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 12 月 4 日 地点：集团总部办公大楼 召开方式：现场调研 投资者：华创证券-郑辰、高初蕾、欧阳予、甘田、张佳妮、李 娜，信达澳亚基金-张剑滔、张兆函，财通基金-骆莹，招银理财-郝 雪梅、熊超逸，和谐汇一-刘天雨，睿郡资产-陆士杰，月阑基金-宫 晓萱，云能资本-潘孟，合众易晟-何芳，前海开源基金-田维，兴全 基金-李跃，湘财基金-张泉，平安资产-张良、范自彬 参加人员：董事会秘书-钱映辉，证券事务代表-李孟珏，投资者 关系管理-杨可欣、张昱 会议内容 1、请介绍一下公司前三季度的经营情况。 答：2024 年前三季度，公司实现营业收入 299.15 亿元，同比增 长 0.76%；归母净利润 43.27 亿元，同比增长 4.93%；扣非归母净利 润 42.65 亿元，同比增长 10.68%；基本每股收益 2.42 元/股，同比 增长4.76%；经营活动产生的现金流量净额 40.73亿元，同比57.29%； 加权平均净资产收益率 10.82%，同比增长 0.34 个百分点。 2、请问健康品事业群牙膏产品和洗护产品的销售情况如何？ 答：口腔护理领域， ...

Group 1: Investor Relations Activity - The meeting was categorized as a specific target research event [2] - Participants included representatives from various investment firms such as Huachuang Securities and Daao Asia Fund [2] - The meeting took place on December 4, 2024, at the company's headquarters [2] Group 2: Company Overview - The main focus of the meeting was to understand the company's production and operational status [2] - The meeting was attended by the company's board secretary and investor relations management [2]

以下文章来源于解码LP ，作者岳笑笑 投资界（PEdaily.cn）旗下，专注募资动态 跨界出资。 报道 I 投资界-解码LP 投资界-解码LP获悉，云南白药日前发布公告称，拟与专业投资机构中银国际投资共同投 资设立云南省中医药大健康创新基金，规模70亿元。其中，云南白药作为有限合伙人拟 以自有资金认缴出资人民币5 0亿元。 解码LP . 作者 I 岳笑笑 换言之，云南白药也做起了LP，成为投资机构们的"金主"。放眼望去，更多产业巨头出 现在创投圈，成为募资寒冬下不可多得的一股市场化活水。 云南白药，一举出资50亿 根据公告，云南白药拟于与中银国际投资有限责任公司（简称"中银国际投资"）正式签 订《云南省中医药大健康创新基金合伙协议》对各方合作发起设立云南省中医药大健康 创新基金（暂定名）进行原则性约定。 基金目标认缴出资总额为人民币70亿元，首期实缴出资额为认缴出资总额的10%。其 中，云南白药作为有限合伙人拟以自有资金认缴出资人民币50亿元，占合伙企业认缴出 资总额的71 .43%。 同时，中银国际投资作为普通合伙人拟以自有资金认缴出资人民币20亿元，占合伙企业 认缴出资总额的28.57%，并担任基金管理 ...

Investment Rating - The report gives an "Accumulate" rating for the company, marking its first coverage [10][15]. Core Insights - Yunnan Baiyao, a century-old Chinese brand, has shown consistent revenue and profit growth over the past three decades, with revenue increasing from 0.58 billion yuan in 1993 to 39.11 billion yuan in 2023, a growth of 673 times. The net profit rose from 0.13 billion yuan to 4.09 billion yuan in the same period, a growth of 314 times. The company has maintained a continuous dividend payout for over 30 years, with cumulative cash dividends reaching 26.62 billion yuan by September 30, 2024 [9][54][55]. - The company is undergoing organizational transformation to enhance its growth potential, including a mixed-ownership reform completed in 2019 and the implementation of a strategic plan for 2024-2028 [8][17]. Summary by Sections 1. Company Overview - Yunnan Baiyao was founded in 1902 and has evolved from a traditional Chinese medicine company to a leader in the health industry. The company has a strong brand reputation and a unique product formula classified as a national secret [9][36]. 2. Financial Performance - The company reported total revenue of 39.11 billion yuan in 2023, with a year-on-year growth rate of 7.2%. The net profit for the same year was 4.09 billion yuan, reflecting a significant increase of 36.4% compared to the previous year. For the first three quarters of 2024, revenue reached 29.92 billion yuan, a 0.76% increase year-on-year, while net profit was 4.33 billion yuan, up 4.93% [7][54]. 3. Business Segments - The company operates through four main business divisions: - **Pharmaceutical Division**: Core business with a revenue of 40.69 billion yuan in the first half of 2024, growing by 9.6% year-on-year [12]. - **Health Products Division**: Focused on oral care and personal health products, generating 31.44 billion yuan in revenue [12]. - **Traditional Chinese Medicine Resources Division**: Achieved 8.94 billion yuan in revenue, with a year-on-year growth of approximately 22% [12]. - **Yunnan Provincial Pharmaceutical Company**: Reported revenue of 121.9 billion yuan in the first half of 2024, with a net profit increase of 26% [12]. 4. Profit Forecast and Valuation - The forecasted net profits for 2024, 2025, and 2026 are 44.73 billion yuan, 48.92 billion yuan, and 53.55 billion yuan, respectively, with corresponding growth rates of 9.3%, 9.4%, and 9.5%. The estimated price-to-earnings ratios for these years are 23, 21, and 19 [10][15]. 5. Strategic Initiatives - The company is implementing a strategic plan focusing on integrating traditional Chinese medicine into modern life and enhancing its product offerings through innovation and technology [36][40]. 6. Dividend Policy - Yunnan Baiyao has a strong dividend policy, with a total cash dividend of 37.06 billion yuan proposed for 2023, representing 90.53% of the net profit for that year [55].

Financial Performance - In the first three quarters of 2024, the company achieved a revenue of CNY 29.915 billion, a year-on-year increase of 0.76% [2] - The net profit attributable to shareholders was CNY 4.327 billion, up 4.93% year-on-year [2] - The net profit excluding non-recurring items reached CNY 4.265 billion, with a growth of 10.68% [2] - Basic earnings per share were CNY 2.42, reflecting a year-on-year increase of 4.76% [2] - The net cash flow from operating activities was CNY 4.073 billion, a significant increase of 57.29% [2] - The weighted average return on equity was 10.82%, up by 0.34 percentage points year-on-year [2] Pharmaceutical Business - In the first half of 2024, the pharmaceutical segment generated a revenue of CNY 4.069 billion, marking a year-on-year growth of 9.6% [3] - Sales of the core Yunnan Baiyao product series saw robust growth, with the aerosol spray generating over CNY 1.2 billion, an increase of over 30% [3] Personal Care Products - The Yangyuanqing personal care products achieved sales of CNY 0.195 billion in the first half of 2024, with a growth rate of 41% [5] - Yangyuanqing has established itself as a leading brand in the anti-hair loss category, achieving the top position in Tmall's anti-hair loss shampoo segment during the "618" shopping festival [5] Dividend Distribution - In 2023, the company announced a dividend of CNY 20.77 per 10 shares, totaling CNY 3.706 billion, which represents 90.53% of the 2023 net profit attributable to shareholders [6] - A special dividend proposal was approved for 2024, with a distribution of CNY 12.13 per 10 shares, amounting to CNY 2.164 billion, which is 50.02% of the net profit for the first three quarters of 2024 [6] - Since its listing in 1993, the company has consistently paid dividends for 31 years, with cumulative cash dividends exceeding CNY 26.5 billion [6]

云南白药集团股份有限公司 投资者调研会议记录表 编号：48-2411-02 | --- | --- | --- | |-----------------------------|--------------------------------|----------------------------------------------------------| | | | | | | ☑ 特定对象调研 | □ 分析师会议 | | | □ 媒体采访 | □ 业绩说明会 | | 投资者关系活动类别 | □ 新闻发布会 | □ 路演活动 | | | ☑ 现场参观 | □ 一对一沟通 | | | □其他（电话调研） | | | 参与单位名称及人员 姓名 | | 参加万联证券云南分公司走进上市公司活动的投资者 45 人 | | 时间 | 2024 年 11 月 29 日 | | | 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 - 杨可欣 | | 投资者关系活动主要 内容介绍 | 了解公司生产经营情况等相关问题 | | | 附件清单 | 会议记录 | | | ...

Core Viewpoint - Yunnan Baiyao plans to establish a Traditional Chinese Medicine Health Innovation Fund in collaboration with Bank of China International, with a total target subscription amount of 7 billion yuan [1] Group 1: Investment Details - The fund's total target subscription amount is 7 billion yuan, with Yunnan Baiyao committing to contribute 5 billion yuan, accounting for 71.43% of the total subscription [1] - The fund will adopt a "direct investment + sub-fund" model, focusing on the Traditional Chinese Medicine industry [1] Group 2: Strategic Focus - The fund will primarily target enterprises within the Traditional Chinese Medicine industry chain in Yunnan Province [1] - There is an intention to expand coverage to various enterprises in the health and biopharmaceutical sectors across the country [1]

股票代码：000538 股票简称：云南白药 公告编号：2024-57 云南白药集团股份有限公司 第十届董事会 2024 年第十一次会议决议公告 特此公告 云南白药集团股份有限公司 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 年第十一次会议（以下简称"会议"）于 2024 年 11 月 29 日 以通讯表决的方式召开，本次会议通知于 2024 年 11 月 26 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。会议审议通过如下议案： 一、审议通过《关于拟与专业投资机构共同投资设立基金的议案》 具体内容详见公司同日在巨潮资讯网（网址：http://www.cninfo.com.cn） 挂网披露的《关于拟与专业投资机构共同投资设立基金的公告》（公告编号： 2024-58）。 表决结果：10 票同意、0 票反对、1 票弃权。 董事李泓燊先生投了弃权票，弃权的理由是： ...

证券代码:000538 证券简称:云南白药 公告编号:2024-58 云南白药集团股份有限公司 关于拟与专业投资机构共同投资设立基金的公告 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。 云南白药集团股份有限公司（以下简称"云南白药"或"公司"）拟 与专业投资机构中银国际投资有限责任公司（以下简称"中银国际投资"） 共同投资设立基金，现将相关情况公告如下： 一、交易概述 （一）交易背景 云南白药进一步聚焦主责主业，坚定持续深耕"药"这个产业根基， 全产业链促进医药大健康业务高质量发展；与此同时，云南白药持续推动 公司向内涵式与外延式并举的发展模式转型，不断优化公司产业布局和业 务组合，提升公司成长的规模、质量和效率。 云南白药参与发起设立产业基金，可更规范、高效地使用投资手段， 广泛整合外部资源，培育、发展中医药产业链及大健康产业相关企业，补 足和强化现有产业板块，构建健康、可持续发展的产业生态体系，实现更 高质量发展。 （二）交易基本情况 在不影响公司日常经营发展、有效控制投资风险的前提下，公司拟与 中银国际投资共同投资设立云南省中医药大健康创新基 ...

股票代码：000538 股票简称：云南白药 公告编号：2024-56 云南白药集团股份有限公司 2024 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"）2024 年特 别分红权益分派方案已获 2024 年 11 月 14 日召开的公司 2024 年第四次临时股 东大会审议通过，股东大会决议公告刊登于 2024 年 11 月 14 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）。 一、股东大会审议通过权益分派方案情况 1、公司获股东大会审议通过的 2024 年特别分红权益分派具体方案为： 公司拟以 2024 年第三季度末公司总股本 1,784,262,603 股为基数，向全体股东 每 10 股派发现金红利 12.13 元（含税），送红股 0 股（含税），不以资本公 积金转增股本，分红总金额 21.64 亿元，占公司前三季度归母净利润 50.02%。 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 ...