调研基本情况 健康品事业群：线上渠道突破 核心产品市占率领先 健康品业务方面，公司透露2025年线上渠道取得突破性成果，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，电商平台引流访客达4845万，带来消费者354万，共产出GMV 2.54亿元。线下方面， 2025年上半年云南白药牙膏稳居国内全渠道市场份额第一（数据来源：尼尔森零售研究数据）；2025 年"618"期间，养元青蝉联天猫国货防脱洗发水品牌第一名。公司表示，未来将在稳住线下基本盘的同 时，加大线上及新产品推广投入，关注即时零售、社区团购等新兴业态。 分红政策：高比例分红持续落地 2024年累计派息超42亿元 2026年1月22日，云南白药集团股份有限公司（以下简称"公司"）在集团总部办公大楼以电话调研方式 接待了机构投资者。参与本次调研的机构包括国泰海通、东证资管，公司证券事务代表李孟珏及投资者 关系管理张昱、杨可出席会议，就公司药品二次开发、子公司经营、健康品渠道及分红政策等核心问题 与投资者进行深入交流。 核心议题回应 药品事业群：重点品 ...

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： 1、请问公司药品事业群重点品种二次开发有什么进展？ 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 22 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，东证资管-马庆华 答：公司药品事业群重点开展了云南白药(散剂)、胶囊在糖尿病 足、骨骼疼痛等方面的临床研究，宫血宁胶囊在治疗异常子宫出血、 减少药物流产后阴道流血等方面的临床研究，气血康口服液改善心脏 和血管健康及对高原反应的预防与治疗方面的临床研究均取得稳步 进展，为产品打开更广阔应用场景。 答：药品事业群积极拓展线上市场，2025 年上半年 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。 健康品事业群在稳住线下基本盘的同时，合理加大线上渠 ...

Group 1: Marketing and Sales Performance - In the first half of 2025, the pharmaceutical business group achieved over 20% year-on-year growth in O2O sales, leveraging platforms like Douyin and Xiaohongshu for extensive content marketing [2][3] - Online sales reached a GMV of 254 million CNY, with 48.45 million visitors and 3.54 million consumers driven to e-commerce platforms [3] - The company’s strategic partnership with JD Health significantly improved the ranking of its main products during the 2025 618 shopping festival [3] Group 2: Traditional Chinese Medicine (TCM) Resource Development - The TCM resource business group generated 914 million CNY in external revenue in the first half of 2025, reflecting a year-on-year growth of approximately 6.3% [4] - The group implemented a "six unifications" operational model to enhance the TCM supply chain, focusing on unified planting, sourcing, standards, processing, sales, and management [4] Group 3: Research and Development Progress - The company is advancing 16 major TCM projects, with 37 ongoing initiatives, focusing on secondary development and innovative drug creation [6] - Clinical trials for key products like Qixuekang and Gongxuening are progressing, with significant milestones achieved in various phases of testing [6] Group 4: Dividend Distribution - For the 2024 fiscal year, the company announced a cash dividend of 11.85 CNY per 10 shares, totaling approximately 2.16 billion CNY, which represents 90.09% of the net profit attributable to shareholders [7] - In the first half of 2025, a cash dividend of 10.19 CNY per 10 shares was distributed, amounting to 1.82 billion CNY, which is 50.05% of the net profit for that period [8] Group 5: Digital Transformation Initiatives - The company is implementing a digital development plan (2022-2026) that integrates data and AI across key operational areas, enhancing efficiency and innovation [9][10] - A self-developed marketing operations platform has improved channel efficiency, reducing manual processing workload by 30% and eliminating 60,000 paper documents annually [9] - The digitalization of the TCM supply chain has significantly reduced transaction times from one day to mere minutes, enhancing overall operational efficiency [11]

Core Viewpoint - The market value of Yunnan Baiyao is under pressure due to the overall downturn in the traditional Chinese medicine industry, despite its stable revenue and profit growth. The company is facing challenges in maintaining growth momentum and diversifying its product offerings [1][3][19]. Financial Performance - Yunnan Baiyao reported a revenue of 30.65 billion yuan for the first three quarters, a year-on-year increase of 2.47% [3][5]. - The net profit attributable to shareholders reached 4.78 billion yuan, reflecting a year-on-year growth of 10.41% [3][5]. - The company's basic earnings per share increased by 10.74% to 2.68 yuan [5]. Revenue Composition - 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% [6]. - Industrial sales, which make up less than 40% of revenue, are the main profit contributors, particularly from products like aerosol sprays and toothpaste [6]. Market Position and Challenges - Yunnan Baiyao holds a dominant market share in several product categories, including a 91.8% share in the aerosol market for muscle and joint pain relief [6]. - Despite its strong market position, the company faces challenges in growth as sales in pharmaceuticals and health products have slowed down in recent years [7]. Diversification Efforts - In recent years, Yunnan Baiyao has explored various side businesses, including tea and industrial hemp, and previously engaged in stock trading, which led to significant losses [8][14]. - The company has since reduced its trading financial assets significantly, indicating a shift in strategy towards safer investments [10][11]. Strategic Developments - Yunnan Baiyao has announced plans to focus on both traditional Chinese medicine and innovative pharmaceuticals, aiming for both internal and external growth [26][27]. - The acquisition of 聚药堂 for 660 million yuan is part of its strategy to enhance its product portfolio and market reach, despite concerns over the high premium paid [28][30]. Innovation and R&D - The company is actively pursuing innovation in its product lines, with ongoing projects in traditional Chinese medicine and health supplements [32][36]. - Yunnan Baiyao is also working on developing new drugs, although the process is lengthy and costly, posing risks to timely market entry [36]. Market Outlook - Despite recent challenges, Yunnan Baiyao has maintained a high dividend payout ratio, making it attractive to investors [36]. - The company's current valuation is below the industry average, suggesting potential for future growth, although caution is advised before making investment decisions [36].

Core Insights - The Chinese biopharmaceutical industry is experiencing a dual benefit of increased policy support and accelerated industrial upgrades, with a focus on high-quality development driven by technological breakthroughs and deep integration of industry, academia, and research [2][3] - Yunnan Baiyao, as a leading traditional Chinese medicine enterprise, is actively engaging in innovation and transformation, leveraging its resource integration capabilities and academic collaboration to connect industry needs with research outcomes [2][3] Industry Developments - The "2025 Pharmaceutical Innovation and Technology Frontier Forum" was held in Kunming, co-hosted by Peking University and Yunnan Baiyao, attracting over 500 experts to discuss advancements in oncology, reproductive medicine, trauma orthopedics, and oral medicine [2] - Yunnan Baiyao aims to collaborate with top global research institutions to focus on drug development, clinical trials, and translational medicine, enhancing core technology breakthroughs and the commercialization of research outcomes [3][4] Collaborative Models - The Peking University-Yunnan Baiyao Medical Center exemplifies successful industry-academia collaboration, emphasizing the importance of integrating research and application to enhance the pharmaceutical industry's core competitiveness [3][4] - The center's collaborative model focuses on three main aspects: complementary advantages, resource alignment, and co-creation, aiming to build a world-class medical research center [4] Research and Development Strategies - The core value of industry-academia collaboration lies in effective "outcome transformation," requiring a complete closed-loop mechanism from problem identification to joint research and industrial validation [5] - Yunnan Baiyao is advancing its traditional medicine projects through clinical and foundational research, with significant progress in products like Qixuekang oral liquid, which has shown notable cardiovascular health benefits [6] International Expansion - Yunnan Baiyao is addressing the challenge of insufficient evidence for traditional Chinese medicine in international markets by implementing a differentiated strategy, initially focusing on Southeast Asia and Belt and Road countries [7] - The company emphasizes the need for standardization, scientific validation, and clear communication of active components to align with international standards [7] Innovation in Drug Development - Yunnan Baiyao is expanding its innovative drug portfolio, focusing on nuclear medicine, biopharmaceuticals, and chemical drugs, with several projects achieving significant milestones [8][9] - The company maintains a balanced strategy of licensing and independent research, gradually building its R&D capabilities while leveraging collaborations with top experts and institutions [9][10]

Financial Performance - In Q1 2025, the company achieved a revenue of 10.841 billion CNY, a year-on-year increase of 0.62% [2] - The net profit attributable to shareholders was 1.935 billion CNY, up 13.67% year-on-year [2] - The basic earnings per share reached 1.08 CNY, reflecting a 13.66% increase [2] - The net cash flow from operating activities was 714 million CNY, showing a significant growth of 35.39% [2] - The weighted average return on equity was 4.86%, an increase of 0.68 percentage points year-on-year [2] - The company held cash and cash equivalents of 11.062 billion CNY, with total assets amounting to 54.253 billion CNY [2] Pharmaceutical Business Growth - The pharmaceutical segment focused on "comprehensive management of pain in the injury field" as a strategic direction [3] - The segment enhanced its core products' efficacy in pain management through academic clinical research [4] - Key areas of focus included cardiovascular, respiratory, and pediatric medicine, with ongoing efforts to enrich the product pipeline [4] - Marketing strategies included the successful cultivation of proprietary sports IP, which contributed to brand youthfulness and increased product penetration [4] Oral Care Product Performance - In 2024, Yunnan Baiyao toothpaste maintained the top market share in the domestic oral care sector [5] - During major sales events like "618" and "Double Eleven," the brand consistently ranked first in online oral care sales [5] - Content marketing initiatives, such as the "Healthy Oral 123 Plan," significantly enhanced brand visibility, achieving over 6.43 billion exposures [6] Dividend Distribution - For the 2024 fiscal year, the company announced a cash dividend of 11.85 CNY per 10 shares, totaling approximately 2.164 billion CNY [7] - The total cash dividend for 2024, including special dividends, amounted to 23.98 CNY per 10 shares, representing 90.09% of the net profit attributable to shareholders [7] Nuclear Medicine R&D Progress - The INR101 diagnostic nuclear medicine project received clinical approval in May 2024, with promising stability and safety results reported in November [9] - The company’s subsidiary received approval for clinical trials of INR102, an innovative drug for treating metastatic castration-resistant prostate cancer [9]

Financial Performance - In 2024, the company achieved a revenue of 40.033 billion CNY, a year-on-year increase of 2.36% [2] - The net profit attributable to shareholders reached 4.749 billion CNY, up 16.02% from 4.094 billion CNY in the previous year [2] - The net profit excluding non-recurring items was 4.523 billion CNY, reflecting a 20.18% increase from 3.764 billion CNY [2] - Operating cash flow net amount was 4.297 billion CNY, a growth of 22.68% [3] - The weighted average return on equity was 11.99%, an increase of 1.48 percentage points [3] - Basic earnings per share were 2.66 CNY, up 16.16% year-on-year [2] Business Structure and Efficiency - Industrial revenue accounted for 36.14% of total revenue, with an industrial revenue growth rate of 5.30% [3] - The gross margin for industrial products was 65.93%, an increase of 1.69 percentage points [3] - Sales expenses decreased by 2.26% and management expenses decreased by 1.98% compared to the previous year [3] - Total assets at the end of the reporting period were 52.914 billion CNY, with net assets attributable to shareholders at 38.832 billion CNY and a debt-to-asset ratio of 26.55% [3] Dividend Distribution - The company distributed a cash dividend of 11.85 CNY per 10 shares (before tax) based on a total share capital of 1,784,262,603 shares [4] - A special dividend of 12.13 CNY per 10 shares (before tax) was completed in November 2024, totaling 2.164 billion CNY [4] - The total cash dividend for 2024 was 23.98 CNY per 10 shares, amounting to 4.279 billion CNY, which represents 90.09% of the net profit attributable to shareholders [4] Pharmaceutical Business Highlights - The pharmaceutical segment focused on pain management and launched a new pain management model [5] - Clinical research on core products showed steady progress in areas like diabetic foot and skeletal pain [6] - Marketing initiatives included the successful promotion of a sports IP to enhance brand youthfulness [6] - The production efficiency was improved through the establishment of an online business process [6] Health Products and Channel Development - The health products segment maintained a leading market share in toothpaste and high brand penetration in oral care [7] - The company optimized its channel strategy, strengthening traditional channels while exploring new retail formats [8] Provincial Pharmaceutical Company Performance - In 2024, the provincial pharmaceutical company achieved a revenue of 24.607 billion CNY, a year-on-year increase of 0.48% [9] - Non-pharmaceutical business segments like medical devices and special medical foods saw a sales growth of 14% [9] - The OTC segment experienced an 18% sales increase, while the new specialty drug pharmacies grew by 29% [9] - Future plans include enhancing customer health services and integrating upstream and downstream resources [10]

Core Viewpoint - The company demonstrated steady growth in Q1 2025, with revenue and net profit increasing, while maintaining a focus on core products and optimizing its industrial structure [1][3]. Financial Performance - In Q1 2025, the company achieved operating revenue of 10.841 billion yuan, a year-on-year increase of 0.62% [1] - The net profit attributable to shareholders was 1.935 billion yuan, up 13.67% year-on-year [1] - The net profit after deducting non-recurring items was 1.887 billion yuan, reflecting an 11.65% year-on-year growth [1] - Industrial revenue reached 4.470 billion yuan, with a year-on-year growth of 7.63% and an industrial gross margin of 68.34%, up 1.76 percentage points [1] Operational Efficiency - The net cash flow from operating activities was 714 million yuan, a significant increase of 35.39% year-on-year, driven by strong cash receipts from sales [1] - The sales expense ratio decreased by 1.6 percentage points to 9.9%, while the management expense ratio fell by 0.3 percentage points to 1.4% [1] - Inventory decreased by 5% year-on-year, indicating improved inventory management efficiency [1] Product Development Strategy - The company is focusing on short, medium, and long-term product development, particularly in traditional Chinese medicine and innovative drugs [2] - Currently, there are 11 major traditional Chinese medicine products undergoing secondary development, with 25 projects in progress [2] - The company is advancing innovative traditional Chinese medicine products, including the Yunnan Baiyao transdermal preparation, with various clinical trials underway [2] Investment Outlook - The company is recognized as a leading player in the traditional Chinese medicine sector, with a clear strategic layout for the short, medium, and long term [3] - Revenue projections for 2025-2027 are 42.7 billion, 45.4 billion, and 48.1 billion yuan, with year-on-year growth rates of 7%, 6%, and 6% respectively [3] - Expected net profits for the same period are 5.2 billion, 5.7 billion, and 6.2 billion yuan, with corresponding growth rates of 9.9%, 9.4%, and 8.5% [3]