云南白药集团股份有限公司 2、药品事业群 2024 年经营情况如何？ 答：2024 年药品事业群主营业务收入 69.24 亿元，同比增长 11.8%， 单品销售过亿产品达 10 个。核心系列产品中，云南白药气雾剂销售 收入突破 21 亿元，同比增长超 26%；云南白药膏、云南白药胶囊、 云南白药创可贴、云南白药（散剂）均在上年销售收入基础上，实现 显著增长。其他品牌中药类产品增长亮眼，蒲地蓝消炎片销售收入近 2 亿元，同比大幅增长超 22%，血塞通胶囊、小儿宝泰康颗粒、参苓 健脾胃颗粒产品收入均破亿。植物补益类产品，气血康口服液销售收 入继续保持增长态势，同口径下同比增长约 14%。 投资者调研会议记录 时间：2025 年 7 月 9 日 地点：集团总部办公大楼 召开方式：现场调研 投资者：平安基金-王华、丁琳，信达证券-章钟涛、王留阳 参加人员：投资者关系管理-张昱、杨可欣 会议内容 1、请问公司 2025 年一季度业绩情况如何？ 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， ...

云南白药 20250627 摘要 云南白药 2024 年营收突破 400 亿元，同比增长 2.36%；归母净利润 47.49 亿元，同比增长 16%；扣非归母净利润增长 20.18%。2025 年 一季度营收 108.41 亿元，同比增长 0.62%；归母净利润同比增长 13.67%，扣非归母净利润同比增长 11.65%，整体业绩稳健增长。 药品事业部 2024 年收入 69.24 亿元，增长 11.8%，其中云南白药气雾 剂销售额突破 21 亿元，增长 26%。健康品事业部营收 65.26 亿元，增 长 1.6%，口腔护理及防脱洗护领域保持领先。中草药资源收入 17.51 亿元，增长 3.13%，成本下降 3,000 万元。医疗器械和滋补保健品部 门分别增长 61%和 101%。 云南白药在研贴膏剂项目包括三七片、氟比洛芬贴膏、洛索洛芬凝胶贴 膏和云南白药新型橡胶贴膏，已获 4 项专利。三七片完成二期临床入组， 固本膏准备三期临床。 云南白药创新药研发聚焦核药领域，INR101（前列腺癌诊断）已完成 三期临床首例患者入组，INR102（前列腺癌治疗）完成首次人体临床 试验，并积极推进后续试验。 Q&A 云南 ...

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]

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 growth of 13.66% [2] - The net cash flow from operating activities was 714 million CNY, an increase of 35.39% [2] - The weighted average return on equity was 4.86%, up by 0.68 percentage points year-on-year [2] - The company had a cash balance of 11.062 billion CNY and total assets of 54.253 billion CNY [2] Pharmaceutical Business Development - The pharmaceutical segment focused on establishing itself as the leading brand in pain management, launching a new pain management model [3] - Key areas of focus included cardiovascular, respiratory, and pediatric medicine, enhancing the product pipeline [4] - Clinical research in diabetes foot, skeletal pain, and other areas showed steady progress, expanding product application scenarios [4] - Marketing efforts included the successful promotion of the proprietary sports IP "Let's Go Play Ball," enhancing brand youthfulness [4] - The company optimized its operational platform, achieving significant quality and efficiency improvements throughout the year [4] Health Products Channel Development - The company has a well-established national sales team for health products, maintaining a leading market share in toothpaste [5] - Continuous optimization of the entire channel has strengthened traditional offline advantages while exploring new retail formats [6] - The channel advantages have significantly enhanced market competitiveness and laid a foundation for new product commercialization [6] Future Development Strategy - The company aims for growth through both "internal" and "external" collaborative development, optimizing its industrial portfolio [7] - "Internal" development focuses on enhancing efficiency and stability across the pharmaceutical, health, and distribution sectors [7] - "External" development involves strategic mergers and collaborations to overcome growth bottlenecks and build a sustainable industrial system [7] Dividend Distribution - For the 2024 fiscal year, the company plans to distribute a cash dividend of 11.85 CNY per 10 shares, with no stock dividends [8] - A special dividend of 12.13 CNY per 10 shares was completed in November 2024, totaling 2.164 billion CNY [8] - The total cash dividend for 2024 amounts to 23.98 CNY per 10 shares, totaling 4.279 billion CNY, which is 90.09% of the net profit attributable to shareholders [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 ...

风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者： 价投观察员 来源：雪球 2025年一季度财报一出 ， 中药界的两大 " 顶流 " —— 片仔癀和云南白药 ， 又双叒叕被拉出 来 " 比美 " 了 。 一个靠 " 一粒药卖760元 " 撑起千亿市值 ， 一个靠 " 牙膏卖到全国第一 " 稳坐日化头把交椅 。 这俩活宝的财报 ， 就像两个性格迥异的学霸 ： 一个闷声发大财 ， 一个 卷到飞起 。 咱们今天就来扒一扒 ， 到底谁更 " 能打 " ！ 一 、 赚钱能力 ： 片仔癀 " 抠门 " 但会过日子 ， 云南白药 " 大方 " 但利润狂飙 片仔癀 ： 一季度营收31.42亿元 ， 同比下滑0.92% ， 但净利润10亿元 ， 反而涨了2.59% 。 这操作就像 " 奶茶店销量降了 ， 但涨价+省广告费 ， 利润反而更高 " —— 毛利率从47%降到 45% ， 但销售费用直接砍了38% ， 最终每卖100元能净赚32元 ， 比去年还多赚0.8元 。 把 我惊的直呼 ： " 这波操作 ， 666 ！ " 云南白药 ： 营收108.41亿元 ， 同比微增0.62% ， ...

然而，太极集团和康缘药业等企业的营业收入出现了明显下滑。太极集团2024年营业收入123.86亿元，同比锐减 20.72%。北京商报记者注意到，太极集团近十年以来几乎少有新药问世，业绩基本由历史上形成的几款产品贡 献。藿香正气口服液作为太极集团的明星大单品，市场份额正在逐步被其他品牌蚕食。据国家药监局官网信息， 国内获得"藿香正气"相关批文的产品已多达628项，生产单位也逾百家。2024年，太极藿香正气口服液10ml×10支 ×70盒的销量同比下滑35.34%，产量更是腰斩。同时，复方对乙酰氨基酚片销量也暴跌54.74%，库存量同比增长 163.88%。主打产品的销量下滑，加剧了太极集团的业绩压力。 核心产品影响营收，几乎成了中药企业的共性问题。白云山2024年虽营收规模超700亿元，但却出现下滑趋势， 背后原因也是核心产品有一定减量。2024年，白云山大健康业务营收同比下降12.7%，比去年少卖了14亿元，王 老吉凉茶没能守住百亿大单品的基本盘。药物中收入最高的大单品枸橼酸西地那非片，在2024年也出现明显下 滑，营收10.34亿元，同比下降19.81%，且库存量激增49.78%。这再次印证了核心产品对中药 ...