研报掘金丨西部证券：予云南白药“买入”评级，工业板块稳健增长

Core Viewpoint - Yunnan Baiyao's net profit attributable to shareholders reached 4.777 billion yuan for the first three quarters of 2025, reflecting a year-on-year increase of 10.41% [1] - The company reported a net profit of 1.144 billion yuan in Q3 2025, showing a slight year-on-year growth of 0.55% [1] Group 1: Financial Performance - The industrial revenue for the first three quarters of 2025 was 11.582 billion yuan, representing a year-on-year increase of 8.48% [1] - The core product of the pharmaceutical business group, Yunnan Baiyao aerosol, achieved sales revenue exceeding 1.453 billion yuan in H1 2025, marking a significant growth of over 20.9% [1] Group 2: Strategic Developments - The company completed a special dividend to reward shareholders, indicating a commitment to returning value [1] - Yunnan Baiyao is actively pursuing a second growth curve by enhancing its traditional Chinese medicine pipeline through the acquisition of Juyaotang and continuing research and development in both traditional and innovative medicines [1]