Core Viewpoint - The article highlights the modernization of traditional Chinese medicine (TCM) through digitalization and innovative technologies, particularly focusing on the practices of Shandong Buchang Pharmaceutical Co., Ltd. Group 1: Digitalization and Traceability - Buchang Pharmaceutical has established a digital traceability system covering 350 nodes for Chinese medicinal materials, allowing for full lifecycle tracking from seedling to product delivery [4][6] - The system has accumulated traceable information for over 200,000 acres of standardized medicinal material management, addressing the industry's "difficult traceability" issue [6] Group 2: Quality Control and Raw Material Sourcing - The company emphasizes the importance of selecting the right cultivation areas to ensure the quality of medicinal materials, with specific bases in the Yimeng Mountains and Xinjiang [3] - The effective components in the medicinal materials from these regions exceed pharmacopoeia standards by over 40% due to favorable growing conditions [3] Group 3: Technological Innovations in Production - Buchang Pharmaceutical has implemented several technological breakthroughs in the production process, including precise material delivery, stable granulation, and intelligent drying technologies, resulting in a 40% reduction in energy consumption and a doubling of production efficiency [7] - The company has transitioned from traditional experience-based methods to a scientific verification approach in drug development, establishing a comprehensive quality control research system [9] Group 4: Integration of Traditional and Modern Practices - The modernization of TCM at Buchang Pharmaceutical does not discard traditional methods but enhances them with technology, converting experiential knowledge into digital parameters for precise control [10] - The DCS system allows for temperature control within ±0.1℃, replicating traditional extraction methods while improving yield and consistency by over 10% compared to manual operations [10]

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Core Viewpoint - The announcement of a mid-year cash dividend by the company reflects its strong operational performance and commitment to shareholder returns, marking the first mid-year dividend since its listing [1][2]. Dividend Distribution - The company will distribute a cash dividend of 0.39 yuan per share, totaling over 411 million yuan, based on a total share capital of 1,054,568,442 shares, to be paid on September 26 [1]. - Cumulatively, the company has distributed over 7.9 billion yuan in dividends and repurchased shares worth over 1.7 billion yuan since its listing in 2016 [2]. - The company maintained a consistent dividend policy even during challenging times, with notable dividends in 2019 and 2022, showcasing its commitment to shareholder returns [2]. Industry Comparison - Compared to peers, the company's mid-year dividend of 0.39 yuan per share is positioned at a relatively high level within the industry, with a dividend yield of 2.52%, surpassing several competitors [3]. - Other pharmaceutical companies have also announced mid-year dividends, indicating a trend towards increased cash dividends in the sector [3]. Financial Performance - The company's solid dividend policy is supported by strong operational performance, with healthy cash flow from operating activities providing a robust financial foundation for the dividend [4]. - The company is expanding its portfolio in high-tech areas such as chemical drugs, biological drugs, and vaccines, with a total of 457 valid patents and 209 products under development [4]. Corporate Governance and Social Responsibility - The company's consistent cash dividend policy reflects its governance quality and commitment to attracting long-term investors [5]. - The company has engaged in social responsibility initiatives, sponsoring public welfare activities for 18 years and contributing over 32 billion yuan in taxes, demonstrating its commitment to societal value [6][7].

Company Overview - Shandong Buchang Pharmaceutical Co., Ltd. is located in Mudan District, Heze City, Shandong Province, established on May 10, 2001, and listed on November 18, 2016 [1] - The company's main business involves the research, production, and sales of traditional Chinese medicine, with revenue composition as follows: Traditional Chinese medicine 82.34%, chemical drugs 10.08%, medical devices 6.61%, and others 0.97% [1] Financial Performance - For the period from January to June 2025, Buchang Pharmaceutical achieved operating revenue of 5.664 billion yuan, a year-on-year increase of 4.27%, and a net profit attributable to shareholders of 628 million yuan, a year-on-year increase of 171.24% [2] - Since its A-share listing, the company has cumulatively distributed dividends amounting to 7.948 billion yuan, with 1.609 billion yuan distributed over the past three years [2] Stock Market Activity - As of September 23, the stock price of Buchang Pharmaceutical was 18.09 yuan per share, with a market capitalization of 19.077 billion yuan [1] - The stock has seen a year-to-date increase of 14.49%, but has declined by 4.08% over the last five trading days and 6.66% over the last twenty days [1] - The company experienced a net outflow of main funds amounting to 6.267 million yuan on September 23, with significant selling pressure observed [1] Shareholder Information - As of June 30, 2025, the number of shareholders for Buchang Pharmaceutical was 55,200, a decrease of 7.32% from the previous period, while the average circulating shares per person increased by 7.89% to 20,054 shares [2] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited ranked as the seventh largest, holding 11.8743 million shares, an increase of 4.0148 million shares from the previous period [2]

（文章来源：证券日报） 证券日报网讯 9月22日晚间，步长制药发布公告称，公司近日获悉全资子公司山东康爱制药有限公司 （以下简称"山东康爱"）获得山东省药品监督管理局许可，同意山东康爱《药品生产许可证》受托情况 的变更。 ...

证券代码：603858 证券简称：步长制药 公告编号：2025-185 山东步长制药股份有限公司 关于全资子公司药品生产许可证变更的公告 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"）近日获悉全资子公司山东 康爱制药有限公司（以下简称"山东康爱"）获得山东省药品监督管理局许可， 同意山东康爱《药品生产许可证》受托情况的变更，其他内容不变，现将相关情 况公告如下： 质量负责人：杨爱芝 生产地址和生产范围：山东省菏泽市高新区中华西路 1566 号；冻干粉针剂、 小容量注射剂、口服溶液剂*** 有效期至：2030 年 7 月 27 日 二、药品生产许可证副本变更情况 一、药品生产许可证相关情况 企业名称：山东康爱制药有限公司 注册地址：山东省菏泽市高新区中华西路 1566 号 法定代表人：高祥祥 许可证编号：鲁 20160272 分类码：AhCh 企业负责人：高祥祥 同意在生产地址:山东省菏泽市高新区中华西路 1566 号，增加受托生产。(1) 1 委托方:山东丹红制药有限公司，生产品种 ...

法定代表人：李龙广 证券代码：603858 证券简称：步长制药 公告编号：2025-186 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 8 月 15 日召开 第五届董事会第二十九次会议，审议通过了《关于控股子公司住所变更的议案》， 公司控股子公司山东步长金钥匙医药科技有限公司（以下简称"步长金钥匙"） 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 8 月 16 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：2025-149）。 近日，步长金钥匙已完成工商变更登记手续，并取得莱芜高新技术产业开发 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： 名称：山东步长金钥匙医药科技有限公司 类型：其他有限责任公司 2025 年 9 月 23 日 2 注册资本：伍佰万元整 成立日期：2025 年 01 月 08 日 住所： ...

Group 1 - The core point of the news is that Buchang Pharmaceutical is expanding its business by investing in new companies through its subsidiaries, reflecting confidence in its growth prospects due to strong financial performance in the first half of 2025 [1][3][4] Group 2 - Buchang Pharmaceutical's subsidiary, Shanghai Hupu Medical Technology Co., Ltd., plans to invest a total of 4.9 million yuan to establish two new companies in partnership with Jinan Hengde Technology Development Co., Ltd. and Shanghai Guoding Technology Co., Ltd. [1] - The registered capital for Shandong Hupu Ruicheng Medical Technology Co., Ltd. is 4 million yuan, with Shanghai Hupu contributing 2.8 million yuan for a 70% stake, while Jinan Hengde contributes 1.2 million yuan for a 30% stake [3] - The registered capital for Hubei Hupu Medical Technology Co., Ltd. is 3 million yuan, with Shanghai Hupu contributing 2.1 million yuan for a 70% stake, and Shanghai Guoding contributing 900,000 yuan for a 30% stake [3] - Previously, another subsidiary, Shandong Buchang Chuanfang Pharmaceutical Co., Ltd., partnered with Zero Medical Technology (Shaanxi) Co., Ltd. to establish Shaanxi Buchang Medical Technology Co., Ltd. with a registered capital of 5 million yuan [3] Group 3 - In the first half of 2025, Buchang Pharmaceutical achieved revenue of 5.664 billion yuan and a net profit attributable to shareholders of 628 million yuan, representing year-on-year growth of 4.27% and 171.24%, respectively [4] - For the first and second quarters of 2025, the company reported revenues of 2.785 billion yuan and 2.879 billion yuan, with year-on-year growth of 5.47% and 3.14%, and net profits of 307 million yuan and 320 million yuan, reflecting year-on-year growth of 169.49% and 172.94% [4] - The significant increase in net profit is attributed to higher sales volume, lower production costs, and the reduction of amortization related to acquisitions made in previous years [4]

Core Viewpoint - The stock of Buchang Pharmaceutical (603858.SH) is currently in a state of decline, with a closing price of 18.67 yuan and a drop of 3.21% [1] Group 1: Company Overview - Buchang Pharmaceutical was listed on the Shanghai Stock Exchange on November 18, 2016, with an issuance of 69.8 million shares at an initial price of 55.88 yuan [1] - The total amount raised from this issuance was 390,042.40 thousand yuan, with a net amount of 367,143.57 thousand yuan after deducting issuance costs [1] Group 2: Fund Utilization - The funds raised are intended for the construction of a cardiovascular drug production base in Shaanxi, as well as for supplementing working capital and repaying bank loans [1] - The total issuance costs for this public offering amounted to 22,898.83 thousand yuan, with the underwriter and sponsor, CITIC Securities, receiving 21,974.80 thousand yuan in fees [1]

Policy Developments - The 2025 Pharmaceutical Digital Development Conference was held in Beijing on September 17-18, focusing on the modernization of drug regulation through information technology and digital collaboration [1] Drug and Device Approvals - Hengrui Medicine's SHR-1501 has been included in the list of proposed breakthrough therapy varieties by the National Medical Products Administration, aimed at treating non-muscle invasive bladder cancer [2] - Kehua Bio's ferritin assay kit received a medical device registration certificate, valid from September 17, 2025, to September 16, 2030, for the quantitative measurement of ferritin in human serum and plasma [3] - Shanghai Pharmaceuticals' Nicorandil tablets passed the consistency evaluation for generic drugs, with approximately 5.5352 million yuan invested in R&D [4] Capital Market - Roche announced a definitive agreement to acquire biopharmaceutical company 89bio for up to nearly $3.5 billion, focusing on innovative therapies for liver and heart metabolic diseases [5] Industry Events - The first national group standard for "Non-Clinical Safety Technical Guidelines for Oligonucleotide Drugs" was released during the 9th China (Tianjin) Nucleic Acid Drug Conference [6] Research and Development - Chinese researchers developed a new generation of brain-machine interface electrodes, marking a shift towards dynamic and intelligent detection in bioelectronic interfaces [7] - A new blood testing tool, "HPV-DeepSeek," can identify HPV-related head and neck cancers up to 10 years before symptoms appear, potentially improving patient outcomes [9] Corporate Governance - The independent director of Buchang Pharma, Cheng Hua, resigned due to personal reasons, leading to a temporary reduction in the number of independent directors on the board [10] Strategic Collaborations - Siemens Healthineers and Stryker announced a strategic partnership to develop a new robotic system for neurovascular interventions [8]