Core Viewpoint - Zhao Buchang, the 84-year-old founder of Buchang Pharmaceutical, is facing legal issues due to a debt dispute involving his hotel company, An Tu Dao Natural Hotel, which has led to a consumption restriction order. This situation is not directly related to the listed company, Buchang Pharmaceutical, but highlights ongoing challenges within the Zhao family’s business dealings [1][4]. Group 1: Legal Issues and Debt Disputes - The Harbin Songbei District People's Court issued a consumption restriction order against An Tu Dao Natural Hotel for a loan dispute amounting to 16 million yuan, with the case filed on January 12, 2026 [1]. - Zhao Buchang and his family have a history of legal disputes stemming from capital expansion activities, including the acquisition of various companies, which has led to multiple lawsuits [2]. - In 2019, Zhao Buchang became a defendant in a case involving a 126 million yuan claim related to the acquisition of companies, indicating ongoing legal challenges tied to his business ventures [2]. Group 2: Business Performance and Financial Challenges - Buchang Pharmaceutical has faced significant operational pressures since its IPO in November 2016, with its market value declining to about 40% of its initial value [3]. - The company has incurred substantial losses due to goodwill impairment, reporting a loss of 1.53 billion yuan in 2022 and further losses in 2024 [3]. - A recent earnings forecast for 2025 indicates a potential turnaround, with expected net profits between 320 million and 468 million yuan, although this is significantly lower than the nearly 1.8 billion yuan profit reported in the year of its IPO [3]. Group 3: Management and Future Outlook - Zhao Buchang's son, Zhao Tao, has been managing Buchang Pharmaceutical since its listing, with Zhao Buchang serving only as an honorary chairman since March 2023 [4]. - The intertwining of the Zhao family's capital expansion issues and the operational difficulties of Buchang Pharmaceutical raises concerns about the company's future development [4].

Core Viewpoint - The founder of Buchang Pharmaceutical, Zhao Buchang, has been restricted from high consumption due to a loan dispute involving 16 million yuan, although this issue is not directly related to the listed company [1][2]. Group 1: Company Background - Buchang Pharmaceutical is publicly listed with the stock code 603858 and is controlled by Buchang (Hong Kong) Holdings Limited, with Zhao Tao as the actual controller [2]. - Zhao Buchang, aged 84, is the founder of Buchang Pharmaceutical and has significant ownership in various companies, including An Tu Dao Natural Hotel [1][2]. Group 2: Financial Dispute - The financial dispute involves a loan contract between An Tu Dao Natural Hotel and Harbin Huisheng Power Engineering Co., with an execution amount of 16 million yuan that remains unpaid [1]. - Zhao Buchang is identified as the main responsible person for An Tu Dao Natural Hotel, which is a key factor in the legal proceedings [1]. Group 3: Family Business Expansion - The Zhao family is actively expanding their capital footprint through acquisitions, including the full ownership of An Tu Dao Natural Hotel and other related companies [1]. - Prior to its acquisition, An Tu Dao Natural Hotel was a subsidiary of Baoshi Company, which is also partially owned by Zhao Buchang [1][2].

Core Viewpoint - The announcement details the release and re-pledging of shares by the controlling shareholder, Bunch (Hong Kong), which holds a significant portion of the company's total shares, indicating ongoing financial management and risk control measures [2][4]. Group 1: Shareholding and Pledge Details - The controlling shareholder, Bunch (Hong Kong), owns 490,957,202 shares, accounting for 46.56% of the company's total share capital. After the release and re-pledging, a total of 108,530,000 shares are pledged, representing 22.11% of Bunch (Hong Kong)'s holdings and 10.29% of the company's total shares [2]. - Together with its concerted actors, Bunch (Hong Kong) and others hold 598,200,660 shares, which is 56.72% of the total share capital. Following the recent transactions, the total pledged shares amount to 108,530,000, which is 18.14% of their total holdings and 10.29% of the company's total shares [2]. Group 2: Risk Management and Control - Bunch (Hong Kong) possesses adequate risk control capabilities and repayment abilities, with sources of repayment including operating income, operating profit, and investment income. The pledge risk is considered manageable, and there is currently no risk of forced liquidation. Should such risks arise, measures like supplementary pledges or early repurchase of pledged shares will be taken [3]. - The recent pledge actions will not lead to any change in the actual control of the company, nor will they affect the company's operations or governance [4].

庆阳市侨联作为联系侨界与地方的桥梁，近年来积极协调爱心资源，对接基层实际需求，助力包括步长 制药在内的多家企业在当地开展公益项目。此次致信，既是对步长制药公益行为的肯定，也体现了侨联 服务地方、汇聚侨力的工作职能。 步长制药有关负责人表示，企业将继续秉持服务社会的理念，结合庆阳的实际需要，在健康帮扶方面探 索更多可持续的模式。庆阳市侨联有关负责人也表示，将进一步做好联络服务工作，促进公益资源与地 方发展需求精准对接。 中证报中证网讯（记者 张鹏飞）近日，庆阳市归国华侨联合会向步长制药子公司陕西步长制药有限公 司（简称"陕西步长"）致送感谢信，代表全市侨界和受助群众对该企业长期以来的公益支持表示诚挚感 谢。 感谢信中提到，步长制药多年来持续关注庆阳革命老区医疗卫生事业发展，结合自身行业优势，通过捐 赠急需药品、协助提升医疗设备水平、开展健康帮扶等方式，为当地医疗条件改善提供了切实帮助。相 关物资对基层医疗资源起到了有效补充的作用，使群众能够更方便地获得医疗服务。 转自：中国证券报·中证网 ...

| 走进步长 Company profile | | | --- | --- | | 企业概况 | > | | 步长之魂 | V | | 发展历程 | > | | 管理团队 | > | | 步长荣誉 | > | | 企业文化 | V | | 脑心同治 | V | | 步长生物 | V | | BuChang BIO | | 步长制药（603858）84岁创始人赵步长日前收到"限高令"，涉及名下公司1600万元的借款合同纠纷。根据中国执行信息公开网的信息，因未按执行通知书 指定的期间履行生效法律文书确定的给付义务，哈尔滨市松北区人民法院日前对安图道自然大酒店有限公司采取限制消费措施，对公司法定代表人赵秀 琴、主要负责人赵步长限制实施高消费及非生活和工作必需的消费行为。 赵步长是上市公司步长制药的创始人，本次"限高令"与上市公司无直接关联。根据"限高令"信息，核心案由是安图道自然大酒店有限公司与哈尔滨汇盛电 力工程有限公司的借款合同纠纷；执行标的金额为1600万元，目前未能全额偿还。而赵步长是安图道自然大酒店的主要负责人；持股方面，赵步长、伍海 勤夫妇分别持有其51%、49%的股份。这家酒店也是赵氏家族跨界投资房 ...

（编辑 袁冠琳） 证券日报网讯 2月10日，步长制药发布公告称，公司控股股东步长（香港）控股有限公司于2月9日解除 质押8，930，000股后于同日再质押8，930，000股，占其所持股份1.82%，占公司总股本0.85%，质押 资金用于经营所需。 ...

来源：时代光刻机 来源：时代光刻机 ...

关于控股股东部分股份解除质押及再质押的公告 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： 山东步长制药股份有限公司（以下简称"公司"）于 2026 年 2 月 10 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）"） 办理了股份解除质押及再质押手续，具体情况如下： | 股东名称 | 步长（香港）控股有限公司 | | --- | --- | | 本次解质股份 | 8,930,000 股 | 证券代码：603858 证券简称：步长制药 公告编号：2026-020 山东步长制药股份有限公司 途。 一、本次股份解除质押基本情况 1 公司控股股东步长（香港）持有本公司股份 490,957,202 股，占公司总 股本的 46.56%。本次解除质押及再质押后，步长（香港）累计质押本公 司股份 108,530,000 股，占其所持公司股份总数的 22.11%，占公司总股 本的 10.29%。 公司控股股东步长（香港）及其一致行动人首诚国际（香港）有限公司、 西藏丹红企业管理有限公司、西藏瑞兴投 ...

步长制药公告称，2026年2月10日，公司控股股东步长（香港）办理股份解除质押及再质押手续。步长 （香港）本次解质893万股，占其所持股份1.82%，占总股本0.85%；同日再质押893万股，占其所持股 份1.82%，占总股本0.85%，质押融资用于经营所需。本次操作后，步长（香港）累计质押1.09亿股，占 其所持股份22.11%，占总股本10.29%。步长（香港）及其一致行动人累计质押1.09亿股，占所持股份 18.14%，占总股本10.29%。本次质押不会致实控权变更，不影响公司经营。 ...

Core Viewpoint - The company, Buchang Pharma, emphasizes steady operations and innovative development while maintaining a strong commitment to shareholder returns and social responsibility, showcasing a clear blueprint for high-quality growth [1][2][4][5]. Shareholder Returns - Buchang Pharma has established a dual return mechanism of "dividends + buybacks," with cumulative dividends reaching 7.948 billion yuan and share buybacks totaling 1.744 billion yuan, significantly exceeding the IPO fundraising amount of 3.9 billion yuan [2]. - In 2022, the company distributed cash dividends of 1.062 billion yuan and completed share buybacks worth 934 million yuan, while in 2025, it increased buybacks by acquiring 6.6206 million shares for nearly 100 million yuan [2]. - The first buyback plan in 2026 involved repurchasing 2.176 million shares at a price significantly lower than the upper limit, demonstrating efficient capital management [2]. Social Responsibility - Buchang Pharma integrates social responsibility into its corporate DNA, supporting the "Together, Build a Chinese Heart" public welfare initiative, which has organized 32,000 volunteers and provided free surgeries for over 3,800 children with congenital heart disease [3]. - The company has contributed nearly 33 billion yuan in taxes since its establishment, playing a vital role in local economic development and rural revitalization [3]. Business Fundamentals - The company has a strong business foundation, focusing on major diseases like cardiovascular issues, with over 170 products included in the 2025 National Medical Insurance Directory [4]. - Buchang Pharma is expanding into biopharmaceuticals and chemical drugs, with its first Class 1 new drug expected to fill a market gap, and multiple innovative cancer drugs in critical clinical stages [4]. International Strategy - The company is deepening its international strategy through "product registration + international cooperation," successfully registering several products in countries like Malaysia and Canada [5]. - Buchang Pharma's products are now sold in dozens of countries, and strategic partnerships with companies in Malaysia and Russia are enhancing its global market penetration [5].