云南白药：上半年净利润同比增长13.93% 拟大额分红18.18亿元

Core Viewpoint - Yunnan Baiyao reported record high performance for the first half of 2025, with significant growth in revenue and net profit, alongside a special dividend proposal [1] Financial Performance - In H1 2025, the company achieved operating revenue of 21.257 billion yuan, a year-on-year increase of 3.92% [1] - The net profit attributable to shareholders reached 3.633 billion yuan, up 13.93% year-on-year [1] - Basic earnings per share were 2.04 yuan, reflecting a growth of 13.97% [1] - The weighted average return on equity was 9.09%, the highest level in nearly eight years [1] - A special dividend of 10.19 yuan per 10 shares (before tax) is proposed, totaling 1.818 billion yuan, which accounts for 50.05% of the net profit for H1 2025 [1] Business Structure and Growth - The industrial revenue accounted for 40.01% of total operating revenue, an increase of 2.6 percentage points year-on-year, marking a nine-year high [1] - Industrial revenue grew by 11.13% year-on-year [1] Pharmaceutical Segment - The pharmaceutical segment generated main business revenue of 4.751 billion yuan, a year-on-year increase of 10.8% [2] - Sales of Yunnan Baiyao aerosol exceeded 1.453 billion yuan, up 20.9% [2] - Significant growth was noted in products for cardiovascular and respiratory systems, with sales of Qianling Jianpi Granules exceeding 100 million yuan and sales of Pudilan Anti-inflammatory Tablets nearing 100 million yuan [2] - Online sales achieved a breakthrough with GMV reaching 254 million yuan [2] Health Products Segment - The health products segment reported revenue of 3.442 billion yuan, a year-on-year increase of 9.46% [2] - Yunnan Baiyao toothpaste maintained the top market share in China [2] Commercial Sector - Yunnan Provincial Pharmaceutical Company achieved main business revenue of 12.164 billion yuan, with a net profit of 351 million yuan, up 17.75% [2] - The company strengthened its hospital drug distribution and commercial distribution business, with non-drug sales growing by 10.6% year-on-year [2] Traditional Chinese Medicine Resources - The traditional Chinese medicine resources segment generated external revenue of 914 million yuan, with a year-on-year growth of 6.3% [3] - The company is advancing a comprehensive operational model for traditional Chinese medicine, covering planting, research, standards, processing, and sales [3] Research and Development - The company focuses on short-term projects for secondary development of existing products, with new progress in products like Qixue Kang Oral Liquid [3] - Mid-term projects are progressing in clinical trials, while long-term projects focus on innovative drug development [3] - The company is advancing digital transformation, achieving online transactions exceeding 1 billion yuan through the "Digital Cloud Medicine" platform [3] Future Strategy - Yunnan Baiyao plans to drive growth through both internal efficiency improvements and external strategic acquisitions and collaborations [3]