股票代码：000538 股票简称：云南白药 公告编号：2025-26 云南白药集团股份有限公司 第十届董事会 2025 年第五次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、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"）第十届董事会 2025 年第五次会议（以下简称"会议"）于 2025 年 8 月 28 日在公司总部会议 室以现场结合通讯表决的方式召开，本次会议通知于 2025 年 8 月 18 日以 书面、邮件或传真方式发出，应出席董事 11 名，实际出席董事 11 名（独 立董事张永良先生以通讯表决方式出席会议）。本次会议的召集、召开程 序符合《中华人民共和国公司法》《公司章程》的相关规定，会议合法有 效。会议由公司董事长张文学先生主持，与会董事经充分讨论，会议审议 通过如下议案： 一、审议通过《关于 2025 年半年度报告及其摘要的议案》 具体内容详见公司同日在巨潮资讯网（网址：http://www.cninfo.com.cn） 挂网披露的《云南白药集团股份有限公司 2025 年半年度报告》及《云南白 药集团股份有限公司 2025 年半年 ...

云南白药集团股份有限公司 关于 2025 年特别分红方案的公告 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。 重要提示： 1、云南白药集团股份有限公司（以下简称"公司"）2025 年特别分红方 案每股分配比例：向全体股东每 10 股派发现金红利 10.19 元（含税）。 2、特别分红方案须提交公司 2025 年第一次临时股东大会审议，尚存 在不确定性，敬请广大投资者理性投资，注意投资风险。 3、在本公司利润分配预案披露之日起至实施权益分派股权登记日期间， 公司享有利润分配权的股份总额由于增发新股、股权激励行权、可转债转 股、股份回购等原因发生变化的，公司将按每股分配比例不变的原则，相 应调整分红总额。 股票代码：000538 股票简称：云南白药 公告编号：2025-29 根据公司 2025 年半年度报告，公司 2025 年上半年公司实现营业收入 212.57亿元，同比增长3.92%；实现归母净利润36.33亿元，同比增长13.93%， 实现扣非归母净利润 34.61 亿元，同比增长 10.40%；实现经营性净现金流 39.61 亿元，同比增长 21.45%； ...

每经AI快讯，8月29日，云南白药（000538）(000538.SZ)公告称，公司2025年上半年实现营业收入 212.57亿元，同比增长3.92%；净利润36.33亿元，同比增长13.93%。 ...

人民财讯8月29日电，云南白药（000538）8月29日晚间发布半年报，2025年上半年，公司实现营业收入 212.57亿元，同比增长3.92%；归母净利润36.33亿元，同比增长13.93%；基本每股收益2.04元；拟每10 股派发现金红利10.19元(含税)。 ...

云南白药集团股份有限公司 2025 年半年度报告全文 云南白药集团股份有限公司 2025 年半年度报告 2025 年 08 月 云南白药集团股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的 真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别 和连带的法律责任。 公司负责人董明、主管会计工作负责人马加及会计机构负责人（会计主管 人员）徐静声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本公司请投资者认真阅读本年度报告全文，并特别注意报告第三节"管理 层讨论与分析"第十部分"公司面临的风险和应对措施"，敬请投资者注意投 资风险。 公司经本次董事会审议通过的利润分配预案为：以 1,784,262,603 股为基 数，向全体股东每 10 股派发现金红利 10.19 元（含税），送红股 0 股（含税）， 不以公积金转增股本。 1 | 第一节 | 重要提示、目录和释义 | 1 | | --- | --- | --- | | 第二节 | 公司简介和主要财务指标 | ...

Market Overview - The Chinese traditional medicine sector saw a slight increase of 0.32% on August 29, with Darentang leading the gains [1] - The Shanghai Composite Index closed at 3857.93, up 0.37%, while the Shenzhen Component Index closed at 12696.15, up 0.99% [1] Top Performers - Darentang (600329) closed at 46.11, with a rise of 4.80% and a trading volume of 167,100 shares, amounting to a transaction value of 765 million [1] - Enwei Pharmaceutical (301331) increased by 2.22% to close at 35.94, with a trading volume of 15,900 shares [1] - Jianmin Group (600976) rose by 2.19% to 42.43, with a transaction value of 208 million [1] Underperformers - Qidi Pharmaceutical (000590) decreased by 3.11% to 11.84, with a trading volume of 129,400 shares and a transaction value of 155 million [2] - Tianmu Pharmaceutical (600671) fell by 2.89% to 19.81, with a transaction value of 209 million [2] - Buchang Pharmaceutical (603858) saw a decline of 2.55% to 19.51, with a trading volume of 198,400 shares [2] Capital Flow - The traditional medicine sector experienced a net outflow of 510 million from institutional investors, while retail investors saw a net inflow of 469 million [2] - The sector's overall capital flow indicates a mixed sentiment, with institutional investors pulling back while retail investors are more active [2] Individual Stock Capital Flow - Darentang had a net inflow of 77.24 million from institutional investors, but a net outflow of 59.46 million from retail investors [3] - Yunnan Baiyao (000538) saw a net inflow of 55.91 million from institutional investors, while retail investors had a net outflow of 0.83 million [3] - Zhendong Pharmaceutical (300158) experienced a net inflow of 48.61 million from institutional investors, but a significant net outflow of 79.17 million from retail investors [3]

Group 1 - The core viewpoint of the news is that the CSI 300 Pharmaceutical Index has shown significant growth, with a 10.82% increase over the past month, a 12.16% increase over the past three months, and a 23.32% increase year-to-date [1] - The CSI 300 Pharmaceutical Index is composed of listed companies in the pharmaceutical sector selected from the CSI 300 Index, reflecting the overall performance of these companies [1] - The index was established on December 31, 2004, with a base point of 1000.0 [1] Group 2 - The top ten weighted companies in the CSI 300 Pharmaceutical Index are: Heng Rui Medicine (44.62%), Pian Zai Huang (9.73%), Yunnan Baiyao (7.8%), Kelun Pharmaceutical (6.59%), East China Pharmaceutical (6.11%), New Harmony (5.67%), Fosun Pharmaceutical (5.58%), Baili Tianheng (3.99%), Tong Ren Tang (3.87%), and China Resources Sanjiu (3.11%) [1] - The market share of the CSI 300 Pharmaceutical Index holdings is 70.72% from the Shanghai Stock Exchange and 29.28% from the Shenzhen Stock Exchange [1] - The composition of the index holdings by industry shows that drug formulations account for 66.89%, traditional Chinese medicine accounts for 27.44%, and raw materials account for 5.67% [1] Group 3 - The index sample is adjusted every six months, with adjustments implemented on the next trading day following the second Friday of June and December each year [2] - Weight factors are adjusted in accordance with the sample adjustments, which occur at the same time as the regular sample adjustments [2] - In special circumstances, the index may undergo temporary adjustments, such as when a sample company is delisted or undergoes mergers, acquisitions, or splits [2]

Core Viewpoint - The A-share market experienced a significant increase on August 25, with a focus on companies in the traditional Chinese medicine (TCM) sector that have stable performance and high valuation attractiveness, as evidenced by the rebound of the Chinese Medicine ETF (560080) [1] Market Performance - The Chinese Medicine ETF (560080) rose by 0.26% on August 25, with a trading volume exceeding 150 million yuan, a 26% increase compared to the previous period, and a closing premium rate of 0.24% [1] - The ETF has seen a net inflow of over 180 million yuan for four consecutive days, indicating strong investor interest [1] - Key stocks within the ETF showed mixed performance, with New Tian Pharmaceutical rising over 6% and others like Yunnan Baiyao and Dong'e Ejiao experiencing slight increases [1][4] Valuation Metrics - The dynamic price-to-earnings (P/E) ratio of the TCM sector is at a low level since 2021, with the CSI Traditional Chinese Medicine Index TTM P/E ratio at 26.54x as of August 22, 2025 [2] Earnings Reports - As of August 23, 2025, 26 TCM companies have released their semi-annual reports, accounting for 38% of the total TCM companies, with 10 companies reporting revenue growth and 13 companies reporting positive net profit growth [5] - Upcoming reports from 43 companies are expected to provide further insights into the sector's performance [5] Industry Focus Areas - **Price Governance**: The industry is expected to see differentiation due to price governance policies, with companies that have competitive advantages likely to benefit from price-volume trade-offs [6][7] - **Consumption Recovery**: The recovery of consumption, driven by macroeconomic improvement and increased health awareness among the aging population, is anticipated to boost sales of consumer-oriented TCM products [6][8] - **State-Owned Enterprise Reform**: The TCM sector has a higher proportion of state-owned enterprises compared to the overall pharmaceutical industry, and ongoing reforms are expected to create investment opportunities through performance improvements [8] Innovation and Transformation - TCM companies are actively pursuing innovation and transformation into chemical and biological drugs to expand growth opportunities, utilizing strategies such as independent research and development, mergers and acquisitions, and strategic partnerships [9][10] - Specific companies like Zhongsheng Pharmaceutical and Tian Shi Li are focusing on innovative drug development in areas such as metabolic diseases and cardiovascular conditions, with several products in various clinical trial phases [10][11]

Group 1 - As of August 22, 2025, Yunnan Baiyao's stock price closed at 57.64 yuan, with an increase of 0.14 yuan, representing a 0.24% rise [1] - The trading volume on that day was 145,522 hands, with a total transaction amount of 8.35 billion yuan [1] - Yunnan Baiyao operates in the traditional Chinese medicine sector, with its main business covering pharmaceuticals, health products, Chinese medicine resources, and pharmaceutical commerce [1] Group 2 - The company announced that its wholly-owned subsidiary, Yunnan Baiyao Group Chinese Medicine Resources Co., Ltd., will acquire 100% equity of An Guo Shi Ju Yao Tang Pharmaceutical Co., Ltd. for 660 million yuan [1] - Ju Yao Tang is a significant player in the northern Chinese herbal medicine market, with 1,567 types of herbal pieces and 240 standard备案 varieties of formula granules [1] - This acquisition is viewed as a strategic move for Yunnan Baiyao to strengthen its herbal medicine business and expand its presence in the northern market [1] Group 3 - On August 22, Yunnan Baiyao experienced a net inflow of main funds amounting to 55.8873 million yuan, with a cumulative net inflow of 128.6628 million yuan over the past five days [1]

Core Viewpoint - Yunnan Baiyao's acquisition of 100% equity in An Guo Shi Ju Yao Tang Pharmaceutical Co., Ltd. for 660 million yuan marks a significant strategic move in the traditional Chinese medicine industry, reflecting the industry's response to national encouragement for strategic mergers and resource integration [1][9] Group 1: Acquisition Details - Yunnan Baiyao's subsidiary will invest 660 million yuan to acquire An Guo Shi Ju Yao Tang, a company recognized as a hidden champion in the northern Chinese herbal medicine market [3] - An Guo Shi Ju Yao Tang specializes in the production and sales of traditional Chinese medicine pieces and has a comprehensive product range with 1,567 types of herbal pieces and 240 registered formula granules [3] - The acquisition aims to enhance Yunnan Baiyao's presence in the herbal medicine sector, particularly in the northern market, complementing its existing strengths in southern regions [4] Group 2: Strategic Implications - The acquisition is seen as a pivotal step for Yunnan Baiyao to expand its market reach into the Beijing-Tianjin-Hebei region and other northern areas, addressing gaps in its market presence [4] - Yunnan Baiyao's recent focus on the herbal medicine supply chain, including cultivation and processing, aligns with the strategic intent behind this acquisition [4][8] - The move is part of a broader trend in the industry where leading companies are consolidating resources to create a more integrated supply chain [9] Group 3: Financial Considerations - An Guo Shi Ju Yao Tang reported a revenue of 632 million yuan and a net profit of 69.33 million yuan in 2024, with a profit margin below 10%, indicating potential financial challenges post-acquisition [6][7] - The acquisition includes performance commitments from An Guo Shi Ju Yao Tang, with projected revenues of 624 million yuan, 616 million yuan, and 666 million yuan from 2025 to 2027 [7] - An Guo Shi Ju Yao Tang's debt ratio is approximately 57%, with total liabilities of 426 million yuan, suggesting significant financial integration challenges for Yunnan Baiyao [6][7]