Hello, investors. Welcome to this episode of the National Taiwan Security Investor Walks into the listed company series. I'm Jingjie, the host of Quanjin.com. Today, we are in Yunnan, which has a beautiful scenery and excellent history. We will lead you to a well-known company with a century-old history. Now, let's walk into Yunnan Baiyao together.
Binan Baiyao, as a treasure of the Chinese Chinese medicine world, not only has a reputation in China, but also has a place in the international market. Since the creation of Qu Huanzhang, a famous doctor from Yizu in 1902, Binan Baiyao has become an important representative of Chinese Chinese medicine culture with its unique efficacy and profound cultural background.
Here, the combination of traditional Chinese medicine and modern technology is perfect. Every capsule, every bottle of QIWUQI combines the hard work and wisdom of countless people. Next, let's take a look at the scene of the investor exchange meeting.
In 2023, Yunnan Baiyao achieved a revenue of 391.11 billion yuan and increased by 7.19%. Among them, the gross net profit reached 4.94 billion yuan and increased by 36.41%. In 2023, Yunnan Baiyao performed steadily. Industrial revenue increased by 7.58% and commercial revenue increased by 6.98%.
In terms of profitability, the company achieved a 10.51% increase in the average net asset revenue, which increased by 2.64% in 2022. In addition, the total asset increased by 0.87%, and the interest rate increased significantly, increasing by 30.57%. In 2023, the total assets of Yunnan Baiyao were 537.84 billion yuan.
Good afternoon, dear investors. I am Liu Jingbo from Guotai Jun'an Yunnan Branch. I am very happy to be here at the 100th anniversary of the founding of Yunnan Baiyao. I am here on behalf of Guotai Jun'an Jun'an Yunnan Branch
Thank you very much.
As a long-term and comprehensive financial service provider in the Chinese securities industry, Guotai Jun'an has always adhered to the concept of customer-centered services, striving to provide professional and comprehensive financial services for large investors.
Since the founding of Kunming in 1994, we have grown in Yunnan for 30 years. Now we have 8 branches. The management of assets is close to 600 billion yuan. We have nearly 300,000 domestic and foreign investors. We have 500 billion yuan in direct financing of key enterprises in the service area. We have established a long-term and stable cooperation relationship with many listed companies. We have witnessed each other's growth and brilliance.
This visit to Yunnan Baiyao, a listed company, is an important step for us to deepen the education and service of investors and build social responsibility. We hope to provide investors with a platform for close communication with the listed company through this event. Through real-time visits and interactive exchanges, we can understand Yunnan Baiyao's development process, operating situation, development strategy and investment value in a more in-depth way.
In the future, the National Security and Security Securities will continue to carry out in-depth investment education work and continue to organize investors to enter the activities of listed companies, build bridges for investors to communicate with listed companies, guide investors to better understand the value of listed companies, guide listed companies to respond to investors' concerns in time, strengthen investment relationship management, and cultivate a good capital market ecology.
and promote the healthy development of the capital market. Finally, I wish you a successful and successful event. Thank you. Next, let's analyze from a more professional perspective, from an industry perspective, what kind of environment Yunnan Baiyao is in. Let's give a round of applause to Zhao Xiong, the Chief Investment Advisor of Guotai Securities, to analyze the industry for everyone.
In fact, the title is also one of our core points, that is, the quantitative policy is constantly being launched, so in fact, the whole industry will enter a quantitative rhythm. So from several perspectives, first of all, the first is from the payment side, then the second is from the recovery of the industry, and the third is from the innovation stage. So in the future, I will also expand based on these three directions. First of all, the first point is the payment side, because the medical industry itself is a post-pandemic industry, it has something to do with our macroeconomic or population.
The whole structure of Alipay, or the optimization model of Alipay, will be improved in 2025. The second is the recovery of the industry. In fact, the entire medical industry has gradually entered a recovery phase after entering the post-pandemic period, from inventory management to industry supervision.
The third is the process of innovation medicine, which is very important in the pharmaceutical industry. Innovation medicine has also entered a stage of verification with the development of the industry. I will start from these three directions. The first is Alipay. As you can see from this picture, China's total health care spending in 2023 is roughly divided into these three parts.
First, social spending has a lot to do with social security spending. Second, it's personal cash spending. Third, it's government spending. You can see from the picture on the right that the percentage of personal spending is relatively stable. The biggest fluctuation is in social and government spending. We think that social and government spending will grow significantly in 2025.
First of all, medical insurance. Medical insurance plays a very important role in China's social insurance system. The income and expenditure of medical insurance are very large. In 2023, the income of basic medical insurance accounted for 29% of the total income of social insurance, and the expenditure accounted for 29%, which is a relatively large proportion. In fact, the income of medical insurance
The total amount of money is 142.18 billion yuan, and the net assets of the shareholders of the listed companies are 398.79 billion yuan, which is an increase of 3.57%. Next, we will have a face-to-face interaction with the executives of Yunnan Baiyao. First, let's welcome the vice general manager of Yunnan Branch of Guotai Securities, Ms. Liu Jingbo.
整个全民的这个医疗费用的支出这个支付方他的一个增速是会有比较大的一个期待所以我们觉得从支付方来说2025年是会有一个比较大的一个增速
第二是对于医药行业来说,本身这个行业也是处于一个复苏的周期,那么在医药行业中整个细分的领域也在一个逐步的复苏。这个是过去五年以来整个医药行业涉及到一些政策的一个情况,首先可能从19年的急产,
再到DRG 再到集中整治再到包括非减扩面以及比价其实我们的政策也在逐步层层地在递进那么首先政策的预期或者政策的影响也在逐步地边际减弱然后同时这些政策的落地也使得我们整个医药行业逐步进入了一个新的一个生态过程其实举一个例子比如说棘材其实它整个经过了这六年的一个发展它的一个对于医药行业的影响其实已经逐步逐步地稳定下来建立了一个新的一个生态
那首先集采已经进入了下半场其实可以看得到集采最大的冲击已经过去了从最开始的一千亿、两千亿、四千亿到五千亿看似这个节省金额的逐渐提升可能影响到我们很多医药行业的这些企业的利润但是随着集采经过了这么长时间的发展股票市场的我们的资本市场对它的这个交易对它的一个预期的一个交易就整个行业的边际它对于行业的边际预期在减弱
In terms of funding, it is closely related to our economy and population. From the current point of view, the income of our medical insurance fund is showing a steady growth process. You can see it from the picture on the lower right. You can also see the number of insurance providers on the left. The number of insurance providers for vocational health insurance and urban and rural health insurance is still relatively large.
This is also related to our economic situation. As our economy is recovering, we can expect to see a big increase in medical insurance revenue in 2025.
This also shows that the increase in employee health insurance revenue has already reflected the economic situation in 2023-2022. With the recent policies and everyone's expectations for economic recovery, our employee health insurance revenue will return to a normal level in 2025.
The second is the multi-layered medical insurance system. In addition to social security, the status of commercial insurance has been further clarified. On July 19, 2024, the National Health Insurance Agency first proposed a multi-layered medical insurance system of 1 plus 3 plus N. In the future, in addition to our basic
In addition to the basic social security, the growth of commercial insurance and its growth rate will have a greater development with the continuous promotion of our policy and the tilt of this policy. This will lead to a greater supplementation of commercial insurance in the direction of social payment.
This is the corresponding situation of various policies. In fact, from a policy point of view, many key points of our commercial health insurance will be lost. The entire commercial insurance will have an accelerated development process in the future.
Another important part is our financial income. Financial income has been affected by the pandemic in the past two years. Financial investment has slowed down. But with the economic recovery, including our financial public health spending, it will return to a normal state in 2025. So, including financial investment and multi-assurance spending, in fact, in 2025, from the payment side,
那么第二是在于行业整顿其实行业整顿从2023年开始整个行业的整顿就一直在持续的进行那么已经从短期走向了一个长期的一个常态那从短期这样长期对于行业来说它本身就是一个边际减弱的过程那这样对于整个行业它是有一个比较长期的对于产品逻辑也好竞争格局也好包括费用结构也好会有一个长期的使得行业健康发展的一个过程
那么包括年度非简非简全面化也是同样的一个逻辑
那么以上的这些政策对于院内的市场其实对于院内的终端市场来说它的阶段性的节奏性的影响已经在减弱了从这个左下角这样的图可以看得到整个的趋势院内的这个第一床使用率的趋势虽然说还没有完全恢复到疫情前的水平但是整个趋势也在逐步的向上了然后同时手术量也好包括处方药的销售费用也好其实都会使整个节奏的影响都在逐步的恢复
第二是院外市场院外市场主要是跟零售药店数相关那么其实整个可以看得到随着整个行业的发展其实对于整个院外市场我们的不管是连锁企业数量还是单体药店数量其实都在一个逐步恢复的一个过程
那么还有一个市场是我们的终端的一个设备招标那么其实设备招标随着整个2023到2024这一个整顿的这个节奏的话其实是受到了一些影响那么在2025年整个设备的招标是有望复苏的
所以综上来看,其实不管是我们的政策也好,还是整个集财这一系列政策的影响,其实在2025年都会存在一个阶段性复苏的一个情况那么对于行业的影响,对于细分行业的影响,其实就是这张图了其实每一个细分的行业,它的复苏节奏都不一样那么这张图大家可以重点看一下,包括原材料
原料药医疗耗材包括零售药店它的整个的复苏节奏都不一样其实这个复苏节奏是从2023年三季度开始那么到目前来看我们觉得这个复苏的节奏或者进程会逐步延续到2025年
那么第三个部分是创新药,其实创新药也是医药行业非常重要的一个细分行业那么创新药是我们目前来看增量政策中支持最明确的一个方向不管是从顶层设计也好,还是从评审也好,还是从市场总部也好都有不断的重磅的会议,重要的政策在不断的出台
那创新药也是我们一直在说的新资产地也是我们国家需要大力发展的一些方向所以在这个创新药这个细分领域中其实增量政策其实不是很缺就不断会有新的一些增量政策出来
那么创新药其实也是经过了行业的发展以后,也是从一个预期的时代,准了验证的时代,就是我们所说的从0到1,到现在到1到N的一个过程那么可以看得到,从15年到17年,年均获批才1.3个,然后整个行业经过了这么多年的发展
到近三年以来,联军获批32个,其实不管是从省批也好,还是从政策信息也好,对于创新药还是一个扶持跟鼓励的一个态度,然后也使得了很多的创新药它的研发周期在缩短,以及省批的通过率增高的一个情况
那么创新药中很重要的一部分自免创新药可以看得到其实对比起我们传统使用的肿瘤药其实自免药它的一个市场空间还是很大的这边做了一个对比美国跟中国美国的肿瘤药的规模是1114亿美金而自免药只有853亿而中国这个空间更大所以是对比起中国我们中国市场来说整个自免药它的一个巨大的潜力还是比较大的
所以总结一下医药行业我们觉得2025年它是随着行业的复苏以及支付方的增量的话整个行业在2025年是一个比较值得期待的一些行业那么创新药可能会是医药行业当中比较容易产生亮点的一个行业然后包括医药出海也可能会是下一个阶段医药行业能够走出行情的一个重要的一个逻辑支撑那以上我的汇报就是这些谢谢大家
那么目前来看,其实从右边这张图可以看得到,我们很多的国产知名药货批或者是即将上市,也会对于这些细分的行业或者公司会带来一些催化和刺激
所以刚才提到了不管是我们的整个社保支付方也好还是创新药也好那么医药行业还有另外一个方向其实就是出海出海的话因为本身其实不管是我们现在出口也好还是本身我们的国内市场也好其实医药行业它的一个出海的逻辑还是不断地在的
好的感谢赵老师的精彩分析那么接下来对时间的进入到我们的互动交流环节大家有任何问题都可以举手示意我我咨询一下就是因为可以看到咱们的三级报整个的销售和管理费用率都同比有一个比较大的一个下降那么我想问一下咱们公司在控制成本的这个控制管理成本的这个方向上是做了哪些工作以及后续还会有怎样的一个规划来从而控制这个管理成本
云南百药证券事务代表李梦觉就2024年公司前三季度经营情况作出回答营业收入达到了299.15亿元同比增长0.76%规模净利润为43.27亿元同比增长4.93%扣非规模净利润为42.65亿元同比增长10.68%
那么其实整个出口可以看到,出口的话从今年下半年整体增速开始回正,那么明年是存在有一个奇稳的迹象那么从出口的地区来看,美国仍然是我们第一大的一个国家那么出口品类来说,还是医疗器械是我们出口美国品类最大的一个品类
那么为什么说我们会觉得出海会在明年会有一个奇问的一个迹象主要还是在于这一张图就是整个医疗器械下游的一个库存就是我们出海的库存
其实可以看得到很多的这些企业它下游的库存是处于一个见底的一个情况那么未来是会有一个库存周期往上走的一个情况那么在库存周期往上走的阶段其实企业下游存在补库的一个需求的话那整个出海的这个订单量或出海量是会值得期待的
那么还有一个方向是CDMO其实CDMO的话因为基于我们本身中国自有的我们的产业优势比如说我们有完整的产业链完整的工业链以及我们有工程师红利然后再包括其实美国结束加息周期全球流动性逐步的宽松的一个阶段其实我们的CDMO这个行业也是可以值得期待的因为在全球流动性逐步宽松的阶段其实很多的领域它是存在外包需求的
那么我们中国作为具有完整的产业链完整的供应链以及具备相应的这些公司红利所以是有望会承接这一系列的外包的需求那么所以从这个角度来说我们觉得整个医药的出海还是一个比较大值得期待的一个方向
但是一躍出海它毕竟是跟国际局势有很大的关系所以也存在一些多变的国际局势包括可能未来特朗普2.0会带来的一些关税的情况那么存在一些大国博弈的竞争那一躍出海面临这些相应的国际局势也可能会是未来我们需要关注的一个风险点
基本每股收益为2.42元每股同比增长4.76%经营活动产生的现金流量金额为40.73亿元同比大幅增长57.29%加权平均净资产收益率为10.82%同比提升0.34个百分点公司持续优化业务结构增强盈利能力财务状况进一步稳健为未来的长期发展奠定了坚持
就是比如说您能不能量化地介绍一下这个中药材板块给我们其他板块的一个协同效应就比如说节约了相较于我们外购原材料节约多少个百分点的这样一个成本
然后或者说以及我们这种其他产品的一个原材料的一个自贡比例的一个情况然后我们未来有没有进一步做中药材的这方面的一个投资的这些相关的一些情况
2024年上半年中药资源事业群实现对外营业收入8.92亿元同比增长22%平均订单交付率99.36%投料药材价格上涨幅度显著低于行业水平行业水平在三期领域保持持续领先聚焦云南道地药材和白药战略品种天然植体业务上半年销售收入同比增长47%打造中药药师服务中心和中医馆
打通诊治开方审方监治配送入户全流程提供全方位个性化药事服务建成并运营云南最大体量的煎药中心通过数字化建设和多点布局提升居民日常用药便利性
我更关心的就是你下一步的这个增长是在哪里能够能够体现出来当然如果再干出来一个就是像那个牙膏一样的在那个洗护的这个领域里这肯定是一个值得期待的事但是这个确实是已经干了十年了它也才是这样的一个接下来这块大概是从白药这个角度你们是怎么看的然后还有一个就是关于气血康这个气血康呢我觉得这也是就是我们第二曲线可能要要走的这样的一个一个地方那
我更多地把它对标那个那个鄂交对对比起鄂交上有没有一些就是市场调研或者临场调研它和鄂交的这个
效果效力对于哪个人群是不是更精准就这些东西有没有更好的一些临床的东西出来能展示给这个市场看它确实是有这个潜力的因为鄂交的存量市场其实也还是蛮大的一个市场在三期和鄂交的这个上面我现在看的是这两边但是就是想听听你们是在这两块是后面的一个有没有更深入的一些信息也好或者是一些方案
在口腔护理领域2024年上半年云南白药牙膏市场份额在国内继续保持领先2024年618期间云南白药口腔健康品牌蝉联全国口腔护理品牌套逼养元轻洗护产品2024年上半年实现销售收入1.95亿元同比增长41%养元轻洗护产品拥有预发类特装症和防脱预发国家发明专利硕利控油防脱就有养元轻的品牌定位
618期间获天猫国货房拖喜发水品牌TOP1抖音平台半年GM微破1元百药系列核心产品云南百药器物剂销售收入超12亿元同比增长30%以上云南百药膏云南百药胶囊销售收入均10线稳健增长植物补液类产品气血康口服液销售收入超1亿元三骑身风口服液销售收入同比增长超80%
齐总我们知道国泰军安其实近几年一直都在持续开展走进上市公司的系列活动我们一直带着各位投资者不停地去看上市公司实地的参观调研我想了解一下我们举办这样活动的初心是什么未来我们又怎样再继续把它做得更好好的
那么回答这个问题呢我想就以我们今天在全联网的这个协同支持下我们走进上市公司云南白药这么一个活动为例吧那今天的这个活动呢我觉得我们通过实地的探访我们的这个云南白药的生产基地
生产车间以及我们云南白曜近距离的给我们介绍他们的公司的情况还包括和公司高管面对面的互动我们的投资者应该讲是踊跃的参加积极的互动反应也都非常好那么我觉得从今天这个活动我们就能初步能看出我们的举办这个走进上市公司活动的初心就是说我们要搭起
上市公司和我们投资者之间的沟通的桥梁让我们的投资者能够有机会进一步的近距离的接触到我们的上市公司接触到我们上市公司的高管那么进一步加深对上市公司的了解这是我们的初衷和使命那么下一阶段包括明年我们会进一步的加强这方面的工作多组织我们的投资者
在不同的行业不同的领域和不同的公司多举办这样的活动这样的话更好地服务好我们的投资者就这样
通过今天的实地调研我们不仅见证了传统中药与现代科技的完美结合更感受到了云南白药人对于品质的执着追求和对于创新的不懈努力无论是在产品研发生产管理还是市场拓展方面云南白药都展现出了强大的竞争力和广阔的发展前景好的以上就是本期国泰军安投资者走进上市公司系列节目走进云南白药集团的全部内容我们下期节目再见