Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical sector [1]. Core Insights - The commercialization of nuclear medicine is accelerating, with significant growth in diagnostic nuclear drugs and the potential for domestic nuclear drugs to reach a commercialization inflection point [3][17]. - The report highlights the successful commercialization of Pluvicto and Lutathera, which are expected to generate substantial revenues, with Pluvicto projected to exceed $5 billion in peak sales [3][12]. - The report emphasizes the similarities between Radioligand Therapy (RDC) and Antibody-Drug Conjugates (ADC), suggesting that RDC could replicate the success of ADC in the market [3][22]. Summary by Sections Part 1: Overseas Nuclear Drug Rapid Growth, Domestic Commercialization Period - Overseas nuclear drugs are experiencing rapid commercialization, with Pluvicto achieving $1.392 billion in revenue in 2024, a 42% increase, and Lutathera generating $724 million, a 20% increase [3][12]. - The combined revenue from these two drugs for Novartis reached $2.116 billion, indicating the ongoing value realization of nuclear drugs [3][12]. - The report notes that the domestic nuclear drug market is set to expand significantly, with five new nuclear drugs approved since 2020, including Yttrium-90 microspheres from Yuan Da Pharmaceutical, which is expected to generate nearly HKD 500 million in revenue in 2024, a growth rate exceeding 140% [3][20]. Part 2: RDC Expected to Replicate ADC Success Path - RDC shares structural and mechanistic similarities with ADC, consisting of a targeting ligand, a linker, and a radioactive nuclide [3][22]. - The report outlines that both RDC and ADC have followed similar validation timelines, with ADC gaining market traction after the success of Enhertu, while RDC is now gaining attention following the success of Pluvicto [3][22]. - The market for new nuclear drugs is projected to reach approximately $4-5 billion in 2024, comparable to the ADC market size around 2021 [3][22]. Part 3: Domestic Nuclear Drug Pipeline Overview - The report details the current pipeline of domestic nuclear drugs, with three products in the NDA stage, including Novartis's PSMA diagnostic and therapeutic drugs [3][49]. - The leading targets in domestic research remain PSMA, FAP, and SSTR, with companies like Yuan Da Pharmaceutical and Xiantong Pharmaceutical leading in clinical project numbers [3][53]. - The anticipated approval of Novartis's two PSMA-targeted products in Q2 2025 is expected to further stimulate the domestic nuclear medicine market [3][20].

云南白药集团股份有限公司 投资者调研会议记录 时间：2025 年 4 月 14 日 地点：集团总部办公大楼 召开方式：现场调研 投资者：中信里昂-Matthew Yan、David Dong、Charlotte Zhan、 1、药品事业群 2024 年取得较好增长的原因是什么？ 答：2024 年，药品事业群以"伤科疼痛全领域管理的'第一' 品牌"为战略指引，结合产品和品牌禀赋，发布伤痛管理新模式，深 挖白药核心产品在伤科疼痛领域的药效机制，通过"白药+痛舒+伤痛" 相关产品在学术临床方面的深度挖潜，持续打造和提升白药核心产品 在骨伤科、疼痛管理领域的知名度和领先优势，形成大的产品生态体 系。同时，药品事业群进一步优化"品质好中药"运营平台，深入聚 焦心脑血管、呼吸系统、妇儿科等高潜赛道，持续丰富产品管线，打 造药品产业大生态。报告期内，药品事业群从学术临床、市场营销、 渠道细分、生产提效等方面持续推进各项重点工作。学术临床方面， 云南白药（散剂）、胶囊在糖尿病足、骨骼疼痛等方面的临床研究， 宫血宁胶囊在治疗异常子宫出血、减少药物流产后阴道流血等方面的 临床研究，气血康口服液改善心脏和血管健康及对高原反应的预防 ...

Group 1: Investor Relations Activity - The meeting was categorized as a telephone conference [2] - Participants included representatives from Renbao Pension and Dongwu Securities [2] - The meeting took place on April 11, 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 related questions regarding the company's performance [2] Group 3: Attendees - Company representatives included Li Mengjue (Securities Affairs Representative), Zhang Yu, and Yang Kexin (Investor Relations Management) [2] - Investors present were Zhou Yijing and Mao Yating from Renbao Pension, and Li Qian from Dongwu Securities [2]

Group 1: Pharmaceutical Business Performance - The pharmaceutical business group achieved a main business revenue of 6.924 billion yuan in 2024, representing a year-on-year growth of 11.8% [2] - Sales revenue of the core product, Yunnan Baiyao aerosol, exceeded 2.1 billion yuan, with a growth rate of over 26% [2] - Other traditional Chinese medicine products, such as Pudilan anti-inflammatory tablets, saw significant growth, with sales nearing 200 million yuan, up over 22% [2] Group 2: Supply Chain and Customer Service Enhancements - The provincial pharmaceutical company improved its supply chain operations and customer service capabilities in response to major healthcare policy changes [3][4] - Initiatives included multi-warehouse operations and a drug management platform to enhance efficiency and integration across procurement, supply, and distribution [4] Group 3: Health Products Channel Development - The company has established a comprehensive national sales team for health products, maintaining a leading market share in Yunnan Baiyao toothpaste [5] - Continuous optimization of distribution channels has strengthened market competitiveness and laid the groundwork for new product commercialization [5] Group 4: Dividend Distribution - The company plans to distribute a cash dividend of 11.85 yuan per 10 shares, with a total cash dividend amounting to approximately 4.278 billion yuan, representing 90.09% of the net profit attributable to shareholders for 2024 [7]

Group 1: Investor Relations Activity - The meeting was categorized as a specific object survey [2] - Participants included representatives from Citic Securities and Sumitomo Mitsui Asset Management [2] - The meeting took place on April 14, 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 direct communication with investor relations representatives [2]

云南白药集团股份有限公司 投资者调研会议记录表 编号：15-2504-10 | 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 | 华夏基金-李炳桦、陆兵、徐漫、谢弘涵、陈悦 | | 姓名 | 东吴证券-李倩 | | 时间 | 年 月 日星期五 2025 4 11 | | 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-张昱、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 ...

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, 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, reflecting a growth of 16.16% [3] Business Structure and Efficiency - 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%, up 1.69 percentage points from the previous year [3] - Sales expenses decreased by 2.26% and management expenses decreased by 1.98% compared to the previous year [4] Asset Management - As of the end of the reporting period, total assets were CNY 52.914 billion, with net assets attributable to shareholders at CNY 38.832 billion [4] - The debt-to-asset ratio stood at 26.55% [4] - Cash and cash equivalents amounted to CNY 10.888 billion [4] R&D Progress - The INR101 diagnostic nuclear medicine project received clinical approval in May 2024 and completed its I/IIa phase clinical summary report in November [5] - The INR102 injection clinical trial application was approved for prostate cancer treatment [5] Health Products Division - The health products division generated revenue of CNY 6.526 billion, a year-on-year increase of 1.6% [6] - Profit from the health products division was CNY 2.191 billion, up 8.36% [6] - Yunnan Baiyao toothpaste maintained the top market share in the domestic oral care market [7] - The Yangyuanqing hair care products achieved sales of CNY 422 million, a growth of 30.3% [7] Dividend Distribution - The company proposed a cash dividend of CNY 11.85 per 10 shares, totaling CNY 2.164 billion for the 2024 special dividend [8] - The total cash dividend for 2024 is CNY 23.98 per 10 shares, amounting to CNY 4.279 billion, which represents 90.09% of the net profit attributable to shareholders [8]

Core Insights - The overall performance of traditional Chinese medicine (TCM) companies shows a divergent trend amid intensified market competition, fluctuating raw material prices, and changing policy environments [1] - Companies are actively seeking new growth avenues for long-term development [1] Revenue Performance - Baiyunshan leads with a revenue of 749.93 billion, but experienced a slight decline of 0.69% year-on-year [3] - Yunnan Baiyao follows with a revenue of 400.33 billion, maintaining steady growth supported by diversified products [3] - Taiji Group and Kangyuan Pharmaceutical saw significant revenue declines, with Taiji's revenue dropping by 20.72% to 123.86 billion [3][4] - Taiji's flagship product, Huoxiang Zhengqi Oral Liquid, faced a 35.34% drop in sales, indicating market share erosion [3][4] Profitability Analysis - Yunnan Baiyao reported a leading net profit of 47.49 billion, up 16.02%, while Huaren Sanjiu's net profit grew by 18.05% to 33.68 billion [6] - Six out of fifteen companies experienced a decline in net profit, indicating severe profitability challenges [6] - Taiji Group's net profit plummeted by 96.76% to 0.27 billion, attributed to tax payment issues [6][7] Cost Pressures - Rising raw material prices significantly impacted profit margins, with notable increases in costs for key ingredients [8][9] - For instance, the price of natural cow bile used in Tongrentang's products surged from 650,000 to 1,650,000 per kilogram, leading to a decrease in gross margin [8] R&D and Innovation Challenges - Many TCM companies face low R&D investment and high sales expenses, limiting their growth potential [9][10] - Approximately 40% of the surveyed companies had R&D expenses below 200 million, with seven companies reporting a year-on-year decline in R&D spending [9] - Companies are increasingly relying on traditional products, hindering innovation and the introduction of competitive new products [9] Strategic Shifts - Companies are exploring new growth strategies, such as East A Ejiao's focus on men's health products and Jichuan Pharmaceutical's partnerships for business development [10][11] - Some companies are integrating AI and digital technologies into their operations to modernize and enhance product offerings [11]

Group 1 - The Shanghai Composite Index opened high and the CSI 300 Pharmaceutical and Biotechnology Index reported 7370.94 points [1] - The CSI 300 Pharmaceutical and Biotechnology Index has decreased by 1.33% in the past month, increased by 5.20% in the past three months, and decreased by 0.98% year-to-date [1] - The CSI 300 Index is categorized into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries [1] Group 2 - The top ten weights in the CSI 300 Pharmaceutical and Biotechnology Index are: Heng Rui Medicine (24.17%), WuXi AppTec (14.58%), Pian Zai Huang (6.92%), Yunnan Baiyao (5.68%), Kelun Pharmaceutical (5.11%), East China Pharmaceutical (3.63%), New Hope Liuhe (3.58%), Shanghai Raas (3.57%), Changchun High-tech (3.53%), and Fosun Pharma (3.39%) [1] - The market share of the CSI 300 Pharmaceutical and Biotechnology Index is 61.98% from the Shanghai Stock Exchange and 38.02% from the Shenzhen Stock Exchange [2] - The industry composition of the index includes: chemical drugs (42.08%), traditional Chinese medicine (20.00%), pharmaceutical and biotechnology services (19.84%), and biological drugs (18.08%) [2] Group 3 - The index samples are adjusted every six months, with adjustments implemented on the next trading day after the second Friday of June and December each year [2] - Weight factors are generally fixed until the next scheduled adjustment, with temporary adjustments made when the CSI 300 Index samples are modified [2] - Special events affecting sample companies may lead to adjustments in the industry classification of the CSI 300 Industry Index [2]

召开方式：电话调研 投资者：国寿资产-赵文龙、麻锦涛、李荟、王宇美，东吴证券- 李倩 参加人员：证券事务代表-李孟珏，投资者关系管理-张昱、杨可 欣 云南白药集团股份有限公司 投资者调研会议记录 时间：2025 年 4 月 10 日 地点：集团总部办公大楼 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%。 4、请介绍一下公司药品事业群未 ...