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， ...

Core Viewpoint - Yunnan Baiyao has shifted focus from stock trading to its core business, resulting in improved operational efficiency and growth in performance despite industry challenges [1][3]. Financial Performance - In Q1 2025, Yunnan Baiyao reported revenue of approximately 10.8 billion yuan, showing slight growth year-on-year, with net profit attributable to shareholders exceeding 1.9 billion yuan, a year-on-year increase of about 13% [1]. - For the year 2024, the company achieved a record revenue of 40.03 billion yuan, a year-on-year growth of 2.36%, and a net profit of 4.75 billion yuan, up 16.02% [3][4]. - The company's net profit excluding non-recurring items reached 4.52 billion yuan in 2024, reflecting a 20.18% increase year-on-year [3][5]. Cash Flow and Financial Health - Yunnan Baiyao's operating cash flow for 2024 was 4.297 billion yuan, a 22.68% increase from the previous year, with Q1 2025 cash flow at 714 million yuan, up 35.39% [2][5]. - As of the end of Q1 2025, the company had cash and cash equivalents of 11.062 billion yuan, indicating a strong financial position [10]. Dividend Policy - The company has consistently maintained a high dividend payout, distributing a total of 10.7 billion yuan in cash dividends over the past three years, with a payout ratio exceeding 90% each year [10][12]. Operational Efficiency - Yunnan Baiyao's gross margin and net margin improved in 2024, with gross margin at 27.90% and net margin at 11.91%, reflecting a year-on-year increase of 1.39 percentage points and 1.37 percentage points, respectively [6][10]. - The company has optimized its business structure, with industrial revenue reaching 14.468 billion yuan in 2024, accounting for 36.14% of total revenue, and an industrial gross margin of 65.93% [8][10]. Strategic Focus - The company has exited all secondary market securities investments as of Q3 2023 and plans to focus on its core pharmaceutical business moving forward [8].