【邪修】打入了年轻人的生活。 减肥再也不用管住嘴迈开腿，而是深夜掐手念8遍减肥咒，主打念力强大抵过一切；做饭之前也不需要把锅具准备齐全才能开火，拥有一个微波炉就能煮 一切。 这原本出自仙侠小说的"邪门歪道"修行方式，正在疯狂席卷互联网。比如最近在社交平台上爆火的【邪修祛黑眼圈法】，有人把自己的脸当作菜盘，黄瓜 西红柿咖啡什么都敢往眼睛上敷；还有人给出"终极绝招"，直接把饿了3天的蚊子放在黑眼圈上。 通过刷医保就可以"0元购"的云南白药，就这样取代千元贵妇眼霜成为黑眼圈救星。至于有没有效果？"建议先给哪吒试试。" 01 黑眼圈人自己的邪修，是把云南白药爆改成眼霜？ 上一个被（黑眼圈）圈内人捧为邪修顶流的，还是马应龙痔疮膏。 看到圈内人把治疗屁股的膏药糊在眼下，还直呼"好有效好滋润"，你瞬间就懂了邪修的真谛：英雄不问出身，方法管用就行。 最被黑眼圈人推崇的邪修大法来自云南白药，圈内人还一本正经地提炼出几条"修炼法则"：白瓶的云南白药喷雾可以湿敷，怕太刺激也可以用粉状搭配不 同中药材，嫌麻烦的直接用膏帖。 邪修的诞生也不是毫无章法，那些你看着天马行空的应对之策背后都有着千丝万缕的勾连。比如马应龙前身就是做眼霜的，" ...

Core Viewpoint - The launch of China's first pharmaceutical ETF fund aims to provide investors with exposure to leading companies in the chemical, biological, and traditional Chinese medicine sectors, capitalizing on the growth potential driven by innovation and demographic trends [1][5]. Industry Overview - The pharmaceutical industry is characterized by its essential nature, driven by a large population, aging demographics, and increasing GDP per capita, which supports long-term growth [5]. - By 2024, the proportion of the population aged 65 and above in China is expected to reach 15.6%, indicating a shift into a moderately aging society, which will further expand the pharmaceutical market [5]. Innovation and Growth - Innovative drugs are seen as a key driver for the pharmaceutical industry's growth, with the potential to unlock new value and re-evaluate medical asset worth [5]. - Domestic innovative drugs are anticipated to experience significant growth in 2024, supported by various internal and external factors, potentially leading to a "Davis Double Play" scenario [5]. - The integration of AI in drug development is expected to accelerate the research and development of new medications [5]. ETF Fund Details - The newly launched ETF fund (A class: 024985 / C class: 024986) will exclusively track the CSI Pharmaceutical Index, which includes leading companies in the chemical, biological, and traditional Chinese medicine sectors [1][19]. - The fund aims to provide a balanced investment approach, combining high-growth innovative drugs with more stable traditional Chinese medicine to mitigate volatility [1][19]. Performance Metrics - The pharmaceutical index has shown a significantly smaller decline compared to similar indices over the past five years, with positive returns over the last three years [14]. - The index's long-term annualized volatility and maximum drawdown are notably lower than those of comparable indices, indicating a more stable investment profile [14]. Key Constituents - The top ten constituents of the pharmaceutical index include major companies such as Heng Rui Medicine (14.91% weight), Pian Zai Ye (5.83%), and Yunnan Baiyao (4.81%), reflecting a diverse representation across the pharmaceutical sectors [13].

Core Viewpoint - Yunnan Baiyao Group's subsidiary, Yunhe Pharmaceutical, has successfully completed the first patient dosing in the I/IIa clinical trial of its innovative nuclear drug INR102 injection, marking a new phase in clinical research [1] Group 1: Clinical Development - The innovative nuclear drug INR101 injection has entered the III phase of clinical trials, while INR102 injection has initiated the I/IIa phase [1] - The company has also received clinical approval for the chemical drug JZ-14 capsule, aimed at treating ulcerative colitis, which is a First-in-Class small molecule immunomodulator [1] - The company is developing the antibody drug KA-1641, which is currently in the preclinical research phase [1] Group 2: Strategic Focus and Financial Outlook - The company is focusing on its core business, enhancing quality and efficiency across the entire chain, and emphasizing research and innovation along with digital transformation [1] - Due to significant cost reduction and efficiency improvement results, the profit forecast for 2025-2026 has been slightly raised to 5.271 billion and 5.849 billion yuan, respectively, reflecting a 2% increase from previous estimates [1] - The profit forecast for 2027 has been added at 6.492 billion yuan, with the current stock price corresponding to PE ratios of 19/17/15 times [1] - The company maintains an "overweight" rating [1]

Core Viewpoint - The article highlights the successful clinical trial progress of innovative nuclear medicine developed by Yunnan Baiyao Group, alongside the company's financial performance and strategic initiatives in digital transformation and drug innovation [4][5][6]. Group 1: Financial Performance - In 2024, the company achieved revenue of 40.033 billion, a year-on-year increase of 2.36%; the net profit attributable to the parent company, excluding non-recurring items, was 4.523 billion, up 20.18%, marking a historical high [5]. - The operating cash flow reached 4.297 billion, reflecting a year-on-year growth of 22.68%; the weighted average return on net assets was 11.99%, an increase of 1.48 percentage points year-on-year [5]. - In Q1 2025, the company reported revenue of 10.841 billion, a year-on-year increase of 0.62%, and a net profit of 1.887 billion, up 11.65% [5]. Group 2: Strategic Initiatives - The company is advancing its digital transformation strategy, utilizing data and AI technologies to enhance all aspects of its industrial chain, leading to business innovation and development [5]. - The company is focusing on both traditional Chinese medicine and innovative drugs, with ongoing projects in short, medium, and long-term drug development [6]. - The establishment of the Tianjin R&D platform by the central research institute is expected to facilitate the clinical advancement of multiple nuclear medicine products [6]. Group 3: Drug Development Progress - The company has made significant progress in drug development, with several projects at different clinical trial stages, including the innovative nuclear medicine INR102 injection, which has entered the I/IIa phase [4][6]. - The company is also advancing other drug candidates, such as the JZ-14 capsule for ulcerative colitis, which has been approved for clinical trials [6]. - The introduction of the antibody drug KA-1641 is currently in the preclinical research phase, indicating a broadening of the company's drug portfolio [6].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [4][6]. Core Insights - The company has achieved significant cost reduction and efficiency improvements, with a revenue of 40.03 billion yuan in 2024, a year-on-year increase of 2.36%, and a net profit of 4.75 billion yuan, up 16.02% year-on-year [2][4]. - The company is advancing its nuclear medicine research, with the innovative nuclear drug INR102 entering a new phase of clinical trials [1][3]. - The company is focusing on digital transformation and innovation in traditional Chinese medicine, with multiple projects in various stages of development [3][4]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 40.03 billion yuan, with a net profit of 4.75 billion yuan, marking a historical high [2]. - The operating cash flow reached 4.30 billion yuan, reflecting a year-on-year increase of 22.68% [2]. - The company’s gross margin improved to 27.9% in 2024, with a net profit margin of 11.9% [12]. Research and Development - The company is actively pursuing both short-term and long-term projects in traditional Chinese medicine and innovative drugs, with several products in various clinical trial phases [3]. - The nuclear medicine segment is a key focus, with two innovative nuclear drugs entering clinical trials [3]. Profit Forecast and Valuation - The profit forecast for 2025 and 2026 has been slightly adjusted upwards to 5.27 billion yuan and 5.85 billion yuan, respectively [4]. - The current stock price corresponds to a price-to-earnings ratio of 19 for 2025, indicating a favorable valuation [4].

Group 1 - Yunnan Baiyao's stock closed at 56.29 yuan on August 1, 2025, with a slight increase of 0.37% and a turnover rate of 0.74% [1] - The company reported a total revenue of 10.841 billion yuan for Q1 2025, representing a year-on-year growth of 0.62%, while net profit attributable to shareholders was 1.935 billion yuan, up 13.67% year-on-year [1] - The company's liquidity ratios are strong, with a current ratio of 2.895 and a quick ratio of 2.407, alongside a low debt-to-asset ratio of 24.81% [1] Group 2 - Yunnan Baiyao has made investments in 35 companies and participated in 5,000 bidding projects [2] - The company holds a significant number of intellectual property rights, including 2,242 trademark registrations and 501 patents [2] - Additionally, Yunnan Baiyao has obtained 1,202 administrative licenses [2]

Group 1 - The total salary of A-share listed company secretaries in 2024 reached 4.086 billion yuan, with an average annual salary of 754,300 yuan [1] - Among the A-share listed companies, 1,144 secretaries earned over 1 million yuan annually, accounting for over 21% [1] - The age distribution of secretaries shows that those aged 40-50 constitute 42%, while those over 50 account for 29%, and those under 40 make up 26% [1] Group 2 - The educational background of secretaries indicates that 5% have an associate degree, 42% hold a bachelor's degree, 49% possess a master's degree, and 4% have a doctoral degree, with over half holding a master's degree or higher [3] - Only three secretaries hold a doctoral degree, specifically from Yiling Pharmaceutical, Kunming Pharmaceutical Group, and Jinhua Co., Ltd. [3] Group 3 - The average annual salary of secretaries in A-share listed Chinese medicine companies is 742,400 yuan, with 39% earning below 500,000 yuan, 42% earning between 500,000 and 1 million yuan, and 15% earning between 1 million and 2 million yuan [5] - The top five highest-paid secretaries are from China Resources Sanjiu, Jichuan Pharmaceutical, Tianjin Pharmaceutical, Yiling Pharmaceutical, and Yibai Pharmaceutical, with salaries ranging from 1.3935 million to 2.5587 million yuan [7] Group 4 - There is significant variation in the number of investor receptions among listed companies, with 59% receiving fewer than 10 times a year, while 3% received between 300 and 1,000 times [9] - The five companies with the highest number of investor receptions are Zoli Pharmaceutical, Qizheng Pharmaceutical, Yunnan Baiyao, Jinghua Pharmaceutical, and Pianzihuang, with receptions ranging from 207 to 410 times [9]

Core Insights - The report highlights that the total salary for A-share listed company secretaries in 2024 reached 4.086 billion yuan, with an average annual salary of 754,300 yuan [1] - A total of 1,144 company secretaries earn over 1 million yuan annually, accounting for more than 21% of the total [1] Salary Distribution - The average annual salary for company secretaries in the A-share traditional Chinese medicine sector is 742,400 yuan [5] - The distribution of salaries is as follows: below 500,000 yuan (27 individuals, 39%), between 500,000-1,000,000 yuan (29 individuals, 42%), between 1,000,000-2,000,000 yuan (10 individuals, 15%), between 2,000,000-3,000,000 yuan (2 individuals, 3%), and above 3,000,000 yuan (1 individual, 1%) [5] Age and Educational Background - The age distribution of company secretaries shows that those aged 40-50 constitute 42%, while those over 50 account for 29%, and those under 40 make up 26% [1] - In terms of educational qualifications, 5% have an associate degree, 42% hold a bachelor's degree, 49% possess a master's degree, and 4% have a doctoral degree, with over half of the secretaries holding a master's degree or higher [3] Top Earners and Investor Relations - The top five highest-paid company secretaries are: - Xing Jian from China Resources Sanjiu (2.5587 million yuan) - Cao Wei from Jichuan Pharmaceutical (2.4107 million yuan) - Yu Jie from Tian Shi Li (2.525 million yuan) - Wu Rui from Yiling Pharmaceutical (1.89 million yuan) - Jiang Xianhong from Yibai Pharmaceutical (1.3935 million yuan) [7] - The frequency of investor meetings varies significantly among companies, with 41 companies hosting fewer than 10 meetings annually (59%), 17 companies holding 10-100 meetings (25%), 9 companies conducting 100-300 meetings (13%), and 2 companies having 300-1000 meetings (3%) [7] Most Active Companies in Investor Relations - The five companies with the highest number of investor meetings are: - Zoli Pharmaceutical (410 meetings) - Qizheng Tibetan Medicine (404 meetings) - Yunnan Baiyao (298 meetings) - Jinghua Pharmaceutical (221 meetings) - Pian Zai Huang (207 meetings) [9]

Group 1 - The total salary of A-share listed company secretaries in 2024 reached 4.086 billion yuan, with an average annual salary of 754,300 yuan [1] - Among the A-share listed companies, 1,144 secretaries earned over 1 million yuan annually, accounting for over 21% [1] - The age distribution of secretaries shows that those aged 40-50 constitute 42%, while those over 50 account for 29%, and those under 40 make up 26% [1] Group 2 - The educational background of secretaries indicates that 5% have an associate degree, 42% hold a bachelor's degree, 49% possess a master's degree, and 4% have a doctoral degree, with over half holding a master's or higher [3] - Only three secretaries hold a doctoral degree, specifically from Yiling Pharmaceutical, Kunming Pharmaceutical Group, and Jinhua Co., Ltd. [3] Group 3 - The average annual salary of secretaries in A-share listed Chinese medicine companies is 742,400 yuan, with 39% earning below 500,000 yuan, 42% earning between 500,000-1 million yuan, 15% between 1-2 million yuan, 3% between 2-3 million yuan, and 1% above 3 million yuan [5] - The top five highest-paid secretaries are from China Resources Sanjiu, Jichuan Pharmaceutical, Tianjin Tasly, Yiling Pharmaceutical, and Yibai Pharmaceutical, with salaries of 2.5587 million yuan, 2.4107 million yuan, 2.525 million yuan, 1.89 million yuan, and 1.3935 million yuan respectively [7] Group 4 - There is significant variation in the number of investor receptions among listed companies, with 59% receiving fewer than 10 times a year, 25% between 10-100 times, 13% between 100-300 times, and 3% between 300-1000 times [9] - The five companies with the highest number of investor receptions are Zoli Pharmaceutical, Qizheng Tibetan Medicine, Yunnan Baiyao, Jinghua Pharmaceutical, and Pianzihuang, with receptions of 410, 404, 298, 221, and 207 respectively [9]

Core Insights - The report highlights that the total salary for A-share listed company secretaries in 2024 reached 4.086 billion yuan, with an average annual salary of 754,300 yuan [1] - A total of 1,144 company secretaries earn over 1 million yuan annually, accounting for more than 21% of the total [1] Salary Distribution - The average annual salary for company secretaries in the A-share traditional Chinese medicine sector is 742,400 yuan [5] - The distribution of salaries is as follows: - Below 500,000 yuan: 27 individuals (39%) - 500,000-1,000,000 yuan: 29 individuals (42%) - 1,000,000-2,000,000 yuan: 10 individuals (15%) - 2,000,000-3,000,000 yuan: 2 individuals (3%) - Above 3,000,000 yuan: 1 individual (1%) [5] Age and Educational Background - The age distribution of company secretaries shows that those aged 40-50 constitute 42%, while those over 50 account for 29%, and those under 40 make up 26% [1] - The educational background indicates that 5% have an associate degree, 42% hold a bachelor's degree, 49% possess a master's degree, and 4% have a doctoral degree, with over half of the secretaries holding a master's degree or higher [3] Top Earning Company Secretaries - The top five highest-paid company secretaries are: - Xing Jian from China Resources Sanjiu: 2.5587 million yuan - Cao Wei from Jichuan Pharmaceutical: 2.4107 million yuan - Yu Jie from Tianjin Tasly: 2.525 million yuan - Wu Rui from Yiling Pharmaceutical: 1.89 million yuan - Jiang Xianhong from Yibai Pharmaceutical: 1.3935 million yuan - Their tenure at the companies ranges from less than 1 year to 15 years [7] Investor Engagement - There is significant variation in the number of investor meetings held by companies: - Less than 10 meetings: 41 companies (59%) - 10-100 meetings: 17 companies (25%) - 100-300 meetings: 9 companies (13%) - 300-1000 meetings: 2 companies (3%) [7] - The five companies with the highest number of investor meetings are: - Zoli Pharmaceutical: 410 meetings - Qizheng Pharmaceutical: 404 meetings - Yunnan Baiyao: 298 meetings - Jinghua Pharmaceutical: 221 meetings - Pianzihuang: 207 meetings [9]