Core Viewpoint - Yunnan Baiyao (000538.SZ) announced the construction of a second-phase project for oral liquid products to enhance production capacity and meet the growing market demand, aligning with the company's strategic goal of developing major product lines [1] Group 1 - The total investment budget for the new project is 137.36 million yuan [1] - The project aims to support the production of strategic large varieties within the group [1] - The initiative is part of the company's strategy to create a series of major single products [1]

Core Viewpoint - Yunnan Baiyao Group Co., Ltd. aims to enhance its modern R&D system and capabilities by integrating traditional Chinese medicine with modern technology, thereby injecting strategic momentum for sustainable long-term development [1] Group 1 - The company has appointed Zhu Zhaoyun as the Traditional Chinese Medicine Strategic Scientist and Zhang Ning as the Chief Scientist to support its strategic goals [1]

Group 1 - The company announced the approval of multiple proposals during the first meeting of the 11th Board of Directors in 2026, including the construction of the second phase of the oral liquid project by its wholly-owned subsidiary, Yunnan Baiyao Group Wenshan Qihua Co., Ltd., with a total investment budget of 137.36 million yuan [1] - The company approved the organizational structure plan for 2026 and appointed Dong Ming as CEO, Qian Yinghui as Board Secretary, and Li Mengjue as Securities Affairs Representative, with a three-year term [1] - The company aims to accelerate the establishment of a modern R&D system and capabilities, integrating traditional Chinese medicine with modern technology, by appointing Zhu Zhaoyun as the Strategic Scientist for Traditional Chinese Medicine and Zhang Ning as the Chief Scientist [1] Group 2 - Li Jin retired and will no longer serve as a senior management personnel of the company [1] - Zhu Zhaoyun is an academician of the Chinese Academy of Engineering and has held positions such as Director of Yunnan Provincial Institute of Drug Research and R&D Director of Yunnan Baiyao Group [1] - Zhang Ning is a professor at Peking University and has previously served as Deputy Director of the Medical Department at Peking University and Vice President of Tianjin Medical University [1]

自愿性信息披露公告 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。 为加快构建云南白药集团股份有限公司（以下简称"公司"）现代化研 发体系及能力，统筹打好"中药"和"创新药"两张牌，推动传统中医药与 现代科技深度融合，为公司长期可持续发展注入战略动能，经公司总裁办公 会审议通过，同意聘任朱兆云女士担任中药战略科学家、张宁先生担任首席 科学家（简历详见附件）。 特此公告 股票代码：000538 股票简称：云南白药 公告编号：2026-04 云南白药集团股份有限公司 关于聘任中药战略科学家、首席科学家的 云南白药集团股份有限公司 2 / 2 附件：公司中药战略科学家、首席科学家简历 朱兆云 女，汉族，生于 1954 年 3 月，正高级工程师，中国工程院院士。 历任云南省药物研究所党委书记、所长，云南白药集团股份有限公司党委委 员、研发总监、中药研发总监。现任云南白药集团股份有限公司中药战略科 学家。 张 宁 男，汉族，生于 1970 年 11 月，北京大学教授，美国约翰·霍 普金斯大学医学院生化、细胞及分子生物学博士。历任北京大学医学部副主 任、北京大学科研部部长 ...

股票代码：000538 股票简称：云南白药 公告编号：2026-03 云南白药集团股份有限公司 第十一届董事会 2026 年第一次会议决议公告 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"）第十一届董事会 2026 年第一次会议（以下简称"会议"）于 2026 年 2 月 10 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 2026 年 2 月 5 日以书面、 邮件方式发出，应出席董事 12 名，实际出席董事 12 名（独立董事刘国恩先 生、纳超洪先生、董事李科先生以视频方式参会，独立董事曹仰锋先生以通 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。会议审议通过如下议案： 一、审议通过《关于建设文山公司口服液二期项目的议案》 为提升气血康等口服液产品的产能，满足持续增长的市场销售需求，更 好承接集团战略性大品种的生产，落实公司"打造大单品系列"的战略目标， 同意公司全资子公司云南白药集团文山七花有限责任公司建设文山公司口 服液二 ...

格隆汇2月10日｜云南白药公告，为加快构建现代化研发体系及能力，统筹打好"中药"和"创新药"两张 牌，推动传统中医药与现代科技深度融合，经公司总裁办公会审议通过，同意聘任朱兆云女士担任中药 战略科学家、张宁先生担任首席科学家。朱兆云，中国工程院院士，曾任云南省药物研究所所长、云南 白药集团股份有限公司研发总监、中药研发总监。张宁，北京大学教授，曾任北京大学医学部副主任、 天津医科大学副校长等职务。 ...

Investment Rating - The report maintains a "Buy" rating for key companies in the pharmaceutical sector, including Innovent Biologics, Efang Biologics, Tianshili, WuXi AppTec, and Mindray Medical [4][28]. Core Insights - The policy-driven upgrade of traditional Chinese medicine (TCM) industry is expected to enhance industry concentration in the medium to long term, benefiting companies with strong quality control and innovative capabilities [2][24]. - The implementation plan for high-quality development of the TCM industry aims to establish a collaborative development system by 2030, focusing on raw material supply, innovation, production quality control, and internationalization [2][23]. - The investment strategy emphasizes the importance of clinical value in the pharmaceutical sector, recommending a focus on innovative drugs and high-end medical devices [3][26]. Summary by Sections Market Review - The A-share pharmaceutical index rose by 0.14%, outperforming the CSI 300 index by 1.47 percentage points [1][16]. - The Hong Kong Hang Seng Medical Health Index fell by 1.41%, but still outperformed the Hang Seng Index by 1.65 percentage points [1][16]. Policy Insights - The Ministry of Industry and Information Technology and other departments issued a plan to enhance the TCM industry, which includes fostering leading enterprises and establishing high-standard raw material production bases [2][24]. - The plan emphasizes digitalization and sustainability, aiming to raise compliance standards and accelerate the exit of smaller companies from the market [2][25]. Company Updates - Recent clinical progress includes the NDA submission for HRS-9531 by Heng Rui Medicine and the initiation of clinical trials for various drugs by other companies [1][31][32]. - Key companies such as Yunnan Baiyao, Baiyunshan, and Taiji Group are highlighted for their strong positions in raw material supply [2][25]. Financial Forecasts - The report provides earnings per share (EPS) forecasts for key companies, with Innovent Biologics projected to have an EPS of 0.49 in 2025 and WuXi AppTec expected to reach an EPS of 5.07 in the same year [4][28]. - The pharmaceutical manufacturing industry reported a revenue decline of 1.2% year-on-year for 2025, with total revenue reaching 2,487 billion yuan [51].

Core Viewpoint - The Chinese medicine ETF (560080) has shown positive performance with most constituent stocks rising, indicating a favorable market sentiment towards the Chinese medicine sector [1][6]. Group 1: Stock Performance - Major stocks in the Chinese medicine ETF have seen significant gains, with Da Ren Tang rising over 4%, Pian Zai Huang over 3%, and Tong Ren Tang over 2% [1]. - The estimated weights and performance of key stocks include: - Yunnan Baiyao at 10.56% with a 1.47% increase - Pian Zai Huang at 9.21% with a 3.78% increase - Dong E E Jiao at 6.18% with a 0.73% increase [2]. Group 2: Technological Advancements - The launch of the first "Traditional Chinese Medicine Brain-Machine Interface" equipment marks a significant technological advancement, aimed at treating neurological disorders [3]. - This technology integrates brain-machine interface with acupuncture, showcasing innovation in the field of traditional medicine [3]. Group 3: Policy Developments - The implementation of the "Drug Administration Law Implementation Regulations" emphasizes a review system for traditional Chinese medicine based on traditional theories, human experience, and clinical data [4]. - The regulations aim to ensure the safety and traceability of traditional Chinese medicine products, which may lead to industry consolidation and growth for leading companies [4]. Group 4: Investment Opportunities - Three main investment themes in the Chinese medicine sector are identified: 1. Price governance, focusing on competitive products and companies that can leverage price reductions for volume growth [5]. 2. Consumption recovery, driven by macroeconomic improvement and an aging population, benefiting companies with strong brand and product advantages [7]. 3. State-owned enterprise reform, which may enhance performance through efficiency improvements in state-controlled companies [8]. Group 5: Market Activity - The Chinese medicine ETF (560080) has seen increased trading activity, with a transaction volume nearing 1 billion yuan and significant capital inflow over recent days [6].

Group 1 - The Chinese medicine sector increased by 1.29% on February 4, with Jichuan Pharmaceutical leading the gains [1] - The Shanghai Composite Index closed at 4102.2, up 0.85%, while the Shenzhen Component Index closed at 14156.27, up 0.21% [1] - Jichuan Pharmaceutical's stock price rose by 4.20% to 26.77, with a trading volume of 66,300 shares and a transaction value of 175 million yuan [1] Group 2 - The main capital inflow in the Chinese medicine sector was 70.6751 million yuan, while retail investors saw a net inflow of 60.3046 million yuan [2] - The stock of Pianzai Shou had a significant main capital inflow of 70.3361 million yuan, but retail investors experienced a net outflow of 64.7957 million yuan [3] - The stock of Kangmei Pharmaceutical had a main capital inflow of 35.8772 million yuan, with a net outflow of 9.4529 million yuan from retail investors [3]

Core Viewpoint - Yunnan Baiyao (000538) announced that its shareholder Xinhua Dou (002264) Industrial Group has pledged part of its shares in the company, indicating a potential shift in shareholder dynamics and liquidity concerns [1] Group 1: Shareholding and Pledge Details - Xinhua Dou and its concerted parties hold a total of 449,624,311 shares in Yunnan Baiyao [1] - The number of shares pledged this time is 6.75 million, which accounts for 1.50% of the shares held by Xinhua Dou and its concerted parties, and 0.38% of Yunnan Baiyao's total share capital [1] - The cumulative number of pledged shares now stands at 80.25 million, representing 17.85% of the shares held by Xinhua Dou and its concerted parties, and 4.50% of Yunnan Baiyao's total share capital [1]