股票代码：000538 股票简称：云南白药 公告编号：2024-41 云南白药集团股份有限公司 第十届董事会 2024 年第八次会议决议公告 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"或"云南白药"）第十 届董事会 2024 年第八次会议（以下简称"会议"）于 2024 年 8 月 26 日在 公司总部四楼会议室以现场结合通讯表决的方式召开，本次会议通知于 2024 年 8 月 16 日以书面、邮件或传真方式发出，应出席董事 11 名，实际 出席董事 11 名（独立董事刘国恩先生以通讯表决方式出席会议，董事李泓 燊先生、独立董事戴扬先生、张永良先生以视频方式出席会议）。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。会议由公司董事长张文学先生主持，与会董事经充分讨论， 会议审议通过如下议案： 一、审议通过《关于第十届董事会选举副董事长的议案》 根据《公司章程》的规定，会议选举董明先生（简历详见附件）为第十 届董事会副董事长，任期自本次董事会审议通过之日起至第十届董事会 ...

股票代码：000538 股票简称：云南白药 公告编号：2024-43 云南白药集团股份有限公司 关于拟续聘2024年度审计机构（含内部控制审计）的公告 重要提示：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。 （6）中审众环 2023 年末合伙人数量 216 人、注册会计师数量 1,244 人、 签署过证券服务业务审计报告的注册会计师人数 716 人。 云南白药集团股份有限公司（以下简称"公司"） 于 2024 年 8 月 26 日召 开第十届董事会 2024 年第八次会议，审议通过了《关于续聘公司 2024 年度 审计机构（含内部控制审计）的议案》，具体情况如下： 一、拟续聘会计师事务所的基本情况 （一）机构信息 1、基本信息 （1）机构名称：中审众环会计师事务所（特殊普通合伙） （2）成立日期：2013 年 11 月 （3）组织形式：特殊普通合伙企业 （4）注册地址：湖北省武汉市武昌区东湖路 169 号 2-9 层。 （5）首席合伙人：石文先 （7）2023 年经审计总收入 215,466.65 万元、审计业务收入 185,127.83 万 元、证券业务 ...

股票代码：000538 股票简称：云南白药 公告编号：2024-45 云南白药集团股份有限公司 关于召开 2024 年第三次临时股东大会的通知 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。 云南白药集团股份有限公司（以下简称"公司"）第十届董事会 2024 年第八次会议审议通过，决定于 2024 年 9 月 11 日召开 2024 年第三次临 时股东大会。现将本次股东大会相关事项通知如下： 一、召开会议基本情况 （一）股东大会届次：2024 年第三次临时股东大会。 （二）召集人：公司第十届董事会。经公司第十届董事会 2024 年第 八次会议审议通过，决定召开 2024 年第三次临时股东大会。 （三）会议召开的合法合规性：本次股东大会的召开符合《公司法》 《证券法》《深圳证券交易所股票上市规则》和《公司章程》等有关规定。 （四）会议召开时间： 现场会议召开时间：2024 年 9 月 11 日上午 9:30 起。 网络投票时间： 1、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 ...

云南白药集团股份有限公司 第五条 公司选聘的会计师事务所应当具备以下资格： 一）具有独立的法人资格，具备国家行业主管部门和中国证券 监督管理委员会规定的开展证券期货相关业务所需的执业资格和条 件； 会计师事务所选聘制度 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"） 选聘 含续聘、改聘，下同）会计师事务所的有关行为，提高财务信 息质量，切实维护股东利益，根据 中华人民共和国公司法》 中华 人民共和国证券法》 国有企业、上市公司选聘会计师事务所管理办 法》和 云南白药集团股份有限公司章程》 以下简称 公司章程》"） 等有关规定，特制定本制度。 第二条 选聘会计师事务所，是指公司根据相关法律法规要求， 聘任会计师事务所对公司财务报告、内部控制等发表审计意见，出具 审计报告的行为。公司选聘执行年度财务报表审计业务的会计师事务 所，应当遵照本制度的规定履行选聘程序，披露相关信息。选聘其他 专项审计业务的会计师事务所，视重要性程度可参照本制度执行。 第三条 公司选聘或解聘会计师事务所应当由董事会审计委员会 以下简称 审计委员会"）审议同意后，提交董事会审议、并由股 东大会决定。公司不得在股东 ...

云南白药集团股份有限公司 内部审计制度 第一章 总则 第一条 目的 第四条 内部审计管理的基本原则 为加强集团内部审计工作，促进集团完善治理、增加价值和实现集 团战略目标，根据《中华人民共和国审计法》及实施条例、《内部审计基 本准则》及具体准则、《审计署关于内部审计工作的规定》《深圳证券交 易所上市公司自律监管指引第 1 号—主板上市公司规范运作》等规定， 结合集团实际情况，制定本制度。 第二条 适用范围 本制度适用于集团及其成员企业。 第三条 术语和定义 （一）本制度中的"集团"是指云南白药集团股份有限公司。 （二）本制度中的 "成员企业"是指云南白药集团股份有限公司全 资、控股子公司和拥有实际控制权的其他企业。 （三）本制度所称的内部审计，是指对公司财务收支、经济活动、内 部控制、风险管理实施独立、客观的监督、评价和建议，以促进公司完 善治理、实现目标的活动。 （四）本制度所称的内部审计部门包含成员企业已成立的专职审计 部门和成员企业未成立审计部，但兼有内审职责的部门。 （五）本制度所称国家秘密是指《保守国家秘密法》定义的国家秘密。 — 1 — （一） 依法审计原则。 （二）集中管理与分级管理相结合原则。 ...

[Section I Important Notes, Table of Contents, and Definitions](index=2&type=section&id=Section%20I%20Important%20Notes%2C%20Table%20of%20Contents%2C%20and%20Definitions) This section provides essential preliminary information for the report, including a table of contents and definitions of key terms [Definitions](index=5&type=section&id=Definitions) This chapter defines key terms used in the report, including company entities, regulatory bodies, major shareholders, business partners, and the 'reporting period' (January 1 to June 30, 2024), providing a foundation for understanding the report content Key Term Definitions | Term | Definition | | :--- | :--- | | The Company, Company, or Yunnan Baiyao | Yunnan Baiyao Group Co., Ltd. | | New Huadu | New Huadu Industrial Group Co., Ltd. | | Yunnan Provincial Investment Holdings Group | Yunnan Provincial Investment Holdings Group Co., Ltd. | | Baiyao Holdings | Yunnan Baiyao Holdings Co., Ltd. | | Shanghai Pharmaceuticals | Shanghai Pharmaceuticals Holding Co., Ltd. | | OTC | Over The Counter | | Reporting Period | January 1, 2024 to June 30, 2024 | [Section II Company Profile and Key Financial Indicators](index=6&type=section&id=Section%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides an overview of the company's profile and key financial performance metrics for the reporting period [Company Profile](index=6&type=section&id=I.%20Company%20Profile) This chapter provides the company's basic information, including its stock ticker 'Yunnan Baiyao', stock code '000538', listing exchange (Shenzhen Stock Exchange), legal representative, and contact details Company Basic Information | Item | Content | | :--- | :--- | | Stock Abbreviation | Yunnan Baiyao | | Stock Code | 000538 | | Listing Stock Exchange | Shenzhen Stock Exchange | | Legal Representative | Dong Ming | [Key Accounting Data and Financial Indicators](index=7&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) During the reporting period, the company achieved operating revenue of **20.455 billion yuan**, a **0.72%** year-on-year increase, and net profit attributable to shareholders of **3.189 billion yuan**, up **12.76%**, with net cash flow from operating activities significantly increasing by **44.84%** to **3.262 billion yuan**, indicating steady improvement in profitability and operational quality Key Financial Indicators for H1 2024 | Indicator | Current Reporting Period | Prior Year Same Period | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue (yuan) | 20,455,286,287.52 | 20,309,372,850.07 | 0.72% | | Net Profit Attributable to Listed Company Shareholders (yuan) | 3,188,829,903.10 | 2,828,011,615.30 | 12.76% | | Net Profit Attributable to Listed Company Shareholders Excluding Non-recurring Gains and Losses (yuan) | 3,135,015,340.93 | 2,737,055,785.90 | 14.54% | | Net Cash Flow from Operating Activities (yuan) | 3,261,617,391.99 | 2,251,951,370.10 | 44.84% | | Basic Earnings Per Share (yuan/share) | 1.79 | 1.58 | 13.29% | | Weighted Average Return on Net Assets | 7.93% | 7.17% | Increased by 0.76 percentage points | [Non-recurring Gains and Losses Items and Amounts](index=8&type=section&id=VI.%20Non-recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) During the reporting period, the company's non-recurring gains and losses totaled **53.81 million yuan**, primarily comprising government subsidies of **34.22 million yuan** and other items such as time deposit interest and VAT reductions totaling **27.44 million yuan** Details of Non-recurring Gains and Losses Items | Item | Amount (yuan) | | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | -1,658,086.88 | | Government Grants Recognized in Current Profit/Loss | 34,220,746.37 | | Gains/Losses from Changes in Fair Value of Financial Assets/Liabilities | -4,964,027.66 | | Gains/Losses from Entrusted Investments or Asset Management | 3,003,994.06 | | Other Non-operating Income and Expenses | -257,970.80 | | Other Gains/Losses Meeting the Definition of Non-recurring Items | 27,441,539.97 | | **Total** | **53,814,562.17** | [Section III Management Discussion and Analysis](index=9&type=section&id=Section%20III%20Management%20Discussion%20and%20Analysis) This section provides a comprehensive analysis of the company's operational performance, financial condition, and future outlook, as discussed by management [Principal Businesses Engaged in by the Company During the Reporting Period](index=9&type=section&id=I.%20Principal%20Businesses%20Engaged%20in%20by%20the%20Company%20During%20the%20Reporting%20Period) The company's core business spans four major segments: pharmaceuticals, health products, traditional Chinese medicine resources, and pharmaceutical commercial distribution, achieving **20.455 billion yuan** in operating revenue and **3.189 billion yuan** in net profit attributable to shareholders in H1 2024, with the industrial segment showing improved profitability - The company holds **567 drug approval numbers**, including **43 exclusive varieties**, having transformed from a traditional Chinese medicine enterprise into a modern comprehensive health company with business covering natural medicines, health and daily chemicals, and health foods[20](index=20&type=chunk) - The company's core business comprises four major segments: pharmaceuticals, health products, traditional Chinese medicine resources, and Yunnan Provincial Pharmaceutical Company, focusing on orthopedic pain management, oral care, traditional Chinese medicinal material supply, and pharmaceutical distribution services[21](index=21&type=chunk)[22](index=22&type=chunk) Overview of H1 2024 Operating Data | Indicator | H1 2024 | YoY Change | | :--- | :--- | :--- | | Operating Revenue | 20.455 billion yuan | +0.72% | | Net Profit Attributable to Parent | 3.189 billion yuan | +12.76% | | Industrial Revenue Share | 37.41% | Increased by 0.49 percentage points | | Industrial Gross Margin | 67.37% | Increased by 3.10 percentage points | | Net Cash Flow from Operating Activities | 3.262 billion yuan | +44.84% | [Analysis of Core Competencies](index=17&type=section&id=II.%20Analysis%20of%20Core%20Competencies) The company's core competencies include a strong brand, professional talent, continuous innovation, a complete industrial chain, and extensive distribution channels, supporting its sustained growth and market leadership - Yunnan Baiyao is a Chinese time-honored brand with over **120 years** of history, ranked among the top **25 most valuable pharmaceutical brands globally in 2024**, and listed in Fortune China **500 for 15 consecutive years**[41](index=41&type=chunk) - The company has established a standardized full industrial chain for strategic medicinal materials like *Chonglou* and *Sanqi*, achieving a closed-loop management from seedling selection to production and processing, effectively ensuring raw material quality and controlling price fluctuation risks[45](index=45&type=chunk) - The company's marketing network covers over **400,000 retail pharmacies nationwide**, and it actively collaborates with major e-commerce platforms like Alibaba, JD.com, and Douyin to expand online OTC sales channels[46](index=46&type=chunk) [Analysis of Principal Business](index=19&type=section&id=III.%20Analysis%20of%20Principal%20Business) In H1 2024, the company's principal business achieved steady growth, with industrial sales revenue increasing by **2.05%** and gross margin rising by **3.10 percentage points** to **67.37%**, while net cash flow from operating activities significantly increased by **44.84%** due to higher sales collections Year-on-Year Changes in Key Financial Data | Item | Current Reporting Period (yuan) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 20,455,286,287.52 | 0.72% | Industrial sales revenue increased by **154 million yuan** | | Operating Cost | 14,462,809,950.85 | -1.70% | Industrial sales cost decreased by **183 million yuan** | | Net Cash Flow from Operating Activities | 3,261,617,391.99 | 44.84% | Cash received from sales of goods and rendering of services increased by **1.389 billion yuan** | | Net Cash Flow from Investing Activities | -205,582,688.32 | -166.95% | Increased cash paid for wealth management products and time deposits | Operating Revenue Composition (by Industry) | By Industry | Operating Revenue (yuan) | Proportion of Operating Revenue | YoY Change | | :--- | :--- | :--- | :--- | | Industrial Sales Revenue | 7,652,967,384.61 | 37.41% | 2.05% | | Commercial Sales Revenue | 12,742,489,364.88 | 62.29% | -0.23% | Gross Margin of Principal Business | By Industry | Gross Margin | Gross Margin YoY Change | | :--- | :--- | :--- | | Industrial Sales Revenue | 67.37% | Increased by 3.10 percentage points | | Commercial Sales Revenue | 6.29% | Increased by 0.28 percentage points | [Analysis of Assets and Liabilities](index=22&type=section&id=V.%20Analysis%20of%20Assets%20and%20Liabilities) As of the end of the reporting period, the company's total assets reached **54.368 billion yuan**, a **1.08%** increase from the beginning of the period, with significant changes in trading financial assets due to wealth management product purchases and other current liabilities from ultra-short-term financing bond issuance Changes in Key Balance Sheet Items | Item | Amount at End of Current Reporting Period (yuan) | Proportion of Total Assets | Change in Proportion from Prior Year-end | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets | 1,046,815,045.34 | 1.93% | +1.65% | Mainly due to the purchase of wealth management products in the current period | | Other Current Assets | 1,830,161,506.46 | 3.37% | -1.95% | Mainly due to the maturity of time deposits at the beginning of the period and conversion to demand deposits | | Other Current Liabilities | 1,698,311,110.99 | 3.12% | +2.13% | Mainly due to the issuance of ultra-short-term financing bonds in the current period | | Treasury Stock | 0.00 | 0.00% | -1.32% | Treasury stock cancelled in the current period | Assets and Liabilities Measured at Fair Value | Item | Beginning Balance (yuan) | Amount Purchased in Current Period (yuan) | Ending Balance (yuan) | | :--- | :--- | :--- | :--- | | Trading Financial Assets | 149,366,687.56 | 900,000,000.00 | 1,046,815,045.34 | | Other Non-current Financial Assets | 324,674,379.63 | 0.00 | 312,459,342.04 | | **Total Financial Assets** | **545,786,067.19** | **900,000,000.00** | **1,431,019,387.38** | [Analysis of Investment Status](index=24&type=section&id=VI.%20Analysis%20of%20Investment%20Status) During the reporting period, the company's total investment reached **4.085 billion yuan**, a **292.31%** year-on-year increase, with significant non-equity investments in the Shanghai International Center and Kunming R&D Platform, and a portfolio of Hong Kong-listed securities totaling approximately **261 million yuan** Significant Non-equity Investments in Progress During the Reporting Period | Project Name | Investment Method | Amount Invested in Current Reporting Period (yuan) | Cumulative Actual Investment Amount as of End of Reporting Period (yuan) | Project Progress | | :--- | :--- | :--- | :--- | :--- | | Yunnan Baiyao Shanghai International Center | Self-built | 87,706,087.92 | 655,131,190.91 | 61.00% | | Yunnan Baiyao R&D Platform - Kunming Center Construction Project | Self-built | 33,799,180.03 | 120,995,985.93 | 40.00% | | **Total** | **--** | **121,505,267.95** | **776,127,176.84** | **--** | Securities Investment Status | Security Abbreviation | Initial Investment Cost (yuan) | Book Value at Period End (yuan) | Profit/Loss for Reporting Period (yuan) | | :--- | :--- | :--- | :--- | | Jacobson Pharma Corporation | 238,699,200.00 | 118,648,400.00 | 2,652,240.00 | | Jianbeimiaomiao | 25,039,800.00 | 72,736,032.60 | 514,829.70 | | China Antibody | 354,119,828.19 | 69,424,712.74 | 24,768.48 | | **Total** | **617,858,828.19** | **260,809,145.34** | **3,191,838.18** | [Analysis of Major Holding and Associate Companies](index=28&type=section&id=VIII.%20Analysis%20of%20Major%20Holding%20and%20Associate%20Companies) The company's main profit sources are its core subsidiaries and associate companies, with Yunnan Provincial Pharmaceutical Co., Ltd. and Yunnan Baiyao Group Health Products Co., Ltd. contributing significantly to revenue and net profit, alongside investment income from Shanghai Pharmaceuticals Holding Co., Ltd Performance of Major Subsidiaries and Associate Companies | Company Name | Type | Principal Business | Operating Revenue (yuan) | Net Profit (yuan) | | :--- | :--- | :--- | :--- | :--- | | Yunnan Provincial Pharmaceutical Co., Ltd. | Subsidiary | Pharmaceutical Wholesale, Retail | 12,329,242,791.12 | 286,490,361.99 | | Yunnan Baiyao Group Health Products Co., Ltd. | Subsidiary | Production and Sales of Oral Care Products | 3,148,545,484.92 | 1,216,170,372.04 | | Shanghai Pharmaceuticals Holding Co., Ltd. | Associate Company | Pharmaceutical Product R&D, Manufacturing, and Sales | 139,413,145,524.43 | 3,597,363,036.62 | [Risks Faced by the Company and Countermeasures](index=29&type=section&id=X.%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces risks from pharmaceutical policy changes, market uncertainties, R&D conversion, and external expansion, which it addresses through policy monitoring, operational efficiency improvements, focused R&D, and prudent strategic planning - The company faces four major risks: policy change risk, market uncertainty risk, innovation R&D outcome conversion risk, and external expansion risk[68](index=68&type=chunk)[69](index=69&type=chunk)[70](index=70&type=chunk)[71](index=71&type=chunk) - Countermeasures include: strengthening policy tracking and interpretation, enhancing operational efficiency through full industrial chain advantages, prudently evaluating and focusing on key R&D projects, and scientifically and standardly managing external expansion risks[68](index=68&type=chunk)[69](index=69&type=chunk)[70](index=70&type=chunk)[72](index=72&type=chunk) [Section IV Corporate Governance](index=32&type=section&id=Section%20IV%20Corporate%20Governance) This section details the company's corporate governance structure, including changes in directors, supervisors, and senior management during the reporting period [Changes in Directors, Supervisors, and Senior Management](index=32&type=section&id=II.%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, the company's governance structure underwent significant changes, including the election of Mr. Zhang Wenxue as the new Chairman and the departure of several directors, supervisors, and senior executives due to personal reasons or work adjustments Summary of Senior Personnel Changes | Name | Position | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Zhang Wenxue | Chairman | Elected | 2024年02月23日 | Further improvement of the company's board governance structure | | Yin Pinyao | Former Chief Operating Officer, Senior Vice President | Dismissed | 2024年02月07日 | Resigned for personal reasons | | Chen Fashu | Former Director | Departed | 2024年05月22日 | Resigned due to work adjustment | | You Guanghui | Former Chairman of the Supervisory Board | Departed | 2024年05月22日 | Resigned due to work adjustment | [Section V Environmental and Social Responsibility](index=34&type=section&id=Section%20V%20Environmental%20and%20Social%20Responsibility) This section outlines the company's commitment and performance in environmental protection and social responsibility, including compliance with regulations and community engagement initiatives [Significant Environmental Issues](index=34&type=section&id=I.%20Significant%20Environmental%20Issues) The company and its major subsidiaries are designated key pollutant-discharging units, strictly adhering to environmental laws and regulations, with all emissions within standards and no administrative penalties for environmental issues during the reporting period - The company and its subsidiaries strictly comply with all environmental laws and regulations, and have obtained all necessary environmental impact assessment approvals and pollutant discharge permits[81](index=81&type=chunk)[82](index=82&type=chunk)[83](index=83&type=chunk) - The company rigorously treats pollutants such as wastewater, exhaust gas, solid waste, and noise, with third-party environmental monitoring results for H1 2024 indicating all pollutant emissions were within standards[87](index=87&type=chunk) - The company has prepared and filed an 'Emergency Response Plan for Environmental Incidents', and there were no administrative penalties for environmental issues during the reporting period[90](index=90&type=chunk)[91](index=91&type=chunk) [Social Responsibility](index=39&type=section&id=II.%20Social%20Responsibility) In H1 2024, the company actively fulfilled its social responsibilities by focusing on rural revitalization through *Yunmuxiang* cultivation technical training and investing in local infrastructure, leveraging its traditional Chinese medicine industrial chain advantages - Leveraging its industrial advantages, the company selected the *Yunmuxiang* cultivation project to support rural revitalization in designated assistance villages, providing comprehensive guidance from technical training to pest and disease control[92](index=92&type=chunk) - The company invested funds to support infrastructure development in assistance villages, including convenience service centers, party member activity rooms, and intangible cultural heritage museums, precisely targeting improvements in village appearance and strengthening grassroots organization building[93](index=93&type=chunk) [Section VI Significant Matters](index=41&type=section&id=Section%20VI%20Significant%20Matters) This section details significant events and undertakings during the reporting period, including the fulfillment of commitments, changes in internal regulations, share repurchases, and progress in R&D projects [Fulfillment of Commitments](index=41&type=section&id=I.%20Commitments%20Fulfilled%20and%20Overdue%20Unfulfilled%20Commitments%20by%20the%20Company%27s%20Actual%20Controller%2C%20Shareholders%2C%20Related%20Parties%2C%20Acquirers%2C%20and%20Other%20Committed%20Parties%20as%20of%20the%20End%20of%20the%20Reporting%20Period) During the reporting period, all relevant parties, including major shareholders, continued to fulfill their commitments regarding avoiding horizontal competition, ensuring company independence, and regulating related-party transactions, with all commitments currently in progress - Commitments made by major shareholders, including Yunnan Provincial Investment Holdings Group Co., Ltd. and New Huadu Industrial Group Co., Ltd., regarding avoiding horizontal competition, ensuring the independence of the listed company, and regulating related-party transactions, remain valid and are being fulfilled[95](index=95&type=chunk)[96](index=96&type=chunk)[97](index=97&type=chunk) [Explanation of Other Significant Matters](index=55&type=section&id=XIII.%20Explanation%20of%20Other%20Significant%20Matters) During the reporting period, the company completed several significant matters, including revising internal rules, canceling repurchased shares, issuing **1 billion yuan** in ultra-short-term financing bonds, and advancing R&D projects with new drug clinical trial approvals and project introductions - The company completed the cancellation of **12,599,946 repurchased shares** in April 2024, with the total share capital reduced accordingly[118](index=118&type=chunk) - The company successfully registered **3 billion yuan** in ultra-short-term financing bonds and completed the issuance of the first tranche of **1 billion yuan** in March 2024[119](index=119&type=chunk) - Significant progress was made in the R&D pipeline, with INR101 Injection and Flurbiprofen Gel Patch receiving clinical trial approvals, and the antibody drug KA-1641 project introduced from Kangyuan Bio-Innovation[120](index=120&type=chunk)[121](index=121&type=chunk) [Section VII Share Changes and Shareholder Information](index=58&type=section&id=Section%20VII%20Share%20Changes%20and%20Shareholder%20Information) This section details changes in the company's share capital and provides an overview of its shareholder structure, including major shareholders and their holdings [Share Changes](index=58&type=section&id=I.%20Share%20Changes) During the reporting period, the company's total share capital decreased from **1,796,862,549 shares** to **1,784,262,603 shares** due to the cancellation of **12,599,946 repurchased shares**, aiming to protect investor interests and enhance shareholder returns Share Change Status | Share Class | Quantity Before This Change | Increase/Decrease in This Change | Quantity After This Change | | :--- | :--- | :--- | :--- | | I. Restricted Shares | 11,567,358 | +3,295,210 | 14,862,568 | | II. Unrestricted Shares | 1,785,295,191 | -15,895,156 | 1,769,400,035 | | **III. Total Shares** | **1,796,862,549** | **-12,599,946** | **1,784,262,603** | - The primary reason for the decrease in total shares is the company's completion of the cancellation of **12,599,946 repurchased shares** in April 2024[124](index=124&type=chunk)[125](index=125&type=chunk) [Number of Shareholders and Shareholding Status](index=60&type=section&id=III.%20Number%20of%20Shareholders%20and%20Shareholding%20Status) As of the end of the reporting period, the company had **177,126** common shareholders, with Yunnan Provincial State-owned Equity Operation and Management Co., Ltd. (**25.20%**) and New Huadu Industrial Group Co., Ltd. (**24.42%**) as the two largest shareholders, and no single actual controller Top Ten Shareholders' Shareholding Status | Shareholder Name | Shareholder Nature | Shareholding Proportion | Number of Shares Held at End of Reporting Period | | :--- | :--- | :--- | :--- | | Yunnan Provincial State-owned Equity Operation and Management Co., Ltd. | State-owned Legal Person | 25.20% | 449,624,311 | | New Huadu Industrial Group Co., Ltd. | Domestic Non-state-owned Legal Person | 24.42% | 435,742,244 | | Yunnan Hehe (Group) Co., Ltd. | State-owned Legal Person | 8.19% | 146,185,851 | | Hong Kong Securities Clearing Company Limited | Overseas Legal Person | 3.87% | 69,040,056 | [Section VIII Preferred Shares Related Information](index=63&type=section&id=Section%20VIII%20Preferred%20Shares%20Related%20Information) This section confirms that the company did not have any preferred shares during the reporting period [Preferred Shares Status](index=63&type=section&id=The%20Company%20Had%20No%20Preferred%20Shares%20During%20the%20Reporting%20Period) During the reporting period, the company had no preferred shares - The company had no preferred shares during the reporting period[132](index=132&type=chunk) [Section IX Bonds Related Information](index=64&type=section&id=Section%20IX%20Bonds%20Related%20Information) This section provides details on the company's bond issuances and key financial indicators related to its debt, demonstrating its solvency and financial health [Non-financial Enterprise Debt Financing Instruments](index=64&type=section&id=III.%20Non-financial%20Enterprise%20Debt%20Financing%20Instruments) The company issued its first tranche of ultra-short-term financing bonds in March 2024, totaling **1 billion yuan** with a **270-day** term and a **2.30%** coupon rate, primarily to support scientific innovation and rural revitalization initiatives Basic Information on 2024 First Tranche Ultra-short-term Financing Bonds | Bond Abbreviation | Bond Code | Issue Date | Maturity Date | Bond Balance (million yuan) | Interest Rate | | :--- | :--- | :--- | :--- | :--- | :--- | | 24 Yunnan Baiyao SCP001 | 012480938 | 2024年3月18日 | 2024年12月15日 | 1,000 | 2.30% | [Key Accounting Data and Financial Indicators for the Past Two Years](index=65&type=section&id=VI.%20Key%20Accounting%20Data%20and%20Financial%20Indicators%20for%20the%20Past%20Two%20Years%20as%20of%20the%20End%20of%20the%20Reporting%20Period) As of the end of the reporting period, the company's asset-liability ratio was **27.55%**, with strong short-term solvency indicated by current and quick ratios of **2.64** and **2.21** respectively, and an interest coverage ratio of **148.73**, demonstrating robust debt servicing capability Key Financial Ratios | Item | End of Current Reporting Period | Prior Year-end | Change | | :--- | :--- | :--- | :--- | | Current Ratio | 2.6405 | 2.8510 | -7.38% | | Asset-Liability Ratio | 27.55% | 25.80% | +1.75% | | Quick Ratio | 2.2066 | 2.3453 | -5.91% | | Interest Coverage Ratio | 148.73 | 176.72 | -15.84% | [Section X Financial Report](index=66&type=section&id=Section%20X%20Financial%20Report) This section presents the company's unaudited consolidated and parent company financial statements for H1 2024, including the balance sheet, income statement, cash flow statement, and statement of changes in equity [Financial Statements](index=66&type=section&id=II.%20Financial%20Statements) This chapter includes the company's unaudited consolidated and parent company financial statements for H1 2024, comprising the balance sheet, income statement, cash flow statement, and statement of changes in owners' equity, comprehensively reflecting the company's financial position as of June 30, 2024, and its operating results and cash flows for the first half of the year [Consolidated Balance Sheet](index=66&type=section&id=1.%20Consolidated%20Balance%20Sheet) As of June 30, 2024, the company's total assets were **54.368 billion yuan**, total liabilities were **14.977 billion yuan**, and total equity attributable to parent company owners was **39.369 billion yuan**, resulting in an asset-liability ratio of **27.55%** Consolidated Balance Sheet Summary | Item | Ending Balance (yuan) | Beginning Balance (yuan) | | :--- | :--- | :--- | | Total Assets | 54,367,545,232.24 | 53,784,293,183.93 | | Total Liabilities | 14,977,377,451.69 | 13,878,932,801.71 | | Total Equity Attributable to Parent Company Owners | 39,369,278,205.03 | 39,879,122,031.51 | [Consolidated Income Statement](index=71&type=section&id=3.%20Consolidated%20Income%20Statement) In H1 2024, the company achieved total operating revenue of **20.455 billion yuan**, total operating costs of **17.225 billion yuan**, total profit of **3.672 billion yuan**, and net profit of **3.190 billion yuan**, with net profit attributable to parent company shareholders reaching **3.189 billion yuan**, a **12.76%** year-on-year increase Consolidated Income Statement Summary | Item | H1 2024 (yuan) | H1 2023 (yuan) | | :--- | :--- | :--- | | I. Total Operating Revenue | 20,455,286,287.52 | 20,309,372,850.07 | | III. Operating Profit | 3,672,352,263.88 | 3,313,345,408.99 | | IV. Total Profit | 3,672,028,340.83 | 3,303,279,659.05 | | V. Net Profit | 3,189,962,850.96 | 2,826,258,821.44 | | Net Profit Attributable to Parent Company Shareholders | 3,188,829,903.10 | 2,828,011,615.30 | [Consolidated Cash Flow Statement](index=74&type=section&id=5.%20Consolidated%20Cash%20Flow%20Statement) In H1 2024, net cash flow from operating activities was **3.262 billion yuan**, a **44.84%** increase; net cash flow from investing activities was **-206 million yuan** due to increased wealth management product purchases and time deposits; and net cash flow from financing activities was **-3.146 billion yuan**, primarily for dividend distribution, with cash and cash equivalents at period-end totaling **14.062 billion yuan** Consolidated Cash Flow Statement Summary | Item | H1 2024 (yuan) | H1 2023 (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 3,261,617,391.99 | 2,251,951,370.10 | | Net Cash Flow from Investing Activities | -205,582,688.32 | 307,088,767.49 | | Net Cash Flow from Financing Activities | -3,145,514,928.97 | -3,107,700,963.75 | | Net Increase in Cash and Cash Equivalents | -89,528,803.06 | -543,421,662.08 | [Notes to Consolidated Financial Statements](index=121&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statements) This chapter provides detailed explanations and data breakdowns for major items in the consolidated financial statements, including cash and bank balances of **14.720 billion yuan**, accounts receivable of **10.105 billion yuan**, and inventories of **5.988 billion yuan** at period-end, along with disclosures on accounts receivable aging, bad debt provisions, and top five debtors Top Five Accounts Receivable at Period End | Entity Name | Accounts Receivable Ending Balance (yuan) | Proportion of Total | Bad Debt Provision Ending Balance (yuan) | | :--- | :--- | :--- | :--- | | Customer A | 579,199,157.84 | 5.25% | 29,047,575.78 | | Customer B | 517,022,973.03 | 4.69% | 25,851,148.65 | | Customer C | 502,808,431.77 | 4.56% | 108,369,219.66 | | Customer D | 455,792,184.11 | 4.13% | 45,957,928.05 | | Customer E | 353,041,718.38 | 3.20% | 82,687,528.92 | | **Total** | **2,407,864,465.13** | **21.83%** | **291,913,401.06** | Inventory Classification | Item | Ending Book Value (yuan) | Beginning Book Value (yuan) | | :--- | :--- | :--- | | Raw Materials | 1,508,487,954.11 | 1,779,539,130.99 | | Work-in-progress | 208,274,907.52 | 192,411,841.66 | | Merchandise Inventory | 4,138,362,233.08 | 4,377,121,577.98 | | **Total** | **5,988,059,390.20** | **6,442,194,823.67** | [Supplementary Information](index=197&type=section&id=XX.%20Supplementary%20Information) This chapter provides supplementary financial information, including a detailed statement of non-recurring gains and losses totaling **53.81 million yuan**, and key profitability metrics such as a weighted average return on net assets of **7.93%** and basic earnings per share of **1.79 yuan** attributable to common shareholders Current Period Non-recurring Gains and Losses Details | Item | Amount (yuan) | Notes | | :--- | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | -1,658,086.88 | | | Government Grants Recognized in Current Profit/Loss | 34,220,746.37 | | | Other Gains/Losses Meeting the Definition of Non-recurring Items | 27,441,539.97 | Mainly includes time deposit interest and VAT reductions | | **Total** | **53,814,562.17** | **--** | Return on Net Assets and Earnings Per Share | Profit for Reporting Period | Weighted Average Return on Net Assets | Basic Earnings Per Share (yuan/share) | Diluted Earnings Per Share (yuan/share) | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Common Shareholders of the Company | 7.93% | 1.79 | 1.79 | | Net Profit Attributable to Common Shareholders of the Company After Deducting Non-recurring Gains and Losses | 7.80% | 1.76 | 1.76 |

上市公司2024年1-6月非经营性资金占用及其他关联资金往来情况汇总表 编制单位：云南白药集团股份有限公司 | 其它关联资金往来 | 资金往来方名称 | 往来方与上市公司的关联关 | 上市公司核算的会 | 2024年初往 | 2024年1-6月往来累计 | 2024年1-6月往来资 | 2024年1-6月偿 | 2024年6月 其他，如汇兑 | 往来形成原 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 系 | 计科目 | 来资金余额 | 发生金额（不含利 | 金的利息（如有） | 还累计发生 | 30日往来资 损益的影响 | 往来性质 因 | | | | | | | 息） | | 额 | 金余额 | | | 上市公司的子公司及其 | 云南白药集团智云健康服务有限公司 | 子公司的子公司 | 其他应收款 | 9,161.33 | 1,988.69 | | 2,806.38 | 8,343.65 | 代垫款项 非经营性往来 | | | 北京云智健康管理有限公司 | 子公司的子公司 | 其他应收款 | 319.43 | 5 ...

Investment Rating - The report assigns a "Buy" rating to Yunnan Baiyao, with a target valuation of NA [3] Core Views - Yunnan Baiyao is a leading traditional Chinese medicine (TCM) company transitioning into a modern health and wellness enterprise, with a history of over 120 years [2] - The company operates through four major business segments: pharmaceuticals, health products, TCM resources, and Yunnan Pharmaceutical Company, ensuring steady growth [3] - Yunnan Baiyao's profitability is improving, with a focus on shareholder returns, maintaining a high dividend payout ratio of over 90% in recent years [3] - The company is driving growth through both internal R&D and external investments, exploring new growth opportunities in areas like nuclear medicine and innovative fields [3] - The report forecasts net profit attributable to shareholders of 4.51/5.02/5.47 billion yuan for 2024-2026, with year-on-year growth of 10.1%/11.3%/9.0%, and a PE ratio of 21/19/17 times [3] Business Segments Pharmaceutical Segment - The pharmaceutical segment, including the exclusive Baiyao series and over-the-counter drugs, is a core driver of growth, with a 5-year CAGR of 7.4% and revenue of 6.48 billion yuan in 2023 [17] - Key products like Yunnan Baiyao aerosol, plaster, and capsules have achieved significant sales growth, with the aerosol generating over 1.7 billion yuan in revenue [17][19] Health Products Segment - The health products segment, particularly Yunnan Baiyao toothpaste, has a leading market share of 24.6% in 2023, with a 5-year CAGR of 7.5% and revenue of 6.42 billion yuan [17][23] - The segment is expanding into scalp care and skincare, with the Yang Yuan Qing brand focusing on oil control and anti-hair loss [24] TCM Resources Segment - The TCM resources segment focuses on leveraging Yunnan's rich herbal resources, with external sales of 1.71 billion yuan in 2023, a 22% year-on-year increase [24] - The segment is developing products like Panax notoginseng and Paris polyphylla, as well as natural plant extracts [24] Yunnan Pharmaceutical Company - Yunnan Pharmaceutical Company is the largest pharmaceutical distribution company in Yunnan, with a 21.7% market share and revenue of 24.49 billion yuan in 2023, growing at a 5-year CAGR of 8.4% [25] Financial Performance - Yunnan Baiyao's revenue is expected to grow from 36.49 billion yuan in 2022 to 48.00 billion yuan in 2026, with a CAGR of 7.1% [3] - Net profit attributable to shareholders is projected to increase from 3.00 billion yuan in 2022 to 5.47 billion yuan in 2026, with a CAGR of 10.1% [3] - The company's ROE has been improving, reaching 10.4% in 2023, and is expected to rise to 13.0% by 2026 [35] Strategic Initiatives - Yunnan Baiyao is focusing on both internal R&D and external investments to drive growth, with significant investments in areas like nuclear medicine and innovative fields [3][27] - The company has established a global presence with operations in Beijing, Shanghai, Hainan, Hong Kong, and South Korea, and has invested in companies like Shanghai Pharma and Wanlong Holdings [27][28] - Yunnan Baiyao is also exploring new business areas, including health supplements, skincare, medical devices, and tea products, to diversify its revenue streams [26]

Investment Rating - The investment rating for Yunnan Baiyao is maintained as "Buy" [2][3] Core Views - The company is experiencing a recovery in performance with strong brand power and a solid product base serving as its competitive advantages. Yunnan Baiyao holds the leading market share in products like toothpaste and wound plasters, with a revenue of 6.481 billion yuan from its pharmaceutical segment in 2023, reflecting an 8.16% year-on-year growth [2] - The introduction of new business lines and management's commitment to performance improvement are expected to drive stable net profit growth in the long term. The company has repurchased approximately 12.6 million shares to implement employee stock ownership plans, enhancing employee motivation [2] - The company has maintained a high dividend payout ratio, exceeding 90% for two consecutive years, with a proposed dividend of 20.77 yuan per 10 shares in 2023, totaling 3.706 billion yuan [2] Financial Summary - Revenue projections for Yunnan Baiyao are as follows: 39.111 billion yuan in 2023, 41.320 billion yuan in 2024, 44.091 billion yuan in 2025, and 47.035 billion yuan in 2026, with respective growth rates of 6.71%, 7.19%, 5.65%, and 6.68% [1] - The net profit attributable to the parent company is projected to be 4.094 billion yuan in 2023, 4.584 billion yuan in 2024, 5.677 billion yuan in 2025, and 5.135 billion yuan in 2026, with growth rates of 36.41%, 11.96%, 12.02%, and 10.56% respectively [1] - Earnings per share (EPS) are expected to increase from 2.29 yuan in 2023 to 3.18 yuan in 2026, with corresponding P/E ratios decreasing from 22.02 in 2023 to 15.88 in 2026 [1][2]

Group 1: Investor Relations Activity - The meeting was categorized as a specific audience survey [1] - The event included a site visit [1] - Participants included representatives from交银施罗德 and国信证券 [1] Group 2: Meeting Details - The meeting took place on July 23, 2024 [1] - Location was the Group's headquarters office building [1] - Attendees from the company included board secretary and investor relations management [1] Group 3: Main Content of the Meeting - The primary focus was to understand the company's production and operational status [1]