Core Viewpoint - The company plans to optimize resource allocation and reduce management costs by proposing the cancellation of its subsidiaries, Changsha Zhongce Biotechnology Co., Ltd. and Hunan Zhongce Biotechnology Co., Ltd. [1] Group 1 - The company held its 31st meeting of the 5th Board of Directors on September 4, 2025, where the proposal for the cancellation of the subsidiaries was approved [1] - The cancellation of the subsidiaries is not expected to have a substantial impact on the company's consolidated financial statements [1] - The overall business development and profitability of the company will remain unaffected by this cancellation [1]

Group 1 - The company has signed a maximum guarantee contract with Beijing Bank Xi'an Branch, providing a joint liability guarantee of 100 million yuan for its wholly-owned subsidiary Yangling Buchang Pharmaceutical Co., Ltd. [1][5] - The company and its subsidiaries have approved a total financing limit of up to 6.92 billion yuan for 2025, with a guarantee limit not exceeding 6.92 billion yuan, including a new guarantee limit of 2.6 billion yuan for the company itself [2][4] - The total amount of guarantees provided by the company and its subsidiaries is 2.5403079 billion yuan, accounting for 24.86% of the company's audited net assets as of the end of 2024, with no overdue guarantees reported [12] Group 2 - The guarantee is necessary for Yangling Buchang to meet its daily operational needs and is expected to positively impact the company's development and efficiency [10] - The board of directors believes that the subsidiary is stable and capable of fulfilling its obligations, and the guarantee does not harm the interests of the company or its shareholders [11] - The guarantee period is three years from the maturity of the guaranteed debt, covering all debts under the main contract, including principal, interest, penalties, and other related costs [8]

证券代码：603858 证券简称：步长制药 公告编号：2025-163 山东步长制药股份有限公司 关于为公司全资子公司提供担保的公告 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： 累计担保情况 | 对外担保逾期的累计金额（万元） | 0 | | --- | --- | | 截至本公告日上市公司及其控股 子公司对外担保总额（万元） | 254,030.79 | | 对外担保总额占上市公司最近一 期经审计净资产的比例（%） | 24.86 | | 特别风险提示（如有请勾选） | □对外担保总额（含本次）超过上市公司最 | | | 近一期经审计净资产 50% | | | □对外担保总额（含本次）超过上市公司最 | | | 近一期经审计净资产 100% | | | □对合并报表外单位担保总额（含本次）达 | | | 到或超过最近一期经审计净资产 30% | | | ☑本次对资产负债率超过 70%的单位提供担 | | 保 | | 一、担保情况概述 （一）担保的基本情况 山东步长制药股份有限公司（以下简称"公司"）于 2 ...

Group 1 - The core viewpoint of the report indicates that Buchang Pharmaceutical achieved a net profit attributable to shareholders of 628 million yuan in the first half of 2025, representing a year-on-year increase of 171.24% [1] - The company's net profit after deducting non-recurring gains and losses was 619 million yuan, reflecting a year-on-year growth of 180.04% [1] - In the second quarter, the net profit attributable to shareholders reached 320 million yuan, marking a year-on-year increase of 172.94% [1]

Core Insights - The company reported a revenue of 5.664 billion yuan for the first half of 2025, representing a year-on-year growth of 4.27% [1][2] - Net profit attributable to shareholders reached 628 million yuan, showing a significant increase of 171.24% compared to the same period last year [1][2] - The net profit after deducting non-recurring gains and losses was 619 million yuan, reflecting a growth of 180.04% year-on-year [1][2] - The net cash flow from operating activities was 959 million yuan, which is a substantial increase of 92.87% compared to the previous year [1][2] Financial Performance - Revenue for the reporting period (January to June) was 5,663,836,253.89 yuan, up from 5,431,672,307.69 yuan in the same period last year, marking a 4.27% increase [2][3] - Total profit for the period was 749,591,545.75 yuan, an increase of 85.55% from 403,972,812.43 yuan year-on-year [2][3] - Operating costs decreased to 2,130,994,967.96 yuan, down 8.75% from 2,335,236,098.84 yuan [3] - Sales expenses increased to 22.39 billion yuan, reflecting an 8.26% rise compared to the previous year [2][3] - Research and development expenses were 84 million yuan, a decrease of 31% from 122 million yuan in the previous year [2][3]

Core Points - The National Administration of Traditional Chinese Medicine has approved the establishment of the "National Old Medicine Worker Inheritance Studio," a collaboration between Shaanxi International Business College and Shaanxi Buchang Pharmaceutical Co., Ltd. [1] - Professor Liu Feng, the General Manager of Buchang Pharmaceutical's Technology Management Center and Dean of the College of Traditional Chinese Medicine at the school, has been awarded the title of "National Old Medicine Worker" [1] - This project represents a significant breakthrough for the school in building national-level scientific and educational platforms and is a result of the implementation of the "Three Combinations and Five Empowerments" talent cultivation philosophy [1][32] Group 1 - The studio aims to protect and inherit the unique skills of old medicine workers and explore effective paths for the transmission and promotion of traditional Chinese medicine techniques [28] - The project focuses on integrating resources from Buchang Pharmaceutical, including medicinal herb planting bases and research platforms, to create a comprehensive practical training base for the inheritance and talent cultivation of traditional Chinese medicine [4] - The studio will establish a collaborative innovation platform among old medicine workers, universities, and enterprises to promote the full-chain transformation from academic research to industrial application [29][21] Group 2 - The talent cultivation model will be based on a three-in-one approach of apprenticeship education, academic discussion, and skills training, aiming to develop new talents in traditional Chinese medicine who are both knowledgeable and skilled [33][29] - The studio will continue to deepen the integration of industry and education, creating a collaborative ecosystem that connects enterprise needs with educational resources [21] - The successful approval of the studio is a vivid practice of implementing national strategies for the revitalization of traditional Chinese medicine and enhancing the development of the regional industry [32][41]

Core Viewpoint - The company has completed the registration of changes in its business license following the reduction of registered capital through the cancellation of repurchased shares [1][2][3] Group 1: Share Repurchase and Capital Reduction - The company held board meetings on April 25, 2025, and May 26, 2025, to approve the change of purpose for repurchased shares totaling 44,853,573 shares and 6,620,630 shares, respectively, to "reduce registered capital" [1][2] - The company completed the cancellation of repurchased shares on August 12, 2025, as per the announcements made on the Shanghai Stock Exchange [2] Group 2: Business Registration Changes - The company has successfully completed the business registration change and received a new business license from the Heze Market Supervision Administration [3] - The updated registered capital is RMB 1,054,484,432 [3] - The company operates in the production of various pharmaceutical forms, including tablets, hard capsules, granules, and oral liquids [3]

上述事项已经公司 2024 年年度股东会审议通过，具体内容详见公司 2025 年 6 月 27 日披露于上海证券交易所网站（www.sse.com.cn）的《2024 年年度股 东会决议公告》（公告编号：2025-124）。 公司已于 2025 年 8 月 12 日办理完毕回购股份的注销事宜，具体内容详见公 司于 2025 年 8 月 12 日披露于上海证券交易所网站（www.sse.com.cn）的《关于 注销回购股份的实施公告》（公告编号：2025-145）。 公司现已完成工商变更登记手续，并取得了菏泽市市场监督管理局换发的营 业执照，变更后的相关信息如下： 1 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 4 月 25 日召开 第五届董事会第二十次（年度）会议、第五届监事会第五次（年度）会议，审议 通过了《关于变更回购股份用途并注销暨减少注册资本的议案》，公司拟将存放 于公司回购专用证券账户的 44,853,573 股股份用途变更为"减少公司注册资 本"。具 ...

Core Viewpoint - The trend of mergers and acquisitions (M&A) focusing on core technologies is increasing, driven by companies' responses to innovation-driven development strategies and the need for industry structure optimization and upgrading [2][3]. Group 1: M&A Activity and Trends - Hunan Nanxin Pharmaceutical Co., Ltd. plans to acquire assets and intellectual property rights related to "multiple trace element injection solutions" for no more than 480 million yuan [1]. - There have been 21 M&A projects involving core technologies this year, with a total transaction value of 2.569 billion yuan, highlighting a significant increase in asset-oriented transactions [1][3]. - The number of M&A projects involving core technologies has risen by 50% compared to the same period last year, with 14 projects reported last year [3]. Group 2: Strategic Importance of Core Technologies - Companies are shifting their focus from "buying scale" to "grabbing technology," as mastering core technologies becomes essential for overcoming growth bottlenecks and building differentiated competitive advantages [5]. - Intellectual property (IP) such as patents, trademarks, and copyrights is increasingly recognized as a crucial intangible asset that constitutes core competitiveness and market barriers for companies [5]. Group 3: Sector-Specific Insights - The pharmaceutical manufacturing sector is particularly active in core technology M&A, with 6 out of 21 projects occurring in this field, accounting for nearly 30% of the total [3]. - The semiconductor and biomedicine sectors are highlighted as "bottleneck" areas that require M&A for technological breakthroughs, especially in the context of global industrial chain restructuring [4][6]. Group 4: Future Outlook - The logic of core technology M&A is expected to deepen and expand over the next three to five years, with companies prioritizing technology exclusivity over short-term scale expansion [7]. - This trend is anticipated to extend into more niche areas such as materials, high-end equipment, and software algorithms, driving the overall upgrade of high-tech industries [7].

Group 1 - The core viewpoint of the articles highlights the financial performance of Buchang Pharmaceutical, showing significant growth in revenue and net profit for the first half of 2025 compared to the previous year [1][2] - The total operating revenue for the company reached 5.664 billion yuan, an increase of 4.27% year-on-year, while the net profit attributable to shareholders was 628 million yuan, up 171.24% year-on-year [1] - In Q2 2025, the operating revenue was 2.879 billion yuan, reflecting a 3.14% increase year-on-year, and the net profit for the quarter was 320 million yuan, marking a 172.94% increase year-on-year [1] Group 2 - The gross profit margin improved by 9.42% year-on-year, reaching 62.38%, while the net profit margin increased by 212.49% to 10.42% [1] - Total sales, management, and financial expenses amounted to 2.691 billion yuan, accounting for 47.52% of revenue, with a year-on-year increase of 1.87% [1] - The earnings per share rose to 0.59 yuan, a year-on-year increase of 181.23%, and the operating cash flow per share was 0.87 yuan, up 92.87% year-on-year [1] Group 3 - The company's historical financial performance shows a median ROIC of 12.62%, with a notably poor ROIC of -8.87% in the worst year, 2022 [2] - The business model relies heavily on marketing-driven strategies, indicating a need for careful analysis of the underlying factors driving this performance [2] - The cash flow situation is a point of concern, with cash and cash equivalents to current liabilities ratio at 45.96% [2]