BUCHANG PHARMA(SH:603858) Xin Lang Cai Jing·2025-10-31 16:02Core Viewpoint - Step Long Pharmaceutical is a leading Chinese traditional medicine company with a focus on the development and production of traditional Chinese medicine, leveraging its strong technical capabilities and product quality [1] Group 1: Business Performance - In Q3 2025, Step Long Pharmaceutical achieved a revenue of 8.469 billion yuan, ranking 5th among 69 peers in the industry [2] - The company's net profit for the same period was 791 million yuan, placing it 12th in the industry [2] - The industry leader, Yunnan Baiyao, reported a net profit of 4.789 billion yuan, while the average net profit in the industry was 447 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, the company's debt-to-asset ratio was 48.53%, higher than the industry average of 32.81% [3] - The gross profit margin for Q3 2025 was 62.31%, exceeding the industry average of 52.44% [3] Group 3: Executive Compensation - The total compensation for President Zhao Chao in 2024 was 2.3113 million yuan, a decrease of 128,300 yuan compared to 2023 [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 7.36% to 51,100 [5] - The average number of circulating A-shares held per shareholder increased by 2.92% to 20,600 [5] Group 5: Future Outlook - In the first half of 2025, the company reported a revenue of 5.664 billion yuan, a year-on-year increase of 4.27%, and a net profit of 628 million yuan, reflecting a significant year-on-year growth of 171.24% [6] - The company has a diversified research and development portfolio across multiple fields, including traditional Chinese medicine, chemical drugs, biological drugs, and vaccines [6] - Projected revenues for 2025, 2026, and 2027 are 11.634 billion yuan, 12.412 billion yuan, and 13.309 billion yuan, respectively, with corresponding net profits of 805 million yuan, 867 million yuan, and 947 million yuan [6]