Yunnan Baiyao Group

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…

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.

1. 2024Portfolio reaches 40 categories and 416 varieties

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

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2. 2022Huawei cooperation on AI drug research

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

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3. 2021Norwegian sovereign fund exclusion

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

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4. 2019No controlling shareholder after restructuring

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

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5. 2018Merger with Yunnan Baiyao Holdings

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

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6. 2017Market value exceeds RMB 100 billion

   The company reports that its market value surpassed RMB 100 billion.

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7. 2016Mixed-ownership reform completed

   Yunnan Baiyao completes a major stage of mixed-ownership reform, bringing strategic private investors into the ownership structure.

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8. 2015China Trademark Award

   The company receives the China Trademark Award.

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9. 2014China Industry Award

   Yunnan Baiyao is honored with the China Industry Award.

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10. 2012National Scientific and Technological Progress Award

    The company receives the first prize of the National Scientific and Technological Progress Award, according to its corporate history.

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11. 2011New industrial base and broader healthcare strategy

    Yunnan Baiyao moves to a new industrial base and begins implementing its “New Baiyao, Great Healthcare” strategy.

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12. 2006Leading traditional Chinese medicine industry indicators

    The company reports that its key economic indicators reached the top of China’s traditional Chinese medicine industry.

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13. 2002Yunnan Baiyao trademark receives well-known-trademark recognition

    The Yunnan Baiyao trademark is recognized as a China well-known trademark by the relevant national trademark authority.

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14. 1999Corporate reconstruction

    Yunnan Baiyao is reorganized as part of a modernization process that supports later expansion and diversification.

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15. 1996Five Unifications program

    The company integrates production planning, trademarks, regulatory approvals, quality control and marketing under a unified operating model.

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16. 1993Listing on the Shenzhen Stock Exchange

    Yunnan Baiyao becomes the first listed company from Yunnan Province, trading under stock code 000538.

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17. 1971Yunnan Baiyao Factory is established

    A dedicated Yunnan Baiyao Factory is established under instructions associated with Premier Zhou Enlai, creating the modern industrial production base for the medicine.

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18. 1902Yunnan Baiyao is formulated

    Qu Huanzhang, a local Yi ethnic physician in Yunnan, formulates the traditional medicine that later becomes the Yunnan Baiyao brand.

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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.

• Yunnan Baiyao PowderTraditional Chinese medicine1902

  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.

• Yunnan Baiyao CapsulesTraditional Chinese medicine

  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.

• Yunnan Baiyao AerosolTopical pharmaceutical

  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.

• Yunnan Baiyao PlasterMedical 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.

• Yunnan Baiyao WoundplastMedical dressing

  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.

• Yunnan Baiyao ToothpasteOral care

  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.

• Natural Vegetable seriesNatural healthcare products

  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.

• Chinese medicinal materials and decoction piecesTraditional Chinese medicine resources

  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 logistics and distributionPharmaceutical 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.

• 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.

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• 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.

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• 2024Strengthening the four-platform healthcare structureStrategy

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

  What changed. 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)

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• 2022Huawei cooperation on artificial-intelligence drug developmentOther

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

  What changed. 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.

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• 2018Merger and overall listing with Yunnan Baiyao HoldingsM&A

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

  What changed. 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.

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• 2016Mixed-ownership reformStrategy

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

  What changed. 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.

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• 2021Pangolin-related environmental and wildlife-conservation controversyControversy

  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.

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• 2025Yunnan Baiyao reports 2024 revenue of approximately RMB 40.033 billion

  The company’s 2024 annual report recorded operating revenue of approximately RMB 40.033 billion and net profit attributable to shareholders of approximately RMB 4.749 billion for the fiscal year ended December 31, 2024.

  Other
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• 2025Yunnan Baiyao leadership team appears at the 2025 health-industry ecosystem conference

  Company chairman Zhang Wenxue and president Dong Ming led the group’s participation in the 2025 health-industry ecosystem conference, where Yunnan Baiyao presented products spanning pharmaceuticals and broader healthcare businesses.

  Leadership changeCampaign
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• 2025Yunnan Baiyao launches a traditional-Chinese-medicine resources technology initiative

  The company announced a technology-focused initiative concerning the high-quality development of Chinese medicinal-material resources, reflecting its strategy of strengthening upstream resources and research capabilities.

  Other
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• 2024Yunnan Baiyao reports expanded healthcare portfolio in 2023 annual report

  The company’s 2023 annual report described the continuing expansion of Yunnan Baiyao from its traditional powder into aerosols, plasters, tinctures, woundplasts, oral-care products and other personal-healthcare categories.

  OtherProduct generation
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• 2024Yunnan Baiyao presents a younger image through Qi-Xue-Kang marketing

  The group used the theme “Be energetic first; live with passion” in a Douyin-linked campaign for Qi-Xue-Kang oral liquid, combining lifestyle messaging, creators, short videos, and an offline vitality-themed market.

  CampaignProduct launch
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• 2023Yunnan Baiyao undergoes major leadership changes

  Chairman Wang Minghui and chief sales officer Wang Jin resigned from their company and subsidiary positions for personal reasons. Dong Ming temporarily assumed the chairman's duties while continuing as chief executive.

  Leadership change
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• 2023Yunnan Baiyao emphasizes digital and operational transformation under new management

  Reporting described a management direction influenced by former Huawei executives, with increased attention to digital operations, artificial-intelligence-assisted drug research, internationalization, and consumer-business capabilities.

  Leadership change
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• 2023China Life increases investment in Yunnan state-owned shareholder

  China Life Asset Management made a further capital contribution to Yunnan Provincial State-owned Equity Operation Management, a parallel major shareholder of Yunnan Baiyao. The transaction did not change the ultimate control of Yunnan Baiyao by the Yunnan provincial state-assets authority.

  M&AOther
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• 2022Yunnan Baiyao signs artificial-intelligence drug-development cooperation agreement with Huawei

  Yunnan Baiyao Group and Huawei entered a cooperation agreement on July 25, 2022, focused on research and development related to artificial-intelligence drug discovery and pharmaceutical innovation.

  OtherProduct launch
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1. Yunnan Baiyao Group
2. Yunnan Baiyao Group official English portal
3. Yunnan Baiyao official corporate history
4. Yunnan Baiyao official company profile
5. 2023 Annual Report of Yunnan Baiyao Group Co., Ltd.
6. 2024 Annual Report of Yunnan Baiyao Group Co., Ltd.
7. Yunnan Baiyao official company introduction and 2024 performance information
8. Yunnan Baiyao participation in 2025 health-industry ecosystem conference
9. Yunnan Baiyao official traditional-Chinese-medicine resources technology initiative
10. Yunnan Baiyao trademark receives well-known-trademark recognition
11. Yunnan Baiyao presents a younger image through Qi-Xue-Kang marketing
12. Yunnan Baiyao undergoes major leadership changes
13. Yunnan Baiyao emphasizes digital and operational transformation under new management
14. China Life increases investment in Yunnan state-owned shareholder