Group 1 - The company announced the approval of multiple proposals during the first meeting of the 11th Board of Directors in 2026, including the construction of the second phase of the oral liquid project by its wholly-owned subsidiary, Yunnan Baiyao Group Wenshan Qihua Co., Ltd., with a total investment budget of 137.36 million yuan [1] - The company approved the organizational structure plan for 2026 and appointed Dong Ming as CEO, Qian Yinghui as Board Secretary, and Li Mengjue as Securities Affairs Representative, with a three-year term [1] - The company aims to accelerate the establishment of a modern R&D system and capabilities, integrating traditional Chinese medicine with modern technology, by appointing Zhu Zhaoyun as the Strategic Scientist for Traditional Chinese Medicine and Zhang Ning as the Chief Scientist [1] Group 2 - Li Jin retired and will no longer serve as a senior management personnel of the company [1] - Zhu Zhaoyun is an academician of the Chinese Academy of Engineering and has held positions such as Director of Yunnan Provincial Institute of Drug Research and R&D Director of Yunnan Baiyao Group [1] - Zhang Ning is a professor at Peking University and has previously served as Deputy Director of the Medical Department at Peking University and Vice President of Tianjin Medical University [1]

自愿性信息披露公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 为加快构建云南白药集团股份有限公司（以下简称"公司"）现代化研 发体系及能力，统筹打好"中药"和"创新药"两张牌，推动传统中医药与 现代科技深度融合，为公司长期可持续发展注入战略动能，经公司总裁办公 会审议通过，同意聘任朱兆云女士担任中药战略科学家、张宁先生担任首席 科学家（简历详见附件）。 特此公告 股票代码：000538 股票简称：云南白药 公告编号：2026-04 云南白药集团股份有限公司 关于聘任中药战略科学家、首席科学家的 云南白药集团股份有限公司 2 / 2 附件：公司中药战略科学家、首席科学家简历 朱兆云 女，汉族，生于 1954 年 3 月，正高级工程师，中国工程院院士。 历任云南省药物研究所党委书记、所长，云南白药集团股份有限公司党委委 员、研发总监、中药研发总监。现任云南白药集团股份有限公司中药战略科 学家。 张 宁 男，汉族，生于 1970 年 11 月，北京大学教授，美国约翰·霍 普金斯大学医学院生化、细胞及分子生物学博士。历任北京大学医学部副主 任、北京大学科研部部长 ...

股票代码：000538 股票简称：云南白药 公告编号：2026-03 云南白药集团股份有限公司 第十一届董事会 2026 年第一次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 云南白药集团股份有限公司（以下简称"公司"）第十一届董事会 2026 年第一次会议（以下简称"会议"）于 2026 年 2 月 10 日在公司总部会议室 以现场结合通讯表决的方式召开，本次会议通知于 2026 年 2 月 5 日以书面、 邮件方式发出，应出席董事 12 名，实际出席董事 12 名（独立董事刘国恩先 生、纳超洪先生、董事李科先生以视频方式参会，独立董事曹仰锋先生以通 讯表决方式出席会议）。本次会议的召集、召开程序符合《中华人民共和国 公司法》《公司章程》的相关规定，会议合法有效。会议审议通过如下议案： 一、审议通过《关于建设文山公司口服液二期项目的议案》 为提升气血康等口服液产品的产能，满足持续增长的市场销售需求，更 好承接集团战略性大品种的生产，落实公司"打造大单品系列"的战略目标， 同意公司全资子公司云南白药集团文山七花有限责任公司建设文山公司口 服液二 ...

Core Viewpoint - Yunnan Baiyao announced the appointment of Zhu Zhaoyun as the Traditional Chinese Medicine Strategic Scientist and Zhang Ning as the Chief Scientist to enhance its modern R&D system and capabilities, integrating traditional Chinese medicine with modern technology [1] Group 1: Appointments - Zhu Zhaoyun, an academician of the Chinese Academy of Engineering, has previously served as the director of the Yunnan Provincial Institute of Drug Research and the R&D director of Yunnan Baiyao Group [1] - Zhang Ning, a professor at Peking University, has held positions such as the deputy director of the Peking University Health Science Center and the vice president of Tianjin Medical University [1] Group 2: Strategic Goals - The company aims to leverage both "traditional Chinese medicine" and "innovative drugs" to drive growth and development [1] - The appointments are part of a broader strategy to deepen the integration of traditional Chinese medicine with modern scientific advancements [1]

Core Viewpoint - The appointment of Zhou Jianzhong as the new CEO of Kewang Pharmaceutical reflects the company's commitment to professionalizing its management team and modernizing its governance system, ensuring stability in its core management structure and continuity in strategic development [1][2]. Governance System Optimization - The change in the CEO position does not alter the stability of Kewang Pharmaceutical's core management team, as evidenced by adjustments in the board's specialized committees, which maintain strategic continuity and professionalism [2]. - The strategic committee now includes Chairman Guan Yuxiu, Guan Yi, and new CEO Zhou Jianzhong, while the compensation and assessment committee consists of Miao Jiajun, Zhao Yan, and Guan Yi [2][3]. - Zhou Jianzhong, with a strong background in the pharmaceutical industry, is well-suited for the company's current development stage, having held key management positions in several well-known pharmaceutical companies [3]. Strategic Development - Kewang Pharmaceutical is actively adapting to industry trends and deepening its strategic transformation, focusing on the health industry as a key growth area [4]. - The company aims to leverage its "Xiao Kewang" brand advantage to develop a multi-channel operational system, emphasizing both prescription and OTC pharmaceuticals alongside health products [4]. Brand and Market Position - The combined brand value of "Kewang" for adult health and "Xiao Kewang" for children's health exceeds 36.5 billion, with leading consumer recognition in the industry [5]. - The company has established a marketing network covering 8,000 hospitals and 450,000 retail terminals, forming strategic partnerships with 500 pharmaceutical distribution companies to support its health product expansion [5]. Product Development - Kewang Pharmaceutical holds over 1,000 drug approval numbers, with more than 500 in the medical insurance directory and nearly 300 in the basic drug directory, including around 30 exclusive varieties [6]. - The company plans to enhance research and development in core areas such as elderly care, children's health, and women's health, with several health products already in the approval process [6]. Management Upgrade and Future Outlook - The stable core management team and clear strategic layout provide a solid foundation for Kewang Pharmaceutical, with the professional management team expected to inject new vitality into the company's growth [7]. - The management upgrade reflects the company's strategic determination to adapt to industry changes and optimize its governance structure, positioning it for high-quality development driven by policy benefits and market demand [7].

Group 1: Key Insights on the Machine Dog Industry - The quadruped robot industry is experiencing rapid application expansion, with strong environmental adaptability and commercial viability [4][12] - Key application scenarios include defense, industrial inspection, emergency rescue, and consumer household use, indicating a promising long-term market potential [4][12] - Domestic brands dominate the market, with over 50 companies actively participating, including notable players like Yushutech and Boston Dynamics [4][12] Group 2: Insights on the Power Generation Sector - In the thermal power sector, both coal and electricity prices are declining, leading to improved profit margins for coal-fired power plants [4][12] - Hydropower utilization hours are expected to increase due to favorable water conditions, with a projected utilization of 3367 hours in 2025, up 12 hours year-on-year [4][12] - Nuclear power is maintaining a high approval rate, with 10 new units expected to be approved in 2025, although profitability may be impacted by declining market electricity prices [4][12] Group 3: Recommendations for Investment - For thermal power, recommended companies include Guodian Power and Inner Mongolia Huadian, which benefit from stable profit margins [5][12] - In hydropower, companies like Yangtze Power and State Power Investment are highlighted for their potential growth due to improved financial conditions [5][12] - In the natural gas sector, companies such as Kunlun Energy and New Hope Energy are recommended due to expected profitability improvements from cost reductions [5][12]

Industry Investment Rating - The investment rating for the pharmaceutical and biotechnology industry is "Outperform the Market" and is maintained [1] Core Insights - The report highlights the acceleration of policy support for the optimization and transformation of the traditional Chinese medicine (TCM) industry, benefiting leading TCM companies [4][15] - The implementation plan for the high-quality development of the TCM industry (2026-2030) aims to establish a collaborative development system for the entire industry chain by 2030, fostering leading TCM enterprises and promoting the approval of innovative TCM drugs [4][15] - The report identifies specific companies that are expected to benefit from these policies, including Yiling Pharmaceutical, Tianshili, Kangyuan Pharmaceutical, and Fangsheng Pharmaceutical [5][16][17] Summary by Sections Industry Overview - The closing index for the pharmaceutical and biotechnology sector is 8350.08, with a 52-week high of 9323.49 and a low of 6876.88 [1] Recent Market Performance - During the week of February 2 to February 6, 2026, the A-share pharmaceutical and biotechnology sector rose by 0.14%, outperforming the CSI 300 index by 1.47 percentage points and the ChiNext index by 3.43 percentage points [6][18] - The TCM sector ranked first among sub-sectors with a weekly increase of 2.56%, while other biopharmaceutical sectors experienced a decline of 2.42% [18] Investment Recommendations 1. **Innovative Drugs**: The innovative drug sector is expected to continue to be a strong growth area, with a focus on companies with high certainty and relatively low business development (BD) expectation disturbances, such as Innovent Biologics, Sanofi, and others [7][21] 2. **Medical Devices**: The medical device sector is showing signs of recovery, with leading companies improving their performance in Q3. The report suggests that the pressure from centralized procurement is diminishing, which may lead to valuation recovery [8][23] 3. **Traditional Chinese Medicine**: The report is optimistic about TCM companies benefiting from centralized procurement and basic drug policies, with specific companies highlighted for their potential growth [29][30] 4. **AI in Healthcare**: Companies leveraging AI technology in drug development and medical services are expected to see significant benefits, with specific companies listed for each AI application area [9][32][34]

Investment Rating - The report upgrades the investment rating for the pharmaceutical and biotechnology industry to "Recommended" [1][42]. Core Insights - The pharmaceutical sector has shown resilience, with a year-to-date return of 3.28%, outperforming the Shanghai Composite Index by 2.99 percentage points [9][23]. - The report highlights the continuous support from policies, particularly for the traditional Chinese medicine (TCM) sector, which is expected to see significant growth due to government initiatives aimed at enhancing the industry [15][17]. - The report emphasizes the importance of innovation in the pharmaceutical sector, noting that domestic companies are gradually improving their innovation capabilities [42]. Summary by Sections Recent Performance - The Shanghai Composite Index fell by 1.33% while the pharmaceutical sector rose by 0.14%, ranking 15th among 31 primary sub-industries [14][23]. - Within the pharmaceutical sub-sectors, traditional Chinese medicine, medical services, and other segments showed varying performance, with traditional Chinese medicine increasing by 2.56% [14][23]. Policy Developments - On February 5, 2026, the Ministry of Industry and Information Technology and other departments released the "Implementation Plan for High-Quality Development of the Traditional Chinese Medicine Industry (2026-2030)," focusing on enhancing the resilience and stability of the TCM supply chain [15][17]. - The plan aims to improve the quality and stable supply of TCM materials and products, which is crucial for the long-term development of the industry [15][17]. Market Dynamics - The report notes that the TCM sector is expected to experience a recovery in performance starting from mid-2025, with improved financial results anticipated in 2026 [9][17]. - The comprehensive index for TCM materials has been declining since July 2024, which is expected to alleviate cost pressures for TCM companies in 2026 [9][17]. Valuation Metrics - As of February 6, 2026, the pharmaceutical sector's valuation stands at 33.3 times PE, with a premium of 32% compared to the overall A-share market (excluding financials) [24]. - The TTM valuation is at 29.4 times PE, below the historical average of 34.9 times PE, indicating potential for growth [24]. Key Companies to Watch - The report suggests focusing on companies such as Aidi Pharmaceutical, Huadong Medicine, Kangnuo Pharmaceutical-B, and others, which are positioned well within the TCM sector and are expected to benefit from policy support and market dynamics [35][43].

Industry Investment Rating - The investment rating for the pharmaceutical and biotechnology industry is "Outperform the Market" and is maintained [1]. Core Insights - The report highlights the acceleration of policy support for the optimization and transformation of the traditional Chinese medicine (TCM) industry, benefiting leading TCM companies [4][15]. - The report emphasizes the potential benefits for innovative drug companies due to the establishment of a collaborative innovation system and the promotion of new drug approvals [5][15]. - The report notes that the A-share pharmaceutical and biotechnology sector has shown a slight increase of 0.14% in the week from February 2 to February 6, 2026, outperforming the CSI 300 index by 1.47 percentage points [6][18]. Summary by Sections Industry Overview - The closing index for the pharmaceutical and biotechnology sector is 8350.08, with a weekly high of 9323.49 and a low of 6876.88 [1]. Recent Market Performance - The A-share pharmaceutical sector outperformed the CSI 300 index and the ChiNext index during the week, ranking 15th among 31 sub-industries [6][18]. - The TCM sector ranked first among sub-sectors with a weekly increase of 2.56%, while other biopharmaceutical sectors experienced a decline [18]. Policy Developments - The Ministry of Industry and Information Technology and other departments issued a plan for the high-quality development of the TCM industry from 2026 to 2030, aiming to establish a collaborative development system and support leading TCM enterprises [4][15]. - The plan includes fostering a batch of innovative TCM drugs and enhancing the protection of intellectual property for traditional brands [5][16][17]. Investment Recommendations 1. **Innovative Drugs**: The report suggests that innovative drug companies remain a strong investment choice, with a focus on companies with high certainty and low disruption expectations, such as Innovent Biologics and 3SBio [7][21]. 2. **Medical Devices**: The medical device sector is expected to see a recovery in profits, with a focus on companies like Mindray and Kangji Medical, as the impact of centralized procurement diminishes [23][24]. 3. **Traditional Chinese Medicine**: Companies like Yiling Pharmaceutical and Tianjin Zhongxin Pharmaceutical are expected to benefit from policies supporting TCM and the clearing of high inventory levels [28][29][30]. 4. **AI in Healthcare**: Companies involved in AI applications in pharmaceuticals and diagnostics, such as iCarbonX and Huada Gene, are anticipated to benefit from advancements in AI technology [32][34].

Core Viewpoint - A significant number of traditional Chinese medicine (TCM) products are at risk of being eliminated from the market due to new regulatory requirements that will take effect in July 2026, which mandate clearer safety information in product descriptions [3][10]. Industry Overview - The new regulations, effective from July 2023, require that any TCM product with unclear safety information (labeled as "unclear") will not be eligible for re-registration after July 1, 2026 [3][10]. - Approximately 75% of TCM products currently on the market have safety information marked as "unclear," which poses a substantial risk of elimination for these products [5][10]. Market Impact - The impending regulatory changes are expected to lead to a significant reshuffling of market shares within the TCM industry, as many companies may not be able to meet the new requirements [10][11]. - Notable products facing potential withdrawal include those with substantial sales figures, such as Longmu Bone Strengthening Granules, which is projected to exceed 1 billion yuan in retail sales in 2024 but has unclear safety information [7][10]. Regulatory Context - The regulatory changes aim to enhance the quality of TCM products rather than a blanket elimination of all products, allowing companies to submit additional research and safety reports to comply [10][12]. - The policy encourages companies to invest in research and development to clarify the efficacy and safety of their products, thereby improving the overall scientific standards of TCM [12][13]. Future Developments - Many leading TCM companies have already begun to prepare for compliance with the new regulations, with some having successfully updated their product safety information [14]. - The regulatory framework is expected to foster a more competitive environment, potentially benefiting companies that can adapt and innovate while disadvantaging those that cannot meet the new standards [11][12].