近日，山东步长制药（603858）股份有限公司（以下简称"步长制药"）控股子公司四川泸州步长生物制 药有限公司（以下简称"泸州步长"）与马来西亚公司MEDISPEC（M）SDN BHD（以下简 称"MEDISPEC"）签署《独家供应协议》，泸州步长授权后者作为其在马来西亚市场的独家代理商。此 举成为步长制药"中药国际化"战略的又一关键落子。 除了走出国门，布局全球市场，近年来，步长制药还不断巩固中药主业优势，积极构建覆盖生物药、中 药、化药的多元化研发管线，并通过高比例分红与回购回馈股东，大力推动公益践行社会责任，正成长 为一个创新引领、回报稳健、担当有力的综合型医药企业。 多元布局支撑长期成长 在推动中药出海的同时，步长制药在创新药研发领域持续深耕，创新药管线多项重点品种迎来关键进 展，为企业长期成长注入动力。 该公司坚持生物药、中药、化药三大领域并进的研发策略。生物药领域进展显著：首个申报上市的1类 新药注射用艾帕依泊汀α正加速冲刺，有望填补国产长效促红细胞生成素（简称EPO）制剂市场空白； 首款生物类似药阿达木单抗注射液已报产在审；另有BC001等多款靶向肿瘤创新药处于临床关键阶段。 中药领域则依托经典 ...

作为国内中医药产业头部企业，步长制药紧跟政策导向，近年来不断寻找出海突破，使"中国处方"既成 为国际医疗选项，更演变为东方哲学的价值载体。 五部门指导意见赋能 步长制药中药出海驶入"加速度" 目前，步长制药有超过170个产品（含独家和非独家）进入了2025版国家医保目录。独家产品数量为73 个（中成药占63个、化学药占9个、疫苗占1个），步长制药的1类新药注射用艾帕依泊汀α和首款生物 类似药阿达木单抗注射液正在加速冲刺，公司的创新转型不断提速，在产品创新、国际化布局、技术升 级等业务领域持续突破。 如今，从传统制造业的"产品输出"到高端产业的"技术标准输出"，从单一贸易的"走出去"到全球化运营 的"走进去"，中国企业的海外征程已迈入2.0时代。在这其中，中医药作为承载数千年中华文明的独特 产业名片，其企业出海既是文化软实力的具象延伸，更是我国在全球健康产业格局中抢占标准制定权与 价值链顶端的关键战略支点。 近日，山东步长制药股份有限公司控股子公司四川泸州步长生物制药有限公司（以下简称"泸州步长"） 与马来西亚公司MEDISPEC (M) SDN BHD（以下简称"MEDISPEC"）签署《独家供应协议》。根据 ...

如今，从传统制造业的"产品输出"到高端产业的"技术标准输出"，从单一贸易的"走出去"到全球化运营 的"走进去"，中国企业的海外征程已迈入2.0时代。在这其中，中医药作为承载数千年中华文明的独特 产业名片，其企业出海既是文化软实力的具象延伸，更是我国在全球健康产业格局中抢占标准制定权与 价值链顶端的关键战略支点。 目前，步长制药有超过170个产品（含独家和非独家）进入了2025版国家医保目录。独家产品数量为73 个（中成药占63个、化学药占9个、疫苗占1个），步长制药的1类新药注射用艾帕依泊汀α和首款生物 类似药阿达木单抗注射液正在加速冲刺，公司的创新转型不断提速。业绩增长的背后，是公司在产品创 新、国际化布局、技术升级等业务领域的持续突破。 近日，山东步长制药股份有限公司控股子公司四川泸州步长生物制药有限公司（以下简称"泸州步长"） 与马来西亚公司MEDISPEC (M) SDN BHD（以下简称"MEDISPEC"）签署《独家供应协议》。根据协 议，泸州步长将授权MEDISPEC作为马来西亚（目标区域）内独家代理商，负责注射用Efparepoetin alfa （目标产品）在该区域的注册、推广、分销及销售事 ...

Investment Rating - The report does not explicitly state an investment rating for the Chinese traditional medicine industry Core Insights - The Chinese traditional medicine industry is experiencing rapid growth, driven by increasing health awareness, aging population, and supportive government policies [21] - The market is expected to benefit from technological innovations and a shift in consumer preferences towards personalized and diverse health products [21] - The industry is characterized by a complex supply chain, with significant reliance on natural resources and traditional practices, while also integrating modern technology [8][54] Industry Overview - Traditional Chinese medicine (TCM) is defined as a system of medicine that utilizes natural substances from plants, animals, and minerals, processed through traditional and modern techniques [4] - TCM encompasses a wide range of products, including herbal medicines, decoctions, and various formulations like pills and injections [6][7] - The industry chain includes cultivation, processing, production, distribution, and end-use, with each segment interdependent [8][9] Market Demand Analysis - Consumer behavior is shifting towards recognizing TCM as a natural therapy, with a growing preference for its preventive and health-promoting benefits [26] - Different age groups exhibit varying preferences, with older consumers focusing on chronic disease management and younger consumers leaning towards wellness and beauty products [27] - Traditional pharmacies and medical institutions remain primary purchasing channels, but e-commerce is rapidly gaining traction, especially among younger demographics [28][29] Competitive Landscape - Leading companies in the TCM sector, such as Tongrentang and Yunnan Baiyao, leverage their historical brand strength and modern R&D capabilities to maintain market leadership [39] - Small and medium-sized enterprises (SMEs) play a crucial role, often focusing on niche markets and innovative product development [42] - The competitive advantage in the industry is driven by brand influence, R&D capabilities, production processes, and distribution networks [45] Industry Chain Analysis - The cultivation of medicinal herbs is concentrated in regions with favorable climatic conditions, such as Anhui, Sichuan, and Yunnan, ensuring quality and supply stability [52] - The production process is increasingly modernized, incorporating advanced extraction and manufacturing technologies to enhance product quality [58] - Quality control systems are comprehensive, covering all stages from raw material sourcing to final product testing, ensuring safety and efficacy [60]

Core Viewpoint - Recently, two major products from Buchang Pharma, Xuanfei Baidu Granules and Tongbianling Capsules, successfully passed the Indonesian Ministry of Health's review and obtained drug registration certificates [1] Group 1: Product Registration - Xuanfei Baidu Granules has previously been registered in Canada, Uzbekistan, and Kazakhstan [1] - Along with the new products, eight renewal registration products, including Buchang Stabilizing Granules, Kelu Oral Liquid, and Yangzheng Heji, were also successfully approved [1] Group 2: Market Expansion - Currently, Buchang Pharma has over 20 products listed for sale in Indonesia [1] - The addition of these new products not only enriches Buchang Pharma's product matrix in Indonesia but also represents a solid step in the "internationalization of traditional Chinese medicine" strategy [1] - This move highlights the unique value and broad recognition of traditional Chinese medicine on the international stage [1]

Core Insights - Shanghai Pharmaceuticals reported a revenue of 215.07 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 2.6% [1] - The company achieved a net profit attributable to shareholders of 5.15 billion yuan, marking a significant increase of 26.96% year-on-year [1] Financial Performance - Total revenue for the first three quarters: 215.07 billion yuan [1] - Pharmaceutical manufacturing sales: 18.16 billion yuan [1] - Pharmaceutical commercial sales: 196.91 billion yuan [1] - Net profit attributable to shareholders: 5.15 billion yuan [1] - Year-on-year net profit growth: 26.96% [1] Research and Development - R&D investment for the first three quarters: 1.73 billion yuan [1] - Total new drug pipeline: 57 items, including 45 innovative drugs [1] - NDA submission for BCD-085, an innovative monoclonal antibody for ankylosing spondylitis [1] - Completion of subject enrollment for the Phase III clinical trial of a traditional Chinese medicine for cervical spondylotic myelopathy [1] - Ongoing Phase I clinical trial for CAR-T injection B019 targeting pediatric acute lymphoblastic leukemia and adult lymphoma [1] Brand and Market Strategy - Shanghai Pharmaceuticals is focusing on brand rejuvenation to meet young consumer demands [2] - Launch of the "Ten Complete Series" food paste under the Lei's brand and the "Zero Snack Nourishment" concept under the Shenxiang brand [2] - Successful export of traditional Chinese medicine products to Canada, including the first self-certified compound preparation [2] - Strategic partnerships with companies like Baxter China and others to provide comprehensive health solutions [2]

Core Insights - Shanghai Pharmaceuticals reported a revenue of 215.07 billion yuan for the first nine months of 2025, a year-on-year increase of 2.60%, with pharmaceutical manufacturing sales at 18.16 billion yuan and pharmaceutical commerce sales at 196.91 billion yuan, up 2.91% year-on-year [1] - The company achieved a net profit attributable to shareholders of 5.15 billion yuan, reflecting a significant year-on-year growth of 26.96% [1] R&D Investment and Pipeline Progress - The company maintained a high level of R&D investment at 1.73 billion yuan, accounting for 9.52% of pharmaceutical manufacturing sales, with R&D expenses at 1.51 billion yuan [2] - As of the reporting period, the company had 57 new drug pipelines accepted for clinical trials, including 45 innovative drugs [2] - Notable advancements include the NDA submission for BCD-085, a monoclonal antibody for ankylosing spondylitis, and the completion of patient enrollment for the Phase III trial of a traditional Chinese medicine for cervical spondylotic myelopathy [2] Traditional Chinese Medicine Business - The traditional Chinese medicine segment achieved breakthroughs through "innovation while maintaining integrity," with key clinical studies completed for several core products [3] - The company successfully exported its traditional Chinese medicine products to Canada, marking a significant step in internationalization [3] Rare Disease Initiatives - The company views rare disease treatment as a key aspect of its corporate social responsibility, focusing on R&D, supply chain, and ecosystem development [4] - A dedicated rare disease R&D team has been established, with multiple pipelines under development, including SRD4610 for amyotrophic lateral sclerosis [4] - The company has 51 products for rare diseases, covering 67 different rare disease conditions [4] Pharmaceutical Commerce Growth - The pharmaceutical commerce segment continued to grow through innovation, with strategic partnerships with companies like Baxter China and others [5] - The innovative drug business saw sales revenue of 40.7 billion yuan, a year-on-year increase of over 25%, while the import agency business generated 27.6 billion yuan, up over 14% [5] New Retail Strategy and Digital Transformation - The company is advancing its new retail strategy focused on "hospital-side pharmacies + DTP specialty pharmacies," leveraging AI to enhance traditional business operations [6] - The digital upgrade of pharmaceutical services through Shenyang Health aims to provide comprehensive health management services for patients [6]

Core Viewpoint - Yiling Pharmaceutical, a leading enterprise in traditional Chinese medicine, has shown significant performance recovery and growth in 2025, with a notable increase in revenue and profit margins [1] Financial Performance - In the first three quarters of 2025, the company achieved operating revenue of 5.868 billion yuan and a net profit attributable to shareholders of 1 billion yuan, representing a year-on-year increase of 80.33% [1] - The company's non-recurring net profit reached 966 million yuan, up 90.53% year-on-year [1] - The sales gross margin and net margin have been continuously rising, indicating enhanced profitability and resilience [1] R&D and Innovation - Yiling Pharmaceutical places a strong emphasis on R&D, maintaining high investment levels with R&D expenses of 544 million yuan, accounting for 9.27% of revenue, ranking among the top in the traditional Chinese medicine industry [1] - The company is leveraging modern medical recognition to enhance the international acceptance of its products, particularly through evidence-based studies [2][3] Internationalization Efforts - The core product, Qiliqiangxin Capsule, has shown significant benefits for heart failure patients, with a 22% reduction in major adverse cardiovascular events when used alongside standard treatments [2] - The Baizi Bujin Capsule has been successfully launched in Canada and is gaining traction in the European and American markets, being recognized as a benchmark for the internationalization of traditional Chinese medicine anti-aging products [2] - Yiling Pharmaceutical's internationalization aligns with national policies promoting the global expansion of traditional Chinese medicine [3] Standardization and Quality Control - The company has established 60 standardized Chinese medicinal herb cultivation bases across 20 provinces, ensuring quality and supporting rural revitalization [4] - Recent inspections have confirmed the quality of core raw materials, with several bases passing GAP (Good Agricultural Practices) checks [4] Systematic Approach to Modernization - Yiling Pharmaceutical is systematically constructing a model for the internationalization of traditional Chinese medicine through R&D innovation, international registration, evidence-based research, and source control [4] - The dual drivers of policy support and global health demand are facilitating the modernization of traditional Chinese medicine, providing a replicable industrial path for greater global health governance [4]

Core Insights - The Ba Zi Bu Shen capsule, integrating traditional Chinese medicine wisdom with modern scientific research, has been newly launched in the Canadian market and is approved in eight countries including Canada, Singapore, and Thailand, with availability on platforms like Amazon in Europe and the US [1][2] Group 1: Product Development and Research - The Ba Zi Bu Shen capsule is developed by Yiling Pharmaceutical, utilizing a selection of eight seed-based medicinal ingredients, including Cuscuta, Goji berries, Schisandra, and others, aimed at replenishing kidney essence [2] - The product incorporates precious herbs such as ginseng and deer antler for comprehensive health benefits [2] - A large-scale study involving 1,200 mammals was conducted to investigate anti-aging effects, establishing a solid evidence chain for the product's credibility [2] Group 2: Clinical Trials and Publications - A randomized, double-blind, placebo-controlled, multi-center clinical trial involving 530 participants was conducted, marking a pioneering effort in clinical trials for anti-aging in traditional Chinese medicine [3] - Over 20 research papers related to the Ba Zi Bu Shen capsule have been published in international medical journals such as Biomedi & Pharmacotherapy, Phytomedicine, and Frontiers in Pharmacology [4] - Experts from the World Federation of Chinese Medicine Societies acknowledged the significant progress made in combining traditional Chinese theories with modern scientific techniques in anti-aging research, laying a solid foundation for future studies [4]

Core Viewpoint - The company is actively transforming the traditional Chinese medicine industry through scientific and standardized practices, showcasing its capabilities in national strategic research and innovation [1][3]. Group 1: Research and Development Initiatives - The company has been approved as the leading unit for a national pharmacopoeia standard research project, focusing on the "Guiding Principles for the Determination of Biological Activity of Traditional Chinese Medicine" [1]. - The project aims to establish a "component-activity-efficacy" evaluation system to enhance quality control in traditional Chinese medicine, addressing common industry challenges [1][3]. - The innovative drug "Qi Shen Granules," a completely new type of traditional Chinese medicine, has successfully completed Phase II clinical production and is intended for chronic heart failure treatment [3]. Group 2: Quality Control and Standards - The company has implemented three new group standards for traditional Chinese medicine traceability in collaboration with the China Traditional Chinese Medicine Association [3]. - The company has achieved CNAS accreditation for its testing centers, indicating compliance with international standards and enhancing its competitive edge in both domestic and international markets [4][7]. - The focus on "zero defect quality management" is reinforced by high-quality inspection levels and ongoing improvements in laboratory standardization [4]. Group 3: Future Directions - The company plans to continue driving high-quality development through a dual-engine strategy of "quality" and "innovation," increasing resource investment to enhance its core competitiveness [7].