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Yunnan Baiyao Group (000538) investor relations material
Yunnan Baiyao Group Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Revenue for H1 2026 reached RMB 21.88 billion, up 2.95% year-over-year; net profit attributable to shareholders was RMB 3.70 billion, up 1.88% year-over-year.
Excluding one-time investment fluctuations, adjusted net profit grew 8.33% year-over-year; Q2 net profit rose 13.18% year-over-year.
Industrial revenue accounted for 40.08% of total, with a 3.15% increase; business structure continued to optimize.
Cash dividend of RMB 10.38 per 10 shares proposed, totaling RMB 1.85 billion, representing 50.04% of H1 net profit.
Financial highlights
Operating cash flow was RMB 4.11 billion, up 3.66% year-over-year.
Gross margin for industrial sales was 65.83%, down 2.10 percentage points year-over-year.
R&D investment reached RMB 216 million, up 27.13% year-over-year.
Weighted average ROE was 9.04%; basic and diluted EPS were both RMB 2.07, up 1.47% year-over-year.
Total assets at period-end were RMB 55.15 billion; net assets attributable to shareholders were RMB 40.97 billion.
Outlook and guidance
Focus remains on high-quality growth, innovation, and full-industry-chain synergy.
Industrial revenue share expected to continue rising; new product launches and digital transformation to drive future growth.
Continued emphasis on R&D, digitalization, and international expansion.
- Q1 2026 saw 7.02% revenue growth and 5.31% net profit increase, with strong cash flow.000538
Q1 2026 - Record revenue and profit, strong segment growth, and high dividends marked 2025.000538
H2 2025 - YTD net profit rose 10.41% to ¥4.78B, with strategic acquisitions and special dividends.000538
Q3 2025 - Net profit surged 13.93% YoY to RMB 3.63 billion on record H1 revenue and strong segment growth.000538
H1 2025 - Q3 revenue rose modestly, but net profit fell on lower non-recurring gains; cash flow improved.000538
Q3 2024 - Net profit up 12.76% to RMB 3.19B, revenue up 0.72%, with improved margins and cash flow.000538
H1 2024 - Net profit rose 13.67% YoY in Q1 2025, with strong industrial segment growth.000538
Q1 2025 - Net profit surged 16% to RMB 4.75B, with a 90% payout ratio and record R&D investment.000538
H2 2024
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