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]

9月1日，云南白药召开投资者调研会议，中信证券、中信建投等125家机构和个人投资者参会。公司党 委书记、董事长张文学，副董事长、总裁董明等多位高管出席，就公司经营情况、发展战略、费用规划 等方面与投资者进行交流。 投资者活动关系类别：电话会议调研时间：2025年9月1日地点：集团总部办公大楼参与单位名称：中信 证券、中信建投、中金公司、兴业证券、国泰海通、华泰证券、天风证券、华创证券、光大证券、开源 证券、东吴证券、浙商证券、国盛证券、华安证券、东北证券、东方证券、民生证券等机构和个人投资 者125人上市公司接待人员姓名：党委书记、董事长-张文学，副董事长、总裁-董明，首席科学家-张 宁，高级副总裁-李胜利，首席财务官-马加，高级副总裁-谌识，董事会秘书-钱映辉 上半年逆势增长，多项指标创新高 公司在行业承压趋势下实现逆势增长。2025年上半年营收212.57亿元，同比增长3.92%；归母净利润 36.33亿元，同比增长13.93%，创同期历史新高；扣非归母净利润34.61亿元，同比增长10.40%，亦创同 期历史新高。 从成长质量看，经营性现金流净额为39.61亿元，较上年同期增长21.45%；加权平均净资 ...

证券研究报告 云南白药 (000538 CH) 工业收入双位数增长 工业收入双位数增长，气雾剂、气血康表现亮眼 1H25 工业收入 85.0 亿元（+11% yoy），毛利率 67.9%（+0.6pct yoy）， 我们预计全年工业收入维持双位数增长：1）药品 BG 收入 47.5 亿元（+11% yoy），白药系列表现强劲，气雾剂收入同比增 21%至 15 亿元，膏剂、胶 囊、创可贴、散剂收入均同比显著增长，特色品种表现亮眼，气血康收入同 比翻一倍至 2 亿元，参苓健脾胃收入超 1 亿元，蒲地蓝收入约 1 亿元；2） 健康品 BG 收入 34.4 亿元（+9% yoy），云南白药牙膏市占率维持国内第 一，养元青收入同比增长 11%至 2.2 亿元；3）中药资源 BG 收入 9.14 亿元 （+6.3% yoy）。 经营指标稳健 公司公告 1H25 收入、归母净利、扣非归母 212.6、36.3、34.6 亿元（+4%、 +14%、+10% yoy），其中 2Q25 收入、归母净利、扣非归母 104.2、17.0、 15.7 亿元（+8%、+14%、+9% yoy）。公司公告特别分红方案，计划每 10 股派现 ...

健康品事业群实现营业收入34.42亿元，同比增长9.46%。云南白药牙膏稳居国内市场份额第一（数据来 源：尼尔森零售研究数据），抗敏、美白及儿童牙膏产品稳步增长。洗护品牌养元青实现销售收入2.17 亿元，同比增长11%。 商业板块方面，云南省医药公司实现主营业务收入121.64亿元，净利润3.51亿元，同比增长17.75%。公 司持续巩固医院药品配送和商业分销业务，医疗器械、特医食品等非药业务销售收入同比增长10.6%， 新特药专业药房业务销售额同比增长57%。 中药资源事业群实现对外收入9.14亿元，同口径同比增长6.3%。公司践行云南省中药材产业"链主"责 任，全面推进种植规划、种源研发、种植标准、产地加工、收购销售和管理"六统一"运营模式，构建中 药材产业集群。种业创新方面，实现十大云药创新种源全覆盖，新增GAP基地管理7000余亩。中药材跨 境业务取得突破，数智云药平台交易额突破10亿元。 研发方面，公司坚持"守正创新"，短期项目聚焦上市品种二次开发，气血康口服液、宫血宁胶囊等产品 研究取得新进展；中期项目如全三七片、附杞固本膏稳步推进临床试验；长期项目则聚焦核药创新，前 列腺癌项目已启动Ⅲ期临床试验 ...