本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报 2024 年 03 月 30 日 云 南白药(000538.SZ) 证券研究报告 四大事业群均衡发展，高股息优质资产 中成药 投资评级 买入-A 事件： 首次评级 2024 年 3 月 29 日，公司发布 2023 年年度报告。2023 年公司实现 6个月目标价 62.00元 营业收入 391.11 亿元，同比增长 7.19%，实现归母净利润 40.94 亿 股价 (2024-03-29) 50.80元 元，同比增长 36.41%，实现扣非净利润 37.64 亿元，同比增长 16.45%，实现经营活动现金流净额 35.03 亿元，同比增长 9.14%。 交易数据 总市值(百万元) 91,280.62 业绩平稳增长，四大事业群均衡发展。 流通市值(百万元) 90,693.00 2023 年公司主营业务实现平稳增长，从事业群拆分来看：1）2023 总股本(百万股) 1,796.86 年公司药品事业群实现营业收入 64.81 亿元，同比增长 8.16%，其中 流通股本(百万股) 1,785.30 白药系列核心产品保持较好的增长态势，毛利率达到70.6% ...

Financial Performance - Revenue for 2023 reached 39.11 billion yuan, a 7.19% increase compared to 2022[12] - Net profit attributable to shareholders of the listed company in 2023 was 4.09 billion yuan, a 36.41% increase year-on-year[12] - Basic earnings per share (EPS) for 2023 was 2.29 yuan, a 20.53% increase compared to 2022[12] - Total assets at the end of 2023 were 53.78 billion yuan, a 0.87% increase compared to the end of 2022[12] - Net cash flow from operating activities in 2023 was 3.50 billion yuan, a 9.14% increase year-on-year[12] - Gross profit margin in Q4 2023 was 23.77%, an increase of 2.76 percentage points compared to Q4 2022[17] - Non-recurring gains and losses in 2023 totaled 330.18 million yuan, compared to a loss of 230.90 million yuan in 2022[19] - Revenue in 2023 reached 39.111 billion yuan, a year-on-year increase of 7.19%, with industrial income growing by 7.58%[40] - Net profit attributable to shareholders in 2023 was 4.094 billion yuan, a year-on-year increase of 36.41%[40] - The company's weighted average return on equity (ROE) in 2023 was 10.51%, an increase of 2.64 percentage points year-on-year[40] - The company's trading financial assets decreased significantly by 93.82% to 149 million yuan at the end of 2023[40] - Total operating revenue for the period was RMB 39,111,292,156, a year-on-year increase of 7.19%[64] - Industrial sales revenue increased by 7.58% to RMB 13,740,557,061.12, accounting for 35.13% of total revenue[64] - Commercial sales revenue grew by 6.98% to RMB 25,295,257,277.35, representing 64.68% of total revenue[64] - Overseas revenue surged by 51.25% to RMB 634,184,770.26, accounting for 1.62% of total revenue[65] - Gross profit margin for industrial products (self-made) increased by 0.77% to 64.24%[66] - Direct material costs for industrial sales rose by 6.66% to RMB 4,225,537,847, accounting for 14.70% of total operating costs[69] - Procurement costs for commercial sales increased by 7.20% to RMB 23,769,165,686.54, representing 82.69% of total operating costs[69] - Technical service revenue grew significantly by 61.93% to RMB 10,743,024.62[64] - Sales expenses increased by 19.84% year-over-year to 4,992,157,591.11 RMB due to growth in sales scale[75] - Management expenses increased by 26.95% year-over-year to 1,058,503,523.90 RMB, primarily due to a 243 million RMB increase in employee compensation[75] - Operating cash flow increased by 9.14% to RMB 3.50 billion in 2023, driven by a RMB 2.42 billion increase in cash received from sales of goods and services[80][81] - Investment cash flow turned positive at RMB 518.58 million in 2023, a significant improvement from a negative RMB 6.32 billion in 2022, mainly due to reduced investment payments[80][82] - Financing cash flow decreased by 6.76% to negative RMB 2.92 billion in 2023, primarily due to reduced borrowing and increased dividend payments[81][82] - Net cash and cash equivalents increased by 118.98% to RMB 1.11 billion in 2023, reversing a negative RMB 5.82 billion in 2022[81] - Investment income was RMB 779,010,728.82, accounting for 16.17% of total profit, mainly from Shanghai Pharmaceutical investment income and the disposal of subsidiary Wanlong Xingye Commerce (Shenzhen) Co., Ltd.[83] - Fair value change gains and losses amounted to RMB 123,566,330.46, accounting for 2.56% of total profit, primarily due to changes in the net value of securities and funds held by the company[83] - Monetary funds increased by 1.95% to RMB 14,218,343,076.67, accounting for 26.44% of total assets[85] - Accounts receivable increased by 1.48% to RMB 9,966,170,447.21, accounting for 18.53% of total assets, mainly due to an increase in receivables from provincial pharmaceutical companies[85] - Inventory decreased by 3.01% to RMB 6,442,194,823.67, accounting for 11.98% of total assets, reflecting improved inventory management efficiency[85] - Construction in progress increased by 0.62% to RMB 529,708,553.58, accounting for 0.98% of total assets, due to increased investment in ongoing projects[85] - Other current assets increased by 4.43% to RMB 2,862,076,217.20, accounting for 5.32% of total assets, mainly due to an increase in fixed deposits[85] - The company's total investment in the reporting period was RMB 4,454,516,459.62, a decrease of 66.15% compared to the same period last year[88] - Restricted assets at the end of the reporting period amounted to RMB 12,215,524,167.74, including RMB 48,618,045.43 in monetary funds for guarantees and RMB 11,536,646,559.56 in long-term equity investments restricted from transfer[87] - The company invested RMB 273.55 million in the construction of the Yunnan Baiyao Shanghai International Center, with a cumulative investment of RMB 567.43 million, achieving 50.89% progress[90] - The Yunnan Baiyao R&D Platform - Kunming Center project received an investment of RMB 66.90 million, with a cumulative investment of RMB 87.20 million, achieving 11.04% progress[90] - The company's investment in Jacobson Pharmaceutical (HK.02633) resulted in a fair value loss of RMB 48.37 million, with a year-end book value of RMB 115.99 million[91] - The investment in China Antibody (HK.03681) yielded a fair value gain of RMB 9.54 million, with a year-end book value of RMB 72.55 million[91] - The company received 50.90 million shares of Jianbei Miaomiao (HK.02161) as a special dividend from Jacobson Pharmaceutical, valued at RMB 54.43 million[92] - The investment in Xiaomi Group (HK.01810) had a year-end book value of RMB 1.22 billion, with a fair value gain of RMB 157.68 million during the reporting period[92] - The total investment in securities amounted to RMB 4.74 billion, with a year-end book value of RMB 2.52 billion and a total realized gain of RMB 188.65 million[92] - Yunnan Pharmaceutical Co., Ltd., a subsidiary, reported revenue of RMB 24.49 billion and a net profit of RMB 412.99 million[97] - Yunnan Baiyao Group Health Products Co., Ltd., another subsidiary, achieved revenue of RMB 6.42 billion and a net profit of RMB 2.02 billion[97] - Total compensation for key executives in 2023 amounted to 3,909.45 million RMB[147] Dividend and Share Capital - The company's total share capital at the end of 2023 was 1,796,862,549 shares, with 12,599,946 shares repurchased, resulting in a base of 1,784,262,603 shares for dividend distribution[3] - The proposed cash dividend is RMB 20.77 per 10 shares (tax included), with no bonus shares or capital reserve transfers[3] - Total share capital as of the last trading day before disclosure was 1.80 billion shares[14] - Yunnan Baiyao has accumulated cash dividends exceeding 20.7 billion yuan by the end of 2022[24] - Cumulative cash dividends exceed RMB 20.7 billion since listing[110] - Cash dividend distribution for 2022: RMB 2,712,079,156.56, with RMB 15.20 per 10 shares[161] - Cash dividend distribution for 2023: RMB 3,705,913,426.43, with RMB 20.77 per 10 shares[163] - Total shares for dividend distribution in 2023: 1,784,262,603 shares[163] - Stock option incentive plan adjustments in 2022: 15,760,108 options adjusted from 11,257,220, with exercise price reduced from RMB 74.05 to RMB 51.75[165] - Number of stock options canceled in 2022: 947,054 due to unmet exercise conditions[165] - Total stock options remaining after cancellations: 6,772,080 for initial grants and 840,000 for reserved grants[165] - Number of employees eligible for stock options after adjustments: 653, down from 671[165] - The company canceled 6,252,954 stock options exercised and 947,054 unexercised stock options from the first exercisable period of the 2020 stock option incentive plan[166] - Due to unmet performance targets in 2021, the company canceled 7,086,240 stock options from the second exercisable period and 840,000 stock options from the first exercisable period of the reserved portion of the 2020 stock option incentive plan[166] - The company canceled 314,160 stock options from 18 former employees who were no longer eligible for the 2020 stock option incentive plan[166] - In total, the company canceled 9,187,454 stock options related to the 2020 stock option incentive plan as of September 7, 2022[166] - The company canceled 6,772,080 stock options from the third exercisable period and 840,000 stock options from the second exercisable period of the reserved portion of the 2020 stock option incentive plan due to unmet 2022 performance targets[167] - The company completed the cancellation of 7,612,080 stock options on September 7, 2023, effectively terminating the 2020 stock option incentive plan[167] - The 2021 employee stock ownership plan was terminated early after all 23,379,996 shares were sold by May 26, 2023[170] - The employee stock ownership plan covered 1,312 employees, including directors, supervisors, and senior management, holding 23,379,996 shares, representing 1.30% of the company's total share capital[168] - Senior executives, including the CEO and other key officers, held no shares at the end of the reporting period, compared to initial holdings ranging from 21,690 to 520,570 shares[169][170] Business Operations and Market Share - Yunnan Baiyao's core product, Yunnan Baiyao Powder, holds a 14.5% market share in the retail market for musculoskeletal system trauma-related systemic Chinese patent medicines[25] - Yunnan Baiyao Aerosol holds a 91.0% market share in the retail market for musculoskeletal system joint and muscle pain-related topical Chinese patent medicine aerosols[25] - Yunnan Baiyao Band-Aid holds a 66.5% market share in the retail market for external hemostatic (medicated) band-aids[25] - Yunnan Baiyao Toothpaste captured a 24.60% domestic market share in 2023, maintaining its leading position in the industry[25] - The company has 567 drug approval numbers and 316 varieties, including 222 Chinese patent medicine varieties, of which 43 are exclusive varieties[25] - The company is focusing on the secondary development of traditional Chinese medicine products, including Gongxuening Capsule and Qixuekang Oral Liquid[25] - Yunnan Baiyao is developing three new Class 1.1 Chinese medicine drugs, including Quansanqi Tablet, Fuqi Guben Ointment, and Xianghuo Spray[25] - Yunnan Baiyao's pharmaceutical business focuses on hemostasis, analgesia, and anti-inflammatory products, including Yunnan Baiyao aerosol, Yunnan Baiyao plaster, and Yunnan Baiyao band-aids, while also expanding into new growth areas such as cardiovascular and children's health products[26] - The health products business, centered on toothpaste, explores new consumer scenarios in oral care and anti-hair loss products, leveraging brand infrastructure to empower marketing[26] - The traditional Chinese medicine (TCM) resources business ensures high-quality, low-cost supply of TCM raw materials while developing B2B and B2C products, including Panax notoginseng series and health foods, and promotes digitalization in TCM resource cultivation[26] - Yunnan Baiyao is transitioning from a traditional manufacturing enterprise to a global leader in comprehensive healthcare solutions, driven by innovation in biotech, AI, and big data, with a focus on platformization and digitalization[27] - The company is expanding its regional presence with strategic hubs in Kunming, Beijing, and Shanghai, focusing on TCM research, innovation incubation, and international collaboration[28] - Yunnan Baiyao is shifting from traditional internal growth to a "dual-drive" model, combining internal development with mergers, acquisitions, and patent licensing to introduce innovative products globally[29] - The company is adopting a "dual-channel" talent strategy, combining internal training with external recruitment to build a high-quality talent pool for strategic investment, R&D, and user operations[30] - Yunnan Baiyao is transforming into a smart enterprise with a digital foundation, leveraging cloud computing, big data, AI, and IoT to enhance customer experience and decision-making[31] - The company's brand value continues to grow, with Yunnan Baiyao ranking 35th in Interbrand's 2023 China Best Brands and 1st in the pharmaceutical industry[33] - The pharmaceutical business group achieved revenue of 6.481 billion yuan, a year-on-year increase of 8.16%, with a gross profit margin of 70.6%[41] - Yunnan Baiyao aerosol contributed over 1.7 billion yuan in sales revenue, a year-on-year increase of 15.27%[41] - Yunnan Baiyao plaster sales exceeded 900 million yuan, and Yunnan Baiyao capsule sales exceeded 600 million yuan[41] - The company's OTC channels cover over 400,000 stores nationwide, with a focus on 5,000 leading chain pharmacies[38] - Yunnan Baiyao toothpaste maintained the top sales share in all channels, including hypermarkets, supermarkets, and convenience stores[38] - The health products business group achieved revenue of 6.422 billion yuan, a year-on-year increase of 6.50%, with Yunnan Baiyao toothpaste maintaining a 24.60% domestic market share[44] - The health products business group's Yangyuanqing anti-hair loss product achieved a breakthrough growth with sales exceeding 300 million yuan, a year-on-year increase of 36%[44] - The health products business group's Yunnan Baiyao Tmall flagship store achieved a breakthrough with single-store sales exceeding 100 million yuan during the 2023 "Double 11" period[44] - The traditional Chinese medicine resources business group achieved external revenue of 1.71 billion yuan, a year-on-year increase of approximately 22%, with Sanqi (Panax notoginseng) external sales revenue increasing by 81%[46] - The traditional Chinese medicine resources business group effectively controlled the increase in raw material costs, with the rise in the company's raw material prices significantly lower than the industry average[46] - The pharmaceutical business group plans to deepen academic research and collaborate with various institutions to develop existing products and explore potential products for future growth[43] - The health products business group aims to become an integrated oral health, scalp care, and body care solution provider, focusing on technological innovation and new channel growth[45] - The traditional Chinese medicine resources business group will focus on building a sustainable supply chain system for Yunnan's authentic medicinal materials and developing a brand medicinal materials ecosystem[47] - The traditional Chinese medicine resources business group will enhance its natural plant extraction business, with eucalyptus oil market share further increasing and capsaicin sales quadrupling[46] - Provincial Pharmaceutical Company achieved main business revenue of 24.49 billion yuan, a year-on-year increase of 5.63%[48] - Order fulfillment rate increased by 7.4%, order response speed improved by 22%, and delivery speed increased by 19%[48] - The company launched "Same Day Delivery, Next Day Delivery, Two-Day Delivery, and Scheduled Delivery" services to enhance service efficiency[48] - The company established new business units including Health Supplements, Skincare, Medical Devices, and Tianyi Tea Products to explore new growth opportunities[49] - The company is focusing on developing functional skincare products based on natural herbal ingredients[49] - The company is committed to upgrading the tea industry and exploring tea-derived products[50] - The company increased R&D investment and established a scientific and efficient R&D management system[51] - The company is leveraging AI-assisted drug design and focusing on innovative drug development[51] - The company completed 1,791 patient enrollments for the clinical observation study of Gongxuening Capsule for uterine bleeding, with results expected by the end of 2024[53] - The clinical study for improving cardiovascular health using Qixue Kang Oral Liquid completed 70% patient enrollment, with preliminary results showing potential benefits for vascular health[54] - The clinical II study of the innovative traditional Chinese medicine Quansanqi Tablet has enrolled 237 cases, with 211 cases completed, and the clinical summary report is expected in 2025[56][57] - The clinical II study of Fuqi Guben Ointment has been completed, and the clinical III study design and preparation are underway[56][57] - Two classic traditional Chinese medicine formulations (PZ-018, PZ-019) have completed pilot-scale process and quality standard research, with plans to submit a new drug application in 2024[56][57] - The INR101 project for prostate cancer diagnosis has completed pilot-scale production and received clinical trial acceptance notice from the National Medical Products Administration in February 2024[57][58] - The INR102 project for prostate cancer treatment has completed efficacy evaluation in model animals and initiated pharmaceutical research[57][58] - The company launched its first digital

云南白药集团股份有限公司 投资者调研会议记录 时间：2024 年 2 月 26 日 地点：集团总部办公大楼 召开方式：电话会议 投资者：新华资产-陈振华、李琰、兰宏阳、张滢潭、庄嘉赟， 国盛证券-张玉 参加人员：董事会秘书-钱映辉、投资者关系管理-张昱、杨可欣 会议内容 1、请介绍一下公司药品事业部和健康品事业部的业务开展情况。 答：2023 年上半年，药品事业部继续强化业务聚焦，提升运营 效率，推动业绩增长，实现主营业务收入 38.52 亿元，同比增长 14.63%，其中白药核心系列产品保持稳健增长，其他品牌中药产品实 现亮眼放量。白药核心系列产品方面，云南白药气雾剂贡献营业收入 超 9 亿元，同比增长 18.20%；云南白药膏、云南白药胶囊收入保持 持续增长。其他品牌中药产品方面，抓住市场放量机遇，商务和 OTC ...

云南白药集团股份有限公司 投资者调研会议记录表 编号：05-2402-01 □特定对象调研 □分析师会议 □媒体采访 □业绩说明会 投资者关系活动类别 □新闻发布会 □路演活动 □现场参观 □一对一沟通 ☑其他（电话会议） 参与单位名称及人员 新华资产-陈振华、李琰、兰宏阳、张滢潭、庄嘉赟 姓名 国盛证券-张玉 时间 2024年2 月26日 地点 集团总部办公大楼 上市公司接待人员 董事会秘书-钱映辉、投资者关系管理-张昱、杨可欣 投资者关系活动主要 了解公司生产经营情况等相关问题 内容介绍 ...

云南白药集团股份有限公司 投资者调研会议记录 时间：2024 年1 月 30 日 地点：集团总部办公大楼 召开方式：电话会议 投资者：摩根士丹利-王大鹏、赵伟捷 参加人员：董事会秘书-钱映辉、项目管理-李孟珏、投资者关系 管理-杨可欣、张昱 会议内容 1、请问公司白药核心产品销售情况如何？ 答：白药核心系列产品方面，2023 年上半年，云南白药气雾剂 贡献营业收入超 9 亿元，同比增长 18.20%；云南白药膏、云南白药 胶囊收入保持持续增长。上半年，药品事业部共计开展 3 万场以上 ...

云南白药集团股份有限公司 投资者调研会议记录表 编号：04-2401-04 □特定对象调研 □分析师会议 □媒体采访 □业绩说明会 投资者关系活动类别 □新闻发布会 □路演活动 □现场参观 □一对一沟通 ☑其他（电话会议） 参与单位名称及人员 摩根士丹利-王大鹏、赵伟捷 姓名 时间 2024 年 1月 30 日 地点 集团总部办公大楼 董事会秘书-钱映辉、项目管理-李孟珏、投资者关系管理-杨可 上市公司接待人员 欣、张昱 投资者关系活动主要 了解公司生产经营情况等相关问题 内容介绍 ...

云南白药集团股份有限公司 投资者调研会议记录 时间：2024 年 1 月 24 日 地点：集团总部办公大楼 召开方式：现场调研 投资者：平安基金-周金菲、华泰证券-张云逸、高初蕾 参加人员：证券事务代表-赵雁、投资者关系管理专员-杨可欣 会议内容 1、请问公司口腔产品的销售情况如何？是否推出了新产品？ 答：在口腔护理板块，云南白药牙膏依旧保持超过牙膏行业平均 增长的态势，2023 年上半年实现市场份额 25%（数据来源：尼尔森零 售研究数据 YTD2306），继续保持行业市场份额第一。 口腔护理板块 通过线上线下“双管齐下”，抓住机遇多维度提升品牌曝光度，驱动 ...

云南白药集团股份有限公司 投资者调研会议记录表 编号：03-2401-03 ☑特定对象调研 □分析师会议 □媒体采访 □业绩说明会 投资者关系活动类别 □新闻发布会 □路演活动 ☑现场参观 □一对一沟通 □其他（电话会议） 参与单位名称及人员 平安基金-周金菲 姓名 华泰证券-张云逸、高初蕾 时间 2024年1 月24日 地点 集团总部办公大楼 上市公司接待人员 证券事务代表-赵雁、投资者关系管理专员-杨可欣 投资者关系活动主要 了解公司生产经营情况等相关问题 内容介绍 附件清单 会议记录 ...

云南白药集团股份有限公司 投资者调研会议记录 时间：2024 年 1 月 16 日 地点：集团总部办公大楼 召开方式：电话会议 投资者：阿布扎比投资局-卢舍之 参加人员：董事会秘书-钱映辉、证券事务代表-赵雁、投资者关 系管理-杨可欣 会议内容 1、请问公司交易性金融资产的处置情况？未来是否还会进行二 级市场投资？ 答：截止 2023 年 9 月末，公司交易性金融资产余额 2.87 亿元， 较年初下降 88.13%。主要原因是三季度处置了公司持有的全部小米 集团股票（股票代码：HK.01810）及部分基金投资。 ...

云南白药集团股份有限公司 投资者调研会议记录表 编号：02-2401-02 □特定对象调研 □分析师会议 □媒体采访 □业绩说明会 投资者关系活动类别 □新闻发布会 □路演活动 □现场参观 □一对一沟通 ☑其他（电话会议） 参与单位名称及人员 阿布扎比投资局-卢舍之 姓名 时间 2024年1 月16日 地点 集团总部办公大楼 董事会秘书-钱映辉、证券事务代表-赵雁、投资者关系管理- 上市公司接待人员 杨可欣 投资者关系活动主要 了解公司生产经营情况等相关问题 内容介绍 附件清单 会议记录 ...