R&D Center Layout - The company utilizes a central research institute to coordinate and integrate regional R&D resources across four major centers [2] - The Kunming center focuses on traditional Chinese medicine and natural drug research [2] - The Beijing center collaborates with Peking University for academic and commercial research [2] - The Shanghai center develops innovative nuclear medicine products [2][3] - The Wuxi center specializes in medical device development for chronic disease treatment [3] Nuclear Medicine R&D System - Strong R&D capabilities with a rich reserve of leading talents, leveraging Peking University's resources for drug target discovery [4] - Integrated industrial chain capabilities through collaboration with top research institutions and strategic partnerships [4] - Proactive strategic layout in nuclear medicine, addressing unmet clinical needs in oncology and immunology [4] - Financial strength to support long-term R&D investments across all stages of drug development [5] Cloud Nuclear Medicine Overview - Cloud Nuclear Medicine was established in July 2023 in Tianjin, with a construction area of over 6,000 square meters [6] - Equipped with advanced facilities for drug screening, development, and clinical sample production [6] - Received radiation safety certification in October 2024, enabling the use of radioactive isotopes for drug development [6] INR101 Nuclear Medicine Project - INR101 is a Class 1 radioactive diagnostic drug for prostate cancer, initiated in September 2022 [7] - Clinical approval obtained in May 2024, with promising stability and safety results reported in November [7][8] - Phase III clinical trials commenced in May 2025, involving over 30 top GCP institutions [8] INR102 Nuclear Medicine Project - INR102 is a targeted radioactive ligand drug for prostate cancer, utilizing Lu-177 for precise delivery [9] - First-in-human clinical trials began in October 2024, with 12 patients enrolled showing good safety and efficacy [9][10] - Clinical trial approval received in April 2025, marking a new phase in the project [10][11]

云南白药集团股份有限公司 1 / 1 投资者调研会议记录表 编号：30-2506-04 | | ☑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 | 长江证券-张楠，永赢基金-张蕊，华能贵诚-杨成，拾贝投资 | | 姓名 | 陈问，嘉富行远-张丰，人保资产-宋雅慧、张维亮，九泰基金 | | | -赵万隆 | | 时间 | 2025 年 6 月 20 日星期五 | | 地点 | 云核医药（天津）有限公司 | | | 云核医药总经理-孙亮、研发总监-孙纪云、运营副总监-罗联哲、 | | 上市公司接待人员 | 综合事务部经理-邵婷，云南白药证券事务代表-李孟珏、投资 | | | 者关系管理-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 | | | 附件清单 | 会议记录 | ...

Group 1: Financial Performance - In Q1 2025, the company achieved a revenue of 10.841 billion CNY, a year-on-year increase of 0.62% [2] - The net profit attributable to shareholders was 1.935 billion CNY, up 13.67% year-on-year [2] - The basic earnings per share reached 1.08 CNY, reflecting a 13.66% increase compared to the previous year [2] - The net cash flow from operating activities was 714 million CNY, showing a significant growth of 35.39% [2] - The weighted average return on equity was 4.86%, an increase of 0.68 percentage points year-on-year [2] - The company had a cash balance of 11.062 billion CNY and total assets of 54.253 billion CNY [2] Group 2: Pharmaceutical Business Performance - The pharmaceutical segment focused on pain management, enhancing brand recognition and product ecosystem [4] - Clinical research in areas such as diabetic foot and skeletal pain showed steady progress, expanding product application scenarios [4] - Successful marketing initiatives, including the 'Walk and Play' campaign, contributed to brand youthfulness and increased product penetration [4] - The company established an efficient operational system to enhance production and marketing effectiveness [4] Group 3: Traditional Chinese Medicine (TCM) Supply Chain Development - The company is committed to leading the TCM supply chain in Yunnan, focusing on seed industry, cultivation, processing, and branding [6] - A new company was established for TCM seed industry, providing control over genetic resources [6] - The processing platform saw a production increase of 180% for medicinal materials and 182% for health products [6] - The 'Smart Cloud Medicine' platform was launched, facilitating transactions exceeding 100 million CNY [6] - The company participated in the revision of standards for TCM products, leading in the development of processing standards [6] Group 4: Nuclear Medicine Research Progress - The INR101 diagnostic nuclear medicine project received clinical approval in May 2024, with positive stability and safety results reported [8] - The company’s subsidiary received approval for clinical trials of INR102, an innovative radioactive treatment for prostate cancer [8]

云南白药集团股份有限公司 编号：29-2506-03 投资者调研会议记录表 投资者关系活动类别 ☑特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □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 姓名 中信证券-李文涛，中金公司-朱言音，平安证券-韩盟盟、曹艳 凯，圆和资本-陈家华 时间 2025 年 6 月 19 日星期四 地点 集团总部办公大楼 上市公司接待人员 证券事务代表-李孟珏，投资者关系管理-张昱、杨可欣 投资者关系活动主要 内容介绍 了解公司生产经营情况等相关问题 附件清单 会议记录 1 / 1 ...

Core Viewpoint - The traditional medicine cooperation development exchange event was launched in Kunming, Yunnan Province, aiming to promote the creative transformation and innovative development of traditional medicine [1][2]. Group 1: Event Overview - The event took place on June 19 during the 9th China-South Asia Expo at the Chinese herbal medicine industry pavilion [2][3]. - Experts, scholars, and representatives from various associations and enterprises in the traditional medicine field gathered to discuss strategies for development [1][2]. Group 2: Key Remarks - Zhang Jie, Deputy Director of the Yunnan Provincial Department of Agriculture and Rural Affairs, emphasized the need for standardization, digitalization, and internationalization of traditional medicine to benefit people globally [2]. - Ma Zhongming, Deputy Director of the Science and Technology Department of the National Administration of Traditional Chinese Medicine, highlighted Yunnan's rich resources and the importance of improving the quality and innovation of traditional medicine [2]. Group 3: Strategic Collaborations - Strategic cooperation agreements were signed between Kunming University of Science and Technology and the Vietnam Herbal Research Institute, as well as between the Wenshan Zhuang and Miao Autonomous Prefecture Government and Yunnan Baiyao Group [4]. - An initiative for mutual recognition of international circulation standards for traditional medicinal materials was launched, focusing on information, quality safety, traceability, and customs facilitation [4].

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"）控股子公司云白药征武 科技（上海）有限公司（以下简称"征武科技"）于近日收到国家药品监督管 理局下发的《药物临床试验批准通知书》（通知书编号：2025LP01506、 2025LP01507）。经审查，征武科技的 JZ-14 胶囊（以下简称"本品"）临床 试验申请符合药品注册的有关要求，同意本品开展溃疡性结肠炎的临床试验。 本品基本情况如下： 受理号：CXHL2500319、CXHL2500320 通知书编号：2025LP01506、2025LP01507 剂型：胶囊剂 股票代码：000538 股票简称：云南白药 公告编号：2025-20 云南白药集团股份有限公司 关于 JZ-14 胶囊获得药物临床试验批准的公告 一、药品基本情况 药品名称：JZ-14 胶囊 二、其他相关信息 本品为征武科技自主研发的化学 1 类创新药，是 First-in-Class（首创新药） 的小分子免疫调节剂。JZ-14 可选择性结合特定的蛋白靶点，抑制其下游 AKT/NF-κB 等信号通路，从 ...

Group 1 - Heptagon Pharma announced the latest progress in its core patent rights protection, with the National Intellectual Property Administration maintaining the validity of its "combination molecule" patent, which involves the use of transgenic animals to produce fully human heavy chain antibodies (HCAb) [1] - The "combination molecule" patent is central to Heptagon Pharma's Harbour Mice® platform, which has established collaborations with several well-known pharmaceutical companies globally, indicating significant commercial value [1] Group 2 - Yunnan Baiyao's JZ-14 capsule, a first-in-class small molecule immunomodulator developed by its subsidiary, has received clinical trial approval, showing significant immunomodulatory and anti-proliferative activity in ulcerative colitis and various tumor models [2] - Successful clinical translation of JZ-14 could fill a gap in the immunomodulation field and expand Yunnan Baiyao's presence in chemical drug innovation [2] Group 3 - Rongchang Bio's product, Taihetai (RC18), has received orphan drug designation from the European Commission for the treatment of myasthenia gravis, which provides various policy supports including scientific advice on development plans and a ten-year market exclusivity post-approval [3] Group 4 - Merck's Clesrovimab (MK-1654) injection application is proposed for priority review by the National Medical Products Administration, aimed at preventing lower respiratory tract infections caused by RSV in newborns and infants entering or born during the RSV season [4] - Clesrovimab's long-acting protective characteristics may alter the current RSV prevention landscape, necessitating attention to its competitive differentiation from vaccines and pricing strategies [4]

Core Viewpoints - The Chinese medicine industry is expected to see a performance turning point, with significant improvements in revenue and profit growth anticipated in Q2 2025 compared to Q1 2025, and continued growth in H2 2025 [3][7] - The industry exhibits characteristics similar to the banking sector, including high cash reserves, substantial dividends, and low profit volatility, with minimal impact from overseas situations [3][7] Key Indicators Tracking - Influenza data has stabilized, reducing revenue growth pressure on companies [11] - The price index of Chinese medicinal materials has declined, which is expected to alleviate gross margin pressure [13] - Institutional holdings are low, with the proportion of fund holdings in the Chinese medicine sector dropping to 0.46% as of Q1 2025, indicating potential for increased investment interest under favorable tariff policies in the U.S. [18] - The sector's valuation is slightly above the average level since 2021, with a TTM price-to-earnings ratio of 27.78x as of June 12, 2025 [21] Investment Recommendations - Companies with stable and rapid profit growth and new consumption logic include Dong'e Ejiao and Lingrui Pharmaceutical, with a focus on Mayinglong [30] - High-barrier, large-cap state-owned enterprises with light institutional positions include Tianshili, Yunnan Baiyao, Tongrentang, and Pianzaihuang [30][6] Mid-Year Performance Outlook - The report provides a forecast for the first half of 2025, indicating expected year-on-year growth rates for various companies, with Dong'e Ejiao projected to grow by approximately 20% in Q2 2025 [34]

Investment Rating - The report gives a "Buy" rating for Yunnan Baiyao, indicating a positive outlook for the company's stock performance [8][73]. Core Insights - Yunnan Baiyao has four main business segments that are steadily growing, with a strategic focus on innovative traditional Chinese medicine and nuclear medicine [3][5]. - The company is expected to achieve significant revenue growth, with projected revenues of 417.62 billion, 435.30 billion, and 452.78 billion yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 4.32%, 4.23%, and 4.02% [6][66]. - The company has a clear research and development strategy, focusing on both traditional Chinese medicine and innovative pharmaceuticals, with multiple projects in various stages of development [5][55]. Summary by Sections Business Performance - Yunnan Baiyao has achieved a long-term stable growth in performance, with revenue reaching 400.33 billion yuan in 2024, a 2.36% increase year-on-year, and a net profit of 47.49 billion yuan, up 16.02% [18][19]. - The company has maintained a high dividend payout ratio, exceeding 90% for three consecutive years, reflecting its commitment to shareholder returns [22][24]. Business Segments - The pharmaceutical segment focuses on pain management and has seen significant growth, with revenue of 69.24 billion yuan in 2024, an 11.8% increase year-on-year [26][33]. - The health products segment, led by Yunnan Baiyao toothpaste, achieved revenue of 65.26 billion yuan in 2024, with a 1.6% increase, maintaining its market leadership [40][42]. - The traditional Chinese medicine resources segment reported a revenue of 17.51 billion yuan, growing by 3.13% [44]. - The provincial pharmaceutical company segment generated 246.07 billion yuan in revenue, a slight increase of 0.48% [49]. Research and Development - The company is actively pursuing innovation in both traditional and innovative pharmaceuticals, with numerous projects underway, including 11 major traditional Chinese medicine projects and 25 other initiatives [5][56]. - The focus on AI and digital transformation is expected to enhance operational efficiency and product development capabilities [63][64]. Financial Forecast and Valuation - The forecast for Yunnan Baiyao's revenue and net profit shows a consistent growth trajectory, with net profit expected to reach 51.33 billion, 56.30 billion, and 59.99 billion yuan for 2025, 2026, and 2027 respectively [6][66]. - The company's current price-to-earnings ratio is relatively low compared to its peers, suggesting potential for valuation recovery [8][73].

Investment Rating - The report assigns a "Buy" rating for Yunnan Baiyao, indicating a positive outlook for the company's stock performance [8][73]. Core Insights - Yunnan Baiyao is experiencing steady growth across its four main business segments: pharmaceuticals, health products, traditional Chinese medicine resources, and provincial pharmaceutical companies, while also advancing new business areas such as medical devices and health supplements [3][4][26]. - The company has a clear research and development strategy focused on innovative traditional Chinese medicine and nuclear medicine, with ongoing projects in both short-term and long-term development [5][55]. - The financial forecast predicts steady revenue growth, with expected revenues of 417.62 billion, 435.30 billion, and 452.78 billion yuan for 2025, 2026, and 2027 respectively, alongside net profits of 51.33 billion, 56.30 billion, and 59.99 billion yuan for the same years [6][66]. Summary by Sections Business Performance - Yunnan Baiyao has achieved a significant increase in revenue, reaching 400.33 billion yuan in 2024, with a year-on-year growth of 2.36% [18][19]. - The company has maintained a high dividend payout ratio, exceeding 90% for three consecutive years, reflecting its commitment to shareholder returns [22][24]. Business Segments - The pharmaceutical segment focuses on pain management and has seen a revenue increase of 11.8% in 2024, driven by core products like Yunnan Baiyao aerosol and plasters [26][33]. - The health products segment, led by Yunnan Baiyao toothpaste, has maintained its market leadership, achieving a revenue of 65.26 billion yuan in 2024, with a growth of 1.6% [40][42]. - The traditional Chinese medicine resources segment has reported a revenue of 17.51 billion yuan, with a year-on-year growth of approximately 3.13% [44]. Research and Development - The company is actively pursuing innovative drug development, with 11 major projects in secondary innovation and 25 ongoing projects in rapid drug and device development [5][56]. - Yunnan Baiyao is also focusing on AI and digital transformation to enhance its operational efficiency and product development capabilities [63][64]. Financial Projections - The projected revenue growth rates for the next three years are 4.32%, 4.23%, and 4.02%, with corresponding net profit growth rates of 8.08%, 9.68%, and 6.55% [6][66][70]. - The expected earnings per share (EPS) for 2025, 2026, and 2027 are 2.88, 3.16, and 3.36 yuan, respectively, indicating a favorable valuation compared to peers [6][66].