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Yunnan Baiyao

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Yunnan Baiyao is a major Chinese traditional-medicine brand known for trauma-care, hemostatic and wound-care products, and for extending its heritage into toothpaste and everyday health products. Yunnan Baiyao Group is a Chinese pharmaceutical and healthcare group best known for the century-old Yunnan Baiyao traditional-medicine brand, while also operating businesses in personal care, medical devices, Chinese medicinal resources and pharmaceutical distribution.

Last updated October 28, 2026

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Overview

The formulation is traditionally attributed to Qu Huanzhang, a practitioner from Yunnan, and is generally dated to the early twentieth century. The company states that the product has more than a century of history and that its prescription remains a closely protected state-level commercial secret. The formula’s secrecy has been central to the brand’s identity: it supports an aura of scarcity and authenticity while allowing the company to market the product through a mixture of traditional knowledge, clinical manufacturing and modern quality-control narratives. Yunnan Baiyao became particularly associated with emergency and trauma use. Core offerings have included powder, capsules, aerosol sprays, plasters, bandages and other external or oral preparations. The brand’s historical reputation was reinforced by accounts of its use in military and emergency settings, although individual product indications and claims depend on the regulatory status of each formulation. Rather than remaining a single-remedy business, the company pursued a “new Baiyao” strategy that adapted the familiar formulation and brand promise to more convenient formats and wider consumer occasions. A major extension was Yunnan Baiyao toothpaste, which moved the brand from medicine cabinets into daily personal care. The toothpaste business used the brand’s traditional-medicine associations and claims relating to gum health and bleeding to appeal to households, while advertising connected the product with intergenerational trust and national heritage. Other extensions have included oral-care products, personal-care goods, health products, Chinese herbal medicines and products based on local botanical resources. This diversification helped the parent company reduce dependence on a single pharmaceutical format and made Yunnan Baiyao one of China’s most recognizable traditional-health brands. The brand’s distribution has historically combined pharmacies, hospitals, medical and health retailers, supermarkets and direct sales. In the 2010s, the company began developing a more deliberate digital and direct-to-consumer presence, including Tmall and WeChat stores and later broader use of major Chinese e-commerce and social platforms. Digital marketing has been used to reach younger consumers, explain product applications and translate traditional medicine into everyday health routines. Yunnan Baiyao operates within a listed corporate group rather than as an independent public company. The group produces and markets medicines, consumer health products, raw materials and related healthcare offerings. Its ownership structure has also evolved: a mixed-ownership reform involving state-linked and private strategic shareholders was followed by the absorption merger of Yunnan Baiyao Holdings into the listed company in 2019. These corporate changes were intended to improve capital allocation, operating integration and the group’s ability to expand across healthcare categories. The brand remains active and especially strong in China. Its principal competitive assets are heritage, consumer familiarity, a protected formulation, distribution scale and the ability to place traditional-medicine credibility beside modern packaging and retail. At the same time, the brand has faced scrutiny over the substantiation and labeling of some consumer-product claims, particularly toothpaste advertising and ingredient disclosure. These controversies illustrate the tension between the com… Yunnan Baiyao Group Co., Ltd. is a Chinese pharmaceutical and healthcare company headquartered in Kunming, Yunnan Province. The company is closely associated with Yunnan Baiyao, a proprietary traditional Chinese medicine first formulated in 1902 by Qu Huanzhang, a local Yi ethnic physician. The formula and production process have historically been treated as confidential, helping make the product one of China’s best-known traditional pharmaceutical brands. Although the company originated around a single traditional medicine, it has progressively expanded into a diversified healthcare group whose activities include pharmaceuticals, personal healthcare products, Chinese medicinal materials, medical devices, healthcare foods, tea products and pharmaceutical logistics. The company’s modern corporate history began with the establishment of the Yunnan Baiyao Factory in 1971 under instructions associated with Premier Zhou Enlai. Yunnan Baiyao was reorganized as a shareholding company and listed on the Shenzhen Stock Exchange in 1993, becoming the first listed company from Yunnan Province. During the 1990s, the group consolidated production planning, trademarks, regulatory approvals, quality control and marketing through a program known internally as the “Five Unifications.” A corporate reconstruction in 1999 laid the foundation for later expansion and commercialization. The group’s transformation accelerated in the 2000s and 2010s. It moved beyond traditional powder into aerosols, plasters, tinctures, woundplasts and other forms designed for modern retail and household use. It also extended the Yunnan Baiyao name into oral care and personal care, most notably through Yunnan Baiyao toothpaste. The company’s official business structure now emphasizes four broad platforms: pharmaceuticals, health products, traditional Chinese medicine resources and pharmaceutical circulation or logistics. Its portfolio also includes natural medicines, decoction pieces, special medicines, medical devices, healthcare foods and related consumer products. Yunnan Baiyao’s positioning combines heritage, proprietary traditional medicine and mass-market healthcare. The group presents its strategy as integrating traditional Chinese medicine into modern life through product innovation, manufacturing, research and commercial distribution. Its core franchise remains associated with pain management, injury care, bleeding control and topical treatment, while its consumer-health businesses seek to make the brand relevant to everyday oral care and personal wellness. The company has reported that several categories, including topical aerosols, woundplasts, Yunnan Baiyao powder and plaster, and Yunnan Baiyao toothpaste, rank among the leading products in their Chinese subfields. The group underwent mixed-ownership reform in stages between 2016 and 2019. Strategic investors including New Huadu Industrial Group and Jiangsu Yuyue participated in the reform of Yunnan Baiyao Holdings, and Yunnan Baiyao subsequently completed a merger and overall listing involving the former holding company. Following the restructuring, the company reported that it had no controlling shareholder or de facto controller. Its shareholder base includes state-linked investors, individual investors and private companies. In recent years, Yunnan Baiyao has pursued a broader healthcare and innovation agenda. In 2022 it signed a cooperation agreement with Huawei concerning artificial-intelligence drug research and development. The company has also promoted research platforms, Chinese medicinal-resource development and cooperation with academic and medical institutions. Its 2024 annual report described a portfolio of 40 categories and 416 varieties, including 16 products with annual sales above RMB 100 million. For 2024, the company reported operating revenue of approximately RMB 40.033 billion and net profit attributable to shareholders of approximately RMB 4.749 billion; these figures relate spe…

History

Yunnan Baiyao’s history combines a regional traditional remedy with the corporate development of a modern Chinese pharmaceutical group. The medicine is traditionally associated with Qu Huanzhang, a Yunnan practitioner who developed and circulated the remedy around the beginning of the twentieth century. The parent company describes the brand as having more than one hundred years of history and presents the formulation as a protected secret. Because the precise recipe is not publicly disclosed, the brand’s historical narrative relies on continuity of use, regional identity and the perceived efficacy of the medicine rather than on a fully open ingredient list. The remedy gained a reputation for use in bleeding and trauma care. During the twentieth century, its association with first aid, military medicine and emergency treatment helped create a distinctive brand position. The name became broader than a single dosage form: powder, capsules, aerosols and external preparations allowed the company to address different wound-care situations and consumer preferences. These formats also made the product easier to distribute through pharmacies and general retail. The industrial foundation for the modern business was the Yunnan Baiyao Factory, established in 1971. The enterprise later expanded beyond production of the original remedy into research, manufacturing, marketing and distribution. In the 1990s, the group entered China’s public capital markets. Its A-shares began trading on the Shenzhen Stock Exchange in December 1993 under code 000538, giving the company additional resources for production capacity, product development and geographic expansion. From the late 1990s through the 2000s, the company pursued product-format diversification. Capsules and aerosol sprays made the core medicine more convenient, while medicated plasters, adhesive bandages and related wound-care products translated the brand’s trauma heritage into more accessible consumer products. The company also expanded into toothpaste and other personal-care categories. This was a pivotal change in brand architecture: Yunnan Baiyao could now appear in everyday household routines rather than only in emergency or medicinal contexts. The toothpaste business became one of the clearest examples of the company’s modernization strategy. Marketing used the brand’s historical associations, traditional-medicine credibility and claims relating to gum bleeding and oral health. Advertising often framed the brand as a link between older generations who trusted Baiyao for injuries and younger families adopting it for daily care. Strong promotion and wider retail availability helped toothpaste become a prominent consumer-facing extension. During the 2010s, Yunnan Baiyao invested more heavily in digital distribution and consumer engagement. The company worked with Arkr Digital in 2014 on digital branding and a consumer-to-business product-development model, and opened or expanded activity through Tmall and WeChat stores. The broader strategy used e-commerce, social media and experiential promotions to make traditional Chinese medicine more legible to younger consumers. It also encouraged the development of products using local Yunnan resources and broader health and wellness positioning. Ownership and governance changed materially during the same period. Yunnan Baiyao Holdings underwent mixed-ownership reform, bringing state-linked and private strategic capital into the ownership structure. The listed group subsequently absorbed the holding company in 2019 through a large share-issuance transaction. The restructuring was presented as a way to integrate resources, improve competitiveness and support expansion into areas including orthopedics, gynecology and wound care. In the 2020s, the group continued to broaden its healthcare platform through traditional Chinese medicine resources, digital health and partnerships. Reported developments include an internet-hospital license in 2022, the establishment of an industrial-hemp research center and a related research-planting license in 2023, and a planned 2025 acquisition of Anguo Juyaotang Pharmaceutical by a wholly owned subsidiary. These activities belong to the wider corporate group, but they indicate the strategic direction surrounding the Yunnan Baiyao brand: linking the original remedy with pharmaceutical resources, healthcare services, botanical research and a larger Chinese medicine supply chain. The brand’s principal unresolved challenge is balancing secrecy and modern transparency. The protected formula is a valuable source of differentiation, but consumer products must also meet contemporary requirements concerning ingredients, safety and substantiation. The 2018 toothpaste lawsuit brought this tension into public view. Yunnan Baiyao therefore remains both a heritage symbol and a modern regulated healthcare brand, with its future dependent on continued trust, product innovation and credible communication across domestic and international markets. Yunnan Baiyao’s history combines a proprietary traditional medicine, the institutional development of China’s pharmaceutical industry and the commercialization of a heritage brand. The medicine was formulated in 1902 by Qu Huanzhang, a local Yi ethnic doctor in Yunnan. It became known as Yunnan Baiyao and was associated with uses in bleeding control, injury care and other forms of traditional treatment. The product’s formula has remained closely guarded, and the brand has often been presented as an example of a traditional Chinese medicine converted into a standardized commercial product. The modern manufacturing enterprise was established in 1971 as the Yunnan Baiyao Factory, following instructions associated with Premier Zhou Enlai. This created a formal production base for a medicine that had previously been linked to an individual practitioner and regional tradition. In the following decades, the company developed industrial capabilities and expanded distribution beyond Yunnan. A major institutional turning point came in 1993, when Yunnan Baiyao became the first company from Yunnan Province to list on the Shenzhen Stock Exchange. The listed entity initially centered on pharmaceutical manufacturing, but public-company status provided a platform for investment, expansion and broader commercialization. In 1996, the company implemented a “Five Unifications” approach that integrated production planning, trademark management, regulatory approval numbers, quality control and marketing. In 1999, it underwent corporate reconstruction and modernization, establishing a base for sustained growth. During the 2000s, Yunnan Baiyao moved beyond a single powder product. The group developed or commercialized multiple dosage forms, including aerosol, plaster, tincture and woundplast products. This shift made the brand more convenient for household first-aid, sports injuries, muscle discomfort and topical care. The group also expanded into health products and personal care. Yunnan Baiyao toothpaste became the most prominent consumer-health extension, applying the brand’s traditional-medicine identity to oral care. Other activities included medical dressings, healthcare foods, natural products, Chinese medicinal materials and distribution services. The company’s official history records several recognition and expansion milestones. In 2006, its key economic indicators were described as leading China’s traditional Chinese medicine industry. In 2011, the group moved to a new industrial base and began implementing the “New Baiyao, Great Healthcare” strategy. In 2012, it received a National Scientific and Technological Progress Award. It received the China Industry Award in 2014 and the China Trademark Award in 2015. Ownership and governance changed substantially between 2016 and 2019. Yunnan Baiyao completed mixed-ownership reform in 2016, introducing private strategic investors into the former holding structure. The group’s market value exceeded RMB 100 billion in 2017. In 2018, Yunnan Baiyao Group merged with Yunnan Baiyao Holdings. The overall listing transaction involved the issuance of shares to shareholders of the former holding company, including the Yunnan provincial state-assets authority and strategic investors. In 2019, after cancellation of shares held by Yunnan Baiyao Holdings, the listed company stated that it had no controlling shareholder or de facto controller. The post-restructuring group has organized its operations around pharmaceuticals, health products, traditional Chinese medicine resources and pharmaceutical logistics. Its product system includes natural medicines, Chinese medicinal-material processing, special medicines, medical devices, personal care, healthcare foods, tea products and pharmaceutical distribution. The company has increasingly emphasized research infrastructure, supply-chain development and cooperation with universities, medical institutions and technology companies. In July 2022, Yunnan Baiyao signed a cooperation agreement with Huawei for artificial-intelligence drug research and development. The agreement represented an attempt to connect the group’s traditional-medicine resources with contemporary data, computing and pharmaceutical-research capabilities. The company has also promoted international medical research and upstream Chinese-medicine-resource programs. Yunnan Baiyao’s international reputation has been mixed. The core products have been sold in China and exported to Southeast Asia and other regions, with the company describing gradual entry into markets including Japan, Europe and the United States. However, in December 2021, Norway’s Government Pension Fund excluded the company from investment because of what it described as an unacceptable environmental risk related to the use and sale of pangolin body parts. The decision placed wildlife conservation and supply-chain transparency among the issues associated with the company’s international corporate profile. By 2024, the company described itself as operating 40 categories and 416 varieties, with 16 products generating more than RMB 100 million in annual sales. The group reported that aerosols, woundplasts, Yunnan Baiyao powder and plaster, and Yunnan Baiyao toothpaste were leading categories in China. Its 2024 annual report recorded revenue of approximately RMB 40.033 billion and attributable net profit of approximately RMB 4.749 billion for the year ended December 31, 2024. The company remains a listed, active pharmaceutical and healthcare group seeking to develop its century-old brand into a diversified modern healthcare platform.

  • 2025

    Planned acquisition of Juyaotang Pharmaceutical

    [19]

    A wholly owned traditional-medicine resources subsidiary announced plans to acquire Anguo Juyaotang Pharmaceutical, a producer and seller of Chinese medicine tablets and related products.

  • 2024

    Portfolio reaches 40 categories and 416 varieties

    [12]

    The company reports a portfolio spanning 40 categories and 416 varieties, with 16 products generating more than RMB 100 million in annual sales.

  • 2023

    Industrial hemp research initiative

    [5]

    The group unveiled an industrial-hemp research center and obtained a scientific research planting license, according to reference reporting.

  • 2022

    Internet hospital license

    [5]

    The group obtained an internet-hospital license as part of a broader health-management and digital-health platform.

  • 2022

    Huawei cooperation on AI drug research

    [6]

    Yunnan Baiyao signs a cooperation agreement with Huawei concerning artificial-intelligence drug research and development.

  • 2021

    Norwegian sovereign fund exclusion

    [6]

    Norway’s Government Pension Fund excludes the company over stated environmental concerns related to pangolin body parts.

  • 2019

    Absorption merger with Yunnan Baiyao Holdings

    [18]

    The listed company completed the absorption merger of its parent holding company through a share-issuance transaction.

  • 2019

    No controlling shareholder after restructuring

    [11]

    Following cancellation of shares held by Yunnan Baiyao Holdings, the company states that it has no controlling shareholder or de facto controller.

  • 2018

    Merger with Yunnan Baiyao Holdings

    [8]

    Yunnan Baiyao Group merges with Yunnan Baiyao Holdings as part of the group’s merger and overall-listing restructuring.

  • 2017

    Mixed-ownership reform progressed

    [17]

    Yunnan Baiyao Holdings completed a major ownership transaction involving new strategic capital, changing the structure around the listed group.

Products and positioning

A heritage Chinese traditional-medicine brand combining a protected proprietary formula with modern pharmaceutical manufacturing, wound care, oral care and everyday consumer-health products. A heritage Chinese pharmaceutical and healthcare group that modernizes proprietary traditional Chinese medicine through mass-market medicines, injury-care products, oral care, personal healthcare, medical devices, medicinal resources and pharmaceutical distribution.

  • Traditional Chinese medicine · 1902

    Yunnan Baiyao Powder

    The signature powder is the product most closely associated with the brand. It is traditionally positioned for bleeding and trauma-related use and is sold as part of the company’s core proprietary-medicine portfolio. Its protected formula and long history are central to Yunnan Baiyao’s identity. The historic flagship product of the group, Yunnan Baiyao Powder is a proprietary traditional Chinese medicine associated with bleeding control, injury care and other traditional indications. It is sold as part of the broader Yunnan Baiyao pharmaceutical franchise and is one of the products most closely identified with the company’s heritage, confidential formulation and reputation in China.

  • Traditional Chinese medicine

    Yunnan Baiyao Capsules

    Capsules extend the original remedy into a standardized oral dosage form. They are part of the company’s effort to provide more convenient formats than loose powder and to serve consumers through mainstream pharmaceutical and retail channels. The capsule form extends the Yunnan Baiyao formula into a standardized oral dosage format. It is marketed within the company’s core pharmaceutical portfolio and makes the heritage medicine more convenient for packaged retail and household use than the original powder presentation.

  • Wound care and trauma medicine

    Yunnan Baiyao Aerosol

    The aerosol is an external-use format associated with bruising, swelling and trauma-care applications. Spray delivery makes the product practical for first-aid situations and helped broaden the brand beyond its original powder presentation. Yunnan Baiyao Aerosol is a topical spray positioned for injury, bruising, pain and related external-care scenarios. The aerosol format represents the group’s effort to convert a traditional pharmaceutical franchise into convenient modern dosage forms and is described by the company as one of its leading products in the Chinese topical-aerosol market.

  • Wound care

    Yunnan Baiyao Plasters and Bandages

    Medicated plasters, adhesive bandages and related external products translate the brand’s trauma-care heritage into convenient household first-aid goods. They have also been used in advertising to communicate the idea that Baiyao can support faster recovery from minor injuries.

  • Oral care

    Yunnan Baiyao Toothpaste

    Yunnan Baiyao Toothpaste is the brand’s best-known consumer-health extension. It applies the company’s traditional-medicine image to daily oral care and has been marketed around gum health and bleeding-related concerns. The line expanded the brand’s reach into supermarkets, pharmacies and e-commerce, while its ingredient and advertising claims became the subject of legal scrutiny in 2018. Yunnan Baiyao Toothpaste is the company’s most prominent personal-care extension. It combines the Yunnan Baiyao brand identity and selected traditional-medicine positioning with modern oral-care products, allowing the company to reach consumers through daily-use retail rather than only through pharmaceutical channels.

  • Medical plaster

    Yunnan Baiyao Plaster

    Yunnan Baiyao Plaster is an external-use plaster associated with the group’s injury-care and pain-management franchise. It extends the brand into a familiar household and pharmacy format and forms part of the company’s wider range of plasters, dressings and topical products.

  • Medical dressing

    Yunnan Baiyao Woundplast

    Yunnan Baiyao Woundplast products apply the brand to everyday wound protection and first-aid. They represent the group’s move from a traditional medicine into standardized medical consumables and are identified by the company as a leading category in China.

  • Natural healthcare products

    Natural Vegetable series

    The Natural Vegetable series is identified in reference material as one of Yunnan Baiyao Group’s core product ranges alongside the Yunnan Baiyao series. Available descriptions place it within the group’s broader natural-product and healthcare portfolio rather than its primary proprietary-medicine franchise.

  • Traditional Chinese medicine resources

    Chinese medicinal materials and decoction pieces

    Yunnan Baiyao operates in the sourcing, development and processing of Chinese medicinal materials and decoction pieces. This business supports the group’s upstream resource strategy and links raw-material development with traditional-medicine manufacturing, research and healthcare applications.

  • Pharmaceutical distribution

    Pharmaceutical logistics and distribution

    Through its pharmaceutical business and logistics operations, the group participates in wholesale, retail and distribution of pharmaceutical products. The distribution platform broadens the company beyond manufacturing and supports the movement of medicines and healthcare products through Chinese regional markets.

Controversies

  • 2024

    Wang Minghui and other former executives reported to be under investigation

    In May 2024, Economic Observer reported that five former senior executives of Yunnan Baiyao, including former chairman Wang Minghui and former chief operating officer Yin Pinyao, were successively investigated over the same matter. The company's relevant response said it was unaware of this; this entry retains its status as a media report and does not, on that basis, determine any crime or amount involved.

    Source

  • 2021

    Pangolin-related environmental and wildlife-conservation controversy

    On December 21, 2021, Norway’s Government Pension Fund excluded Yunnan Baiyao from investment. The stated reason was an unacceptable risk that the company contributed to serious environmental damage, specifically through the use and sale of body parts from pangolins, a globally endangered species. The decision became a significant international corporate-responsibility issue associated with the group.

    Source

  • 2021

    Yunnan Baiyao discloses mask quality issue and apologizes

    Yunnan Baiyao apologized to consumers and disclosed that a batch of its disposable medical masks failed testing because ventilation resistance did not meet requirements. The company said uneven melt-blown fabric caused the issue and that it affected breathing feel and comfort while wearing the masks.

    Source

  • 2020

    State-owned shareholder representative opposes Yunnan Baiyao investment

    A state-owned shareholder representative voted against Yunnan Baiyao's proposed capital increase to acquire an equity stake in Anhui Jinjianqiao Medical Technology. The representative cited concerns about the target company's financial condition, the information provided about its product competitiveness, and the clarity of the investment strategy. The vote concerned the proposed capital increase and acquisition of an equity stake in the target company.

    Source

  • 2018

    Toothpaste false-advertising lawsuit

    A lawyer alleged that Yunnan Baiyao toothpaste advertising and ingredient presentation could mislead consumers by highlighting traditional Chinese medicine while not clearly identifying tranexamic acid. The dispute raised questions about evidence, labeling and the commercial use of a secret formula.

    Source

  • 2013

    Some medicines recalled in Hong Kong over undeclared aconite alkaloids

    In February 2013, the Hong Kong Department of Health asked wholesalers to recall five Yunnan Baiyao products because they contained undeclared aconite alkaloids. Mainland drug regulatory authorities subsequently responded and summoned the company for talks, reminding the public to use the medicine reasonably according to the instructions. This entry concerns an ingredient-labeling and drug-regulation incident in a specific region and is not related to Yunnan Baiyao toothpaste.

    Source

Read more

Marketing campaigns

  • 2025Health-industry ecosystem conference participation

    China

    Yunnan Baiyao presented a broad pharmaceutical and healthcare product portfolio at the 2025 health-industry ecosystem conference, using the event to engage industry participants, experts, retailers and capital-market stakeholders.

    Outcome. The appearance reinforced the group’s positioning as a diversified pharmaceutical and healthcare platform rather than a single-product traditional-medicine manufacturer.

    Source
  • 2014Digital C2B branding program

    China

    Yunnan Baiyao worked with Arkr Digital on a reverse consumer-to-business model covering digital creative work, product development and new online retail channels.

    Outcome. The initiative supported the company’s first reported use of Tmall and WeChat in-app stores and provided a framework for developing products around local Yunnan ingredients.

    Source
  • 2011New Baiyao, Great Healthcare

    China

    The company introduced a strategic direction described as “New Baiyao, Great Healthcare,” using the established Yunnan Baiyao brand as a platform for pharmaceuticals, health products, personal care and related healthcare services.

    Outcome. The strategy supported later expansion into oral care, medical dressings, healthcare foods, medicinal resources and other non-core-powder categories.

    Source
  • 2007Modernization of Baiyao toothpaste marketing

    China

    The company used substantial advertising and a more contemporary product image to bring Yunnan Baiyao into younger households and daily personal-care routines.

    Outcome. The toothpaste line gained visibility and became an important consumer-facing extension of the brand.

    Source
  • Small medicine box and Double Eleven experiential promotions

    China

    Marketing research describes the use of practical medicine-box concepts, social-media activity and Double Eleven promotions to make the brand more accessible and stimulate online engagement.

    Source

Brand decisions

  • 2025

    Planned acquisition of Anguo Juyaotang PharmaceuticalM&A

    Background

    The group aimed to expand its Chinese herbal-medicine resource and processing chain.

    Action taken

    A wholly owned subsidiary announced a plan to acquire all shares of Anguo Juyaotang Pharmaceutical for RMB 660 million.

    Proposed acquisition consideration. RMB 660 million (2025 announcement)

    Source

  • 2024

    Strengthening the four-platform healthcare structureStrategy

    Background

    The company continued to organize its operations around pharmaceuticals, health products, traditional Chinese medicine resources and pharmaceutical circulation or logistics.

    Action taken

    Yunnan Baiyao emphasized product innovation, medicinal-resource development, personal healthcare, medical devices, healthcare foods and distribution while maintaining its core proprietary-medicine franchise.

    Aftermath

    The 2024 annual report described 40 product categories and 416 varieties, with industrial revenue accounting for a larger share of total revenue and several product categories retaining leading positions in China.

    Operating revenue and net profit attributable to shareholders. RMB 39.111 billion revenue and RMB 4.094 billion attributable net profit in 2023 → RMB 40.033 billion revenue and RMB 4.749 billion attributable net profit in 2024 (Fiscal years ended December 31, 2023 and December 31, 2024)

    Source

  • 2022

    Huawei cooperation on artificial-intelligence drug developmentOther

    Background

    Yunnan Baiyao sought to combine its pharmaceutical and traditional-medicine capabilities with digital and computational technologies.

    Action taken

    On July 25, 2022, the company signed a cooperation agreement with Huawei for research and development related to artificial-intelligence drugs.

    Aftermath

    The agreement positioned Yunnan Baiyao’s innovation agenda around technology-enabled drug research, although the available reference material does not establish a specific commercial product resulting from the cooperation.

    Source

  • 2019

    Absorption merger of Yunnan Baiyao HoldingsM&A

    Background

    The group pursued integration after the holding company’s mixed-ownership reform.

    Action taken

    Yunnan Baiyao Group absorbed Yunnan Baiyao Holdings through a share-issuance merger.

    Aftermath

    The transaction unified the listed entity and holding structure and was intended to improve capital and operational synergies.

    Source

  • 2018

    Merger and overall listing with Yunnan Baiyao HoldingsM&A

    Background

    The group’s mixed-ownership restructuring required a corporate transaction involving the former holding company and its shareholders.

    Action taken

    Yunnan Baiyao Group merged with Yunnan Baiyao Holdings by issuing shares to the former holding company’s shareholders, including the Yunnan provincial state-assets authority and strategic investors.

    Aftermath

    The transaction consolidated the operating and holding structures. In 2019, after cancellation of shares held by Yunnan Baiyao Holdings, the listed company stated that it had no controlling shareholder or de facto controller.

    Source

  • 2016

    Mixed-ownership reformStrategy

    Background

    The company sought to modernize its ownership and governance structure and bring additional strategic capital into the former Yunnan Baiyao Holdings framework.

    Action taken

    Yunnan Baiyao completed a major stage of mixed-ownership reform, introducing strategic investors including New Huadu Industrial Group and Jiangsu Yuyue.

    Aftermath

    The reform was followed by further restructuring and eventually the merger and overall listing involving Yunnan Baiyao Holdings.

    Source

  • 2014

    Shift toward digital and direct-to-consumer channelsStrategy

    Background

    Traditional pharmacy distribution was being supplemented by e-commerce and social commerce.

    Action taken

    The company engaged Arkr Digital and developed Tmall and WeChat storefront activity.

    Aftermath

    Yunnan Baiyao strengthened its ability to communicate with younger consumers and test products through digital channels.

    Source

  • 1993

    Public-market listingStrategy

    Background

    The company sought capital and a broader platform for pharmaceutical expansion.

    Action taken

    Yunnan Baiyao Group listed its A-shares on the Shenzhen Stock Exchange under 000538.

    Aftermath

    The listing supported the development of a larger pharmaceutical and consumer-health group.

    Source

Recent events

  • Yunnan Baiyao fined over noncompliant masks[28]

    Reported:

    The Yunnan Provincial Medical Products Administration imposed an administrative penalty on Yunnan Baiyao for producing and selling disposable medical masks that did not meet registered product technical requirements, confiscating 35,095 masks and imposing a fine of 110,299.15 yuan.

  • Yunnan Baiyao discloses mask quality issue and apologizes[28]

    Reported:

    Yunnan Baiyao apologized to consumers and disclosed that a batch of its disposable medical masks failed testing because ventilation resistance did not meet requirements. The company said uneven melt-blown fabric caused the issue and that it affected breathing feel and comfort while wearing the masks.

  • Yunnan Baiyao announces planned resignation of supervisor[29]

    Yunnan Baiyao announced that supervisor Song Chengli intends to resign for work-related reasons and would hold no further company position after resigning.

  • State-owned shareholder representative opposes Yunnan Baiyao investment[27]

    Reported:

    A state-owned shareholder representative voted against Yunnan Baiyao's proposed capital increase to acquire an equity stake in Anhui Jinjianqiao Medical Technology, citing concerns about the target's financial condition, the information provided about its product competitiveness, and the clarity of the investment strategy.

  • Yunnan Baiyao takes a stake in China Antibody[30]

    Reported:

    The report headline states that Yunnan Baiyao invested US$50 million to take a stake in China Antibody.

Sources31 sources

  1. 1Yunnan Baiyao official websiteyunnanbaiyao.com.cn
  2. 2How One Company Brought Traditional Chinese Medicine To The Modern Worldforbes.com
  3. 3Yunnan Baiyao: The picture of healthforbesindia.com
  4. 4False advertising lawsuit against Chinese toothpaste sparks debatescmp.com
  5. 5Yunnan Baiyao Group company reference profilebaike.baidu.com
  6. 6Yunnan Baiyao Groupen.wikipedia.org
  7. 7Yunnan Baiyao Group official English portalyunnanbaiyao.com.cn
  8. 8Yunnan Baiyao official corporate historyyunnanbaiyao.com.cn
  9. 9Yunnan Baiyao official company profileyunnanbaiyao.com.cn
  10. 102023 Annual Report of Yunnan Baiyao Group Co., Ltd.yunnanbaiyao.com.cn
  11. 112024 Annual Report of Yunnan Baiyao Group Co., Ltd.static.cninfo.com.cn
  12. 12Yunnan Baiyao official company introduction and 2024 performance informationyunnanbaiyao.com.cn
  13. 13Yunnan Baiyao participation in 2025 health-industry ecosystem conferenceyn.news.cn
  14. 14Yunnan Baiyao official traditional-Chinese-medicine resources technology initiativeyunnanbaiyao.com.cn
  15. 15Toothpaste expansion acceleratedequalocean.com
  16. 16Digital and C2B marketing initiativecampaignasia.com
  17. 17Mixed-ownership reform progressedreuters.com
  18. 18Absorption merger with Yunnan Baiyao Holdingsmondaq.com
  19. 19Planned acquisition of Juyaotang Pharmaceuticalwebull.com
  20. 20Yunnan Baiyao trademark receives well-known-trademark recognitionyunnanbaiyao.co
  21. 21Small medicine box and Double Eleven experiential promotionsresearchgate.net
  22. 22Wang Minghui and other former executives reported to be under investigationeeo.com.cn
  23. 23Wang Minghui and other former executives reported to be under investigationthepaper.cn
  24. 24Some medicines recalled in Hong Kong over undeclared aconite alkaloidsfinance.caixin.com
  25. 25Some medicines recalled in Hong Kong over undeclared aconite alkaloidschinanews.com
  26. 26Some medicines recalled in Hong Kong over undeclared aconite alkaloidschinanews.com
  27. 27State-owned shareholder representative opposes Yunnan Baiyao investmentfinance.ce.cn
  28. 28Yunnan Baiyao discloses mask quality issue and apologizesfinance.sina.com.cn
  29. 29云南白药公告监事拟辞职nbd.com.cn
  30. 30云南白药入股中国抗体finance.sina.com.cn
  31. 31云南白药回应因不合规口罩被罚：已收回 系熔喷布局部不均所致finance.sina.com.cn

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