Group 1: Investor Relations Activity - The meeting was categorized as a specific object survey [2] - Participants included representatives from Ping An Fund and Xinda Securities [2] - The meeting took place on July 9, 2025, at the company's headquarters [2] Group 2: Purpose of the Meeting - The main focus was to understand the company's production and operational status [2] - The meeting involved on-site visits to enhance investor understanding [2] Group 3: Attendees - Company representatives included Zhang Yu and Yang Kexin from investor relations management [2] - The meeting featured discussions with key investors and analysts [2]

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 growth of 13.66% [2] - The net cash flow from operating activities was 714 million CNY, showing a significant increase 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 cash and cash equivalents of 11.062 billion CNY and total assets of 54.253 billion CNY [2] Pharmaceutical Business Group - In 2024, the pharmaceutical business group reported a main business revenue of 6.924 billion CNY, a year-on-year growth of 11.8% [3] - The sales revenue of the core product, Yunnan Baiyao aerosol, exceeded 2.1 billion CNY, with a growth rate of over 26% [3] - Other significant products, such as Yunnan Baiyao plaster and capsules, also saw substantial revenue growth [4] - The sales revenue of Pudilan anti-inflammatory tablets reached nearly 200 million CNY, with a year-on-year increase of over 22% [4] Health Products Business Group - The health products business group aims to establish itself as a benchmark for new concepts in Chinese health living [5] - The group plans to enhance its oral care business while expanding into professional markets and hotel services [5] - There is a focus on increasing the scale of hair care products and expanding into skin management [5] Distribution Channels - The health products segment has a well-established national sales team, maintaining a leading market share in oral care products [6] - The company is optimizing its distribution channels, strengthening traditional offline advantages while exploring new retail formats [6] - This channel strategy significantly enhances the company's market competitiveness and supports new product commercialization [7] Dividend Distribution - For the 2024 fiscal year, the company plans to distribute a cash dividend of 11.85 CNY per 10 shares, totaling approximately 2.164 billion CNY [8] - The total cash dividend for 2024, including a special dividend, amounts to 23.98 CNY per 10 shares, totaling approximately 4.279 billion CNY, which represents 90.09% of the net profit attributable to shareholders [8]

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 growth of 13.66% [2] - The net cash flow from operating activities was 714 million CNY, an increase of 35.39% [2] - The weighted average return on equity was 4.86%, up by 0.68 percentage points year-on-year [2] - The company held cash and cash equivalents of 11.062 billion CNY, with total assets amounting to 54.253 billion CNY [2] R&D Advantages - Strong R&D capabilities with a rich reserve of leading talents, established a joint research center with Peking University [3][4] - Integrated R&D resources across multiple cities, enhancing collaboration with top research institutions [4] - Proactive strategic layout in nuclear medicine, focusing on unmet clinical needs in oncology and immunology [4] - Financial strength to support long-term R&D investments in nuclear medicine [4] Traditional Chinese Medicine (TCM) Supply Chain Development - The company is taking the lead in the TCM supply chain in Yunnan, focusing on seed industry, planting, processing, marketing, and branding [5][6] - Established a specialized company for TCM seed industry, with 4,593 acres of GAP varieties reported in 2024 [6] - Significant growth in production, with a 180% increase in fresh processing and 182% in food and health products [6] - Launched the 'Smart Cloud Medicine' platform, facilitating over 100 million CNY in transactions [6] - Participated in the revision of standards for TCM in the 2025 edition of the Chinese Pharmacopoeia [6] Pharmaceutical Business Growth - The pharmaceutical division focused on comprehensive pain management, enhancing brand recognition in the field [7][8] - Continued clinical research on core products, expanding applications in various medical scenarios [8] - Successful marketing initiatives aimed at younger demographics, leading to increased sales [8] - Established efficient online business processes to enhance operational effectiveness [8]

投资者调研会议记录表 云南白药集团股份有限公司 1 / 1 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 华夏基金-李雨阳，华鑫证券-胡博新、常新宇 时间 2025 年 7 月 8 日星期二 地点 集团总部办公大楼 上市公司接待人员 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 编号：31-2507-01 ...

Core Viewpoint - Yunnan Baiyao is advancing its innovation in the pharmaceutical sector, particularly with the recent approval of clinical trials for its JZ-14 capsule aimed at treating ulcerative colitis, marking a significant step in its research and development of innovative drugs [1][2] Group 1: Innovation and R&D - Yunnan Baiyao emphasizes innovation as the cornerstone of its high-quality development, integrating traditional Chinese medicine with modern drug development [2][6] - The company has a robust pipeline with 11 major traditional Chinese medicine projects under secondary development and 25 ongoing projects [4] - Recent clinical studies have shown promising results for products like Qixuekang Oral Liquid in improving vascular health and for Shulian Capsules in treating chronic prostatitis [4][5] Group 2: Product Development and Market Strategy - The company reported a revenue of 6.924 billion yuan from its pharmaceutical business in 2024, reflecting an 11.8% year-on-year growth, driven by its core products [3] - Yunnan Baiyao is not merely improving existing products but redefining their clinical and market value through technological innovation [5][6] - The company is actively pursuing secondary development of its existing products to enhance their clinical applications and market competitiveness [5][6] Group 3: Long-term Vision and Strategic Planning - Yunnan Baiyao is strategically positioning itself in the innovative drug market, with ongoing projects in nuclear medicine and antibody drugs [9][10] - The company has outlined a strategic plan for 2024-2028, focusing on revenue, profit, and asset growth to become a leading modern pharmaceutical group [10] - Yunnan Baiyao is enhancing its R&D capabilities through multiple research centers and collaborations, including the application of AI in drug development [11]

Group 1 - The core viewpoint of the articles highlights the performance of the CSI 300 Pharmaceutical Index, which closed at 11609.22 points, showing a decline of 2.48% over the past month, an increase of 5.29% over the past three months, and a year-to-date increase of 6.57% [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 include: Heng Rui Medicine (41.61%), Pian Zai Huang (10.46%), Yunnan Baiyao (8.71%), Kelun Pharmaceutical (6.52%), East China Pharmaceutical (6.0%), New Harmony (5.88%), Fosun Pharmaceutical (5.59%), Tong Ren Tang (4.26%), Bai Li Tian Heng (4.09%), and China Resources Sanjiu (3.63%) [1] - The market segment distribution of the CSI 300 Pharmaceutical Index shows that the Shanghai Stock Exchange accounts for 69.26% and the Shenzhen Stock Exchange accounts for 30.74% [2] - In terms of industry composition, the index sample consists of 63.81% drug formulations, 30.31% traditional Chinese medicine, and 5.88% raw materials [2] Group 3 - The index sample is adjusted every six months, with adjustments implemented on the next trading day after the second Friday of June and December each year [2] - Weight factors are adjusted in accordance with the regular sample adjustments, which occur at the same time [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]

Investment Rating - The industry is rated positively, with expectations of overall returns exceeding the CSI 300 Index by more than 5% in the next six months [65]. Core Insights - The Chinese herbal medicine market is experiencing rapid growth, driven by favorable policies across supply, payment, and demand sides, with a market transaction value of 208.5 billion yuan in 2022, a year-on-year increase of 8.8%, and projected to reach 235.7 billion yuan by 2024 [3][21]. - Yunnan province is a major supplier of Chinese medicinal materials, with a comprehensive output value of 165 billion yuan in 2023, accounting for a significant portion of the national market [3][34]. - The report highlights the establishment of the "Cloud Medicine Traceability" platform in Yunnan, which enhances the quality control of medicinal materials through a closed-loop traceability system [4][47]. Summary by Sections 1. Rapid Growth of the Chinese Herbal Medicine Market - The market is supported by comprehensive policies that enhance the vitality of the industry, including improvements in registration, quality control, and cultural promotion [20][21]. - The midstream market for finished products is approximately 800 billion yuan, with traditional Chinese medicine (TCM) products dominating [21][26]. - The number of clinical trial applications for Chinese medicine has been increasing, indicating a growing pipeline of new products [29][30]. 2. Yunnan as a Major Supplier of Medicinal Materials - Yunnan is the richest region in China for medicinal resources, with a planting area of 8.72 million acres, leading the nation [34][37]. - The province's medicinal materials industry plays a significant role in agricultural structure optimization and rural revitalization, with over 1.446 million farmers involved [34][35]. - The report notes that over 70% of the more than 5,000 types of Chinese patent medicines use Yunnan medicinal materials [51]. 3. Key "Chain Leader" Companies - Yunnan Baiyao Group is focusing on four main business segments, including pharmaceuticals and health products, with a strategic emphasis on innovative TCM and nuclear medicine [57]. - Kunming Pharmaceutical Group is concentrating on the elderly health sector, with continuous innovation and product development in the TCM space [59][61]. - Both companies are recognized as leaders in the industry, contributing significantly to the growth and development of the TCM market in China [55][58].

Group 1 - Yunnan Baiyao has experienced a decline for four consecutive trading days, with a cumulative drop of -1.33% [1] - Yunnan Baiyao Group Co., Ltd. is recognized as a leading innovative representative among the time-honored Chinese brands, established in 1902 [1] - In the first quarter of this year, E Fund's HuShen 300 Pharmaceutical ETF, one of Yunnan Baiyao's top ten shareholders, reduced its holdings [1] Group 2 - The year-to-date return for Yunnan Baiyao is 2.19%, ranking 1717 out of 3321 in its category [1][2] - The performance over the past week shows a decline of -0.22%, while the monthly performance is down -1.26% [2] - The fund manager of E Fund's HuShen 300 Pharmaceutical ETF is Yu Haiyan, who has extensive experience in the investment field [4][5]

Summary of Yunnan Baiyao Conference Call Company Overview - **Company**: Yunnan Baiyao - **Industry**: Pharmaceutical and Healthcare Key Financial Performance - **2024 Revenue**: Exceeded 40 billion CNY, a year-on-year increase of 2.36% [2] - **2024 Net Profit**: 4.749 billion CNY, a year-on-year increase of 16% [2] - **2024 Non-recurring Net Profit**: Increased by 20.18% [2] - **Q1 2025 Revenue**: 10.841 billion CNY, a year-on-year increase of 0.62% [2] - **Q1 2025 Net Profit**: Increased by 13.67% [2] - **Q1 2025 Non-recurring Net Profit**: Increased by 11.65% [2] Business Segment Performance - **Pharmaceutical Division**: Revenue of 6.924 billion CNY in 2024, up 11.8%, with aerosol sales exceeding 2.1 billion CNY, a growth of 26% [2][10] - **Health Products Division**: Revenue of 6.526 billion CNY, up 1.6%, maintaining a leading position in oral care and hair loss prevention [2][10] - **Traditional Chinese Medicine Resources**: Revenue of 1.751 billion CNY, up 3.13%, with a cost reduction of 30 million CNY [2][10] - **Medical Devices and Health Supplements**: Revenue growth of 61% and 101% respectively [2][11] Research and Development - **Current Projects**: Four transdermal patch products under development, with four patents obtained [2][12] - **Innovative Drug Development**: Focus on nuclear medicine, with INR101 (prostate cancer diagnosis) and INR102 (prostate cancer treatment) progressing through clinical trials [2][13] Future Projections - **Revenue Forecast (2025-2027)**: Expected to be 41.7 billion, 43.5 billion, and 45.2 billion CNY, with a growth rate of approximately 4% [4][8] - **Net Profit Forecast**: Expected to be 5.1 billion, 5.6 billion, and 6.0 billion CNY, with growth rates of 8%, 9.6%, and 6% respectively [4][8] - **Earnings Per Share (EPS)**: Projected at 2.8 CNY, 3.16 CNY, and 3.36 CNY for the respective years [8] Shareholder Returns - **Cumulative Net Profit**: 49.545 billion CNY since listing, with cumulative dividends of 28.735 billion CNY [7] - **Dividend Payout Ratio**: Average over 90% in the last three years, with a cash dividend of 4.279 billion CNY in 2024 [7] Valuation Comparison - **Valuation Relative to Peers**: Yunnan Baiyao's expected PE ratio is around 20, compared to an average of 25 for peers like Pian Zai Huang and Tong Ren Tang, indicating potential for valuation recovery [4][9][15] Strategic Insights - **Core Business Segments**: Includes pharmaceutical, health products, traditional Chinese medicine resources, and medical devices [3] - **R&D Strategy**: Short-term focus on major traditional Chinese medicine products, mid-term on transdermal patches, and long-term on nuclear medicine [5][14] Conclusion Yunnan Baiyao demonstrates steady growth across its business segments, with a strong focus on R&D and innovation. The company is well-positioned for future growth, with a favorable valuation compared to industry peers, making it an attractive investment opportunity.

股票代码：000538 股票简称：云南白药 公告编号：2025-22 云南白药集团股份有限公司 关于调整公司 2025 年度投资理财额度内产品结构的公告 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"）第十届董事会 2025 年 第三次会议（以下简称"会议"）于 2025 年 6 月 25 日以通讯表决方式召开， 会议审议通过了《关于调整公司 2025 年度投资理财额度内产品结构的议案》。 具体情况如下： 一、原投资理财额度 2024年12月27日，公司第十届董事会2024年第十二次会议审议通过了 《关于2025年利用闲置自有资金开展投资理财的议案》，为确保资金安全及 保持合理的流动性，并充分满足公司日常经营和战略投资的资金需求，同时 兼顾公司自有闲置资金收益水平，为公司和股东争取投资回报，公司对2025 年理财投资范围、额度等进行合理预计，具体如下： 1、银行的存款类产品，包括大额存单、通知存款、协定存款等。 2、各大金融机构的理财产品，包括银行及其理财子公司、券商、基金公 司等。 3、结构性存款、保本收益凭证、货 ...