YUNNAN BAIYAO(SZ:000538)2025-04-18 10:00Group 1: Overall 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 non-recurring net profit was 4.523 billion CNY, reflecting a 20.18% increase compared to 3.764 billion CNY last year, marking a historical high [2] Group 2: Growth Quality Indicators - Operating cash flow net amount was 4.297 billion CNY, a growth of 22.68% year-on-year [3] - The weighted average return on equity was 11.99%, an increase of 1.48 percentage points from the previous year [3] - Basic earnings per share were 2.66 CNY, representing a 16.16% increase compared to the previous year [3] Group 3: Cost Management and Efficiency - Sales expenses decreased by 2.26% year-on-year, while management expenses dropped by 1.98% [3] - The industrial revenue accounted for 36.14% of total revenue, with an industrial revenue growth rate of 5.30% [3] - The industrial gross profit margin was 65.93%, an increase of 1.69 percentage points from the previous year [3] Group 4: Asset Structure - As of the end of the reporting period, total assets were 52.914 billion CNY, with net assets attributable to shareholders at 38.832 billion CNY [4] - The debt-to-asset ratio stood at 26.55%, with cash and cash equivalents amounting to 10.888 billion CNY [4] Group 5: Pharmaceutical Business Growth - The pharmaceutical segment focused on becoming the "first brand" in pain management, enhancing product visibility and ecosystem [5] - Clinical research on core products showed steady progress, expanding application scenarios [5] - Marketing initiatives successfully targeted younger demographics, leading to increased product penetration [5] Group 6: Raw Material Cost Control - The Chinese medicine resource segment managed to keep raw material price increases below the industry average [6] - A "big procurement" integrated management platform led to a cost reduction of 31 million CNY [6] - The establishment of a digital ecosystem for traditional Chinese medicine improved supply chain efficiency [6] Group 7: Nuclear Medicine Development - The INR101 diagnostic nuclear medicine project received clinical approval in May 2024, with promising stability and safety results [7] - The INR102 injection for treating advanced prostate cancer has received approval for clinical trials [7]