云南白药 20250627 摘要 云南白药 2024 年营收突破 400 亿元，同比增长 2.36%；归母净利润 47.49 亿元，同比增长 16%；扣非归母净利润增长 20.18%。2025 年 一季度营收 108.41 亿元，同比增长 0.62%；归母净利润同比增长 13.67%，扣非归母净利润同比增长 11.65%，整体业绩稳健增长。 药品事业部 2024 年收入 69.24 亿元，增长 11.8%，其中云南白药气雾 剂销售额突破 21 亿元，增长 26%。健康品事业部营收 65.26 亿元，增 长 1.6%，口腔护理及防脱洗护领域保持领先。中草药资源收入 17.51 亿元，增长 3.13%，成本下降 3,000 万元。医疗器械和滋补保健品部 门分别增长 61%和 101%。 云南白药在研贴膏剂项目包括三七片、氟比洛芬贴膏、洛索洛芬凝胶贴 膏和云南白药新型橡胶贴膏，已获 4 项专利。三七片完成二期临床入组， 固本膏准备三期临床。 云南白药创新药研发聚焦核药领域，INR101（前列腺癌诊断）已完成 三期临床首例患者入组，INR102（前列腺癌治疗）完成首次人体临床 试验，并积极推进后续试验。 Q&A 云南 ...

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 6 月 20 日 地点：云核医药（天津）有限公司 参加人员：云核医药总经理-孙亮、研发总监-孙纪云、运营副总监- 罗联哲、综合事务部经理-邵婷，云南白药证券事务代表-李孟珏、投资 者关系管理-张昱 会议内容 1. 请问公司各个研发中心具体是如何布局的？ 答：公司充分发挥中央研究院的中枢协调功能，整合、协调跨区 域研发资源，依托下设的四大研发中心，保障研发工作的顺利推进。 其中，昆明中心以云南省药物研究所为科研平台，坚持中药研发优势， 聚焦中药、民族药等天然药物的资源、药理、毒理等方面的研究工作； 北京中心以北京大学－云南白药国际医学研究中心作为公司探索校 企合作研发创新模式的平台，承接学术成果及商业转化开发研究；上 海中心以创新药物中心、云核医药（天津）有限公司（以下简称"云 核医药"）、云白药征武科技（上海）有限公司为科研平台，积极建 设公司的创新产品开发能力、培育新兴业务，重点研发创新型核药（放 射性药物）；无锡中心以云南白药集团无锡药业有限公司作为器械研 发平台，孵化切合市场需求、技术领先、专业验证的医疗器械产品， 深耕慢病疼痛中医诊疗设 ...

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 6 月 19 日 地点：集团总部办公大楼 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，同比增长 11.65%；基本每股收益 1.08 元/股，同比增 长 13.66%；经营活动产生的现金流量净额 7.14 亿元，同比增长 35.39%； 加权平均净资产收益率 4.86%，同比增长 0.68 个百分点；货币资金余 额 110.62 亿元，总资产 542.53 亿元。 召开方式：现场调研 投资者：中信证券-李文涛，中金公司-朱言音，平安证券-韩盟盟、 曹艳凯，圆和资本-陈家华 会议内容 1、请问公司 2025 年一季度业绩情况如何？ 2、药品事业群 2024 年取得较好业绩的原因是什么？ 答：2024 年，药品事业群以'伤科疼痛全领域管理的'第一' 品牌'为战略指引，结合产品和品牌禀赋，发布伤痛管理新模式，深 挖白药核心产品在伤科疼痛领域的药效机制，通过'白药+痛舒+伤痛' 相关产品在学术临床方面的深度挖潜，持续打造 ...

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]

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]

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 4 月 17 日 地点：集团总部办公大楼 从成长质量来看，报告期内公司经营性现金流净额为 42.97 亿元， 较上年同期增长 22.68%；加权平均净资产收益率 11.99%，较上年同 期提升 1.48 个百分点；基本每股收益 2.66 元/股，较上年同期增长 16.16%。与此同时，公司业务结构持续优化，工业收入占营业收入比 重进一步提升至 36.14%，工业收入增速达 5.30%；工业毛利率 65.93%， 较上年同期增长 1.69 个百分点。公司各项提质增效举措成效显著， 销售费用较上年同期降低 2.26%，管理费用较上年同期降低 1.98%。 公司持续保持良好的资产结构，报告期末，公司总资产 529.14 亿元，归属于上市公司股东的净资产 388.32 亿元，资产负债率 26.55%， 货币资金余额 108.88 亿元。 2、药品事业群在 2024 年增长较好的原因是什么？ 答：2024 年，药品事业群以"伤科疼痛全领域管理的'第一' 品牌"为战略指引，结合产品和品牌禀赋，发布伤痛管理新模式，深 挖白药核心产品在伤科疼痛领域的药效机制， ...