2024 年4 月3 日 医药: 超配 证券研究报告 / 业绩点评报告 云南白药 (000538 CH, 持有, 目标价: RMB54.20) 2023 年营收稳健增长，新业务表现有待观察 目标价: RMB54.20 当前股价: RMB50.74 • 我们预测，2023A-26E 营收/ 归母净利润CAGR 为6%/9%。 股价上行/下行空间 +7% 52周最高/最低价 (RMB) 59.90/44.88 • 2023 年核心产品保持高速增长，健康品净利率承压。 市值 (US$mn) 12,611 • 维持持有评级，下调DCF 目标价至54.20 元。 当前发行数量(百万股) 1,797 三个月平均日交易額 56 2023 年业绩符合预期，分红率超90%：云南白药发布年报，2023 年，实现营收391.11 (US$mn) 流通盘占比 (%) 47 亿元，同比增长7%；实现归母净利润40.94 亿元，同比增长36%。净利润增速大幅超过 主要股东 (%) 营收增速主要原因为2022 年为低基数。其中4Q23 实现营收94.22 亿元，同比减少2%； 云南省国资委 25 实现归母净亏损0.30 亿元，同比减少10 ...

股 票 研 究 [Table_industryInfo] 医药/必需消费 [ Table_Main[云ITnaf 南bol]e 白_Ti药tle]( 000538) [评Tab级le_：Inv est] 增持 上次评级： 增持 聚焦主业收入稳增长，利润扰动逐步出清 目标价格： 63.36 上次预测： 63.36 公 ——云南白药2023 年报点评 当前价格： 50.74 司 丁丹(分析师) 唐玉青(研究助理) 2024.04.02 更 0755-23976735 021-38031031 [交Ta易bl数e_M据a rket] 新 dingdan@gtjas.com tangyuqing028689@gtjas.com 证书编号 S0880514030001 S0880123070133 52周内股价区间（元） 46.17-59.16 报 总市值（百万元） 91,173 告 本报告导读： 总股本/流通A股（百万股） 1,797/1,785 流通 B股/H股（百万股） 0/0 公司发布2023年报，业绩符合预期，核心品种白药系列药品和健康品持续高增长， 流通股比例 99% 23Q4利润扰动明显但整体扰动因素显著 ...

证券 研究报告•公司点评报告 云南白药 彭博：000538 CH 请阅读报告末尾信息披露与重要声明 星展证券 2024年 4 月1日 强于大市 业绩符合预期，积极培育新兴业务 收盘价（2024年4月1日）：RMB50.74（CSI300 : 3,595.65） 投资新要点 证券分析师 公司发布2023年年度报告。2023年实现营业收入391.1亿元， 张海涛 Phoenix Zhang 同比增长7.2%，实现归母净利润40.9亿元，同比增长36.4%。 pheonix.zhang@dbssecurities.com.cn +86 21 38562895 Q4实现营业收入94.2亿元，同比微降1.6%，实现归母净利润- 0.3亿元，主要由于Q4计提费用较多，且投资收益及公允价值 SAC 执业登记编号：S1800521070003 变动收益下降。 SFC CE Ref：BRS733 四大事业群稳健增长。报告期内，药品事业群实现营业收入 64.8亿元，同比增长8.2%。白药系列核心产品保持了较好的增 股价表现 长态势，毛利率为70.6%。健康品事业群实现营业收入64.2亿 元，同比增长6.5%，云南白药牙膏国内市场 ...

2024年4月1日 公司研究 四大事业群稳健发展，全面优化组织架构和经营质效 ——云南白药（000538.SZ）2023 年年报点评 增持（维持） 要点 当前价：50.74元 事件： 作者 公司发布 2023年年报，实现营业收入、归母净利润、扣非归母净利润分别为 分析师：黄素青 391.11/40.94/37.64亿元，同比+7.19%/36.41%/16.45%；经营性净现金流35.03 执业证书编号：S0930521080001 021-52523570 亿元，同比+9.14%；EPS（基本）2.29元。拟向公司全体股东每10股派发现金红 huangsuqing@ebscn.com 利20.77元（含税），股利支付率90.53%。业绩符合市场预期。 点评： 市场数据 多因素致23Q4业绩承压，全年四大业务板块稳健增长。23Q4实现营收、归母净利 总股本(亿股) 17.97 总市值(亿元)： 911.73 润、扣非归母净利润94.23/-0.30/-0.90亿元，同比-1.57%/-104%/ -117%，业绩下 一年最低/最高(元)： 44.88/58.32 滑主因22Q4高基数、23Q4促销活动及应付职 ...

公司研究 | 年报点评 云南白药 000538.SZ 买入 （维持） 业绩持续向好，品牌优势助力稳健发展 股价（2024年03月29日） 50.8元 目标价格 51.11元 52周最高价/最低价 58.32/44.88元 ——云南白药2023年报点评 总股本/流通A股（万股） 179,686/178,530 A股市值（百万元） 91,281 核心观点 国家/地区 中国 行业 医药生物 ⚫ 业绩符合预期，有望延续稳定增长趋势。2023年公司实现营业收入 391.1亿元，同 报告发布日期 2024年03月31日 比+7.2%，保持稳健增长；归母净利润为40.9亿元，同比+36.4%，主要来自于投资 收益、公允价值变动损益等影响。此外，交易性金融资产较年初大幅减少 93.8%。 1周 1月 3月 12月 后续随着公司经营模式转型及中医药相关支持性政策不断出台，公司有望维持稳定 绝对表现% 0.36 1.95 3.36 -3.19 增长趋势。 相对表现% 0.57 1.34 0.26 8.51 ⚫ 核心产品稳定发力，打造营收增长基本盘。分业务来看，公司四大业务持续领跑， 沪深300% -0.21 0.61 3.1 - ...

本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报 2024 年 03 月 30 日 云 南白药(000538.SZ) 证券研究报告 四大事业群均衡发展，高股息优质资产 中成药 投资评级 买入-A 事件： 首次评级 2024 年 3 月 29 日，公司发布 2023 年年度报告。2023 年公司实现 6个月目标价 62.00元 营业收入 391.11 亿元，同比增长 7.19%，实现归母净利润 40.94 亿 股价 (2024-03-29) 50.80元 元，同比增长 36.41%，实现扣非净利润 37.64 亿元，同比增长 16.45%，实现经营活动现金流净额 35.03 亿元，同比增长 9.14%。 交易数据 总市值(百万元) 91,280.62 业绩平稳增长，四大事业群均衡发展。 流通市值(百万元) 90,693.00 2023 年公司主营业务实现平稳增长，从事业群拆分来看：1）2023 总股本(百万股) 1,796.86 年公司药品事业群实现营业收入 64.81 亿元，同比增长 8.16%，其中 流通股本(百万股) 1,785.30 白药系列核心产品保持较好的增长态势，毛利率达到70.6% ...

Financial Performance - Revenue for 2023 reached 39.11 billion yuan, a 7.19% increase compared to 2022[12] - Net profit attributable to shareholders of the listed company in 2023 was 4.09 billion yuan, a 36.41% increase year-on-year[12] - Basic earnings per share (EPS) for 2023 was 2.29 yuan, a 20.53% increase compared to 2022[12] - Total assets at the end of 2023 were 53.78 billion yuan, a 0.87% increase compared to the end of 2022[12] - Net cash flow from operating activities in 2023 was 3.50 billion yuan, a 9.14% increase year-on-year[12] - Gross profit margin in Q4 2023 was 23.77%, an increase of 2.76 percentage points compared to Q4 2022[17] - Non-recurring gains and losses in 2023 totaled 330.18 million yuan, compared to a loss of 230.90 million yuan in 2022[19] - Revenue in 2023 reached 39.111 billion yuan, a year-on-year increase of 7.19%, with industrial income growing by 7.58%[40] - Net profit attributable to shareholders in 2023 was 4.094 billion yuan, a year-on-year increase of 36.41%[40] - The company's weighted average return on equity (ROE) in 2023 was 10.51%, an increase of 2.64 percentage points year-on-year[40] - The company's trading financial assets decreased significantly by 93.82% to 149 million yuan at the end of 2023[40] - Total operating revenue for the period was RMB 39,111,292,156, a year-on-year increase of 7.19%[64] - Industrial sales revenue increased by 7.58% to RMB 13,740,557,061.12, accounting for 35.13% of total revenue[64] - Commercial sales revenue grew by 6.98% to RMB 25,295,257,277.35, representing 64.68% of total revenue[64] - Overseas revenue surged by 51.25% to RMB 634,184,770.26, accounting for 1.62% of total revenue[65] - Gross profit margin for industrial products (self-made) increased by 0.77% to 64.24%[66] - Direct material costs for industrial sales rose by 6.66% to RMB 4,225,537,847, accounting for 14.70% of total operating costs[69] - Procurement costs for commercial sales increased by 7.20% to RMB 23,769,165,686.54, representing 82.69% of total operating costs[69] - Technical service revenue grew significantly by 61.93% to RMB 10,743,024.62[64] - Sales expenses increased by 19.84% year-over-year to 4,992,157,591.11 RMB due to growth in sales scale[75] - Management expenses increased by 26.95% year-over-year to 1,058,503,523.90 RMB, primarily due to a 243 million RMB increase in employee compensation[75] - Operating cash flow increased by 9.14% to RMB 3.50 billion in 2023, driven by a RMB 2.42 billion increase in cash received from sales of goods and services[80][81] - Investment cash flow turned positive at RMB 518.58 million in 2023, a significant improvement from a negative RMB 6.32 billion in 2022, mainly due to reduced investment payments[80][82] - Financing cash flow decreased by 6.76% to negative RMB 2.92 billion in 2023, primarily due to reduced borrowing and increased dividend payments[81][82] - Net cash and cash equivalents increased by 118.98% to RMB 1.11 billion in 2023, reversing a negative RMB 5.82 billion in 2022[81] - Investment income was RMB 779,010,728.82, accounting for 16.17% of total profit, mainly from Shanghai Pharmaceutical investment income and the disposal of subsidiary Wanlong Xingye Commerce (Shenzhen) Co., Ltd.[83] - Fair value change gains and losses amounted to RMB 123,566,330.46, accounting for 2.56% of total profit, primarily due to changes in the net value of securities and funds held by the company[83] - Monetary funds increased by 1.95% to RMB 14,218,343,076.67, accounting for 26.44% of total assets[85] - Accounts receivable increased by 1.48% to RMB 9,966,170,447.21, accounting for 18.53% of total assets, mainly due to an increase in receivables from provincial pharmaceutical companies[85] - Inventory decreased by 3.01% to RMB 6,442,194,823.67, accounting for 11.98% of total assets, reflecting improved inventory management efficiency[85] - Construction in progress increased by 0.62% to RMB 529,708,553.58, accounting for 0.98% of total assets, due to increased investment in ongoing projects[85] - Other current assets increased by 4.43% to RMB 2,862,076,217.20, accounting for 5.32% of total assets, mainly due to an increase in fixed deposits[85] - The company's total investment in the reporting period was RMB 4,454,516,459.62, a decrease of 66.15% compared to the same period last year[88] - Restricted assets at the end of the reporting period amounted to RMB 12,215,524,167.74, including RMB 48,618,045.43 in monetary funds for guarantees and RMB 11,536,646,559.56 in long-term equity investments restricted from transfer[87] - The company invested RMB 273.55 million in the construction of the Yunnan Baiyao Shanghai International Center, with a cumulative investment of RMB 567.43 million, achieving 50.89% progress[90] - The Yunnan Baiyao R&D Platform - Kunming Center project received an investment of RMB 66.90 million, with a cumulative investment of RMB 87.20 million, achieving 11.04% progress[90] - The company's investment in Jacobson Pharmaceutical (HK.02633) resulted in a fair value loss of RMB 48.37 million, with a year-end book value of RMB 115.99 million[91] - The investment in China Antibody (HK.03681) yielded a fair value gain of RMB 9.54 million, with a year-end book value of RMB 72.55 million[91] - The company received 50.90 million shares of Jianbei Miaomiao (HK.02161) as a special dividend from Jacobson Pharmaceutical, valued at RMB 54.43 million[92] - The investment in Xiaomi Group (HK.01810) had a year-end book value of RMB 1.22 billion, with a fair value gain of RMB 157.68 million during the reporting period[92] - The total investment in securities amounted to RMB 4.74 billion, with a year-end book value of RMB 2.52 billion and a total realized gain of RMB 188.65 million[92] - Yunnan Pharmaceutical Co., Ltd., a subsidiary, reported revenue of RMB 24.49 billion and a net profit of RMB 412.99 million[97] - Yunnan Baiyao Group Health Products Co., Ltd., another subsidiary, achieved revenue of RMB 6.42 billion and a net profit of RMB 2.02 billion[97] - Total compensation for key executives in 2023 amounted to 3,909.45 million RMB[147] Dividend and Share Capital - The company's total share capital at the end of 2023 was 1,796,862,549 shares, with 12,599,946 shares repurchased, resulting in a base of 1,784,262,603 shares for dividend distribution[3] - The proposed cash dividend is RMB 20.77 per 10 shares (tax included), with no bonus shares or capital reserve transfers[3] - Total share capital as of the last trading day before disclosure was 1.80 billion shares[14] - Yunnan Baiyao has accumulated cash dividends exceeding 20.7 billion yuan by the end of 2022[24] - Cumulative cash dividends exceed RMB 20.7 billion since listing[110] - Cash dividend distribution for 2022: RMB 2,712,079,156.56, with RMB 15.20 per 10 shares[161] - Cash dividend distribution for 2023: RMB 3,705,913,426.43, with RMB 20.77 per 10 shares[163] - Total shares for dividend distribution in 2023: 1,784,262,603 shares[163] - Stock option incentive plan adjustments in 2022: 15,760,108 options adjusted from 11,257,220, with exercise price reduced from RMB 74.05 to RMB 51.75[165] - Number of stock options canceled in 2022: 947,054 due to unmet exercise conditions[165] - Total stock options remaining after cancellations: 6,772,080 for initial grants and 840,000 for reserved grants[165] - Number of employees eligible for stock options after adjustments: 653, down from 671[165] - The company canceled 6,252,954 stock options exercised and 947,054 unexercised stock options from the first exercisable period of the 2020 stock option incentive plan[166] - Due to unmet performance targets in 2021, the company canceled 7,086,240 stock options from the second exercisable period and 840,000 stock options from the first exercisable period of the reserved portion of the 2020 stock option incentive plan[166] - The company canceled 314,160 stock options from 18 former employees who were no longer eligible for the 2020 stock option incentive plan[166] - In total, the company canceled 9,187,454 stock options related to the 2020 stock option incentive plan as of September 7, 2022[166] - The company canceled 6,772,080 stock options from the third exercisable period and 840,000 stock options from the second exercisable period of the reserved portion of the 2020 stock option incentive plan due to unmet 2022 performance targets[167] - The company completed the cancellation of 7,612,080 stock options on September 7, 2023, effectively terminating the 2020 stock option incentive plan[167] - The 2021 employee stock ownership plan was terminated early after all 23,379,996 shares were sold by May 26, 2023[170] - The employee stock ownership plan covered 1,312 employees, including directors, supervisors, and senior management, holding 23,379,996 shares, representing 1.30% of the company's total share capital[168] - Senior executives, including the CEO and other key officers, held no shares at the end of the reporting period, compared to initial holdings ranging from 21,690 to 520,570 shares[169][170] Business Operations and Market Share - Yunnan Baiyao's core product, Yunnan Baiyao Powder, holds a 14.5% market share in the retail market for musculoskeletal system trauma-related systemic Chinese patent medicines[25] - Yunnan Baiyao Aerosol holds a 91.0% market share in the retail market for musculoskeletal system joint and muscle pain-related topical Chinese patent medicine aerosols[25] - Yunnan Baiyao Band-Aid holds a 66.5% market share in the retail market for external hemostatic (medicated) band-aids[25] - Yunnan Baiyao Toothpaste captured a 24.60% domestic market share in 2023, maintaining its leading position in the industry[25] - The company has 567 drug approval numbers and 316 varieties, including 222 Chinese patent medicine varieties, of which 43 are exclusive varieties[25] - The company is focusing on the secondary development of traditional Chinese medicine products, including Gongxuening Capsule and Qixuekang Oral Liquid[25] - Yunnan Baiyao is developing three new Class 1.1 Chinese medicine drugs, including Quansanqi Tablet, Fuqi Guben Ointment, and Xianghuo Spray[25] - Yunnan Baiyao's pharmaceutical business focuses on hemostasis, analgesia, and anti-inflammatory products, including Yunnan Baiyao aerosol, Yunnan Baiyao plaster, and Yunnan Baiyao band-aids, while also expanding into new growth areas such as cardiovascular and children's health products[26] - The health products business, centered on toothpaste, explores new consumer scenarios in oral care and anti-hair loss products, leveraging brand infrastructure to empower marketing[26] - The traditional Chinese medicine (TCM) resources business ensures high-quality, low-cost supply of TCM raw materials while developing B2B and B2C products, including Panax notoginseng series and health foods, and promotes digitalization in TCM resource cultivation[26] - Yunnan Baiyao is transitioning from a traditional manufacturing enterprise to a global leader in comprehensive healthcare solutions, driven by innovation in biotech, AI, and big data, with a focus on platformization and digitalization[27] - The company is expanding its regional presence with strategic hubs in Kunming, Beijing, and Shanghai, focusing on TCM research, innovation incubation, and international collaboration[28] - Yunnan Baiyao is shifting from traditional internal growth to a "dual-drive" model, combining internal development with mergers, acquisitions, and patent licensing to introduce innovative products globally[29] - The company is adopting a "dual-channel" talent strategy, combining internal training with external recruitment to build a high-quality talent pool for strategic investment, R&D, and user operations[30] - Yunnan Baiyao is transforming into a smart enterprise with a digital foundation, leveraging cloud computing, big data, AI, and IoT to enhance customer experience and decision-making[31] - The company's brand value continues to grow, with Yunnan Baiyao ranking 35th in Interbrand's 2023 China Best Brands and 1st in the pharmaceutical industry[33] - The pharmaceutical business group achieved revenue of 6.481 billion yuan, a year-on-year increase of 8.16%, with a gross profit margin of 70.6%[41] - Yunnan Baiyao aerosol contributed over 1.7 billion yuan in sales revenue, a year-on-year increase of 15.27%[41] - Yunnan Baiyao plaster sales exceeded 900 million yuan, and Yunnan Baiyao capsule sales exceeded 600 million yuan[41] - The company's OTC channels cover over 400,000 stores nationwide, with a focus on 5,000 leading chain pharmacies[38] - Yunnan Baiyao toothpaste maintained the top sales share in all channels, including hypermarkets, supermarkets, and convenience stores[38] - The health products business group achieved revenue of 6.422 billion yuan, a year-on-year increase of 6.50%, with Yunnan Baiyao toothpaste maintaining a 24.60% domestic market share[44] - The health products business group's Yangyuanqing anti-hair loss product achieved a breakthrough growth with sales exceeding 300 million yuan, a year-on-year increase of 36%[44] - The health products business group's Yunnan Baiyao Tmall flagship store achieved a breakthrough with single-store sales exceeding 100 million yuan during the 2023 "Double 11" period[44] - The traditional Chinese medicine resources business group achieved external revenue of 1.71 billion yuan, a year-on-year increase of approximately 22%, with Sanqi (Panax notoginseng) external sales revenue increasing by 81%[46] - The traditional Chinese medicine resources business group effectively controlled the increase in raw material costs, with the rise in the company's raw material prices significantly lower than the industry average[46] - The pharmaceutical business group plans to deepen academic research and collaborate with various institutions to develop existing products and explore potential products for future growth[43] - The health products business group aims to become an integrated oral health, scalp care, and body care solution provider, focusing on technological innovation and new channel growth[45] - The traditional Chinese medicine resources business group will focus on building a sustainable supply chain system for Yunnan's authentic medicinal materials and developing a brand medicinal materials ecosystem[47] - The traditional Chinese medicine resources business group will enhance its natural plant extraction business, with eucalyptus oil market share further increasing and capsaicin sales quadrupling[46] - Provincial Pharmaceutical Company achieved main business revenue of 24.49 billion yuan, a year-on-year increase of 5.63%[48] - Order fulfillment rate increased by 7.4%, order response speed improved by 22%, and delivery speed increased by 19%[48] - The company launched "Same Day Delivery, Next Day Delivery, Two-Day Delivery, and Scheduled Delivery" services to enhance service efficiency[48] - The company established new business units including Health Supplements, Skincare, Medical Devices, and Tianyi Tea Products to explore new growth opportunities[49] - The company is focusing on developing functional skincare products based on natural herbal ingredients[49] - The company is committed to upgrading the tea industry and exploring tea-derived products[50] - The company increased R&D investment and established a scientific and efficient R&D management system[51] - The company is leveraging AI-assisted drug design and focusing on innovative drug development[51] - The company completed 1,791 patient enrollments for the clinical observation study of Gongxuening Capsule for uterine bleeding, with results expected by the end of 2024[53] - The clinical study for improving cardiovascular health using Qixue Kang Oral Liquid completed 70% patient enrollment, with preliminary results showing potential benefits for vascular health[54] - The clinical II study of the innovative traditional Chinese medicine Quansanqi Tablet has enrolled 237 cases, with 211 cases completed, and the clinical summary report is expected in 2025[56][57] - The clinical II study of Fuqi Guben Ointment has been completed, and the clinical III study design and preparation are underway[56][57] - Two classic traditional Chinese medicine formulations (PZ-018, PZ-019) have completed pilot-scale process and quality standard research, with plans to submit a new drug application in 2024[56][57] - The INR101 project for prostate cancer diagnosis has completed pilot-scale production and received clinical trial acceptance notice from the National Medical Products Administration in February 2024[57][58] - The INR102 project for prostate cancer treatment has completed efficacy evaluation in model animals and initiated pharmaceutical research[57][58] - The company launched its first digital

关于云南白药集团股份有限公司 非经营性资金占用及 其他关联资金往来情况 汇总表的专项审核报告 众环专字(2024)1600030号 ll 量 页 次 专项审核报告 汇总表 非经营性资金占用及其他关联资金往来的情况汇总表 1-2 U y 1-2 LI 宙介环스汁而車名所(些碟並通合伙) t 汉 市中北路 166 号长江产业大厦 17-18 楼 关于云南自药集团股份有限公司 非经营性资金占用及其他关联资金往来情况汇总表 的专项审核报告 众环专字(2024)1600030 号 云南白药集团股份有限公司全体股东: 表应当与已审的财务报表一并阅读。 本审核报告仅供云南白药 2023年度年报披露之目的使用,不得用作任何其他目的。 我们接受委托,在审计了云南白药集团股份有限公司（以下简称"云南白药"）2023年 12 月 31 日合并及公司的资产负债表,2023年度合并及公司的利润表、合并及公司的现金流量表和 合并及公司的股东权益变动表以及财务报表附注的基础上,对后附的《上市公司 2023 年度非经 营性资金占用及其他关联资金往来的情况汇总表》(以下简称"汇总表")进行了专项审核。按 照中国证券监督管理委员会印发的《上市公 ...

关于本报告 董事会 ESG 声明 1 目录 专题 | 党建引领 | 01 | 稳健经营 02 | | --- | --- | | | 护航高质量发展 | | 021 | 033 | | --- | --- | | 025 | 039 | | 029 | 047 | 守正创新 激发新中药活力 ESG 管理 产品质量 合规管理 研发创新 商业道德 客户服务 03 扎根山野 守护和谐生态圈 | | | | | | | 109 | 关键绩效表 | | --- | --- | | 113 | GRI 索引 | 04 聚焦人才 携手员工成长 | 079 | 保障员工权益 | | --- | --- | | 083 | 赋能人才发展 | | 089 | 增进员工福祉 | | 095 | 守护健康安全 | 053 供应链管理 071 资源利用 001 005 015 002 003 关于本报告 关于我们 董事会 ESG 声明 董事长致辞 公司概况 2023 年亮点绩效 白药印象 067 环境管理 05 责任践行 增进民生幸福感 乡村振兴 101 105 107 社区关怀 社会公益 116 法律法规与内部制度表 120 读者反 ...

云南白药集团股份有限公司 审计报告 众环审字(2024)1600081号 ■ 型 | | 页次 | | --- | --- | | 审计报告 | 1-4 | | 财务报表 | | | 合并资产负债表 | 1-2 | | 合并利润表 | 3 | | 合并现金流量表 | 4 | | 合并股东权益变动表 | ર-6 | | 资产负债表 | 7-8 | | 利润表 | ರ | | 现金流量表 | 10 | | 股东权益变动表 | 11-12 | | 财务报表附注 | 13-117 | u u al 市众环会计师事务所(特殊普通合伙 No 166 Zhonghei Road, Wuhan 43 审计报告 众环审字(2024)1600081 号 云南白药集团股份有限公司全体股东: 一、审计意见 我们审计了云南白药集团股份有限公司(以下简称"云南白药")财务报表,包括 2023年 12 月 31 日的合并及公司资产负债表,2023年度的合并及公司利润表、合并及公司现金流量表、合 并及公司股东权益变动表以及相关财务报表附注。 我们认为,后附的财务报表在所有重大方面按照企业会计准则的规定编制,公允反映了云 南自药 2023年 ...