the firm's e-commerce business also helped the dairy weather the coronavirus lockdown.

Yili's pasteurized milk and cheese products were popular and e-commerce revenues jumped 49 percent, according to the report. The firm applied Big Data and smart manufacturing technologies to improve consumer insights and supply chain management. It also expanded abroad, particularly in Southeast Asia.

Editor: Emmi Laine