Core Viewpoint - The stock price of Buchang Pharmaceutical (603858.SH) declined by 3.44% to 15.70 CNY, resulting in a market value loss of approximately 59.06 million CNY due to a lawsuit involving its subsidiary, Shanghai Hepu Medical Technology Co., Ltd. [1] Group 1: Lawsuit Details - Shanghai Hepu has filed a lawsuit against Jiemai (Shanghai) Medical International Trade Co., Ltd. for contract disputes, with the court accepting the case on November 5, 2025 [1] - The lawsuit arises from a distribution agreement where Shanghai Hepu was an authorized distributor for Jiemai, and after the agreement expired, Jiemai coordinated the transfer of inventory to a new distributor [1] - Shanghai Hepu currently holds approximately 550 million CNY in unsold inventory that has not been transferred, leading to the lawsuit for compensation related to interest and legal fees [1] Group 2: Claims and Financial Implications - Shanghai Hepu is requesting a total of approximately 651.89 million CNY in damages, which includes the repurchase of remaining inventory valued at about 556.16 million CNY, a refund of a prepayment of 3.21 million CNY, and interest losses of approximately 91.73 million CNY [2] - The company acknowledges the uncertainty of the lawsuit's outcome and the potential risk of inventory impairment, which could impact current and future profits [2] - Buchang Pharmaceutical will follow accounting standards and disclose relevant information as required based on the situation [2] Group 3: Company Background - Shanghai Hepu Medical Technology Co., Ltd. was established in 2016 and is a member of Buchang Pharmaceutical, primarily engaged in technology promotion and application services [2] - The company has a registered capital of 200 million CNY, with a paid-in capital of 99.95 million CNY [2]

Market Overview - The Chinese medicine sector experienced a decline of 0.32% on December 30, with *ST Changyao leading the drop [1] - The Shanghai Composite Index closed at 3965.12, down 0.0%, while the Shenzhen Component Index closed at 13604.07, up 0.49% [1] Stock Performance - Notable gainers in the Chinese medicine sector included: - Taiji Group (600129) with a closing price of 18.25, up 2.07% [1] - Wanbangde (002082) at 13.89, up 1.98% [1] - Fangsheng Pharmaceutical (603998) at 11.29, up 1.62% [1] - Conversely, *ST Changyao (300391) saw a significant drop of 19.49%, closing at 0.95 [2] Trading Volume and Value - The trading volume and value for key stocks were as follows: - Taiji Group: 87,200 shares traded, with a transaction value of 159 million [1] - Wanbangde: 164,400 shares traded, with a transaction value of 227 million [1] - Fangsheng Pharmaceutical: 48,000 shares traded, with a transaction value of 53.82 million [1] Capital Flow - The Chinese medicine sector experienced a net outflow of 231 million from institutional investors, while retail investors saw a net inflow of 280 million [2] - The capital flow for specific stocks included: - Wanbangde with a net inflow of 48.79 million from institutional investors [3] - Taiji Group with a net inflow of 18.53 million from institutional investors [3] - *ST Changyao had a net outflow of 19.49% [2]

证券代码：603858 证券简称：步长制药 公告编号：2025-243 关于控股股东股份质押的公告 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、上市公司股份质押 山东步长制药股份有限公司（以下简称"公司"）于 2025 年 12 月 30 日接 到通知，获悉公司控股股东步长（香港）控股有限公司（以下简称"步长（香港）"） 办理了股份质押手续，具体情况如下： 1、本次股份质押基本情况 | 股东名称 | 是否为 控股股 | 本次质押数 | 是否 为限 | 是否 补充 | 质押 | 质押 | 质权人 | 占其 所持 | 占公 司总 | 质押融资资 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | （股） | 售股 | 质押 | 起始日 | 到期日 | | 股份 | 股本 | 金用途 | | | 东 | | | | | | | 比例 | 比例 | | 1 公司控股股东步长（香港）持有本公司股份 490,957, ...

Core Viewpoint - The announcement reveals that the controlling shareholder of the company, Buchang (Hong Kong), holds 490,957,202 shares, representing 46.56% of the total shares, with a total of 108,530,000 shares pledged, which accounts for 22.11% of their holdings and 10.29% of the total share capital [1] Summary by Relevant Sections - **Shareholding Structure** - The controlling shareholder holds 490,957,202 shares, which is 46.56% of the total shares [1] - The total shares pledged by the controlling shareholder amount to 108,530,000, representing 22.11% of their holdings and 10.29% of the total share capital [1] - **Pledge Details** - An additional 7,600,000 shares have been pledged, with 3,600,000 shares pledged to CITIC Bank Jinan Branch and 4,000,000 shares pledged to CITIC Financial Leasing Co., Ltd [1] - The pledge start date for these shares is December 29, 2025, and the maturity date for the latter pledge is December 30, 2028 [1] - **Overall Shareholding and Pledge Status** - The controlling shareholder and their concerted parties collectively hold 598,200,660 shares, which is 56.72% of the total shares [1] - The total pledged shares by the controlling shareholder and concerted parties amount to 108,530,000, accounting for 18.14% of their holdings and 10.29% of the total share capital [1]

Core Viewpoint - The company is facing a lawsuit related to a contract dispute involving approximately 652 million yuan, which may impact its inventory valuation and future profits [1] Group 1: Legal Issues - The company's subsidiary, Shanghai HePu, has filed a lawsuit against Jiemai Shanghai due to a contract dispute over the distribution agreement, with the court accepting the case [1] - The lawsuit involves around 550 million yuan worth of inventory that has not been transferred, posing a risk of inventory impairment [1] Group 2: Financial Performance - The company has experienced a decline in revenue for four consecutive years, with revenues of 160.07 billion yuan in 2020 dropping to an estimated 110.06 billion yuan in 2024 [2] - In the first three quarters of 2025, the company reported total revenue of 8.469 billion yuan, a slight decrease of 0.54% year-on-year, while net profit increased significantly by 177.54% to 868 million yuan [4] Group 3: Strategic Developments - The company plans to acquire six health food products for 7.5 million yuan to expand its presence in the health industry [5] - The acquisition involves obtaining the technical ownership of the products from six different independent entities, ensuring commercial production [6] Group 4: Market Performance - As of December 29, the company's stock price decreased by 1.16% to 16.26 yuan per share, with a total market capitalization of approximately 17.147 billion yuan [6]

Core Viewpoint - The lawsuit filed by Shanghai HePu Medical Technology Co., Ltd., a subsidiary of BuChang Pharmaceutical, against JEM International Trade (Shanghai) Co., Ltd. involves a contract dispute over an amount of 652 million yuan, primarily concerning unsold inventory and financial losses [1][2]. Group 1: Lawsuit Details - Shanghai HePu has initiated legal action against JEM Shanghai for a contract dispute, claiming an amount of 652 million yuan [1]. - The lawsuit arises from a distribution agreement where Shanghai HePu was an authorized distributor for JEM Shanghai, which is a subsidiary of the well-known orthopedic consumables company JEM [1]. - The lawsuit requests JEM Shanghai to repurchase approximately 556 million yuan worth of remaining inventory and return a prepayment of 3.2078 million yuan, along with compensation for interest losses and other costs [1]. Group 2: Inventory and Financial Implications - Shanghai HePu has around 550 million yuan worth of inventory that has not been transferred to a new authorized distributor, with no clear plan for the transfer [1]. - There is a risk of inventory impairment for the 550 million yuan worth of stock, which could impact the company's current and future profits, although the exact financial impact remains uncertain [2].

Core Viewpoint - The company BuChang Pharmaceutical (603858.SH) has filed a lawsuit against Jiemai (Shanghai) Medical International Trade Co., Ltd. over a contract dispute involving an amount of 652 million yuan [2]. Group 1: Lawsuit Details - The lawsuit involves BuChang's subsidiary, Shanghai HePu Medical Technology Co., Ltd., which claims that Jiemai Shanghai failed to properly handle the transfer of inventory after their distribution agreement expired [3]. - Shanghai HePu is seeking the repurchase of approximately 556 million yuan worth of remaining inventory, a refund of 3.2078 million yuan in advance payments, and compensation for interest losses amounting to 92 million yuan, along with other legal costs [3]. - The case has been officially accepted by the court, but a hearing date has not yet been set [3]. Group 2: Inventory and Financial Implications - There is a risk associated with the 5.5 billion yuan inventory, which may require a provision for inventory impairment, potentially impacting the company's current and future profits [4]. - The lawsuit was filed after the court hearing took place on December 16, which was approximately two weeks prior to the public announcement by BuChang Pharmaceutical [4].

Key Points - Guizhou Moutai's controlling shareholder, Moutai Group, has completed a share buyback plan, acquiring 2,071,359 shares for a total of 3 billion yuan, increasing its stake to 56.63% of the total share capital [1] - Juneyao Airlines plans to purchase 25 Airbus A320 series aircraft for a total of 4.1 billion USD, with deliveries scheduled between 2028 and 2032 [1] - ST Panda is under investigation by the China Securities Regulatory Commission for suspected violations of information disclosure laws [1] - Huali Co. has terminated its plan to acquire a 51% stake in Zhongke Huilian due to a lack of consensus on key transaction terms [1][2] - China Duty Free Group's subsidiary has signed a contract for a duty-free project at Beijing Capital International Airport, covering an area of 10,646.74 m², with a guaranteed operating fee of 480.27 million yuan in the first year [3] - Haisheng Pharmaceutical's invested company has initiated Phase II clinical trials for NWRD06, a novel RNA drug targeting GPC3 for liver cancer, marking a significant milestone in cancer treatment [3] - WISCO Development is planning to acquire stakes in WISCO Mining and Luzhong Mining through asset swaps and cash payments, leading to a temporary suspension of its stock [4] - Yonghui Supermarket intends to publicly sell a 28.095% stake in its subsidiary Yonghui Cloud Gold Technology [5] - Shanxi Expressway plans to acquire a 15% stake in Shanxi Transportation Industry Development Group for 74.8 million yuan [5] - China Energy Construction's subsidiary has won a 6.864 billion yuan ecological comprehensive governance project [5]

Core Insights - The "2025 Financial Summit" held in Beijing focused on "New Starting Point, New Momentum, New Journey" and featured key figures from regulatory bodies, industry associations, financial institutions, and media [1] - Zhao Tao, Chairman of Buchang Pharma, was awarded the "Outstanding Innovative Entrepreneur" for his achievements in the pharmaceutical industry, continuous technological innovation, and commitment to social responsibility [1][3] Group 1: Event Overview - The summit gathered hundreds of leaders and distinguished guests from various sectors, emphasizing the importance of high-quality development in listed companies as outlined in the "14th Five-Year Plan" [1][3] - The "Golden Wisdom Award" recognized nearly 200 companies based on a quantitative analysis model covering over 8,000 enterprises in A-shares, Hong Kong stocks, and Chinese concept stocks [3] Group 2: Zhao Tao's Contributions - Zhao Tao's journey in the pharmaceutical industry began in 1992 when he faced challenges in Singapore, successfully treating a patient with a unique combination of traditional and Western medicine, which helped him establish a foothold in the market [4] - After returning to China, Zhao Tao co-founded Buchang Pharma, expanding the company from a small factory to a large publicly listed entity, focusing on traditional Chinese medicine and becoming a leading global manufacturer of natural plant-based medicines [6] Group 3: Social Responsibility Initiatives - Zhao Tao has been actively involved in social responsibility, founding the "Together, Build China's Heart" initiative in response to the 2008 Sichuan earthquake, which has provided aid to over 1 million people across various regions for 18 years [6][7] - The initiative has mobilized over 32,000 medical experts and 3,000 medical institutions, demonstrating a commitment to healthcare and community support [7] - Zhao Tao emphasizes that charitable actions and business success can coexist, advocating for a culture of altruism within Buchang Pharma and encouraging broader societal participation in charitable efforts [7]

格隆汇12月29日丨步长制药(603858.SH)公布，公司控股子公司泸州步长拟与马来西亚公司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。 责任编辑：钟离 财经频道更多独家策划、专家专栏，免费查阅>> ...