Group 1 - Yunnan Baiyao announced that it will accept a research visit from Guotai Junan on January 23, 2026, with representatives from the company participating in the meeting [1] - The company’s securities affairs representative and investor relations management will address questions raised by investors during the visit [1] Group 2 - International gold prices have surpassed $5,000, marking a 280% increase over the past seven years [1] - Experts suggest that the future trajectory of gold prices will depend significantly on the U.S. dollar, as well as factors such as the international monetary system, interest rate cuts, and technological revolutions [1]

Group 1: Marketing Strategies - The Pharmaceutical Business Group focuses on becoming the "first brand" in pain management, leveraging the efficacy of Yunnan Baiyao products in this field [2] - Significant growth in aerosol and plaster products, with a comprehensive marketing strategy integrating various channels and scenarios [2][3] - Online sales increased by over 20%, with a total of 48.45 million visitors and 3.54 million consumers generated through e-commerce platforms, resulting in a GMV of 254 million yuan [3] Group 2: Dividend Distribution - For the 2024 fiscal year, the company will distribute a cash dividend of 11.85 yuan per 10 shares, totaling approximately 2.16 billion yuan, which is 90.09% of the net profit attributable to shareholders [4] - The total cash dividend for 2024, including special dividends, amounts to 23.98 yuan per 10 shares, with a total of 4.28 billion yuan [4][5] - In the first half of 2025, a cash dividend of 10.19 yuan per 10 shares will be distributed, totaling 1.82 billion yuan, representing 50.05% of the net profit for that period [5] Group 3: Future Product Development - The Health Products Business Group aims to be a leader in high-quality health products, focusing on oral care and expanding the product ecosystem [6] - Continuous enhancement of the oral product line and development of new products to strengthen market position [6] Group 4: R&D Planning - The company emphasizes innovation-driven development, focusing on both traditional Chinese medicine and innovative pharmaceuticals [7] - Ongoing projects include 16 major traditional Chinese medicine varieties and 37 development projects, with a focus on innovative drug development [8] - Short-term projects aim to enhance existing products, while long-term projects focus on innovative drug development aligned with social needs and technological advancements [8]

Group 1: Meeting Overview - The investor meeting was held on January 23, 2026, at the company's headquarters [1] - Participants included representatives from Guotai Junan and Zhonghui Life Insurance [1] - The meeting was categorized as a telephone conference [1] Group 2: Company Representatives - The meeting was hosted by the Board Secretary, Qian Yinghui [1] - Investor relations management included Zhang Yu and Yang Kexin [1] Group 3: Main Discussion Points - The primary focus was to understand the company's production and operational status [1]

Group 1: Company Overview - Yunnan Baiyao Group Co., Ltd. is engaged in the production and operation of medicinal products [1] - The investor relations activity was conducted via a telephone conference on January 23, 2026 [1] Group 2: Participants - Participants included representatives from Guotai Junan and Agricultural Bank of China [1] - Company representatives included securities affairs representative Li Mengjue and investor relations managers Zhang Yu and Yang Kexin [1] Group 3: Meeting Objectives - The main objective of the meeting was to understand the company's production and operational status [1]

Group 1: AI Empowerment and Digital Transformation - The company is implementing its digital development plan (2022-2026) by leveraging data and AI technologies across key segments of the supply chain, enhancing operational efficiency and business innovation [2] - The self-developed "Marketing Business Operation Platform" has been piloted in the pharmaceutical business group, improving order processing and cost accounting, leading to a 30% reduction in manual workload and saving 60,000 paper documents annually [3] - The "One Product, One Code Traceability Platform" has been developed for traditional Chinese medicine, providing digital identity for authentic medicinal materials [2] Group 2: Supply Chain and Operational Efficiency - The company has achieved 100% automation in settlement processes, reducing the cycle from 30 days to real-time [3] - The establishment of 90 standard processes and 60 management indicators supports business decision-making effectively [3] - The "Smart Cloud Medicine" platform and "One Product, One Chain" model have created a closed-loop system covering all aspects from resource management to payment, significantly improving supply chain collaboration and management [3] Group 3: Research and Development Progress - The tumor organ library and molecular marker research projects have yielded results published in Cancer Cell and Chinese Clinical Oncology journals [4] - The INR101 diagnostic nuclear medicine project has entered phase III clinical trials, with 32 research centers established and 60 subjects enrolled [5] - The INR102 therapeutic nuclear medicine project has received a clinical trial notification, with phase I trials initiated and 12 patients enrolled [6] Group 4: Dividend Distribution - For the 2024 fiscal year, the company will distribute a cash dividend of 11.85 CNY per 10 shares, totaling 2,164,310,537.44 CNY, which represents 90.09% of the net profit attributable to shareholders [7] - The total cash dividend for 2024, including a special dividend, amounts to 23.98 CNY per 10 shares, with a total of 4,278,661,722.00 CNY distributed [7] - In the first half of 2025, a cash dividend of 10.19 CNY per 10 shares will be distributed, totaling 1.818 billion CNY, representing 50.05% of the net profit for that period [7] Group 5: Online Sales Performance - The pharmaceutical business group has seen over a 20% increase in O2O sales in the first half of 2025, aided by online content marketing [8] - The company generated 2.54 billion CNY in GMV from e-commerce platforms, attracting 4.845 million visitors and converting 3.54 million consumers [9] - Yunnan Baiyao toothpaste holds the number one market share in the domestic channel for 2025, while the brand ranked first in Tmall for anti-hair loss shampoo during the "618" shopping festival [9]

Core Viewpoint - The A-share pharmaceutical sector has gained renewed investor interest due to the resurgence of COVID-19 cases in India, leading to fluctuations in the Chinese medicine ETF (560080) and notable stock performance among key companies in the sector [1][6]. Group 1: Market Performance - The Chinese medicine ETF (560080) experienced a nearly 2% decline on January 27, following a more than 1.4% increase the previous day, with trading volume surpassing 85 million yuan [1]. - Notable declines were observed in key stocks within the ETF, including Zhongsheng Pharmaceutical down over 7% and Yiling Pharmaceutical down over 5%, with several others also experiencing declines [3]. Group 2: Valuation Insights - The latest price-to-earnings ratio (PE TTM) for the index tracked by the Chinese medicine ETF (560080) is 24.57, indicating that the valuation is below 81.27% of the time since the index was published in May 2015, suggesting a favorable valuation opportunity [4]. Group 3: Company News - Zhongsheng Pharmaceutical announced a projected net profit of 260 million to 310 million yuan for 2025, marking a significant turnaround with an increase of 186.91% to 203.62% year-on-year [7]. - Yiling Pharmaceutical also forecasted a net profit of 1.2 billion to 1.3 billion yuan for 2025, indicating a key operational turning point [7]. - Kangyuan Pharmaceutical received approval for clinical trials of a new traditional Chinese medicine aimed at treating children's adenoid hypertrophy, marking a step forward in innovation [7]. Group 4: Industry Trends - The Chinese traditional medicine market is projected to exceed 700 billion yuan in 2024, driven by stable demand amid an aging population, although pricing volatility has been influenced by inventory adjustments and procurement policies [8]. - The industry is experiencing a consolidation trend, with leading companies capturing over half of the market revenue and profits, while ongoing policy focus on innovation and quality development is reshaping the competitive landscape [8].

Group 1 - The core transaction of Yunnan Baiyao on January 26 involved a block trade of 657,700 shares, amounting to 36.02 million yuan, with a transaction price of 54.77 yuan, reflecting a discount of 2.49% compared to the closing price of the day [2][3] - The closing price of Yunnan Baiyao on the same day was 56.17 yuan, showing a slight increase of 0.04%, with a turnover rate of 0.62% and a total trading volume of 614 million yuan, indicating a net outflow of 11.25 million yuan in main funds [2][3] - Over the past five days, Yunnan Baiyao's stock has seen a cumulative decline of 0.09%, while the total net inflow of funds during this period was 198 million yuan [2][3] Group 2 - The latest margin financing balance for Yunnan Baiyao is 1.266 billion yuan, which has decreased by 9.799 million yuan over the past five days, representing a decline of 0.77% [3] - Yunnan Baiyao Group Co., Ltd. was established on November 30, 1993, with a registered capital of 17.84262603 billion yuan [3]

Group 1 - The core transaction of Yunnan Baiyao involved a block trade of 657,700 shares, with a total transaction value of 36.0222 million yuan, accounting for 5.54% of the total trading volume on that day [1] - The transaction price was 54.77 yuan per share, which represents a discount of 2.49% compared to the market closing price of 56.17 yuan [1][2] - The buyer was from the brokerage unit of China Merchants Securities, while the seller was from the Shanghai branch of Huatai Securities [2]

Group 1 - The core point of the article is that Yunnan Baiyao announced the release of a portion of shares pledged by its shareholder, Xinhua Dou Industrial Group Co., Ltd. [2] - The number of shares released from pledge amounts to 75,000,000 shares [2]

Core Viewpoint - Yunnan Baiyao (000538) emphasizes its growth model through "internal" and "external" collaborative development to continuously optimize its industry portfolio [1] Group 1: Internal Development - The "internal" development focuses on enhancing efficiency and stabilizing the basic operations, concentrating on the pharmaceutical, health, and distribution sectors [1] - The approach aims for overall maximization of benefits by systematically improving the entire industry chain, value chain, and production factors [1] - The company is committed to promoting high-quality development of its main business through these internal strategies [1] Group 2: External Development - The "external" development emphasizes foresight and strategic alignment, actively exploring strategic mergers and acquisitions, as well as partnerships [1] - This strategy aims to complement and strengthen existing industry segments, enabling rapid breakthroughs in current growth bottlenecks [1] - The goal is to build a healthy and sustainable industry portfolio system, achieving high-quality sustainable development [1]