Investment Rating - The investment rating for the company is "Buy-A" with a target price of 64.25 CNY over the next six months, compared to the current stock price of 53.88 CNY as of August 26, 2024 [2][7]. Core Views - The company has demonstrated stable revenue growth and significant improvement in operational quality, with a reported revenue of 20.455 billion CNY for the first half of 2024, reflecting a year-on-year increase of 0.72%, and a net profit of 3.189 billion CNY, up 12.76% year-on-year [1][6]. Summary by Sections Company Performance - In H1 2024, the pharmaceutical segment achieved revenue of 4.069 billion CNY, a growth of 9.6% year-on-year, with core products like Yunnan Baiyao aerosol spray exceeding 1.2 billion CNY in sales, growing over 30% [2]. - The health products segment reported revenue of 3.144 billion CNY, slightly down, but net profit increased by 1.7% to 1.231 billion CNY, with a gross margin improvement of 0.7 percentage points [2]. - The traditional Chinese medicine resources segment saw revenue of 0.894 billion CNY, a growth of approximately 22% year-on-year, while the provincial pharmaceutical company maintained stable revenue at 12.19 billion CNY [2]. Financial Metrics - The company reported a gross margin of 29.30% in H1 2024, an increase of 1.75 percentage points year-on-year, and a net profit margin of 15.59%, up 1.67 percentage points [6]. - Operating cash flow reached 3.262 billion CNY, a year-on-year increase of 44.84%, indicating improved cash management [6]. - The company’s projected revenues for 2024 to 2026 are 39.667 billion CNY, 41.449 billion CNY, and 43.327 billion CNY respectively, with corresponding net profits of 4.593 billion CNY, 5.070 billion CNY, and 5.537 billion CNY [7][9]. Valuation Metrics - The projected PE ratios for 2024 to 2026 are 20.9, 19.0, and 17.4 respectively, indicating a favorable valuation trend [7][9]. - The company maintains a high dividend yield, projected to increase from 2.8% in 2022 to 5.2% by 2026 [9].

股票代码：000538 股票简称：云南白药 公告编号：2024-44 云南白药集团股份有限公司 一、董事会聘任高级管理人员 公司第十届董事会于 2024 年 8 月 26 日召开第十届董事会 2024 年第 八次会议，审议通过《关于聘任公司高级管理人员的议案》，根据《公司 章程》的规定，由公司首席执行官提名，并经董事会提名委员会对被提名 人的任职资格审核，公司董事会聘任谌识先生、何涛先生（简历均详见附 件）担任公司高级副总裁，任期自本次董事会审议通过之日起至第十届董 事会届满为止。 二、高级管理人员辞任 公司第十届董事会于近日收到公司首席商务官、高级副总裁赵英明先 生送达的《辞任申请》。赵英明先生因个人职业发展规划调整原因，申请 辞去公司首席商务官、高级副总裁以及在公司及控股子公司的一切职务。 根据《公司法》《公司章程》的相关规定，赵英明先生的辞任申请自送达 1 / 4 董事会之日起生效，赵英明先生辞任后不会影响公司经营的正常运行。截 至本公告披露日，赵英明先生未持有公司股份。 公司对赵英明先生在任职期间对公司发展做出的贡献表示感谢！ 特此公告 关于高级管理人员变动的公告 本公司及董事会全体成员保证信息披露的 ...

为规范云南白药集团股份有限公司（以下简称"公司"）的投资 理财管理，提高资金运作效率，防范投资理财决策和执行过程中的相 关风险，提升公司经济效益，根据财政部颁布的《企业内部控制基本 规范》及配套指引等有关法律法规，结合公司实际情况，特制定本制 度。 第二条 适用范围 本制度适用于公司及下属各子公司、分公司的投资理财管理。未 经集团授权许可，分子公司不得开展委托理财业务。 云南白药集团股份有限公司 投资理财管理制度 第一章 总则 第一条 目的 第三条 定义 本制度所称投资理财是指公司以提高资金使用效率和收益水平为 目标，对自有闲置资金通过利用银行存款产品、金融机构理财及其他 投资和理财工具进行的现金运作和管理，在确保安全性、流动性的基 础上实现闲置资金保值增值的过程。 第四条 原则 （一）投资理财管理应以安全性为首要原则，在确保资金安全可 控以及合理的资金流动性的前提下，并遵循规范程序，对投资产品作 充分评估后再进行运作，不片面追求高收益。 （二）在确定投资理财的运作方式及投资期限时，应考虑适度分 散原则，并与资金计划相匹配，避免投资过于集中而加大市场风险和 流动性风险。 1 / 6 （三）公司投资理财产品的底 ...

股票代码：000538 股票简称：云南白药 公告编号：2024-41 云南白药集团股份有限公司 第十届董事会 2024 年第八次会议决议公告 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 年第八次会议（以下简称"会议"）于 2024 年 8 月 26 日在 公司总部四楼会议室以现场结合通讯表决的方式召开，本次会议通知于 2024 年 8 月 16 日以书面、邮件或传真方式发出，应出席董事 11 名，实际 出席董事 11 名（独立董事刘国恩先生以通讯表决方式出席会议，董事李泓 燊先生、独立董事戴扬先生、张永良先生以视频方式出席会议）。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。会议由公司董事长张文学先生主持，与会董事经充分讨论， 会议审议通过如下议案： 一、审议通过《关于第十届董事会选举副董事长的议案》 根据《公司章程》的规定，会议选举董明先生（简历详见附件）为第十 届董事会副董事长，任期自本次董事会审议通过之日起至第十届董事会 ...

股票代码：000538 股票简称：云南白药 公告编号：2024-43 云南白药集团股份有限公司 关于拟续聘2024年度审计机构（含内部控制审计）的公告 重要提示：本公司及其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。 （6）中审众环 2023 年末合伙人数量 216 人、注册会计师数量 1,244 人、 签署过证券服务业务审计报告的注册会计师人数 716 人。 云南白药集团股份有限公司（以下简称"公司"） 于 2024 年 8 月 26 日召 开第十届董事会 2024 年第八次会议，审议通过了《关于续聘公司 2024 年度 审计机构（含内部控制审计）的议案》，具体情况如下： 一、拟续聘会计师事务所的基本情况 （一）机构信息 1、基本信息 （1）机构名称：中审众环会计师事务所（特殊普通合伙） （2）成立日期：2013 年 11 月 （3）组织形式：特殊普通合伙企业 （4）注册地址：湖北省武汉市武昌区东湖路 169 号 2-9 层。 （5）首席合伙人：石文先 （7）2023 年经审计总收入 215,466.65 万元、审计业务收入 185,127.83 万 元、证券业务 ...

股票代码：000538 股票简称：云南白药 公告编号：2024-45 云南白药集团股份有限公司 关于召开 2024 年第三次临时股东大会的通知 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"）第十届董事会 2024 年第八次会议审议通过，决定于 2024 年 9 月 11 日召开 2024 年第三次临 时股东大会。现将本次股东大会相关事项通知如下： 一、召开会议基本情况 （一）股东大会届次：2024 年第三次临时股东大会。 （二）召集人：公司第十届董事会。经公司第十届董事会 2024 年第 八次会议审议通过，决定召开 2024 年第三次临时股东大会。 （三）会议召开的合法合规性：本次股东大会的召开符合《公司法》 《证券法》《深圳证券交易所股票上市规则》和《公司章程》等有关规定。 （四）会议召开时间： 现场会议召开时间：2024 年 9 月 11 日上午 9:30 起。 网络投票时间： 1、通过深圳证券交易所交易系统进行网络投票的时间为 2024 年 9 月 11 日 9:15-9:25，9:30-11:30 和 13 ...

云南白药集团股份有限公司 第五条 公司选聘的会计师事务所应当具备以下资格： 一）具有独立的法人资格，具备国家行业主管部门和中国证券 监督管理委员会规定的开展证券期货相关业务所需的执业资格和条 件； 会计师事务所选聘制度 第一章 总 则 第一条 为规范云南白药集团股份有限公司 以下简称 公司"） 选聘 含续聘、改聘，下同）会计师事务所的有关行为，提高财务信 息质量，切实维护股东利益，根据 中华人民共和国公司法》 中华 人民共和国证券法》 国有企业、上市公司选聘会计师事务所管理办 法》和 云南白药集团股份有限公司章程》 以下简称 公司章程》"） 等有关规定，特制定本制度。 第二条 选聘会计师事务所，是指公司根据相关法律法规要求， 聘任会计师事务所对公司财务报告、内部控制等发表审计意见，出具 审计报告的行为。公司选聘执行年度财务报表审计业务的会计师事务 所，应当遵照本制度的规定履行选聘程序，披露相关信息。选聘其他 专项审计业务的会计师事务所，视重要性程度可参照本制度执行。 第三条 公司选聘或解聘会计师事务所应当由董事会审计委员会 以下简称 审计委员会"）审议同意后，提交董事会审议、并由股 东大会决定。公司不得在股东 ...

云南白药集团股份有限公司 内部审计制度 第一章 总则 第一条 目的 第四条 内部审计管理的基本原则 为加强集团内部审计工作，促进集团完善治理、增加价值和实现集 团战略目标，根据《中华人民共和国审计法》及实施条例、《内部审计基 本准则》及具体准则、《审计署关于内部审计工作的规定》《深圳证券交 易所上市公司自律监管指引第 1 号—主板上市公司规范运作》等规定， 结合集团实际情况，制定本制度。 第二条 适用范围 本制度适用于集团及其成员企业。 第三条 术语和定义 （一）本制度中的"集团"是指云南白药集团股份有限公司。 （二）本制度中的 "成员企业"是指云南白药集团股份有限公司全 资、控股子公司和拥有实际控制权的其他企业。 （三）本制度所称的内部审计，是指对公司财务收支、经济活动、内 部控制、风险管理实施独立、客观的监督、评价和建议，以促进公司完 善治理、实现目标的活动。 （四）本制度所称的内部审计部门包含成员企业已成立的专职审计 部门和成员企业未成立审计部，但兼有内审职责的部门。 （五）本制度所称国家秘密是指《保守国家秘密法》定义的国家秘密。 — 1 — （一） 依法审计原则。 （二）集中管理与分级管理相结合原则。 ...

[Section I Important Notes, Table of Contents, and Definitions](index=2&type=section&id=Section%20I%20Important%20Notes%2C%20Table%20of%20Contents%2C%20and%20Definitions) This section provides essential preliminary information for the report, including a table of contents and definitions of key terms [Definitions](index=5&type=section&id=Definitions) This chapter defines key terms used in the report, including company entities, regulatory bodies, major shareholders, business partners, and the 'reporting period' (January 1 to June 30, 2024), providing a foundation for understanding the report content Key Term Definitions | Term | Definition | | :--- | :--- | | The Company, Company, or Yunnan Baiyao | Yunnan Baiyao Group Co., Ltd. | | New Huadu | New Huadu Industrial Group Co., Ltd. | | Yunnan Provincial Investment Holdings Group | Yunnan Provincial Investment Holdings Group Co., Ltd. | | Baiyao Holdings | Yunnan Baiyao Holdings Co., Ltd. | | Shanghai Pharmaceuticals | Shanghai Pharmaceuticals Holding Co., Ltd. | | OTC | Over The Counter | | Reporting Period | January 1, 2024 to June 30, 2024 | [Section II Company Profile and Key Financial Indicators](index=6&type=section&id=Section%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides an overview of the company's profile and key financial performance metrics for the reporting period [Company Profile](index=6&type=section&id=I.%20Company%20Profile) This chapter provides the company's basic information, including its stock ticker 'Yunnan Baiyao', stock code '000538', listing exchange (Shenzhen Stock Exchange), legal representative, and contact details Company Basic Information | Item | Content | | :--- | :--- | | Stock Abbreviation | Yunnan Baiyao | | Stock Code | 000538 | | Listing Stock Exchange | Shenzhen Stock Exchange | | Legal Representative | Dong Ming | [Key Accounting Data and Financial Indicators](index=7&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) During the reporting period, the company achieved operating revenue of **20.455 billion yuan**, a **0.72%** year-on-year increase, and net profit attributable to shareholders of **3.189 billion yuan**, up **12.76%**, with net cash flow from operating activities significantly increasing by **44.84%** to **3.262 billion yuan**, indicating steady improvement in profitability and operational quality Key Financial Indicators for H1 2024 | Indicator | Current Reporting Period | Prior Year Same Period | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue (yuan) | 20,455,286,287.52 | 20,309,372,850.07 | 0.72% | | Net Profit Attributable to Listed Company Shareholders (yuan) | 3,188,829,903.10 | 2,828,011,615.30 | 12.76% | | Net Profit Attributable to Listed Company Shareholders Excluding Non-recurring Gains and Losses (yuan) | 3,135,015,340.93 | 2,737,055,785.90 | 14.54% | | Net Cash Flow from Operating Activities (yuan) | 3,261,617,391.99 | 2,251,951,370.10 | 44.84% | | Basic Earnings Per Share (yuan/share) | 1.79 | 1.58 | 13.29% | | Weighted Average Return on Net Assets | 7.93% | 7.17% | Increased by 0.76 percentage points | [Non-recurring Gains and Losses Items and Amounts](index=8&type=section&id=VI.%20Non-recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) During the reporting period, the company's non-recurring gains and losses totaled **53.81 million yuan**, primarily comprising government subsidies of **34.22 million yuan** and other items such as time deposit interest and VAT reductions totaling **27.44 million yuan** Details of Non-recurring Gains and Losses Items | Item | Amount (yuan) | | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | -1,658,086.88 | | Government Grants Recognized in Current Profit/Loss | 34,220,746.37 | | Gains/Losses from Changes in Fair Value of Financial Assets/Liabilities | -4,964,027.66 | | Gains/Losses from Entrusted Investments or Asset Management | 3,003,994.06 | | Other Non-operating Income and Expenses | -257,970.80 | | Other Gains/Losses Meeting the Definition of Non-recurring Items | 27,441,539.97 | | **Total** | **53,814,562.17** | [Section III Management Discussion and Analysis](index=9&type=section&id=Section%20III%20Management%20Discussion%20and%20Analysis) This section provides a comprehensive analysis of the company's operational performance, financial condition, and future outlook, as discussed by management [Principal Businesses Engaged in by the Company During the Reporting Period](index=9&type=section&id=I.%20Principal%20Businesses%20Engaged%20in%20by%20the%20Company%20During%20the%20Reporting%20Period) The company's core business spans four major segments: pharmaceuticals, health products, traditional Chinese medicine resources, and pharmaceutical commercial distribution, achieving **20.455 billion yuan** in operating revenue and **3.189 billion yuan** in net profit attributable to shareholders in H1 2024, with the industrial segment showing improved profitability - The company holds **567 drug approval numbers**, including **43 exclusive varieties**, having transformed from a traditional Chinese medicine enterprise into a modern comprehensive health company with business covering natural medicines, health and daily chemicals, and health foods[20](index=20&type=chunk) - The company's core business comprises four major segments: pharmaceuticals, health products, traditional Chinese medicine resources, and Yunnan Provincial Pharmaceutical Company, focusing on orthopedic pain management, oral care, traditional Chinese medicinal material supply, and pharmaceutical distribution services[21](index=21&type=chunk)[22](index=22&type=chunk) Overview of H1 2024 Operating Data | Indicator | H1 2024 | YoY Change | | :--- | :--- | :--- | | Operating Revenue | 20.455 billion yuan | +0.72% | | Net Profit Attributable to Parent | 3.189 billion yuan | +12.76% | | Industrial Revenue Share | 37.41% | Increased by 0.49 percentage points | | Industrial Gross Margin | 67.37% | Increased by 3.10 percentage points | | Net Cash Flow from Operating Activities | 3.262 billion yuan | +44.84% | [Analysis of Core Competencies](index=17&type=section&id=II.%20Analysis%20of%20Core%20Competencies) The company's core competencies include a strong brand, professional talent, continuous innovation, a complete industrial chain, and extensive distribution channels, supporting its sustained growth and market leadership - Yunnan Baiyao is a Chinese time-honored brand with over **120 years** of history, ranked among the top **25 most valuable pharmaceutical brands globally in 2024**, and listed in Fortune China **500 for 15 consecutive years**[41](index=41&type=chunk) - The company has established a standardized full industrial chain for strategic medicinal materials like *Chonglou* and *Sanqi*, achieving a closed-loop management from seedling selection to production and processing, effectively ensuring raw material quality and controlling price fluctuation risks[45](index=45&type=chunk) - The company's marketing network covers over **400,000 retail pharmacies nationwide**, and it actively collaborates with major e-commerce platforms like Alibaba, JD.com, and Douyin to expand online OTC sales channels[46](index=46&type=chunk) [Analysis of Principal Business](index=19&type=section&id=III.%20Analysis%20of%20Principal%20Business) In H1 2024, the company's principal business achieved steady growth, with industrial sales revenue increasing by **2.05%** and gross margin rising by **3.10 percentage points** to **67.37%**, while net cash flow from operating activities significantly increased by **44.84%** due to higher sales collections Year-on-Year Changes in Key Financial Data | Item | Current Reporting Period (yuan) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 20,455,286,287.52 | 0.72% | Industrial sales revenue increased by **154 million yuan** | | Operating Cost | 14,462,809,950.85 | -1.70% | Industrial sales cost decreased by **183 million yuan** | | Net Cash Flow from Operating Activities | 3,261,617,391.99 | 44.84% | Cash received from sales of goods and rendering of services increased by **1.389 billion yuan** | | Net Cash Flow from Investing Activities | -205,582,688.32 | -166.95% | Increased cash paid for wealth management products and time deposits | Operating Revenue Composition (by Industry) | By Industry | Operating Revenue (yuan) | Proportion of Operating Revenue | YoY Change | | :--- | :--- | :--- | :--- | | Industrial Sales Revenue | 7,652,967,384.61 | 37.41% | 2.05% | | Commercial Sales Revenue | 12,742,489,364.88 | 62.29% | -0.23% | Gross Margin of Principal Business | By Industry | Gross Margin | Gross Margin YoY Change | | :--- | :--- | :--- | | Industrial Sales Revenue | 67.37% | Increased by 3.10 percentage points | | Commercial Sales Revenue | 6.29% | Increased by 0.28 percentage points | [Analysis of Assets and Liabilities](index=22&type=section&id=V.%20Analysis%20of%20Assets%20and%20Liabilities) As of the end of the reporting period, the company's total assets reached **54.368 billion yuan**, a **1.08%** increase from the beginning of the period, with significant changes in trading financial assets due to wealth management product purchases and other current liabilities from ultra-short-term financing bond issuance Changes in Key Balance Sheet Items | Item | Amount at End of Current Reporting Period (yuan) | Proportion of Total Assets | Change in Proportion from Prior Year-end | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets | 1,046,815,045.34 | 1.93% | +1.65% | Mainly due to the purchase of wealth management products in the current period | | Other Current Assets | 1,830,161,506.46 | 3.37% | -1.95% | Mainly due to the maturity of time deposits at the beginning of the period and conversion to demand deposits | | Other Current Liabilities | 1,698,311,110.99 | 3.12% | +2.13% | Mainly due to the issuance of ultra-short-term financing bonds in the current period | | Treasury Stock | 0.00 | 0.00% | -1.32% | Treasury stock cancelled in the current period | Assets and Liabilities Measured at Fair Value | Item | Beginning Balance (yuan) | Amount Purchased in Current Period (yuan) | Ending Balance (yuan) | | :--- | :--- | :--- | :--- | | Trading Financial Assets | 149,366,687.56 | 900,000,000.00 | 1,046,815,045.34 | | Other Non-current Financial Assets | 324,674,379.63 | 0.00 | 312,459,342.04 | | **Total Financial Assets** | **545,786,067.19** | **900,000,000.00** | **1,431,019,387.38** | [Analysis of Investment Status](index=24&type=section&id=VI.%20Analysis%20of%20Investment%20Status) During the reporting period, the company's total investment reached **4.085 billion yuan**, a **292.31%** year-on-year increase, with significant non-equity investments in the Shanghai International Center and Kunming R&D Platform, and a portfolio of Hong Kong-listed securities totaling approximately **261 million yuan** Significant Non-equity Investments in Progress During the Reporting Period | Project Name | Investment Method | Amount Invested in Current Reporting Period (yuan) | Cumulative Actual Investment Amount as of End of Reporting Period (yuan) | Project Progress | | :--- | :--- | :--- | :--- | :--- | | Yunnan Baiyao Shanghai International Center | Self-built | 87,706,087.92 | 655,131,190.91 | 61.00% | | Yunnan Baiyao R&D Platform - Kunming Center Construction Project | Self-built | 33,799,180.03 | 120,995,985.93 | 40.00% | | **Total** | **--** | **121,505,267.95** | **776,127,176.84** | **--** | Securities Investment Status | Security Abbreviation | Initial Investment Cost (yuan) | Book Value at Period End (yuan) | Profit/Loss for Reporting Period (yuan) | | :--- | :--- | :--- | :--- | | Jacobson Pharma Corporation | 238,699,200.00 | 118,648,400.00 | 2,652,240.00 | | Jianbeimiaomiao | 25,039,800.00 | 72,736,032.60 | 514,829.70 | | China Antibody | 354,119,828.19 | 69,424,712.74 | 24,768.48 | | **Total** | **617,858,828.19** | **260,809,145.34** | **3,191,838.18** | [Analysis of Major Holding and Associate Companies](index=28&type=section&id=VIII.%20Analysis%20of%20Major%20Holding%20and%20Associate%20Companies) The company's main profit sources are its core subsidiaries and associate companies, with Yunnan Provincial Pharmaceutical Co., Ltd. and Yunnan Baiyao Group Health Products Co., Ltd. contributing significantly to revenue and net profit, alongside investment income from Shanghai Pharmaceuticals Holding Co., Ltd Performance of Major Subsidiaries and Associate Companies | Company Name | Type | Principal Business | Operating Revenue (yuan) | Net Profit (yuan) | | :--- | :--- | :--- | :--- | :--- | | Yunnan Provincial Pharmaceutical Co., Ltd. | Subsidiary | Pharmaceutical Wholesale, Retail | 12,329,242,791.12 | 286,490,361.99 | | Yunnan Baiyao Group Health Products Co., Ltd. | Subsidiary | Production and Sales of Oral Care Products | 3,148,545,484.92 | 1,216,170,372.04 | | Shanghai Pharmaceuticals Holding Co., Ltd. | Associate Company | Pharmaceutical Product R&D, Manufacturing, and Sales | 139,413,145,524.43 | 3,597,363,036.62 | [Risks Faced by the Company and Countermeasures](index=29&type=section&id=X.%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces risks from pharmaceutical policy changes, market uncertainties, R&D conversion, and external expansion, which it addresses through policy monitoring, operational efficiency improvements, focused R&D, and prudent strategic planning - The company faces four major risks: policy change risk, market uncertainty risk, innovation R&D outcome conversion risk, and external expansion risk[68](index=68&type=chunk)[69](index=69&type=chunk)[70](index=70&type=chunk)[71](index=71&type=chunk) - Countermeasures include: strengthening policy tracking and interpretation, enhancing operational efficiency through full industrial chain advantages, prudently evaluating and focusing on key R&D projects, and scientifically and standardly managing external expansion risks[68](index=68&type=chunk)[69](index=69&type=chunk)[70](index=70&type=chunk)[72](index=72&type=chunk) [Section IV Corporate Governance](index=32&type=section&id=Section%20IV%20Corporate%20Governance) This section details the company's corporate governance structure, including changes in directors, supervisors, and senior management during the reporting period [Changes in Directors, Supervisors, and Senior Management](index=32&type=section&id=II.%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, the company's governance structure underwent significant changes, including the election of Mr. Zhang Wenxue as the new Chairman and the departure of several directors, supervisors, and senior executives due to personal reasons or work adjustments Summary of Senior Personnel Changes | Name | Position | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Zhang Wenxue | Chairman | Elected | 2024年02月23日 | Further improvement of the company's board governance structure | | Yin Pinyao | Former Chief Operating Officer, Senior Vice President | Dismissed | 2024年02月07日 | Resigned for personal reasons | | Chen Fashu | Former Director | Departed | 2024年05月22日 | Resigned due to work adjustment | | You Guanghui | Former Chairman of the Supervisory Board | Departed | 2024年05月22日 | Resigned due to work adjustment | [Section V Environmental and Social Responsibility](index=34&type=section&id=Section%20V%20Environmental%20and%20Social%20Responsibility) This section outlines the company's commitment and performance in environmental protection and social responsibility, including compliance with regulations and community engagement initiatives [Significant Environmental Issues](index=34&type=section&id=I.%20Significant%20Environmental%20Issues) The company and its major subsidiaries are designated key pollutant-discharging units, strictly adhering to environmental laws and regulations, with all emissions within standards and no administrative penalties for environmental issues during the reporting period - The company and its subsidiaries strictly comply with all environmental laws and regulations, and have obtained all necessary environmental impact assessment approvals and pollutant discharge permits[81](index=81&type=chunk)[82](index=82&type=chunk)[83](index=83&type=chunk) - The company rigorously treats pollutants such as wastewater, exhaust gas, solid waste, and noise, with third-party environmental monitoring results for H1 2024 indicating all pollutant emissions were within standards[87](index=87&type=chunk) - The company has prepared and filed an 'Emergency Response Plan for Environmental Incidents', and there were no administrative penalties for environmental issues during the reporting period[90](index=90&type=chunk)[91](index=91&type=chunk) [Social Responsibility](index=39&type=section&id=II.%20Social%20Responsibility) In H1 2024, the company actively fulfilled its social responsibilities by focusing on rural revitalization through *Yunmuxiang* cultivation technical training and investing in local infrastructure, leveraging its traditional Chinese medicine industrial chain advantages - Leveraging its industrial advantages, the company selected the *Yunmuxiang* cultivation project to support rural revitalization in designated assistance villages, providing comprehensive guidance from technical training to pest and disease control[92](index=92&type=chunk) - The company invested funds to support infrastructure development in assistance villages, including convenience service centers, party member activity rooms, and intangible cultural heritage museums, precisely targeting improvements in village appearance and strengthening grassroots organization building[93](index=93&type=chunk) [Section VI Significant Matters](index=41&type=section&id=Section%20VI%20Significant%20Matters) This section details significant events and undertakings during the reporting period, including the fulfillment of commitments, changes in internal regulations, share repurchases, and progress in R&D projects [Fulfillment of Commitments](index=41&type=section&id=I.%20Commitments%20Fulfilled%20and%20Overdue%20Unfulfilled%20Commitments%20by%20the%20Company%27s%20Actual%20Controller%2C%20Shareholders%2C%20Related%20Parties%2C%20Acquirers%2C%20and%20Other%20Committed%20Parties%20as%20of%20the%20End%20of%20the%20Reporting%20Period) During the reporting period, all relevant parties, including major shareholders, continued to fulfill their commitments regarding avoiding horizontal competition, ensuring company independence, and regulating related-party transactions, with all commitments currently in progress - Commitments made by major shareholders, including Yunnan Provincial Investment Holdings Group Co., Ltd. and New Huadu Industrial Group Co., Ltd., regarding avoiding horizontal competition, ensuring the independence of the listed company, and regulating related-party transactions, remain valid and are being fulfilled[95](index=95&type=chunk)[96](index=96&type=chunk)[97](index=97&type=chunk) [Explanation of Other Significant Matters](index=55&type=section&id=XIII.%20Explanation%20of%20Other%20Significant%20Matters) During the reporting period, the company completed several significant matters, including revising internal rules, canceling repurchased shares, issuing **1 billion yuan** in ultra-short-term financing bonds, and advancing R&D projects with new drug clinical trial approvals and project introductions - The company completed the cancellation of **12,599,946 repurchased shares** in April 2024, with the total share capital reduced accordingly[118](index=118&type=chunk) - The company successfully registered **3 billion yuan** in ultra-short-term financing bonds and completed the issuance of the first tranche of **1 billion yuan** in March 2024[119](index=119&type=chunk) - Significant progress was made in the R&D pipeline, with INR101 Injection and Flurbiprofen Gel Patch receiving clinical trial approvals, and the antibody drug KA-1641 project introduced from Kangyuan Bio-Innovation[120](index=120&type=chunk)[121](index=121&type=chunk) [Section VII Share Changes and Shareholder Information](index=58&type=section&id=Section%20VII%20Share%20Changes%20and%20Shareholder%20Information) This section details changes in the company's share capital and provides an overview of its shareholder structure, including major shareholders and their holdings [Share Changes](index=58&type=section&id=I.%20Share%20Changes) During the reporting period, the company's total share capital decreased from **1,796,862,549 shares** to **1,784,262,603 shares** due to the cancellation of **12,599,946 repurchased shares**, aiming to protect investor interests and enhance shareholder returns Share Change Status | Share Class | Quantity Before This Change | Increase/Decrease in This Change | Quantity After This Change | | :--- | :--- | :--- | :--- | | I. Restricted Shares | 11,567,358 | +3,295,210 | 14,862,568 | | II. Unrestricted Shares | 1,785,295,191 | -15,895,156 | 1,769,400,035 | | **III. Total Shares** | **1,796,862,549** | **-12,599,946** | **1,784,262,603** | - The primary reason for the decrease in total shares is the company's completion of the cancellation of **12,599,946 repurchased shares** in April 2024[124](index=124&type=chunk)[125](index=125&type=chunk) [Number of Shareholders and Shareholding Status](index=60&type=section&id=III.%20Number%20of%20Shareholders%20and%20Shareholding%20Status) As of the end of the reporting period, the company had **177,126** common shareholders, with Yunnan Provincial State-owned Equity Operation and Management Co., Ltd. (**25.20%**) and New Huadu Industrial Group Co., Ltd. (**24.42%**) as the two largest shareholders, and no single actual controller Top Ten Shareholders' Shareholding Status | Shareholder Name | Shareholder Nature | Shareholding Proportion | Number of Shares Held at End of Reporting Period | | :--- | :--- | :--- | :--- | | Yunnan Provincial State-owned Equity Operation and Management Co., Ltd. | State-owned Legal Person | 25.20% | 449,624,311 | | New Huadu Industrial Group Co., Ltd. | Domestic Non-state-owned Legal Person | 24.42% | 435,742,244 | | Yunnan Hehe (Group) Co., Ltd. | State-owned Legal Person | 8.19% | 146,185,851 | | Hong Kong Securities Clearing Company Limited | Overseas Legal Person | 3.87% | 69,040,056 | [Section VIII Preferred Shares Related Information](index=63&type=section&id=Section%20VIII%20Preferred%20Shares%20Related%20Information) This section confirms that the company did not have any preferred shares during the reporting period [Preferred Shares Status](index=63&type=section&id=The%20Company%20Had%20No%20Preferred%20Shares%20During%20the%20Reporting%20Period) During the reporting period, the company had no preferred shares - The company had no preferred shares during the reporting period[132](index=132&type=chunk) [Section IX Bonds Related Information](index=64&type=section&id=Section%20IX%20Bonds%20Related%20Information) This section provides details on the company's bond issuances and key financial indicators related to its debt, demonstrating its solvency and financial health [Non-financial Enterprise Debt Financing Instruments](index=64&type=section&id=III.%20Non-financial%20Enterprise%20Debt%20Financing%20Instruments) The company issued its first tranche of ultra-short-term financing bonds in March 2024, totaling **1 billion yuan** with a **270-day** term and a **2.30%** coupon rate, primarily to support scientific innovation and rural revitalization initiatives Basic Information on 2024 First Tranche Ultra-short-term Financing Bonds | Bond Abbreviation | Bond Code | Issue Date | Maturity Date | Bond Balance (million yuan) | Interest Rate | | :--- | :--- | :--- | :--- | :--- | :--- | | 24 Yunnan Baiyao SCP001 | 012480938 | 2024年3月18日 | 2024年12月15日 | 1,000 | 2.30% | [Key Accounting Data and Financial Indicators for the Past Two Years](index=65&type=section&id=VI.%20Key%20Accounting%20Data%20and%20Financial%20Indicators%20for%20the%20Past%20Two%20Years%20as%20of%20the%20End%20of%20the%20Reporting%20Period) As of the end of the reporting period, the company's asset-liability ratio was **27.55%**, with strong short-term solvency indicated by current and quick ratios of **2.64** and **2.21** respectively, and an interest coverage ratio of **148.73**, demonstrating robust debt servicing capability Key Financial Ratios | Item | End of Current Reporting Period | Prior Year-end | Change | | :--- | :--- | :--- | :--- | | Current Ratio | 2.6405 | 2.8510 | -7.38% | | Asset-Liability Ratio | 27.55% | 25.80% | +1.75% | | Quick Ratio | 2.2066 | 2.3453 | -5.91% | | Interest Coverage Ratio | 148.73 | 176.72 | -15.84% | [Section X Financial Report](index=66&type=section&id=Section%20X%20Financial%20Report) This section presents the company's unaudited consolidated and parent company financial statements for H1 2024, including the balance sheet, income statement, cash flow statement, and statement of changes in equity [Financial Statements](index=66&type=section&id=II.%20Financial%20Statements) This chapter includes the company's unaudited consolidated and parent company financial statements for H1 2024, comprising the balance sheet, income statement, cash flow statement, and statement of changes in owners' equity, comprehensively reflecting the company's financial position as of June 30, 2024, and its operating results and cash flows for the first half of the year [Consolidated Balance Sheet](index=66&type=section&id=1.%20Consolidated%20Balance%20Sheet) As of June 30, 2024, the company's total assets were **54.368 billion yuan**, total liabilities were **14.977 billion yuan**, and total equity attributable to parent company owners was **39.369 billion yuan**, resulting in an asset-liability ratio of **27.55%** Consolidated Balance Sheet Summary | Item | Ending Balance (yuan) | Beginning Balance (yuan) | | :--- | :--- | :--- | | Total Assets | 54,367,545,232.24 | 53,784,293,183.93 | | Total Liabilities | 14,977,377,451.69 | 13,878,932,801.71 | | Total Equity Attributable to Parent Company Owners | 39,369,278,205.03 | 39,879,122,031.51 | [Consolidated Income Statement](index=71&type=section&id=3.%20Consolidated%20Income%20Statement) In H1 2024, the company achieved total operating revenue of **20.455 billion yuan**, total operating costs of **17.225 billion yuan**, total profit of **3.672 billion yuan**, and net profit of **3.190 billion yuan**, with net profit attributable to parent company shareholders reaching **3.189 billion yuan**, a **12.76%** year-on-year increase Consolidated Income Statement Summary | Item | H1 2024 (yuan) | H1 2023 (yuan) | | :--- | :--- | :--- | | I. Total Operating Revenue | 20,455,286,287.52 | 20,309,372,850.07 | | III. Operating Profit | 3,672,352,263.88 | 3,313,345,408.99 | | IV. Total Profit | 3,672,028,340.83 | 3,303,279,659.05 | | V. Net Profit | 3,189,962,850.96 | 2,826,258,821.44 | | Net Profit Attributable to Parent Company Shareholders | 3,188,829,903.10 | 2,828,011,615.30 | [Consolidated Cash Flow Statement](index=74&type=section&id=5.%20Consolidated%20Cash%20Flow%20Statement) In H1 2024, net cash flow from operating activities was **3.262 billion yuan**, a **44.84%** increase; net cash flow from investing activities was **-206 million yuan** due to increased wealth management product purchases and time deposits; and net cash flow from financing activities was **-3.146 billion yuan**, primarily for dividend distribution, with cash and cash equivalents at period-end totaling **14.062 billion yuan** Consolidated Cash Flow Statement Summary | Item | H1 2024 (yuan) | H1 2023 (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 3,261,617,391.99 | 2,251,951,370.10 | | Net Cash Flow from Investing Activities | -205,582,688.32 | 307,088,767.49 | | Net Cash Flow from Financing Activities | -3,145,514,928.97 | -3,107,700,963.75 | | Net Increase in Cash and Cash Equivalents | -89,528,803.06 | -543,421,662.08 | [Notes to Consolidated Financial Statements](index=121&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statements) This chapter provides detailed explanations and data breakdowns for major items in the consolidated financial statements, including cash and bank balances of **14.720 billion yuan**, accounts receivable of **10.105 billion yuan**, and inventories of **5.988 billion yuan** at period-end, along with disclosures on accounts receivable aging, bad debt provisions, and top five debtors Top Five Accounts Receivable at Period End | Entity Name | Accounts Receivable Ending Balance (yuan) | Proportion of Total | Bad Debt Provision Ending Balance (yuan) | | :--- | :--- | :--- | :--- | | Customer A | 579,199,157.84 | 5.25% | 29,047,575.78 | | Customer B | 517,022,973.03 | 4.69% | 25,851,148.65 | | Customer C | 502,808,431.77 | 4.56% | 108,369,219.66 | | Customer D | 455,792,184.11 | 4.13% | 45,957,928.05 | | Customer E | 353,041,718.38 | 3.20% | 82,687,528.92 | | **Total** | **2,407,864,465.13** | **21.83%** | **291,913,401.06** | Inventory Classification | Item | Ending Book Value (yuan) | Beginning Book Value (yuan) | | :--- | :--- | :--- | | Raw Materials | 1,508,487,954.11 | 1,779,539,130.99 | | Work-in-progress | 208,274,907.52 | 192,411,841.66 | | Merchandise Inventory | 4,138,362,233.08 | 4,377,121,577.98 | | **Total** | **5,988,059,390.20** | **6,442,194,823.67** | [Supplementary Information](index=197&type=section&id=XX.%20Supplementary%20Information) This chapter provides supplementary financial information, including a detailed statement of non-recurring gains and losses totaling **53.81 million yuan**, and key profitability metrics such as a weighted average return on net assets of **7.93%** and basic earnings per share of **1.79 yuan** attributable to common shareholders Current Period Non-recurring Gains and Losses Details | Item | Amount (yuan) | Notes | | :--- | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | -1,658,086.88 | | | Government Grants Recognized in Current Profit/Loss | 34,220,746.37 | | | Other Gains/Losses Meeting the Definition of Non-recurring Items | 27,441,539.97 | Mainly includes time deposit interest and VAT reductions | | **Total** | **53,814,562.17** | **--** | Return on Net Assets and Earnings Per Share | Profit for Reporting Period | Weighted Average Return on Net Assets | Basic Earnings Per Share (yuan/share) | Diluted Earnings Per Share (yuan/share) | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Common Shareholders of the Company | 7.93% | 1.79 | 1.79 | | Net Profit Attributable to Common Shareholders of the Company After Deducting Non-recurring Gains and Losses | 7.80% | 1.76 | 1.76 |

上市公司2024年1-6月非经营性资金占用及其他关联资金往来情况汇总表 编制单位：云南白药集团股份有限公司 | 其它关联资金往来 | 资金往来方名称 | 往来方与上市公司的关联关 | 上市公司核算的会 | 2024年初往 | 2024年1-6月往来累计 | 2024年1-6月往来资 | 2024年1-6月偿 | 2024年6月 其他，如汇兑 | 往来形成原 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 系 | 计科目 | 来资金余额 | 发生金额（不含利 | 金的利息（如有） | 还累计发生 | 30日往来资 损益的影响 | 往来性质 因 | | | | | | | 息） | | 额 | 金余额 | | | 上市公司的子公司及其 | 云南白药集团智云健康服务有限公司 | 子公司的子公司 | 其他应收款 | 9,161.33 | 1,988.69 | | 2,806.38 | 8,343.65 | 代垫款项 非经营性往来 | | | 北京云智健康管理有限公司 | 子公司的子公司 | 其他应收款 | 319.43 | 5 ...