Chinese dairy giant Inner Mongolia Yili Industrial Group Co Ltd generated a revenue of about 110.6 billion yuan ($16.83 billion) in 2021, up 14.15 percent year-on-year, the company said in its annual financial report.

The firm also reported a 23-percent year-on-year growth in net profit, which reached 8.73 billion yuan.

In 2021, Yili's liquid milk business raked in 84.91 billion yuan, up 11.54 percent, while its milk powder and dairy products business earned 16.21 billion yuan, up 25.8 percent.

According to the report, Yili's main products have covered more than 60 countries and regions in 2021, and its overseas business revenue saw an 8-percent year-on-year growth.

Yili's R&D investment reached 601 million yuan in 2021, up 23.39 percent.