（文章来源：证券日报） 证券日报网讯 1月16日，步长制药发布公告称，公司第五届董事会第四十一次会议审议通过《关于以集 中竞价交易方式回购股份的方案的议案》《关于全资子公司经营范围变更的议案》。 ...

Core Viewpoint - The company plans to repurchase shares using its own funds and special loans from financial institutions, with a total repurchase amount ranging from 60 million to 120 million yuan, at a price not exceeding 23.98 yuan per share [1] Group 1: Share Repurchase Details - The repurchase will be conducted through centralized bidding transactions [1] - The purpose of the repurchased shares includes implementing equity incentives, employee stock ownership plans, and converting convertible bonds issued by the company into stocks [1] - The repurchase period is set to be no more than twelve months from the date the board of directors approves the repurchase plan [1] Group 2: Funding Sources - The funding for the repurchase will come from the company's own funds and special loans from financial institutions, with at least 10% of the total repurchase amount coming from the company's own funds [1] - The special loans from financial institutions will not exceed 90% of the total repurchase amount [1] - The company has received a loan commitment letter from China Agricultural Bank, promising a loan amount of 100 million yuan with a term of three years and an annual interest rate of 2% [1]

Group 1 - Su Dawei Ge's wholly-owned subsidiary plans to invest in a fund focusing on semiconductor, new energy, AI, and aerospace sectors, contributing 20 million yuan for a 10.2302% stake [2] - Shimao Energy terminates plans for a change in control after failing to reach consensus on key terms, with stock resuming trading on January 19 [3] - Huatian Hotel's controlling shareholder is planning a merger and restructuring, potentially changing the actual controller to the Hunan Provincial State-owned Cultural Assets Supervision and Administration Commission [4] Group 2 - Jinpu Titanium's subsidiary Xuzhou Titanium will cease production due to intensified market competition, which is expected to significantly impact revenue in 2026 [5] - Dingxin Communications' deputy general manager is under investigation by the CSRC for suspected short-term trading of company stock, but it will not affect the company's operations [6] - Xinhang New Materials plans to acquire 51% of Hairete for 12.8826 million yuan to explore new growth points [7] Group 3 - Hualan Co.'s controlling shareholder raises the upper limit of its share buyback plan from 58.08 yuan to 86.66 yuan per share [8] - Wanhua Chemical's MDI Phase II facility has resumed normal production after maintenance [9] - Junsheng Electronics introduces a strategic investor, with a 1 billion yuan investment aimed at reducing overall debt [10] Group 4 - Jiangbolong announces five shareholders plan to transfer 3% of the company's shares through a pricing inquiry [11] - Haitai Technology expects a net profit increase of 226.86% to 323.97% in 2025, driven by high industry demand and increased orders [13] - Northern Rare Earth anticipates a net profit increase of 116.67% to 134.6% in 2025 due to successful market expansion [14] Group 5 - Lanke Technology forecasts a net profit increase of 52.29% to 66.46% in 2025, benefiting from the AI industry trend [15] - Keda expects a net profit increase of 52.21% to 67.43% in 2025, driven by growth in data center and new energy sectors [16] - Cambridge Technology predicts a net profit increase of 51% to 67% in 2025, supported by strong demand in core business areas [17] Group 6 - China Electric Research anticipates a net profit of 533 million yuan in 2025, a 14.04% increase year-on-year [18] - China Automotive Research expects a net profit of 1.06 billion yuan in 2025, a 17.85% increase year-on-year [19] - Zhongcheng Co. forecasts a net profit of 276 million to 414 million yuan in 2025, recovering from a previous loss [20] Group 7 - Junda Co. expects a net loss of 1.2 billion to 1.5 billion yuan in 2025, worsening from a previous loss of 591 million yuan [21] - Guangdian Network anticipates a net loss of 1.29 billion to 1.55 billion yuan in 2025, attributed to declining traditional business revenue [22] - Jiugang Hongxing predicts a net loss of approximately 1.879 billion yuan in 2025, an improvement from a previous loss of 2.617 billion yuan [23] Group 8 - Jinbo Co. expects a net loss of around 1.4 billion yuan in 2025, worsening from a previous loss of 815 million yuan [24] - Dongjiang Environmental anticipates a net loss of 1.05 billion to 1.35 billion yuan in 2025, due to ongoing industry adjustments [25] - Daqing Energy forecasts a net loss of 1 billion to 1.3 billion yuan in 2025, despite improvements in production costs [26] Group 9 - Dongzhu Ecology expects a net loss of 935 million to 1.135 billion yuan in 2025, impacted by macroeconomic factors [27] - Weiyuan Co. anticipates a net loss of 950 million to 1.05 billion yuan in 2025, turning from profit to loss [28] - Huanghe Xuanfeng predicts a net loss of 850 million yuan in 2025, an improvement from a previous loss of 983 million yuan [29] Group 10 - Fushun Special Steel expects a net loss of 770 million to 870 million yuan in 2025, turning from profit to loss [30] - China First Heavy Industries anticipates a net loss of 310 million to 460 million yuan in 2025, significantly reducing losses compared to the previous year [31] - Jishi Media forecasts a net loss of 364 million to 455 million yuan in 2025, with overall revenue expected to remain stable [33] Group 11 - Guangxi Energy expects a net loss of 170 million to 220 million yuan in 2025, turning from profit to loss [34] - Baike Bio anticipates a net loss of 220 million to 280 million yuan in 2025, turning from profit to loss due to declining vaccine sales [35] - Zhongtai Auto expects to remain in a loss position for 2025, with a projected positive net asset value by year-end [36] Group 12 - Nasda anticipates a loss for 2025 due to significant asset sales and industry policy adjustments [37] - Rongsheng Development expects to report a loss for 2025, with the amount not exceeding the previous year's audited net assets [38] Group 13 - China National Materials signs a contract worth 299 million Canadian dollars for engineering services in Canada [40] - Dayu Water-saving's subsidiary wins a project worth 133 million yuan for water source guarantee engineering [41] - Hailu Heavy Industry reports new orders totaling 1.941 billion yuan for 2025 [42]

Group 1 - Xianghe Industrial signed a contract worth 43.1041 million yuan with China Railway 15th Bureau, accounting for approximately 6.5% of the company's projected revenue for 2024 [1] - Dayu Water-saving's subsidiary won a bid for a project valued at 133 million yuan, with a construction period of 545 days [2] - China National Materials International's subsidiary signed a contract worth 299 million Canadian dollars for engineering design and procurement services [3] Group 2 - Baoland expects a net loss of approximately 75 million yuan for 2025, compared to a loss of 58.7224 million yuan in the previous year [4] - Changhong High-tech received an administrative regulatory decision due to inadequate internal controls and improper revenue recognition [5] - Debon Stock will be suspended from trading on January 21, 2026, pending a decision on its delisting [6] Group 3 - Haitai Technology anticipates a net profit increase of 226.86% to 323.97% for 2025, with an expected profit of 51.5 million to 66.8 million yuan [7] - Fushun Special Steel expects a net loss of 770 million to 870 million yuan for 2025, compared to a profit of 112 million yuan in the previous year [8] - Rejing Bio forecasts a net loss of 210 million to 230 million yuan for 2025, compared to a loss of 191 million yuan in the previous year [10] Group 4 - Sanyou Chemical expects a net profit of approximately 91 million yuan for 2025, a decrease of about 82% compared to the previous year [11] - Lianhuan Pharmaceutical received approval for clinical trials of a new drug for benign prostatic hyperplasia [12] - Samsung New Materials anticipates a net loss for 2025, indicating a decline in operational performance [13] Group 5 - Jinggong Technology expects a net profit increase of 36.1% to 70.13% for 2025, with an estimated profit of 200 million to 250 million yuan [14] - Zhongsheng Pharmaceutical's subsidiary signed a licensing agreement for the production and commercialization of RAY1225 injection, with total payments expected to reach 1 billion yuan [15] - Hengshuai shares saw a reduction of 600,000 convertible bonds held by its controlling shareholder [16] Group 6 - Buchang Pharmaceutical plans to repurchase shares worth 60 million to 120 million yuan for employee stock ownership plans [17] - Baike Bio expects a net loss of 220 million to 280 million yuan for 2025, marking a shift from profit to loss [18] - Weishi Electronics anticipates a net profit decrease of 53.27% to 61.61% for 2025, with expected profits of 21.49 million to 26.16 million yuan [19] Group 7 - China Automotive Research expects a net profit increase of 17.85% for 2025, with a projected profit of 1.06 billion yuan [20] - Hualan Biological's controlling shareholder raised the upper limit of its shareholding plan to 86.66 yuan per share [22] - Nasda anticipates a net loss for 2025, indicating a decline in financial performance [23] Group 8 - Haizheng Pharmaceutical received a warning letter from the Zhejiang Securities Regulatory Commission for financial data inaccuracies [24] - Mengguli received an administrative regulatory decision for accounting errors in its financial reports [25] - Zhongguancun's subsidiary received acceptance for a drug application for a heart-related treatment [26] Group 9 - Hosheng Silicon Industry was ordered to correct information disclosure violations by the Zhejiang Securities Regulatory Commission [27] - Meiteng Technology expects a net profit decrease of 22.4551 million to 28.5285 million yuan for 2025, a reduction of 55.21% to 70.14% [28] - Sanwei Co. received a warning letter for financial irregularities related to related party transactions [29] Group 10 - Ganyue Expressway expects a net profit increase of 3.18% for 2025, with a projected profit of 1.32 billion yuan [30] - Xinhang New Materials plans to acquire 51% of Hairete for 12.8826 million yuan [31] - China Software anticipates a net loss of 41 million to 49 million yuan for 2025, an improvement from the previous year's loss [32] Group 11 - Rongsheng Development expects a net loss for 2025, with losses not exceeding the previous year's audited net assets [33] - Northern Rare Earth anticipates a net profit increase of 117% to 135% for 2025, with expected profits of 2.176 billion to 2.356 billion yuan [34] - Energy-saving Wind Power received renewable energy subsidies totaling 1.507 billion yuan, a 122.74% increase from the previous year [35] Group 12 - Dongzhu Ecology expects a net loss of 935 million to 1.135 billion yuan for 2025, compared to a loss of 630 million yuan in the previous year [36] - Jingneng Real Estate anticipates a net loss of 986 million to 1.315 billion yuan for 2025, compared to a loss of 109 million yuan in the previous year [37] - Hailu Heavy Industry signed new orders worth 1.941 billion yuan for 2025, with total orders on hand amounting to 3.597 billion yuan [38] Group 13 - Dalian Thermal Power expects a net loss of 92 million to 112 million yuan for 2025, compared to a loss of 146 million yuan in the previous year [39] - Jiangsu Sop expects a net profit decrease of 52.99% to 62.4% for 2025, with profits projected between 8 million to 10 million yuan [40] - Lian Technology plans to initiate preparations for issuing H-shares and listing on the Hong Kong Stock Exchange [42] Group 14 - Zhenyang Development expects a net profit decrease of 58.13% to 64.94% for 2025, with profits projected between 67 million to 80 million yuan [43] - Sheneng Co. reported a 1.7% decrease in power generation for 2025, with total generation of 57.654 billion kWh [44] - XGIMI Technology's subsidiary received a development notification from a well-known domestic automotive manufacturer [45] Group 15 - Wanhua Chemical's MDI Phase II facility resumed production after maintenance [46] - Daqing Energy expects a net loss of 1 billion to 1.3 billion yuan for 2025, with a reduction in losses compared to the previous year [47]

Core Viewpoint - Recent announcements from Buchang Pharma highlight systemic risks in its transition from traditional Chinese medicine to biopharmaceuticals, medical devices, and internet healthcare, as evidenced by a lawsuit involving inventory disputes and a significant drop in the stock price of a strategic investment [1][6]. Group 1: Supply Chain Weakness and Inventory Management Risks - The inventory dispute involving Shanghai Hupu and Jiemai reveals Buchang Pharma's strategic shortcomings in the medical device distribution sector, with Shanghai Hupu failing to manage a stockpile worth approximately 5.5 billion yuan after the expiration of its agreement [2][8]. - The company's reliance on a "strong channel, heavy marketing" sales model for traditional Chinese medicine is inadequate in the technology-intensive and complex medical device market, risking significant inventory depreciation that could erode profits [2][8]. Group 2: Investment Risk Control Failures and Valuation Concerns - The stock price of Shiliu Cloud Medical plummeted over 90% within three months of its IPO, indicating a lack of risk control in Buchang Pharma's capital operations and revealing flaws in due diligence and post-investment management [3][8]. - The investment's book value dropped from 326 million yuan to approximately 33 million yuan, suggesting that Buchang Pharma may be facing the consequences of an inflated valuation, which directly impacts shareholder equity [3][8]. Group 3: Core Business Pressure and Difficulties in Transformation - Buchang Pharma has experienced continuous revenue decline, with no signs of recovery in the first three quarters of 2025, primarily relying on cardiovascular products and struggling to diversify into chemical drugs and medical devices [4][9]. - The company's sales expense ratio remains high at 39.45% for the first three quarters of 2025, while R&D investment has decreased to a low of 1.81%, indicating a persistent reliance on marketing over research and development [4][9]. - Historical mergers have led to goodwill impairments exceeding 4.5 billion yuan, reflecting the consequences of aggressive expansion strategies, and the company faces increasing challenges in a tightening regulatory environment and intensifying competition [4][9]. Conclusion: Need for Fundamental Change in Transformation Strategy - The two recent events, while distinct, point to systemic risks in Buchang Pharma's cross-industry transformation, including weak supply chain control, inadequate investment risk management, and sluggish core business growth [5][10]. - For Buchang Pharma to navigate the challenging market and regulatory landscape successfully, it must shift from a channel-driven approach to a technology-driven and quality-oriented strategy, moving beyond mere business expansion [5][10].

Group 1 - The company plans to repurchase shares through centralized bidding, with a total amount between 60 million and 120 million yuan, and a maximum repurchase price of 23.98 yuan per share, which is 45.33% higher than the current price of 16.50 yuan [1] - The company reported a revenue of 8.469 billion yuan for the first nine months of 2025, a decrease of 0.54% year-on-year, while the net profit attributable to shareholders increased by 177.54% to 868 million yuan [2] - The company has distributed a total of 7.948 billion yuan in dividends since its A-share listing, with 1.609 billion yuan distributed in the last three years [3] Group 2 - As of September 30, 2025, the number of shareholders decreased by 7.36% to 51,100, while the average circulating shares per person increased by 2.92% to 20,641 shares [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 8.5127 million shares to 20.3871 million shares, and Southern CSI 500 ETF, which decreased its holdings by 144,500 shares to 8.042 million shares [3]

每经AI快讯，步长制药1月16日晚间发布公告称，公司于2026年1月16日召开第五届董事会第四十一次 会议，审议通过了《关于以集中竞价交易方式回购股份的方案的议案》。本次回购的股份拟用于实施股 权激励、员工持股计划、转换上市公司发行的可转换为股票的公司债券；回购股份金额为0.6亿~1.20亿 元；回购价格不超过23.98元/股，该价格上限不高于董事会审议通过回购决议前30个交易日公司股票交 易均价的150%。回购期限自董事会审议通过回购股份议案之日起不超过十二个月。 （记者 曾健辉） 每经头条（nbdtoutiao）——白银50天涨逾80%，疯狂程度远超黄金，历史上爆炒白银往往预示贵金属 牛市已到高潮，这次有何不同？ ...

每经AI快讯，步长制药(603858)1月16日公告，拟0.6亿元~1.2亿元回购公司股份，用于实施股权激励、 员工持股计划、转换上市公司发行的可转换为股票的公司债券，回购价格不超过23.98元/股。公司已收 到农业银行菏泽牡丹支行出具的贷款承诺函，该行承诺对公司发放贷款额度为1亿元，贷款期限3年，贷 款年利率2%；仅用于公司在该承诺函出具日之后进行的公司股票回购。 （文章来源：每日经济新闻） ...

（记者 贾运可） 每经AI快讯，步长制药1月16日晚间发布公告称，公司第五届第四十一次董事会会议于2026年1月16日 以通讯方式召开。会议审议了《关于以集中竞价交易方式回购股份的方案的议案》等文件。 每经头条（nbdtoutiao）——白银50天涨逾80%，疯狂程度远超黄金，历史上爆炒白银往往预示贵金属 牛市已到高潮，这次有何不同？ ...

公司已收到中国农业银行股份有限公司菏泽牡丹支行出具的《中国农业银行贷款承诺函》（（菏牡）农 银贷承函字（2025）第1号），该行承诺对公司发放贷款额度为人民币10,000万元，贷款期限3年，贷款 年利率2%；仅用于公司在该承诺函出具日之后进行的上市公司股票回购。在该回购符合监管部门的政 策要求，并具备该行贷款条件的前提下，办理有关贷款事宜。该承诺函有效期自出具之日起1年。 格隆汇1月16日丨步长制药(603858.SH)公布，公司回购股份拟用于实施股权激励、员工持股计划、转换 上市公司发行的可转换为股票的公司债券；回购股份金额0.60-1.20亿元；回购股份价格不超过23.98元/ 股。 ...