在生物药领域，公司首个申报上市的1类新药注射用艾帕依泊汀α正加速冲刺，该产品为长效EPO-Fc融 合蛋白，针对肾性贫血、化疗后贫血等适应症，若顺利获批，有望填补国产长效EPO空白，成为150亿 抗贫血制剂市场的重要力量；首款生物类似药阿达木单抗注射液也已进入报产在审阶段，该产品对标原 研"修美乐"，覆盖类风湿关节炎、银屑病等8类自身免疫病，市场潜力巨大。此外，1类生物药BC001联 合紫杉醇治疗晚期胃或胃食管结合部腺癌的III期临床正在推进，BC008-1A注射液等多款靶向肿瘤的创 新药也处于临床研发关键阶段。 与此同时，公司中药创新与化药拓展也同步提速。中药领域，源于王永炎院士临床经验方的补气通络颗 粒已完成II期临床，参附益心颗粒针对心力衰竭等病症的II期/III期临床于2025年5月正式启动，持续巩 固公司在中药领域的核心优势。化药方面，2023年至今公司已斩获17个仿制药新品，其中2025年获批的 磷酸奥司他韦系列产品成功开拓200亿级全身用抗病毒药市场，苯磺顺阿曲库铵注射液则新增肌肉松弛 药市场布局，盐酸普拉克索缓释片补齐了神经系统药物市场全部7个亚类。 值得一提的是，2025版国家医保目录中，公司 ...

Core Viewpoint - The company is facing a lawsuit related to a contract dispute involving approximately 652 million yuan, which may impact its inventory valuation and future profits [1] Group 1: Legal Issues - The company's subsidiary, Shanghai HePu, has filed a lawsuit against Jiemai Shanghai due to a contract dispute over the distribution agreement, with the court accepting the case [1] - The lawsuit involves around 550 million yuan worth of inventory that has not been transferred, posing a risk of inventory impairment [1] Group 2: Financial Performance - The company has experienced a decline in revenue for four consecutive years, with revenues of 160.07 billion yuan in 2020 dropping to an estimated 110.06 billion yuan in 2024 [2] - In the first three quarters of 2025, the company reported total revenue of 8.469 billion yuan, a slight decrease of 0.54% year-on-year, while net profit increased significantly by 177.54% to 868 million yuan [4] Group 3: Strategic Developments - The company plans to acquire six health food products for 7.5 million yuan to expand its presence in the health industry [5] - The acquisition involves obtaining the technical ownership of the products from six different independent entities, ensuring commercial production [6] Group 4: Market Performance - As of December 29, the company's stock price decreased by 1.16% to 16.26 yuan per share, with a total market capitalization of approximately 17.147 billion yuan [6]

近日，2025年第九届21世纪大健康产业竞争力研究「阳光」案例正式揭晓，步长制药凭借在药物 研发领域的持续突破与在社会公益事业的深耕践行，一举斩获"年度药物研发创新企业"与"年度优 秀公益企业"两项重磅荣誉。 作为大健康产业极具权威性的年度评选，「阳光」案例由数字化智库型财经媒体领跑者《2 1 世 纪 经 济 报 道 》 与 2 1 世 纪 新 健 康 研 究 院 发 起 ， 历 经 九 年 沉 淀 已 成 为 行 业 高 质 量 发 展 的 " 风 向 标"。步长制药的双奖加冕，既印证了其在产业创新与社会责任领域的双重领先地位，也为医 药企业可持续发展提供了生动范本。 第 九 届 2 1 世 纪 大健康产业竞争力 ing t 研究 | 阳光 | 案例 DIE ESG实践 典 范 类 「阳光」年度优秀 必要要亦 * 步长制药 这一战略调整并非简单的业务扩张，而是基于医药产业发展趋势的精准预判。彼时，中国医 药行业正从"仿制药主导"向"创新药突破"跨越，在政策、技术、资本的推动下，创新药实现 快速发展。在这一进程中，步长制药始终与产业发展同频共振。 持 续 的 研 发 投 入 是 创 新 的 关 键 。 2 0 ...

近日，2025年第九届21世纪大健康产业竞争力研究「阳光」案例正式揭晓，步长制药（603858）凭借在 药物研发领域的持续突破与在社会公益事业的深耕践行，一举斩获"年度药物研发创新企业"与"年度优 秀公益企业"两项重磅荣誉。 作为大健康产业极具权威性的年度评选，「阳光」案例由数字化智库型财经媒体领跑者《21 世纪经济 报道》与21世纪新健康研究院发起，历经九年沉淀已成为行业高质量发展的"风向标"。步长制药的双奖 加冕，既印证了其在产业创新与社会责任领域的双重领先地位，也为医药企业可持续发展提供了生动范 本。 步长制药自成立以来，始终坚持以"聚焦大病种、培育大品种"为核心战略，依托脑心同治理论，成功打 造了脑心通胶囊、稳心颗粒和丹红注射液三个独家专利品种，形成了立足心脑血管市场、覆盖中成药传 统优势领域、聚焦大病种、培育大品种的立体产品格局。 未来，步长制药将布局大健康产业，以专利中药为基础，积极开拓化药、生物药、疫苗等领域，逐步构 筑起多维度竞争护城河。 研发驱动转型，构筑全产业创新壁垒 "年度药物研发创新企业"的荣誉，是步长制药三十余载深耕医药产业、以创新为核心发展引擎的必然结 果。 步长制药的创新基因，首 ...

Group 1 - The company successfully renewed the inclusion of its products, Xuanfei Baidu Granules and Danhong Injection, in the National Medical Insurance Catalog for 2025 [1][3] - Xuanfei Baidu Granules are indicated for clearing heat and detoxifying, used for epidemic diseases caused by damp-heat obstructing the lungs, with symptoms including fever, cough, and shortness of breath [1][2] - Danhong Injection is indicated for activating blood circulation and relieving obstruction, used for chest pain and stroke caused by blood stasis, with symptoms including chest pain, palpitations, and limb numbness [2] Group 2 - The National Medical Insurance Catalog will officially take effect on January 1, 2026, with specific execution requirements to be determined by government departments [3] - The sales performance of the drugs may be influenced by multiple factors, including changes in the market environment, leading to uncertainty [3]

Core Viewpoint - Shandong Buchang Pharmaceutical Co., Ltd. successfully renewed the inclusion of its products Xuanfei Baidu Granules and Danhong Injection in the National Medical Insurance Directory for 2025, which is expected to positively impact the company's market position and sales performance [1][3]. Product Information - Xuanfei Baidu Granules are indicated for clearing lung heat and detoxifying, used for damp-heat obstructing the lungs, with symptoms including fever, cough, and shortness of breath [1]. - Danhong Injection is used for promoting blood circulation and alleviating pain, indicated for conditions such as chest pain and stroke, with symptoms including chest tightness and limb numbness [2]. Sales Impact - The National Medical Insurance Directory will be officially implemented on January 1, 2026, and the sales performance of the drugs may be influenced by various market factors, indicating a level of uncertainty [3].

Core Viewpoint - The company, Buchang Pharma, successfully retained its drugs Xuanfei Baidu Granules and Danhong Injection in the National Medical Insurance Directory for 2025, ensuring continued access to these products under national health insurance programs [1] Group 1: Drug Information - Xuanfei Baidu Granules are indicated for clearing heat and detoxifying the lungs, used for epidemic diseases caused by damp-heat obstructing the lungs, with symptoms including fever, cough, and shortness of breath [1] - Danhong Injection is used for promoting blood circulation and alleviating blood stasis, indicated for conditions such as chest pain and stroke, with symptoms including chest tightness and limb numbness [1]

Group 1 - The article highlights the achievements of Zhao Buchang in the field of traditional Chinese medicine, particularly his contributions to the development of innovative products like brain-heart capsules and stable heart granules [2][4] - It emphasizes the ambition for high-quality development in traditional Chinese medicine, focusing on scientific, clinical, preventive, and economic values to support a healthy China [4][5] - The narrative reflects a commitment to delivering quality medicine to the public and leveraging high technology to enhance the traditional medicine industry, showcasing a vision for the future of Chinese medicine [5] Group 2 - The article mentions the "Step Chang Pharmaceutical 75 Blueprint," indicating a strategic plan for the company's future growth and expansion in the global market [4] - It underscores the importance of addressing cardiovascular diseases through the "brain-heart co-treatment" approach, marking a new era in healthcare [5]

Group 1 - The core viewpoint of the articles highlights the strategic move of the company in digital healthcare through its stake in POMDOCTOR LIMITED, which has successfully listed on NASDAQ, marking a significant step towards integrating traditional medicine with digital health solutions [1] - The company holds approximately 15% of POMDOCTOR LIMITED's total shares post-IPO, indicating a substantial financial investment and a commitment to the digital health sector [1] - The business model of POMDOCTOR LIMITED focuses on chronic disease management, covering areas such as hypertension, diabetes, and cardiovascular diseases, which aligns with the company's existing product portfolio [1] Group 2 - The company has engaged in a "cancellation-style buyback" strategy to reduce its share capital, accumulating nearly 1.8 billion yuan in buybacks since its listing in 2016, which reflects its commitment to enhancing shareholder returns [2] - The chairman of the company actively leads various charitable initiatives, investing significant resources in poverty alleviation, education support, and medical assistance, showcasing its dedication to social responsibility [2] - The company aims to drive future growth through a dual approach of continuous R&D and social responsibility, focusing on modernizing traditional Chinese medicine and fostering high-tech innovation in the industry [2]

Core Insights - The announcement of POMDOCTOR LIMITED's listing on NASDAQ marks a significant milestone for the company, enhancing its cash flow and shareholder return capabilities [1] - The transformation of the company is not merely an addition of product categories but involves a strategic focus on high-value patented areas and a robust R&D pipeline [2] - The company has committed to social responsibility through extensive public welfare initiatives, which complement its capital strategies aimed at enhancing shareholder value [3][5] Group 1: Financial and Market Developments - The company holds approximately 15% of POMDOCTOR LIMITED's total shares post-IPO, indicating a strong financial position [1] - The company has increased its R&D investment from 512 million to 717 million RMB over three years, achieving a compound annual growth rate of about 18%, surpassing the industry average [2] - Cumulative share repurchases since 2016 amount to nearly 1.8 billion RMB, positioning the company as a leader in shareholder returns within the traditional Chinese medicine sector [3] Group 2: R&D and Product Development - The company has optimized its patent structure, with 474 effective patents and 17 new invention patents expected by 2025, supporting its innovation strategy [2] - The R&D pipeline includes 209 projects across traditional Chinese medicine, chemical drugs, biological products, and vaccines, indicating a comprehensive approach to product development [2] - The company is actively developing 12 biological products, with some already in the NDA application stage, and has four vaccine products available, with five more in development [2] Group 3: Social Responsibility and Community Engagement - The company has executed the "Together, Build China's Heart" public welfare project for 18 consecutive years, benefiting over one million people in Tibet and surrounding areas [3] - Initiatives include training for over 10,000 medical personnel and providing free surgeries for over 3,700 children with congenital heart disease [3][5] - The company has invested in local agricultural projects to support farmers, significantly improving their income and living standards [5]