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 12 月 10 日 地点：集团总部办公大楼 下半年，健康品事业群将以成为高品质健康生活产品的"第一梯 队"为目标，打造以生活品质为核心的健康生态。一方面口腔业务作 为健康板块发展的基本盘和标杆，持续保持和扩大口腔产品的领先优 势；强化研产销协同与精益管理，提升新品研发和迭代能力，持续做 强生态。另一方面继续快速提升洗护业务规模体量，稳步做强头皮生 态领域。 2、请介绍一下药品事业群近期的经营情况。 答：2025 年上半年，药品事业群主营业务收入 47.51 亿元，同比 增长 10.8%。核心系列产品中，云南白药气雾剂销售收入突破 14.53 亿元，同比大幅增长超 20.9%；云南白药膏、云南白药胶囊、云南白 药创可贴、云南白药（散剂）均在上年同期销售收入基础上，实现显 著增长。其他品牌中药类产品增长亮眼，参苓健脾胃颗粒收入超 1 亿 元，蒲地蓝消炎片销售收入近 1 亿元，血塞通分散片实现显著增长。 植物补益类产品，气血康口服液销售收入达 2.02 亿元，同口径下同 比增长约 116.2%。 3、公司中药资源事业群的业务开展情况如何？ 召开方式： ...

Summary of Yunnan Baiyao Conference Call Company Overview - **Company**: Yunnan Baiyao - **Industry**: Pharmaceutical and Healthcare Key Financial Performance - **2024 Revenue**: Exceeded 40 billion CNY, a year-on-year increase of 2.36% [2] - **2024 Net Profit**: 4.749 billion CNY, a year-on-year increase of 16% [2] - **2024 Non-recurring Net Profit**: Increased by 20.18% [2] - **Q1 2025 Revenue**: 10.841 billion CNY, a year-on-year increase of 0.62% [2] - **Q1 2025 Net Profit**: Increased by 13.67% [2] - **Q1 2025 Non-recurring Net Profit**: Increased by 11.65% [2] Business Segment Performance - **Pharmaceutical Division**: Revenue of 6.924 billion CNY in 2024, up 11.8%, with aerosol sales exceeding 2.1 billion CNY, a growth of 26% [2][10] - **Health Products Division**: Revenue of 6.526 billion CNY, up 1.6%, maintaining a leading position in oral care and hair loss prevention [2][10] - **Traditional Chinese Medicine Resources**: Revenue of 1.751 billion CNY, up 3.13%, with a cost reduction of 30 million CNY [2][10] - **Medical Devices and Health Supplements**: Revenue growth of 61% and 101% respectively [2][11] Research and Development - **Current Projects**: Four transdermal patch products under development, with four patents obtained [2][12] - **Innovative Drug Development**: Focus on nuclear medicine, with INR101 (prostate cancer diagnosis) and INR102 (prostate cancer treatment) progressing through clinical trials [2][13] Future Projections - **Revenue Forecast (2025-2027)**: Expected to be 41.7 billion, 43.5 billion, and 45.2 billion CNY, with a growth rate of approximately 4% [4][8] - **Net Profit Forecast**: Expected to be 5.1 billion, 5.6 billion, and 6.0 billion CNY, with growth rates of 8%, 9.6%, and 6% respectively [4][8] - **Earnings Per Share (EPS)**: Projected at 2.8 CNY, 3.16 CNY, and 3.36 CNY for the respective years [8] Shareholder Returns - **Cumulative Net Profit**: 49.545 billion CNY since listing, with cumulative dividends of 28.735 billion CNY [7] - **Dividend Payout Ratio**: Average over 90% in the last three years, with a cash dividend of 4.279 billion CNY in 2024 [7] Valuation Comparison - **Valuation Relative to Peers**: Yunnan Baiyao's expected PE ratio is around 20, compared to an average of 25 for peers like Pian Zai Huang and Tong Ren Tang, indicating potential for valuation recovery [4][9][15] Strategic Insights - **Core Business Segments**: Includes pharmaceutical, health products, traditional Chinese medicine resources, and medical devices [3] - **R&D Strategy**: Short-term focus on major traditional Chinese medicine products, mid-term on transdermal patches, and long-term on nuclear medicine [5][14] Conclusion Yunnan Baiyao demonstrates steady growth across its business segments, with a strong focus on R&D and innovation. The company is well-positioned for future growth, with a favorable valuation compared to industry peers, making it an attractive investment opportunity.

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]

Core Insights - Yunnan Baiyao's 2024 annual report shows a revenue of 40.033 billion yuan, a year-on-year increase of 2.36%, and a net profit of 4.749 billion yuan, reflecting a 16.02% growth. Despite the seemingly stable data, underlying issues such as slowing core business growth, reliance on non-recurring gains, and lagging innovation are emerging, indicating long-term risks [1] Group 1: Business Performance - The core products, adhesive bandages and toothpaste, dominate the market with a 66.5% share in the adhesive bandage sector and a 24.6% share in the toothpaste market, both maintaining industry leadership. However, market penetration is nearing saturation, with adhesive bandage market share stable between 65%-67% for three consecutive years and toothpaste growth slowing since 2019 [2] - The revenue structure shows an increasing proportion of low-margin commercial sales, which accounted for 65% of total revenue in 2024, significantly dragging down overall gross margin. The gross margin for industrial sales was 67.37%, while commercial sales had a mere 6.29% margin, indicating limited room for core profitability improvement [2] Group 2: Profit Structure - The high growth in net profit is significantly supported by non-recurring gains, with a notable decline in securities investment gains in Q3 2024, dropping to 8.03 million yuan from 179 million yuan in the same period of 2023. Despite this, total investment income for the first three quarters reached 320 million yuan, constituting 7.4% of net profit [3] - The profit structure is fragile, as past experiences of significant losses from stock trading have raised concerns. The aggressive dividend policy, with 4.279 billion yuan distributed in 2024, accounting for 90.09% of net profit, may hinder cash flow for R&D and business expansion [3] Group 3: Innovation and R&D - Yunnan Baiyao's R&D investment is lagging, with only 120 million yuan allocated in 2024, representing a mere 0.3% of revenue, significantly below the industry average of 3%-5%. In contrast, sales expenses reached 3.678 billion yuan, highlighting a severe imbalance [4] - Progress on existing innovation projects is slow, with key diagnostic reagent projects still in early clinical stages and related business revenue accounting for less than 5% in 2024. Compared to competitors like Pizaihuang, which achieved a 28% net profit growth with over 4% R&D investment, Yunnan Baiyao's innovation trajectory appears unclear [5] - The company has only 156 effective invention patents as of the end of 2024, with growth of less than 10% since 2020, while peers have seen over 30% increases, indicating a potential loss of opportunities during a favorable policy environment for traditional Chinese medicine innovation [5]