BUCHANG PHARMA(SH:603858) Huan Qiu Wang·2026-02-11 09:51Core Viewpoint - Zhao Buchang, the 84-year-old founder of Buchang Pharmaceutical, is facing legal issues due to a debt dispute involving his hotel company, An Tu Dao Natural Hotel, which has led to a consumption restriction order. This situation is not directly related to the listed company, Buchang Pharmaceutical, but highlights ongoing challenges within the Zhao family’s business dealings [1][4]. Group 1: Legal Issues and Debt Disputes - The Harbin Songbei District People's Court issued a consumption restriction order against An Tu Dao Natural Hotel for a loan dispute amounting to 16 million yuan, with the case filed on January 12, 2026 [1]. - Zhao Buchang and his family have a history of legal disputes stemming from capital expansion activities, including the acquisition of various companies, which has led to multiple lawsuits [2]. - In 2019, Zhao Buchang became a defendant in a case involving a 126 million yuan claim related to the acquisition of companies, indicating ongoing legal challenges tied to his business ventures [2]. Group 2: Business Performance and Financial Challenges - Buchang Pharmaceutical has faced significant operational pressures since its IPO in November 2016, with its market value declining to about 40% of its initial value [3]. - The company has incurred substantial losses due to goodwill impairment, reporting a loss of 1.53 billion yuan in 2022 and further losses in 2024 [3]. - A recent earnings forecast for 2025 indicates a potential turnaround, with expected net profits between 320 million and 468 million yuan, although this is significantly lower than the nearly 1.8 billion yuan profit reported in the year of its IPO [3]. Group 3: Management and Future Outlook - Zhao Buchang's son, Zhao Tao, has been managing Buchang Pharmaceutical since its listing, with Zhao Buchang serving only as an honorary chairman since March 2023 [4]. - The intertwining of the Zhao family's capital expansion issues and the operational difficulties of Buchang Pharmaceutical raises concerns about the company's future development [4].