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]

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]

Investment Rating - The investment rating for Yunnan Baiyao is "Buy-A" with a target price of 64.49 yuan for the next six months, which corresponds to a dynamic price-to-earnings ratio of 22 times for 2025 [8][11]. Core Insights - The company reported a steady growth in performance for 2024, achieving a 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% year-on-year [1][11]. - The pharmaceutical business segment showed remarkable performance, with a revenue of 6.924 billion yuan, reflecting an 11.8% year-on-year growth, and ten products exceeding 100 million yuan in sales [2][3]. - The health products segment generated a revenue of 6.526 billion yuan, a 1.6% increase year-on-year, with the oral care product line maintaining the top market share in China [3][9]. Summary by Sections Financial Performance - In Q4 2024, the company achieved a revenue of 10.118 billion yuan, a 7.38% year-on-year increase, and a net profit of 0.423 billion yuan, with a non-recurring net profit of 0.258 billion yuan, marking a turnaround from losses [1]. - The gross margin improved to 27.90%, up 1.39 percentage points year-on-year, and the net profit margin reached 11.91%, an increase of 1.37 percentage points [1]. Business Segments - **Pharmaceutical Segment**: The main business revenue was 6.924 billion yuan, with significant growth in core products such as Yunnan Baiyao aerosol, which surpassed 2.1 billion yuan in sales, growing over 26% year-on-year [2]. - **Health Products Segment**: Revenue reached 6.526 billion yuan, with a notable 30.3% increase in sales for the anti-hair loss product line [3]. - **Traditional Chinese Medicine Resources Segment**: Generated 1.751 billion yuan in revenue, with a 3.13% year-on-year growth, while maintaining stable supply and pricing for strategic products [3]. - **Provincial Pharmaceutical Company**: Achieved a revenue of 24.607 billion yuan, a 0.48% increase year-on-year, with significant growth in non-pharmaceutical business areas [9]. Innovation and Development - The company is focusing on innovation with ongoing projects in short, medium, and long-term development, including secondary innovation of major traditional Chinese medicine products and new drug development [10][11]. - The projected revenue growth rates for 2025 to 2027 are estimated at 4.7%, 4.5%, and 4.5%, respectively, with net profit growth rates of 10.1%, 9.5%, and 8.7% [11].