步长制药：持续聚焦核心战略 创新引领稳健经营

Core Insights - The company, Buchang Pharma, has gained market attention for its innovation in drug development, capital market returns, and commitment to public welfare [1][2] - The strategic vision of the company is to become "China's Johnson & Johnson, and the world's Buchang," focusing on expanding from traditional Chinese medicine to high-tech biopharmaceuticals and vaccines [1] Group 1: Product Development and Market Position - Buchang Pharma has established a differentiated competitive advantage in the core traditional Chinese medicine sector, developing proprietary products like Brain Heart Capsule, Stabilizing Heart Granules, and Danhong Injection, which address common cardiovascular diseases [1][3] - The company has over 170 products, including 73 exclusive ones, listed in the 2025 National Medical Insurance Directory, with a strong focus on major diseases and chronic conditions [2] Group 2: Research and Innovation - The company has invested over 1.8 billion yuan in R&D from 2022 to 2024, with a steady increase in annual R&D spending, reaching 517 million yuan in 2022, 660 million yuan in 2023, and projected to be 717 million yuan in 2024 [2] - Significant clinical trials have validated the efficacy of core products, with ongoing research to modernize traditional Chinese medicine and address prevalent diseases [3] Group 3: Future Strategy and Growth - The company aims to continue its strategy of focusing on major diseases and cultivating significant products while promoting the modernization of traditional Chinese medicine alongside biopharmaceuticals and chemical drugs [3] - Buchang Pharma is positioned to contribute to the high-quality development of China's healthcare industry and create long-term stable value returns for investors [3]