云南白药集团股份有限公司 投资者调研会议记录 时间：2026 年 1 月 23 日 地点：集团总部办公大楼 召开方式：电话调研 投资者：国泰海通-张澄，农银汇理-梦圆 参加人员：证券事务代表-李孟珏，投资者关系管理-张昱、杨可 欣 会议内容： 3、请介绍公司的分红情况。 答：公司2024年年度分红以2024年末公司总股本1,784,262,603 股为基数，向全体股东每 10 股派发现金红利 11.85 元，送红股 0 股， 不以公积金转增股本。同时，公司已于 2024 年 11 月完成 2024 年特 别分红利润分派，每 10 股派送现金 12.13 元,现金分红金额共计 2,164,310,537.44 元。2024 年年度现金分红与 2024 年已实施的特别 分红合并计算，以 2024 年末公司总股本 1,784,262,603 股为基数， 2024 年度每 10 股累计共派送现金 23.98 元，累计现金红利总额合计 为 4,278,661,722.00 元，占 2024 年度公司归属于上市公司股东净利 润的 90.09%。 2025 年半年度，公司以 1,784,262,603 为基数，向全体股东每 ...

Group 1: Marketing Strategies - The pharmaceutical business unit focuses on becoming the "first brand" in the field of injury and pain management, leading to significant growth in aerosol and plaster products [2] - A comprehensive marketing strategy integrates various scenarios such as sports and music, utilizing platforms like Douyin and Xiaohongshu for broad dissemination [3] - Online sales through O2O channels increased by over 20%, with a total of 48.45 million visitors and 3.54 million consumers generated, resulting in a GMV of 254 million yuan [3] Group 2: R&D Progress - The INR101 diagnostic nuclear medicine project has initiated Phase III clinical trials, with 32 research centers established and 60 subjects enrolled [4] - The INR102 therapeutic nuclear medicine project has received a clinical trial notification, with 12 patients enrolled in the Phase I trial [4] Group 3: Health Products Sales - The health products business unit maintains a strong offline presence while increasing investment in online channels, achieving the top market share for toothpaste in China during the first half of 2025 [6] - During the 2025 "618" shopping festival, Yangyuanqing ranked first in Tmall for domestic anti-hair loss shampoo brands [6] Group 4: Development Directions - The company aims for "internal" and "external" collaborative development to optimize its industrial portfolio, focusing on enhancing efficiency in the pharmaceutical, health, and distribution sectors [7] - "Internal" development emphasizes maximizing overall efficiency and high-quality growth across the entire value chain, while "external" development explores strategic mergers and collaborations to overcome growth bottlenecks [7]

Group 1: Health Products Business Performance - In the first half of 2025, the health products segment achieved revenue of 3.442 billion CNY, a year-on-year growth of 9.46% [2] - The segment focuses on a full-channel operation strategy, enhancing offline distribution and increasing online promotion efforts [2] - Key products include oral care toothpaste, which maintains a leading position, and hair care brand Yangyuanqing, which continues to grow driven by online sales [2][4] Group 2: Pharmaceutical Business Performance - The pharmaceutical segment reported a main business revenue of 4.751 billion CNY in the first half of 2025, with a year-on-year increase of 10.8% [5] - Sales of Yunnan Baiyao aerosol exceeded 1.453 billion CNY, showing a significant growth of over 20.9% [5] - Other traditional Chinese medicine products also saw notable growth, with sales of Qianling Jianpi Granules surpassing 100 million CNY and Pudilan Anti-inflammatory Tablets nearing 100 million CNY [5] Group 3: Traditional Chinese Medicine Resource Business - The traditional Chinese medicine resource segment generated external revenue of 914 million CNY in the first half of 2025, reflecting a year-on-year growth of approximately 6.3% [6] - The segment implements a "six unifications" operational model to enhance the traditional Chinese medicine industry chain [7] Group 4: R&D and Innovation Progress - The company emphasizes innovation-driven development, focusing on both traditional Chinese medicine and innovative drugs [8] - In the first half of 2025, the company initiated phase III clinical trials for the prostate cancer diagnostic nuclear drug project INR101, with 60 subjects enrolled [9] - The innovative drug project INR102 for prostate cancer treatment received clinical trial approval, and phase I trials have commenced [9] Group 5: Dividend Distribution - For the 2024 fiscal year, the company distributed a cash dividend of 11.85 CNY per 10 shares, totaling approximately 2.164 billion CNY [10] - The total cash dividend for 2024, including special dividends, amounted to 4.279 billion CNY, representing 90.09% of the net profit attributable to shareholders [10] - In the first half of 2025, the company distributed a cash dividend of 10.19 CNY per 10 shares, totaling 1.818 billion CNY, which accounted for 50.05% of the net profit for that period [10]

Group 1: Pharmaceutical Business Performance - In the first half of 2025, the pharmaceutical business group achieved a main business revenue of 4.751 billion yuan, a year-on-year increase of 10.8% [2] - Sales revenue of Yunnan Baiyao aerosol exceeded 1.453 billion yuan, with a significant year-on-year growth of over 20.9% [2] - Other core products, including Yunnan Baiyao plaster and capsules, also saw notable growth, contributing to the overall revenue increase [2] - Plant-based products, such as Qixue Kang oral liquid, reached sales of 202 million yuan, with a year-on-year growth of approximately 116.2% [2] Group 2: Health Product Channel Development - The company has established a comprehensive national sales team for health products, maintaining a leading market share in Yunnan Baiyao toothpaste [4] - Continuous optimization of the entire channel has strengthened traditional offline advantages while also focusing on emerging retail formats like instant retail and community group buying [4] Group 3: Traditional Chinese Medicine Cultivation Achievements - The company has implemented a precise research and transformation model for seed innovation, achieving coverage of ten major Yunnan medicinal sources [5] - The area of high-quality seed promotion has reached 90% of the annual target, with significant progress in the construction of "Yun Medicine Seed Valley" [5] - Over 7,000 acres of GAP management have been added for various medicinal herbs, integrating low-altitude economy and IoT technology [5] Group 4: Online Sales Performance - The pharmaceutical business group has expanded its online market, with O2O sales increasing by over 20% year-on-year [6] - During the 2025 "618" shopping festival, the company achieved a GMV of 254 million yuan through e-commerce platforms, attracting 48.45 million visitors [7] - Yunnan Baiyao toothpaste maintained the top market share in the domestic channel, while Yangyuan Qing ranked first in Tmall for anti-hair loss shampoo [7] Group 5: Nuclear Medicine Research Progress - The INR101 diagnostic nuclear medicine project has initiated Phase III clinical trials, with 32 research centers established and 60 subjects enrolled [8] - The INR102 therapeutic nuclear medicine project has received a clinical trial notification, with Phase I trials underway and 12 patients enrolled [8]

Core Viewpoint - Mandi International has submitted its prospectus to the Hong Kong Stock Exchange, aiming to become the "first stock in anti-hair loss" amid a growing consumer healthcare market and increasing youth hair loss issues [1]. Company Overview - Mandi International, originally Zhejiang Wansheng Pharmaceutical Co., launched the first 5% minoxidil solution in China in 2001 and has maintained a leading position in the hair loss treatment market for the past decade [4]. - The company is planning to spin off and independently list on the Hong Kong Stock Exchange, with its parent company, 3SBio, holding an 87.16% stake prior to the split [4]. Financial Performance - Mandi International's revenue is projected to grow from RMB 981.54 million in 2022 to RMB 1.45 billion in 2024, reflecting a compound annual growth rate (CAGR) of 21.7% [5]. - Net profit is expected to increase from RMB 202 million in 2022 to RMB 390 million in 2024, with gross margins improving from 80.3% to 82.7% during the same period [5]. - The company's revenue from its main product line, the Mandi series, accounted for over 90% of total revenue, indicating a heavy reliance on this product line [6]. Market Dynamics - The hair health management market in China is projected to grow from RMB 19.8 billion in 2018 to RMB 52.7 billion by 2024, with an expected CAGR of 11.3% until 2035 [10]. - The competitive landscape is intensifying, with traditional pharmaceutical companies and international giants entering the market with new products [10]. Marketing and R&D Expenditure - Marketing expenses have been increasing, with sales and marketing costs rising from RMB 476.39 million in 2022 to RMB 633.80 million in 2024, representing a significant portion of revenue [8]. - In contrast, R&D spending is projected to decrease significantly in 2025, raising concerns about the company's long-term innovation capabilities [10]. Future Plans - The company plans to use the net proceeds from its IPO for enhancing R&D capabilities, digital operations, brand building, and working capital [11].

Core Insights - The core viewpoint of the article is that the power dynamics in China's anti-hair loss market have shifted from traditional daily chemical brands to pharmaceutical companies, driven by a growing consumer base and evolving market demands [4][5]. Market Dynamics - The anti-hair loss market in China has seen a significant transformation, with over 300 million people affected by hair loss, particularly among the 26-35 age group, indicating a shift from a minor issue to a widespread concern [4]. - Pharmaceutical companies, particularly those with OTC pipelines and dermatological resources, have emerged as the primary players in the market, leading to a dual oligopoly dominated by Sanofi's Mandi and Zhendong Pharmaceutical's Dafeixin [4][8]. - The market for anti-hair loss products has reached 5.247 billion yuan in sales within the first ten months of 2025, reflecting a year-on-year growth of over 47% [10][13]. Brand Strategies - Pharmaceutical companies are creating a new narrative of "anti-hair loss = medicine + consumer," leveraging high margins and professional barriers while extending their product lines into daily care categories [5][19]. - Brands like Mandi and Dafeixin are combining pharmaceutical and cosmetic products, promoting them through "scientific anti-hair loss salons" to capture consumer interest [6][9]. Competitive Landscape - Traditional daily chemical brands are struggling, with companies like Bawang reporting a significant decline in profits despite a slight revenue increase, highlighting a structural challenge in the market [8]. - The consumer focus has shifted from "shampoo for hair loss" to "medical treatment and scalp management," indicating a demand for more scientifically-backed solutions [9][10]. Emerging Trends - The average price of anti-hair loss products has risen to over 113 yuan, suggesting consumers are willing to invest more in effective scalp care solutions [13]. - New brands such as EHD and Off&Relax are gaining traction, with EHD leading in sales at 371 million yuan, showcasing a trend towards professional and functional care [16][18]. Future Directions - To compete effectively, beauty brands must transition from traditional narratives to scientific and medical language, focusing on the mechanisms behind hair loss and scalp health [19][23]. - The integration of devices with hair care products is emerging as a trend, with brands like Kérastase introducing scalp care devices that enhance treatment efficacy [25][27]. Conclusion - The anti-hair loss market is evolving into a sector characterized by scientific, medical, and long-term management approaches, with pharmaceutical companies redefining the rules and traditional brands being compelled to adapt [19].

Group 1: Pharmaceutical Business Performance - In the first half of 2025, the pharmaceutical segment achieved a revenue of CNY 4.751 billion, representing a year-on-year growth of 10.8% [2] - Sales revenue of Yunnan Baiyao aerosol exceeded CNY 1.453 billion, with a significant year-on-year increase of over 20.9% [2] - Other traditional Chinese medicine products showed remarkable growth, with sales of Canling Jianpi Granules exceeding CNY 100 million and Pudilan Anti-inflammatory Tablets nearing CNY 100 million [2] - Plant-based products, such as Qixue Kang Oral Liquid, reached sales of CNY 202 million, with a year-on-year growth of approximately 116.2% [2] Group 2: Nuclear Medicine R&D Progress - The INR101 diagnostic nuclear medicine project has initiated Phase III clinical trials, with 32 research centers established and 22 activated, enrolling 60 subjects [3] - The INR102 therapeutic nuclear medicine project has received a clinical trial notification, with Phase I trials underway and 12 patients enrolled for Phase II trials [3] Group 3: Health Products Business Performance - The health products segment reported a revenue of CNY 3.442 billion in the first half of 2025, reflecting a year-on-year growth of 9.46% [4] - The segment focuses on a full-channel operation strategy, enhancing offline distribution capabilities and increasing online channel investments [4] - The oral care category, particularly gum care toothpaste, maintains and gradually expands its leading advantage, while anti-sensitivity toothpaste shows breakthrough growth [4] Group 4: Online Sales Performance - The pharmaceutical segment's online sales increased by over 20% year-on-year, with a GMV of CNY 254 million generated from 4.845 million visitors [5] - Yunnan Baiyao toothpaste holds the top market share in the domestic all-channel market, while Yangyuanqing shampoo ranked first in Tmall's domestic anti-hair loss category during the 2025 "618" shopping festival [5] Group 5: Dividend Distribution - For the 2024 fiscal year, the company distributed a cash dividend of CNY 11.85 per 10 shares, totaling CNY 2.164 billion [6] - The total cash dividend for 2024, including special dividends, amounted to CNY 23.98 per 10 shares, representing 90.09% of the net profit attributable to shareholders [7] - In the first half of 2025, the company distributed a cash dividend of CNY 10.19 per 10 shares, totaling CNY 1.818 billion, with special dividends accounting for 50.05% of the net profit for the period [7]

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].

Core Viewpoint - The traditional growth paradigm is being deconstructed and reshaped, necessitating the exploration of new growth paths in the current macroeconomic environment, industry landscape, and market valuation system [3][10]. Group 1: Market Dynamics - The A-share market is experiencing a significant bull market, with all three major indices rising and the ChiNext index reaching a new high [5]. - The average return of actively managed public equity funds has approached 30% since the beginning of the year, significantly outperforming the CSI 300 index [8]. - The improvement in liquidity and the fundamental performance of companies, particularly in the innovative pharmaceutical sector, are driving this bull market [10]. Group 2: Industry Insights - The integration of AI with traditional industries is enhancing efficiency, while sectors like pharmaceuticals and advanced manufacturing are witnessing innovative breakthroughs [3]. - The consumer sector, particularly large consumption, is still perceived to have substantial growth potential despite being relatively low compared to other industries [12]. Group 3: Company Strategies - Yunnan Baiyao emphasizes "guarding and attacking" in its strategy, maintaining market leadership in core products while achieving significant growth in new businesses, such as a 116% increase in the sales of its Qi Xue Kang oral liquid [15]. - Yonghui Supermarket is undergoing a transformation to enhance product and service quality, focusing on employee satisfaction and customer experience through initiatives like the "Craftsman Plan" [15]. - Both companies are adapting to market changes by innovating their product structures and business models, with Yunnan Baiyao leveraging its full industry chain competitiveness [14]. Group 4: Valuation Perspectives - New growth companies require new valuation anchors, with traditional businesses valued by conventional methods and new growth segments assessed based on penetration rates and market space [16]. - A threshold of 30% revenue contribution from new businesses is identified as a critical point for reevaluating valuation approaches [16]. - The ability to continuously innovate and adapt to market demands is seen as a cornerstone of long-term investment value for companies [16].

Core Viewpoint - The traditional growth paradigm is being deconstructed and reshaped, necessitating the establishment of new growth logic in the current macroeconomic environment, industry structure, and market valuation system [3][17]. Group 1: Market Sentiment and Performance - The recent bull market has seen significant activity, with major indices rising and the ChiNext index reaching new highs, indicating a strong market sentiment [5]. - Public funds have experienced a notable return, with an average return of nearly 30% since the beginning of the year, significantly outperforming the CSI 300 index [7]. - The improvement in liquidity and the fundamental performance of companies, particularly in the innovative pharmaceutical sector, have contributed to the current market optimism [9]. Group 2: Traditional Companies and Growth Strategies - Traditional companies like Yunnan Baiyao and Yonghui Supermarket are focusing on "guarding and attacking" to explore new growth spaces while maintaining their core competitive advantages [14]. - Yunnan Baiyao has reported strong performance in its core products, maintaining the top market share in several segments, while its new business, such as the Qixue Kang oral liquid, has seen a growth rate of 116% in the first half of the year [15]. - Yonghui Supermarket is undergoing a transformation to enhance product and service quality, with nearly 200 stores modified to improve customer experience and employee satisfaction [15]. Group 3: New Valuation Metrics and Growth Logic - New growth enterprises require new valuation anchors, where traditional business segments are valued using conventional methods, while new growth segments should be assessed based on penetration rates and market potential [16]. - A significant threshold for new business revenue is identified at 30%, beyond which separate valuation considerations are necessary [16]. - The emphasis on quality, efficiency, and certainty in growth strategies reflects a shift from merely pursuing speed and scale, highlighting the importance of a robust cash flow and strategic vision for long-term investment value [17].