Group 1 - The construction of a national unified market is a significant decision made by the central government to promote high-quality development and a new development pattern [1] - Various regions and departments are implementing measures to strengthen the foundation, address shortcomings, and remove obstacles to accelerate the establishment of an efficient, fair, and open national unified market [1][3] - The reduction of market access negative lists from 151 to 106 items, representing a decrease of approximately 30%, indicates a commitment to enhancing market vitality [3] Group 2 - The participation of private capital in nuclear power projects has increased, with ownership stakes rising from 2% in 2020 to 10% and even 20% in some projects, reflecting the effective removal of market entry barriers [2] - The number of newly established foreign-invested enterprises in China increased by 10.4% year-on-year in the first five months of the year, demonstrating China's attractiveness as a destination for foreign investment [3] Group 3 - The implementation of fair competition measures has led to a 5 percentage point increase in the bidding success rate for private enterprises, with over 80% of projects under 10 million yuan awarded to private companies [4] - The establishment of the "credit loan" product under the "Xin Yi Dai" platform has enabled small and medium-sized enterprises to secure loans more easily, with approximately 5.5 million enterprises registered for financing needs through the national integrated credit service platform [6] Group 4 - The logistics efficiency has improved significantly, with innovations in regulatory models allowing for faster delivery times, such as milk reaching consumers in just 72 hours [7] - The rise of e-commerce platforms has enabled regional specialty products, like prickly pear juice, to thrive in the national market, showcasing the transformation of local products into billion-dollar industries [8] Group 5 - The commercial aerospace sector is experiencing rapid growth, with the number of supply chain partners expanding from over 100 in 2018 to more than 1,300, driven by favorable market conditions and collaborative opportunities [10] - The integration of digital platforms in supply chain management is enhancing resilience and security across various industries, allowing for equal participation from all types of enterprises [11] Group 6 - The ongoing construction of a national unified market is a complex system project that requires continuous effort to eliminate barriers to resource flow and promote innovation [12] - The commitment to reform and the implementation of various measures will further enhance resource aggregation, stimulate innovation, upgrade industries, and support high-quality economic development in China [12]

Group 1 - The core viewpoint of the articles highlights the performance of the CSI 300 Pharmaceutical Index, which closed at 11,931.35 points, showing a decline of 1.18% over the past month, an increase of 7.25% over the past three months, and a year-to-date increase of 9.53% [1][2] - 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 top ten weighted companies in the CSI 300 Pharmaceutical Index include: Heng Rui Medicine (43.14%), Pian Zai Huang (10.14%), Yunnan Baiyao (8.49%), Kelun Pharmaceutical (6.31%), East China Pharmaceutical (5.98%), New Harmony (5.69%), Fosun Pharmaceutical (5.53%), Tong Ren Tang (4.16%), Bai Li Tian Heng (3.83%), and China Resources Sanjiu (3.54%) [1] Group 2 - The market share of the CSI 300 Pharmaceutical Index is dominated by the Shanghai Stock Exchange at 69.99%, while the Shenzhen Stock Exchange accounts for 30.01% [2] - In terms of industry composition, the index is primarily made up of drug formulations at 64.78%, traditional Chinese medicine at 29.52%, and raw materials at 5.69% [2] - The index samples are adjusted semi-annually, with adjustments occurring on the next trading day after the second Friday of June and December each year, and weights are fixed until the next scheduled adjustment [2]

Group 1 - The Chinese medicine market is experiencing rapid growth, driven by favorable policies across supply, payment, and demand sides, with the market size expected to reach 2,357 billion yuan by 2024, up from 2,085 billion yuan in 2022, reflecting an 8.8% year-on-year increase [1][11] - Yunnan is the primary supplier of Chinese medicinal materials, with a comprehensive output value of 1,650 billion yuan in 2023, accounting for a significant portion of the national market [22][24] - The market for Chinese medicinal pieces is projected to grow at nearly 15%, with revenues reaching approximately 2,500 billion yuan in 2023 [13] Group 2 - The establishment of the "Yun Medicine Traceability" platform enhances the quality control of Chinese medicinal materials through a closed-loop traceability system, covering 271 production enterprises and 303 cultivation cooperatives [29] - Yunnan Province is recognized as a national base for the modernization of Chinese medicine, with numerous research and innovation platforms contributing to the development of new products, such as the successful cultivation of wild Allium macrostemon [31][33] - The provincial government continues to implement policies to support the high-quality development of the Chinese medicinal materials industry, aiming for a total industry output value of 200 billion yuan by 2027 [34] Group 3 - Yunnan Baiyao and Kunming Pharmaceutical Group are key players in the industry, with Yunnan Baiyao focusing on four main business segments, including pharmaceuticals and health products, while Kunming Pharmaceutical Group emphasizes elderly health and innovative product development [40][45] - Yunnan Baiyao is actively building an ecological system for the Chinese medicinal materials industry, promoting standardized production and enhancing the integration of various industry participants [43] - Kunming Pharmaceutical Group is restructuring its Sanqi (Panax notoginseng) industry chain, focusing on extending, supplementing, and strengthening the chain to ensure high-quality development [47]

Investment Rating - The report maintains an optimistic outlook on the pharmaceutical industry, particularly for 2025, suggesting a potential for diverse investment opportunities as the sector recovers from low valuations and public fund allocations [10]. Core Insights - The pharmaceutical sector is currently experiencing low valuations, with public funds under-allocating to this area. The report anticipates a recovery driven by macroeconomic factors and significant product launches [10]. - The report emphasizes a shift in the innovative drug sector from quantity to quality, highlighting the importance of differentiated products and international expansion for profitability [10]. - The medical device sector is seeing a rebound in bidding volumes, particularly in imaging equipment, and is expected to benefit from domestic product upgrades and international market expansion [10]. - The report identifies a growing trend in the CXO and life sciences services sector, with expectations for increased investment and a recovery in demand [10]. - The traditional Chinese medicine sector is projected to benefit from policy changes and market dynamics, with specific companies recommended for investment based on their unique product offerings and market positions [12]. Summary by Sections Market Review - The report notes a 1.80% increase in the CITIC Pharmaceutical Index, outperforming the CSI 300 Index by 0.98 percentage points, ranking 16th among 30 sectors [7]. - The top-performing stocks include Frontline Bio-U, MediWest, and Lianhuan Pharmaceutical, while the worst performers include ST Weiming and Innovent Biologics [7]. Overall Perspective and Investment Themes - The report suggests that the pharmaceutical industry is poised for growth, with a focus on innovative drugs, medical devices, and traditional Chinese medicine. Specific companies are highlighted for their potential in these areas [10][12]. - The report also discusses the implications of policy changes and market trends for the pharmaceutical and medical device sectors, indicating a favorable environment for investment [10][12]. Company-Specific Insights - Companies like Baiyi, Xinda, and Kangfang are highlighted for their innovative drug pipelines and potential for growth in the coming years [10][12]. - The report provides detailed insights into the clinical progress of various drugs across different companies, indicating a robust pipeline that could drive future revenue [13][20][24][30][35][38].

Market Review - The CITIC Pharmaceutical Index increased by 1.80%, outperforming the CSI 300 Index by 0.98 percentage points, ranking 16th among 30 CITIC first-level industry indices [5] - The top ten stocks by increase this week include Frontier Biologics-U, Medici, Lianhuan Pharmaceutical, Kangchen Pharmaceutical, and others, with Frontier Biologics-U leading at 41.43% [4][5] - The bottom ten stocks by decrease include ST Weiming, Shenzhou Cell, and Shuotai Shen, with ST Weiming dropping by 18.51% [4][5] Overall Viewpoint and Investment Themes - The current valuation of the pharmaceutical sector is at a low point, with public funds (excluding pharmaceutical funds) having low allocation to the sector. The company remains optimistic about the growth of the pharmaceutical industry by 2025, driven by macroeconomic factors and the demand from major categories [9] - In the innovative drug sector, there is a shift from quantity logic to quality logic, focusing on differentiated domestic and international pipelines. The company suggests paying more attention to products and companies that can ultimately realize profits [9] - In the medical device sector, there is a noticeable recovery in bidding volumes for imaging equipment, and the home medical device market is expected to benefit from subsidy policies. The company highlights the potential for import substitution and growth in the orthopedic sector post-collection [9] - The innovation chain (CXO + life sciences services) is expected to see a rebound in overseas investment and a bottoming out in domestic investment, with a potential return to high growth by 2025 [9] - The pharmaceutical industry is anticipated to enter a new growth cycle, with a focus on specialty raw materials and the expiration of patents leading to new growth opportunities [9] Industry and Company Events - The company highlights the innovative layout of traditional Chinese medicine enterprises, with several products in clinical II and III phases, including those targeting chronic insomnia and primary acute gouty arthritis [29][30] - Yunnan Baiyao has several drugs in various clinical stages, including those for prostate cancer and other conditions, indicating a robust pipeline [16][19] - The company emphasizes the importance of the blood products sector, which is expected to see significant growth due to relaxed approval processes and increased production capacity [14] - The innovative drug pipeline of Yiling Pharmaceutical focuses on cardiovascular, respiratory, and endocrine diseases, with multiple drugs in clinical trials [20][21]

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]