步长制药转型之痛：6亿存货纠纷与3亿投资缩水背后的风险警示

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].