药品名称：INR102 注射液 受理号：CXHL2500121 通知书编号：2025LP01012 股票代码：000538 股票简称：云南白药 公告编号：2025-14 云南白药集团股份有限公司 关于 INR102 注射液获得药物临床试验批准的公告 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。 云南白药集团股份有限公司（以下简称"公司"）全资子公司云核医药（天 津）有限公司（以下简称"云核医药"）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：2025LP01012），经审查， 云核医药的 INR102 注射液（以下简称"本品"）临床试验申请符合药品注 册的有关要求，同意本品开展前列腺癌的临床试验。该产品基本情况如下： 一、药品基本情况 二、其他相关信息 本品为云核医药研发的化学 1 类放射性治疗类创新药，拟用于治疗已经 接受过雄激素受体通路抑制剂和紫杉烷类药物化疗的前列腺特异性膜抗原 （PSMA）阳性的转移性去势抵抗性前列腺癌（mCRPC）成人患者。本品活 性分子结构包含靶向配体、放射性同位素镥[ 177Lu]，靶向配体可特异性 ...

| 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 | 东证资管-江琦、马庆华，东方证券-赵博宇 | | 姓名 | | | 时间 | 年 月 日星期四 2025 4 3 | | 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-杨可欣、张昱，信息 | | | 披露岗-余洋 | | 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 | 1 / 1 投资者调研会议记录表 编号：07-2504-02 云南白药集团股份有限公司 ...

云南白药集团股份有限公司 投资者：东证资管-江琦、马庆华，东方证券-赵博宇 参加人员：证券事务代表-李孟珏，投资者关系管理-杨可欣、张 昱，信息披露岗-余洋 会议内容 1、请介绍一下公司 2024 年经营情况。 答：2024 年，公司克服外部环境剧烈变化带来的挑战，聚焦制 药核心，通过全产业链、全价值链、全生产要素的卓越运营，保持强 劲增长。报告期内，实现营业收入 400.33 亿元，较上年同期增长 2.36%； 实现归母净利润 47.49 亿元，较上年同期的 40.94 亿元同比增长 16.02%；扣非归母净利润 45.23 亿元，较上年同期的 37.64 亿元同比 增长 20.18%，创历史新高。 投资者调研会议记录 时间：2025 年 4 月 3 日 地点：集团总部办公大楼 召开方式：电话调研 4、请介绍一下公司的分红情况。 从成长质量来看，报告期内公司经营性现金流净额为 42.97 亿元， 较上年同期增长 22.68%；加权平均净资产收益率 11.99%，较上年同 期提升 1.48 个百分点；基本每股收益 2.66 元/股，较上年同期增长 16.16%。与此同时，公司业务结构持续优化，工业收入占营业收 ...

2024 年，公司实现营业收入 400.33 亿元，同比增长 2.36%；归母净 利润 47.49 亿元，同比增长 16.02%；扣非归母净利润 45.23 亿元， 同比增长 20.18%。Q4 单季度，公司实现营业收入 101.18 亿元，同比 增长 7.38%；归母净利润 4.23 亿元，扣非归母净利润 2.58 亿元，同 比扭亏。2024 年，公司各项提质增效举措成效显著，实现毛利率 27.90%，同比增长 1.39pct；净利率 11.91%，同比增长 1.37pct；费 用端管控良好，销售费用率为 12.19%，同比下降 0.58pct，管理费用 率为 2.59%，同比下降 0.11pct。 四大事业群经营稳健，药品事业群表现亮眼。 公司以药品、健康品、中药资源、云南省医药公司四大事业群为生产 经营核心底座。2024 年公司业绩整体实现平稳增长，主要得益于四 大事业群的稳健经营，其中药品事业群表现亮眼。 2025 年 04 月 03 日 云南白药(000538.SZ) 业绩稳健增长，药品事业群表现亮眼 事件：公司发布 2024 年年报。 SAC 执业证书编号：S1450524080002 huyq4 ...

Core Viewpoint - Yunnan Baiyao has achieved an A rating for four consecutive years in MSCI ESG ratings, positioning itself as a benchmark for ESG practices in China, with a goal of carbon neutrality across its value chain by 2050 [3][4][7]. Environmental Performance - In 2024, Yunnan Baiyao's total greenhouse gas emissions reached 78,500 tons of CO2 equivalent, with a year-on-year increase of 167.5%. The emissions density was 0.020 tons of CO2 equivalent per ten thousand yuan in revenue, also up by 166.7% [4]. - The company has implemented a carbon management manual and established two biomass gasification heating systems, which are expected to reduce CO2 emissions by 69,000 tons [4]. - Yunnan Baiyao has engaged in rural revitalization through a "company + base + farmer" model, supporting traditional Chinese medicine cultivation in poverty-stricken areas, resulting in increased income for local farmers [4]. Governance Issues - Yunnan Baiyao faced governance challenges in 2024 due to a corruption investigation involving multiple former executives, raising concerns about corporate governance and decision-making transparency [5][8]. - The investigation includes former Chairman Wang Minghui and other high-ranking officials, with implications for the company's past acquisition decisions, particularly regarding Wanlong Holdings [5][6]. Financial Performance and R&D Investment - In 2024, Yunnan Baiyao reported revenue of 40.033 billion yuan, a year-on-year increase of 2.36%, and a net profit of 4.749 billion yuan, up 16.02% [9]. - The company distributed dividends totaling 4.279 billion yuan, representing 90.09% of its net profit, while R&D investment was only 348 million yuan, accounting for just 0.87% of revenue [9][10]. - The low R&D investment has raised concerns about the company's long-term innovation capabilities, with no significant new drugs launched in the past five years [10].

Group 1: Investor Relations Activity - The meeting involved 146 participants from various securities firms and individual investors [2] - The event was held at the company's headquarters on April 1, 2025 [2] Group 2: Company Representatives - Key representatives included Chairman Zhang Wenxue, President Dong Ming, and Chief Financial Officer Ma Jia [2] - Other senior executives present were from various business units, including pharmaceuticals and health products [2] Group 3: Meeting Objectives - The primary focus was to understand the company's operational status and financial data for the 2024 annual report [2]

Core Insights - The company has significantly improved its profitability in 2024, with total revenue reaching 40.033 billion yuan, a year-on-year increase of 2.36%. The net profit attributable to shareholders was 4.749 billion yuan, up 16.02% year-on-year, and the net profit excluding non-recurring items was 4.523 billion yuan, an increase of 20.18% year-on-year. Notably, the fourth quarter saw a dramatic rise in net profit attributable to shareholders, reaching 423 million yuan, a year-on-year increase of 1523.41% [1] Profitability Enhancement - The company's gross profit margin improved to 27.9%, an increase of 5.25 percentage points year-on-year, while the net profit margin rose to 11.91%, up 12.97 percentage points year-on-year [1] Cost Control and Expense Management - The company demonstrated excellent performance in cost control and expense management, with total sales, management, and financial expenses amounting to 5.762 billion yuan, accounting for 14.39% of revenue, a decrease of 2.81 percentage points year-on-year. This improvement is attributed to ongoing cost reduction and efficiency enhancement measures [2] Asset Structure and Cash Flow - Although cash and cash equivalents decreased by 23.42% year-on-year to 10.888 billion yuan due to dividend distributions totaling 5.87 billion yuan, the operating cash flow per share increased by 23.54% to 2.41 yuan, indicating robust cash flow from operating activities [3] Main Business Revenue Composition - The revenue from self-manufactured industrial products was 14.468 billion yuan, accounting for 36.14% of total revenue, with a high gross profit margin of 65.93%. In contrast, wholesale and retail business revenue was 25.473 billion yuan, making up 63.63% of total revenue, but with a much lower gross profit margin of 6.21% [4] Regional and Industry Distribution - Domestic market revenue was 39.675 billion yuan, representing 99.10% of total revenue, with a gross profit margin of 28.08%. In comparison, international market revenue was 359 million yuan, accounting for 0.90% of total revenue, with a gross profit margin of 7.50%. This indicates a strong reliance on the domestic market, which also shows higher profitability [5] Future Development and Strategic Planning - Looking ahead, the company plans to focus on the inheritance and innovation of traditional Chinese medicine, optimize its business structure, and enhance core competitiveness. The strategy includes a "big product" approach and "secondary development" projects to improve product quality and market share, along with increased R&D investment in innovative traditional Chinese medicine and related fields [6] Summary - Overall, the company exhibited solid financial performance in 2024, with significant improvements in profitability, an increased share of industrial revenue, and effective cost control. However, accounts receivable, amounting to 9.923 billion yuan, accounted for a high proportion of profits at 208.94%, indicating a need for continued optimization in accounts receivable management to ensure efficient capital flow [7]

Investment Rating - The investment rating for Yunnan Baiyao is maintained as "Buy" [2][6]. Core Views - The company reported a revenue of 40.033 billion yuan for 2024, reflecting a year-on-year increase of 2.36%, and a net profit attributable to shareholders of 4.749 billion yuan, up 16.02% year-on-year, slightly exceeding expectations [6]. - The company is focusing on optimizing its structure and enhancing efficiency, with the industrial segment achieving a revenue of 14.468 billion yuan, a 5.30% increase year-on-year, and further increasing its share of total revenue to 36.14% [6]. - The pharmaceutical segment saw significant growth, with sales of Yunnan Baiyao aerosol products exceeding 2.1 billion yuan, a growth of over 26% year-on-year [6]. - The company is also enhancing its new business divisions, with the medical device segment achieving a revenue of 425 million yuan, a 61% increase year-on-year [6]. - The gross margin for the industrial segment improved to 65.93%, up 1.69 percentage points year-on-year, while operating cash flow increased by 22.68% year-on-year [6]. - The company plans to increase its dividend distribution, with a proposed cash dividend of 11.85 yuan per 10 shares, totaling 2.114 billion yuan, which represents 90.09% of the net profit attributable to shareholders for 2024 [6]. - The strategic plan for 2024-2028 emphasizes both internal and external growth strategies, aiming to enhance operational efficiency and explore new business opportunities [6]. Financial Summary - Revenue projections for 2025, 2026, and 2027 are 41.459 billion yuan, 43.433 billion yuan, and 45.167 billion yuan, respectively, with expected growth rates of 3.56%, 4.76%, and 3.99% [2][6]. - The net profit attributable to shareholders is projected to be 5.181 billion yuan, 5.712 billion yuan, and 6.205 billion yuan for 2025, 2026, and 2027, respectively, with growth rates of 9.09%, 10.24%, and 8.63% [2][6]. - Earnings per share (EPS) are expected to be 2.90 yuan, 3.20 yuan, and 3.48 yuan for the same years, with corresponding price-to-earnings (P/E) ratios of 19.65x, 17.83x, and 16.41x [2][6].

Core Viewpoint - Yunnan Baiyao's 2024 annual performance report shows a revenue of 40.03 billion yuan, a year-on-year increase of 2.36%, and a net profit of 4.75 billion yuan, up 16.02% year-on-year. However, the company faces challenges such as slowing core business growth, imbalanced profit structure, and lagging innovation in the new consumption era [1][3][4]. Financial Performance - In 2024, Yunnan Baiyao achieved a revenue of 40,033.3 million yuan, a 2.36% increase from 2023's 39,111.3 million yuan, and a net profit of 4,749.4 million yuan, reflecting a 16.02% increase from 4,093.8 million yuan in 2023 [2]. - The company distributed a total cash dividend of 4,279 million yuan, accounting for 90.09% of the net profit [1][4]. - The net cash flow from operating activities reached 4,297 million yuan, a 22.68% increase from 3,502.7 million yuan in 2023 [2]. Core Business Challenges - The pharmaceutical segment generated 6,924 million yuan in revenue, up 11.8%, with aerosol products exceeding 2,100 million yuan, a 26% increase. However, the core product, adhesive bandages, has stagnated in market share at 65%-67% for three consecutive years [3]. - The health products segment only saw a 1.6% increase in revenue to 6,526 million yuan, with toothpaste market share growth slowing down since 2019 [3]. - The company faces significant gaps in its product matrix, with second-tier products failing to exceed 500 million yuan in revenue and a lack of new products with market potential [3]. Dividend and R&D Strategy - Yunnan Baiyao continues its "high dividend, low R&D" strategy, with a cash dividend of 23.98 yuan per 10 shares, significantly higher than the average in the A-share pharmaceutical sector [4]. - R&D investment for 2024 was only 348 million yuan, representing 0.87% of revenue, which is considerably lower than other pharmaceutical companies [4]. AI Strategy and Future Outlook - The company is focusing on an "AI + healthcare" strategy, collaborating with Huawei Cloud to develop the "Leigong Model" for smart healthcare applications [6]. - Despite these initiatives, the effectiveness of the AI strategy remains unclear, with the "Leigong Model" still in internal testing and limited market education for digital therapies [6][7]. - The ability of Yunnan Baiyao to balance traditional strengths with innovative breakthroughs will be crucial for its future success [7].

Core Viewpoint - Yunnan Baiyao reported a revenue increase of 2.36% to 40.033 billion yuan and a net profit increase of 16.02% to 4.749 billion yuan for the year 2024, driven by its four main business segments: pharmaceuticals, health products, traditional Chinese medicine resources, and Yunnan Provincial Pharmaceutical Company [1][4]. Revenue Breakdown - Total revenue for 2024 was 40.033 billion yuan, up from 39.111 billion yuan in 2023, reflecting a growth of 2.36% [1]. - Industrial sales revenue reached 14.468 billion yuan, accounting for 36.14% of total revenue, with a year-on-year increase of 5.30% [2]. - Commercial sales revenue was 25.473 billion yuan, making up 63.63% of total revenue, with a slight increase of 0.70% [2]. - Technical services revenue surged by 144.79% to 26.298 million yuan [2]. - Other business revenues, including planting and dining services, showed varied growth, with planting sales increasing by 66.66% [2]. Pharmaceuticals Segment - The pharmaceuticals segment generated 6.924 billion yuan in revenue, a year-on-year increase of 11.8%, with ten products exceeding 100 million yuan in sales [4]. - Key products like Yunnan Baiyao aerosol spray saw sales surpassing 2.1 billion yuan, growing over 26% [4]. - Other traditional Chinese medicine products also performed well, with significant growth in sales for products like Pudilan and Xuesaitong capsules [4]. Health Products Segment - The health products segment achieved revenue of 6.526 billion yuan, up 1.6%, and profit of 2.191 billion yuan, up 8.36% [5]. - The hair care product line, particularly Yangyuanqing, saw a notable sales increase of 30.3% [5]. Traditional Chinese Medicine Resources Segment - The traditional Chinese medicine resources segment reported external revenue of 1.751 billion yuan, a year-on-year increase of approximately 3.13% [5]. - The segment maintained stable supply and pricing for strategic varieties, with procurement costs decreasing by 31 million yuan [5]. Yunnan Provincial Pharmaceutical Company - The Yunnan Provincial Pharmaceutical Company achieved a main business revenue of 24.607 billion yuan, a slight increase of 0.48% [6]. - Non-pharmaceutical business areas, including medical devices and special medical foods, saw a sales increase of 14% [6]. R&D and Future Projects - The company is focusing on innovative drug development, with 25 ongoing projects and 11 major traditional Chinese medicine varieties under secondary development [8]. - The company is also advancing its pipeline for innovative drugs, particularly in nuclear medicine [8].