Core Insights - The global adhesive bandage market is projected to reach a sales value of $2.33 billion in 2024 and is expected to grow to $3.45 billion by 2031, with a compound annual growth rate (CAGR) of 6.15% [3] - The market expansion is driven by increasing consumer health awareness, the proliferation of home healthcare, and continuous innovation in functional adhesive bandage products [3] Market Overview - The European market is currently the largest consumer of adhesive bandages, accounting for 32.60% of global consumption in 2024, followed by North America at 30.19% and China at 11.06% [3] - China's market is expected to grow significantly, reaching $445 million by 2031, with its global market share increasing to 12.89% due to rising consumer spending and healthcare improvements [3] - Southeast Asia is anticipated to be the fastest-growing emerging market, with a CAGR of 9.75% from 2025 to 2031 [3] Production Insights - China and North America are the two major manufacturing hubs for adhesive bandages, with China expected to account for 64.23% of global production in 2024 [4] - By 2031, China's production share is projected to increase to 66.84%, indicating a shift from a manufacturing center to a hub for brand output and technological innovation [4] Product Structure - Hydrocolloid adhesive bandages dominate the global market, expected to reach a market share of 56.55% by 2031, driven by their superior breathability and moisture retention properties [4] - The trend towards high-end products is evident, particularly in the European and North American markets [4] Sales Channels - Online sales are becoming a significant growth driver, with an estimated market share of 8.78% in 2024 and a projected CAGR of 20.46% in the coming years [4] - The development of e-commerce platforms enhances consumer convenience and provides brands with greater market visibility and data-driven marketing capabilities [4] Competitive Landscape - The global adhesive bandage market is characterized by high concentration, with Kenvue holding approximately 36.94% of the market share in 2024 [7] - Major competitors include Beiersdorf, 3M, and Medline Industries, collectively holding about 36.81% of the market [7] - Future growth areas include functional adhesive bandages, children's bandages, and sports protection bandages [7] Industry Drivers - The rise in health consciousness among consumers is leading to increased demand for adhesive bandages in daily life [8] - Technological advancements in materials and processes are enhancing product performance and comfort, thereby boosting industry growth [8] - Regulatory standards in the medical device sector are influencing industry development, focusing on product quality, safety, and environmental considerations [8] Challenges - The adhesive bandage industry faces intense price competition due to low entry barriers, leading to compressed profit margins [10] - Brand homogenization is prevalent, with many products lacking significant differentiation, which can result in price wars [10] - Consumer loyalty is low, as adhesive bandages are low-cost items, making consumers more susceptible to price and promotional influences [10] - Stricter regulations in the medical device sector pose risks for companies that fail to comply with quality and safety standards [10]

Core Viewpoint - Yunnan Baiyao has made significant progress in its nuclear medicine research, particularly with its INR101 and INR102 projects, which are now in advanced clinical trial stages [1] Group 1: INR101 Project - The INR101 diagnostic nuclear medicine project has initiated Phase III clinical trials [1] - A total of 32 research centers have been established for the project, with 22 centers currently active [1] - 60 subjects have been enrolled in the clinical trial [1] Group 2: INR102 Project - The INR102 therapeutic nuclear medicine project has received a clinical trial notification [1] - Phase I clinical trial research centers have been activated [1] - The investigator-initiated clinical trial (Phase II T) has successfully enrolled and administered treatment to 12 patients [1]

Company Overview - Yunnan Baiyao (SZ 000538) announced that on December 11, 2025, it will accept investor research from Guangdong Zhenyuan Private Equity Fund and others, with company representatives Zhang Yu, Yang Kexin, and Yu Yang participating in the reception and answering investor questions [1] Financial Performance - For the first half of 2025, Yunnan Baiyao's revenue composition is as follows: commercial sales accounted for 59.78%, industrial sales for 40.01%, other businesses for 0.1%, technical development services for 0.08%, and hotel and catering services for 0.03% [1] - As of the report date, Yunnan Baiyao's market capitalization is 99.6 billion yuan [1]

Group 1 - Yunnan Baiyao (SZ 000538) announced that on December 10, 2025, it will host a research meeting with five individual investors, with company representatives Zhang Yu, Yang Kexin, and Yu Yang participating [1] - For the first half of 2025, Yunnan Baiyao's revenue composition is as follows: commercial sales account for 59.78%, industrial sales for 40.01%, other businesses for 0.1%, technical development services for 0.08%, and hotel and catering services for 0.03% [1] - As of the report date, Yunnan Baiyao's market capitalization is 99.6 billion yuan [1]

Financial Performance - In the first three quarters of 2025, the company achieved operating revenue of CNY 30.654 billion, a year-on-year increase of 2.47% [2] - Net profit attributable to shareholders reached CNY 4.777 billion, exceeding the full-year 2024 figure of CNY 4.749 billion, with a year-on-year growth of 10.41% [2] - Non-recurring net profit was CNY 4.550 billion, surpassing the 2024 full-year figure of CNY 4.523 billion, reflecting a year-on-year increase of 6.68% [2] - The weighted average return on equity was 11.92%, up by 1.10 percentage points year-on-year [2] - Operating cash flow net amount reached CNY 4.456 billion, a year-on-year increase of 9.40% [2] - As of the end of the period, cash and cash equivalents totaled CNY 8.618 billion, with a debt-to-asset ratio of 25.36% [2] Pharmaceutical Business Development - The pharmaceutical division implemented integrated marketing strategies focusing on various scenarios, achieving over 20% growth in O2O sales [4] - Online sales during the 2025 "618" shopping festival saw significant improvements, with 48.45 million visitors and a GMV of CNY 254 million [4] - Clinical research on products like Yunnan Baiyao (powder) and capsules for diabetes foot and bone pain showed steady progress [4] Health Products Performance - The health products division maintained its leading market share in toothpaste, while the brand "Yangyuanqing" ranked first in Tmall for anti-hair loss shampoo during the 2025 "618" period [6] Acquisition and Integration Strategy - The acquisition of Juyitang aims to enhance the company's capabilities in the traditional Chinese medicine sector, with a production capacity of 25,000 tons for herbal pieces and 1,500 tons for formula granules [7] - Juyitang's established online sales channels and large B-end customer base are expected to provide strategic synergies and improve operational efficiency [7] Research and Development Pipeline - The company is focusing on secondary innovation and rapid drug development, with 16 major traditional Chinese medicine projects and 37 ongoing projects [8] - Key projects include the completion of Phase II clinical trials for Sanqi tablets and the initiation of Phase III trials for various products [8] - Long-term projects include the launch of clinical trials for innovative drugs and monoclonal antibody projects [8]

编号：38-2512-03 | | 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（电话会议） | | | | | 江西知风咨询-杨明，广东臻远私募基金-刘汉顶、沈勇，珠海横 琴天勤-孙慧敏，深圳蓝马资本-刘柯，广东邦政资产-安德生， | | | | 参与单位名称及人员 | 广州林正投资-叶华东，扬州润毅创投-李仁武、文川，山东海润 | | | | 姓名 | 投资-刘冠秀，益和源资产-雷学成、胡祥林，江西天伦-刘国庆， | | | | | 个人投资者-郭大力、胡德安 | | | | 时间 | 年 月 2025 11 | 12 | 日 | | 地点 | 集团总部办公大楼 | | | | 上市公司接待人员 | 投资者关系管理-张昱、杨可欣、余洋 | | | | 投资者关系活动主要 | 了解公司生产经营情况 | | | | 内容介绍 | | | | | 附件清单 | 会议记录 | | | | 日 ...

Group 1: Investor Relations Activity - The meeting was categorized as a specific object survey [2] - Participants included representatives from various investment firms and individual investors [2] - The meeting took place on December 10, 2025, at the company's headquarters [2] Group 2: Purpose of the Meeting - The main objective was to understand the company's production and operational status [2]

Group 1: Health Products Business Performance - In the first half of 2025, the health products segment achieved revenue of 3.442 billion CNY, a year-on-year growth of 9.46% [2] - The segment focuses on a full-channel operation strategy, enhancing offline distribution and increasing online promotion efforts [2] - Key products include oral care toothpaste, which maintains a leading position, and hair care brand Yangyuanqing, which continues to grow driven by online sales [2][4] Group 2: Pharmaceutical Business Performance - The pharmaceutical segment reported a main business revenue of 4.751 billion CNY in the first half of 2025, with a year-on-year increase of 10.8% [5] - Sales of Yunnan Baiyao aerosol exceeded 1.453 billion CNY, showing a significant growth of over 20.9% [5] - Other traditional Chinese medicine products also saw notable growth, with sales of Qianling Jianpi Granules surpassing 100 million CNY and Pudilan Anti-inflammatory Tablets nearing 100 million CNY [5] Group 3: Traditional Chinese Medicine Resource Business - The traditional Chinese medicine resource segment generated external revenue of 914 million CNY in the first half of 2025, reflecting a year-on-year growth of approximately 6.3% [6] - The segment implements a "six unifications" operational model to enhance the traditional Chinese medicine industry chain [7] Group 4: R&D and Innovation Progress - The company emphasizes innovation-driven development, focusing on both traditional Chinese medicine and innovative drugs [8] - In the first half of 2025, the company initiated phase III clinical trials for the prostate cancer diagnostic nuclear drug project INR101, with 60 subjects enrolled [9] - The innovative drug project INR102 for prostate cancer treatment received clinical trial approval, and phase I trials have commenced [9] Group 5: Dividend Distribution - For the 2024 fiscal year, the company distributed a cash dividend of 11.85 CNY per 10 shares, totaling approximately 2.164 billion CNY [10] - The total cash dividend for 2024, including special dividends, amounted to 4.279 billion CNY, representing 90.09% of the net profit attributable to shareholders [10] - In the first half of 2025, the company distributed a cash dividend of 10.19 CNY per 10 shares, totaling 1.818 billion CNY, which accounted for 50.05% of the net profit for that period [10]

Group 1: Investor Relations Activity - The meeting was categorized as a specific object survey [2] - Participants included individual investors: Huang Kaiwei, Li Minggui, Chen Jiahe, Guo Hao, and Cui Weigang [2] - The meeting took place on December 10, 2025, at the Group's headquarters [2] Group 2: Company Overview - The main purpose of the investor relations activity was to understand the company's production and operational status [2] - Company representatives included Zhang Yu, Yang Kexin, and Yu Yang from the investor relations management team [2]

Group 1: Pharmaceutical Business Performance - In the first half of 2025, the pharmaceutical business group achieved a main business revenue of 4.751 billion yuan, a year-on-year increase of 10.8% [2] - Sales revenue of Yunnan Baiyao aerosol exceeded 1.453 billion yuan, with a significant year-on-year growth of over 20.9% [2] - Other core products, including Yunnan Baiyao plaster and capsules, also saw notable growth, contributing to the overall revenue increase [2] - Plant-based products, such as Qixue Kang oral liquid, reached sales of 202 million yuan, with a year-on-year growth of approximately 116.2% [2] Group 2: Health Product Channel Development - The company has established a comprehensive national sales team for health products, maintaining a leading market share in Yunnan Baiyao toothpaste [4] - Continuous optimization of the entire channel has strengthened traditional offline advantages while also focusing on emerging retail formats like instant retail and community group buying [4] Group 3: Traditional Chinese Medicine Cultivation Achievements - The company has implemented a precise research and transformation model for seed innovation, achieving coverage of ten major Yunnan medicinal sources [5] - The area of high-quality seed promotion has reached 90% of the annual target, with significant progress in the construction of "Yun Medicine Seed Valley" [5] - Over 7,000 acres of GAP management have been added for various medicinal herbs, integrating low-altitude economy and IoT technology [5] Group 4: Online Sales Performance - The pharmaceutical business group has expanded its online market, with O2O sales increasing by over 20% year-on-year [6] - During the 2025 "618" shopping festival, the company achieved a GMV of 254 million yuan through e-commerce platforms, attracting 48.45 million visitors [7] - Yunnan Baiyao toothpaste maintained the top market share in the domestic channel, while Yangyuan Qing ranked first in Tmall for anti-hair loss shampoo [7] Group 5: Nuclear Medicine Research Progress - The INR101 diagnostic nuclear medicine project has initiated Phase III clinical trials, with 32 research centers established and 60 subjects enrolled [8] - The INR102 therapeutic nuclear medicine project has received a clinical trial notification, with Phase I trials underway and 12 patients enrolled [8]