| 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 ...

Financial Performance - In 2024, the company achieved operating revenue of 40.033 billion CNY, a year-on-year increase of 2.36% [2] - Net profit attributable to shareholders reached 4.749 billion CNY, up 16.02% from 4.094 billion CNY in the previous year [2] - Non-recurring net profit attributable to shareholders was 4.523 billion CNY, a 20.18% increase from 3.764 billion CNY [2] - Operating cash flow net amount was 4.297 billion CNY, growing by 22.68% [3] - The weighted average return on net assets was 11.99%, an increase of 1.48 percentage points [3] - Basic earnings per share rose to 2.66 CNY, a 16.16% increase [3] Business Structure and Efficiency - Industrial revenue accounted for 36.14% of total operating revenue, with an industrial revenue growth rate of 5.30% [3] - Industrial gross margin improved to 65.93%, up 1.69 percentage points [3] - Sales expenses decreased by 2.26% year-on-year, while management expenses fell by 1.98% [3] Pharmaceutical Business Performance - The pharmaceutical business group reported main business revenue of 6.924 billion CNY, a year-on-year increase of 11.8% [4] - Sales revenue of Yunnan Baiyao aerosol exceeded 2.1 billion CNY, growing over 26% [4] - Other traditional Chinese medicine products also saw significant growth, with Pudilan's sales nearing 200 million CNY, up over 22% [4] Traditional Chinese Medicine Industry Development - The company is leading the development of Yunnan's traditional Chinese medicine industry, focusing on seed industry, planting, processing, and branding [5][6] - Established Yunnan Baiyao Group Seed Technology Co., Ltd. for seed quality control [6] - The processing platform in Lijiang achieved a production increase of 180% [6] - The "Smart Cloud Medicine" platform launched, facilitating over 100 million CNY in transactions [6] Provincial Pharmaceutical Company Performance - The provincial pharmaceutical company achieved main business revenue of 24.607 billion CNY, a year-on-year increase of 0.48% [7] - Non-drug business sectors like medical devices and special medical foods saw a sales increase of 14% [8] - The OTC sector experienced a sales growth of 18%, while new specialty drug pharmacies grew by 29% [8]

| 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 | 交银施罗德-王少成、楼慧源、周章庆 | | | 姓名 | 国联民生-乐妍希 | | | 时间 | 年 月 日星期三 2025 4 9 | | | 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：12-2504-07 云南白药集团股份有限公司 ...

公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 39,111 | 40,033 | 42,417 | 44,281 | 46,777 | | 同比增长 (%) | 7.2% | 2.4% | 6.0% | 4.4% | 5.6% | | 营业利润(百万元) | 4,831 | 5,712 | 6,050 | 6,653 | 7,328 | | 同比增长 (%) | 43.3% | 18.2% | 5.9% | 10.0% | 10.1% | | 归属母公司净利润(百万元) | 4,094 | 4,749 | 5,103 | 5,594 | 6,140 | | 同比增长 (%) | 36.4% | 16.0% | 7.5% | 9.6% | 9.8% | | 每股收益（元） | 2.29 | 2.66 | 2.86 | 3.14 | 3.44 | | 毛利率(%) | 26.5% | 27.9% | 28.9% | 29.4% | 29.8% | | ...

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company has demonstrated strong performance growth and optimized its business structure, achieving a revenue of 40.03 billion yuan in 2024, a year-on-year increase of 2.4%, and a net profit attributable to the parent company of 4.75 billion yuan, up 16.0% year-on-year [9] - The report predicts earnings per share for 2025-2027 to be 2.86, 3.14, and 3.44 yuan respectively, with a target price of 62.92 yuan based on a 22x PE valuation for 2025 [3][6] Financial Information Summary - Revenue (million yuan): 2023A: 39,111, 2024A: 40,033, 2025E: 42,417, 2026E: 44,281, 2027E: 46,777 [5] - Year-on-year growth in revenue (%): 2023A: 7.2%, 2024A: 2.4%, 2025E: 6.0%, 2026E: 4.4%, 2027E: 5.6% [5] - Operating profit (million yuan): 2023A: 4,831, 2024A: 5,712, 2025E: 6,050, 2026E: 6,653, 2027E: 7,328 [5] - Year-on-year growth in net profit attributable to the parent company (%): 2023A: 36.4%, 2024A: 16.0%, 2025E: 7.5%, 2026E: 9.6%, 2027E: 9.8% [5] - Gross margin (%): 2023A: 26.5%, 2024A: 27.9%, 2025E: 28.9%, 2026E: 29.4%, 2027E: 29.8% [5] - Net margin (%): 2023A: 10.5%, 2024A: 11.9%, 2025E: 12.0%, 2026E: 12.6%, 2027E: 13.1% [5] - Return on equity (%): 2023A: 10.4%, 2024A: 12.1%, 2025E: 12.3%, 2026E: 11.9%, 2027E: 11.7% [5] - Price-to-earnings ratio: 2023A: 24.8, 2024E: 21.4, 2025E: 19.9, 2026E: 18.1, 2027E: 16.5 [5]

编号：11-2504-06 云南白药集团股份有限公司 | 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 | 招商基金-夏帅、邹俊之、梅梅、阳宜洋，兴业证券-董晓洁 | | | 姓名 | | | | 时间 | 2025 年 4 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-杨可欣、张昱 | | | 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 | | 投资者调研会议记录表 1 / 1 ...

Group 1: Future Development Plans - The pharmaceutical business group aims to be a model for the inheritance and innovative development of traditional Chinese medicine, focusing on major disease treatment areas such as cardiovascular, respiratory, and pediatrics [2] - The strategy includes optimizing the existing product system and providing comprehensive operational plans to achieve strategic growth [2] Group 2: Health Products Business Performance - In 2024, the health products business achieved revenue of CNY 6.526 billion, a year-on-year increase of 1.6%, and profit of CNY 2.191 billion, up 8.36% [3] - The oral care segment maintained the top market share in China, while the anti-hair loss product line saw a revenue increase of 30.3% [4] Group 3: Traditional Chinese Medicine Supply Chain Development - The company is committed to developing Yunnan's traditional Chinese medicine industry, establishing a specialized seed company and applying for GAP certification for 7 varieties covering 4,593 acres [5] - The production of medicinal materials increased significantly, with a 180% rise in output and a 182% increase in food and health product production [6] Group 4: Dividend Distribution - The company plans to distribute a cash dividend of CNY 11.85 per 10 shares, with a total cash dividend amounting to CNY 4.278 billion, representing 90.09% of the net profit attributable to shareholders for 2024 [7]

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 was CNY 4.749 billion, up 16.02% from CNY 4.094 billion in the previous year [2] - The net profit excluding non-recurring items reached 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, up 16.16% [2] Business Structure and Efficiency - The industrial revenue accounted for 36.14% of total revenue, with an industrial revenue growth rate of 5.30% [2] - The industrial gross margin was 65.93%, an increase of 1.69 percentage points [3] - Sales expenses decreased by 2.26% and management expenses decreased by 1.98% compared to the previous year [3] Pharmaceutical Division Performance - The pharmaceutical business group generated CNY 6.924 billion in revenue, a year-on-year increase of 11.8% [4] - The sales revenue of Yunnan Baiyao aerosol exceeded CNY 2.1 billion, growing over 26% [4] - Other traditional Chinese medicine products also saw significant growth, with Pudilan's sales nearing CNY 200 million, up over 22% [4] Consumer Goods and Channel Development - The company has a well-established national sales team for health products, maintaining a leading market share in Yunnan Baiyao toothpaste [5] - The company is optimizing its channel strategy, enhancing traditional offline channels while exploring new retail formats [5][6] Emerging Business Units - The medical device division achieved CNY 425 million in revenue, a 61% increase [7] - The health supplement division reported CNY 99.07 million in revenue, growing by 101% and achieving profitability for the first time [7] - The company is focusing on brand building and market expansion for its health supplement products [7]

云南白药集团股份有限公司 投资者调研会议记录表 编号：09-2504-04 | 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 | 太平资产-薛娜、许希晨，兴业证券-董晓洁 | | | 姓名 | | | | 时间 | 年 月 日星期一 2025 4 7 | | | 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-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 ...

Group 1: Investor Relations Activity - The meeting was categorized as a telephone conference [2] - Participants included representatives from Penghua Fund and Industrial Securities [2] - The meeting took place on April 8, 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 discussions on various related issues [2] Group 3: Attendees - Company representatives included the securities affairs representative and investor relations management [2] - Specific names of the company representatives were listed as Li Mengjue and Yang Kexin [2]