Group 1: Investor Relations Activity - The meeting was categorized as a telephone conference [2] - Participants included representatives from Renbao Pension and Dongwu Securities [2] - The meeting took place on April 11, 2025, at the company's headquarters [2] Group 2: Purpose of the Meeting - The main objective was to understand the company's production and operational status [2] - Discussions included various related questions regarding the company's performance [2] Group 3: Attendees - Company representatives included Li Mengjue (Securities Affairs Representative), Zhang Yu, and Yang Kexin (Investor Relations Management) [2] - Investors present were Zhou Yijing and Mao Yating from Renbao Pension, and Li Qian from Dongwu Securities [2]

Group 1: Pharmaceutical Business Performance - The pharmaceutical business group achieved a main business revenue of 6.924 billion yuan in 2024, representing a year-on-year growth of 11.8% [2] - Sales revenue of the core product, Yunnan Baiyao aerosol, exceeded 2.1 billion yuan, with a growth rate of over 26% [2] - Other traditional Chinese medicine products, such as Pudilan anti-inflammatory tablets, saw significant growth, with sales nearing 200 million yuan, up over 22% [2] Group 2: Supply Chain and Customer Service Enhancements - The provincial pharmaceutical company improved its supply chain operations and customer service capabilities in response to major healthcare policy changes [3][4] - Initiatives included multi-warehouse operations and a drug management platform to enhance efficiency and integration across procurement, supply, and distribution [4] Group 3: Health Products Channel Development - The company has established a comprehensive national sales team for health products, maintaining a leading market share in Yunnan Baiyao toothpaste [5] - Continuous optimization of distribution channels has strengthened market competitiveness and laid the groundwork for new product commercialization [5] Group 4: Dividend Distribution - The company plans to distribute a cash dividend of 11.85 yuan per 10 shares, with a total cash dividend amounting to approximately 4.278 billion yuan, representing 90.09% of the net profit attributable to shareholders for 2024 [7]

Group 1: Investor Relations Activity - The meeting was categorized as a specific object survey [2] - Participants included representatives from Citic Securities and Sumitomo Mitsui Asset Management [2] - The meeting took place on April 14, 2025, at the company's headquarters [2] Group 2: Purpose of the Meeting - The main objective was to understand the company's production and operational status [2] - The meeting involved direct communication with investor relations representatives [2]

云南白药集团股份有限公司 投资者调研会议记录表 编号：15-2504-10 | 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 | 华夏基金-李炳桦、陆兵、徐漫、谢弘涵、陈悦 | | 姓名 | 东吴证券-李倩 | | 时间 | 年 月 日星期五 2025 4 11 | | 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-张昱、杨可欣 | | 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 ...

Financial Performance - In 2024, the company achieved a revenue of CNY 40.033 billion, a year-on-year increase of 2.36% [2] - The net profit attributable to shareholders reached CNY 4.749 billion, up 16.02% from CNY 4.094 billion in the previous year [2] - The net profit excluding non-recurring items was CNY 4.523 billion, a 20.18% increase from CNY 3.764 billion [2] - Operating cash flow net amount was CNY 4.297 billion, growing by 22.68% [3] - The weighted average return on equity was 11.99%, an increase of 1.48 percentage points [3] - Basic earnings per share were CNY 2.66, reflecting a growth of 16.16% [3] Business Structure and Efficiency - Industrial revenue accounted for 36.14% of total revenue, with an industrial revenue growth rate of 5.30% [3] - The industrial gross profit margin was 65.93%, up 1.69 percentage points from the previous year [3] - Sales expenses decreased by 2.26% and management expenses decreased by 1.98% compared to the previous year [4] Asset Management - As of the end of the reporting period, total assets were CNY 52.914 billion, with net assets attributable to shareholders at CNY 38.832 billion [4] - The debt-to-asset ratio stood at 26.55% [4] - Cash and cash equivalents amounted to CNY 10.888 billion [4] R&D Progress - The INR101 diagnostic nuclear medicine project received clinical approval in May 2024 and completed its I/IIa phase clinical summary report in November [5] - The INR102 injection clinical trial application was approved for prostate cancer treatment [5] Health Products Division - The health products division generated revenue of CNY 6.526 billion, a year-on-year increase of 1.6% [6] - Profit from the health products division was CNY 2.191 billion, up 8.36% [6] - Yunnan Baiyao toothpaste maintained the top market share in the domestic oral care market [7] - The Yangyuanqing hair care products achieved sales of CNY 422 million, a growth of 30.3% [7] Dividend Distribution - The company proposed a cash dividend of CNY 11.85 per 10 shares, totaling CNY 2.164 billion for the 2024 special dividend [8] - The total cash dividend for 2024 is CNY 23.98 per 10 shares, amounting to CNY 4.279 billion, which represents 90.09% of the net profit attributable to shareholders [8]

Core Insights - The overall performance of traditional Chinese medicine (TCM) companies shows a divergent trend amid intensified market competition, fluctuating raw material prices, and changing policy environments [1] - Companies are actively seeking new growth avenues for long-term development [1] Revenue Performance - Baiyunshan leads with a revenue of 749.93 billion, but experienced a slight decline of 0.69% year-on-year [3] - Yunnan Baiyao follows with a revenue of 400.33 billion, maintaining steady growth supported by diversified products [3] - Taiji Group and Kangyuan Pharmaceutical saw significant revenue declines, with Taiji's revenue dropping by 20.72% to 123.86 billion [3][4] - Taiji's flagship product, Huoxiang Zhengqi Oral Liquid, faced a 35.34% drop in sales, indicating market share erosion [3][4] Profitability Analysis - Yunnan Baiyao reported a leading net profit of 47.49 billion, up 16.02%, while Huaren Sanjiu's net profit grew by 18.05% to 33.68 billion [6] - Six out of fifteen companies experienced a decline in net profit, indicating severe profitability challenges [6] - Taiji Group's net profit plummeted by 96.76% to 0.27 billion, attributed to tax payment issues [6][7] Cost Pressures - Rising raw material prices significantly impacted profit margins, with notable increases in costs for key ingredients [8][9] - For instance, the price of natural cow bile used in Tongrentang's products surged from 650,000 to 1,650,000 per kilogram, leading to a decrease in gross margin [8] R&D and Innovation Challenges - Many TCM companies face low R&D investment and high sales expenses, limiting their growth potential [9][10] - Approximately 40% of the surveyed companies had R&D expenses below 200 million, with seven companies reporting a year-on-year decline in R&D spending [9] - Companies are increasingly relying on traditional products, hindering innovation and the introduction of competitive new products [9] Strategic Shifts - Companies are exploring new growth strategies, such as East A Ejiao's focus on men's health products and Jichuan Pharmaceutical's partnerships for business development [10][11] - Some companies are integrating AI and digital technologies into their operations to modernize and enhance product offerings [11]

Group 1 - The Shanghai Composite Index opened high and the CSI 300 Pharmaceutical and Biotechnology Index reported 7370.94 points [1] - The CSI 300 Pharmaceutical and Biotechnology Index has decreased by 1.33% in the past month, increased by 5.20% in the past three months, and decreased by 0.98% year-to-date [1] - The CSI 300 Index is categorized into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries [1] Group 2 - The top ten weights in the CSI 300 Pharmaceutical and Biotechnology Index are: Heng Rui Medicine (24.17%), WuXi AppTec (14.58%), Pian Zai Huang (6.92%), Yunnan Baiyao (5.68%), Kelun Pharmaceutical (5.11%), East China Pharmaceutical (3.63%), New Hope Liuhe (3.58%), Shanghai Raas (3.57%), Changchun High-tech (3.53%), and Fosun Pharma (3.39%) [1] - The market share of the CSI 300 Pharmaceutical and Biotechnology Index is 61.98% from the Shanghai Stock Exchange and 38.02% from the Shenzhen Stock Exchange [2] - The industry composition of the index includes: chemical drugs (42.08%), traditional Chinese medicine (20.00%), pharmaceutical and biotechnology services (19.84%), and biological drugs (18.08%) [2] Group 3 - The index samples are 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 generally fixed until the next scheduled adjustment, with temporary adjustments made when the CSI 300 Index samples are modified [2] - Special events affecting sample companies may lead to adjustments in the industry classification of the CSI 300 Industry Index [2]

召开方式：电话调研 投资者：国寿资产-赵文龙、麻锦涛、李荟、王宇美，东吴证券- 李倩 参加人员：证券事务代表-李孟珏，投资者关系管理-张昱、杨可 欣 云南白药集团股份有限公司 投资者调研会议记录 时间：2025 年 4 月 10 日 地点：集团总部办公大楼 答：公司拟以 2024 年末公司总股本 1,784,262,603 股为基数， 向全体股东每 10 股派发现金红利 11.85 元（含税），送红股 0 股（含 税），不以公积金转增股本（尚需提交股东大会审议）。同时，公司 已于 2024 年 11 月完成 2024 年特别分红利润分派，每 10 股派送 现金 12.13 元（含税）, 现金分红金额共计 2,164,310,537.44 元（含 税）。本次拟实施的现金分红与 2024 年已实施的特别分红合并计算， 以 2024 年末公司总股本 1,784,262,603 股为基数，2024 年度每 10 股累计派送现金 23.98 元（含税），累计现金红利总额合计为 4,278,661,722.00 元（含税），占 2024 年度公司归属于上市公司 股东净利润的 90.09%。 4、请介绍一下公司药品事业群未 ...

Group 1: Marketing and Sales Performance - The pharmaceutical marketing network covers all provinces, districts, counties, and townships in China, with a focus on 5,000 leading chain stores and over 400,000 retail outlets, achieving high coverage and market control, especially in East China, Hunan, Hubei, and Yunnan [2] - In 2024, Yunnan Baiyao toothpaste maintained the top market share in the domestic all-channel market [3] - During major sales events like "618" and "Double Eleven," Yunnan Baiyao's oral health brand ranked first in online oral care [4] Group 2: Product Development and Innovation - The INR101 diagnostic nuclear medicine project received clinical approval in May 2024, with promising stability and safety results reported in November [5] - The company’s subsidiary, Yunke Medical, received approval for clinical trials of INR102, a new radioactive treatment for metastatic castration-resistant prostate cancer [5] Group 3: Dividend Distribution - The company plans to distribute a cash dividend of 11.85 CNY per 10 shares based on a total share capital of 1,784,262,603 shares, with a total cash dividend amounting to 4,278,661,722.00 CNY, accounting for 90.09% of the net profit attributable to shareholders in 2024 [7]

| 投资者关系活动类别 | | | | --- | --- | --- | | | □特定对象调研 □媒体采访 | □分析师会议 □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 | 财通基金-骆莹 | | | 姓名 | 国金证券-王奔奔 | | | 时间 | 2025 年 4 月 10 日星期四 | | | 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-张昱、杨可欣 | | 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：13-2504-08 云南白药集团股份有限公司 ...