调研基本情况 健康品事业群：线上渠道突破 核心产品市占率领先 健康品业务方面，公司透露2025年线上渠道取得突破性成果，通过线上内容营销助力气血康、参苓健脾 胃颗粒等产品认知度及销量提升，与京东健康深化战略合作。2025年"618"期间，主系列产品常备药榜 单排名显著上升，电商平台引流访客达4845万，带来消费者354万，共产出GMV 2.54亿元。线下方面， 2025年上半年云南白药牙膏稳居国内全渠道市场份额第一（数据来源：尼尔森零售研究数据）；2025 年"618"期间，养元青蝉联天猫国货防脱洗发水品牌第一名。公司表示，未来将在稳住线下基本盘的同 时，加大线上及新产品推广投入，关注即时零售、社区团购等新兴业态。 分红政策：高比例分红持续落地 2024年累计派息超42亿元 2026年1月22日，云南白药集团股份有限公司（以下简称"公司"）在集团总部办公大楼以电话调研方式 接待了机构投资者。参与本次调研的机构包括国泰海通、东证资管，公司证券事务代表李孟珏及投资者 关系管理张昱、杨可出席会议，就公司药品二次开发、子公司经营、健康品渠道及分红政策等核心问题 与投资者进行深入交流。 核心议题回应 药品事业群：重点品 ...

参加人员：证券事务代表-李孟珏，投资者关系管理-张昱、杨可 欣 会议内容： 1、请问公司药品事业群重点品种二次开发有什么进展？ 云南白药集团股份有限公司 投资者调研会议记录 时间：2026 年 1 月 22 日 地点：集团总部办公大楼 召开方式：电话调研 投资者：国泰海通-张澄，东证资管-马庆华 答：公司药品事业群重点开展了云南白药(散剂)、胶囊在糖尿病 足、骨骼疼痛等方面的临床研究，宫血宁胶囊在治疗异常子宫出血、 减少药物流产后阴道流血等方面的临床研究，气血康口服液改善心脏 和血管健康及对高原反应的预防与治疗方面的临床研究均取得稳步 进展，为产品打开更广阔应用场景。 答：药品事业群积极拓展线上市场，2025 年上半年 O2O 销售同 比提升超过 20%，通过线上内容营销助力气血康、参苓健脾胃颗粒等 产品认知度及销量提升，与京东健康深化战略合作，2025 年 618 期 间主系列产品常备药榜单排名显著上升，公司药品线上销售取得突破 性成果，电商平台引流访客 4,845 万，带来消费者 354 万，共产出 GMV2.54 亿元，为未来在线上渠道的发展打好基础。 健康品事业群在稳住线下基本盘的同时，合理加大线上渠 ...

Financial Performance - In the first half of 2025, the company's revenue reached 3,010.46 million CNY, with a net profit attributable to shareholders of 42.9 million CNY, and a net cash flow from operating activities of 1,788.09 million CNY, achieving a year-on-year growth of 364.33% [2][4] - The overall gross margin for the first half of 2025 increased to 39.93%, up by 5.32% compared to the same period last year [3][7] Sales Channels and Market Strategy - The company maintained over 60% sales from commercial chains, approximately 20% from medical channels, and around 20% from online and other channels, with overall sales performance remaining stable compared to the previous year [4] - The company is leveraging e-commerce platforms like JD and Tmall to enhance market share and develop potential markets [4] Product Development and Innovation - The company is focusing on the secondary development of four unique products, including the Ren Shen Gu Ben Wan and Fu Fang Huang Qi Jian Pi Oral Liquid, aiming to enhance their market competitiveness through technological upgrades [6] - Major products with strong sales in the first half of 2025 include Liu Wei Di Huang Wan, Er Chen Wan, and An Gong Niu Huang Wan, with plans to continue promoting these key products [5] International Expansion - The company has exported products to 32 countries and regions, including the USA, Canada, and Australia, and has achieved significant international certifications, including TGA and PIC/S [8] - Future plans include increasing international market share through brand collaboration and channel sharing [8] Cost Management and Future Planning - The decrease in sales expenses is attributed to a decline in revenue and effective cost control measures implemented by the company [8] - The company is actively developing its "14th Five-Year Plan," focusing on marketing breakthroughs, brand building, and innovation in research and development [8]