Core Viewpoint - Yunnan Baiyao (000538) emphasizes its commitment to the mission of "protecting life and health" while actively exploring opportunities in the health and wellness market [1] Group 1 - The company is focused on the health and wellness market [1]

股票代码：000538 股票简称：云南白药 公告编号：2025-34 云南白药集团股份有限公司 关于持股 5％以上股东非公开发行可交换公司债券对持有 的部分公司股票办理完成担保及信托登记的公告 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"或"云南白药"）于 2025 年 9 月 23 日披露了《关于持股 5%以上股东拟非公开发行可交换公司债券及 拟对其持有的部分股票办理担保及信托登记的公告》（公告编号：2025-33）， 公司持股 5%以上股东新华都实业集团股份有限公司（以下简称"新华都"） 拟以其持有的部分公司 A 股股票为标的非公开发行可交换公司债券（以下简 称"本次可交换债券"），并已获得深圳证券交易所出具的《关于新华都实 业集团股份有限公司非公开发行可交换公司债券符合深交所挂牌条件的无 异议函》（深证函〔2025〕881 号，以下简称"《无异议函》"），发行规 模不超过 20 亿元人民币。 公司于 2025 年 9 月 29 收到新华都的书面通知，新华都本次可交换债券 拟启动发行，新华都将持有的云南白药 5 ...

Core Insights - The traditional Chinese medicine sector saw a slight increase of 0.27% on September 29, with Jilin Aodong leading the gains [1] - The Shanghai Composite Index closed at 3862.53, up 0.9%, while the Shenzhen Component Index closed at 13479.43, up 2.05% [1] Stock Performance - Jilin Aodong (000623) closed at 20.40, with a rise of 6.69% and a trading volume of 477,000 shares, amounting to a transaction value of 956 million yuan [1] - Other notable performers included: - Zhongheng Group (600252) at 2.74, up 3.40% with a volume of 793,500 shares [1] - Tailong Pharmaceutical (600222) at 6.52, up 3.00% with a volume of 226,600 shares [1] - Jinhua Co., Ltd. (600080) at 7.21, up 3.00% with a volume of 125,500 shares [1] Fund Flow Analysis - The traditional Chinese medicine sector experienced a net outflow of 244 million yuan from institutional investors, while retail investors saw a net inflow of 204 million yuan [2] - The main fund inflows and outflows for specific stocks included: - Jilin Aodong had a net inflow of 91.59 million yuan from institutional investors [3] - Yunnan Baiyao saw a net inflow of 26.21 million yuan from institutional investors [3] - Taikang Group (600129) had a net inflow of 6.25 million yuan from institutional investors [3]

万亿中药产业，一场变革正在发生，中成药集采如一块巨石砸向冰面，整个中药产业的运行规则先破后 立。 中药产业的特殊性，决定了它无法靠单一环节的优势独存，从一粒种子到一颗药是一个漫长的链条，中 药材作为全产业的"源头活水"，其供应稳定与质量可靠是前提。 然而中药材价格受气候、游资、种植周期等因素的影响剧烈，自2019年起，行业在疫情催化、政策扶持 及资本热捧下经历了一轮"非理性繁荣"，天地网综合200指数从2000余点攀升至2024年峰值的3600点， 部分品种价格涨幅超5倍。 随着产能盲目扩张，供需错配及市场投机等矛盾逐渐暴露，2024年下半年起，指数持续回落，而比短期 价格波动更深远的隐患是价格暴涨之后不可控的品质问题。 不同于国家组织的化药集采，湖北牵头的中成药集采60%的价格分之外40%的空间留给了技术分——考 验企业的医疗机构认可度、创新能力、药材品质如中药材是否符合GAP要求，以及供应保障能力等； 中药饮片集采也是一样，中药饮片联采更重视企业真实的"质量保障和成本控制能力"，道地药材、GAP 基地、中药材（产地仓）等指标甚至是集采评比中的额外加分项。 2025年国务院《政府工作报告》首次明确强调推动中 ...

云南白药——曾经一年狂赚20多亿，成就A股最离谱的副业暴富神话，可仅仅两年之后，它就从股神变 成了韭菜，一头撞在炒股的南墙上，而当它痛定思痛退出股市后，主业却陷入了另外一种困境。云南白 药为什么会变成股市炮灰？业绩瓶颈的深层原因又是什么？今天咱们就来聊聊云南白药。 ...

Core Viewpoint - The article discusses the significant divergence in stock market performance between traditional "old stocks" (represented by sectors like liquor, real estate, and coal) and "new stocks" (focused on technology sectors such as AI and semiconductors) in 2023, highlighting a shift in investor sentiment and market dynamics [2][9]. Group 1: Market Performance Overview - As of September 23, 2023, the Shanghai Composite Index has risen by 14.02%, with technology sectors like SW Communication and SW Electronics showing remarkable gains of 103% and 93% respectively, while traditional sectors like SW Coal and SW Food & Beverage have declined by 1.82% and 0.78% [2][3]. - The article notes that many traditional blue-chip stocks have underperformed, with 16 out of 21 stocks in the SW liquor sector experiencing price declines this year, including a 3.16% drop in Kweichow Moutai [5][6]. Group 2: Individual Stock Performance - Notable "new stocks" include Cambricon Technologies (688256.SH), which has seen a price increase of 105.22%, and other companies in the AI sector like NewEase (300502.SZ) and Zhongji Xuchuang (300308.SZ), with annual gains of 329% and 253% respectively [4][6]. - In contrast, several "old stocks" such as Haitian Flavoring (603288.SH) and Gree Electric (000651.SZ) have reported declines of 12.68% and 6.96% respectively, despite some of these companies showing double-digit profit growth in the first half of the year [5][6]. Group 3: Investment Philosophy and Market Sentiment - The article highlights a growing divide between "old stock" investors, who favor value investing based on stable cash flows and dividends, and "new stock" investors, who are more focused on growth potential in technology sectors [9][10]. - The current market sentiment is characterized by a trend-driven investment approach, with younger investors and quantitative funds favoring short-term trends, leading to extreme sector divergence [10].

Core Viewpoint - The market is experiencing a significant divergence between traditional "old stocks" (represented by sectors like liquor, real estate, and coal) and "new stocks" (focused on technology sectors such as AI and semiconductors), with the latter showing substantial gains while the former declines [1][3][8]. Group 1: Market Performance - As of September 23, the Shanghai Composite Index has risen by 14.02% year-to-date, with technology sectors like SW Communication and SW Electronics seeing gains of 103% and 93% respectively, while traditional sectors like SW Coal and SW Food & Beverage have declined by 1.82% and 0.78% [1][2]. - The performance of individual stocks reflects this trend, with tech stocks like Cambrian (688256.SH) doubling in price, while major liquor stocks like Kweichow Moutai (600519.SH) have seen a decline of 3.16% [3][5]. Group 2: Sector Analysis - The "new stocks" or "small stocks" have shown remarkable growth, with companies like Xinji Technology (300502.SZ) and Zhongji Xuchuang (300308.SZ) experiencing year-to-date increases of 329% and 253% respectively, driven by the AI computing wave [3][5]. - In contrast, the "old stocks" have struggled, with 16 out of 21 major liquor stocks experiencing declines, and several blue-chip stocks like Haitian Flavoring (603288.SH) and Gree Electric (000651.SZ) also showing negative performance [4][5]. Group 3: Investment Perspectives - The divide between "old stocks" and "new stocks" has sparked debates within the investment community, with traditional investors advocating for value investing based on cash flow and safety margins, while tech investors focus on growth potential and disruptive technologies [6][7]. - Current market dynamics suggest that the tech sector is seen as a trend-driven investment, supported by policies favoring AI and computing power, while traditional value investment strategies are becoming less effective, leading to extreme sector divergence [8].

（编辑 任世碧） 证券日报网讯 云南白药9月23日发布公告，在公司回答调研者提问时表示，公司坚持创新驱动发展理 念，通过"搭平台、建机制、聚人才"，坚持打好中药、创新药两张牌。一方面守正创新发展中药。做实 种质资源研发，通过自主研发和合作研发相结合模式，尽快构建"育繁推一体化"种源研发体系，开展三 七、重楼等道地药材育种研究。做强中成药创新，创新中药研发取得重要进展。另一方面差异化布局创 新药。以技术前沿、临床需求、资源禀赋为标准，主动融入国家和地方生物医药战略，布局开发更具竞 争力和市场前景的创新药。报告期内，公司持续强化创新驱动，推动成果转化，持续提升发展动力，有 序推进科学规划的短、中、长期项目。其中，公司创新药项目聚焦社会需求、科技赋能以核药发展为中 心，布局多个创新药物发展，为公司提升持续发展的动力。2025年上半年，公司针对前列腺癌的诊断核 药项目INR101已启动Ⅲ期临床试验，完成32家研究中心立项，启动其中22家，并入组60例受试者。针 对前列腺癌的治疗核药项目INR102获得临床试验通知书，Ⅰ期临床试验研究中心已启动，研究者发起 临床试验（ⅡT）完成12例患者入组及给药。治疗肿瘤恶病质的单抗 ...

（编辑 任世碧） 证券日报网讯 云南白药9月23日发布公告，在公司回答调研者提问时表示，2025年上半年，公司围绕战 略规划，克服外部环境的多重挑战，保持强劲增长。报告期内，实现营业收入212.57亿元，较上年同期 增长3.92%；实现归母净利润36.33亿元，较上年同期的31.89亿元同比增长13.93%，创同期历史新高； 扣非归母净利润34.61亿元，较上年同期的31.35亿元同比增长10.40%，创同期历史新高。从成长质量来 看，报告期内公司经营性现金流净额为39.61亿元，较上年同期增长21.45%；加权平均净资产收益率 9.09%，较上年同期提升1.16个百分点；基本每股收益2.04元/股，较上年同期增长13.97%。与此同时， 公司业务结构持续优化，工业收入占营业收入比重进一步提升至40.01%，比重较上年同期上升2.6个百 分点，工业收入增速达11.13%。公司持续保持良好的资产结构，报告期末，公司总资产545.35亿元，归 属于上市公司股东的净资产404.07亿元，资产负债率25.91%，货币资金余额112.94亿元。 ...

证券日报网讯 云南白药9月23日发布公告，在公司回答调研者提问时表示，2025年上半年，健康品事业 群实现营业收入34.42亿元，同比增长9.46%。口腔护理领域，2025年上半年云南白药牙膏稳居国内全渠 道市场份额第一（数据来源：尼尔森零售研究数据）。防脱洗护领域，报告期内养元青洗护产品实现销 售收入2.17亿元，同比增长11%。养元青在育发类特妆证和防脱育发国家发明专利证书双证加持下，在 ICIC2025AWARDS中荣获"ICIC科技创新头护产品奖"，2025年"618"期间，养元青蝉联天猫国货防脱洗 发水品牌第一名（数据来源：商指针）。 （编辑 任世碧） ...