Core Viewpoint - Recently, Buchang Pharma (603858.SH) has gained market attention for its dual strength in high-quality development and social responsibility, showcasing its commitment through innovative drug development, capital market returns, and public welfare initiatives [1] Group 1: Innovative Drug Pipeline - Buchang Pharma has accelerated its efforts in innovative drug development, establishing a diversified pipeline that includes patented traditional Chinese medicine, biopharmaceuticals, chemical drugs, and vaccines, with significant breakthroughs expected by 2025 [2] - The company is advancing its first Class 1 new drug, Epoetin α, aimed at treating renal anemia and chemotherapy-induced anemia, which could fill a gap in the domestic long-acting EPO market valued at 15 billion [2] - The first biosimilar drug, Adalimumab injection, is under review, targeting multiple autoimmune diseases with substantial market potential [2] - The company is also progressing in clinical trials for several targeted cancer therapies, including BC001 and BC008-1A [2] Group 2: Traditional Chinese Medicine and Chemical Drug Expansion - In traditional Chinese medicine, the company is advancing clinical trials for Qi-tonifying granules and heart failure treatments, reinforcing its core advantages [4] - In the chemical drug sector, Buchang Pharma has launched 17 new generic drugs in 2023, including products that tap into a 20 billion antiviral drug market [4] - By the end of 2025, the company expects 39 products to have passed evaluations, with several winning bids in centralized procurement to expand market share [4] Group 3: Globalization Strategy - Buchang Pharma is actively pursuing a globalization strategy, with its products now available in 38 countries and regions across Asia, Europe, Africa, and the Americas [5] - The company has signed exclusive supply agreements for its new drug Epoetin α in Southeast Asia and is collaborating with Russian firms to promote its products in the Eurasian Economic Union [5] - Several traditional Chinese medicine products have received international recognition and registration, enhancing the company's global footprint [7] Group 4: Shareholder Returns - The company has maintained a stable return mechanism for investors, with cumulative dividends reaching 7.948 billion and share buybacks totaling 1.744 billion since its listing [8] - In 2025, the company repurchased 6.6206 million shares, demonstrating confidence in its future growth [8] Group 5: Corporate Social Responsibility - Buchang Pharma has been committed to social responsibility, sponsoring the "Together, Build China's Heart" public welfare project for 18 years, providing medical assistance across multiple specialties [9] - The company has contributed nearly 33 billion in taxes, supporting regional economic development [11] - The chairman emphasized the company's focus on innovation, global expansion, and social responsibility as key drivers for future growth [11]

Group 1: Transformation of Private Enterprises - The private economy in Heze is undergoing a transformation and upgrade, driven by policy support and market forces, showcasing a vibrant scene of innovation and development [2] - Companies like Shandong Buchang Pharmaceutical are embracing new technologies, transitioning from manual operations to automation and now to digitalization and intelligence, achieving significant improvements in production efficiency [3][4] - Shandong Yingboer Electric is focusing on the development and production of core components for new energy vehicles, while also expanding into high-growth sectors like humanoid robots and low-altitude economy [5] Group 2: Technological Innovations - Shandong Buchang Pharmaceutical has implemented a fully automated production line that enhances the quality and consistency of its products, increasing production capacity by 40% for key products [4] - Shandong Yingboer Electric has developed an integrated chip technology that combines motor and control systems, winning multiple industry awards and establishing a diverse business model with a production capacity of one million units annually [5] - Huaxia Jiarun has created an industrial internet platform that significantly reduces logistics inefficiencies in the petrochemical industry, lowering the empty vehicle rate from 45% to below 10% [7] Group 3: Economic Impact and Support - The transformation of private enterprises in Heze is supported by a favorable business environment, with local government initiatives aimed at fostering high-quality development and digital transformation [7]

Core Viewpoint - The investment in Qilukang Digital Healthcare by Buchang Pharma has led to significant financial losses, highlighting challenges in the digital transformation strategy and reliance on a single product for revenue generation [3][4]. Group 1: Investment Details - Buchang Pharma announced that its stake in Qilukang Digital Healthcare's controlling company, Shiliu Cloud Medical, went public on NASDAQ on October 8, 2025 [1]. - As of September 30, 2025, the book value of the investment in Qilukang Digital Healthcare was 326 million yuan, with a corresponding market value of 33.08 million yuan as of December 31, 2025 [1]. - The fair value change loss is expected to be 293 million yuan, which will reduce the net profit attributable to the parent company for 2025 by the same amount, although it will not affect the net profit after deducting non-recurring gains and losses [1]. Group 2: Strategic Challenges - The partnership between Buchang Pharma and Qilukang began in 2021 during the peak of internet healthcare, with hopes of leveraging Qilukang's digital platform to enhance sales channels for core products [3]. - Qilukang has faced challenges in its business model transition from B2C pharmaceutical e-commerce to internet hospitals, including unclear profitability and high customer acquisition costs [3]. - The market environment for Chinese concept stocks in the U.S. has deteriorated, particularly affecting healthcare technology stocks, which has compounded the difficulties for Shiliu Cloud Medical's NASDAQ listing [3]. Group 3: Broader Implications - Buchang Pharma's reliance on its core product, the Naoxin Tong capsule, which accounts for over two-thirds of its revenue, has become increasingly problematic due to ongoing healthcare cost control policies and centralized procurement of traditional Chinese medicine [4]. - The failure of the Qilukang investment poses a significant setback to Buchang Pharma's digital transformation strategy, which had positioned "building a digital Buchang" as a core objective [4]. - The company may need to reassess its growth direction amid sluggish core business growth and the lack of breakthroughs in innovative drug development [4].

近日，通化谷红制药有限公司（以下简称"通化谷红制药"）在技术创新和绿色发展领域接连获得重要认可。该公司先后通过2025年国家高新技术企业再认 定，并成功入选吉林省"美丽工厂"建设典型案例。 通化谷红制药有关负责人表示，未来公司将继续秉持绿色发展与创新驱动的理念，进一步优化生产工艺，加强研发投入，致力于提升企业核心竞争力，为 区域生态文明建设和医药行业高质量发展贡献力量。 通化谷红制药此次顺利通过国家高新技术企业再认定，是该公司自2013年以来连续第四次获得此项资质。国家高新技术企业认定是对企业技术创新能力与 成果转化水平的综合评价机制。作为步长制药全资子公司，通化谷红制药专注于小容量注射剂生产，近年来在生产自动化与质量检测智能化方面持续投 入，提升了生产过程的控制精度与产品检验效率。 图为通化谷红制药有限公司的中药提取车间。 在吉林省"美丽工厂"评选中，通化谷红制药因其在绿色生产、环境建设及资源循环利用方面的突出实践成果，成为省内医药行业的示范案例。公司在生产 环节推进智能化改造，中药提取车间依托自动化控制系统，提升了生产效率并降低了能耗，制剂车间应用AI视觉检测技术提高产品质量检测的精准度。 厂区环境方面， ...

近日，山东步长制药股份有限公司（以下简称"步长制药"）控股子公司四川泸州步长生物制药有限公司 （以下简称"泸州步长"）与马来西亚公司MEDISPEC（M）SDNBHD（以下简称"MEDISPEC"）签署 《独家供应协议》，泸州步长拟授权 MEDISPEC 作为目标区域内独家代理商，在目标区域内完成注射 用 Efparepoetin alfa 的注册、推广、分销及销售事宜。 注射用 Efparepoetin alfa 为人促红细胞生成素（EPO）和人免疫球蛋白 G2（IgG2）Fc 片段组成的重组 融合蛋白，目前国内尚无同类品种批准上市。 根据业务要求，本次交易的交易金额及交易对方主要财务数据涉及商业秘密，按照《上市公司信息披露 暂缓与豁免管理规定》《上海证券交易所上市公司自律监管指引第 2 号——信息披露事务管理》及《山 东步长制药股份有限公司信息披露暂缓与豁免业务管理制度》相关规定，经相应审批及登记手续，豁免 披露本次交易金额及交易对方主要财务数据。 （步长制药公告） ...

Core Viewpoint - Shandong Buchang Pharmaceutical's subsidiary, Luzhou Buchang, has signed an exclusive supply agreement with Malaysian company MEDISPEC, marking a significant step in the company's "Traditional Chinese Medicine Internationalization" strategy [1] Group 1: Internationalization Strategy - The signing of the agreement reflects the deepening of Buchang Pharmaceutical's internationalization strategy, with recent product registrations in Malaysia, Mongolia, and Indonesia [2] - The company's sales network now covers dozens of countries, including the US, Canada, and Vietnam, and is actively expanding into Latin America [2] - Buchang Pharmaceutical aims to make "Chinese prescriptions" an international medical option and promote traditional Chinese culture [2] Group 2: R&D and Product Development - Buchang Pharmaceutical is advancing in innovative drug development, with significant progress in its pipeline across biological, traditional Chinese, and chemical drugs [4] - The company has received approvals for 17 generic drugs in 2023, with over 170 products included in the 2025 National Medical Insurance Directory, including 73 exclusive products [4] - Exclusive products have generated over 10.3 billion yuan in sales in the first three quarters of 2025, providing strong support for ongoing innovation [4] Group 3: Shareholder Returns - The company has returned 7.948 billion yuan to shareholders through regular high dividends and share buybacks, exceeding the total IPO fundraising amount [5] - In 2025 alone, the company repurchased 6.6206 million shares, spending nearly 100 million yuan, and completed the cancellation of 51.47 million shares [5] Group 4: Social Responsibility - Buchang Pharmaceutical has sponsored the "Together, Build China's Heart" public welfare project for 18 consecutive years, providing medical assistance to over a million people [6] - The company emphasizes the dual focus on innovation and social responsibility, aiming to create greater social value while advancing pharmaceutical innovation [6]

Core Viewpoint - Shandong Buchang Pharmaceutical Co., Ltd. has reported a significant investment loss of nearly 300 million yuan due to a 90% drop in the stock price of its investment in Guangzhou Qilokang Digital Health Medical Technology Co., Ltd. after the IPO of its substantial holding, Pomdoctor Limited, on NASDAQ [1][2] Group 1: Investment Loss - The company announced an expected fair value change loss of 293 million yuan related to its investment in Qilokang Digital Medical [1] - As of September 30, 2025, the book value of the investment was 326 million yuan, but the stock price plummeted after the IPO [2] - The IPO price of Pomdoctor Limited was set at 4.00 USD per share, but the closing price dropped to 0.2949 USD per share by December 31, 2025 [2] Group 2: Inventory Crisis - The company is facing an inventory crisis with a total inventory of 4.517 billion yuan, of which approximately 12% is involved in a legal dispute [2] - There is a risk of needing to recognize inventory impairment provisions related to the 550 million yuan dispute, which could impact current and future profits [2] - The lawsuit concerning the inventory has been accepted by the court but has not yet gone to trial, leaving the outcome uncertain [2] Group 3: Company Background - Shandong Buchang Pharmaceutical Co., Ltd. was established in 2001 and is primarily engaged in the pharmaceutical manufacturing industry [2] - The company is located in Heze City, Shandong Province, with a registered capital of approximately 1.054 billion yuan [2]

证券代码：603858 证券简称：步长制药 公告编号：2026-003 法定代表人：黄小华 注册资本：叁佰万元整 成立日期：2025 年 01 月 09 日 住所：山东省济南市莱芜高新区鹏泉街道大桥北路东岳小区沿街楼南段第三 户 301 室 山东步长制药股份有限公司 关于控股子公司完成工商变更登记的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 山东步长制药股份有限公司（以下简称"公司"）于 2025 年 9 月 4 日召开第 五届董事会第三十一次会议，审议通过了《关于控股子公司法定代表人变更的议 案》，公司控股子公司山东步长药妆生物科技有限公司、山东步长鼎晟药业有限 公司和山东步长传方药业有限公司（以下简称"步长传方"）因经营管理之需要， 拟对法定代表人进行变更。具体内容详见公司 2025 年 9 月 6 日披露于上海证券 交易所网站（www.sse.com.cn）的《关于控股子公司法定代表人变更的公告》（公 告编号：2025-165）。 近日，步长传方已完成工商变更登记手续，并取得莱芜高新技术产业开发区 市场监督管理 ...

截至9月30日，步长制药股东户数5.11万，较上期减少7.36%；人均流通股20641股，较上期增加2.92%。 2025年1月-9月，步长制药实现营业收入84.69亿元，同比减少0.54%；归母净利润8.68亿元，同比增长 177.54%。 分红方面，步长制药A股上市后累计派现79.48亿元。近三年，累计派现16.09亿元。 机构持仓方面，截止2025年9月30日，步长制药十大流通股东中，香港中央结算有限公司位居第六大流 通股东，持股2038.71万股，相比上期增加851.27万股。南方中证500ETF（510500）位居第九大流通股 东，持股804.20万股，相比上期减少14.45万股。 责任编辑：小浪快报 1月6日，步长制药涨0.06%，成交额9161.33万元。两融数据显示，当日步长制药获融资买入额939.68万 元，融资偿还799.42万元，融资净买入140.26万元。截至1月6日，步长制药融资融券余额合计5.10亿 元。 融资方面，步长制药当日融资买入939.68万元。当前融资余额5.09亿元，占流通市值的2.96%，融资余 额低于近一年30%分位水平，处于低位。 融券方面，步长制药1月6日融券偿 ...

Core Viewpoint - The company, BuChang Pharmaceutical, is accelerating its internationalization and innovation efforts, with over 170 products included in the 2025 National Medical Insurance Directory, and is actively expanding its global market presence through strategic partnerships and product registrations [1][3][4]. Group 1: Product Development and Innovation - BuChang Pharmaceutical has 73 exclusive products in the 2025 National Medical Insurance Directory, including 63 traditional Chinese medicines, 9 chemical drugs, and 1 vaccine [1]. - The company is advancing its first-class new drug, Efparepoetin alfa, which has a cumulative R&D investment of approximately 51.24 million RMB as of September 30, 2025, and is expected to have significant market potential as it is the first of its kind in China [3]. - The company has received various product registrations in international markets, including Malaysia and Hong Kong, for its traditional Chinese medicine products, indicating successful international expansion [5]. Group 2: Policy Support and Market Expansion - A recent guideline issued by five government departments aims to enhance the overseas service ecosystem for Chinese enterprises, providing strong support for companies like BuChang to engage in international cooperation and competition [4]. - BuChang Pharmaceutical has successfully registered multiple products in various countries, including Canada, Indonesia, and Mongolia, expanding its market reach to dozens of countries across Asia, Europe, and Africa [5]. Group 3: Corporate Social Responsibility - BuChang Pharmaceutical emphasizes its commitment to social responsibility, having contributed nearly 33 billion RMB in taxes and actively engaging in public welfare projects, such as the "Together, Build the Chinese Heart" initiative, which has provided medical assistance to minority communities [7][8][12]. - The company aims to create a new paradigm of corporate citizenship by linking industrial value with social value, demonstrating a long-term commitment to community welfare and economic development [7][12].