Core Viewpoint - Shandong Buchang Pharmaceutical Co., Ltd. has reported a significant investment loss of nearly 300 million yuan due to a 90% drop in the stock price of its investment in Guangzhou Qilokang Digital Health Medical Technology Co., Ltd. after the IPO of its substantial holding, Pomdoctor Limited, on NASDAQ [1][2] Group 1: Investment Loss - The company announced an expected fair value change loss of 293 million yuan related to its investment in Qilokang Digital Medical [1] - As of September 30, 2025, the book value of the investment was 326 million yuan, but the stock price plummeted after the IPO [2] - The IPO price of Pomdoctor Limited was set at 4.00 USD per share, but the closing price dropped to 0.2949 USD per share by December 31, 2025 [2] Group 2: Inventory Crisis - The company is facing an inventory crisis with a total inventory of 4.517 billion yuan, of which approximately 12% is involved in a legal dispute [2] - There is a risk of needing to recognize inventory impairment provisions related to the 550 million yuan dispute, which could impact current and future profits [2] - The lawsuit concerning the inventory has been accepted by the court but has not yet gone to trial, leaving the outcome uncertain [2] Group 3: Company Background - Shandong Buchang Pharmaceutical Co., Ltd. was established in 2001 and is primarily engaged in the pharmaceutical manufacturing industry [2] - The company is located in Heze City, Shandong Province, with a registered capital of approximately 1.054 billion yuan [2]