Core Insights - The company has significantly improved its profitability in 2024, with total revenue reaching 40.033 billion yuan, a year-on-year increase of 2.36%. The net profit attributable to shareholders was 4.749 billion yuan, up 16.02% year-on-year, and the net profit excluding non-recurring items was 4.523 billion yuan, an increase of 20.18% year-on-year. Notably, the fourth quarter saw a dramatic rise in net profit attributable to shareholders, reaching 423 million yuan, a year-on-year increase of 1523.41% [1] Profitability Enhancement - The company's gross profit margin improved to 27.9%, an increase of 5.25 percentage points year-on-year, while the net profit margin rose to 11.91%, up 12.97 percentage points year-on-year [1] Cost Control and Expense Management - The company demonstrated excellent performance in cost control and expense management, with total sales, management, and financial expenses amounting to 5.762 billion yuan, accounting for 14.39% of revenue, a decrease of 2.81 percentage points year-on-year. This improvement is attributed to ongoing cost reduction and efficiency enhancement measures [2] Asset Structure and Cash Flow - Although cash and cash equivalents decreased by 23.42% year-on-year to 10.888 billion yuan due to dividend distributions totaling 5.87 billion yuan, the operating cash flow per share increased by 23.54% to 2.41 yuan, indicating robust cash flow from operating activities [3] Main Business Revenue Composition - The revenue from self-manufactured industrial products was 14.468 billion yuan, accounting for 36.14% of total revenue, with a high gross profit margin of 65.93%. In contrast, wholesale and retail business revenue was 25.473 billion yuan, making up 63.63% of total revenue, but with a much lower gross profit margin of 6.21% [4] Regional and Industry Distribution - Domestic market revenue was 39.675 billion yuan, representing 99.10% of total revenue, with a gross profit margin of 28.08%. In comparison, international market revenue was 359 million yuan, accounting for 0.90% of total revenue, with a gross profit margin of 7.50%. This indicates a strong reliance on the domestic market, which also shows higher profitability [5] Future Development and Strategic Planning - Looking ahead, the company plans to focus on the inheritance and innovation of traditional Chinese medicine, optimize its business structure, and enhance core competitiveness. The strategy includes a "big product" approach and "secondary development" projects to improve product quality and market share, along with increased R&D investment in innovative traditional Chinese medicine and related fields [6] Summary - Overall, the company exhibited solid financial performance in 2024, with significant improvements in profitability, an increased share of industrial revenue, and effective cost control. However, accounts receivable, amounting to 9.923 billion yuan, accounted for a high proportion of profits at 208.94%, indicating a need for continued optimization in accounts receivable management to ensure efficient capital flow [7]

Investment Rating - The investment rating for Yunnan Baiyao is maintained as "Buy" [2][6]. Core Views - The company reported a revenue of 40.033 billion yuan for 2024, reflecting a year-on-year increase of 2.36%, and a net profit attributable to shareholders of 4.749 billion yuan, up 16.02% year-on-year, slightly exceeding expectations [6]. - The company is focusing on optimizing its structure and enhancing efficiency, with the industrial segment achieving a revenue of 14.468 billion yuan, a 5.30% increase year-on-year, and further increasing its share of total revenue to 36.14% [6]. - The pharmaceutical segment saw significant growth, with sales of Yunnan Baiyao aerosol products exceeding 2.1 billion yuan, a growth of over 26% year-on-year [6]. - The company is also enhancing its new business divisions, with the medical device segment achieving a revenue of 425 million yuan, a 61% increase year-on-year [6]. - The gross margin for the industrial segment improved to 65.93%, up 1.69 percentage points year-on-year, while operating cash flow increased by 22.68% year-on-year [6]. - The company plans to increase its dividend distribution, with a proposed cash dividend of 11.85 yuan per 10 shares, totaling 2.114 billion yuan, which represents 90.09% of the net profit attributable to shareholders for 2024 [6]. - The strategic plan for 2024-2028 emphasizes both internal and external growth strategies, aiming to enhance operational efficiency and explore new business opportunities [6]. Financial Summary - Revenue projections for 2025, 2026, and 2027 are 41.459 billion yuan, 43.433 billion yuan, and 45.167 billion yuan, respectively, with expected growth rates of 3.56%, 4.76%, and 3.99% [2][6]. - The net profit attributable to shareholders is projected to be 5.181 billion yuan, 5.712 billion yuan, and 6.205 billion yuan for 2025, 2026, and 2027, respectively, with growth rates of 9.09%, 10.24%, and 8.63% [2][6]. - Earnings per share (EPS) are expected to be 2.90 yuan, 3.20 yuan, and 3.48 yuan for the same years, with corresponding price-to-earnings (P/E) ratios of 19.65x, 17.83x, and 16.41x [2][6].

Core Viewpoint - Yunnan Baiyao's 2024 annual performance report shows a revenue of 40.03 billion yuan, a year-on-year increase of 2.36%, and a net profit of 4.75 billion yuan, up 16.02% year-on-year. However, the company faces challenges such as slowing core business growth, imbalanced profit structure, and lagging innovation in the new consumption era [1][3][4]. Financial Performance - In 2024, Yunnan Baiyao achieved a revenue of 40,033.3 million yuan, a 2.36% increase from 2023's 39,111.3 million yuan, and a net profit of 4,749.4 million yuan, reflecting a 16.02% increase from 4,093.8 million yuan in 2023 [2]. - The company distributed a total cash dividend of 4,279 million yuan, accounting for 90.09% of the net profit [1][4]. - The net cash flow from operating activities reached 4,297 million yuan, a 22.68% increase from 3,502.7 million yuan in 2023 [2]. Core Business Challenges - The pharmaceutical segment generated 6,924 million yuan in revenue, up 11.8%, with aerosol products exceeding 2,100 million yuan, a 26% increase. However, the core product, adhesive bandages, has stagnated in market share at 65%-67% for three consecutive years [3]. - The health products segment only saw a 1.6% increase in revenue to 6,526 million yuan, with toothpaste market share growth slowing down since 2019 [3]. - The company faces significant gaps in its product matrix, with second-tier products failing to exceed 500 million yuan in revenue and a lack of new products with market potential [3]. Dividend and R&D Strategy - Yunnan Baiyao continues its "high dividend, low R&D" strategy, with a cash dividend of 23.98 yuan per 10 shares, significantly higher than the average in the A-share pharmaceutical sector [4]. - R&D investment for 2024 was only 348 million yuan, representing 0.87% of revenue, which is considerably lower than other pharmaceutical companies [4]. AI Strategy and Future Outlook - The company is focusing on an "AI + healthcare" strategy, collaborating with Huawei Cloud to develop the "Leigong Model" for smart healthcare applications [6]. - Despite these initiatives, the effectiveness of the AI strategy remains unclear, with the "Leigong Model" still in internal testing and limited market education for digital therapies [6][7]. - The ability of Yunnan Baiyao to balance traditional strengths with innovative breakthroughs will be crucial for its future success [7].

Core Viewpoint - Yunnan Baiyao reported a revenue increase of 2.36% to 40.033 billion yuan and a net profit increase of 16.02% to 4.749 billion yuan for the year 2024, driven by its four main business segments: pharmaceuticals, health products, traditional Chinese medicine resources, and Yunnan Provincial Pharmaceutical Company [1][4]. Revenue Breakdown - Total revenue for 2024 was 40.033 billion yuan, up from 39.111 billion yuan in 2023, reflecting a growth of 2.36% [1]. - Industrial sales revenue reached 14.468 billion yuan, accounting for 36.14% of total revenue, with a year-on-year increase of 5.30% [2]. - Commercial sales revenue was 25.473 billion yuan, making up 63.63% of total revenue, with a slight increase of 0.70% [2]. - Technical services revenue surged by 144.79% to 26.298 million yuan [2]. - Other business revenues, including planting and dining services, showed varied growth, with planting sales increasing by 66.66% [2]. Pharmaceuticals Segment - The pharmaceuticals segment generated 6.924 billion yuan in revenue, a year-on-year increase of 11.8%, with ten products exceeding 100 million yuan in sales [4]. - Key products like Yunnan Baiyao aerosol spray saw sales surpassing 2.1 billion yuan, growing over 26% [4]. - Other traditional Chinese medicine products also performed well, with significant growth in sales for products like Pudilan and Xuesaitong capsules [4]. Health Products Segment - The health products segment achieved revenue of 6.526 billion yuan, up 1.6%, and profit of 2.191 billion yuan, up 8.36% [5]. - The hair care product line, particularly Yangyuanqing, saw a notable sales increase of 30.3% [5]. Traditional Chinese Medicine Resources Segment - The traditional Chinese medicine resources segment reported external revenue of 1.751 billion yuan, a year-on-year increase of approximately 3.13% [5]. - The segment maintained stable supply and pricing for strategic varieties, with procurement costs decreasing by 31 million yuan [5]. Yunnan Provincial Pharmaceutical Company - The Yunnan Provincial Pharmaceutical Company achieved a main business revenue of 24.607 billion yuan, a slight increase of 0.48% [6]. - Non-pharmaceutical business areas, including medical devices and special medical foods, saw a sales increase of 14% [6]. R&D and Future Projects - The company is focusing on innovative drug development, with 25 ongoing projects and 11 major traditional Chinese medicine varieties under secondary development [8]. - The company is also advancing its pipeline for innovative drugs, particularly in nuclear medicine [8].

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]

Core Insights - Yunnan Baiyao reported a stable performance in 2024 with total revenue of 40.033 billion yuan, a year-on-year increase of 2.36%, and a net profit of 4.749 billion yuan, up 16.02% [1] - The health product segment showed a significant slowdown in growth at 1.6%, contrasting with the pharmaceutical segment's growth of 11.8% [1] Pharmaceutical Segment - The pharmaceutical segment achieved a revenue of 6.924 billion yuan, growing by 11.8%, with key products like aerosol sales exceeding 2.1 billion yuan, a growth of over 26% [2] - Traditional Chinese medicine products such as Pudilan and Xuesaitong capsules also performed well, each surpassing 100 million yuan in sales [2] - Despite strong performance in traditional pharmaceuticals, the company's innovation in drug development is lagging, with no detailed progress reported on new drug initiatives [2] Health Product Segment - The health product segment generated revenue of 6.526 billion yuan, with a modest growth of 1.6% and a profit of 2.191 billion yuan, up 8.36% [3] - Yunnan Baiyao toothpaste maintains the largest market share in China, while Yangyuanqing personal care products saw a revenue increase of 30.3% [3] - The competitive landscape in health products is intensifying, particularly in oral care and hair loss prevention, necessitating innovation and market expansion to maintain market share [3][4] Chinese Medicine Resource Segment - The Chinese medicine resource segment reported external revenue of 1.751 billion yuan, a growth of 3.13%, benefiting from supply chain synergies [5] - The company implemented a "big procurement" integrated management platform, reducing procurement costs by 31 million yuan [5] - Despite these efficiencies, the company needs to enhance its digital transformation efforts, as specific outcomes from the "Smart Cloud Medicine" platform were not disclosed [5] Overall Assessment - Yunnan Baiyao's 2024 performance is stable, but challenges exist in the health product segment's growth, insufficient innovation in pharmaceuticals, and the need for improved digital transformation [5]

目 云南白药集团股份有限公司 审计报告 众环审字(2025)1600190号 审计报告 | 财务报表 | | | --- | --- | | 合并资产负债表 | | | 合并利润表 | 3 | | 合并现金流量表 | ব | | 合并股东权益变动表 | n | | 资产负债表 | 7 | | 利润表 | 9 | | 现金流量表 | 10 | | 股东权益变动表 | 11 | | 财务报表附注 | 13 | 众环审字(2025)1600190 号 云南白药集团股份有限公司全体股东: 一、审计意见 起始页码 我们审计了云南白药集团股份有限公司(以下简称"云南白药")财务报表,包括 2024年 12 月 31 日的合并及公司资产负债表,2024年度的合并及公司利润表、合并及公司现金流量表、合 并及公司股东权益变动表以及相关财务报表附注。 我们认为,后附的财务报表在所有重大方面按照企业会计准则的规定编制,公允反映了云 南白药 2024 年 12 月 31 日合并及公司的财务状况以及 2024 年度合并及公司的经营成果和现金流 量。 二、形成审计意见的基础 我们按照中国注册会计师审计准则的规定执行了审计工作。审计报告的 ...

云南白药集团股份有限公司 内部控制审计报告 众环审字(2025)1600191号 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求,我们审计了云 南白药集团股份有限公司(以下简称"云南白药")2024年12月31日的财务报告内部控制的 有效性。 一、云南白药对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部控制评价指引》 的规定,建立健全和有效实施内部控制,并评价其有效性是云南白药董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上,对财务报告内部控制的有效性发表审计意见, 并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 内部控制具有固有局限性,存在不能防止和发现错报的可能性。此外,由于情况的变化 可能导致内部控制变得不恰当,或对控制政策和程序遵循的程度降低,根据内部控制审计结 果推测未来内部控制的有效性具有一定风险。 四、财务报告内部控制审计意见 我们认为,云南白药于 2024年12月 31 日按照《企业内部控制基本规范》和相关规定 在所有重大方面保持了有效的财务报告内部控制。 本年 众环审字(2025)160 ...

i 关于云南白药集团股份有限公司 非经营性资金占用 及其他关联资金往来情况 汇总表的专项审核报告 众环专字(2025)1600019号 m 景 专项审核报告 汇总表 非经营性资金占用及其他关联资金往来的情况汇总表 1-2 页 次 1-2 我们按照中国注册会计师审计准则的相关规定执行了审核工作。中国注册会计师审计准则 要求我们遵守中国注册会计师职业道德守则,计划和执行审核工作以对汇总表是否不存在重大 错报获取合理保证。在审核过程中,我们实施了包括检查会计记录、重新计算相关项目金额等 我们认为必要的程序。我们相信,我们的审核工作为发表审核意见提供了合理的基础。 关于云南白药集团股份有限公司 非经营性资金占用及其他关联资金往来情况汇总表 的专项章核报告 众环专字(2025)1600019 号 我们认为,后附汇总表所载资料与我们审计云南白药 2024年度财务报表时所复核的会计资 料和经审计的财务报表的相关内容,在所有重大方面没有发现不一致。 为了更好地理解云南白药 2024年度非经营性资金占用及其他关联资金往来情况,后附汇总 云南白药集团股份有限公司全体股东: 我们接受委托,在审计了云南白药集团股份有限公司(以下简称 ...

云南白药集团股份有限公司 2024 年度独立董事述职报告 各位股东： 本人作为云南白药集团股份有限公司（以下简称"公司"）独立董事，2024 年严格遵照《公司法》《证券法》《上市公司治理准则》《上市公司独立董事 管理办法》《关于上市公司独立董事制度改革的意见》等法律法规和规范性文 件，以及本公司《公司章程》《独立董事年报工作制度》等有关规定要求，谨 遵诚信、忠实、勤勉的原则，恪守独立董事履职规范，谨慎、独立、客观地行 使独立董事权利及义务，充分发挥独立董事作用，切实维护公司及全体股东尤 其是中小股东的合法权益。现就2024年度履职情况汇报如下： 一、会议出席情况 2024年，公司第十届董事会共召开12次会议，本人严格按照相关规范要求 出席全部董事会会议12次，没有缺席或连续两次未亲自出席会议的情况；2024 年，公司共召开5次股东大会，本人列席5次会议。具体参会情况如下表所示： 本人认为，报告期内，公司历次董事会、股东大会的召集、召开内容和程 序均符合法律法规、规范性文件以及公司章程之规定。在每次会议召开前，本 1 / 5 （一）出席董事会专门委员会情况 本报告期应参 加董事会次数 现场出席 董事会次 数 以 ...