YUNNAN BAIYAO(SZ:000538)2024-07-24 09:23Dividend Policy - Yunnan Baiyao emphasizes sustainable and reasonable returns to investors, with a 2023 dividend plan of CNY 20.77 per 10 shares, totaling CNY 3.706 billion, which accounts for 90.53% of the 2023 net profit attributable to shareholders [2] - The company has consistently paid dividends for 31 years since its listing in 1993, with cumulative cash dividends exceeding CNY 24.4 billion [2] Pharmaceutical Business Performance - In 2023, the pharmaceutical segment generated revenue of CNY 6.481 billion, marking an 8.16% year-on-year increase [3] - Key products showed strong growth, with Yunnan Baiyao aerosol sales exceeding CNY 1.7 billion, up 15.27% [3] - Other significant products include Yunnan Baiyao ointment (over CNY 900 million), Yunnan Baiyao capsules (over CNY 600 million), and several traditional Chinese medicine products achieving over CNY 100 million in sales [4] Oral Care Market - Yunnan Baiyao toothpaste held a 24.60% market share in 2023, maintaining the top position [5] - During the "Double 11" shopping festival, the official flagship store for Yunnan Baiyao toothpaste achieved over CNY 100 million in sales, becoming the first flagship store to do so with a single product [5] - The company employed a dual-channel strategy to enhance brand visibility, conducting over 14,700 promotional events across 1,465 cities [5] Research and Development Strategy - The company leverages its Central Research Institute to coordinate R&D across four centers, focusing on traditional Chinese medicine and innovative drug development [6] - Key R&D centers include Kunming (traditional medicine), Beijing (academic collaboration), Shanghai (innovative drugs), and Wuxi (medical devices) [6] Future Outlook - Yunnan Baiyao aims to position itself as a comprehensive health solution provider, focusing on pharmaceuticals, health, and medical distribution [7] - The company plans to strengthen its core competencies in traditional Chinese medicine and expand its market leadership while exploring new business growth opportunities [8] - A strategic investment capability and risk management system will be developed to support healthy and efficient growth in core and innovative businesses [8]