云南白药集团股份有限公司 投资者调研会议记录 时间：2024 年 6 月 14 日 地点：集团总部办公大楼 召开方式：电话会议 投 资 者 ： Mirae Asset Global Investments Management Limited-Daniel ZHOU，海通国际-孟科含、聂照亿 参加人员：董事会秘书-钱映辉、投资者关系管理-张昱 会议内容 1、请介绍一下公司 2024 年一季度和 2023 年年度业绩情况。 答：2024 年一季度，公司实现营业收入 107.74 亿，同比增长 2.49%； 归母净利润 17.02 亿元，同比增长 12.12%；归母扣非净利润 16.90 亿元，同比增长 20.51%；基本每股收益 0.95 元/股，同比增长 11.76%； 加权平均净资产收益率 4.18%，同比增加 0.31 个百分点。 2023 年，公司全年实现营业收入 391.11 亿元，较上年同期的 364.88 亿元净增 26.23 亿元，增幅 7.19%，其中工业收入增速 7.58%； 实现归母净利润 40.94 亿元，较上年同期的 30.01 亿元上升 10.93 亿 元，增幅 36.41%；归属于 ...

股票代码：000538 股票简称：云南白药 公告编号：2024-36 云南白药集团股份有限公司 第十届董事会 2024 年第六次会议决议公告 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"）第十届董事会 2024 年 第六次会议（以下简称"会议"）于 2024 年 6 月 11 日在公司"白药空间" 二楼会议室以现场的方式召开，本次会议通知于 2024 年 6 月 11 日以书面、 邮件方式发出，应出席董事 11 名，实际出席董事 11 名。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《关于第十届董事会补选专门委员会委员的议案》 公司 2024 年第二次临时股东大会已审议通过了《关于选举第十届董事 会非独立董事的议案》，公司现任董事 11 名。为保障董事会专门委员会的 规范运作，根据《上市公司规范运作指引》《公司章程》及董事会各专门委 员会实施细则的相关规定，经三分之一以上董事提 ...

根据《公司章程》的规定，监事会选举戴普军先生担任第十届监事会副 主席，在监事会选举产生新的监事会主席前，由戴普军先生代为履行监事会 主席职责。监事会副主席任期自本次监事会审议通过之日起至第十届监事 会届满为止。 本公司及监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"）第十届监事会 2024 年 第四次会议（以下简称"会议"）于 2024 年 6 月 11 日在公司"白药空间" 二楼会议室以现场会议方式召开，本次会议通知于2024年6月11日以书面、 邮件方式发出，应出席监事 3 名，实际出席监事 3 名。本次会议的召集、召 开程序符合《中华人民共和国公司法》（以下简称"《公司法》"）、《公 司章程》的相关规定，会议合法有效。会议审议通过如下议案： 股票代码：000538 股票简称：云南白药 公告编号：2024-37 云南白药集团股份有限公司 第十届监事会 2024 年第四次会议决议公告 审议通过《关于第十届监事会选举监事会副主席的议案》 公司第十届监事会股东监事戴普军先生已经 2024 年第二次临时股东大 会选举产生，钟杰先 ...

股票代码：000538 股票简称：云南白药 公告编号：2024-35 云南白药集团股份有限公司 2024年第二次临时股东大会决议公告 重要提示：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。 重要提示： 1、本次股东大会未出现否决议案的情形。 2、本次股东大会未涉及变更前次股东大会决议。 一、会议召开和出席情况 （一）会议召开情况 1、召开时间： 2、现场会议召开地点：云南省昆明市呈贡区云南白药街 3686 号 云南白药集团股份有限公司总部白药空间二楼会议室。 3、会议召开方式：本次股东大会以现场表决和网络投票相结合 的方式召开。公司将通过深圳证券交易所交易系统和互联网投票系统 （http://wltp.cninfo.com.cn）向公司股东提供网络形式的投票平台，公 司股东可以在规定的网络投票时间内通过上述系统行使表决权。 1 / 4 4、会议召集人：公司第十届董事会。 （1）现场会议召开时间：2024 年 6 月 11 日上午 9:30。 5、现场会议主持人：党委书记、董事长张文学先生。 （2）网络投票时间：通过深圳证券交易所交易系统进行网络投 票的时间为 ...

北京德恒（昆明）律师事务所 关于云南白药集团股份有限公司 2024 年第二次临时股东大会的 法律意见 北京德恒（昆明）律师事务所 Beijing DeHeng Law Offices (KunMing) 云南省昆明市西山区西园路 126 号"融城优郡"B5 幢 3、4 层 电话（传真）：0871-63172192 邮编:650032 法律意见 云南白药集团股份有限公司： 北京德恒（昆明）律师事务所（下称"本所"）作为公司的常年法律顾问， 本次指派王晓磊律师、杨杰群律师出席公司 2024 年第二次临时股东大会（以下 简称"本次股东大会"），并按照律师行业公认的业务标准、道德规范及勤勉尽 责精神，对公司提供的与本次股东大会有关的文件资料进行了审查，现根据《公 司法》《证券法》《上市公司股东大会规则》及《公司章程》的规定，就公司本 次股东大会的相关问题出具如下法律意见： 一、关于本次股东大会的召集和召开程序 北京德恒（昆明）律师事务所 关于云南白药集团股份有限公司 2024 年第二次临时股东大会的 根据公司提供的有关资料及公开披露的信息，表明公司董事会已于 2024 年 5 月 24 日召开了会议，作出了关于召开本 ...

Investment Rating - The report maintains an "Outperform" rating for Yunnan Baiyao with a target price of RMB 73.36 for 2024, based on a 28X PE multiple [5][15] Core Views - Yunnan Baiyao is entering a new reform stage, focusing on its core business and improving quality and efficiency to drive growth [5] - The company's pharmaceutical business is the core sector, leveraging OTC channels and brand advantages to drive rapid growth [2][11] - The health products business is exploring existing potential and actively expanding diversified channels, with Yunnan Baiyao toothpaste maintaining a 24.6% domestic market share [2][12] - The traditional Chinese medicine resources division ensures strategic supply advantages, with Sanqi herb external sales revenue up 81% YoY [2][13] - The company has a clear short, medium, and long-term R&D strategy, focusing on innovation to drive sustainable long-term development [3][14] Financial Performance - In 2023, Yunnan Baiyao achieved revenue of RMB 39.11 billion, up 7.19% YoY, and net profit attributable to shareholders of RMB 4.09 billion, up 36.41% YoY [2][10] - For Q1 2024, the company achieved revenue of RMB 10.77 billion, up 2.49% YoY, and net profit attributable to shareholders of RMB 1.70 billion, up 12.12% YoY [2][10] - The pharmaceutical business achieved revenue of RMB 6.48 billion in 2023, up 8.16% YoY, with core products showing steady growth [2][11] - The health products business achieved revenue of RMB 6.42 billion in 2023, up 6.50% YoY [2][12] - The traditional Chinese medicine resources division achieved external revenue of RMB 1.71 billion in 2023, up about 22% YoY [2][13] Financial Forecasts - The report forecasts 2024-2026 revenue of RMB 43.23 billion, RMB 46.33 billion, and RMB 49.45 billion, with YoY growth rates of 10.5%, 7.2%, and 6.7% respectively [4][5] - Net profit attributable to shareholders is expected to be RMB 4.68 billion, RMB 5.21 billion, and RMB 5.73 billion for 2024-2026, with growth rates of 14.3%, 11.4%, and 10.1% respectively [5] - EPS is forecasted to be RMB 2.62, RMB 2.92, and RMB 3.21 for 2024-2026 [5] - The gross margin is expected to remain stable, increasing slightly from 26.5% in 2023 to 26.9% in 2026 [4][5] Business Segments - The pharmaceutical business saw strong growth in core products, with aerosol revenue exceeding RMB 1.7 billion, up 15.27% YoY, and branded traditional Chinese medicine products like Pudilan anti-inflammatory tablets and Huoxiang Zhengqi liquid growing rapidly [2][11] - The health products business is focusing on oral health and care products, with core product Yangyuanqing achieving sales exceeding RMB 300 million, up 36% YoY [2][12] - The traditional Chinese medicine resources division is focusing on regional resource advantages, ensuring supply stability and building a leading platform in the industry [2][13] R&D Strategy - The company has established four R&D centers and is focusing on short-term projects like secondary development of listed products, medium-term projects in innovative traditional Chinese medicine, and long-term projects in innovative drug R&D [3][14] - Short-term R&D projects include Gongxuening capsule secondary development and Qixuekang oral liquid, which have made progress [3][14] - Medium-term R&D focuses on transdermal patch formulations and trauma field development [3][14] - Long-term R&D is centered on innovative drug transformation and exclusive products, with a focus on nuclear medicine [3][14]

Investment Rating - The report maintains an "Outperform" rating for the company, with an expected price-to-earnings (PE) ratio of 23-28x for 2024, corresponding to a fair value range of 60.26-73.36 yuan [9][11]. Core Insights - The company reported a revenue of 39.111 billion yuan in 2023, a year-on-year increase of 7.19%, and a net profit attributable to shareholders of 4.094 billion yuan, up 36.41% year-on-year [5][6]. - For Q1 2024, the company achieved a revenue of 10.774 billion yuan, a 2.49% increase year-on-year, and a net profit of 1.702 billion yuan, reflecting a 12.12% growth year-on-year [5][6]. - The pharmaceutical segment showed steady growth, with revenue reaching 6.481 billion yuan in 2023, a year-on-year increase of 8.16% [6]. - The health products segment also grew, achieving revenue of 6.422 billion yuan in 2023, a 6.50% increase year-on-year [6]. - The traditional Chinese medicine resources division reported a revenue of 1.71 billion yuan, a significant year-on-year growth of approximately 22% [6]. Financial Summary - The company’s revenue is projected to grow from 39.111 billion yuan in 2023 to 49.451 billion yuan by 2026, with a compound annual growth rate (CAGR) of approximately 6.7% [7][10]. - Net profit is expected to increase from 4.094 billion yuan in 2023 to 5.734 billion yuan in 2026, with growth rates of 36.4%, 14.3%, 11.4%, and 10.1% for the respective years [7][10]. - The gross margin is projected to improve slightly from 26.5% in 2023 to 26.9% by 2026 [10].

Group 1: Company Progress and Strategy - The company has established a digital infrastructure for the Sanqi industry chain, enhancing quality stability and traceability of raw materials, thereby promoting industry upgrades [2] - The "Digital Sanqi Industry Platform" experience is being replicated across other traditional Chinese medicine supply chains, including various local medicinal materials [2] Group 2: Provincial Pharmaceutical Company Performance - In 2023, the Provincial Pharmaceutical Company achieved a main business revenue of CNY 24.49 billion, a year-on-year increase of 5.63% [3] - The company improved operational efficiency, with order fulfillment rates increasing by 7.4%, response speed by 22%, and delivery speed by 19% [4] Group 3: Core Product Sales Performance - The core product line, including Yunnan Baiyao aerosol, generated over CNY 1.7 billion in sales, a growth of 15.27% [5] - Other products like Yunnan Baiyao plaster and capsules also saw significant sales, with revenues exceeding CNY 900 million and CNY 600 million respectively [5] Group 4: Health Products Division Marketing Strategies - The Health Products Division focused on oral health and personal care, enhancing brand exposure through online and offline campaigns, including over 14,700 promotional events across 1,465 cities [7] - The division aims to become an integrated provider of oral health and personal care solutions, leveraging data platforms for sustainable growth [8] Group 5: Secondary Development Projects - The "Gongxue Ning Capsule" project has made progress, with 1,791 cases enrolled for clinical observation, expected to complete by the end of 2024 [8] - Ongoing clinical studies for Yunnan Baiyao capsules and other products are advancing, with preliminary results indicating positive effects on vascular health [8]

Group 1: Investor Relations Activity - The meeting was categorized as a specific target research activity [1] - Participants included representatives from various financial institutions [1] - The meeting took place on June 4, 2024, at the company's headquarters [1] Group 2: Company Overview - The main focus of the meeting was to understand the company's production and operational status [1] - Key personnel from the company included the board secretary and investor relations representatives [1]

Group 1: Investor Relations Activity - The meeting was categorized as a specific target research activity [1] - The event took place on June 3, 2024, at the company's headquarters [1] - Participants included representatives from various securities and investment firms [1] Group 2: Company Overview - The main focus of the meeting was to understand the company's production and operational status [1] - The meeting was attended by the company's securities affairs representative and investor relations management [1] Group 3: Attachments and Documentation - The meeting records were included as an attachment [1] - The documentation was dated June 3, 2024, which is a Monday [1]