Core Insights - The concept of "instant gratification" is a key driver for convenience stores, allowing them to maintain a competitive edge over e-commerce platforms, as consumers are willing to pay a premium for immediate access to products like bottled water [1][2] - Convenience stores benefit from high turnover rates, with products like bottled water having a turnover cycle of just 2 to 3 days, which enhances cash flow efficiency [1][3] - The psychological aspect of spending on urgent needs, as explained by the mental accounting theory, indicates that consumers categorize these expenses differently, prioritizing certainty over other considerations [1][2] Industry Dynamics - Leading beverage companies invest heavily in convenience stores by providing dedicated coolers, recognizing the unique value of the "instant gratification" experience that cannot be replicated by online platforms [2] - The rise of instant retail is prompting major e-commerce platforms to enter this space, but the unpredictability of urgent needs means that the immediate availability of convenience stores remains unmatched [2][3] - Convenience stores and vending machines have evolved into essential emergency stations for immediate needs, with water products being particularly well-suited for this market due to their high-frequency demand and strong cash turnover capabilities [3]

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， ...

药物在身体里也会"迷路"？传统药物递送就像在陌生城市投递包裹——口服或静脉注射的药物容易在血 液里"兜圈子"，不仅难以精准找到病灶，还可能误伤健康器官；大分子药物则易被细胞膜的"安检门"严 防死守。 图为科研团队研发的"智能创可贴"示意图。（受访者供图） 北航生物与医学工程学院教授常凌乾介绍，科研团队融合柔性电子与微纳加工技术打造出这款贴片，仅 有约一张普通打印纸的厚度，能直接附着在器官表面。贴片凭借"纳米孔-微通道-微电极"三维结构，实 现了无线供电，可在低电压下对细胞膜进行安全穿孔，并通过纳米孔道内形成的超高电场强度，将药物 分子快速、精准地点对点递送到病灶。"这相当于给药物递送打通了一条'高速公路'。" 北大医学部教授李默说，研究发现，在急性肝损伤小鼠对照实验中，贴片治疗组实现7天存活率100%， 而传统治疗组死亡率为40%。病理学分析还显示，贴片治疗组肝脏损伤部位恢复平滑完整，没有发生炎 症和纤维化，优于其他治疗组效果。 "这项研究成果已在医学美容、皮肤创伤修复等领域实现转化应用，未来还有望为癌症、创伤等重大疾 病治疗带来新方案。"常凌乾说。（记者赵旭、魏梦佳） 聚焦这一难题，北京航空航天大学、北京大 ...

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].

外科伤口湿性治疗（湿性愈合治疗）是一种现代创伤护理方法，旨在通过保持伤口表面的湿润环境来促进愈合，减少瘢痕形成，并降低 感染的风险。这种方法与传统的干燥治疗方法（如裸露伤口或使用干敷料）不同，它依赖于湿性敷料来维持伤口的湿润环境，从而加速 愈合过程。 预防感染：湿性治疗使用的敷料通常具备防水、透气的特性，能够防止外界污染物进入伤口，同时也能避免过多的渗液外溢。 报告的统计范围主要包含敷料、创可贴和伤口软膏等产品。 全球外科伤口治疗市场规模与增长趋势 2024年全球外科伤口治疗市场销售额达到了53.42亿美元，预计2031年将达到80.91亿美元，年复合增长率（CAGR）为6.49%（2025- 2031）。 随着全球老龄化护理需求增加、居民收入持续增长、国内医改政策的推进，国内医用敷料市场规模呈现快速增长趋势，全球医用敷料市 场也呈现稳定增长趋势，为行业企业的发展提供了良好的外部环境。 湿性治疗的原理： 保持伤口湿润环境：湿性环境有助于加速伤口愈合过程，避免结痂的形成，因为伤口结痂会阻碍新组织的生长。湿润环境能够促进表皮 细胞迁移、减少细菌感染、改善局部血液循环。 减少疼痛：湿性环境能够减少伤口与空气接触，从 ...