Core Insights - The World Economic Forum has announced a new batch of lighthouse factories, with six out of twelve selected factories located in China [1] Group 1: Selected Companies - The six Chinese companies recognized as lighthouse factories include Eaton Power Equipment Co., Ltd., Mettler-Toledo International Inc., Tongwei Solar Co., Ltd., Yunnan Baiyao Group Co., Ltd., Qingdao Hisense Hitachi Air Conditioning Systems Co., Ltd., and Haier's washing and refrigeration appliance subsidiaries [1] Group 2: Global Lighthouse Network - The Global Lighthouse Network is an initiative launched by the World Economic Forum in 2018, which has since included 201 leading manufacturing plants and value chains in its community [1]

股票代码：000538 股票简称：云南白药 公告编号：2025-32 云南白药集团股份有限公司 2025 年特别分红权益分派实施公告 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。 云南白药集团股份有限公司（以下简称"公司"或"本公司"）2025 年特别 分红权益分派方案已获 2025 年 9 月 15 日召开的公司 2025 年第一次临时股 东大会审议通过，股东大会决议公告刊登于 2025 年 9 月 15 日的《中国证券 报》《上海证券报》《证券时报》及巨潮资讯网（http://www.cninfo.com.cn）。 现将 2025 年特别分红权益分派情况公告如下： 一、股东大会审议通过权益分派方案情况 1、本公司获股东大会审议通过的2025年特别分红权益分派具体方案为： 以公司现有总股本 1,784,262,603 股为基数，向全体股东每 10 股派发现金红 利 10.19 元（含税），送红股 0 股，不以资本公积金转增股本，本次现金分 红总金额 1,818,163,592.46 元。按照本方案分配比例，以分配方案未来实施 时股权登记日享有利润分配权利 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 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。 股票代码：000538 股票简称：云南白药 公告编号：2025-31 云南白药集团股份有限公司 2025年第一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： 一、会议召开和出席情况 （一）会议召开情况 1、召开时间： （1）现场会议召开时间：2025年9月15日上午9:30。 （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2025年9月15日9:15-9:25， 9:30-11:30和13:00-15:00；通过深圳证券交易所互联网投票系统投票的时间为2025年9月15日9:15- 15:00。 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. ...

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 2025 年第一次临时股东大会的 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 2025 年第一次临时股东大会的 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， 本次指派伍志旭律师、杨杰群律师出席公司 2025 年第一次临时股东大会（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 次股东大会的相关事项出具如下法律意见： 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 一、关于本次股东大会的召集和召开程序 本次股东大会由公司董事长张文学主持，符合法律、法规及《公司章程》的 规定。 二、关于出席本次股东大会人员的资格 经本所 ...

股票代码：000538 股票简称：云南白药 公告编号：2025-31 云南白药集团股份有限公司 2025年第一次临时股东大会决议公告 （1）现场会议召开时间：2025 年 9 月 15 日上午 9:30。 （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 2025 年 9 月 15 日 9:15-9:25，9:30-11:30 和 13:00-15:00；通过深 圳证券交易所互联网投票系统投票的时间为 2025 年 9 月 15 日 9:15-15:00。 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。 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、中小股东出席的总体情况： 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 1 / 4 ...

Core Viewpoint - Yunnan aims to develop its traditional Chinese medicine (TCM) industry into a significant economic pillar, targeting a scale of 200 billion yuan by enhancing deep processing and establishing a robust supply chain with leading enterprises like Yunnan Baiyao [1][5][7]. Group 1: Industry Development - Yunnan has a rich variety of medicinal resources, with 8,138 types of medicinal resources identified, accounting for 44.2% of the national total [4]. - The province's TCM market is experiencing a downward trend, with over 60% of monitored varieties showing price declines as of September 2025 [3]. - Despite price volatility, many farmers remain enthusiastic about cultivating medicinal herbs due to higher potential returns compared to traditional crops [3]. Group 2: Economic Transformation - The Yunnan government is focusing on transforming resource advantages into economic benefits through policies that promote the TCM industry [5][6]. - The "Three-Year Action Plan" aims for the TCM industry to maintain its national leadership, with a planting area of around 10 million mu and an annual output of over 1.5 million tons by 2027 [5][6]. Group 3: Supply Chain and Processing - Yunnan Baiyao is implementing a "six unifications" strategy to enhance the TCM supply chain, including unified planting areas and standardized management [7]. - The company has established several production bases for key medicinal herbs, aiming to retain value within the region through fresh processing [7][8]. Group 4: Market Expansion - The trend of "food and medicine homology" is gaining traction, with increasing consumer interest in health products derived from TCM, providing new market opportunities [9][10]. - Yunnan's geographical advantages and the Belt and Road Initiative are expected to enhance its role as a trading hub for TCM in Southeast Asia [11][12]. Group 5: International Trade - Yunnan has recently expanded its import capabilities for medicinal herbs, with significant volumes imported from neighboring countries, addressing domestic supply shortages [12]. - The establishment of new border ports is facilitating the trade of medicinal materials, further integrating Yunnan into international markets [11][12].

Core Viewpoint - Yunnan aims to develop its traditional Chinese medicine (TCM) industry into a "second tobacco industry" with a target of a trillion yuan industry, focusing on deep processing and the role of leading enterprises like Yunnan Baiyao [1][5][6] Industry Overview - Yunnan is recognized as an ideal region for TCM cultivation due to its favorable climate and long history of planting, with a consensus that "without Yunnan medicine, no prescription can be formed" [1] - The province has a significant advantage in medicinal resources, with 8,138 types of TCM resources, accounting for 44.2% of the national total [3] - The TCM market in Yunnan is experiencing a downward trend, with over 60% of monitored varieties expected to see price declines by September 2025 [2][5] Market Dynamics - The price of TCM seeds fluctuates significantly, with variations of 4-5 times, while the price of harvested TCM can vary by 25-30% [2] - The demand for TCM is expected to increase due to the growth of the health industry and the popularity of food-medicine products among younger consumers [1][8] Policy and Development Strategy - The Yunnan provincial government has introduced plans to enhance the TCM industry, including the "Yunnan TCM Planting and Breeding Area Planning (2025-2027)" and the "Three-Year Action Plan for High-Quality Development of Yunnan TCM Industry (2025-2027)" [5][6] - The goal is to maintain a planting area of around 10 million mu, with an annual output of over 1.5 million tons and a total industry chain output value exceeding 200 billion yuan by 2027 [5][6] Company Initiatives - Yunnan Baiyao is actively involved in enhancing the TCM industry by implementing a "six unification" strategy to strengthen the entire supply chain [6][7] - The company has established several production bases and is focusing on digital platforms to facilitate direct supply from the source, with a transaction volume exceeding 1.2 billion yuan [7][8] Product Innovation - Yunnan Baiyao is developing high-value-added products, including natural fragrances and functional cosmetics derived from TCM, to meet the growing consumer demand [8][9] - The trend of food-medicine integration is gaining traction, with companies exploring the potential of TCM products in mainstream markets [9] Trade and Export Opportunities - The establishment of new border ports for TCM imports is expected to enhance trade opportunities, with Yunnan leading the nation in both import volume and value [10][11] - The region's strategic location and participation in initiatives like the Belt and Road are anticipated to further solidify Yunnan's role as a TCM trading hub for South Asia and Southeast Asia [10][11]

格隆汇9月12日｜东方证券研报指出，云南白药上半年业绩稳健增长，业务结构持续优化。2025年上半 年，公司克服外部环境的多重挑战，业绩保持稳健增长，体现出较强的经营韧性。公司上半年实现营收 212.6亿元，同比增长3.9%；归母净利润36.3亿元，同比增长13.9%。上半年，公司业务结构持续优化， 带动综合毛利率提升。工业销售收入营收占比为40.0%，同比增加2.6pp。毛利率为30.9%，同比增加 1.6pp。药品事业群和健康品事业群双轮驱动，引领增长。强化创新驱动，管线布局有序推进。参考可 比公司平均市盈率，给予公司2025年23倍PE估值，对应目标价65.78元，维持"买入"评级。 ...

Summary of Key Points Core Viewpoint - A total of 62 stocks received buy ratings from institutions today, with 7 stocks receiving initial attention from institutions. The average increase for these stocks was 2.01%, outperforming the Shanghai Composite Index [1][2]. Company Ratings - The stocks with the highest number of buy ratings include Yunnan Baiyao and Shandong Gold, each receiving 2 buy ratings [1]. - The stocks with significant upside potential based on target prices include Aofei Data, with a target price of 29.78 yuan, indicating a potential increase of 35.92% [1]. - Other notable stocks with high upside potential are Youyou Green Energy and Little Bear Electric, with expected increases of 34.56% and 24.84%, respectively [1]. Market Performance - Among the stocks rated as buy, 48 experienced price increases today, with some reaching the daily limit up, including Shannon Chip and Shenzhen South Circuit [1]. - The top gainers included Juhe Materials, Megmeet, and Oulu Tong, with increases of 12.79%, 7.91%, and 7.79%, respectively [1]. - Conversely, the stocks with the largest declines included Longxin General, San Sheng Guojian, and Shandong Gold, with decreases of 3.00%, 1.39%, and 1.35% [1]. Industry Focus - The electronics and basic chemicals sectors were the most favored, each having 9 stocks listed in the buy rating category. The machinery and petroleum sectors also attracted attention, with 7 and 6 stocks, respectively [2].

云南白药 000538.SZ 公司研究 | 中报点评 工业稳步增长，管线有序推进 云南白药 2025 年中报点评 核心观点 盈利预测与投资建议 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 39,111 | 40,033 | 42,417 | 44,281 | 46,777 | | 同比增长 (%) | 7.2% | 2.4% | 6.0% | 4.4% | 5.6% | | 营业利润(百万元) | 4,831 | 5,712 | 6,058 | 6,667 | 7,333 | | 同比增长 (%) | 43.3% | 18.2% | 6.1% | 10.0% | 10.0% | | 归属母公司净利润(百万元) | 4,094 | 4,749 | 5,110 | 5,605 | 6,145 | | 同比增长 (%) | 36.4% | 16.0% | 7.6% | 9.7% | 9.6% | | 每股收益（元） | 2.29 | 2.66 | 2.86 | 3.14 ...