Yunnan Baiyao (000538) Company Research: The new session of Dong Jiangao took the important step of mixed reform_1

Yunnan Baiyao (000538) Company Research: The New Session of Dong Jiangao’s In-place Mixed Reform Takes Another Important Step

Event: The company announced the second extraordinary shareholders meeting in 2019, the first meeting of the ninth board of directors in 2019 and the first meeting of the ninth board of supervisors in 2019 on August 21 and 22, 2019, respectively.

The meeting voted to identify members of the company’s ninth board of directors and board of supervisors, and hired executives of the company.

Board of Directors: Wang Minghui is the chairman, Chen Fashu is the co-chairman, and Wang Rong is the vice chairman.

Chen Fashu, Chen Yihui, Wang Rong, Na Pengjie, Li Shuangyou, Wang Minghui, Yang Changhong are non-independent directors, Yin Xiaobing, Dai Yang, and Zhang Yongliang are independent directors.

Supervisory Board: You Guanghui, Zhong Jie, Li Li, Wu Qun is a shareholder supervisor, Qu Huaxi and He Yingxia are employee supervisors.

Executives: Wang Minghui as interim CEO; Yin Pinyao as chief operating officer, senior vice president and president of the Chinese Medicine Resources Division; Ms. Wang Jin as senior vice president and president of the pharmaceutical division; Qin Wanmin as senior vice president and health productsYang Yong is the senior vice president and president of Yunnan Pharmaceutical Co., Ltd .; Wu Wei is the company’s chief financial officer (financial director), senior vice president and secretary to the board; Yu Juan is the chief human resources officer (human resources director); LiJin is the director of technical quality; Zhu Zhaoyun is the director of research and development of Chinese medicine.

  The board of directors has changed directors, and a new co-chairman has been established.

Ten members of the ninth session of the Board of Directors identified by the company this time (and one independent director has not yet been determined), seven of them are new, only chairman Wang Minghui, executive director Yang Changhong and Yunnan Hehe Li Shuangyou will remain in office.

Chen Huashu, chairman of Xinhuadu Industrial Group, served as co-chairman, and Wang Rong, a professor at Yunnan University of Finance and Economics, served as vice chairman.

According to the company’s articles of association, the co-chairman and the chairman have joint ownership of 9 powers, and can be host meetings when the chairman cannot serve, the company’s vice chairman of the company’s assistant chairman / co-chairman can work, and the chairman / co-chairman cannot serve.When budgeted by the vice chairman.

  The number of directors matches that of shareholders.

After the company absorbed the merger of Baiyao Holdings, Yunnan SASAC and Xinhuadu and concerted parties directly held shares in the shares of the listed company, tied for the largest shareholder, and the company had no actual controller.

Xinhua Capital replaced two seats in the ninth board of directors of the company, Yunnan SASAC overlapped two seats, and Yunnan Hehe (Group) replaced one.

Ping An of China no longer has a director seat 天津夜网 this time, and the Democratic Party has announced that it will reduce its stake in the company by no more than 5%.

  All senior management are retained, and the title change underscores the modernization of corporate governance.

This time, the senior management personnel have not changed. They have retained the core management team that has worked hard for 20 years and brought the company from 1.5 billion market value to 100 billion market value. The most obvious change is the establishment of CEO, COO and other positions.

Chairman Wang Minghui is the interim CEO (whether there will be changes in the future remains to be seen), and general manager Yin Pinyao is the chief operating officer and continues to lead the Chinese medicine resources business.

Finance Director and Secretary Wu Wei retains his original position and 无锡桑拿网 adds the titles of Senior Vice President and Chief Financial Officer.

The title of R & D Director Zhu Zhaoyun has been changed to Director of Traditional Chinese Medicine R & D. It is speculated that the company may set up a director of R & D for chemical / biological medicine in the future to conduct R & D of corresponding products.

  Employee shareholding and incentives are worth looking forward to.

Company 7.


300 million repurchases have been completed1.

4.0 billion (as of August 2, 19), the repurchase will be wholly owned by employees. After the company’s new director and supervisor have been determined, the company’s repurchase and employee shareholding plans will be gradually implemented; the company will promote the opening of new companies under the incentive mechanism.A round of rapid growth.

  Risk Warning: Toothpaste Growth Slows Down; New Product Promotion, Repurchases and Employee Stockholding Advance Less Than Expected