YUNNAN BAIYAO(SZ:000538)2025-05-21 09:30Financial 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 net profit excluding non-recurring items was 4.523 billion CNY, reflecting a 20.18% increase from 3.764 billion CNY [2] - Operating cash flow net amount was 4.297 billion CNY, a growth of 22.68% [3] - The weighted average return on equity was 11.99%, an increase of 1.48 percentage points [3] - Basic earnings per share were 2.66 CNY, up 16.16% year-on-year [2] Business Structure and Efficiency - Industrial revenue accounted for 36.14% of total revenue, with an industrial revenue growth rate of 5.30% [3] - The gross margin for industrial products was 65.93%, an increase of 1.69 percentage points [3] - Sales expenses decreased by 2.26% and management expenses decreased by 1.98% compared to the previous year [3] - Total assets at the end of the reporting period were 52.914 billion CNY, with net assets attributable to shareholders at 38.832 billion CNY and a debt-to-asset ratio of 26.55% [3] Dividend Distribution - The company distributed a cash dividend of 11.85 CNY per 10 shares (before tax) based on a total share capital of 1,784,262,603 shares [4] - A special dividend of 12.13 CNY per 10 shares (before tax) was completed in November 2024, totaling 2.164 billion CNY [4] - The total cash dividend for 2024 was 23.98 CNY per 10 shares, amounting to 4.279 billion CNY, which represents 90.09% of the net profit attributable to shareholders [4] Pharmaceutical Business Highlights - The pharmaceutical segment focused on pain management and launched a new pain management model [5] - Clinical research on core products showed steady progress in areas like diabetic foot and skeletal pain [6] - Marketing initiatives included the successful promotion of a sports IP to enhance brand youthfulness [6] - The production efficiency was improved through the establishment of an online business process [6] Health Products and Channel Development - The health products segment maintained a leading market share in toothpaste and high brand penetration in oral care [7] - The company optimized its channel strategy, strengthening traditional channels while exploring new retail formats [8] Provincial Pharmaceutical Company Performance - In 2024, the provincial pharmaceutical company achieved a revenue of 24.607 billion CNY, a year-on-year increase of 0.48% [9] - Non-pharmaceutical business segments like medical devices and special medical foods saw a sales growth of 14% [9] - The OTC segment experienced an 18% sales increase, while the new specialty drug pharmacies grew by 29% [9] - Future plans include enhancing customer health services and integrating upstream and downstream resources [10]