Southwest Securities releases a research report on Yunnan Baiyao, with a 2025 annual report review: core medicines continue to expand, driven by both internal growth and external expansion.

Everyday AI Express, Southwest Securities released a research report on Yunnan Baiyao (000538.SZ, latest price: 55.94 yuan) on April 7: 1) The pharmaceutical business group continues to grow rapidly, with significant volume increases in multiple products; 2) Profit quality continues to improve, with research and development and organizational efficiency advancing simultaneously; 3) The high dividend attribute persists, and innovative layout along with external expansion jointly open up long-term space.
Risk warning: Risks of intensified competition in the toothpaste market, channel expansion, and advertising returns falling short of expectations, as well as risks related to hospital procurement.

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(Reporter Wang Hanli)

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