Core Viewpoint - The traditional Chinese medicine (TCM) industry is experiencing structural opportunities driven by policy support, price adjustments, technological innovations, and differentiated demand in the first half of 2025, with notable performance disparities among leading companies [1][3]. Group 1: Company Performance - Yunnan Baiyao achieved revenue of 212.57 billion yuan, a year-on-year increase of 3.92%, and a net profit of 36.33 billion yuan, up 13.93%, marking a historical high for the period [2][4]. - Baiyun Mountain reported revenue growth of 1.93% to 418.35 billion yuan, but net profit fell by 1.31% to 25.16 billion yuan [5][6]. - Huaren Sanjiu's revenue increased by 4.99% to 148.10 billion yuan, while net profit dropped significantly by 24.31% to 18.15 billion yuan [6][10]. - Tongrentang's revenue was 97.69 billion yuan, a slight increase of 0.06%, but net profit decreased by 7.39% to 9.45 billion yuan [5][6]. - Pianzaihuang experienced a revenue decline of 4.81% to 53.79 billion yuan and a net profit drop of 16.22% to 14.42 billion yuan, marking its first revenue decline since its listing in 2003 [4][5]. Group 2: Industry Trends - The TCM industry is transitioning from resource dependence to quality orientation, with enhanced quality control of medicinal materials [3][4]. - The industry is undergoing deep price adjustments, with supply chain pressures and restructuring, leading to a differentiated pricing landscape [3][4]. - The normalization of centralized procurement is accelerating market differentiation within the industry [3]. Group 3: Research and Innovation - Companies are emphasizing innovation as a core driver for growth, with Baiyun Mountain focusing on innovative drugs, generic drug consistency evaluation, and product redevelopment [7][10]. - Pianzaihuang is advancing multiple new drug projects, including 18 research projects and several clinical studies [8]. - Huaren Sanjiu has increased its R&D investment by 68.99% to 6.62 billion yuan, with 205 projects in progress following its acquisition of a 28% stake in Tian Shili [10][11]. - Yunnan Baiyao is integrating AI technologies across its operations, aiming for a digital transformation that enhances efficiency [9].

云南白药集团股份有限公司 投资者调研会议记录 时间：2025 年 9 月 1 日 地点：集团总部办公大楼 会议内容： 1、党委书记、董事长张文学先生致辞。 首先，我谨代表云南白药对各位投资者、分析师长期以来给予的 关注、信任和支持表示衷心的感谢！ 整体看，在行业承压趋势下，公司各项经营指标取得了逆势增长， 部分核心指标保持大幅增长，经营质量和发展活力都站上了新台阶。 一是继续保持高基数下的稳健增长。营收 212.57 亿，同比增长 3.92%； 归母净利润 36.33 亿，同比增长 13.93%，利润指标创同期历史新高； 加权平均净资产收益率 9.09%，同比增长 1.16 个百分点；基本每股 收益 2.04 元，同比增长 13.97%。二是发展质量显著提升，业务结构 持续优化。工业收入占营收比重进一步提升至 40.01%，工业收入增 速达 11.13%。三是发展活力持续增强，经营管理效率显著提升。存 货周转天数、营业周期均较上年同期下降，运营质效不断提升；经营 性现金流同比增长 21.45%。公司持续提升股东回报水平，与各位投 资人共享企业发展成果。董事会审议通过 2025 年度特别分红方案， 向全体股东每 ...

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 ...

Core Viewpoint - The article highlights the successful clinical trial progress of innovative nuclear medicine developed by Yunnan Baiyao Group, alongside the company's financial performance and strategic initiatives in digital transformation and drug innovation [4][5][6]. Group 1: Financial Performance - In 2024, the company achieved revenue of 40.033 billion, a year-on-year increase of 2.36%; the net profit attributable to the parent company, excluding non-recurring items, was 4.523 billion, up 20.18%, marking a historical high [5]. - The operating cash flow reached 4.297 billion, reflecting a year-on-year growth of 22.68%; the weighted average return on net assets was 11.99%, an increase of 1.48 percentage points year-on-year [5]. - In Q1 2025, the company reported revenue of 10.841 billion, a year-on-year increase of 0.62%, and a net profit of 1.887 billion, up 11.65% [5]. Group 2: Strategic Initiatives - The company is advancing its digital transformation strategy, utilizing data and AI technologies to enhance all aspects of its industrial chain, leading to business innovation and development [5]. - The company is focusing on both traditional Chinese medicine and innovative drugs, with ongoing projects in short, medium, and long-term drug development [6]. - The establishment of the Tianjin R&D platform by the central research institute is expected to facilitate the clinical advancement of multiple nuclear medicine products [6]. Group 3: Drug Development Progress - The company has made significant progress in drug development, with several projects at different clinical trial stages, including the innovative nuclear medicine INR102 injection, which has entered the I/IIa phase [4][6]. - The company is also advancing other drug candidates, such as the JZ-14 capsule for ulcerative colitis, which has been approved for clinical trials [6]. - The introduction of the antibody drug KA-1641 is currently in the preclinical research phase, indicating a broadening of the company's drug portfolio [6].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [4][6]. Core Insights - The company has achieved significant cost reduction and efficiency improvements, with a revenue of 40.03 billion yuan in 2024, a year-on-year increase of 2.36%, and a net profit of 4.75 billion yuan, up 16.02% year-on-year [2][4]. - The company is advancing its nuclear medicine research, with the innovative nuclear drug INR102 entering a new phase of clinical trials [1][3]. - The company is focusing on digital transformation and innovation in traditional Chinese medicine, with multiple projects in various stages of development [3][4]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 40.03 billion yuan, with a net profit of 4.75 billion yuan, marking a historical high [2]. - The operating cash flow reached 4.30 billion yuan, reflecting a year-on-year increase of 22.68% [2]. - The company’s gross margin improved to 27.9% in 2024, with a net profit margin of 11.9% [12]. Research and Development - The company is actively pursuing both short-term and long-term projects in traditional Chinese medicine and innovative drugs, with several products in various clinical trial phases [3]. - The nuclear medicine segment is a key focus, with two innovative nuclear drugs entering clinical trials [3]. Profit Forecast and Valuation - The profit forecast for 2025 and 2026 has been slightly adjusted upwards to 5.27 billion yuan and 5.85 billion yuan, respectively [4]. - The current stock price corresponds to a price-to-earnings ratio of 19 for 2025, indicating a favorable valuation [4].