YUNNAN BAIYAO(000538) 搜狐财经·2025-04-03 09:35Core Viewpoint - Yunnan Baiyao has achieved an A rating for four consecutive years in MSCI ESG ratings, positioning itself as a benchmark for ESG practices in China, with a goal of carbon neutrality across its value chain by 2050 [3][4][7]. Environmental Performance - In 2024, Yunnan Baiyao's total greenhouse gas emissions reached 78,500 tons of CO2 equivalent, with a year-on-year increase of 167.5%. The emissions density was 0.020 tons of CO2 equivalent per ten thousand yuan in revenue, also up by 166.7% [4]. - The company has implemented a carbon management manual and established two biomass gasification heating systems, which are expected to reduce CO2 emissions by 69,000 tons [4]. - Yunnan Baiyao has engaged in rural revitalization through a "company + base + farmer" model, supporting traditional Chinese medicine cultivation in poverty-stricken areas, resulting in increased income for local farmers [4]. Governance Issues - Yunnan Baiyao faced governance challenges in 2024 due to a corruption investigation involving multiple former executives, raising concerns about corporate governance and decision-making transparency [5][8]. - The investigation includes former Chairman Wang Minghui and other high-ranking officials, with implications for the company's past acquisition decisions, particularly regarding Wanlong Holdings [5][6]. Financial Performance and R&D Investment - In 2024, Yunnan Baiyao reported revenue of 40.033 billion yuan, a year-on-year increase of 2.36%, and a net profit of 4.749 billion yuan, up 16.02% [9]. - The company distributed dividends totaling 4.279 billion yuan, representing 90.09% of its net profit, while R&D investment was only 348 million yuan, accounting for just 0.87% of revenue [9][10]. - The low R&D investment has raised concerns about the company's long-term innovation capabilities, with no significant new drugs launched in the past five years [10].