类型：有限责任公司（外商投资企业与内资合资） 法定代表人：席冲 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 2 月 25 日召开 第五届董事会第十六次会议，审议通过了《关于控股子公司住所变更的议案》， 公司控股子公司步长健康产业（浙江）有限公司（以下简称"步长健康产业（浙 江）"）因经营管理之需要，拟对其住所进行变更。具体内容详见公司 2025 年 2 月 26 日披露于上海证券交易所网站（www.sse.com.cn）的《关于控股子公司住 所变更的公告》（公告编号：2025-042）。 近日，步长健康产业（浙江）已完成工商变更登记手续，并取得宁波市北仑 区市场监督管理局换发的营业执照，变更后的相关信息如下： 证券代码：603858 证券简称：步长制药 公告编号：2025-089 名称：步长健康产业（浙江）有限公司 （非食品）销售；食品销售（仅销售预包装食品）；食品互联网销售（仅销售预 包装食品）； ...

Core Viewpoint - The Chinese traditional medicine industry is experiencing collective anxiety due to insufficient effective demand, accelerated industry transformation, policy changes, and intense market competition [1] Industry Performance Overview - The performance of traditional Chinese medicine companies in 2024 and the first quarter of 2025 shows a diverging trend, with some companies achieving stable growth through brand advantages and product innovation, while others face revenue declines and profit pressures [1][3] - In 2024, Baiyunshan led the industry with a revenue of 749.93 billion yuan, but experienced a slight decline of 0.69% year-on-year, indicating growth challenges for traditional giants [3][6] - Yunnan Baiyao and China Resources Sanjiu followed with revenues of 400.33 billion yuan and 276.17 billion yuan, reflecting year-on-year growth rates of 2.36% and 11.63%, respectively [3][6] - In the first quarter of 2025, leading companies continued to show growth, while trailing companies remained under pressure [1][6] Profitability Insights - Yunnan Baiyao reported a net profit of 47.67 billion yuan in 2024, maintaining a growth rate of 15.63%, while Pizhou's net profit reached 29.96 billion yuan, aligning with its revenue growth [6] - Daren Tang emerged as a "profit dark horse" with a net profit increase of 128.68% year-on-year, while Dong'e Ejiao's net profit grew by 25.57% due to product price increases and channel optimization [6][1] R&D and Sales Expenses - In 2024, the highest R&D investment was from Tianshili, amounting to 1.039 billion yuan, representing 12.23% of its revenue [6][7] - Sales expenses were highest for China Resources Sanjiu at 72.20 billion yuan, followed by Baiyunshan at 56.20 billion yuan [7] - The overall R&D investment among the top 20 companies indicates a need for improvement, especially in innovative drug development and modern Chinese medicine technology applications [7] Market Challenges and Strategic Responses - The unique product strategy, once a cash cow for many companies, is now facing challenges due to adjustments in medical insurance directories and expanded centralized procurement [9][10] - Companies like Step Long Pharmaceutical have reported significant losses due to high sales expenses and declining core product revenues [1][6] - The industry is witnessing a trend where companies are either "slimming down" by divesting non-core assets or "bulking up" through mergers and acquisitions to strengthen their market position [14][15] Future Outlook - The ongoing centralized procurement and market dynamics necessitate that companies balance pricing and market share while building brand moats [12][14] - Companies with unique proprietary formulas, such as Pizhou and Yunnan Baiyao, are better positioned to withstand market fluctuations compared to those reliant on single products without strong patent protection [11][12]

为进一步加强与投资者的互动交流，山东步长制药股份有限公司（以下简称 "公司"）将参加由山东证监局、山东上市公司协会与深圳市全景网络有限公司 联合举办的"2025 年山东辖区上市公司投资者网上集体接待日活动"，现将相关 事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （http://rs.p5w.net）；或关注微信公众号（名称：全景财经）；或下载全景路 演 APP,参与本次互动交流。活动时间为 2025 年 5 月 15 日（周四）15:00-16:30。 届时公司高管将在线就公司 2024 年度业绩、公司治理、发展战略、经营状况和 可持续发展等投资者关心的问题，与投资者进行沟通与交流，欢迎广大投资者踊 跃参与！ 证券代码：603858 证券简称：步长制药 公告编号：2025-088 山东步长制药股份有限公司 关于参加 2025 年山东辖区上市公司投资者 网上集体接待日活动的公告 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。 特此公告。 山东步长制药股份有限公司董事会 2025 年 5 月 1 ...

Core Viewpoint - The significant decline in performance for the company is primarily attributed to the removal of key products from provincial medical insurance directories and increased market competition, leading to a drastic drop in sales [2][4]. Group 1: Financial Performance - The company has experienced a sharp decline in revenue from its core products, with the income from Gu Hong injection plummeting by 84.89% in 2023, and revenues from Compound Peptide Injection and Compound Brain Peptide Injection decreasing by 52.84% and 55.39% respectively, resulting in a total revenue drop of 1.746 billion yuan [4]. - Cumulative goodwill impairment of 4.536 billion yuan is expected from 2022 to 2024, with remaining goodwill value at 535 million yuan by the end of 2024 [4]. - The company's revenue from the cardiovascular segment is projected to decline by 23.36% in 2024, with gross margin decreasing by 6.96 percentage points to 64.74% [6]. Group 2: Business Operations - The company has faced ongoing scrutiny regarding the safety of traditional Chinese medicine injections, which has led to regulatory challenges and impacted profitability [3]. - Sales expenses for the company reached 4.32 billion yuan in 2024, a decrease of 32.12% year-on-year, but the reliance on marketing and consulting fees remains high, accounting for 93.28% of total sales expenses [7]. - The company has been attempting to diversify its business by entering the medical device sector, but these new ventures have not yet contributed significantly to overall revenue [7]. Group 3: Product Development and Innovation - The company has historically invested less in research and development, with R&D spending in 2024 amounting to 717 million yuan, and a high proportion of capitalized R&D expenses at 51.8% [7]. - The company has initiated several new subsidiaries in 2024, including Shandong Buchang Pharmaceutical and Beijing Boyuan Runbu Pharmaceutical, focusing on cosmetics and chemical drug research, but these efforts have not yet yielded substantial revenue [7]. - The vaccine business has also faced challenges, with the price of a quadrivalent flu vaccine dropping by 37% in 2024 due to centralized procurement [8].

证券代码：603858 证券简称：步长制药 公告编号：2025-087 （一）2025 年 1 月 21 日，公司首次实施回购股份，具体内容详见公司 2025 年 1 月 22 日披露于上海证券交易所网站（www.sse.com.cn）的《关于以集中竞价 交易方式首次回购股份的公告》（公告编号：2025-021）。 山东步长制药股份有限公司 关于股份回购实施结果暨股份变动的公告 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。 重要内容提示： 回购方案首次披露日 2024/12/27 回购方案实施期限 待董事会审议通过后 12 个月 预计回购金额 5,000万元~10,000万元 回购价格上限 15.07元/股 □减少注册资本 √用于员工持股计划或股权激励 回购用途 √用于转换公司可转债 □为维护公司价值及股东权益 实际回购股数 6,620,630股 实际回购股数占总股本比例 0.60% 实际回购金额 9,805.58万元 实际回购价格区间 13.86元/股~15.07元/股 一、回购审批情况和回购方案内容 山东步长制药股份有限 ...

证券代码：603858 证券简称：步长制药 公告编号：2025-087 山东步长制药股份有限公司 关于股份回购实施结果暨股份变动的公告 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。 重要内容提示： （一）2025 年 1 月 21 日，公司首次实施回购股份，具体内容详见公司 2025 年 1 月 22 日披露于上海证券交易所网站（www.sse.com.cn）的《关于以集中竞价 交易方式首次回购股份的公告》（公告编号：2025-021）。 （二）2025 年 5 月 9 日，公司完成了本次回购。公司通过集中竞价交易方式 已累计回购公司股份 6,620,630 股，已回购股份占公司总股本的比例为 0.60%，购 买的最高价为 15.07 元/股，最低价为 13.86 元/股，累计已支付的总金额为 98,055,757.84 元（含交易费用）。 （三）公司本次回购股份总金额已达到回购方案下限，回购方案实际执行情 况与原披露的回购方案不存在差异，公司已按披露的方案完成回购。 （四）本次股份回购方案的实施对公司的影响 本次回购股份的 ...

证券代码：603858 证券简称：步长制药 公告编号：2025-086 山东步长制药股份有限公司 关于拟放弃优先受让控股子公司股权 暨关联交易的进展公告 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。 一、交易概述 因业务发展需要，山东步长制药股份有限公司（以下简称"公司"或"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"）股东四川天润元企业管理有限公司（以下简称"四川天润 元"）拟以880万元交易价格将其持有的泸州步长2%股权转让给海南祺泓盛企业管理合伙企业（有限合 伙）（以下简称"海南祺泓盛"），海南祺泓盛系泸州步长的员工持股平台。公司同意放弃优先受让权， 交易完成后，公司持有泸州步长96.8636%股权不变。具体内容详见公司2025年3月8日披露于上海证券 交易所网站（www.sse.com.cn）的《关于拟放弃优先受让控股子公司股权暨关联交易的公告》（公告编 号：2025-048）。 二、本次交易的进展 （一）交易背景简述 本次股权转让以评估报告为依据，并经四川天润元、海南祺泓盛友好协商一致 ...

证券代码：603858 证券简称：步长制药 公告编号：2025-086 山东步长制药股份有限公司 关于拟放弃优先受让控股子公司股权暨关联交易的进展公告 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。 一、交易概述 因业务发展需要，山东步长制药股份有限公司（以下简称"公司"或"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"）股 东四川天润元企业管理有限公司（以下简称"四川天润元"）拟以 880 万元交易价 格将其持有的泸州步长 2%股权转让给海南祺泓盛企业管理合伙企业（有限合伙） （以下简称"海南祺泓盛"），海南祺泓盛系泸州步长的员工持股平台。公司同意 放弃优先受让权，交易完成后，公司持有泸州步长 96.8636%股权不变。具体内容 详见公司 2025 年 3 月 8 日披露于上海证券交易所网站（www.sse.com.cn）的《关 于拟放弃优先受让控股子公司股权暨关联交易的公告》（公告编号：2025-048）。 二、本次交易的进展 （一）交易背景简述 2021 年 12 月 20 日，公司与四川天润 ...

Group 1 - Shandong Buchang Pharmaceutical Co., Ltd.'s wholly-owned subsidiary, Baoding Tianhao Pharmaceutical Co., Ltd., has received the "High-tech Enterprise Certificate" from relevant authorities, indicating its strong innovation and R&D capabilities [2] - The certificate is valid for three years, from November 11, 2024, and allows Baoding Tianhao to enjoy a reduced corporate income tax rate of 15% from 2024 to 2026 [2] - This recognition is expected to positively impact Baoding Tianhao's future development strategy and overall sustainable growth [2] Group 2 - The company has initiated a share repurchase program, approved by the board on December 26, 2024, with a maximum repurchase price set at 23 yuan per share [6] - As of April 30, 2025, the company has repurchased a total of 6,620,630 shares, representing 0.60% of its total share capital, with a total expenditure of approximately 98 million yuan [7] - The repurchase aligns with relevant regulations and the company's stated objectives, with ongoing compliance and disclosure obligations [7]

证券代码：603858 证券简称：步长制药 公告编号：2025-085 山东步长制药股份有限公司 关于以集中竞价交易方式回购股份的进展公告 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。 重要内容提示： | 回购方案首次披露日 | 2024/12/27 | | --- | --- | | 回购方案实施期限 | 待董事会审议通过后 12 个月 | | 预计回购金额 | 5,000万元~10,000万元 | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 | | | √用于转换公司可转债 □为维护公司价值及股东权益 | | 累计已回购股数 | 6,620,630股 | | 累计已回购股数占总股本比例 | 0.60% | | 累计已回购金额 | 9,803.75万元 | | 实际回购价格区间 | 13.86元/股~15.07元/股 | 已回购股份占比存在尾差，系四舍五入造成。 本次回购符合相关法律法规和公司回购股份方案的要求。 三、其他事项 公司将严格按照《上市公司股份回购规则》《上海证券交易所上市公司自律监 管指引 ...