Credit Brief — YUNNAN BAIYAO GROUP CO.,LTD (云南白药)
000538.SZ · Shenzhen Main Board · Data window: 2022–2026 H1 · Sources: official periodic reports filed via cninfo (巨潮资讯网)
All figures are extracted mechanically from official filings and are traceable to source page (see §9). Narrative sections are analyst commentary; mechanical sections are produced without any LLM. Not investment advice. Not a credit rating.
1. Identity & legitimacy
- Legal representative: 张文学
- Registered address: 云南省昆明市呈贡区云南白药街 3686 号
- Office address: 云南省昆明市呈贡区云南白药街 3686 号
- Controlling shareholder: 云南白药控股有限公司
- Actual controller: None (stated in the filed report)
- Employees: 9,286
Source: identity fields above are mechanically extracted from the issuer's own filed annual reports. - Registration data via corporate registry is not included in this build
2. Compliance & legal
Compliance screens (dishonest debtor / enforcement / penalties / business exceptions) require a registry data source not included in this build
3. Business profile
Top customer/supplier tables not generated for this issuer.
4. Financial dashboard (CNY mn)
Assets
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Cash and bank balances | 13,056.1 | 14,218.3 | 10,888.0 | 9,107.8 | 9,569.9 |
| Trading financial assets | 2,415.7 | 149.4 | 2,547.1 | 4,192.1 | 4,751.2 |
| Accounts receivable | 9,089.8 | 9,966.2 | 9,923.4 | 10,160.1 | 10,182.6 |
| Other receivables | 118.9 | 104.1 | 108.4 | 406.5 | 632.4 |
| Inventories | 7,993.2 | 6,442.2 | 6,294.4 | 6,231.4 | 6,147.9 |
| Long-term equity investments | 11,318.7 | 11,536.7 | 12,561.3 | 13,227.6 | 13,648.2 |
| Fixed assets | 2,723.3 | 2,662.9 | 3,012.9 | 3,274.3 | 3,212.6 |
| Construction in progress | 194.0 | 529.7 | 703.4 | 807.6 | 932.2 |
| Intangible assets | 591.0 | 583.4 | 561.8 | 699.2 | 683.0 |
| Total assets | 53,320.9 | 53,784.3 | 52,914.2 | 54,268.6 | 55,145.3 |
Liabilities
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Short-term borrowings | 1,850.9 | 1,747.3 | 423.4 | 182.8 | 25.1 |
| Notes payable | 1,991.9 | 1,850.9 | 1,913.7 | 1,846.7 | 1,668.2 |
| Accounts payable | 4,639.3 | 4,359.6 | 4,758.4 | 5,523.0 | 5,719.1 |
| Contract liabilities | 2,578.3 | 1,739.9 | 1,916.1 | 1,505.8 | 1,578.7 |
| Other payables | 1,043.7 | 1,025.1 | 1,386.6 | 1,461.5 | 1,378.9 |
| Current portion of non-current liabilities | 93.9 | 74.7 | 88.4 | 76.4 | 164.8 |
| Long-term borrowings | 2.1 | 2.1 | 2.1 | 86.6 | 2.1 |
| Bonds payable | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Total liabilities | 14,793.9 | 13,878.9 | 14,048.1 | 14,121.1 | 14,097.3 |
Equity
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Paid-in capital | 1,796.9 | 1,796.9 | 1,784.3 | 1,784.3 | 1,784.3 |
| Capital reserve | 18,231.4 | 18,246.6 | 17,637.1 | 17,632.1 | 17,697.1 |
| Retained earnings | 16,720.4 | 18,102.1 | 16,981.3 | 18,202.3 | 19,079.0 |
| Equity attributable to owners of the parent | 38,503.7 | 39,879.1 | 38,831.9 | 40,044.1 | 40,973.2 |
| Minority interests | 23.3 | 26.2 | 34.1 | 103.4 | 74.8 |
| Total equity | 38,527.0 | 39,905.4 | 38,866.1 | 40,147.5 | 41,048.0 |
Income statement
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Revenue | 36,488.4 | 39,111.3 | 40,033.3 | 41,187.0 | 21,884.1 |
| Cost of sales | 26,883.5 | 28,744.5 | 28,864.8 | 29,032.9 | 15,305.9 |
| Selling expenses | 4,165.6 | 4,992.2 | 4,879.5 | 5,619.5 | 2,450.4 |
| Administrative expenses | 833.8 | 1,058.5 | 1,037.6 | 1,020.1 | 327.6 |
| Finance costs | -342.9 | -259.2 | -155.6 | -46.9 | 18.2 |
| Investment income | 868.2 | 779.0 | 776.9 | 1,043.0 | 601.9 |
| Operating profit | 3,371.3 | 4,830.5 | 5,711.6 | 6,038.9 | 4,274.1 |
| Profit before tax | 3,377.0 | 4,818.0 | 5,684.7 | 6,043.3 | 4,282.6 |
| Net profit | 2,840.4 | 4,122.6 | 4,767.1 | 5,189.9 | 3,697.2 |
5. Ratios
| Ratio | 2022 | 2023 | 2024 | 2025 | 2026 H1 |
|---|---|---|---|---|---|
| Current ratio | 2.63x | 2.85x | 2.66x | 2.64x | 2.64x |
| Quick ratio | 2.04x | 2.35x | 2.17x | 2.16x | 2.17x |
| Debt-to-asset ratio | 27.7% | 25.8% | 26.5% | 26.0% | 25.6% |
| Total debt / EBITDA | 0.45x | 0.33x | 0.08x | 0.05x | 0.04x |
| EBITDA interest coverage | 12.58x | 21.63x | 40.50x | 137.44x | 251.93x |
| Gross margin | 26.3% | 26.5% | 27.9% | 29.5% | 30.1% |
| Net margin | 7.8% | 10.5% | 11.9% | 12.6% | 16.9% |
| Return on equity (ROE) | 7.4% | 10.3% | 12.3% | 12.9% | 9.0% |
| Revenue growth | — | 7.2% | 2.4% | 2.9% | -46.9% |
| Net profit growth | — | 45.1% | 15.6% | 8.9% | -28.8% |
| Receivable days | 91 | 93 | 90 | 90 | 170 |
| Cash received / revenue | 104.7% | 103.9% | 108.0% | 110.4% | 114.4% |
| Operating CF / net profit | 1.13x | 0.85x | 0.90x | 0.89x | 1.11x |
| Free cash flow | -4,081.6 | 4,039.5 | 3,487.1 | 3,363.3 | 3,456.2 |
Mechanical risk flags
- ⚠ Debt-to-asset ratio: 0.26 (level: high, reference threshold: <0.65)
6. Cross-check flags (mechanical reconciliation)
- 2023 · Cash-flow statement net increase vs balance-sheet cash movement: 1,105.6 vs 1,162.2 CNY mn (deviation 4.87%, severity mid)
Sources: 2023年年度报告.pdf p.117 「五、现金及现金等价物净增加额」 vs 2023年年度报告.pdf p.108 「货币资金」. CF-statement figure below the balance-sheet movement by 56.6 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review. - 2024 · Cash-flow statement net increase vs balance-sheet cash movement: -3,876.2 vs -3,330.4 CNY mn (deviation 14.08%, severity mid)
Sources: 2024年年度报告.pdf p.133 「五、现金及现金等价物净增加额」 vs 2024年年度报告.pdf p.122 「货币资金」. CF-statement figure below the balance-sheet movement by 545.9 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review. - 2025 · Cash-flow statement net increase vs balance-sheet cash movement: -1,743.3 vs -1,780.2 CNY mn (deviation 2.07%, severity mid)
Sources: 2025年年度报告.pdf p.115 「五、现金及现金等价物净增加额」 vs 2025年年度报告.pdf p.104 「货币资金」. CF-statement figure above the balance-sheet movement by 36.9 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review. - 2026Q2 · Cash-flow statement net increase vs balance-sheet cash movement: 468.8 vs 462.1 CNY mn (deviation 1.44%, severity mid)
Sources: 2026年半年度报告.pdf p.70 「五、现金及现金等价物净增加额」 vs 2026年半年度报告.pdf p.59 「货币资金」. CF-statement figure above the balance-sheet movement by 6.7 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review.
4 check(s) not run for missing inputs: 前五大应收 vs BS 应收账款; 前五大其他应收 vs BS 其他应收款; 前五大预付 vs BS 预付款项; 授信表内总合计 vs Σ机构行.
Premium tier. The analyst red-flag review and the industry-context commentary (sections 7–8 of the full brief) are not included in this free build. Join the waitlist for early access.
9. Method & provenance
All financial figures above were extracted mechanically from the company's official periodic reports (unit-normalized to CNY). Each key figure carries cell-level provenance — source file, page and original line item. Samples (latest annual period):
| Item | Period | Value (CNY mn) | Source file | Page | Raw line item | Raw value (as filed) |
|---|---|---|---|---|---|---|
| Cash and bank balances | 2025 | 9,107.8 | 2025年年度报告.pdf | 104 | 货币资金 | 9107829167.98 (元) |
| Total assets | 2025 | 54,268.6 | 2025年年度报告.pdf | 105 | 资产总计 | 54268581131.82 (元) |
| Accounts receivable | 2025 | 10,160.1 | 2025年年度报告.pdf | 104 | 应收账款 | 10160059223.29 (元) |
| Fixed assets | 2025 | 3,274.3 | 2025年年度报告.pdf | 105 | 固定资产 | 3274340152.34 (元) |
| Short-term borrowings | 2025 | 182.8 | 2025年年度报告.pdf | 105 | 短期借款 | 182775753.21 (元) |
This brief is built solely on officially filed public disclosures. It is not investment advice, not a credit rating, and not an offer of any service. Figures may contain extraction or caliber effects; verify against the original filings before relying on them.