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 年第四次临时股东大会的 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 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 年第四次临时股东大会的 法律意见 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 10 月 29 日召开，作出了关于召开本次股东大会的决议，并于 2024 年 10 月 30 日在《中国证券报》《证券时报》《上海证券报》和巨潮资讯网站等媒体刊登了 召开本次股东大会的通知。 本次股东大会于 2024 年 11 月 14 日 9:30 在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白药空间二楼会议室召开，会议召开时间与通知公 告时间间隔 15 天以上，会议召开的具体时间、地点和审议事项也与公告内容一 致。 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"） ...

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 11 月 11 日 地点：集团总部办公大楼 召开方式：电话调研 投资者：麦格理资本-Tony Ren、高茜白、戚瑜洁 参加人员：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%；经营性现金流 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、请问药品事业群的销售情况如何？采取了哪些促增长的措 施？ 答：2024 年上半年药品事业群实现主营业务收入 40.69 亿元， 同比增长 9.6%。白药系列核心产品保持稳健增长，其中云南白药气 雾剂销售收入超过 12 亿元，同比增长超 30%，云南白药膏、云南白 药胶囊销售收入均保持良好增长。其他品牌中药类产品增长亮眼，蒲 地蓝消炎片销售收入 ...

云南白药集团股份有限公司 投资者调研会议记录表 编号：47-2411-01 | --- | --- | --- | |-----------------------------|-------------------------------------|---------------------------------------| | | | | | | □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 | 麦格理资本 -Tony Ren | 、高茜白、戚瑜洁 | | 时间 | 2024 年 11 月 11 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、张昱 | | 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 | | | 日期 | 2024 年 11 ...

证券代码:000538 证券简称:云南白药 公告编号:2024-54 云南白药集团股份有限公司 关于股东增持计划时间过半的进展公告 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信 息一致。 特别提示： 1.云南白药集团股份有限公司（以下简称"公司"或"云南白药"） 于2024年8月7日披露了《关于5%以上股东增持公司股份暨后续增持计划 的公告》（公告编号：2024-40），公司第一大股东云南省国有股权运营 管理有限公司（以下简称"国有股权管理公司"）于2024年8月6日通过深 圳证券交易所交易系统以集中竞价交易方式增持公司股份788,660股，占 公司总股本的比例约为0.0442%，增持金额为4,001.68万元，并计划自首 次增持之日（2024年8月6日）起6个月内增持公司股份，计划累计增持金 额（含本次披露的已增持金额）不低于人民币50,000万元，不超过人民币 100,000万元。 2.截至本公告披露日，本次增持计划时间已经过半。国有股权管理公 司通过深圳证券交易所交易系统以集中竞价交易方式已累计增持公司股份 17,485,863股，占公司总股本的比例为0.98%，累计增持金额为人民币 93 ...

Investment Rating - Maintains "Overweight" rating with a target price of 69.39 RMB [3][4] Core Views - Performance in line with expectations, with continued improvement in quality and efficiency [2][3] - Revenue for 2024Q1-3 reached 29.915 billion RMB (+0.76%), net profit attributable to shareholders was 4.327 billion RMB (+5.03%), and non-GAAP net profit was 4.265 billion RMB (+10.68%) [3] - Q3 revenue was 9.460 billion RMB (+0.86%), net profit attributable to shareholders was 1.138 billion RMB (-12.16%), and non-GAAP net profit was 1.130 billion RMB (+1.23%) [3] - Maintains EPS forecasts for 2024-2026 at 2.57/2.87/3.15 RMB, with a 25X PE ratio for 2025 [3] Financial Performance - Gross margin for 2024Q3 was 26.47% (-0.51pct YoY), net margin was 12.05% (-1.77pct YoY), and non-GAAP net margin was 11.94% (+0.04pct YoY) [3] - Sales/management expense ratios for 2024Q3 were 10.67%/1.82%, down by 1.02pct/0.43pct YoY, while financial expense ratio was 0.01% (+0.92pct YoY) [3] - Inventory turnover days decreased by 14 days to 79 days in 2024Q3, and operating cash flow for 2024Q1-3 was 4.073 billion RMB (+57.29% YoY) [3] Shareholder Returns - Plans a special dividend of 12.13 RMB per 10 shares, totaling 2.164 billion RMB, representing 50.02% of the net profit for the first three quarters [3] Industry Comparison - Comparable companies include Pien Tze Huang (600436 SH), Tasly (600535 SH), and China Resources Sanjiu (000999 SZ), with average PE ratios of 24X for 2024E [12] Financial Forecasts - Revenue for 2024E is projected at 39.666 billion RMB (+1.4% YoY), with net profit attributable to shareholders at 4.594 billion RMB (+12.2% YoY) [10] - ROE is expected to increase from 11.5% in 2024E to 13.5% in 2026E, with EPS rising from 2.57 RMB in 2024E to 3.15 RMB in 2026E [10]

Investment Rating - The report maintains a "Recommend" rating for Yunnan Baiyao with a target price of 72.2 RMB, compared to the current price of 57.06 RMB [1] Core Views - Yunnan Baiyao's performance remains stable, with a proposed special dividend to enhance shareholder returns [1] - The company achieved revenue of 299.2 billion RMB, net profit attributable to shareholders of 43.3 billion RMB, and non-GAAP net profit of 42.6 billion RMB in the first three quarters of 2024, representing year-on-year growth of 1%, 5%, and 11% respectively [1] - In Q3 2024, revenue was 94.6 billion RMB, with net profit attributable to shareholders and non-GAAP net profit at 11.4 billion RMB and 11.3 billion RMB respectively, showing mixed year-on-year changes [1] - The company plans to distribute a special dividend of 12.13 RMB per 10 shares, totaling 2.164 billion RMB, accounting for 50.02% of the net profit attributable to shareholders in the first three quarters [1] Business Segment Analysis Health Products Division - The health products division is expected to maintain stable performance despite consumer pressure [2] - Revenue for the health products division in H1 2024 was 3.14 billion RMB, slightly down from 3.25 billion RMB in H1 2023 [2] - The Yang Yuan Qing product line is expected to maintain rapid growth [2] Pharmaceutical Division - The pharmaceutical division is expected to grow steadily, with revenue growth of 5-10% in the first three quarters of 2024 [2] - Revenue for the pharmaceutical division in H1 2024 was 4.07 billion RMB, a 9.6% year-on-year increase [2] - Contract liabilities in Q3 2024 reached 2.49 billion RMB, a significant increase from 1.76 billion RMB in H1 2024, mainly due to increased prepayments in the pharmaceutical division [2] Financial Performance - Gross margin in Q3 2024 decreased by 0.5 percentage points year-on-year to 26.5%, possibly due to a slowdown in high-margin pharmaceutical revenue growth [2] - Operating cash flow in Q3 2024 was 4.07 billion RMB, a significant increase from 2.59 billion RMB in the same period last year [2] - The company's financial ratios show improvement, with sales/management/R&D/financial expense ratios decreasing year-on-year by 1.0/0.4/0.1 percentage points respectively, while financial expense ratio increased by 0.9 percentage points [2] Future Projections - The report forecasts net profit attributable to shareholders of 4.603 billion RMB, 5.152 billion RMB, and 5.668 billion RMB for 2024, 2025, and 2026 respectively, representing year-on-year growth rates of 12%, 12%, and 10% [2] - Revenue is expected to grow to 42.227 billion RMB, 45.318 billion RMB, and 48.458 billion RMB in 2024, 2025, and 2026 respectively, with year-on-year growth rates of 8.0%, 7.3%, and 6.9% [3] - The company's EPS is projected to be 2.58 RMB, 2.89 RMB, and 3.18 RMB for 2024, 2025, and 2026 respectively [3]

Summary of Yunnan Baiyao Conference Call Company Overview - **Company**: Yunnan Baiyao - **Industry**: Traditional Chinese Medicine and Pharmaceuticals Key Financial Highlights - In 2023, Yunnan Baiyao achieved a revenue of **391.11 billion yuan**, an increase of **7.19%** [1] - Gross net profit reached **4.94 billion yuan**, increasing by **36.41%** [1] - Industrial revenue increased by **7.58%** and commercial revenue by **6.98%** [1] - Average net asset revenue increased by **10.51%**, up from **2.64%** in 2022 [1] - Total assets rose to **537.84 billion yuan**, a **0.87%** increase [1] - Interest rate increased significantly by **30.57%** [1] - Basic earnings per share were **2.42 yuan**, a **4.76%** increase [14] - Cash flow from operating activities amounted to **4.073 billion yuan**, a **57.29%** increase [14] Industry Insights - The medical industry is in a recovery phase post-pandemic, with expectations for significant growth in social and government spending by **2025** [4][5] - The multi-layered medical insurance system is being promoted, which will enhance the role of commercial insurance alongside basic social security [5] - The pharmaceutical industry is undergoing a structural recovery, with policies gradually stabilizing and leading to a healthier market environment [6][7] - The innovation in pharmaceuticals is a key focus, with a notable increase in the approval rate of new drugs, particularly in the area of innovative medicines [10][13] - The export of medical products is expected to see a rebound, particularly in the medical device sector, with the U.S. being the largest market [11][12] Strategic Developments - Yunnan Baiyao is focusing on enhancing its business structure and profitability through cost control and operational efficiency [14] - The company is investing in traditional Chinese medicine resources, achieving a revenue of **8.92 billion yuan** in the first half of 2024, a **22%** increase [15] - The company is expanding its market presence in oral care, with a **41%** increase in sales revenue for its oral health products in the first half of 2024 [17] Future Outlook - The pharmaceutical industry is expected to see significant growth in **2025**, driven by recovery and increased spending from payment sources [13] - Yunnan Baiyao aims to leverage its strengths in traditional medicine and modern technology to maintain competitive advantages and explore new market opportunities [20] - The company is committed to enhancing investor relations and transparency through ongoing engagement and communication initiatives [19] Additional Insights - The conference highlighted the importance of investor education and the role of financial service providers in fostering a healthy capital market [3] - The discussion included the significance of collaboration between listed companies and investors to enhance understanding and trust [19]

（原标题：V观财报｜云南白药前三季度净利增4.93%：拟特别分红超21亿元）云南白药发布特别分红 方案。 29日，云南白药披露三季报。 2024年前三季度，公司营业收入约299.15亿元，同比增长0.76%；归属于上市公司股东的净利润约43.27 亿元，同比增长4.93%；第三季度，公司归属于上市公司股东的净利润同比下滑12.16%。 云南白药前三季度业绩 来源：公告云南白药解释，第三季度的净利润同比下降主要是受非经常性损益 影响。 2023年第三季度单季度的非经常性损益金额17931.52万元，主要是受交易性金融资产产生的公允价值变 动损益，以及处置交易性金融资产取得的投资收益等影响。 2024年第三季度单季度的非经常性损益金额803.92万元，扣除非经常性损益影响后，2024年第三季度单 季度的扣非归母净利润同比实现增长。 同日，云南白药披露了特别分红方案。 根据财务报表，公司2024年三季度末母公司可分配利润26.19亿元，具备实施特别分红的条件，拟向全 体股东每10股派发现金红利12.13元(含税)，分红总金额21.64亿元。 来源：公告不过，特别分红方案须提交公司2024年第四次临时股东大会审议，尚 ...

云南白药集团股份有限公司 知识产权管理制度 第一章 总则 第一条 为了加强云南白药集团股份有限公司（以下简称"公司"）知识 产权的保护，规范知识产权管理工作，建立健全知识产权管理制度，强化知 识产权的申请、维护、运用及保护，确保公司知识产权的合法性和有效性，根 据《中华人民共和国民法典》《中华人民共和国专利法》《中华人民共和国商 标法》《中华人民共和国著作权法》《中华人民共和国反不正当竞争法》等法 律法规，结合公司实际情况，制定《云南白药集团股份有限公司知识产权管 理制度》(以下简称"本制度")。 第二条 本制度适用于公司本部，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"下属公司"，与公司合称"白药集团")。 第三条 本制度所称知识产权主要包括： （一）专利权：主要包括发明、实用新型以及外观设计的专利申请权、专 利权等； （二）商标权：注册商标专用权； （三）著作权：文字、工程设计、产品设计图纸及其说明，美术作品、计 算机软件、地图、摄影、录音、录像等作品的著作权； （四）商业秘密：指不为公众所知悉、具有商业价值并经权利人采取相应 保密措施的技术信息、经营信息等商业信息； （五）《反不正当竞争法 ...

云南白药集团股份有限公司 对外捐赠管理办法 为规范云南白药集团股份有限公司（以下简称"云南白药"或"公司"） 对外捐赠行为，加强对相关事项的规范管理，根据《公司法》《中华人民共 和国公益事业捐赠法》《公司章程》和相关规定制定本办法。 对外捐赠是指公司自愿无偿将其有权处分的合法财产赠送给合法的 受赠人，用于与生产经营活动没有直接关系的公益事业的行为。 开展对外捐赠是践行公司使命和价值观，履行企业的社会责任，树立企 业公民形象，回馈社会和广大群众，积极参与共创美好未来，建设中国式现 代化的具体实践活动。云南白药通过开展对外捐赠活动，目的在于促进我国 中医药事业的发展，促进健康医疗水平的提升，促进公司长远建设发展。 云南白药的对外捐赠坚持"合法合规、服务大局、体现担当、彰显文化、 量力而行、持久赓续"的原则。所有对外捐赠事项均需经过集团相关决策机 构审批，并应符合国家和云南省关于对外捐赠事项的相关规定和要求。 二、资金项目设置 云南白药设对外捐赠资金专项，资金从公司对外捐赠年度预算支出。捐 赠产品在公司产品目录中选定，根据需要提交领样审批流程，以市场价核算 后提供给受赠方，并列入公司捐赠统计。 三、范围和事由 根据 ...