云南白药集团股份有限公司 投资者调研会议记录表 编号：45-2409-02 | --- | --- | --- | |-----------------------------|------------------------------------|---------------------------------| | | | | | | ☑ 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 | 博时基金 - 陈西铭、李佳、张治业 | | | 时间 | 2024 年 9 月 12 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 | | | 日期 | 2024 年 9 月 12 日星期四 | | 1 / ...

Group 1: Investor Relations Activity - The meeting was categorized as a specific target research activity [1] - Participants included representatives from Southern Fund and CITIC Securities [1] - The meeting took place on September 12, 2024, at the company's headquarters [1] Group 2: Company Overview - The main focus was to understand the company's production and operational status [1] - Key personnel from the company included the Secretary of the Board and executives from various business units [1]

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 9 月 12 日 地点：集团总部办公大楼 召开方式：现场调研 投资者：南方基金-章晖、郭东谋、卢玉珊、何文欣、秦乾一、 陈逸，中信建投证券-刘若飞、许舒枫 参加人员：董事会秘书-钱映辉，健康品事业群常务副总经理- 陶勇，药品事业群市场副总监-张春雨，证券事务代表-李孟珏，投资 者关系管理-张昱 会议内容 1. 2024 年上半年药品事业群的业绩情况如何？ 答：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 实现过亿，同比实现近双位数增长；用于妇科消炎的产品宫血宁胶囊 实现销售收入同比上涨 36%；小儿宝泰康颗粒、痛舒胶囊销售收入增 长明显。植物补益类产品中，气血康口服液销售收入过亿，三七参蜂 口服液销售收入同比增长超过 80%。 2. 2024 年上半年药品事业群在提质增效方面做了哪些工作？ 答：报告期内，药品事业群从学术临床、市场营 ...

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 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 年第三次临时股东大会的 法律意见 北京德恒（昆明）律师事务所 Beijing DeHeng Law Offices (KunMing) 2024 年第三次临时股东大会的 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， 本次指派李泽春律师、杨杰群律师出席公司 2024 年第三次临时股东大会（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： 一、关于本次股东大会的召集和召开程序 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 8 月 26 日召开，作出了关于召开本次股东 ...

股票代码：000538 股票简称：云南白药 公告编号：2024-46 云南白药集团股份有限公司 2024年第三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。 1 / 4 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： （1）现场会议召开时间：2024 年 9 月 11 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 2024 年 9 月 11 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 9 月 11 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.c ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1]. Core Views - The company reported a revenue of 20.455 billion yuan for the first half of 2024, a year-on-year increase of 0.72%, with a net profit attributable to shareholders of 3.189 billion yuan, up 12.76% year-on-year [4]. - The health product segment continues to enhance profitability, with a revenue of 3.144 billion yuan and a net profit of 1.231 billion yuan, reflecting a growth of 1.7% year-on-year [5]. - The pharmaceutical segment achieved a revenue of 4.069 billion yuan, a year-on-year increase of 9.6%, with core products showing significant growth [5]. - The company is strengthening its innovation and research capabilities, focusing on both short-term and long-term projects to ensure sustainable development [5]. Financial Performance - The company expects revenues to grow from 39.111 billion yuan in 2023 to 47.249 billion yuan in 2026, with a compound annual growth rate (CAGR) of approximately 6.9% [6][10]. - Net profit is projected to increase from 4.094 billion yuan in 2023 to 5.632 billion yuan in 2026, with a CAGR of about 10.7% [6][10]. - The gross margin is expected to improve slightly from 26.5% in 2023 to 26.9% in 2026 [10]. Profitability and Efficiency - The company reported a sales gross margin of 29.30% for the first half of 2024, an increase of 1.75 percentage points year-on-year [7]. - The net profit margin for the first half of 2024 was 15.59%, reflecting an increase of 1.67 percentage points year-on-year [7]. - The company maintains a stable expense ratio, with the sales expense ratio at 11.23% and the management expense ratio at 1.60% [7]. Valuation - The company is expected to trade at a price-to-earnings (P/E) ratio of 23-28 times for 2024, corresponding to a reasonable value range of 59.80 to 72.80 yuan per share [7]. - The average P/E ratio of comparable companies is around 22-28 times, indicating a potential premium for the company's brand and product matrix [9].

Investment Rating - The report maintains an "Accumulate" rating for Yunnan Baiyao with a current price of 53.24 [1] Core Views - The company focuses on enhancing quality and efficiency in its core business, leading to long-term strategic development [6] - The company achieved revenue, net profit attributable to shareholders, and net profit excluding non-recurring gains and losses of 204.55 billion, 31.89 billion, and 31.35 billion respectively, with year-on-year growth of +0.72%, +12.76%, and +14.56% [4] - The operating cash flow reached 32.62 billion, up by 44.84% year-on-year, indicating strong cash generation [4] Summary by Sections Revenue Performance - In the first half of 2024, revenue grew steadily, with Q1 and Q2 revenues of 107.74 billion and 96.81 billion respectively, showing year-on-year changes of +2.49% and -1.18% [5] - The net profit attributable to shareholders for Q1 and Q2 was 17.02 billion and 14.87 billion, reflecting year-on-year growth of +12.12% and +13.50% [5] - The gross profit margin improved by 1.74 percentage points to 29.30% in the first half of 2024 [5] Business Segments - The company’s four major business segments showed stable development, with pharmaceutical sales, health daily chemicals, traditional Chinese medicine resources, and pharmaceutical distribution achieving revenues of 43.57 billion, 31.53 billion, 8.09 billion, and 117.86 billion respectively [5] - The core product series of Yunnan Baiyao, particularly the aerosol product, saw revenue exceeding 12 billion, growing over 30% year-on-year [5] Strategic Planning - The company aims to become a leading modern pharmaceutical group in China and a world-class player by focusing on the health industry and enhancing its core competitiveness [6] - The strategic plan for 2024-2028 emphasizes both internal and external growth, aiming to strengthen the quality of traditional Chinese medicine and expand health-related products [6] Financial Forecasts - The report slightly raises the profit forecasts for 2024-2026, projecting net profits of 46.80 billion, 51.92 billion, and 57.13 billion respectively, with corresponding P/E ratios of 20, 18, and 17 [7]

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 64.25 CNY over the next six months, compared to the current stock price of 53.88 CNY as of August 26, 2024 [2][7]. Core Views - The company has demonstrated stable revenue growth and significant improvement in operational quality, with a reported revenue of 20.455 billion CNY for the first half of 2024, reflecting a year-on-year increase of 0.72%, and a net profit of 3.189 billion CNY, up 12.76% year-on-year [1][6]. Summary by Sections Company Performance - In H1 2024, the pharmaceutical segment achieved revenue of 4.069 billion CNY, a growth of 9.6% year-on-year, with core products like Yunnan Baiyao aerosol spray exceeding 1.2 billion CNY in sales, growing over 30% [2]. - The health products segment reported revenue of 3.144 billion CNY, slightly down, but net profit increased by 1.7% to 1.231 billion CNY, with a gross margin improvement of 0.7 percentage points [2]. - The traditional Chinese medicine resources segment saw revenue of 0.894 billion CNY, a growth of approximately 22% year-on-year, while the provincial pharmaceutical company maintained stable revenue at 12.19 billion CNY [2]. Financial Metrics - The company reported a gross margin of 29.30% in H1 2024, an increase of 1.75 percentage points year-on-year, and a net profit margin of 15.59%, up 1.67 percentage points [6]. - Operating cash flow reached 3.262 billion CNY, a year-on-year increase of 44.84%, indicating improved cash management [6]. - The company’s projected revenues for 2024 to 2026 are 39.667 billion CNY, 41.449 billion CNY, and 43.327 billion CNY respectively, with corresponding net profits of 4.593 billion CNY, 5.070 billion CNY, and 5.537 billion CNY [7][9]. Valuation Metrics - The projected PE ratios for 2024 to 2026 are 20.9, 19.0, and 17.4 respectively, indicating a favorable valuation trend [7][9]. - The company maintains a high dividend yield, projected to increase from 2.8% in 2022 to 5.2% by 2026 [9].

股票代码：000538 股票简称：云南白药 公告编号：2024-44 云南白药集团股份有限公司 一、董事会聘任高级管理人员 公司第十届董事会于 2024 年 8 月 26 日召开第十届董事会 2024 年第 八次会议，审议通过《关于聘任公司高级管理人员的议案》，根据《公司 章程》的规定，由公司首席执行官提名，并经董事会提名委员会对被提名 人的任职资格审核，公司董事会聘任谌识先生、何涛先生（简历均详见附 件）担任公司高级副总裁，任期自本次董事会审议通过之日起至第十届董 事会届满为止。 二、高级管理人员辞任 公司第十届董事会于近日收到公司首席商务官、高级副总裁赵英明先 生送达的《辞任申请》。赵英明先生因个人职业发展规划调整原因，申请 辞去公司首席商务官、高级副总裁以及在公司及控股子公司的一切职务。 根据《公司法》《公司章程》的相关规定，赵英明先生的辞任申请自送达 1 / 4 董事会之日起生效，赵英明先生辞任后不会影响公司经营的正常运行。截 至本公告披露日，赵英明先生未持有公司股份。 公司对赵英明先生在任职期间对公司发展做出的贡献表示感谢！ 特此公告 关于高级管理人员变动的公告 本公司及董事会全体成员保证信息披露的 ...

为规范云南白药集团股份有限公司（以下简称"公司"）的投资 理财管理，提高资金运作效率，防范投资理财决策和执行过程中的相 关风险，提升公司经济效益，根据财政部颁布的《企业内部控制基本 规范》及配套指引等有关法律法规，结合公司实际情况，特制定本制 度。 第二条 适用范围 本制度适用于公司及下属各子公司、分公司的投资理财管理。未 经集团授权许可，分子公司不得开展委托理财业务。 云南白药集团股份有限公司 投资理财管理制度 第一章 总则 第一条 目的 第三条 定义 本制度所称投资理财是指公司以提高资金使用效率和收益水平为 目标，对自有闲置资金通过利用银行存款产品、金融机构理财及其他 投资和理财工具进行的现金运作和管理，在确保安全性、流动性的基 础上实现闲置资金保值增值的过程。 第四条 原则 （一）投资理财管理应以安全性为首要原则，在确保资金安全可 控以及合理的资金流动性的前提下，并遵循规范程序，对投资产品作 充分评估后再进行运作，不片面追求高收益。 （二）在确定投资理财的运作方式及投资期限时，应考虑适度分 散原则，并与资金计划相匹配，避免投资过于集中而加大市场风险和 流动性风险。 1 / 6 （三）公司投资理财产品的底 ...