云南白药集团股份有限公司 投资者：中信证券-李文涛，中信保诚资产-杜中明、徐荃子、王 昊 参加人员：董事会秘书-钱映辉，投资者关系管理-张昱、杨可欣 会议内容： 投资者调研会议记录 时间：2025 年 11 月 21 日 地点：集团总部办公大楼 召开方式：现场调研 1、请介绍一下药品事业群近期的经营情况。 4、公司产品线上销售情况如何？ 答：药品事业群积极拓展线上市场，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。 答：2025 年上半年，药品事业群主营业务收入 47.51 亿元，同 比增长 10.8%。核心系列产品中，云南白药气雾剂销售收入突破 14.53 亿元，同比大幅增长超 20.9%；云南白药膏、云南白药胶囊、云南白 药创可贴、云南白药（散剂）均在上年同期销售收入基础上，实现显 著增长。其他品牌中药 ...

Core Viewpoint - The market value of Yunnan Baiyao is under pressure due to the overall downturn in the traditional Chinese medicine industry, despite its stable revenue and profit growth. The company is facing challenges in maintaining growth momentum and diversifying its product offerings [1][3][19]. Financial Performance - Yunnan Baiyao reported a revenue of 30.65 billion yuan for the first three quarters, a year-on-year increase of 2.47% [3][5]. - The net profit attributable to shareholders reached 4.78 billion yuan, reflecting a year-on-year growth of 10.41% [3][5]. - The company's basic earnings per share increased by 10.74% to 2.68 yuan [5]. Revenue Composition - The company's revenue is heavily reliant on commercial sales, which account for 60% of total revenue but have a low gross margin of only 6% [6]. - Industrial sales, which make up less than 40% of revenue, are the main profit contributors, particularly from products like aerosol sprays and toothpaste [6]. Market Position and Challenges - Yunnan Baiyao holds a dominant market share in several product categories, including a 91.8% share in the aerosol market for muscle and joint pain relief [6]. - Despite its strong market position, the company faces challenges in growth as sales in pharmaceuticals and health products have slowed down in recent years [7]. Diversification Efforts - In recent years, Yunnan Baiyao has explored various side businesses, including tea and industrial hemp, and previously engaged in stock trading, which led to significant losses [8][14]. - The company has since reduced its trading financial assets significantly, indicating a shift in strategy towards safer investments [10][11]. Strategic Developments - Yunnan Baiyao has announced plans to focus on both traditional Chinese medicine and innovative pharmaceuticals, aiming for both internal and external growth [26][27]. - The acquisition of 聚药堂 for 660 million yuan is part of its strategy to enhance its product portfolio and market reach, despite concerns over the high premium paid [28][30]. Innovation and R&D - The company is actively pursuing innovation in its product lines, with ongoing projects in traditional Chinese medicine and health supplements [32][36]. - Yunnan Baiyao is also working on developing new drugs, although the process is lengthy and costly, posing risks to timely market entry [36]. Market Outlook - Despite recent challenges, Yunnan Baiyao has maintained a high dividend payout ratio, making it attractive to investors [36]. - The company's current valuation is below the industry average, suggesting potential for future growth, although caution is advised before making investment decisions [36].

Core Viewpoint - The article discusses the declining market value of Pianzaihuang and the stagnation of Yunnan Baiyao, highlighting the challenges faced by the traditional Chinese medicine industry amid changing market dynamics and competition [2][3][34]. Group 1: Market Performance - Pianzaihuang has seen a market value drop of 200 billion, with its market gap with Yunnan Baiyao now less than 100 billion [2]. - Yunnan Baiyao's market value has fluctuated within the billion club since 2022, failing to reach its 2021 peak [3][5]. - Yunnan Baiyao reported a revenue of 30.65 billion yuan for the first three quarters of 2023, a year-on-year increase of 2.47% [7]. Group 2: Financial Performance - Yunnan Baiyao's net profit attributable to shareholders increased by 10.41% to 4.78 billion yuan, maintaining its leading position among Chinese medicine companies [8]. - The company's revenue is heavily reliant on commercial sales, which account for 60% of total revenue but have a low gross margin of only 6% [11][12]. - Industrial sales, which contribute less than 40% of revenue, are the main source of profit for Yunnan Baiyao [13]. Group 3: Product Portfolio and Market Share - Yunnan Baiyao's aerosol and toothpaste products dominate their respective markets, with a market share of 91.8% and 72.4% [14]. - Despite high market penetration, Yunnan Baiyao faces challenges in finding new growth avenues as sales growth in pharmaceuticals and health products has slowed [16]. Group 4: Diversification and Investment Strategy - Yunnan Baiyao has explored various side businesses, including tea and industrial hemp, and previously engaged in stock trading, which led to significant losses [19][20]. - The company has significantly reduced its trading financial assets by 93.82% in 2023, indicating a shift in investment strategy towards safer financial products [22]. - In 2024, Yunnan Baiyao announced its exit from stock trading, focusing instead on safer financial products [23]. Group 5: Challenges and Future Outlook - The company is experiencing a decline in profit growth, with government subsidies and financial income becoming increasingly important for net profit [27]. - Yunnan Baiyao's diversification efforts have led to a heavy reliance on toothpaste, exposing it to product singularity risks [36]. - The company plans to enhance its product offerings and explore new markets, including health supplements and innovative drugs, to strengthen its competitive position [38][44]. Group 6: Corporate Governance and Leadership - Yunnan Baiyao has faced leadership challenges, with significant changes in its executive team since 2023, leading to increased state control [31][32]. - The recent board reshuffle has solidified the leadership of Zhang Wenxue, indicating a potential stabilization in governance [32]. Group 7: Industry Context - The traditional Chinese medicine industry is undergoing a transformation, with companies like Yunnan Baiyao and Pianzaihuang facing pressures from policy changes and evolving consumer demands [34]. - The article emphasizes the need for innovation and adaptation in the industry to maintain competitive advantages in a changing market landscape [34][49].

Investment Rating - The report maintains a "Recommended" rating for Yunnan Baiyao [1][3] Core Insights - Yunnan Baiyao's revenue for the first three quarters of 2025 reached 30.654 billion yuan, a year-on-year increase of 2.47%, while the net profit attributable to shareholders was 4.777 billion yuan, up 10.41% year-on-year [3] - The pharmaceutical industry segment achieved positive growth, contributing to an increase in the company's gross margin [3] - The company focuses on its core business and optimizes its industrial structure, with industrial revenue of 11.582 billion yuan in the first three quarters, a year-on-year increase of 8.48% [3] - Key product sales, such as Yunnan Baiyao aerosol, saw significant growth, with sales revenue exceeding 1.453 billion yuan, a year-on-year increase of over 20.9% [3] - The company has a clear short, medium, and long-term strategy, maintaining a high dividend payout ratio [3] Financial Performance Summary - For 2025, the company is projected to achieve revenues of 41.333 billion yuan, with a growth rate of 3.2% [4] - The net profit attributable to shareholders is expected to be 5.305 billion yuan, reflecting an 11.7% increase [4] - The gross margin is forecasted to improve to 28.5% in 2025 [4] - The earnings per share (EPS) is projected to be 2.97 yuan for 2025, with a price-to-earnings (P/E) ratio of 19 [4][6] Business Segments Overview - The pharmaceutical segment generated revenue of 4.751 billion yuan, a year-on-year increase of 10.8% [3] - The health products segment reported revenue of 3.442 billion yuan, up 9.46% year-on-year [3] - The traditional Chinese medicine resources segment achieved external revenue of 914 million yuan, a year-on-year increase of 6.3% [3] - The provincial pharmaceutical segment generated revenue of 12.164 billion yuan, with a net profit of 351 million yuan, reflecting a 17.75% increase [3]

Core Insights - The aging population in China is leading to an increase in cervical spondylosis cases, particularly among those aged 60 and above, while younger demographics are also increasingly affected due to modern lifestyle habits [1][7] - The market for cervical spondylosis medication is projected to reach 13 billion yuan in 2024, reflecting a year-on-year growth of 16.1% [1][7] - The industry is supported by government reforms aimed at expanding healthcare coverage and improving the pharmaceutical sector [1][5] Industry Overview - Cervical spondylosis is caused by degenerative changes in the cervical spine, leading to various types such as nerve root type, spinal cord type, sympathetic type, and vertebral artery type [3] - The treatment typically begins with non-surgical methods, including physical therapy, exercise therapy, and medication [4] Market Dynamics - The cervical spondylosis medication market is expanding due to an increase in patient numbers, with over 200 million patients reported in 2024, and more than 40% of them being under 30 years old [6][7] - The demand for cervical spondylosis medications is rising as healthcare reforms enhance public access to medical services [1][7] Competitive Landscape - The market is characterized by intense competition among domestic pharmaceutical companies, with some firms focusing on product development and brand building to capture market share [8][9] - Key players in the industry include Yunnan Baiyao Group, Renhe Pharmaceutical, and Henan Lingrui Pharmaceutical, among others [9] Industry Trends - The product structure is evolving, with non-steroidal anti-inflammatory drugs (NSAIDs) remaining dominant, while new drug types like targeted therapies and biological agents are emerging [10] - Companies are increasingly looking to expand into international markets, enhancing brand presence and product quality to compete globally [11][12] - Sales channels are diversifying, with a growing emphasis on online sales and the establishment of specialized health sections in pharmacies [13]

Core Viewpoint - Yunnan Baiyao reported a significant increase in its pharmaceutical business revenue for the first half of 2025, indicating strong growth in its core product lines and other traditional Chinese medicine products [1] Group 1: Financial Performance - The pharmaceutical business group achieved a revenue of 4.751 billion yuan, representing a year-on-year growth of 10.8% [1] - Sales revenue from the core product, Yunnan Baiyao aerosol, exceeded 1.453 billion yuan, with a substantial year-on-year increase of over 20.9% [1] - Other core products such as Yunnan Baiyao plaster, capsules, band-aids, and powder also showed significant revenue growth compared to the same period last year [1] Group 2: Product Performance - Revenue from other traditional Chinese medicine products was impressive, with Shenling Baizhu Powder exceeding 100 million yuan and Pudilan Anti-inflammatory Tablets nearing 100 million yuan [1] - The sales of Xuesaitong dispersible tablets experienced notable growth [1] - Plant-based health products, particularly Qixue Kang oral liquid, achieved sales revenue of 202 million yuan, reflecting a year-on-year growth of approximately 116.2% [1]

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]

Core Insights - Yunnan Baiyao reported record high revenue of 21.257 billion yuan, net profit attributable to shareholders of 3.633 billion yuan, and net profit after deducting non-recurring items of 3.461 billion yuan for the first half of 2025, achieving significant growth despite industry challenges [2][3] - The company plans to distribute a cash dividend of 10.19 yuan per 10 shares, totaling 1.818 billion yuan, which accounts for 50.05% of its net profit for the first half of the year, reflecting strong shareholder returns [2][3] Financial Performance - The net profit growth rate of 13.93% outpaced the revenue growth rate of 3.92%, driven by an increase in the high-margin industrial segment's revenue share to 40.01% and effective cost control measures [2][3] - Operating cash flow reached 3.961 billion yuan, with cash and cash equivalents of 11.294 billion yuan and a low debt-to-asset ratio of 25.91%, indicating strong financial health [3] Industrial Segment Growth - The industrial segment's revenue share increased to 40.01%, marking a 9-year high with a growth rate of 11.13%, becoming the main growth driver [4] - Key products such as Yunnan Baiyao aerosol sales exceeded 1.453 billion yuan, growing by 20.9%, while traditional products also saw double-digit growth [4] New Market Opportunities - The pharmaceutical segment is expanding into new areas such as cardiovascular and respiratory systems, with products like Qianling Jianpi Granules and Pudilan Anti-inflammatory Tablets showing significant revenue growth [4] - The health product segment, leveraging its leading position in toothpaste, is extending into "oral health+" with notable sales increases in sensitive and whitening toothpaste [4] Supply Chain and Resource Management - Yunnan Baiyao has established a comprehensive supply chain for traditional Chinese medicine, achieving a revenue of 914 million yuan from its resource segment, with a 6.3% year-on-year increase [6] - The company has implemented a "1 variety + 1 expert team + 3-5 cooperative bases" model to secure core resources and has increased standardized certification bases by over 7,000 acres [6] Cross-Border and Service Expansion - The company has initiated cross-border operations, successfully completing customs clearance at key ports, thus opening new channels for its products [7] - New customer development in pharmaceutical services has led to increased patient visits and prescription volumes, enhancing the value of its supply chain [7]

Investment Rating - The investment rating for Yunnan Baiyao is maintained as "Buy" [2][7]. Core Views - The company's performance in the first half of 2025 met expectations, with revenue reaching 21.257 billion yuan, a year-on-year increase of 3.92%, and net profit attributable to shareholders at 3.633 billion yuan, up 13.93% year-on-year. The company plans to distribute a special dividend totaling 1.818 billion yuan, which accounts for 50.05% of the net profit for the first half of 2025 [7]. - The business structure continues to optimize, with strong growth in the industrial sector. The pharmaceutical segment's revenue grew by 10.8% year-on-year, driven by core products such as Yunnan Baiyao aerosol spray, which saw sales exceed 1.453 billion yuan, a significant increase of over 20.9% [7]. - The health products segment achieved revenue of 3.442 billion yuan, a year-on-year increase of 9.46%, with Yunnan Baiyao toothpaste maintaining the top market share in the domestic channel [7]. Financial Summary - Revenue projections for Yunnan Baiyao are as follows: 40.033 billion yuan in 2024, 41.555 billion yuan in 2025, 43.424 billion yuan in 2026, and 45.196 billion yuan in 2027, reflecting growth rates of 2.36%, 3.80%, 4.50%, and 4.08% respectively [2]. - Net profit attributable to shareholders is projected to be 4.749 billion yuan in 2024, 5.383 billion yuan in 2025, 6.138 billion yuan in 2026, and 6.774 billion yuan in 2027, with year-on-year growth rates of 16.02%, 13.34%, 14.02%, and 10.36% respectively [2]. - Earnings per share (EPS) are expected to be 2.66 yuan in 2024, 3.02 yuan in 2025, 3.44 yuan in 2026, and 3.80 yuan in 2027, with corresponding price-to-earnings (P/E) ratios of 22.04, 19.45, 17.06, and 15.46 [2].

Core Insights - Yunnan Baiyao's operating performance shows steady growth, with a revenue of 21.257 billion yuan and a net profit of 3.633 billion yuan for the first half of 2025, marking a year-on-year increase of nearly 4% and 14% respectively [2][5][6] - The company has achieved three consecutive increases in mid-term revenue and net profit since 2023, with the first half of 2025 setting historical highs for both metrics [2][5][6] - Yunnan Baiyao maintains a leading market position in multiple business areas, including aerosol sprays, adhesive bandages, and toothpaste, with the highest market shares in their respective categories [2][6][7] Financial Performance - For the first half of 2025, Yunnan Baiyao's revenue and net profit growth rates were 3.92% and 13.93% respectively, with quarterly revenues of 10.841 billion yuan and 10.416 billion yuan for Q1 and Q2 [5][6] - The company reported a net cash flow from operations of 3.961 billion yuan, an increase of 21.45% year-on-year [9][10] - As of June 30, 2025, Yunnan Baiyao's cash and cash equivalents amounted to approximately 11.3 billion yuan, indicating a strong liquidity position [3][10] Shareholder Returns - Yunnan Baiyao has a history of high cash dividend payouts, distributing a total of 10.697 billion yuan in cash dividends from 2022 to 2024, exceeding 90% of the cumulative net profit [2][10] - The company plans to issue a special dividend of 1.818 billion yuan for the first half of 2025, representing about 50% of the net profit for that period [11] Product Portfolio and Market Position - Yunnan Baiyao has developed a diverse product portfolio with 40 categories and 416 varieties, including 567 approved drug products, of which 222 are traditional Chinese medicine products [6][7] - The company's core products, such as aerosol sprays and adhesive bandages, have shown significant sales growth, with aerosol spray sales reaching 1.453 billion yuan, a year-on-year increase of 20.9% [7][8]