云南白药（000538）：医药工业双位数增长经营质量稳步提升

Investment Rating - The report maintains a "Recommended" rating for Yunnan Baiyao [1] Core Views - Yunnan Baiyao achieved a revenue of 21.257 billion yuan in H1 2025, representing a year-on-year growth of 3.92%. The net profit attributable to shareholders was 3.633 billion yuan, up 13.93% year-on-year [4] - The pharmaceutical industry experienced double-digit growth, with the company's gross margin improving due to a focus on core products and optimization of the industrial structure [4] - The company has a clear short, medium, and long-term product development strategy, focusing on both traditional Chinese medicine and innovative drugs [4] Financial Performance Summary - In Q2 2025, the company reported a revenue of 10.416 billion yuan, a year-on-year increase of 7.59%, and a net profit of 1.698 billion yuan, up 14.22% year-on-year [4] - The industrial revenue for H1 2025 was 8.504 billion yuan, with a year-on-year growth of 11.13%, accounting for 40.01% of total revenue [4] - The core product, Yunnan Baiyao aerosol, achieved sales revenue of 1.453 billion yuan, with a significant year-on-year growth of over 20.9% [4] Future Projections - The report forecasts revenues of 42.7 billion yuan, 45.4 billion yuan, and 48.1 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 7%, 6%, and 6% [5] - The net profit attributable to shareholders is projected to be 5.314 billion yuan, 5.708 billion yuan, and 6.201 billion yuan for the same years, with growth rates of 11.9%, 7.4%, and 8.6% respectively [5] - The company is expected to maintain a high dividend payout ratio in the coming years [4]