股票代码：000538 股票简称：云南白药 公告编号：2024-27 云南白药集团股份有限公司 关于氟比洛芬凝胶贴膏获得药物临床试验批准的公告 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。 受理号：CYHL2400020 通知书编号：2024LP00886 剂型：贴膏剂 规格：每贴含氟比洛芬 40mg，面积 13.6cm*10cm，含膏量 12g 云南白药集团股份有限公司（以下简称"公司"）全资子公司云南白药集团 无锡药业有限公司于近日收到国家药品监督管理局下发的《药物临床试验批准 通知书》（通知书编号：2024LP00886），经审查，同意氟比洛芬凝胶贴膏（以 下简称"该产品"）开展镇痛的临床试验。该产品基本情况如下： 一、药品基本情况 药品名称：氟比洛芬凝胶贴膏 申请人：云南白药集团无锡药业有限公司 注册分类：化药 4 类 申请事项：临床试验 审批结论：同意该产品开展镇痛的临床试验 二、其他相关信息 由于药物研发的特殊性，从临床试验到投产上市的周期长、投入大、环节 多，临床试验进度、结果及未来产品市场竞争形势均存在诸多不确定性。 公司将根据研发进展情况及 ...

Investment Rating - The report maintains an "Accumulate" rating for the company, with a target price of 65.52, up from the previous forecast of 63.36, while the current price is 55.33 [1][8]. Core Insights - The company reported steady revenue growth and significant profit increases due to improved gross margins and a slight decrease in expense ratios. The operational capabilities have improved, and high dividends reflect management's confidence in future growth [8]. - The first quarter of 2024 saw revenue of 10.774 billion, a 2.5% increase, and a net profit attributable to shareholders of 1.702 billion, up 12.1%. The growth is attributed to enhanced gross margins and reduced expense ratios [8]. - The report highlights a return on equity (ROE) of 4.18% for Q1 2024, the highest in three years, indicating improved operational efficiency [8]. Financial Summary - Revenue projections for 2024-2026 are 41.914 billion, 44.771 billion, and 47.588 billion respectively, with a consistent growth rate of around 6-7% [5]. - The net profit for 2024 is estimated at 4.505 billion, with an EPS of 2.52, reflecting a growth trajectory [5][8]. - The company has a net asset return rate of 11.1% for 2024, with a projected dividend yield of 3.9% [7][8]. Market Data - The stock has a market capitalization of 98.723 billion, with a circulating stock ratio of 99% [3]. - The stock price has fluctuated between 46.17 and 59.16 over the past 52 weeks, indicating a stable trading range [3].

股票代码：000538 股票简称：云南白药 公告编号：2024-23 云南白药集团股份有限公司 第十届董事会 2024 年第四次会议决议公告 章程》《董事会议事规则》的规定，参照《中央企业合规管理办法》《云南 省省属企业合规管理指引（试行）》等法律法规，结合公司实际情况，同意 制定《云南白药集团股份有限公司合规管理办法（试行）》。 具体内容详见公司同日在巨潮资讯网的挂网公告《云南白药集团股份 有限公司合规管理办法（试行）》（网址：http://www.cninfo.com.cn）。 表决结果：11 票同意、0 票反对、0 票弃权。 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 年第四次会议（以下简称"会议"）于 2024 年 4 月 26 日以 通讯表决方式召开，本次会议通知于 2024 年 4 月 16 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 议审 ...

Financial Performance - Revenue for the first quarter rose by 2.49% to ¥10,774,290,921.49 compared to ¥10,512,750,996.14 in the previous year[10] - Net profit attributable to shareholders increased by 12.12% to ¥1,701,931,446.00 from ¥1,517,988,356.56 year-on-year[10] - The diluted earnings per share rose by 11.76% to ¥0.95 from ¥0.85 in the same period last year[10] - Total operating revenue for Q1 2024 reached ¥10,774,290,921.49, an increase of 2.49% compared to ¥10,512,750,996.14 in Q1 2023[39] - Net profit for Q1 2024 was ¥1,699,046,405.00, up from ¥1,515,723,471.89 in the same period last year, representing an increase of 12.06%[41] - Operating profit for Q1 2024 was ¥1,918,019,878.04, compared to ¥1,730,180,725.55 in Q1 2023, reflecting a growth of 10.86%[39] - The total comprehensive income for Q1 2024 was ¥1,698,083,473.14, up from ¥1,522,285,067.19 in Q1 2023, reflecting a growth of 11.53%[41] Cash Flow - The net cash flow from operating activities decreased by 28.17% to ¥527,059,804.98 compared to ¥733,744,202.46 in the same period last year[5] - The net cash flow from investing activities improved significantly by 500.66% to ¥1,264,630,985.36 from -¥315,633,657.92[15] - The net cash flow from financing activities increased by 501.81% to ¥790,044,548.12 from ¥131,276,989.91 year-on-year[15] - Cash inflow from financing activities totaled $1,326,507,043.68, compared to $235,590,426.42 in the previous period[47] - Cash outflow from financing activities was $536,462,495.56, leading to a net cash flow from financing activities of $790,044,548.12[47] - Cash inflow from investment activities was $2,468,117,349.26, while cash outflow was $1,203,486,363.90, resulting in a net cash flow from investment activities of $1,264,630,985.36[46] Assets and Liabilities - Total assets increased by 5.75% to ¥56,874,351,095.19 from ¥53,784,293,183.93[9] - The total liabilities reached ¥15,270,833,940.68, compared to ¥13,878,932,801.71 at the start of the year, indicating a growth in liabilities[38] - The company's cash and cash equivalents stood at ¥16,794,818,737.97, up from ¥14,218,343,076.67 at the beginning of the quarter[28] - Accounts receivable increased to ¥11,580,081,129.72 from ¥9,966,170,447.21, reflecting a growth of approximately 16.2%[28] - Inventory decreased to ¥6,131,635,452.71 from ¥6,442,194,823.67, showing a reduction of about 4.8%[28] - The total current assets amounted to ¥39,074,382,317.12, an increase from ¥36,315,565,849.93, representing a growth of approximately 7.7%[28] Shareholder Information - The company's total equity attributable to shareholders increased by 4.27% to ¥41,580,117,445.10 from ¥39,879,122,031.51[6] - The total number of shares held by Yunnan Baiyao Group Co., Ltd. in the repurchase special securities account is 12,599,946 shares, accounting for 0.70%[20] - As of the end of the reporting period, Yunnan Baiyao Group Co., Ltd. completed the cancellation of 12,599,946 shares, reducing the registered capital accordingly[24] - Yunnan Baiyao Group Co., Ltd. has a major shareholder, Yunnan State-Owned Equity Operation Management Co., Ltd., holding 25.02% of shares, with 119,343,840 shares pledged[19] - The second major shareholder, Xinhua Duhua Industrial Group Co., Ltd., holds 24.25% of shares, with 290,514,000 shares pledged[19] - The company plans to change the purpose of repurchased shares from employee stock ownership plans to cancellation to reduce registered capital[24] - The company’s total number of shares after the cancellation of repurchased shares is 1,784,262,603 shares[24] Future Outlook - The company's net profit margin for the first quarter is projected to improve due to cost control measures and increased sales from new product launches[1] - Future outlook includes plans for market expansion and potential mergers and acquisitions to enhance competitive positioning[1] Other Information - The company has registered a short-term financing bond amounting to 3 billion RMB, valid for 2 years, with the first issuance of 1 billion RMB completed on March 20, 2024[25] - Yunnan Baiyao Group Co., Ltd. has received a notice of acceptance for the registration of short-term financing bonds from the China Interbank Market Dealers Association[25] - Jiangsu Yuyue Technology Development Co., Ltd. completed a share reduction plan, reducing 35,936,638 shares, accounting for 1.99997% of the total share capital[22] - Yunnan Baiyao Group Co., Ltd. has made updates to its board meeting rules as of March 28, 2024[21] - The company reported a net increase in customer deposits and interbank placements, contributing positively to cash flow[43] - The company did not undergo an audit for the first quarter report[47]

云南白药集团股份有限公司合规管理办法（试行） （经第十届董事会 2024 年第四次会议审议通过） 第一章 总则 第一条 为推动云南白药集团股份有限公司（以下简称"公司"） 合规管理，有效防控合规风险，促进公司依法合规经营，根据《中华 人民共和国公司法》《中华人民共和国企业国有资产法》和《企业国 有资产监督管理暂行条例》，以及《上市公司治理准则》和《公司章 程》等规定，参照《中央企业合规管理办法》《云南省省属企业合规 管理指引（试行）》等，结合公司实际情况，制定《云南白药集团股 份有限公司合规管理办法》（以下简称"本办法"）。 第二条 本办法适用于公司本部，以及公司的控股子公司和所控 制的下属企业及机构（以下简称"各业务单位和职能部门"）的合规 管理工作。 公司建立统一管理、分级负责的合规管理体制。各业务单位和职 能部门负责落实各自的合规管理工作，可根据合规管理工作的实际需 要，按照本办法制定本单位和本部门的合规管理制度，报公司合规管 理牵头部门备案后实施。各业务单位和职能部门的合规管理工作接受 公司董事会、经营层和合规管理牵头部门的统一领导、监督和业务指 导。 第三条 本办法所称合规，是指公司经营管理行为和员 ...

股票代码：000538 股票简称：云南白药 公告编号：2024-22 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： 云南白药集团股份有限公司 （1）现场会议召开时间：2024 年 4 月 23 日上午 9:30。 2023年度股东大会决议公告 （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 2024 年 4 月 23 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 2024 年 4 月 23 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.com. ...

（经 2023 年度股东大会审议通过） 云南白药集团股份有限公司 董事会议事规则 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" 或"本公司"）董事会的行为，确保董事会高效运作和科学决策，根 据《中华人民共和国公司法》（以下简称《公司法》）、《中华人民 共和国证券法》和《云南白药集团股份有限公司公司章程》（以下简 称《公司章程》）的规定，制定本规则。 第二条 董事会是股东大会的执行机构，在股东大会闭会期间负 责公司重大经营决策，对股东大会负责。 第三条 董事会秘书负责董事会会议的组织和准备工作，包括安 排会议日程、准备会议文件、组织会议召开、负责会议记录、起草会 议决议、纪要等。 第二章 董事会的组成与职权 第四条 董事会由十一名董事组成，设董事长一人，可以设联席 董事长一人、副董事长一人。 第五条 公司董事会设立审计委员会，并根据需要设立战略委员 会、提名委员会、薪酬与考核委员会等相关专门委员会。专门委员会 对董事会负责，依照《公司章程》和董事会授权履行职责，提案应当 提交董事会审议决定。专门委员会成员全部由董事组成，其中审计委 员会、提名委员会、薪酬与考核委员会中独立董事占多数并 ...

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 法律意见 北京德恒（昆明）律师事务所 Beijing DeHeng Law Offices (KunMing) 2023 年度股东大会的 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 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 2023 年度股东大会的 法律意见 923,592,846股，占公司股本总额的51.4003%；出席网络投票表决的股东共80名， 代表有表决权股份数为 193,947,147 股，占公司股本总额的 10.7937％；出席本次 股东大会的中小股东共 379 名，代表有表决权股份数为 73,460,092 股，占公司股 本总额的 4.0882％，其资格均合法有效。此外，公司部分董事、监事及董事会秘 书出席了本次股东大会，公司部分高级管理人员列席了本次股东大会。 三、关于本次股东大会的表决程序和表决结果 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 ...

1 / 2 过了《关于变更回购股份用途并注销的议案》，同意公司对回购专用证券账 户中上述已回购的 12,599,946 股股份的用途进行变更，回购股份用途由"用 于实施员工持股计划或股权激励计划"变更为"用于注销以减少注册资本"。 股票代码：000538 股票简称：云南白药 公告编号：2024-21 云南白药集团股份有限公司 关于回购股份注销完成暨股份变动的公告 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"）因实施注销回购专用 证券账户股份导致公司总股本、无限售条件流通股数量发生变化，根据《公 司法》《证券法》《上市公司股份回购规则》《深圳证券交易所上市公司自 律监管指引第 9 号——回购股份》等相关规定，现就回购股份注销完成暨股 份变动情况披露如下： 一、变更回购股份用途并注销事项履行的相关审批程序 1、实施股份回购：公司于 2022 年 4 月 6 日召开的第九届董事会 2022 年 第五次会议及 2022 年 4 月 20 日召开的公司 2021 年度股东大会审议通过了 《关于<回购公司股份方案>的议案》，同 ...

Investment Rating - The investment rating for Yunnan Baiyao is to "hold," indicating that the stock is expected to perform within a range of 10% to 20% relative to the market index over the next six months [16]. Core Insights - Yunnan Baiyao reported a total revenue of 39.11 billion yuan in 2023, a year-on-year increase of 7.2%, and a net profit attributable to shareholders of 4.09 billion yuan, up 36.4% year-on-year [2]. - The company has a robust dividend plan, proposing a dividend of 20.77 yuan per 10 shares, totaling 3.706 billion yuan, which represents 90.53% of the net profit for 2023 [2]. - The company is focusing on enhancing its innovation capabilities, particularly in nuclear medicine, with significant progress in its nuclear drug development pipeline [3]. Summary by Sections Financial Performance - In 2023, Yunnan Baiyao's industrial revenue reached 13.74 billion yuan, reflecting a growth of 7.58% year-on-year. The pharmaceutical segment generated 6.481 billion yuan, an increase of 8.16% [2]. - The gross profit margin for 2023 was 26.51%, with the industrial segment achieving a gross margin of 64.24% [3]. Business Segments - The pharmaceutical segment's revenue was 6.481 billion yuan, driven by aging population trends and recovery in sports demand, with key products like Yunnan Baiyao aerosol contributing over 1.7 billion yuan [2]. - The health products segment generated 6.422 billion yuan, benefiting from a focus on oral health and personal care products, maintaining a market share of 24.60% in oral care [2]. - The traditional Chinese medicine resources segment saw a revenue increase of 22.2%, reaching 1.71 billion yuan, driven by customer demand [2]. Future Outlook - The company forecasts net profits of 4.48 billion yuan, 4.98 billion yuan, and 5.46 billion yuan for 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 20, 18, and 17 [8]. - Revenue growth is expected to continue at approximately 8% annually through 2026, with specific segments like the traditional Chinese medicine resources projected to grow at 20% annually [12].