云南白药集团股份有限公司 投资者调研会议记录 时间：2025 年 6 月 19 日 地点：集团总部办公大楼 答：2025 年第一季度，公司实现营业收入 108.41 亿元，同比增 长 0.62%；归母净利润 19.35 亿元，同比增长 13.67%；扣非归母净利 润 18.87 亿元，同比增长 11.65%；基本每股收益 1.08 元/股，同比增 长 13.66%；经营活动产生的现金流量净额 7.14 亿元，同比增长 35.39%； 加权平均净资产收益率 4.86%，同比增长 0.68 个百分点；货币资金余 额 110.62 亿元，总资产 542.53 亿元。 召开方式：现场调研 投资者：中信证券-李文涛，中金公司-朱言音，平安证券-韩盟盟、 曹艳凯，圆和资本-陈家华 会议内容 1、请问公司 2025 年一季度业绩情况如何？ 2、药品事业群 2024 年取得较好业绩的原因是什么？ 答：2024 年，药品事业群以'伤科疼痛全领域管理的'第一' 品牌'为战略指引，结合产品和品牌禀赋，发布伤痛管理新模式，深 挖白药核心产品在伤科疼痛领域的药效机制，通过'白药+痛舒+伤痛' 相关产品在学术临床方面的深度挖潜，持续打造 ...

Financial Performance - In Q1 2025, the company achieved a revenue of 10.841 billion CNY, a year-on-year increase of 0.62% [2] - The net profit attributable to shareholders was 1.935 billion CNY, up 13.67% year-on-year [2] - The basic earnings per share reached 1.08 CNY, reflecting a 13.66% increase [2] - The net cash flow from operating activities was 714 million CNY, showing a significant growth of 35.39% [2] - The weighted average return on equity was 4.86%, an increase of 0.68 percentage points year-on-year [2] - The company held cash and cash equivalents of 11.062 billion CNY, with total assets amounting to 54.253 billion CNY [2] Pharmaceutical Business Growth - The pharmaceutical segment focused on "comprehensive management of pain in the injury field" as a strategic direction [3] - The segment enhanced its core products' efficacy in pain management through academic clinical research [4] - Key areas of focus included cardiovascular, respiratory, and pediatric medicine, with ongoing efforts to enrich the product pipeline [4] - Marketing strategies included the successful cultivation of proprietary sports IP, which contributed to brand youthfulness and increased product penetration [4] Oral Care Product Performance - In 2024, Yunnan Baiyao toothpaste maintained the top market share in the domestic oral care sector [5] - During major sales events like "618" and "Double Eleven," the brand consistently ranked first in online oral care sales [5] - Content marketing initiatives, such as the "Healthy Oral 123 Plan," significantly enhanced brand visibility, achieving over 6.43 billion exposures [6] Dividend Distribution - For the 2024 fiscal year, the company announced a cash dividend of 11.85 CNY per 10 shares, totaling approximately 2.164 billion CNY [7] - The total cash dividend for 2024, including special dividends, amounted to 23.98 CNY per 10 shares, representing 90.09% of the net profit attributable to shareholders [7] Nuclear Medicine R&D Progress - The INR101 diagnostic nuclear medicine project received clinical approval in May 2024, with promising stability and safety results reported in November [9] - The company’s subsidiary received approval for clinical trials of INR102, an innovative drug for treating metastatic castration-resistant prostate cancer [9]

云南白药集团股份有限公司 投资者调研会议记录 召开方式：电话调研 投资者：Allianz Global Investors-Alex Jiang 时间：2025 年 5 月 15 日 地点：集团总部办公大楼 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。市场营销方面，培育自有运动 IP'走啊打球去'取得成功， 促进品牌年轻化、单品渗透率进一步提高；气血康包装焕新升级，紧抓秋 冬滋补的重要营销节点，推动气血康口服液销售快速增长。渠道细分方面， 院内渠道持续深耕，获得稳步扩展，线下 OTC 渠道保持优势，线上探索 取得新突破。生产提效方面，建立线上化业务流程，推动实现营销工作精 准化、渠道建设生态化、用户数据自有化，打造制度规范、流程科学、简 洁高效的大后台运营体系，全年提质增效成果显著。 2、健康品事业群渠道建设情况如何？ 答：在健康品方面，公司具有覆盖到终端的、布局完善的全国性大健 康产品销售团队，云南白药牙膏市场份额在国内继续保持领先，在口腔品 类拥有较高品牌渗透力。公司通过不断优化全链路渠道，一方面夯实传统 线下渠道优势，另一方面对即时零售、社区团购、兴趣电商等新兴业态保 ...