Core Viewpoint - The A-share market is witnessing an increase in mid-term dividend plans from various companies, reflecting improved operational conditions and a commitment to returning value to shareholders [2][4][6]. Company Dividend Plans - Companies such as Zhangjiang Hi-Tech, High-tech Development, and Upwind New Materials have announced plans to increase mid-term cash dividends in 2025, indicating a trend towards more frequent and higher dividend payouts [2][5]. - Over 200 listed companies have released announcements regarding their mid-term dividend plans for 2025, including conditions and maximum amounts for dividends [2][4]. Regulatory Environment - The new "National Nine Articles" policy emphasizes the importance of cash dividends and aims to enhance the stability and predictability of dividend payouts, encouraging companies to adopt more frequent dividend distributions [3][4]. - The China Securities Regulatory Commission has revised guidelines to increase the weight of cash dividends in company evaluations, promoting a culture of regular cash returns to investors [3][6]. Market Trends - In 2024, 985 listed companies in the Shanghai and Shenzhen markets announced mid-term dividends totaling 699.47 billion yuan, marking significant increases in both the number of companies and the total dividend amount compared to 2023 [4]. - The dividend yield for the CSI 300 index reached a historic high of 3.59%, indicating a growing trend of companies prioritizing shareholder returns [4]. High Dividend Companies - A total of 11 companies have announced cash dividends exceeding 10 billion yuan, with notable examples including Midea Group and CATL, which have substantial dividend payouts relative to their net profits [7][8]. - Companies maintaining high dividend rates, such as Oriental Yuhong and others with over 200% payout ratios, are increasingly viewed as attractive investment opportunities [8][9]. Investment Implications - Analysts suggest that companies with a consistent history of high dividends and returns are becoming more appealing to investors, reflecting a shift in focus from growth to quality and shareholder value [9].

证券代码：603858 证券简称：步长制药 公告编号：2025-115 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。 二、交易的进展情况 近日，泸州步长已完成工商变更登记手续。变更后的相关信息如下： 名称：四川泸州步长生物制药有限公司 类型：其他有限责任公司 法定代表人：杨春 注册资本：44,000 万元整 成立日期：2014 年 09 月 17 日 住所：四川省泸州市泸县康乐大道西段 480 号 一、交易概述 山东步长制药股份有限公司（以下简称"公司"或"步长制药"）与陈隽平、 王宝才经慎重考虑和协商，一致同意解除于 2021 年 12 月 20 日签订的《四川泸 州步长生物制药有限公司股权转让协议》，并于 2024 年 3 月 7 日签署了《四川 泸州步长生物制药有限公司股权转让协议之补充协议》，同意将陈隽平、王宝才 持有的四川泸州步长生物制药有限公司（以下简称"泸州步长"）股权返还给步 长制药。具体内容详见公司 2024 年 3 月 8 日披露于上海证券交 ...

Core Viewpoint - Company is enhancing investor returns through its first-ever mid-year dividend, reflecting confidence in sustainable high-quality development and responding to the new "National Nine Articles" policy [1][2]. Group 1: Investor Returns - Company has approved a mid-year dividend arrangement for 2025, marking its first such initiative since listing, aimed at boosting investor confidence [1]. - Since its listing in 2016, the company has distributed over 7.5 billion yuan in dividends, with an average payout ratio exceeding 85%, significantly surpassing the raised funds [2]. - As of April 30, 2025, the company has repurchased 6,620,630 shares, representing 0.60% of total shares, with a total expenditure of approximately 98 million yuan [2]. Group 2: Corporate Social Responsibility - Company has contributed nearly 32 billion yuan in taxes since its establishment, supporting local economic development [3]. - The company has initiated the "Together, Forge China's Heart" public welfare project, providing high-quality medical volunteer services to nearly 2 million people in highland areas over 17 years [3]. Group 3: Business Development - Company is a leading player in the traditional Chinese medicine cardiovascular sector, with proprietary products maintaining a strong market position [5]. - It holds 468 valid patents and has 213 products in development, covering the entire industry chain from traditional Chinese medicine to advanced biopharmaceuticals [5][6]. - The company aims to expand into high-tech fields such as biopharmaceuticals and vaccines, with ongoing research in various therapeutic areas [6].

证券代码：603858 证券简称：步长制药 公告编号：2025-114 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。 名称：济南步长晟源医疗器械有限公司 类型：其他有限责任公司 山东步长制药股份有限公司（以下简称"公司"）于 2024 年 11 月 13 日召开 第五届董事会第七次会议，审议通过了《关于拟放弃优先受让控股子公司股权、 控股子公司法定代表人变更的议案》，公司控股子公司济南步长晟源医疗器械有 限公司（以下简称"济南步长晟源"）因经营管理之需要，拟对法定代表人进行 变更。具体内容详见公司 2024 年 11 月 14 日披露于上海证券交易所网站 （www.sse.com.cn）的《关于控股子公司法定代表人变更的公告》（公告编号： 2024-140）。 近日，济南步长晟源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： 经营范围：一般项目：第一类医疗器械销售；第二类医疗器械销售；医护人 员防护用品 ...

Core Viewpoint - The financial performance of Buchang Pharma has significantly deteriorated in 2024, with a revenue drop of 17% and a net loss of 5.5 billion yuan, marking a 274% decline in net profit compared to the previous year [2][3][4]. Financial Performance Summary - In 2024, the company's operating revenue was 11 billion yuan, down from 13.25 billion yuan in 2023, reflecting a decrease of 16.91% [3]. - The net profit attributable to shareholders was a loss of 553.8 million yuan, compared to a profit of 319 million yuan in 2023, indicating a decline of 273.62% [3][4]. - The company reported a significant impairment of goodwill amounting to 853 million yuan, primarily related to its subsidiaries Tonghua Guhong and Jilin Tiancai [5][20]. Business Operations and Challenges - The decline in revenue and profit is attributed to the removal of several products from the medical insurance catalog and increased scrutiny on certain products, leading to reduced sales [4][13]. - The company's total revenue has decreased from 160 billion yuan in 2020 to 110 billion yuan in 2024, a drop of over 30% [16]. - Sales of key products have plummeted, with some experiencing a sales decline of 50% to 85% from 2022 to 2023 [18]. Acquisition and Goodwill Issues - Buchang Pharma's acquisitions of Jilin Tiancai and Tonghua Guhong from 2012 to 2015 resulted in a total goodwill of approximately 49.97 billion yuan, which constituted 33% of the company's total assets at that time [8][9]. - The company has faced continuous goodwill impairment, totaling 45.3 billion yuan from 2021 to 2024, which is 88% of the initial goodwill [24]. Sales and Marketing Expenses - The company's sales expense ratio has consistently exceeded the industry average, with a sales expense rate of 39% in 2024, 11 percentage points higher than the industry average [27][28]. - A significant portion of sales expenses (93%) is allocated to market and academic promotion fees, raising concerns about the efficiency of spending [29][30]. Research and Development (R&D) Expenditure - Despite claims of transitioning to a product-driven and technology-oriented company, R&D expenditure has remained low, with a rate of only 2-3% over the past five years [35]. - The company has increasingly capitalized R&D expenses, with the capitalized portion rising from 26% in 2020 to 52% in 2024, suggesting potential manipulation of profit figures [37][38].

Core Viewpoint - The financial performance of Buchang Pharma has significantly deteriorated in 2024, with a revenue drop of 17% and a net loss of 5.5 billion yuan, marking a 274% decline in net profit compared to the previous year [2][3][4]. Financial Performance Summary - In 2024, the company's operating revenue was 11 billion yuan, down from 13.25 billion yuan in 2023, reflecting a decrease of 16.91% [3]. - The net profit attributable to shareholders was a loss of 553.8 million yuan, compared to a profit of 319 million yuan in 2023, indicating a decline of 273.62% [3][4]. - The company also reported a significant impairment of goodwill amounting to 853 million yuan, primarily related to its subsidiaries [5][20]. Business Operations and Challenges - The decline in revenue and profit is attributed to the removal of several products from the medical insurance catalog and increased scrutiny on certain products, leading to reduced sales [4][13]. - The company has faced continuous challenges since 2020, with total revenue decreasing from 160 billion yuan in 2020 to 110 billion yuan in 2024, a drop of over 30% [16]. Goodwill Impairment and Acquisitions - Buchang Pharma's acquisitions of Jilin Tiancai and Tonghua Guhong from 2012 to 2015 resulted in a total goodwill of approximately 50 billion yuan, which constituted 33% of the company's total assets at that time [8][9]. - The company has been forced to recognize substantial goodwill impairments, totaling 45.3 billion yuan from 2021 to 2024, which is 88% of the initial goodwill [24]. Sales and Marketing Expenses - The company's sales expense ratio has consistently exceeded the industry average, with a sales expense rate of 39% in 2024, significantly higher than the industry average of 28% [27][28]. - A large portion of the sales expenses (93%) is allocated to market and academic promotion fees, raising concerns about the efficiency of spending [29][30]. Research and Development - Despite claims of transitioning to a product-driven and technology-driven company, Buchang Pharma's R&D expenditure has remained low, with a research expense rate of only 2-3% over the past five years [35]. - The company has increasingly capitalized its R&D expenses, with the capitalized portion rising from 26% in 2020 to 52% in 2024, which may obscure the true profitability [37][38].

Group 1 - The core initiative "Together, Building China's Heart" has been active for 18 years, providing medical assistance to over 1 million people across various regions, particularly focusing on congenital heart disease [1][3][4] - The program has mobilized over 32,000 medical experts from more than 3,000 medical institutions, expanding its services from congenital heart disease to multiple medical specialties [3][4] - The initiative has successfully completed over 3,000 surgeries for children with congenital heart disease and conducted more than 3,000 health education activities [4] Group 2 - The "1+1 Employee Relief Fund" was established in 2009 to support employees in need, with a total donation of 8.526 million yuan and 8.335 million yuan used for relief [6][7] - The fund not only assists employees but also extends support to their families, demonstrating the company's commitment to employee welfare [7] - The fund has positively influenced company culture, fostering a sense of community and responsibility among employees [7] Group 3 - The company emphasizes the integration of social responsibility with business operations, maintaining a strong commitment to innovation and shareholder returns [9][10] - Since its listing in 2016, the company has paid out 9.183 billion yuan in cash dividends and buybacks, exceeding the raised capital [9] - The company has contributed nearly 32 billion yuan in taxes since its establishment, highlighting its role in supporting local economic development [9] Group 4 - The company is actively involved in research and development, focusing on innovative drugs and high-quality generics, while also expanding its international presence [10] - The company's philosophy of "altruism" is seen as complementary to profitability, enhancing its social reputation and employee loyalty [10]

证券代码：603858 证券简称：步长制药 公告编号：2025-113 山东步长制药股份有限公司 注册分类：治疗用生物制品：3.3 类 申请事项：境内生产药品注册上市许可 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，公司控股子公 司四川泸州步长生物制药有限公司的"阿达木单抗注射液"药品注册上市许可申 请获国家药品监督管理局的受理，并收到《受理通知书》。现将有关信息披露如 下： 一、药品基本情况 药品名称：阿达木单抗注射液 剂型：注射剂 规格：40mg（0.8mL）/瓶 关于控股子公司取得药品注册受理通知书的公告 申请人：四川泸州步长生物制药有限公司 受理号：CXSS2500061 受理结论：根据《中华人民共和国行政许可法》第三十二条的规定，经审查， 决定予以受理。 二、药品其他情况 1、药品说明 阿达木单抗注射液适应症：类风湿关节炎、强直性脊柱炎、银屑病、克罗恩 病、葡萄膜炎、多关节型幼年特发性关节炎、儿童斑块状银屑病、儿童克罗恩病。 2、研发投入 截至 2025 年 ...

证券代码：603858 证券简称：步长制药 公告编号：2025-112 山东步长制药股份有限公司 关于控股子公司住所及名称变更的公告 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。 二、步长建鑫 （一）住所变更情况 变更前住所：山东省济南市莱芜高新区鹏泉街道大桥北路东岳小区沿街楼南 段第三户 401 室 变更后住所：浙江省杭州市萧山区博地中心 C 座 5610 （二）名称变更情况 山东步长制药股份有限公司（以下简称"公司"）于 2025 年 6 月 10 日召开 第五届董事会第二十四次会议，审议通过了《关于控股子公司住所变更的议案》 《关于控股子公司住所及名称变更的议案》，公司控股子公司山东步长畅妍生物 科技有限公司（以下简称"步长畅妍"）因经营管理之需要，拟对其住所进行变 更，公司控股子公司济南步长建鑫生物科技有限公司（以下简称"步长建鑫"） 因经营管理之需要，拟对其住所及名称进行变更。具体情况如下： 一、步长畅妍 变更前住所：山东省济南市莱芜高新区鹏泉街道汇源大街 67 号莱芜高新技 术创业服务中心 19 楼 1922-0 ...

经与会董事研究，会议审议通过了如下议案： 证券代码：603858 证券简称：步长制药 公告编号：2025-111 山东步长制药股份有限公司 第五届董事会第二十四次会议决议公告 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"）第五届董事会第二十四次 会议的通知于 2025 年 6 月 3 日发出，会议于 2025 年 6 月 10 日下午 13 时以通讯 方式召开，应参会董事 9 人，实参会董事 9 人，会议由董事长赵涛先生主持。会 议出席人数、召开和表决方式符合《中华人民共和国公司法》等法律、法规及《山 东步长制药股份有限公司章程》的相关规定，合法有效。 具体内容详见公司同日披露于上海证券交易所网站（www.sse.com.cn）的《关 于控股子公司住所及名称变更的公告》（公告编号：2025-112）。 该议案已经公司董事会战略与投资委员会审议通过并同意提交董事会审议。 表决结果：同意 9 票，反对 0 票，弃权 0 票。 特此公告。 1 1、《关于控股子公司住所变更的的议案》 公司 ...