YUNNAN BAIYAO(SZ:000538) 中国基金报·2025-08-31 08:41Core Viewpoint - Yunnan Baiyao reported record high net profit and announced a cash dividend exceeding 1.8 billion yuan, reflecting strong performance despite market challenges [2][4]. Financial Performance - In the first half of 2025, Yunnan Baiyao achieved operating revenue of 21.257 billion yuan, a year-on-year increase of 3.92% [2]. - The company realized a net profit attributable to shareholders of 3.633 billion yuan, up 13.93% year-on-year, marking a historical high for the period [2]. - The net profit excluding non-recurring items was 3.461 billion yuan, reflecting a 10.40% year-on-year growth, also a historical high [2]. - The weighted average return on equity reached 9.09%, the highest level in nearly eight years [4]. - Operating cash flow net amount was 3.961 billion yuan, an increase of 21.45% compared to the same period last year [4]. Dividend Announcement - Yunnan Baiyao proposed a special dividend of 10.19 yuan per 10 shares (tax included), totaling approximately 1.818 billion yuan, which accounts for 50.05% of the net profit attributable to shareholders for the first half of 2025 [4]. Product Performance - The sales revenue of Yunnan Baiyao's aerosol product exceeded 1.453 billion yuan, with a year-on-year growth of over 20.9% [8]. - Other core products, including ointments, capsules, and band-aids, also showed significant growth compared to the previous year [8]. - The health product segment, primarily focused on toothpaste, achieved operating revenue of 3.442 billion yuan, a year-on-year increase of 9.46%, with Yunnan Baiyao toothpaste holding the largest market share in China [8]. Business Segment Performance - Yunnan Province Pharmaceutical Co., a subsidiary, reported main business revenue of 12.164 billion yuan and a net profit of 351 million yuan, reflecting a year-on-year growth of 17.75% [9]. Industry Development - The Yunnan provincial government emphasizes the development of the traditional Chinese medicine industry, positioning Yunnan Baiyao as the "chain leader" in the industry cluster [11]. - The traditional Chinese medicine resource segment of Yunnan Baiyao generated external revenue of 914 million yuan, with a year-on-year growth of approximately 6.3% [11]. - The company is advancing a unified operational model for planting, research, standards, processing, purchasing, and management in the traditional Chinese medicine industry [11]. - Yunnan Baiyao has achieved full coverage of ten innovative medicinal sources and expanded its GAP management base by over 7,000 acres, with cross-border business transactions exceeding 1 billion yuan [11].