Investment Rating - The investment rating for the company is "Buy" with a target price of 64.63 CNY, maintaining the rating from previous assessments [3][5]. Core Insights - The company has released a five-year strategic plan aimed at achieving coordinated growth in scale, quality, and structure, with specific revenue and profit growth targets set for 2024-2028 [2][7]. - The company has adjusted its revenue and profit forecasts, lowering the estimates for 2024 while increasing those for 2025-2026, predicting earnings per share of 2.53 CNY, 2.81 CNY, and 3.11 CNY for the years 2024, 2025, and 2026 respectively [3][4]. - The company plans to implement a special dividend, distributing 12.13 CNY per 10 shares, totaling 21.64 billion CNY, which is 50.02% of the net profit attributable to the parent company for the first three quarters of 2024 [7]. - The major shareholder has increased their stake in the company, reflecting confidence in its future development and long-term value [7]. Financial Summary - The company's revenue for 2022 was 36.488 billion CNY, with projections of 39.111 billion CNY for 2023, 40.809 billion CNY for 2024, 42.590 billion CNY for 2025, and 44.470 billion CNY for 2026, indicating a growth rate of 0.3%, 7.2%, 4.3%, 4.4%, and 4.4% respectively [4][10]. - The net profit attributable to the parent company is expected to grow from 3.001 billion CNY in 2022 to 4.094 billion CNY in 2023, and further to 4.505 billion CNY in 2024, 5.017 billion CNY in 2025, and 5.554 billion CNY in 2026, with growth rates of 7.0%, 36.4%, 10.1%, 11.3%, and 10.7% respectively [4][10]. - The company's earnings per share are projected to increase from 1.68 CNY in 2022 to 2.29 CNY in 2023, and further to 2.53 CNY, 2.81 CNY, and 3.11 CNY in the following years [4][10].

Group 1: Investor Relations Activity - The meeting was categorized as a specific object investigation and on-site visit [2] - Participants included representatives from Agricultural Bank of China and Northeast Securities [2] - The meeting took place on January 10, 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 relevant issues concerning the company's performance [2] Group 3: Attendees - Company representatives included securities affairs representative Li Mengjue and investor relations manager Yang Kexin [2]

Sales Performance - In the first half of 2024, the sales revenue of Pudilan Anti-inflammatory Tablets exceeded 100 million CNY, achieving nearly double-digit growth year-on-year [2] - The sales revenue of Gongxuening Capsules increased by 36% year-on-year [2] - The health product segment achieved a revenue of 3.144 billion CNY, with a net profit of 1.231 billion CNY, and a net profit growth of 1.7% year-on-year [4] - The sales revenue of Yangyuanqing hair care products reached 195 million CNY, with a growth rate of 41% [4] Marketing and Brand Positioning - The online marketing campaign generated approximately 350 million exposures and 2.96 million interactions, attracting over 1.1 million consumers and achieving a GMV growth of 47% year-on-year [2] - Yunnan Baiyao toothpaste maintained its leading market share in the domestic oral care sector, ranking as the top oral care brand during the "618" shopping festival [4] - Yangyuanqing was recognized as the top brand for anti-hair loss shampoo on Tmall during the "618" period [4] Dividend Distribution - In 2023, Yunnan Baiyao's dividend plan was 20.77 CNY per 10 shares, totaling 3.706 billion CNY, which accounted for 90.53% of the net profit [5] - A special dividend of 12.13 CNY per 10 shares is proposed for 2024, with a total amount of 2.164 billion CNY, representing 50.02% of the net profit for the first three quarters of 2024 [6] Future Development Plans - The provincial pharmaceutical company aims to stabilize revenue growth, enhance risk management, and improve operational efficiency [7] - The overall strategic goal is to achieve growth in revenue, profit, and asset scale through a "2+3" strategy from 2024 to 2028, positioning itself as a leading modern pharmaceutical group [8]

Dividend Distribution - In 2023, Yunnan Baiyao's dividend plan was to distribute 20.77 CNY per 10 shares, totaling 3.706 billion CNY, which accounted for 90.53% of the net profit attributable to shareholders [2] - For 2024, the company plans to distribute 12.13 CNY per 10 shares, with a total dividend amount of 2.164 billion CNY, representing 50.02% of the net profit for the first three quarters [2] - Since its listing in 1993, Yunnan Baiyao has distributed dividends for 31 consecutive years, with cumulative cash dividends exceeding 26.6 billion CNY [2] Pharmaceutical Business Performance - In the first half of 2024, sales revenue of Yunnan Baiyao aerosol exceeded 1.2 billion CNY, with a year-on-year growth of over 30% [3] - The pharmaceutical division aims to enhance its brand positioning in pain management and optimize business layout through online and offline integration [3] - The company plans to establish "pain service centers" in community pharmacies to provide initial treatment services and meet diverse pain management needs [3] Oral Care Product Sales - Yunnan Baiyao toothpaste maintained a leading market share in the domestic oral care sector in the first half of 2024 [4] - During the "618" shopping festival, Yunnan Baiyao's oral health brand ranked as the top online oral care brand [4] - The company implemented targeted marketing campaigns to enhance brand recognition and consumer engagement, achieving over 3.6 billion total exposures [5] Channel Development Strategies - The company has established a comprehensive marketing network covering various medical institutions and retail pharmacies across China [6] - Yunnan Baiyao collaborates with over 5,000 leading chain pharmacies and has a strong presence in regions like East China, Hunan, Hubei, and Yunnan [6] - The company is actively expanding its online sales channels through partnerships with major e-commerce platforms and optimizing traditional and emerging retail channels [6]

Group 1: Investor Relations Activity - The investor relations activity included specific object research and media interviews [2] - Participants from the investment side included representatives from Shouyu Yinxin [2] - The meeting took place on January 7, 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 the securities affairs representative and investor relations management [2]

Sales Performance - In the first half of 2024, the pharmaceutical segment achieved a revenue of 4.069 billion CNY, a year-on-year increase of 9.6% [2] - Sales of the core product, Yunnan Baiyao aerosol, exceeded 1.2 billion CNY, with a growth rate of over 30% [2] - Other traditional Chinese medicine products, such as Pudi Lan anti-inflammatory tablets, surpassed 100 million CNY in sales, achieving nearly double-digit growth [3] - The sales of Gynaecological products, such as Gongxue Ning capsules, increased by 36% year-on-year [3] - The sales of Qi Xue Kang oral liquid exceeded 100 million CNY, while Sanqi Ren honey oral liquid saw a growth of over 80% [3] Marketing and Channel Strategy - The company implemented a "普药千家万户" project to enhance offline distribution and established a short-channel operation model [3] - Online marketing efforts resulted in approximately 350 million exposures and 2.96 million interactions, driving over 1.1 million consumers to e-commerce platforms [3] - The company engaged in a basketball event with 512 teams participating, generating over 290 million views on Douyin [3] Oral Care Products - Yunnan Baiyao toothpaste maintained its leading market share in the domestic oral care sector [4] - During the "618" shopping festival in 2024, Yunnan Baiyao ranked as the top oral care brand across all online platforms [4] - The company has a well-established national sales team for health products, enhancing its market competitiveness [4] Dividend Policy - In 2023, the company announced a cash dividend of 20.77 CNY per 10 shares, totaling 3.706 billion CNY, which accounted for 90.53% of the net profit [6] - A special dividend proposal for 2024 was approved, with a distribution of 12.13 CNY per 10 shares, totaling 2.164 billion CNY, representing 50.02% of the net profit for the first three quarters [6] - Since its listing in 1993, the company has distributed over 26.6 billion CNY in cash dividends over 31 years [6] Strategic Goals - The company aims to achieve growth in revenue, profit, and asset scale through a "2+3" strategic plan from 2024 to 2028 [7][8] - The strategic positioning includes four segments: Traditional Chinese Medicine resources, pharmaceutical products, health products, and pharmaceutical commerce [7][8]

Group 1: Investor Relations Activities - The meeting was categorized as a telephone conference for investor relations activities [2] - Participants included representatives from Dymon Asia and CITIC Securities [2] - The meeting took place on January 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] - Discussions included various relevant questions regarding the company's performance [2]

股票代码：000538 股票简称：云南白药 公告编号：2024-62 云南白药集团股份有限公司 关于 2025 年度预计日常关联交易的公告 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。 一、日常关联交易基本情况 （一）日常关联交易概述 1、云南白药集团股份有限公司（以下简称"公司"）根据 2025 年 度日常经营需要，对包括采购、销售商品等与日常经营相关的其他各项 关联交易进行了合理预计，预计公司 2025 年与上海医药集团股份有限公 司 （ 以 下 简 称 " 上 海 医 药 " ） 发 生 的 日 常 关 联 交 易 合 计 总 额 为 190,000.00 万元，占公司最近一期经审计净资产 3,987,912.20 万元的 4.76%，无需报股东大会审议。截至 2024 年 11 月末，公司 2024 年与上 海医药实际发生日常关联交易总额为 114,070.25 万元，未超过 2024 年经 董事会、股东大会审议通过的额度。 2、本事项已经于 2024 年 12 月 20 日召开的公司独立董事专门会议 2024 年第四次会议审议通过，公司全体独立董事 ...

股票代码：000538 股票简称：云南白药 公告编号：2024-60 云南白药集团股份有限公司 第十届董事会 2024 年第十二次会议决议公告 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。 云南白药集团股份有限公司（以下简称"公司"或"云南白药"）第十 届董事会 2024 年第十二次会议（以下简称"会议"）于 2024 年 12 月 27 日 以通讯表决的方式召开，本次会议通知于 2024 年 12 月 20 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《关于云南白药集团 2024—2028 战略规划的议案》 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 2024—2028 战略规划的公告》（公告编号：2024-61）。 表决结果：11 票同意、0 票反对、0 票弃权。 二、审议通过《关于 2025 年度预计日常关联交易的议案》 公司根据 ...

证券代码：000538 证券简称：云南白药 公告编码：2024-61 云南白药集团股份有限公司 关于2024—2028战略规划的公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏。 特别提示： 由于战略规划是基于公司现阶段情况制定的发展规划和目标，本公告 中涉及的未来计划、目标等前瞻性陈述，均不构成公司对投资者的实质承诺。 鉴于宏观经济环境、行业发展形势和市场环境的快速变化，根据公司发展需 要，存在对本战略规划作相应调整的可能。敬请投资者注意投资风险。 云南白药集团股份有限公司（以下简称"公司"或"云南白药"）于 2024 年 12 月 27 日召开第十届董事会 2024 年第十二次会议，审议通过《关于云 南白药集团 2024—2028 战略规划的议案》，现将具体内容公告如下： 一、概述 《云南白药集团 2024—2028 战略规划》（以下简称"《战略规划》"） 是指导云南白药未来五年工作计划的纲领性文件，公司按照"问题导向、发展 导向、目标导向"的原则进行编制。主动求变、谋发展、上台阶，将《战略规 划》主题确定为：继往开来，守正创新，超越自我再出发，推动百年白药 ...