（编辑 任世碧） 证券日报网讯 云南白药9月23日发布公告，在公司回答调研者提问时表示，2025年上半年，中药资源事 业群实现对外收入9.14亿元，同口径下同比增长约6.3%。中药资源事业群深刻践行公司"链主"企业责 任，以"高起点发展种业、高标准发展种植、高能级发展加工、高层次发展市场、高站位打造品牌"为核 心发展目标，全面推行"统一种植规划、统一种源研发供应、统一种植标准、统一产地加工、统一收购 销售、统一管理"的"六统一"运营模式，着力构建中药材产业集群，带动产业链上下游协同发展，成立 了云药企业联盟、数智云药平台检测联盟，成功探索并形成具有云南特色的"一品一链"中药材产业发展 路径。 ...

Core Viewpoint - Yunnan Baiyao reported a significant increase in its pharmaceutical business revenue for the first half of 2025, indicating strong growth in its core product lines and other traditional Chinese medicine products [1] Group 1: Financial Performance - The pharmaceutical business group achieved a revenue of 4.751 billion yuan, representing a year-on-year growth of 10.8% [1] - Sales revenue from the core product, Yunnan Baiyao aerosol, exceeded 1.453 billion yuan, with a substantial year-on-year increase of over 20.9% [1] - Other core products such as Yunnan Baiyao plaster, capsules, band-aids, and powder also showed significant revenue growth compared to the same period last year [1] Group 2: Product Performance - Revenue from other traditional Chinese medicine products was impressive, with Shenling Baizhu Powder exceeding 100 million yuan and Pudilan Anti-inflammatory Tablets nearing 100 million yuan [1] - The sales of Xuesaitong dispersible tablets experienced notable growth [1] - Plant-based health products, particularly Qixue Kang oral liquid, achieved sales revenue of 202 million yuan, reflecting a year-on-year growth of approximately 116.2% [1]

证券日报网讯云南白药9月23日发布公告，在公司回答调研者提问时表示，2025年上半年，省医药公司 多措并举，稳固了营收基本盘，实现主营业务收入121.64亿元，净利润3.51亿元，同比增长17.75%。产 品层面，医疗器械、药妆、特医食品等非药业务拓展初见成效，销售同比增长10.6%；院边店模式下积 极承接院内处方外流的新特药专业药房业务增长显著，销售同比增长57%。 （文章来源：证券日报） ...

Core Viewpoint - Yunnan Baiyao has demonstrated strong performance in the first half of 2025, achieving significant revenue and profit growth while optimizing its business structure [2] Group 1: Financial Performance - In the first half of 2025, Yunnan Baiyao reported operating revenue of 21.257 billion, a year-on-year increase of 3.92% [2] - The net profit attributable to shareholders reached 3.633 billion, up 13.93%, marking a historical high for the same period [2] - The net cash flow from operating activities was 3.961 billion, reflecting a growth of 21.45% compared to the previous year [2] - The total assets amounted to 54.535 billion, with a net asset value of 40.407 billion and a debt-to-asset ratio of 25.91% [2] Group 2: Product Sales Highlights - The pharmaceutical segment generated 4.751 billion in revenue, a 10.8% increase year-on-year, with core products like Yunnan Baiyao aerosol sales exceeding 1.453 billion, growing over 20.9% [3] - The health products segment achieved revenue of 3.442 billion, a 9.46% increase, with Yunnan Baiyao toothpaste maintaining the top market share in China [3] - The Chinese medicine resources segment reported external revenue of 914 million, a year-on-year growth of approximately 6.3% [3] - The provincial pharmaceutical company saw revenue of 12.164 billion, with a net profit of 351 million, reflecting a 17.75% increase [3] Group 3: Innovation and Development - Yunnan Baiyao is committed to innovation, developing a comprehensive research system for traditional Chinese medicine and making significant progress in innovative drug development [4] - In the first half of 2025, several innovative drug projects advanced, including the initiation of phase III clinical trials for prostate cancer diagnostic nuclear drug project INR101 [4] - The company is integrating AI and cutting-edge technology into its research, with results published in professional journals [4]

（记者 王晓波） 每经头条（nbdtoutiao）——报价太低遭严防，投标企业还得"解释清楚"，一场国家组织的大型采购， 为何引发全行业关注 每经AI快讯，云南白药发布公告称，2025年9月19日星期五，云南白药接受深圳市财沣投资有限公司等 投资者调研，公司董事会秘书钱映辉、证券事务代表李孟珏、投资者关系管理张昱参与接待，并回答了 投资者提出的问题。 ...

Financial Performance - In the first half of 2025, the company achieved a revenue of CNY 21.257 billion, a year-on-year increase of 3.92% [2] - The net profit attributable to shareholders reached CNY 3.633 billion, up 13.93% from CNY 3.189 billion in the same period last year, marking a historical high [2] - The net profit excluding non-recurring items was CNY 3.461 billion, a 10.40% increase compared to CNY 3.135 billion last year, also a historical high [2] - Operating cash flow net amount was CNY 3.961 billion, growing by 21.45% year-on-year [2] - The weighted average return on net assets was 9.09%, an increase of 1.16 percentage points year-on-year [3] - Basic earnings per share were CNY 2.04, reflecting a growth of 13.97% [3] Business Segment Performance Pharmaceutical Business - The pharmaceutical segment generated CNY 4.751 billion in revenue, a year-on-year increase of 10.8% [4] - Sales of the core product, Yunnan Baiyao aerosol, exceeded CNY 1.453 billion, with a significant growth of over 20.9% [4] - Other traditional Chinese medicine products also saw notable growth, with sales of various products increasing significantly [4] Health Products - The health products segment reported revenue of CNY 3.442 billion, a year-on-year increase of 9.46% [4] - Yunnan Baiyao toothpaste maintained the top market share in the domestic market [5] - The Yangyuanqing hair care products achieved sales of CNY 0.217 billion, growing by 11% [5] Traditional Chinese Medicine Resources - The traditional Chinese medicine resources segment generated CNY 0.914 billion in revenue, a year-on-year increase of approximately 6.3% [6] Provincial Pharmaceutical Company - The provincial pharmaceutical company achieved a revenue of CNY 12.164 billion, with a net profit of CNY 0.351 billion, reflecting a year-on-year growth of 17.75% [7] R&D and Innovation - The company emphasizes innovation-driven development, focusing on both traditional Chinese medicine and innovative drugs [8] - Significant progress was made in the research and development of traditional Chinese medicine and innovative drugs [8] - The innovative drug project for prostate cancer, INR101, has entered phase III clinical trials, with 60 subjects enrolled [9] - The treatment project for prostate cancer, INR102, has received clinical trial notification and has initiated phase I trials [9] - Research results in AI and cutting-edge technology have been published in reputable journals [9]

Group 1: Investor Relations Activity - The meeting was categorized as an analyst meeting, with a focus on understanding the company's production and operational status [2] - Participants included representatives from various investment management companies, indicating a diverse interest in the company's performance [2] Group 2: Meeting Details - The meeting took place on September 19, 2025, at the company's headquarters [2] - Key personnel from the company included the board secretary and representatives from investor relations, highlighting the importance of the event [2] Group 3: Purpose of the Meeting - The primary objective was to gather insights into the company's operational conditions and address related inquiries from investors [2]

Core Viewpoint - The recent surge in A-share market has attracted numerous investors, with listed companies increasingly engaging in securities investments, utilizing significant idle funds to capitalize on market opportunities [1][2]. Group 1: Company Investments - At least 8 companies have invested over 1 billion yuan in securities or fund management activities this year, with Liou Co. leading at 3 billion yuan, followed by Fangda Carbon and Seven Wolves at 2.4 billion yuan and 2 billion yuan respectively [1]. - Seven Wolves reported a net profit of 160 million yuan in the first half of 2025, with 130 million yuan derived from stock investments, despite its main apparel business generating only 30 million yuan [2]. - Liou Co. achieved a net profit of 478 million yuan in the first half of 2025, largely due to gains from its investment in Li Auto, which increased its market value significantly since its initial investment of 350 million yuan in 2016 [3]. Group 2: Market Performance - As of September 10, the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index have risen by 11.33%, 21.00%, and 36.71% respectively, with the Shanghai Composite Index surpassing the significant 3,800-point mark [1]. - Jin Feng Investment, a subsidiary of Jin Feng Technology, has been actively reducing its holdings in the rapidly appreciating stock of Shangwei New Materials, with estimated cash proceeds exceeding 100 million yuan from recent sales [4]. Group 3: Financial Strategies - Companies like Jiangsu Guotai have announced plans to utilize idle funds for financial management and securities investments, with a total planned investment of 12 billion yuan, although they faced criticism from investors leading to a cancellation of part of the plan [6][7]. - Jilin Aodong reported a net profit of 1.28 billion yuan in the first half of 2025, significantly exceeding its revenue of 1.13 billion yuan, primarily due to substantial financial asset investments [5]. - Companies are increasingly using idle funds for securities investments as a strategy to supplement their financial performance when core business growth is stagnant, reflecting a common practice in the current market environment [14].

股票代码：000538 股票简称：云南白药 公告编号：2025-33 云南白药集团股份有限公司 关于持股 5％以上股东拟非公开发行可交换公司债券及拟 对其持有的部分股票办理担保及信托登记的公告 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"或"云南白药"）于 2025 年 9 月 22 日收到持股 5%以上股东新华都实业集团股份有限公司（以 下简称"新华都"）的书面通知，新华都拟以其持有的部分公司 A 股股票 为标的非公开发行可交换公司债券（以下简称"本次可交换债券"），并 已于近日获得深圳证券交易所出具的《关于新华都实业集团股份有限公司 非公开发行可交换公司债券符合深交所挂牌条件的无异议函》（深证函 〔2025〕881 号，以下简称"《无异议函》"），发行规模不超过 20 亿元 人民币。《无异议函》有效期为自出具之日起 12 个月，新华都将在《无 异议函》有效期内，根据自身资金安排和市场情况，择机发行本次可交换 债券。在满足换股条件下，本次可交换债券的债券持有人有权在换股期内 将其持有的本次可交换债券交换为云南白药 ...

Core Insights - Yunnan Baiyao's smart factory has been recognized as the first certified "Lighthouse Factory" in the global traditional Chinese medicine health product sector, marking a significant achievement in digital manufacturing and intelligent management within the toothpaste industry [1][2] - The certification is considered the "Oscar of manufacturing," highlighting the factory's innovative integration of traditional agriculture with modern technology to create a smart manufacturing system that is transparent, traceable, and perceptible [1] Group 1 - The smart factory has deployed over 7,500 sensors to establish a comprehensive digital management system covering the entire production process [1] - The factory has broken down production processes into 56 minimal functional units, enabling "one-click switching" to address efficiency bottlenecks in multi-category production [1] - Quality control innovations include a "data-driven full-link quality traceability model," which has reduced product release audit times by 55% and decreased active ingredient detection time from 710 minutes to 2 minutes, achieving a 355-fold efficiency improvement [1] Group 2 - The company extends its intelligent practices across the entire industry chain, creating a digital closed-loop from agriculture to industry to market [2] - In the upstream herbal medicine segment, satellite remote sensing and AI yield forecasting are used to establish a digital management system for key quality characteristics of suppliers, enabling rapid responses to large orders and small batch personalized demands [2] - Consumers can scan codes to trace raw material sources, production processes, and testing results, forming a positive feedback loop of market response, R&D optimization, and production iteration [2] - Yunnan Baiyao plans to replicate its "smart manufacturing" model across other product lines, including traditional Chinese medicine health products and wellness foods, promoting technology experiences such as multi-category production switching and full-link quality traceability to support industry upgrades [2]