Group 1: Company Overview - Yunnan Baiyao Group Co., Ltd. is engaged in the production and operation of medicinal products [1] - The investor relations activity was conducted via a telephone conference on January 23, 2026 [1] Group 2: Participants - Participants included representatives from Guotai Junan and Agricultural Bank of China [1] - Company representatives included securities affairs representative Li Mengjue and investor relations managers Zhang Yu and Yang Kexin [1] Group 3: Meeting Objectives - The main objective of the meeting was to understand the company's production and operational status [1]

Group 1: AI Empowerment and Digital Transformation - The company is implementing its digital development plan (2022-2026) by leveraging data and AI technologies across key segments of the supply chain, enhancing operational efficiency and business innovation [2] - The self-developed "Marketing Business Operation Platform" has been piloted in the pharmaceutical business group, improving order processing and cost accounting, leading to a 30% reduction in manual workload and saving 60,000 paper documents annually [3] - The "One Product, One Code Traceability Platform" has been developed for traditional Chinese medicine, providing digital identity for authentic medicinal materials [2] Group 2: Supply Chain and Operational Efficiency - The company has achieved 100% automation in settlement processes, reducing the cycle from 30 days to real-time [3] - The establishment of 90 standard processes and 60 management indicators supports business decision-making effectively [3] - The "Smart Cloud Medicine" platform and "One Product, One Chain" model have created a closed-loop system covering all aspects from resource management to payment, significantly improving supply chain collaboration and management [3] Group 3: Research and Development Progress - The tumor organ library and molecular marker research projects have yielded results published in Cancer Cell and Chinese Clinical Oncology journals [4] - The INR101 diagnostic nuclear medicine project has entered phase III clinical trials, with 32 research centers established and 60 subjects enrolled [5] - The INR102 therapeutic nuclear medicine project has received a clinical trial notification, with phase I trials initiated and 12 patients enrolled [6] Group 4: Dividend Distribution - For the 2024 fiscal year, the company will distribute a cash dividend of 11.85 CNY per 10 shares, totaling 2,164,310,537.44 CNY, which represents 90.09% of the net profit attributable to shareholders [7] - The total cash dividend for 2024, including a special dividend, amounts to 23.98 CNY per 10 shares, with a total of 4,278,661,722.00 CNY distributed [7] - In the first half of 2025, a cash dividend of 10.19 CNY per 10 shares will be distributed, totaling 1.818 billion CNY, representing 50.05% of the net profit for that period [7] Group 5: Online Sales Performance - The pharmaceutical business group has seen over a 20% increase in O2O sales in the first half of 2025, aided by online content marketing [8] - The company generated 2.54 billion CNY in GMV from e-commerce platforms, attracting 4.845 million visitors and converting 3.54 million consumers [9] - Yunnan Baiyao toothpaste holds the number one market share in the domestic channel for 2025, while the brand ranked first in Tmall for anti-hair loss shampoo during the "618" shopping festival [9]

Core Viewpoint - The A-share pharmaceutical sector has gained renewed investor interest due to the resurgence of COVID-19 cases in India, leading to fluctuations in the Chinese medicine ETF (560080) and notable stock performance among key companies in the sector [1][6]. Group 1: Market Performance - The Chinese medicine ETF (560080) experienced a nearly 2% decline on January 27, following a more than 1.4% increase the previous day, with trading volume surpassing 85 million yuan [1]. - Notable declines were observed in key stocks within the ETF, including Zhongsheng Pharmaceutical down over 7% and Yiling Pharmaceutical down over 5%, with several others also experiencing declines [3]. Group 2: Valuation Insights - The latest price-to-earnings ratio (PE TTM) for the index tracked by the Chinese medicine ETF (560080) is 24.57, indicating that the valuation is below 81.27% of the time since the index was published in May 2015, suggesting a favorable valuation opportunity [4]. Group 3: Company News - Zhongsheng Pharmaceutical announced a projected net profit of 260 million to 310 million yuan for 2025, marking a significant turnaround with an increase of 186.91% to 203.62% year-on-year [7]. - Yiling Pharmaceutical also forecasted a net profit of 1.2 billion to 1.3 billion yuan for 2025, indicating a key operational turning point [7]. - Kangyuan Pharmaceutical received approval for clinical trials of a new traditional Chinese medicine aimed at treating children's adenoid hypertrophy, marking a step forward in innovation [7]. Group 4: Industry Trends - The Chinese traditional medicine market is projected to exceed 700 billion yuan in 2024, driven by stable demand amid an aging population, although pricing volatility has been influenced by inventory adjustments and procurement policies [8]. - The industry is experiencing a consolidation trend, with leading companies capturing over half of the market revenue and profits, while ongoing policy focus on innovation and quality development is reshaping the competitive landscape [8].

Group 1 - The core transaction of Yunnan Baiyao on January 26 involved a block trade of 657,700 shares, amounting to 36.02 million yuan, with a transaction price of 54.77 yuan, reflecting a discount of 2.49% compared to the closing price of the day [2][3] - The closing price of Yunnan Baiyao on the same day was 56.17 yuan, showing a slight increase of 0.04%, with a turnover rate of 0.62% and a total trading volume of 614 million yuan, indicating a net outflow of 11.25 million yuan in main funds [2][3] - Over the past five days, Yunnan Baiyao's stock has seen a cumulative decline of 0.09%, while the total net inflow of funds during this period was 198 million yuan [2][3] Group 2 - The latest margin financing balance for Yunnan Baiyao is 1.266 billion yuan, which has decreased by 9.799 million yuan over the past five days, representing a decline of 0.77% [3] - Yunnan Baiyao Group Co., Ltd. was established on November 30, 1993, with a registered capital of 17.84262603 billion yuan [3]

Group 1 - The core transaction of Yunnan Baiyao involved a block trade of 657,700 shares, with a total transaction value of 36.0222 million yuan, accounting for 5.54% of the total trading volume on that day [1] - The transaction price was 54.77 yuan per share, which represents a discount of 2.49% compared to the market closing price of 56.17 yuan [1][2] - The buyer was from the brokerage unit of China Merchants Securities, while the seller was from the Shanghai branch of Huatai Securities [2]

Group 1 - The core point of the article is that Yunnan Baiyao announced the release of a portion of shares pledged by its shareholder, Xinhua Dou Industrial Group Co., Ltd. [2] - The number of shares released from pledge amounts to 75,000,000 shares [2]

证券日报网1月23日讯，云南白药（000538）在接受调研者提问时表示，通过"内涵式"和"外延式"协同 发展，推动公司产业组合不断优化是公司主要的增长模式。"内涵式"发展聚焦挖潜增效做稳基本盘，聚 焦医药、健康、流通三类产业发展基础，按照整体效益最大化的思路，全产业链、全价值链、全生产要 素系统性提升和优化，持续推进公司主业高质量发展。"外延式"发展注重远见卓识，基于整体战略要求 和导向，积极探索通过战略并购、战略合作等模式，对现有产业板块进行补全、补强，快速突破现有增 长瓶颈，构建健康、可持续发展的产业组合体系，实现高质量可持续发展。 ...

Group 1 - The company conducted a telephone survey with institutional investors on January 22, 2026, discussing key issues such as drug development, subsidiary operations, health product channels, and dividend policies [1] - The company is making steady progress in clinical research for key drug products, including studies on diabetes foot, bone pain, and other areas, which will lay the foundation for expanding application scenarios [2] - The company plans to continue promoting existing product development while selectively extending external projects to complete its product matrix [2] Group 2 - The provincial pharmaceutical company will implement a "double rise and double drop" strategy, focusing on stabilizing existing hospital and distribution market shares while expanding non-drug businesses and new specialty pharmacies to cultivate new growth points [3] - The company aims to enhance operational efficiency by optimizing supply chain management and improving accounts receivable and inventory structures [3] Group 3 - In the health product sector, the company achieved significant breakthroughs in online channels in 2025, with a notable increase in product awareness and sales through strategic partnerships with e-commerce platforms [4] - The company’s toothpaste maintained the top market share in the domestic channel in the first half of 2025, and its anti-hair loss shampoo ranked first on Tmall during the "618" shopping festival [4] Group 4 - The company announced a high dividend policy for 2024, with a total cash dividend of approximately 4.279 billion yuan, representing 90.09% of the net profit attributable to shareholders [5] - For the first half of 2025, the company plans to distribute a cash dividend of 1.818 billion yuan, which is 50.05% of the net profit for that period [5] Group 5 - The strategic layout of the company in drug research, subsidiary operations, channel expansion, and shareholder returns is becoming clearer, with ongoing product development and supply chain optimization expected to strengthen its industry position [6] - The high dividend policy reflects the company's commitment to long-term returns for investors [6]

Group 1 - Yunnan Baiyao announced that on January 22, 2026, it will accept an investor survey conducted by Guotai Junan and other investors, with company representatives participating in the reception and addressing investor inquiries [1] - The company’s securities affairs representative Li Mengjue and investor relations managers Zhang Yu and Yang Kexin will be involved in the investor meeting [1] Group 2 - Local state-owned assets have begun to "bottom-fish" in the auction housing market, purchasing over 60 properties in the Nansha District of Guangzhou at prices around 6,000 to 7,000 yuan per unit, while the average listing price for second-hand homes in the same community exceeds 20,000 yuan [1] - This trend indicates a significant disparity between auction prices and market prices for second-hand homes in the area [1]

Group 1 - The core strategy of Yunnan Baiyao's pharmaceutical business group focuses on becoming the leading brand in the field of pain management, with significant growth in aerosol and plaster products driven by a comprehensive marketing approach [2] - The O2O sales channel has seen a year-on-year increase of over 20%, with e-commerce GMV reaching 254 million yuan, supported by effective online content marketing [2] - The health products segment has maintained its leading market share in toothpaste and achieved top rankings in anti-hair loss shampoo on major e-commerce platforms [4] Group 2 - The nuclear medicine research and development is progressing steadily, with the INR101 diagnostic project entering phase III clinical trials and INR102 treatment project starting phase I trials [3] - Yunnan Baiyao is pursuing a dual-driven development strategy, focusing on both internal optimization and external mergers and acquisitions to enhance its industry portfolio [5]