Core Viewpoint - Yunnan Baiyao (000538.SZ) reported a revenue of 30.654 billion yuan for the first three quarters of 2025, reflecting a year-on-year growth of 2.47% [1] - The net profit attributable to shareholders of the listed company reached 4.777 billion yuan, marking a year-on-year increase of 10.41% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 4.55 billion yuan, showing a year-on-year growth of 6.68% [1] - The basic earnings per share stood at 2.68 yuan [1] Financial Performance - Revenue for the first three quarters: 30.654 billion yuan, up 2.47% year-on-year [1] - Net profit attributable to shareholders: 4.777 billion yuan, up 10.41% year-on-year [1] - Net profit after deducting non-recurring gains: 4.55 billion yuan, up 6.68% year-on-year [1] - Basic earnings per share: 2.68 yuan [1]

Core Insights - Yunnan Baiyao reported a revenue of 30.654 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 2.47% [1] - The net profit attributable to shareholders reached 4.777 billion yuan, showing a year-on-year increase of 10.41% [1] Financial Performance - Revenue for the first three quarters: 30.654 billion yuan [1] - Year-on-year revenue growth: 2.47% [1] - Net profit attributable to shareholders: 4.777 billion yuan [1] - Year-on-year net profit growth: 10.41% [1]

Core Insights - Yunnan Baiyao reported a revenue of 30.654 billion yuan for the first three quarters, representing a year-on-year growth of 2.47% [1] - The net profit attributable to shareholders reached 4.777 billion yuan, showing a year-on-year increase of 10.41% [1] - The net profit excluding non-recurring gains and losses was 4.55 billion yuan, reflecting a year-on-year growth of 6.68% [1]

Core Viewpoint - Yunnan Baiyao reported a slight decline in third-quarter revenue but an increase in net profit, indicating resilience in profitability despite revenue challenges [1] Financial Performance - In the third quarter, the company achieved operating revenue of 93.971 billion yuan, a year-on-year decrease of 0.66% [1] - The net profit attributable to shareholders for the third quarter was 1.144 billion yuan, reflecting a year-on-year increase of 0.55% [1] - For the first three quarters, the company recorded total operating revenue of 306.542 billion yuan, representing a year-on-year growth of 2.47% [1] - The net profit attributable to shareholders for the first three quarters was 4.777 billion yuan, showing a year-on-year increase of 10.41% [1]

Financial Performance - The company's revenue for Q3 2025 was approximately ¥9.40 billion, a decrease of 0.66% compared to the same period last year[8] - Net profit attributable to shareholders was approximately ¥1.14 billion, reflecting a 0.55% increase year-over-year[8] - The net profit after deducting non-recurring gains and losses was approximately ¥1.09 billion, down 3.61% from the previous year[8] - The basic earnings per share for the period was ¥0.64, up 1.59% year-over-year[8] - Industrial revenue for the first three quarters reached ¥11.58 billion, an increase of ¥906 million, with a year-on-year growth rate of 8.48%[8] - Total revenue for the current period reached ¥30,654,214,209.01, an increase of 2.46% compared to ¥29,915,155,069.84 in the previous period[28] - Net profit for the current period was ¥4,789,170,075.42, representing a growth of 10.65% from ¥4,329,700,490.03 in the previous period[29] - Total comprehensive income attributable to the parent company reached CNY 4,778,908,089.57, an increase from CNY 4,321,812,111.74 in the previous period, reflecting a growth of approximately 10.6%[30] - Basic and diluted earnings per share increased to CNY 2.68, up from CNY 2.42, representing a growth of 10.7%[30] Assets and Liabilities - The company's total assets at the end of the reporting period were approximately ¥53.34 billion, an increase of 0.81% from the end of the previous year[8] - The company's total assets increased to ¥53,343,484,721.39, compared to ¥52,914,181,333.05, marking a growth of 0.81%[25] - Total liabilities decreased to ¥13,525,611,110.78 from ¥14,048,096,770.78, a reduction of 3.70%[26] - The total equity attributable to shareholders rose to ¥39,733,402,690.02, up from ¥38,831,946,424.51, indicating an increase of 2.31%[26] Cash Flow - The net cash flow from operating activities for the year-to-date was approximately ¥4.46 billion, reflecting a 9.40% increase compared to the previous year[8] - Cash inflow from operating activities totaled CNY 34,692,435,604.90, compared to CNY 32,872,412,099.37 in the previous period, marking an increase of about 5.5%[31] - Net cash flow from operating activities was CNY 4,455,969,511.54, up from CNY 4,073,138,745.34, indicating a growth of approximately 9.4%[32] - Cash outflow from investing activities amounted to CNY 7,082,314,175.11, compared to CNY 6,283,661,079.58 in the previous period, reflecting an increase of about 12.7%[32] - Net cash flow from investing activities was negative at CNY -2,213,387,280.77, worsening from CNY -1,157,794,613.21 in the previous period[32] - Cash flow from financing activities resulted in a net outflow of CNY -4,470,094,047.29, compared to CNY -3,661,695,477.51 in the previous period, indicating a decline of approximately 22.1%[34] - The ending balance of cash and cash equivalents was CNY 8,041,658,446.84, down from CNY 13,402,807,258.02 in the previous period, a decrease of about 40.0%[34] Shareholder Information - The total number of common shareholders at the end of the reporting period is 166,806[16] - The top 10 shareholders hold a combined 66.09% of the shares, with Yunnan State-Owned Equity Operation Management Co., Ltd. holding 26.20% and Xinhua Group holding 21.28%[16] - The company has no preferred shareholders as of the reporting period[18] Investments and Acquisitions - The company reported a significant increase of 75.47% in trading financial assets, totaling approximately ¥4.47 billion, due to investments in high-security, liquid financial products[13] - The company’s investment income increased by 38.83% to approximately ¥951 million, primarily from investments in Shanghai Pharmaceuticals[15] - The acquisition of An Guo Shi Ju Yao Tang Pharmaceutical Co., Ltd. was completed for a total consideration of 660 million CNY, enhancing the company's market presence and product offerings[19] - The non-public issuance of exchangeable bonds was completed with a total scale of 2 billion CNY on October 22, 2025[22] Operational Efficiency and Future Plans - The company aims to expand its market presence and enhance operational efficiency through strategic acquisitions and partnerships[20] - The company plans to expand its market presence and invest in new technologies to drive future growth[27] Research and Development - Research and development expenses for the current period were ¥234,998,200.97, compared to ¥216,182,636.47, reflecting an increase of 8.67%[28]

1 / 3 股东名 称 是否为控 股股东或 第一大股 东及其一 致行动人 本次质押数 量（股） 占其所 持股份 比例 占公司 总股本 比例 是否为限 售股（如 是，注明 限 售 类 型） 是否 为补 充质 押 质押起始日 质押 到期 日 质权人 质押 用途 新华都 实业集 团股份 有限公 司 否 17,500,000 4.02% 0.98% 否 否 2025-10-27 至办 理解 除质 押之 日止 中国工 商银行 股份有 限公司 福州五 四支行 融资 担保 合计 / 17,500,000 4.02% 0.98% / / / / / / 一、本次股份质押基本情况 二、股东股份累计质押情况 截至本公告披露日，新华都及其一致行动人所持质押股份情况如下： 股票代码：000538 股票简称：云南白药 公告编号：2025-47 云南白药集团股份有限公司 关于股东部分股份质押的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 云南白药集团股份有限公司（以下简称"公司"或"云南白药"）于近 日接到公司股东新华都实业集团股份有限公司（以下简称"新华都"）的通 知，获悉新华 ...

Group 1 - Yunnan Baiyao announced that as of the date of the announcement, Xinhua Duhua Industrial Group Co., Ltd. and its concerted parties have pledged a total of approximately 148 million shares, accounting for 33.03% of their held shares [1] - For the first half of 2025, Yunnan Baiyao's revenue composition is as follows: commercial sales account for 59.78%, industrial sales account for 40.01%, other businesses account for 0.1%, technical development services account for 0.08%, and hotel and catering industry account for 0.03% [1] - As of the time of reporting, Yunnan Baiyao's market capitalization is 100.1 billion yuan [1] Group 2 - The A-share market has surpassed 4000 points, marking a significant resurgence after a decade of stagnation, with technology as the main driver reshaping the market and initiating a new "slow bull" pattern [1]

Core Insights - Yunnan Baiyao Group has established a smart factory that can produce up to 1.6 million toothpaste tubes daily, with an annual capacity of 450 million tubes and other products [1] - The factory aims to represent China's health industry in global competition by adopting "Industry 4.0" standards and focusing on production transformation and upgrading [1][3] - The smart factory has been recognized as a "lighthouse factory" in global manufacturing, showcasing its advanced capabilities [1] Digital Transformation - The factory has implemented a comprehensive data governance system, standardizing data across over 50 core business systems and establishing a robust data management framework [2] - It utilizes 7,500 sensors to create a data perception network, enabling real-time monitoring and predictive maintenance through AI algorithms [2] - The integration of IoT technology has led to innovations such as "one-step paste production" and "second-level switching," significantly enhancing production efficiency [2] Production Efficiency - The smart factory's digital and modular production approach allows for rapid response to diverse market demands, facilitating a quick feedback loop from market to production and back [3] - Future plans include deepening digital transformation and applying smart manufacturing models to other product lines, such as traditional Chinese medicine and health foods [3] - The factory aims to provide intelligent manufacturing solutions to assist other manufacturers in reducing transformation costs and overcoming technical challenges [3]

Core Insights - Yunnan Baiyao Group has established a smart factory that can produce up to 1.6 million toothpaste tubes daily, with an annual capacity of 450 million tubes and other products [2] - The factory aims to represent China's health industry in global competition by adopting "Industry 4.0" standards and focusing on production transformation and smart manufacturing [2][4] - The smart factory has been recognized as a "lighthouse factory" in global manufacturing, highlighting its advanced operational capabilities [2] Digital Transformation - The factory has implemented a comprehensive data governance system, standardizing data across over 50 core business systems and establishing a robust data management framework [3] - It utilizes 7,500 sensors to create a data perception network, enabling real-time monitoring and predictive maintenance through AI algorithms [3] - The integration of IoT technology has led to innovations such as "one-step paste production" and "second-level switching," significantly enhancing production efficiency [3][4] Production Efficiency - The smart factory's digital and modular production approach allows for rapid response to market demands, accommodating diverse needs across different channels and regions [4] - The factory can quickly switch between 42 different paste formulas, reducing the setup time for production from traditional methods by approximately 95% [3][4] - Future plans include expanding the digital transformation model to other product lines, such as traditional Chinese medicine and health foods, to enhance overall industry efficiency [4][5]

Core Insights - Yunnan Baiyao Group has established a smart factory that can produce up to 1.6 million toothpaste tubes daily, with an annual capacity of 450 million tubes and other products [1] - The factory aims to represent China's health industry in global competition by adopting "Industry 4.0" standards and focusing on production transformation and upgrading [1][3] - The smart factory has been recognized as a "lighthouse factory" in global manufacturing, showcasing its advanced capabilities [1] Digital Transformation - The factory has implemented a comprehensive data governance system, standardizing data across over 50 core business systems and establishing a robust data management framework [2] - It utilizes 7,500 sensors to create a data perception network, enabling real-time monitoring and predictive maintenance through AI algorithms [2] - The integration of IoT technology has led to innovations such as "one-step paste production" and "second-level switching," significantly enhancing production efficiency [2] Production Efficiency - The smart factory's digital and modular production approach allows for rapid response to diverse market demands, facilitating a quick feedback loop from market to production and back [3] - Future plans include deepening digital transformation and applying smart manufacturing models to other product lines, such as traditional Chinese medicine and health foods [3] - The company aims to provide intelligent manufacturing solutions to assist other manufacturers in reducing transformation costs and overcoming technical challenges [3]