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]

Financial Performance - In 2024, the company achieved a revenue of 40.033 billion CNY, a year-on-year increase of 2.36% [2] - The net profit attributable to shareholders reached 4.749 billion CNY, up 16.02% from 4.094 billion CNY in the previous year [2] - The net profit excluding non-recurring items was 4.523 billion CNY, reflecting a 20.18% increase from 3.764 billion CNY [2] - Operating cash flow net amount was 4.297 billion CNY, a growth of 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 2.66 CNY, 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 profit 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 6.924 billion CNY in revenue, a year-on-year increase of 11.8% [4] - The sales revenue of Yunnan Baiyao aerosol exceeded 2.1 billion CNY, growing over 26% [4] - Other traditional Chinese medicine products, such as Pudilan Xiaoyan Pian, saw significant growth, with sales nearing 200 million CNY, up over 22% [4] Oral Care Products - Yunnan Baiyao toothpaste maintained the top market share in the domestic oral care sector [5] - During major sales events, Yunnan Baiyao's oral health brand consistently ranked first in online channels [5] - The brand's marketing initiatives reached over 6.43 billion exposures [6] Emerging Business Units - The medical device division generated 425 million CNY in revenue, a 61% increase [7] - The health supplement division achieved 99.07 million CNY in revenue, growing 101% and marking its first profitable year [7] - The Sanqi product line saw rapid growth through unified packaging upgrades and comprehensive marketing strategies [7]

Group 1: Investor Relations Activity - The meeting was categorized as a telephone conference [2] - Participants included representatives from E Fund and Industrial Securities [2] - The meeting took place on April 7, 2025, at the company 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 relevant questions regarding the company's performance [2] Group 3: Attendees - Company representatives included Li Mengjue (Securities Affairs Representative) and Yang Kexin, Zhang Yu (Investor Relations Management) [2]

云南白药集团股份有限公司 投资者：太平资产-薛娜、许希晨，兴业证券-董晓洁 参加人员：证券事务代表-李孟珏，投资者关系管理-杨可欣 会议内容 1、请介绍一下分红情况。 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%。 2、请问公司药品事业群 2024 年增长较好的原因是什么？ 答：2024 年，药品事业群以"伤科疼痛全领域管理的'第一' ...

药品名称：INR102 注射液 受理号：CXHL2500121 通知书编号：2025LP01012 股票代码：000538 股票简称：云南白药 公告编号：2025-14 云南白药集团股份有限公司 关于 INR102 注射液获得药物临床试验批准的公告 本公司及董事会全体成员保证信息披露的内容真实、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"）全资子公司云核医药（天 津）有限公司（以下简称"云核医药"）于近日收到国家药品监督管理局下 发的《药物临床试验批准通知书》（通知书编号：2025LP01012），经审查， 云核医药的 INR102 注射液（以下简称"本品"）临床试验申请符合药品注 册的有关要求，同意本品开展前列腺癌的临床试验。该产品基本情况如下： 一、药品基本情况 二、其他相关信息 本品为云核医药研发的化学 1 类放射性治疗类创新药，拟用于治疗已经 接受过雄激素受体通路抑制剂和紫杉烷类药物化疗的前列腺特异性膜抗原 （PSMA）阳性的转移性去势抵抗性前列腺癌（mCRPC）成人患者。本品活 性分子结构包含靶向配体、放射性同位素镥[ 177Lu]，靶向配体可特异性 ...

Group 1: Investor Relations Activity - The meeting was categorized as a specific object survey [2] - Participants included representatives from Dongzheng Asset Management and Dongfang Securities [2] - The meeting took place on April 3, 2025, at the company's headquarters [2] Group 2: Company Overview - The main purpose of the meeting was to understand the company's production and operational status [2] - Company representatives included personnel from securities affairs and investor relations management [2]

Financial Performance - In 2024, the company achieved a revenue of 40.033 billion CNY, a year-on-year increase of 2.36% [2] - The net profit attributable to shareholders reached 4.749 billion CNY, up 16.02% from 4.094 billion CNY in the previous year [2] - The non-recurring net profit attributable to shareholders was 4.523 billion CNY, reflecting a 20.18% increase from 3.764 billion CNY [2] - Operating cash flow net amount was 4.297 billion CNY, a growth of 22.68% year-on-year [3] - The weighted average return on equity was 11.99%, an increase of 1.48 percentage points [3] - Basic earnings per share were 2.66 CNY, up 16.16% from the previous year [3] Business Structure and Efficiency - The 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%, 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 [4] - Total assets at the end of the reporting period were 52.914 billion CNY, with net assets attributable to shareholders at 38.832 billion CNY and a debt-to-asset ratio of 26.55% [4] Pharmaceutical Business Performance - The pharmaceutical business group generated a revenue of 6.924 billion CNY, a year-on-year increase of 11.8% [5] - The sales revenue of the core product, Yunnan Baiyao aerosol, exceeded 2.1 billion CNY, with a growth rate of over 26% [5] - Other traditional Chinese medicine products also saw significant growth, with Pudilan's sales nearing 200 million CNY, up over 22% [5] Health Products Performance - The health products business group achieved a revenue of 6.526 billion CNY, a growth of 1.6% [6] - Profit from health products reached 2.191 billion CNY, an increase of 8.36% [6] - Yunnan Baiyao toothpaste maintained the top market share in the domestic oral care sector [6] Dividend Distribution - The company proposed a cash dividend of 11.85 CNY per 10 shares, with a total cash dividend amounting to 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]

2024 年，公司实现营业收入 400.33 亿元，同比增长 2.36%；归母净 利润 47.49 亿元，同比增长 16.02%；扣非归母净利润 45.23 亿元， 同比增长 20.18%。Q4 单季度，公司实现营业收入 101.18 亿元，同比 增长 7.38%；归母净利润 4.23 亿元，扣非归母净利润 2.58 亿元，同 比扭亏。2024 年，公司各项提质增效举措成效显著，实现毛利率 27.90%，同比增长 1.39pct；净利率 11.91%，同比增长 1.37pct；费 用端管控良好，销售费用率为 12.19%，同比下降 0.58pct，管理费用 率为 2.59%，同比下降 0.11pct。 四大事业群经营稳健，药品事业群表现亮眼。 公司以药品、健康品、中药资源、云南省医药公司四大事业群为生产 经营核心底座。2024 年公司业绩整体实现平稳增长，主要得益于四 大事业群的稳健经营，其中药品事业群表现亮眼。 2025 年 04 月 03 日 云南白药(000538.SZ) 业绩稳健增长，药品事业群表现亮眼 事件：公司发布 2024 年年报。 SAC 执业证书编号：S1450524080002 huyq4 ...

Industry Overview - Chinese herbal medicine is a unique drug used in traditional Chinese medicine for disease prevention and treatment, encompassing both herbal medicine and traditional Chinese drugs [1][5] - The market size of Chinese herbal medicine planting in China is projected to grow from 156.3 billion yuan in 2019 to 295.68 billion yuan in 2024, with a year-on-year growth rate of 30.2% [9] - The planting area for Chinese herbal medicine has increased from 52.5 million mu in 2019 to 59.56 million mu in 2024, reflecting a year-on-year growth rate of 5.87% [5][9] Industry Chain - The upstream of the industry chain includes the planting of Chinese herbal medicine, breeding of medicinal animals, and collection of raw materials, with key players such as Baiyunshan, Kangmei Pharmaceutical, and Yunnan Baiyao [2] - The midstream involves the processing and manufacturing of Chinese herbal products, including traditional Chinese medicine and herbal pieces, with companies like Kangmei Pharmaceutical and Huaren Sanjiu leading this segment [2] - The downstream focuses on the distribution and sales of Chinese herbal products through traditional pharmacies and e-commerce platforms [2] Market Dynamics - The demand for Chinese herbal medicine is increasing due to factors such as industrialization, urbanization, and an aging population, alongside supportive government policies [9] - The recognition of traditional Chinese medicine in international markets is also on the rise, contributing to the industry's rapid growth [9] Competitive Landscape - The competitive landscape of the Chinese herbal medicine planting industry is tiered based on registered capital, with the first tier exceeding 1 billion yuan, including companies like Yunnan Baiyao and Kunming Pharmaceutical [11][13] - The second tier has registered capital between 500 million to 1 billion yuan, featuring companies like Yibai Pharmaceutical and Dong'e Ejiao [11][13] - The third tier consists of companies with registered capital below 500 million yuan, such as Foci Pharmaceutical and Zhendong Pharmaceutical [11][13] Development Trends - The establishment of geographical indication and ecological planting models is accelerating the construction of authentic medicinal material protection zones [17] - The standardization of seeds and seedlings is expected to overcome industry bottlenecks, with significant improvements in the coverage of quality seeds [17] - International certifications such as EU organic certification and US NOP standards are becoming essential for export enterprises, enhancing the competitiveness of Chinese herbal products in global markets [18]

Core Viewpoint - Yunnan Baiyao has achieved an A rating for four consecutive years in MSCI ESG ratings, positioning itself as a benchmark for ESG practices in China, with a goal of carbon neutrality across its value chain by 2050 [3][4][7]. Environmental Performance - In 2024, Yunnan Baiyao's total greenhouse gas emissions reached 78,500 tons of CO2 equivalent, with a year-on-year increase of 167.5%. The emissions density was 0.020 tons of CO2 equivalent per ten thousand yuan in revenue, also up by 166.7% [4]. - The company has implemented a carbon management manual and established two biomass gasification heating systems, which are expected to reduce CO2 emissions by 69,000 tons [4]. - Yunnan Baiyao has engaged in rural revitalization through a "company + base + farmer" model, supporting traditional Chinese medicine cultivation in poverty-stricken areas, resulting in increased income for local farmers [4]. Governance Issues - Yunnan Baiyao faced governance challenges in 2024 due to a corruption investigation involving multiple former executives, raising concerns about corporate governance and decision-making transparency [5][8]. - The investigation includes former Chairman Wang Minghui and other high-ranking officials, with implications for the company's past acquisition decisions, particularly regarding Wanlong Holdings [5][6]. Financial Performance and R&D Investment - In 2024, Yunnan Baiyao reported revenue of 40.033 billion yuan, a year-on-year increase of 2.36%, and a net profit of 4.749 billion yuan, up 16.02% [9]. - The company distributed dividends totaling 4.279 billion yuan, representing 90.09% of its net profit, while R&D investment was only 348 million yuan, accounting for just 0.87% of revenue [9][10]. - The low R&D investment has raised concerns about the company's long-term innovation capabilities, with no significant new drugs launched in the past five years [10].