Group 1 - Yunnan Baiyao has experienced a decline for four consecutive trading days, with a cumulative drop of -1.33% [1] - Yunnan Baiyao Group Co., Ltd. is recognized as a leading innovative representative among the time-honored Chinese brands, established in 1902 [1] - In the first quarter of this year, E Fund's HuShen 300 Pharmaceutical ETF, one of Yunnan Baiyao's top ten shareholders, reduced its holdings [1] Group 2 - The year-to-date return for Yunnan Baiyao is 2.19%, ranking 1717 out of 3321 in its category [1][2] - The performance over the past week shows a decline of -0.22%, while the monthly performance is down -1.26% [2] - The fund manager of E Fund's HuShen 300 Pharmaceutical ETF is Yu Haiyan, who has extensive experience in the investment field [4][5]

Summary of Yunnan Baiyao Conference Call Company Overview - **Company**: Yunnan Baiyao - **Industry**: Pharmaceutical and Healthcare Key Financial Performance - **2024 Revenue**: Exceeded 40 billion CNY, a year-on-year increase of 2.36% [2] - **2024 Net Profit**: 4.749 billion CNY, a year-on-year increase of 16% [2] - **2024 Non-recurring Net Profit**: Increased by 20.18% [2] - **Q1 2025 Revenue**: 10.841 billion CNY, a year-on-year increase of 0.62% [2] - **Q1 2025 Net Profit**: Increased by 13.67% [2] - **Q1 2025 Non-recurring Net Profit**: Increased by 11.65% [2] Business Segment Performance - **Pharmaceutical Division**: Revenue of 6.924 billion CNY in 2024, up 11.8%, with aerosol sales exceeding 2.1 billion CNY, a growth of 26% [2][10] - **Health Products Division**: Revenue of 6.526 billion CNY, up 1.6%, maintaining a leading position in oral care and hair loss prevention [2][10] - **Traditional Chinese Medicine Resources**: Revenue of 1.751 billion CNY, up 3.13%, with a cost reduction of 30 million CNY [2][10] - **Medical Devices and Health Supplements**: Revenue growth of 61% and 101% respectively [2][11] Research and Development - **Current Projects**: Four transdermal patch products under development, with four patents obtained [2][12] - **Innovative Drug Development**: Focus on nuclear medicine, with INR101 (prostate cancer diagnosis) and INR102 (prostate cancer treatment) progressing through clinical trials [2][13] Future Projections - **Revenue Forecast (2025-2027)**: Expected to be 41.7 billion, 43.5 billion, and 45.2 billion CNY, with a growth rate of approximately 4% [4][8] - **Net Profit Forecast**: Expected to be 5.1 billion, 5.6 billion, and 6.0 billion CNY, with growth rates of 8%, 9.6%, and 6% respectively [4][8] - **Earnings Per Share (EPS)**: Projected at 2.8 CNY, 3.16 CNY, and 3.36 CNY for the respective years [8] Shareholder Returns - **Cumulative Net Profit**: 49.545 billion CNY since listing, with cumulative dividends of 28.735 billion CNY [7] - **Dividend Payout Ratio**: Average over 90% in the last three years, with a cash dividend of 4.279 billion CNY in 2024 [7] Valuation Comparison - **Valuation Relative to Peers**: Yunnan Baiyao's expected PE ratio is around 20, compared to an average of 25 for peers like Pian Zai Huang and Tong Ren Tang, indicating potential for valuation recovery [4][9][15] Strategic Insights - **Core Business Segments**: Includes pharmaceutical, health products, traditional Chinese medicine resources, and medical devices [3] - **R&D Strategy**: Short-term focus on major traditional Chinese medicine products, mid-term on transdermal patches, and long-term on nuclear medicine [5][14] Conclusion Yunnan Baiyao demonstrates steady growth across its business segments, with a strong focus on R&D and innovation. The company is well-positioned for future growth, with a favorable valuation compared to industry peers, making it an attractive investment opportunity.

股票代码：000538 股票简称：云南白药 公告编号：2025-22 云南白药集团股份有限公司 关于调整公司 2025 年度投资理财额度内产品结构的公告 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"）第十届董事会 2025 年 第三次会议（以下简称"会议"）于 2025 年 6 月 25 日以通讯表决方式召开， 会议审议通过了《关于调整公司 2025 年度投资理财额度内产品结构的议案》。 具体情况如下： 一、原投资理财额度 2024年12月27日，公司第十届董事会2024年第十二次会议审议通过了 《关于2025年利用闲置自有资金开展投资理财的议案》，为确保资金安全及 保持合理的流动性，并充分满足公司日常经营和战略投资的资金需求，同时 兼顾公司自有闲置资金收益水平，为公司和股东争取投资回报，公司对2025 年理财投资范围、额度等进行合理预计，具体如下： 1、银行的存款类产品，包括大额存单、通知存款、协定存款等。 2、各大金融机构的理财产品，包括银行及其理财子公司、券商、基金公 司等。 3、结构性存款、保本收益凭证、货 ...

股票代码：000538 股票简称：云南白药 公告编号：2025-21 云南白药集团股份有限公司 第十届董事会 2025 年第三次会议决议公告 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。 具体内容详见公司同日在巨潮资讯网（网址：http://www.cninfo.com.cn） 挂网披露的《关于调整公司 2025 年度投资理财额度内产品结构的公告》（公 告编号：2025-22）。 表决结果：11 票同意、0 票反对、0 票弃权。 三、审议通过《关于七甸产业区饮片生产中心建设项目的议案》 云南白药集团股份有限公司（以下简称"公司"）第十届董事会 2025 年 第三次会议（以下简称"会议"）于 2025 年 6 月 25 日以通讯表决的方式召 开，本次会议通知于 2025 年 6 月 22 日以书面、邮件方式发出，应出席董事 11 名，实际出席董事 11 名。本次会议的召集、召开程序符合《中华人民共和 国公司法》《公司章程》的相关规定，会议合法有效。会议审议通过如下议案： 一、审议通过《关于上海医药集团股份有限公司 2024 年年度股东大会 议案表决意见的议案》 ...

R&D Center Layout - The company utilizes a central research institute to coordinate and integrate regional R&D resources across four major centers [2] - The Kunming center focuses on traditional Chinese medicine and natural drug research [2] - The Beijing center collaborates with Peking University for academic and commercial research [2] - The Shanghai center develops innovative nuclear medicine products [2][3] - The Wuxi center specializes in medical device development for chronic disease treatment [3] Nuclear Medicine R&D System - Strong R&D capabilities with a rich reserve of leading talents, leveraging Peking University's resources for drug target discovery [4] - Integrated industrial chain capabilities through collaboration with top research institutions and strategic partnerships [4] - Proactive strategic layout in nuclear medicine, addressing unmet clinical needs in oncology and immunology [4] - Financial strength to support long-term R&D investments across all stages of drug development [5] Cloud Nuclear Medicine Overview - Cloud Nuclear Medicine was established in July 2023 in Tianjin, with a construction area of over 6,000 square meters [6] - Equipped with advanced facilities for drug screening, development, and clinical sample production [6] - Received radiation safety certification in October 2024, enabling the use of radioactive isotopes for drug development [6] INR101 Nuclear Medicine Project - INR101 is a Class 1 radioactive diagnostic drug for prostate cancer, initiated in September 2022 [7] - Clinical approval obtained in May 2024, with promising stability and safety results reported in November [7][8] - Phase III clinical trials commenced in May 2025, involving over 30 top GCP institutions [8] INR102 Nuclear Medicine Project - INR102 is a targeted radioactive ligand drug for prostate cancer, utilizing Lu-177 for precise delivery [9] - First-in-human clinical trials began in October 2024, with 12 patients enrolled showing good safety and efficacy [9][10] - Clinical trial approval received in April 2025, marking a new phase in the project [10][11]

云南白药集团股份有限公司 1 / 1 投资者调研会议记录表 编号：30-2506-04 | | ☑特定对象调研□分析师会议 | | --- | --- | | | □媒体采访□业绩说明会 | | 投资者关系活动类别 | □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 | 长江证券-张楠，永赢基金-张蕊，华能贵诚-杨成，拾贝投资 | | 姓名 | 陈问，嘉富行远-张丰，人保资产-宋雅慧、张维亮，九泰基金 | | | -赵万隆 | | 时间 | 2025 年 6 月 20 日星期五 | | 地点 | 云核医药（天津）有限公司 | | | 云核医药总经理-孙亮、研发总监-孙纪云、运营副总监-罗联哲、 | | 上市公司接待人员 | 综合事务部经理-邵婷，云南白药证券事务代表-李孟珏、投资 | | | 者关系管理-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 | ...

Group 1: 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 13.66% increase compared to the previous year [2] - The net cash flow from operating activities was 714 million CNY, showing a significant growth 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 a cash balance of 11.062 billion CNY and total assets of 54.253 billion CNY [2] Group 2: Pharmaceutical Business Performance - The pharmaceutical segment focused on pain management, enhancing brand recognition and product ecosystem [4] - Clinical research in areas such as diabetic foot and skeletal pain showed steady progress, expanding product application scenarios [4] - Successful marketing initiatives, including the 'Walk and Play' campaign, contributed to brand youthfulness and increased product penetration [4] - The company established an efficient operational system to enhance production and marketing effectiveness [4] Group 3: Traditional Chinese Medicine (TCM) Supply Chain Development - The company is committed to leading the TCM supply chain in Yunnan, focusing on seed industry, cultivation, processing, and branding [6] - A new company was established for TCM seed industry, providing control over genetic resources [6] - The processing platform saw a production increase of 180% for medicinal materials and 182% for health products [6] - The 'Smart Cloud Medicine' platform was launched, facilitating transactions exceeding 100 million CNY [6] - The company participated in the revision of standards for TCM products, leading in the development of processing standards [6] Group 4: Nuclear Medicine Research Progress - The INR101 diagnostic nuclear medicine project received clinical approval in May 2024, with positive stability and safety results reported [8] - The company’s subsidiary received approval for clinical trials of INR102, an innovative radioactive treatment for prostate cancer [8]

云南白药集团股份有限公司 编号：29-2506-03 投资者调研会议记录表 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 中信证券-李文涛，中金公司-朱言音，平安证券-韩盟盟、曹艳 凯，圆和资本-陈家华 时间 2025 年 6 月 19 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 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 1 / 1 ...

Core Viewpoint - The traditional medicine cooperation development exchange event was launched in Kunming, Yunnan Province, aiming to promote the creative transformation and innovative development of traditional medicine [1][2]. Group 1: Event Overview - The event took place on June 19 during the 9th China-South Asia Expo at the Chinese herbal medicine industry pavilion [2][3]. - Experts, scholars, and representatives from various associations and enterprises in the traditional medicine field gathered to discuss strategies for development [1][2]. Group 2: Key Remarks - Zhang Jie, Deputy Director of the Yunnan Provincial Department of Agriculture and Rural Affairs, emphasized the need for standardization, digitalization, and internationalization of traditional medicine to benefit people globally [2]. - Ma Zhongming, Deputy Director of the Science and Technology Department of the National Administration of Traditional Chinese Medicine, highlighted Yunnan's rich resources and the importance of improving the quality and innovation of traditional medicine [2]. Group 3: Strategic Collaborations - Strategic cooperation agreements were signed between Kunming University of Science and Technology and the Vietnam Herbal Research Institute, as well as between the Wenshan Zhuang and Miao Autonomous Prefecture Government and Yunnan Baiyao Group [4]. - An initiative for mutual recognition of international circulation standards for traditional medicinal materials was launched, focusing on information, quality safety, traceability, and customs facilitation [4].

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"）控股子公司云白药征武 科技（上海）有限公司（以下简称"征武科技"）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：2025LP01506、 2025LP01507）。经审查，征武科技的 JZ-14 胶囊（以下简称"本品"）临床 试验申请符合药品注册的有关要求，同意本品开展溃疡性结肠炎的临床试验。 本品基本情况如下： 受理号：CXHL2500319、CXHL2500320 通知书编号：2025LP01506、2025LP01507 剂型：胶囊剂 股票代码：000538 股票简称：云南白药 公告编号：2025-20 云南白药集团股份有限公司 关于 JZ-14 胶囊获得药物临床试验批准的公告 一、药品基本情况 药品名称：JZ-14 胶囊 二、其他相关信息 本品为征武科技自主研发的化学 1 类创新药，是 First-in-Class（首创新药） 的小分子免疫调节剂。JZ-14 可选择性结合特定的蛋白靶点，抑制其下游 AKT/NF-κB 等信号通路，从 ...