（编辑 任世碧） 证券日报网讯 云南白药9月23日发布公告，在公司回答调研者提问时表示，公司坚持创新驱动发展理 念，通过"搭平台、建机制、聚人才"，坚持打好中药、创新药两张牌。一方面守正创新发展中药。做实 种质资源研发，通过自主研发和合作研发相结合模式，尽快构建"育繁推一体化"种源研发体系，开展三 七、重楼等道地药材育种研究。做强中成药创新，创新中药研发取得重要进展。另一方面差异化布局创 新药。以技术前沿、临床需求、资源禀赋为标准，主动融入国家和地方生物医药战略，布局开发更具竞 争力和市场前景的创新药。报告期内，公司持续强化创新驱动，推动成果转化，持续提升发展动力，有 序推进科学规划的短、中、长期项目。其中，公司创新药项目聚焦社会需求、科技赋能以核药发展为中 心，布局多个创新药物发展，为公司提升持续发展的动力。2025年上半年，公司针对前列腺癌的诊断核 药项目INR101已启动Ⅲ期临床试验，完成32家研究中心立项，启动其中22家，并入组60例受试者。针 对前列腺癌的治疗核药项目INR102获得临床试验通知书，Ⅰ期临床试验研究中心已启动，研究者发起 临床试验（ⅡT）完成12例患者入组及给药。治疗肿瘤恶病质的单抗 ...

Financial Performance - In the first half of 2025, the company achieved a revenue of CNY 21.257 billion, a year-on-year increase of 3.92% [2] - The net profit attributable to shareholders reached CNY 3.633 billion, up 13.93% from CNY 3.189 billion in the same period last year, marking a historical high [2] - The net profit excluding non-recurring items was CNY 3.461 billion, a 10.40% increase compared to CNY 3.135 billion last year, also a historical high [2] - Operating cash flow net amount was CNY 3.961 billion, growing by 21.45% year-on-year [2] - The weighted average return on net assets was 9.09%, an increase of 1.16 percentage points year-on-year [3] - Basic earnings per share were CNY 2.04, reflecting a growth of 13.97% [3] Business Segment Performance Pharmaceutical Business - The pharmaceutical segment generated CNY 4.751 billion in revenue, a year-on-year increase of 10.8% [4] - Sales of the core product, Yunnan Baiyao aerosol, exceeded CNY 1.453 billion, with a significant growth of over 20.9% [4] - Other traditional Chinese medicine products also saw notable growth, with sales of various products increasing significantly [4] Health Products - The health products segment reported revenue of CNY 3.442 billion, a year-on-year increase of 9.46% [4] - Yunnan Baiyao toothpaste maintained the top market share in the domestic market [5] - The Yangyuanqing hair care products achieved sales of CNY 0.217 billion, growing by 11% [5] Traditional Chinese Medicine Resources - The traditional Chinese medicine resources segment generated CNY 0.914 billion in revenue, a year-on-year increase of approximately 6.3% [6] Provincial Pharmaceutical Company - The provincial pharmaceutical company achieved a revenue of CNY 12.164 billion, with a net profit of CNY 0.351 billion, reflecting a year-on-year growth of 17.75% [7] R&D and Innovation - The company emphasizes innovation-driven development, focusing on both traditional Chinese medicine and innovative drugs [8] - Significant progress was made in the research and development of traditional Chinese medicine and innovative drugs [8] - The innovative drug project for prostate cancer, INR101, has entered phase III clinical trials, with 60 subjects enrolled [9] - The treatment project for prostate cancer, INR102, has received clinical trial notification and has initiated phase I trials [9] - Research results in AI and cutting-edge technology have been published in reputable journals [9]

Investment Rating - The report maintains an "Overweight" rating for the company with a target price of 76.82 RMB [4][6]. Core Views - The company reported a revenue of 21.26 billion RMB and a net profit attributable to the parent company of 3.63 billion RMB for the first half of 2025, reflecting a year-on-year growth of 4% and 14% respectively [1]. - The industrial revenue grew by 11% year-on-year to 8.50 billion RMB, with a gross margin of 67.9% [1]. - The company is expected to maintain double-digit growth in industrial revenue for the full year, driven by strong performance in its pharmaceutical and health product segments [1][10]. Summary by Sections Financial Performance - In 1H25, the company achieved a revenue of 21.26 billion RMB, with a net profit of 3.63 billion RMB, and a non-recurring net profit of 3.46 billion RMB, marking increases of 4%, 14%, and 10% year-on-year respectively [1]. - The second quarter of 2025 saw revenues of 10.42 billion RMB, net profit of 1.70 billion RMB, and non-recurring net profit of 1.57 billion RMB, with year-on-year growth rates of 8%, 14%, and 9% respectively [1]. Revenue Breakdown - The pharmaceutical business generated 4.75 billion RMB in revenue, up 11% year-on-year, with notable growth in aerosol products and the Qi Xue Kang product line, which doubled its revenue to 200 million RMB [1]. - Health products revenue reached 3.44 billion RMB, a 9% increase year-on-year, with Yunnan Baiyao toothpaste maintaining the top market share in China [1]. - The traditional Chinese medicine resources segment reported 914 million RMB in revenue, reflecting a 6.3% year-on-year increase [1]. Operational Metrics - The company reported a sales expense ratio of 11.8%, a management expense ratio of 1.7%, and a research expense ratio of 0.7% for 1H25, with the increase in sales expense attributed to higher online investments [2]. - Accounts receivable stood at 10.5 billion RMB, with inventory decreasing to 5.8 billion RMB, and cash balance at 11.3 billion RMB, indicating a healthy asset structure with a debt ratio of 25.91% [2]. - The operating cash flow for 1H25 was 3.96 billion RMB, exceeding net profit, indicating strong cash flow health [2]. Research and Development - The company is advancing several key R&D projects, including short-term developments for Yunnan Baiyao and Qi Xue Kang, and mid-term projects like the completion of Phase II for Sanqi tablets [3]. - Long-term projects include the initiation of Phase III clinical trials for INR101 and Phase I for INR102, with ongoing research in AI and cutting-edge technologies published in reputable journals [3]. Profit Forecast - The report forecasts net profits for 2025, 2026, and 2027 to be 5.27 billion RMB, 5.83 billion RMB, and 6.44 billion RMB respectively, with growth rates of 11%, 10.5%, and 10.5% year-on-year [4][9].