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 ...

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]

Core Viewpoint - Yunnan Baiyao has demonstrated strong performance in the first half of 2025, achieving significant revenue and profit growth while optimizing its business structure [2] Group 1: Financial Performance - In the first half of 2025, Yunnan Baiyao reported operating revenue of 21.257 billion, a year-on-year increase of 3.92% [2] - The net profit attributable to shareholders reached 3.633 billion, up 13.93%, marking a historical high for the same period [2] - The net cash flow from operating activities was 3.961 billion, reflecting a growth of 21.45% compared to the previous year [2] - The total assets amounted to 54.535 billion, with a net asset value of 40.407 billion and a debt-to-asset ratio of 25.91% [2] Group 2: Product Sales Highlights - The pharmaceutical segment generated 4.751 billion in revenue, a 10.8% increase year-on-year, with core products like Yunnan Baiyao aerosol sales exceeding 1.453 billion, growing over 20.9% [3] - The health products segment achieved revenue of 3.442 billion, a 9.46% increase, with Yunnan Baiyao toothpaste maintaining the top market share in China [3] - The Chinese medicine resources segment reported external revenue of 914 million, a year-on-year growth of approximately 6.3% [3] - The provincial pharmaceutical company saw revenue of 12.164 billion, with a net profit of 351 million, reflecting a 17.75% increase [3] Group 3: Innovation and Development - Yunnan Baiyao is committed to innovation, developing a comprehensive research system for traditional Chinese medicine and making significant progress in innovative drug development [4] - In the first half of 2025, several innovative drug projects advanced, including the initiation of phase III clinical trials for prostate cancer diagnostic nuclear drug project INR101 [4] - The company is integrating AI and cutting-edge technology into its research, with results published in professional journals [4]

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]

Group 1: Company Overview - Lepu Medical - Lepu Medical is a leading cardiovascular company in China, with a diverse product matrix. In H1 2025, the company achieved revenue of 3.369 billion yuan, a year-on-year decrease of 0.43%, and a net profit of 691 million yuan, down 0.91% year-on-year [3] - The company is strategically expanding into innovative drugs for cardiovascular and metabolic diseases through its subsidiary, Minwei Biotech, which focuses on obesity and type 2 diabetes treatments. As of August 2025, several products are in various clinical trial phases [3] - Lepu Medical is also actively developing its aesthetic medicine segment, with new products like dermal fillers and hyaluronic acid injections receiving approval, indicating strong growth potential in the non-medical insurance market [3] Group 2: Company Overview - Superwin International Holdings - Superwin International Holdings has over 20 years of experience in elastic fabric, with a stable management team. The company generates 55.4% of its revenue from sports fabrics and is well-positioned to capture more orders due to its mature overseas production capacity [6][7] - The company is expected to see net profits of 590 million, 640 million, and 700 million HKD from 2025 to 2027, benefiting from a rebalancing of supply and demand and moderate raw material prices [5][6] - Superwin has maintained a stable dividend payout ratio of around 50%, with a dividend yield exceeding 9% for the past four years, making it an attractive investment opportunity [8] Group 3: Industry Insights - Biopharmaceuticals - The biopharmaceutical industry is witnessing a shift towards innovative drug development, particularly in cardiovascular and metabolic diseases, driven by companies like Lepu Medical [3] - The market for aesthetic medicine is expanding, with increasing regulatory approvals for new products, indicating a growing consumer demand for non-traditional medical treatments [3] Group 4: Industry Insights - Textile and Apparel - The sportswear segment is outpacing other apparel categories, with rising demand for elastic, breathable, and antibacterial fabrics benefiting suppliers like Superwin International [8] - The company is positioned to leverage its established relationships with major sports brands, which have been in collaboration for over five years, ensuring a steady flow of orders [8]

Overview - The core viewpoint of the article highlights the growing demand for traditional Chinese medicine (TCM) transdermal patches due to their advantages such as no first-pass effect, minimal gastrointestinal damage, low toxicity, prolonged efficacy, and ease of use, particularly among populations that cannot take oral medications, like the elderly and children [1][4][8]. Market Size - The market size of TCM transdermal patches in China is projected to reach 14 billion yuan by 2024, accounting for 65.34% of the overall medicinal patch market [1][8]. Market Policies - The Chinese government has implemented various policies to support the development of the TCM industry, including measures to enhance scientific regulation, promote innovation, and improve healthcare quality from 2023 to 2025 [5][6]. Industry Chain - The upstream of the TCM transdermal patch industry includes suppliers of raw materials such as Chinese medicinal herbs, rubber, and various excipients, while the midstream consists of manufacturers of TCM transdermal patches, and the downstream includes medical institutions, retail pharmacies, and online pharmacies [6][7]. Sales Channels - Medical institutions are the primary sales channel for TCM transdermal patches, accounting for over 60% of sales. By the end of 2024, there will be approximately 1.092 million medical institutions in China, with a 2.0% year-on-year growth [7][8]. Competitive Landscape - The top five companies in the TCM transdermal patch market as of Q1 2025 include Qizheng Group, Yunnan Baiyao, Lingrui Pharmaceutical, Hillman Pharmaceutical, and China Resources Pharmaceutical, with Qizheng Group and Yunnan Baiyao leading the market [10][11]. Company Analysis - Qizheng Tibetan Medicine Co., Ltd. is a leading modern Tibetan medicine company with a revenue of 1.175 billion yuan in the first half of 2025, of which 824 million yuan (70.11%) comes from transdermal patch sales [12]. - Lingrui Pharmaceutical Co., Ltd. reported a total revenue of 2.099 billion yuan in the first half of 2025, with a gross profit of 1.707 billion yuan and a gross margin of 81.33% [13]. Development Trends - The demand for TCM transdermal patches is expected to grow due to the aging population and increasing prevalence of musculoskeletal and cardiovascular diseases. Additionally, the shift in health consciousness and the rise of online sales channels will further expand the market [13].

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].