Group 1: Investor Relations Activity - The investor relations activity was categorized as a telephone conference [2] - Participants included representatives from Citi PWM and the company's board secretary [2] - The meeting took place on May 15, 2025, at the company's headquarters [2] Group 2: Purpose of the Meeting - The main focus was to understand the company's production and operational status [2] - Questions related to the company's performance were addressed during the meeting [2] Group 3: Attendees - Company representatives included the board secretary, a securities affairs representative, and a project manager [2] - The meeting involved direct communication with investors to clarify operational queries [2]

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 reached CNY 4.749 billion, up 16.02% from CNY 4.094 billion in the previous year [2] - The net profit excluding non-recurring items was CNY 4.523 billion, reflecting a 20.18% increase from CNY 3.764 billion [2] - Operating cash flow net amount was CNY 4.297 billion, 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 CNY 2.66, up 16.16% [3] Dividend Distribution - The company proposed a cash dividend of CNY 11.85 per 10 shares (tax included) based on a total share capital of 1,784,262,603 shares [4] - A special dividend of CNY 12.13 per 10 shares was completed in November 2024, totaling CNY 2.164 billion [4] - The total cash dividend for 2024, including the special dividend, amounts to CNY 23.98 per 10 shares, totaling CNY 4.279 billion, which is 90.09% of the net profit attributable to shareholders [4] Business Strategy - The company focuses on both "internal" and "external" growth strategies, emphasizing strategic mergers and collaborations to enhance its industry portfolio [6] - The aim is to overcome growth bottlenecks and build a sustainable industry portfolio for high-quality development [6] Research and Development - The company is committed to developing both traditional Chinese medicine and innovative drugs, establishing a comprehensive research system for traditional medicinal resources [7] - It aims to create competitive innovative drugs aligned with national and local biopharmaceutical strategies [7] - The INR101 diagnostic nuclear medicine project received clinical approval in May 2024, with positive results reported in November [8] - The INR102 injection for prostate cancer treatment has also received approval for clinical trials [9]

云南白药集团股份有限公司 | | □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 | KS Fund-Fei Ni,Heartland Capital Management (HK) Limited-Jane Chu，Goldman Sachs Asset Management-Christine Pu & Claire Li， | | 姓名 | New China Asset Management Co., Ltd.-刘婷，Ren Bridge Fund | | | 谢雨阳 | | 时间 | 年 月 日星期四 2025 5 15 | | 地点 | 集团总部办公大楼 | | 上市公司接待人员 | 董事会秘书-钱映辉，证券事务代表-李孟珏，项目管理-张然 | | 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 ...

Group 1: Investor Relations Activity - The investor relations activity was categorized as a telephone conference [2] - Participants included Allianz Global Investors represented by Alex Jiang [2] - The meeting took place on May 15, 2025, at the company's headquarters [2] Group 2: Company Representatives - Company representatives included the Board Secretary Qian Yinghui, Securities Affairs Representative Li Mengjue, and Project Management Zhang Ran [2] - The purpose of the meeting was to understand the company's production and operational status [2] Group 3: Meeting Documentation - The meeting record is included as an attachment [2]

Group 1: Pharmaceutical Business Growth - The pharmaceutical segment aims for significant growth in 2024 by focusing on becoming the leading brand in pain management, enhancing product efficacy, and expanding its ecosystem [2] - Clinical research on core products like Yunnan Baiyao (powder) and capsules for diabetic foot and skeletal pain has shown steady progress, opening broader application scenarios [4] - Marketing strategies, including the successful promotion of the self-owned sports IP "Let's Go Play Ball," have improved brand youthfulness and product penetration [4] Group 2: Health Products Channel Development - The company maintains a comprehensive national sales team for health products, with Yunnan Baiyao toothpaste leading the market share in the oral care category [5] - Continuous optimization of the entire channel has strengthened traditional offline advantages while exploring new retail formats, enhancing market competitiveness [5] Group 3: Provincial Pharmaceutical Company Performance - In 2024, the Provincial Pharmaceutical Company achieved a main business revenue of CNY 24.607 billion, a year-on-year increase of 0.48% [6] - Non-pharmaceutical business areas like medical devices and special medical foods saw a sales growth of 14% [7] - The OTC segment experienced an 18% sales increase, while the new specialty pharmacy model grew by 29% [7] Group 4: Future Investment and Acquisition Plans - The company plans to optimize its industrial portfolio through both "internal" and "external" collaborative development, focusing on strategic mergers and partnerships to overcome growth bottlenecks [8]

Investment Rating - The report indicates a positive outlook for the pharmaceutical and biotechnology industry, suggesting it is at a turning point for profit improvement and has high allocation value [3][4]. Core Insights - The pharmaceutical sector is showing signs of recovery after three years of declining profitability, with a notable increase in net profit margin by 0.3% in Q1 2025 compared to the previous year [3][5]. - Key sub-sectors such as CXO, innovative drugs, biological products, private hospitals, and medical consumables have demonstrated strong performance in Q1 2025, with several leading companies exceeding expectations [3][4]. - The report recommends focusing on sub-sectors and companies with clear upward trends in performance, including innovative drugs and CXO services [3][4]. Overall Performance of the Sector - In 2024, 473 A-share pharmaceutical companies achieved total revenue of 24,588 billion yuan, a year-on-year decrease of 0.9%, and a net profit of 1,412 billion yuan, down 12.1% [3][5]. - For Q1 2025, the sector reported revenue of 6,104 billion yuan, a decline of 4.2% year-on-year, with net profit at 487 billion yuan, down 8.7% [3][5]. Sub-sector Performance - The CXO sector has shown a turnaround since Q4 2024, with Q1 2025 revenue of 225 billion yuan, reflecting an 11.6% year-on-year increase, and net profit of 50 billion yuan, up 72.8% [3][23]. - The innovative drug sector continues to grow rapidly, with leading companies like Heng Rui Medicine and Bai Jie Shen Zhou performing above expectations [3][18]. - The hospital sector is beginning to show signs of recovery, with Q1 2025 revenue of 144 billion yuan, a year-on-year increase of 4.9%, and net profit of 11 billion yuan, up 19.2% [3][28]. Investment Analysis - The report emphasizes the importance of investing in sectors and companies that are showing clear signs of upward trends, particularly in innovative drugs and CXO services [3][4]. - Specific companies recommended for investment include Heng Rui Medicine, Bai Jie Shen Zhou, and Wu Xi AppTec in the innovative drug and CXO sectors [3][4].

Core Viewpoint - The Chinese traditional medicine industry is experiencing collective anxiety due to insufficient effective demand, accelerated industry transformation, policy changes, and intense market competition [1] Industry Performance Overview - The performance of traditional Chinese medicine companies in 2024 and the first quarter of 2025 shows a diverging trend, with some companies achieving stable growth through brand advantages and product innovation, while others face revenue declines and profit pressures [1][3] - In 2024, Baiyunshan led the industry with a revenue of 749.93 billion yuan, but experienced a slight decline of 0.69% year-on-year, indicating growth challenges for traditional giants [3][6] - Yunnan Baiyao and China Resources Sanjiu followed with revenues of 400.33 billion yuan and 276.17 billion yuan, reflecting year-on-year growth rates of 2.36% and 11.63%, respectively [3][6] - In the first quarter of 2025, leading companies continued to show growth, while trailing companies remained under pressure [1][6] Profitability Insights - Yunnan Baiyao reported a net profit of 47.67 billion yuan in 2024, maintaining a growth rate of 15.63%, while Pizhou's net profit reached 29.96 billion yuan, aligning with its revenue growth [6] - Daren Tang emerged as a "profit dark horse" with a net profit increase of 128.68% year-on-year, while Dong'e Ejiao's net profit grew by 25.57% due to product price increases and channel optimization [6][1] R&D and Sales Expenses - In 2024, the highest R&D investment was from Tianshili, amounting to 1.039 billion yuan, representing 12.23% of its revenue [6][7] - Sales expenses were highest for China Resources Sanjiu at 72.20 billion yuan, followed by Baiyunshan at 56.20 billion yuan [7] - The overall R&D investment among the top 20 companies indicates a need for improvement, especially in innovative drug development and modern Chinese medicine technology applications [7] Market Challenges and Strategic Responses - The unique product strategy, once a cash cow for many companies, is now facing challenges due to adjustments in medical insurance directories and expanded centralized procurement [9][10] - Companies like Step Long Pharmaceutical have reported significant losses due to high sales expenses and declining core product revenues [1][6] - The industry is witnessing a trend where companies are either "slimming down" by divesting non-core assets or "bulking up" through mergers and acquisitions to strengthen their market position [14][15] Future Outlook - The ongoing centralized procurement and market dynamics necessitate that companies balance pricing and market share while building brand moats [12][14] - Companies with unique proprietary formulas, such as Pizhou and Yunnan Baiyao, are better positioned to withstand market fluctuations compared to those reliant on single products without strong patent protection [11][12]

| 本次解质 | | | | | | 已质押股份情况 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 本次解质押 | | | | | 占 | | | | | 押及再质 | 公 | 情况 | | 占其所 | | | | | | 持股数量 持股比 | 股东名 | | 及再质押前 | | | 司总 | | 已质押股 | | 占已 | 份 | | 占未 | | | | | | | 押后质押 | | | | 持股 | | | | | | 未质押股份 | 份 | | | | | | | | | 例 | 称 （股） | | 质押股份数 | | | 股本 | 限售和 | | | 质押 | 冻 | | 质押 | | | | | | | 股份数量 | | | | 比 | | | | | | 限售和冻结 | 例 | | | | | | | | | 量（股） | | | | | 比例 | 结、标记数 | | 股 | | 股份 | 份 | | | | | | | | | （股） | | | | | 数量（股） | | | | | | | | | | | 量 ...

股票代码：000538 股票简称：云南白药 公告编号：2025-19 年 5 月 12 日解除质押，详见"一、本次股份解除质押基本情况"。 质押股份是否负担重大资产重组等业绩补偿义务：否。 云南白药集团股份有限公司 关于股东部分股份解除质押及再质押的公告 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"或"云南白药"）于 近日接到公司股东新华都实业集团股份有限公司（以下简称"新华都"） 的通知，获悉新华都将其持有的公司部分股份办理了解除质押及再质押。 具体情况如下： | 股东名称 | 是否为控股股 东或第一大股 | 本次解除质押 /冻结/拍卖等 | 占其所 持股份 | 占公司 总股本 | 起始日 | 解除日期 | 质权人/申请 | | --- | --- | --- | --- | --- | --- | --- | --- | | | 东及其一致行 动人 | 股份数量 | 比例 | 比例 | | | 人等 | | 新华都实业 集团股份有 | 否 | 290,514,000 | 66.67% | 16.28% | 20 ...

Group 1: Institutional Research on Popular Companies - The top twenty companies with the highest number of institutional research visits in the past 30 days include Huaming Equipment, Changshu Bank, Guangdian Yuntong, Yunnan Baiyao, and BYD. In the last five days, the most visited companies were Mankalon, Zhou Dasheng, Stable Medical, Zhujiang Beer, and Shenghe Resources. Among the top twenty companies in the past 30 days, 11 companies had 10 or more rating agencies, including BYD, Huali Group, Weixing New Materials, Changshu Bank, and Weixing Co., Ltd. [2][11][12] - Companies such as BYD, Huali Group, Changshu Bank, Weixing Co., Ltd., Weichai Power, Yunnan Baiyao, Tuobang Co., Ltd., Huaming Equipment, and Zhongji United are expected to see significant growth in net profit attributable to shareholders in 2024 compared to 2023 [2][11][12]. Group 2: Shareholder Increase Activities - From May 5 to May 9, 2025, a total of 13 companies announced significant shareholder increases, with three companies having 10 or more rating agencies. The companies with an average proposed increase amount exceeding 1% of the latest market value include *ST Gengxing, Hainan Development, China Railway Industry, Huamao Technology, and Linglong Tire [3][14][15]. - From January 1 to May 11, 2025, 297 companies announced significant shareholder increases, with 203 having 10 or more rating agencies. Among these, 15 companies had an average proposed increase amount exceeding 1% of the latest market value, including Xinjie Energy, Sailun Tire, Rongsheng Petrochemical, Wanrun Co., Ltd., CNOOC Engineering, and Xin Fengming [5][16][17]. Group 3: Company Buyback Activities - From May 5 to May 9, 2025, a total of 312 companies announced buyback progress, with 84 companies having 10 or more rating agencies. Companies expected to have a buyback amount exceeding 1% of the market value on the announcement date include Pingmei Co., Ltd., Huafa Co., Ltd., Changhong Meiling, XGIMI Technology, and Xugong Machinery [4][19][20]. - From January 1 to May 11, 2025, 1,456 companies announced buyback progress, with 297 having 10 or more rating agencies. Among these, 82 companies had a buyback amount exceeding 1% of the market value on the announcement date, including Changhong Meiling, Qianwei Central Kitchen, Baolong Technology, Shantui Co., Ltd., Wanrun Co., Ltd., Midea Group, BOE A, and Goldwind Technology [6][22][23].