Core Viewpoint - Recently, Buchang Pharma has gained market attention for its innovation in drug development, capital market returns, and commitment to public welfare, showcasing the company's responsibility and dedication in the pharmaceutical industry [1] Innovation Drug Pipeline - Buchang Pharma has made significant advancements in its innovation drug pipeline, covering three major areas: biopharmaceuticals, traditional Chinese medicine, and chemical drugs [2] - The company is accelerating the application of its first Class 1 new drug, Epoetin Alfa, targeting 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 advancing its Class 1 biopharmaceutical BC001 for late-stage gastric cancer and has several targeted cancer drugs in critical clinical development stages [2][4] Traditional Chinese Medicine and Chemical Drug Expansion - In traditional Chinese medicine, the company has completed Phase II clinical trials for its Qi-tonifying granules and is set to start Phase II/III trials for its heart failure treatment granules in May 2025 [4] - In the chemical drug sector, Buchang Pharma has launched 17 new generic drugs in 2023, including products that target a 20 billion market for antiviral drugs and expand its muscle relaxant market [4] - The company has successfully renewed contracts for exclusive products in the 2025 National Medical Insurance Directory, with total sales exceeding 10.3 billion in the first three quarters [4] Shareholder Returns - Buchang Pharma has established a stable return mechanism for investors, with cumulative dividends reaching 7.948 billion and share buybacks totaling 1.744 billion since its listing [5] - In 2025, the company has repurchased 6.6206 million shares, with a total repurchase amount nearing 100 million, demonstrating confidence in its future development [5] Corporate Social Responsibility - Since its inception, Buchang Pharma has adhered to its mission of "creating health for humanity," actively engaging in social responsibility through the "Together, Build China's Heart" initiative for 18 years [6] - The initiative has expanded from congenital heart disease to various medical fields, providing comprehensive medical assistance to over 1 million patients [6] - The company has contributed nearly 33 billion in taxes nationwide, supporting regional economic development [6] Future Outlook - The chairman of Buchang Pharma, Zhao Tao, emphasized the company's commitment to innovation-driven development and social responsibility, aiming to lead industry growth and create greater social value [7]

Core Viewpoint - The company is accelerating its internationalization and innovation efforts, with over 170 products included in the 2025 National Medical Insurance Directory, and is focusing on expanding its global market presence through strategic partnerships and product registrations [1][3][4]. Group 1: Product Development and Innovation - The company 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 successfully registered multiple products in various countries, including Malaysia, Canada, and Mongolia, indicating a strong international market strategy [5][6]. 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, which will support the company's international expansion efforts [4]. - The company has expanded its product sales to numerous countries and regions, including the United States, Canada, and several countries in Asia, Europe, and Africa, with ongoing registration efforts in Australia, Brazil, and the UAE [5]. Group 3: Corporate Social Responsibility - The company has contributed nearly 33 billion RMB in taxes, supporting local economic development and demonstrating its commitment to social responsibility [7]. - The "Together, Build a Chinese Heart" project has been ongoing for 18 years, providing medical assistance to Tibetan and minority communities, showcasing the company's dedication to social welfare [8][10]. - The company emphasizes long-term commitment to public welfare, aiming to set an industry example in corporate citizenship [7][10].

证券代码：603858 证券简称：步长制药 公告编号：2026-002 山东步长制药股份有限公司 本次预计确认的公允价值变动损益-2.93 亿元，将减少公司 2025 年度归母净 利润 2.93 亿元。根据《公开发行证券的公司信息披露解释性公告第 1 号》相关 规定，本次公允价值变动损益属于非经常性损益，可予以扣除，不影响公司 2025 年度扣非后净利润。 关于交易性金融资产公允价值变动的提示性公告 二、预计确认公允价值变动说明 公司依据《企业会计准则第 22 号—金融工具确认和计量》相关规定，对七 乐康数字医疗的投资分类为以公允价值计量且其变动计入当期损益的金融资产， 按公允价值进行后续计量，公允价值变动计入当期损益。石榴云医作为七乐康数 字医疗的实质控股公司已实现上市，其报告期末股价（考虑限售折扣率后）可作 为该项投资公允价值的核心计算依据，计算并确认该项金融资产的公允价值变动 损益。 截止 2025 年 9 月 30 日，公司对七乐康数字医疗投资的账面价值为 3.26 亿 元，石榴云医于 2025 年 10 月 8 日在美国纳斯达克 IPO 上市，发行价为 4.00 美 元/股。截至 2025 年 12 ...

Core Viewpoint - The announcement indicates that the company, Buchang Pharma, has a stake in Qilukang Digital Healthcare, which is set to go public on NASDAQ on October 8, 2025, through its controlling company, Shiliu Cloud Medical [1] Financial Impact - As of September 30, 2025, the book value of the company's investment in Qilukang Digital Healthcare is 326 million yuan [1] - By December 31, 2025, the market value of the corresponding equity held by the company is expected to be 33.08 million yuan [1] - The company anticipates recognizing a fair value change loss of 293 million yuan, which will reduce the net profit attributable to the parent company for the year 2025 by the same amount, although it will not affect the net profit after deducting non-recurring gains and losses [1]

山东步长制药股份有限公司 关于全资子公司再次通过高新技术企业认定的公告 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。 一、基本情况 近日，山东步长制药股份有限公司（以下简称"公司"）全资子公司通化谷 红制药有限公司（以下简称"通化谷红"）收到吉林省科学技术厅、吉林省财政 厅、国家税务总局吉林省税务局联合颁发的《高新技术企业证书》，通化谷红通 过高新技术企业的重新认定，相关情况如下： 证券代码：603858 证券简称：步长制药 公告编号：2026-001 有效期：三年 二、对公司经营的影响 根据《中华人民共和国企业所得税法》《中华人民共和国企业所得税法实施 条例》等相关规定，通化谷红本次通过高新技术企业认定后，将连续三年享受国 家关于高新技术企业所得税优惠政策，即 2025 年至 2027 年按 15%的税率缴纳企 业所得税。 通化谷红通过高新技术企业认定，标志着通化谷红具备较强的创新研发能 力，体现了通化谷红可持续发展的综合实力，对通化谷红推进未来发展战略产生 积极作用。 特此公告。 山东步长制药股份有限公司董事会 2026 ...

格隆汇1月5日丨步长制药(603858.SH)公布，近日，公司全资子公司通化谷红制药有限公司收到吉林省 科学技术厅、吉林省财政厅、国家税务总局吉林省税务局联合颁发的《高新技术企业证书》，通化谷红 通过高新技术企业的重新认定。 根据《中华人民共和国企业所得税法》《中华人民共和国企业所得税法实施条例》等相关规定，通化谷 红本次通过高新技术企业认定后，将连续三年享受国家关于高新技术企业所得税优惠政策，即2025年至 2027年按15%的税率缴纳企业所得税。 ...

Core Viewpoint - The stock price of Buchang Pharma has shown a slight increase of 2.05% this year, but has experienced declines over the past 5, 20, and 60 trading days, indicating volatility in its recent performance [1]. Group 1: Stock Performance - As of January 5, Buchang Pharma's stock price reached 15.96 CNY per share, with a trading volume of 38.23 million CNY and a turnover rate of 0.23%, resulting in a total market capitalization of 16.83 billion CNY [1]. - The stock has seen a year-to-date increase of 2.05%, but has declined by 3.51% over the last 5 trading days, 5.62% over the last 20 days, and 12.60% over the last 60 days [1]. Group 2: Financial Performance - For the period from January to September 2025, Buchang Pharma reported a revenue of 8.469 billion CNY, a year-on-year decrease of 0.54%, while the net profit attributable to shareholders increased by 177.54% to 868 million CNY [1]. - The company has distributed a total of 7.948 billion CNY in dividends since its A-share listing, with 1.609 billion CNY distributed over the past three years [2]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Buchang Pharma was 51,100, a decrease of 7.36% from the previous period, with an average of 20,641 circulating shares per shareholder, an increase of 2.92% [1]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 20.39 million shares, an increase of 8.51 million shares from the previous period, while the Southern CSI 500 ETF holds 8.04 million shares, a decrease of 144,500 shares [2]. Group 4: Business Overview - Buchang Pharma, established on May 10, 2001, and listed on November 18, 2016, is primarily engaged in the research, production, and sales of traditional Chinese medicine [1]. - The company's revenue composition includes 82.34% from traditional Chinese medicine, 10.08% from chemical drugs, 6.61% from medical devices, and 0.97% from other sources [1].

Core Viewpoint - The financial performance and trading activity of Shandong Buchang Pharmaceutical Co., Ltd. indicate a mixed outlook, with a decline in revenue but a significant increase in net profit, alongside low financing and margin trading levels [1][2]. Group 1: Financial Performance - As of September 30, 2025, Buchang Pharmaceutical reported a revenue of 8.469 billion yuan, a year-on-year decrease of 0.54% [2]. - The net profit attributable to shareholders reached 868 million yuan, showing a substantial year-on-year increase of 177.54% [2]. - Cumulative cash dividends since the company's A-share listing amount to 7.948 billion yuan, with 1.609 billion yuan distributed over the past three years [2]. Group 2: Trading Activity - On December 31, 2025, Buchang Pharmaceutical's stock price fell by 0.38%, with a trading volume of 78.8184 million yuan [1]. - The financing buy amount for the day was 8.0737 million yuan, while the financing repayment was 12.3316 million yuan, resulting in a net financing outflow of 4.258 million yuan [1]. - The total margin trading balance stood at 518 million yuan, with the financing balance accounting for 3.13% of the circulating market value, indicating a low level compared to the past year [1]. Group 3: Shareholder Structure - As of September 30, 2025, the number of shareholders decreased to 51,100, a reduction of 7.36% [2]. - The average number of circulating shares per shareholder increased by 2.92% to 20,641 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited held 20.3871 million shares, an increase of 8.5127 million shares compared to the previous period [2].

Group 1 - The flu epidemic in China is at a high level, primarily driven by the H3N2 strain, with increased transmission risk due to upcoming population movements during the New Year holiday [1] - Demand for antiviral and symptomatic medications has surged, with a reported over 500% increase in flu-related drug purchases on Alibaba Health and over 100% increase in orders for traditional Chinese medicine on Meituan [1] - The pharmaceutical industry is responding effectively across the supply chain, from vaccine production to drug distribution, indicating a well-coordinated effort to manage the public health challenge [1][2] Group 2 - Vaccine companies are ramping up production, with Hualan Vaccine reporting 55 batches of flu vaccine issued since November, reflecting increased public willingness to get vaccinated [2] - Diagnostic companies like Dian Diagnostics and Kingmed Diagnostics are seeing increased business, supporting the trend of testing before treatment, which enhances rational drug use [2] - The treatment landscape is diversifying, with both chemical and traditional Chinese medicines being utilized, indicating a shift in market dynamics [3][5] Group 3 - Traditional Chinese medicine is gaining traction, with companies like China Resources Sanjiu and Kangyuan Pharmaceutical seeing strong growth in their antiviral product lines [5] - The distribution sector is crucial, with companies like Yiyigou ensuring rapid delivery of essential medications during peak demand periods [5] - The clinical relevance of traditional Chinese medicine is increasing, supported by government policies that endorse its use in flu treatment, leading to a rise in evidence-based research [6][9] Group 4 - Companies are focusing on clinical research to validate the efficacy of traditional Chinese medicines, with Kangyuan Pharmaceutical conducting head-to-head trials against conventional drugs [7][9] - The competitive landscape in the respiratory system traditional Chinese medicine market is diverse, with companies like China Resources Sanjiu and Yiling Pharmaceutical leveraging brand strength and market recognition [9] - As the industry moves towards evidence-based medicine, companies with strong research capabilities and clinical data are likely to capture more market opportunities [9]

Group 1 - The controlling shareholder, Buchang (Hong Kong), holds approximately 491 million shares of the company, accounting for 46.56% of the total share capital [1] - Buchang (Hong Kong) has pledged a total of approximately 109 million shares, which represents 22.11% of its total holdings and 10.29% of the company's total share capital [1] - The combined holdings of Buchang (Hong Kong) and its concerted parties amount to approximately 598 million shares, representing 56.72% of the total share capital, with a total of 109 million shares pledged [1]