云南白药（000538.SZ）：2026年三季度收入超预期，分销业务放量驱动增收

Yunnan Baiyao reported 1-3Q26 revenue of Rmb32.3bn (+5% yoy) and net profit of Rmb4.8bn (+1% yoy, or +2% yoy excl. one-offs). In 3Q26, revenue accelerated to Rmb10.4bn (+10% yoy), beating both VA consensus and Citi due to larger-than-expected distribution revenue; net profit was Rmb1.1bn (-2% yoy, or +2% yoy excl. one-offs), in line with VA consensus and above CitiE. GM lowered to 27.2% from 28.3% in 3Q25, while OPM picked up to 12.4% from 12.2% helped by a lower selling expense ratio. 1-3Q26 operating cash flow was Rmb4.9bn (+9% yoy), a sign of healthy earnings quality. A Rmb170mn impairment loss in 3Q26 was mainly related to AR impairment of the distribution business, which management views as normal given higher distribution revenue and implies potential future reversal. Oct HK NDR takeaways: high-end new toothpaste brands performed well with a mix shift in oral care toward premium anti-sensitivity, whitening and kids' lines;