YUNNAN BAIYAO (Chinese: 云南白药; pinyin: Yúnnán Báiyào, literally “Yunnan White Medicine”) is a prominent Chinese pharmaceutical and healthcare brand with origins in Yunnan Province. The brand is widely recognized for its traditional Chinese medicine preparations used to treat external injuries, bruises, bleeding, and pain. Over time, the company has expanded its portfolio into personal healthcare, oral care, medical products, and other consumer health sectors.

The brand traces its roots to 1902, when the traditional medicine was formulated by Qu Huanzhang (曲焕章), a physician from Yunnan. Originally marketed as “Qu Huanzhang’s Panacea” (曲焕章万应百宝丹), it later became known as YUNNAN BAIYAO.2 Today, the name also refers to Yunnan Baiyao Group Co., Ltd. (云南白药集团股份有限公司), a large publicly listed company headquartered in Kunming, Yunnan. The group is listed on the Shenzhen Stock Exchange under stock code 000538.1

Origins: 1902

The history of YUNNAN BAIYAO begins in 1902, when Qu Huanzhang, a physician from Yunnan, developed the medicine that would eventually become the brand’s flagship product. Initially marketed under different names associated with Qu’s medical practice, the preparation gained particular recognition for its efficacy in treating trauma, wounds, and bleeding within the framework of traditional medicine.2 Its reputation gradually spread beyond Yunnan Province.

A defining characteristic of the brand’s early history was the secrecy surrounding its formulation and manufacturing process. The formula was treated as confidential rather than being fully disclosed to the public.

Transfer to state production

Following the death of Qu Huanzhang, the future of the formulation became intertwined with his family and the Chinese state. In 1955, Qu’s widow, Miao Lanying (缪兰瑛), contributed the prescription and related technical knowledge to the government. The medicine was subsequently renamed YUNNAN BAIYAO and entered organized state production.2

In 1956, formal production began at the Fifth Workshop of Kunming Pharmaceutical Factory. The formulation and manufacturing processes were placed under China’s system for protecting confidential traditional medicines.1 From the 1950s onward, the medicine was exported to regions including Myanmar, Cambodia, Singapore, Malaysia, Hong Kong, and Macau, helping to establish its international reputation outside mainland China.2

Establishment of Yunnan Baiyao Factory

In 1970, Premier Zhou Enlai issued instructions regarding the development of YUNNAN BAIYAO production. The government mandated the creation of a dedicated factory, a specialized research institution, and the cultivation of raw material plants to reduce reliance on wild collection.2

The Yunnan Baiyao Factory was established in 1971, laying the foundation for the modern corporate entity that would evolve into Yunnan Baiyao Group.2 During the 1970s, the company significantly increased both production and exports. Historical records indicate that average annual production between 1971 and 1976 reached approximately 15 million bottles, while exports averaged about 1.2 million bottles annually during 1971–1978.2

The modern Yunnan Baiyao Group underwent substantial transformation during China’s economic reforms. In 1993, the company was reorganized into a publicly traded enterprise. YUNNAN BAIYAO became the first company from Yunnan Province to be listed, trading on the Shenzhen Stock Exchange under code 000538.2

In 1996, the entity adopted the name Yunnan Baiyao Group Co., Ltd.2 Subsequent years saw extensive corporate restructuring and modernization. A mixed-ownership reform was completed in 2016, followed by a merger involving Yunnan Baiyao Holdings in 2018.2 These changes shifted the organization from a specialized traditional-medicine manufacturer to a diversified pharmaceutical and healthcare group.

A distinctive feature of YUNNAN BAIYAO is that the medicine, trademark, and corporation share essentially the same name. The company has leveraged the historical reputation of the brand to build a broader architecture, expanding beyond traditional medicine into modern consumer-health categories.

Company materials describe YUNNAN BAIYAO as a Chinese time-honored brand with over 120 years of history, highlighting the integration of traditional Chinese medicine with modern product development.1 The trademark was recognized as a China Well-known Trademark in 2002.2

While YUNNAN BAIYAO’s original reputation stems from its pharmaceutical products, the modern group offers a much broader portfolio.

Traditional medicines

Key products associated with the brand include:

• YUNNAN BAIYAO Powder
• YUNNAN BAIYAO Capsules
• YUNNAN BAIYAO Aerosol
• YUNNAN BAIYAO Plaster
• Other formulations based on the YUNNAN BAIYAO pharmaceutical brand

These products are historically linked to traditional Chinese medicine applications for injuries, bruising, pain, and bleeding. The company has developed various dosage forms to enhance convenience for contemporary consumers.

Oral care

One of the most commercially significant extensions of the brand is YUNNAN BAIYAO toothpaste. This business segment exemplifies the company’s strategy of transitioning a traditional pharmaceutical brand into everyday consumer healthcare. YUNNAN BAIYAO toothpaste has become a major consumer product, allowing the brand to enter daily oral-care routines.

Personal healthcare

The group has expanded into various personal healthcare products, including:

• Toothpaste and oral-care items
• Plasters and wound-care solutions
• Personal-care products
• General healthcare products
• Medical dressings and devices
• Other consumer health goods

The company describes its modern portfolio as covering pharmaceuticals, natural medicines, traditional Chinese medicine materials, medical devices, personal care, and healthcare foods.1

Yunnan Baiyao Group operates far beyond the scope of the original YUNNAN BAIYAO medicine. According to its 2025 annual report, the group and its subsidiaries engage in research, development, manufacturing, and sales across chemical pharmaceuticals, Chinese patent medicines, traditional Chinese medicine materials, biological products, medical devices, healthcare foods, beverages, cosmetics, and daily chemical products. At the end of 2025, the group included 114 subsidiaries and structured entities in its consolidated financial statements.3

YUNNAN BAIYAO’s operations can be categorized into several key areas:

Pharmaceuticals

This remains the historical core of the brand, encompassing traditional Chinese medicines and other pharmaceutical products.

Traditional Chinese medicine resources

The company invests in the sourcing, cultivation, processing, and development of Chinese medicinal resources.

Consumer healthcare

This segment includes toothpaste, personal-care products, and other everyday health items.

Medical products

The group participates in the market for medical devices, dressings, and related healthcare products.

Pharmaceutical distribution

Beyond manufacturing, YUNNAN BAIYAO has developed businesses in pharmaceutical logistics, wholesale, and distribution.

The company positions these activities within a broader strategy centered on pharmaceuticals, Chinese medicine resources, healthcare, and pharmaceutical circulation.2

YUNNAN BAIYAO has grown into one of China’s major traditional Chinese medicine and healthcare companies. Official reports indicate that revenue increased from approximately RMB 58 million in 1993 to RMB 40.033 billion in 2024. Net profit attributable to the parent company rose from approximately RMB 13 million in 1993 to RMB 4.749 billion in 2024.2

For the fiscal year 2024, the company reported:

• Revenue: RMB 40.033 billion
• Net profit attributable to shareholders: RMB 4.749 billion
• Industrial revenue share: 36.14%
• Industrial gross margin: 65.93%

Additionally, the company reported 416 product varieties across 40 categories, demonstrating the extent of its portfolio expansion.2

Although primarily a Chinese brand, YUNNAN BAIYAO has a history of international distribution dating back to the 1950s. Its products have been sold in Southeast Asia and have progressively entered markets in Japan, Europe, and the United States.2 Internationalization efforts have accelerated alongside the expansion of consumer-health products.

A 2025 report from a Hong Kong-listed company involved in overseas distribution noted authorization to distribute YUNNAN BAIYAO products outside mainland China, including the flagship medicine series, toothpaste, and personal-care items.

YUNNAN BAIYAO occupies a unique position in the Chinese market, functioning simultaneously as:

1. A traditional Chinese medicine brand
2. A pharmaceutical brand
3. A consumer healthcare brand
4. A personal-care brand
5. A corporate brand
6. A symbol of Chinese traditional medicine

This multi-faceted identity gives the brand a history comparable to other long-established Chinese pharmaceutical and consumer-health companies, but with a particularly strong link between its corporate identity and a single historic medicinal formula. The company’s strategy is described as “traditional heritage + modern healthcare,” aiming to integrate traditional Chinese medicine into contemporary life through new products and technologies.1

YUNNAN BAIYAO has received significant recognition in global and local brand rankings. According to the company’s 2023 annual report, Brand Finance included YUNNAN BAIYAO among the world’s top 25 most valuable pharmaceutical brands in its 2023 healthcare ranking. Interbrand’s 2023 Best China Brands ranking placed YUNNAN BAIYAO 35th overall among Chinese brands and first within the pharmaceutical industry.2 The company has also reported repeated inclusion in the Kantar BrandZ Top 100 Most Valuable Chinese Brands.2

A distinctive characteristic of YUNNAN BAIYAO is the confidentiality of its traditional formula and manufacturing technology. Unlike conventional pharmaceuticals where active ingredients and processes may be extensively disclosed, YUNNAN BAIYAO has historically been protected as a confidential traditional medicine formulation. Company historical materials state that its prescription and production process were placed within China’s national confidentiality framework for traditional medicines in 1956.2 This secrecy remains a key component of the brand’s identity and competitive advantage. Concurrently, the company has invested in patents and modern research and development to further modernize the brand.

YUNNAN BAIYAO is often cited as an example of how a traditional Chinese medicine can evolve into a modern national brand. Its history spans several distinct periods:

• The late Qing period, when Qu Huanzhang developed the original medicine
• The Republican period, when the medicine became commercially established
• The early People’s Republic, when the formulation entered state production
• The planned-economy period, when a dedicated Yunnan Baiyao factory was established
• The reform era, when the company became publicly listed
• The modern consumer economy, when the brand expanded into toothpaste, personal healthcare, and other products

This historical continuity contributes significantly to its brand value.

• Official company name: Yunnan Baiyao Group Co., Ltd.
• Chinese: 云南白药集团股份有限公司
• English: Yunnan Baiyao Group Co., Ltd.
• Stock: Shenzhen Stock Exchange, 000538
• Headquarters: No. 3686 Yunnan Baiyao Street, Chenggong District, Kunming, Yunnan Province, China.1

The company describes its mission as “To guard life and health.” Its current strategic positioning emphasizes strengthening its pharmaceutical core business while expanding healthcare products, traditional Chinese medicine resources, pharmaceutical distribution, and innovation.2

• 1902 — Qu Huanzhang develops the medicine that becomes the foundation of YUNNAN BAIYAO.2
• 1930s — The medicine gains broader recognition and commercial development.
• 1955 — Qu Huanzhang’s widow, Miao Lanying, contributes the prescription and technical knowledge to the government.2
• 1956 — Formal production of YUNNAN BAIYAO begins at Kunming Pharmaceutical Factory; the formulation and process enter China’s confidential traditional-medicine system.2
• 1970 — Zhou Enlai calls for the establishment of a dedicated Yunnan Baiyao factory and research institution.2
• 1971 — Yunnan Baiyao Factory is established.2
• 1993 — YUNNAN BAIYAO becomes publicly listed on the Shenzhen Stock Exchange.2
• 1996 — The company adopts the name Yunnan Baiyao Group Co., Ltd.2
• 2002 — The YUNNAN BAIYAO trademark is recognized as a China Well-known Trademark.2
• 2011 — The company moves to a new industrial base and begins implementing its “New Baiyao, Great Healthcare” strategy.2
• 2016 — Mixed-ownership reform is completed.2
• 2017 — Company market capitalization exceeds RMB 100 billion.2
• 2018 — Yunnan Baiyao Group merges with Yunnan Baiyao Holdings.2
• 2023 — YUNNAN BAIYAO ranks first in Interbrand’s Chinese pharmaceutical-industry brand ranking and is included among Brand Finance’s top global pharmaceutical brands.2
• 2024 — Revenue reaches RMB 40.033 billion and the product portfolio reaches 416 varieties across 40 categories.2
• 2025 — The group reports 114 subsidiaries and structured entities within its consolidated reporting scope.3

1. 云南白药门户网站
2. Company Profile – Yunnan Baiyao – The Certified Online Shop
3. 2025 Annual Report of Yunnan Baiyao Group Co., Ltd.