At present, Buchang Pharmaceutical has more than 170 products (including exclusive and non-exclusive ones) included in the 2025 Edition of the National Medical Insurance Catalogue. The number of exclusive products stands at 73 (63 proprietary Chinese medicines, 9 chemical drugs, and 1 vaccine). The company’s Class 1 New Drug, Epoetin alfa for Injection, and its first biosimilar, Adalimumab Injection, are advancing at an accelerated pace, and the company’s innovation-driven transformation is gathering momentum. Behind the performance growth lies the company’s continuous breakthroughs in key business areas such as product innovation, international layout, and technological upgrading.

Today, from "product export" in traditional manufacturing to "technical standard export" in high-end industries, and from "going global" through single-item trade to "integrating into the global market" via globalized operations, the overseas journey of Chinese enterprises has entered the 2.0 era. Among these, traditional Chinese medicine (TCM), as a unique industrial card carrying thousands of years of Chinese civilization, the overseas expansion of TCM enterprises is not only a concrete extension of cultural soft power, but also a key strategic fulcrum for China to seize the right to set standards and the top of the value chain in the global health industry landscape.

Recently, Sichuan Luzhou Buchang Biopharmaceutical Co., Ltd. (hereinafter referred to as "Luzhou Buchang"), a holding subsidiary of Shandong Buchang Pharmaceutical Co., Ltd., signed an Exclusive Supply Agreement with MEDISPEC (M) SDN BHD (hereinafter referred to as "MEDISPEC"), a Malaysian company. Pursuant to the agreement, Luzhou Buchang will authorize MEDISPEC as the exclusive agent in Malaysia (the target region) to be responsible for the registration, promotion, distribution and sales of Efparepoetin alfa for Injection (the target product) in this region.

The core product of this cooperation is Efparepoetin alfa for Injection (Yipai Epoetin Alfa for Injection). As a Class I New Drug of Therapeutic Biological Products, it is indicated for the treatment of anemia caused by Chronic Kidney Disease (CKD) in adult dialysis patients who are receiving erythropoietin therapy. At present, the marketing authorization application (MAA) for this product has been submitted.

According to the announcement disclosure, as of September 30, 2025, the cumulative R&D investment of Luzhou Buchang in the Efparepoetin alfa for Injection project was approximately RMB 512.3636 million. It is worth noting that this product is a recombinant fusion protein composed of human erythropoietin (EPO) and the Fc fragment of human immunoglobulin G2 (IgG2). Currently, no similar products have been approved for marketing in China, giving it certain market potential and competitive advantages.

As a leading enterprise in China's traditional Chinese medicine (TCM) industry, Buchang Pharmaceutical closely follows policy guidance. In recent years, it has continuously sought breakthroughs in overseas expansion, enabling "Chinese prescriptions" to not only become an option for international medical care, but also evolve into a carrier of the values of Eastern philosophy.
01
Guiding Opinions of Five Ministries Empower Buchang Pharmaceutical: TCM Overseas Expansion Enters a "Fast Lane"

In late October 2025, five ministries including the Ministry of Commerce, the Ministry of Foreign Affairs, the National Development and Reform Commission, the Ministry of Industry and Information Technology, and the State-owned Assets Supervision and Administration Commission of the State Council jointly issued the Guiding Opinions on Further Improving the Overseas Comprehensive Service System (hereinafter referred to as the Guiding Opinions). It is reported that the Guiding Opinions aim to build an overseas comprehensive service ecosystem featuring central-local coordination, regional synergy, resource agglomeration, and internal-external connectivity. As China’s first guiding document in the field of overseas comprehensive services, it provides strong support for overseas enterprises to participate in international cooperation and competition and safeguard their legitimate overseas rights and interests.

The core goal of the Guiding Opinions is to construct a comprehensive and full-chain overseas comprehensive service system, thereby effectively supporting the high-quality overseas expansion of Chinese enterprises. This also injects policy momentum into TCM enterprises to break through overseas market barriers.

Against this backdrop, Buchang Pharmaceutical has proactively gone global, laid out a global market, and promoted TCM culture. In 2024, Buchang Pharmaceutical’s Wenxin Keli (Wenxin Granules) obtained the Registration Certificate issued by the Malaysian drug regulatory authority. In the same year, Naoxintong Jiaonang (Naoxintong Capsules) was awarded the Hong Kong Proprietary Chinese Medicine Registration Certificate, marking its eligibility to be sold as a proprietary Chinese medicine in Hong Kong and bringing a positive impact on expanding overseas markets.

In 2025, the company’s Guanxin Shutong Jiaonang (Guanxin Shutong Capsules) obtained the Drug Registration Certificate in Mongolia, which is another important breakthrough following the successful registration and launch of the product in Canada, Indonesia, and Malaysia. Meanwhile, the company’s Fufang Shiwei Jiaonang (Compound Shiwei Capsules) obtained the Traditional Medicine Registration Approval Number from the Malaysian Drug Control Authority, injecting strong momentum into the construction of the "Health Silk Road" under the Belt and Road Initiative.

In December 2025, Xuanfei Baidu Keli (Xuanfei Baidu Granules) and Tongbianling Jiaonang (Tongbianling Capsules) under the company successfully passed the review of the Indonesian Ministry of Health and obtained the Drug Registration Certificates. Among them, Xuanfei Baidu Keli had previously been successfully registered in Canada, Uzbekistan, and Kazakhstan. Along with the approval of these two new products, 8 re-registered products of Buchang, including Wenxin Keli, Kelu Oral Liquid, and Yangzheng Mixture, were also approved smoothly.

It is reported that at present, the company’s products are sold in dozens of countries and regions including the United States, Canada, Vietnam, Ghana, Kazakhstan, Kyrgyzstan, and Mongolia. The export scope has expanded to Asia, Europe, and Africa, and the company is actively expanding into the Latin American market. Meanwhile, it is also actively applying for registration in countries and regions such as Australia, Brazil, the United Arab Emirates, and Venezuela.

These achievements not only mark the continuous substantive progress of Buchang Pharmaceutical’s internationalization strategy and further unlock the profit potential, but also represent a solid leap in its practice of the "TCM internationalization" strategy. They demonstrate the unique value and wide recognition of TCM, a treasure of the Chinese nation, on the international stage.
02
Deep Commitment to Public Welfare: Buchang Pharmaceutical Forges a New Paradigm of a "Corporate Citizen"In fact, the overseas expansion of pharmaceuticals driven by favorable policies has not only accumulated cross-border compliance experience and international brand equity for Buchang Pharmaceutical, but also turned the ideal of "TCM internationalization" into reality. Meanwhile, the economic returns from overseas markets have provided a solid foundation for Buchang Pharmaceutical to repay domestic investors and fulfill its social responsibilities. In the two-way value creation of capital feedback and social commitment, Buchang Pharmaceutical has outlined a new paradigm of social responsibility for Chinese enterprises.

For investors, it has broken the industry inertia of prioritizing financing with the sincerity of paying out dividends nearly twice the amount of funds raised, allowing the market to see the warmth of long-termist capital. For society, it has anchored the original aspiration of "When one drinks water, one should think of its source". On the industrial foundation of stabilizing employment and boosting the economy, it has further transformed its commercial capabilities into health benefits for ethnic minority areas through 18 years of perseverance in the "Tongxin · Co-building a Healthy China Heart" initiative. This is not only a contemporary practice of the TCM spirit of healing the sick and benefiting the world, but also allows the public welfare benchmark of a "corporate citizen" to transcend commercial boundaries, becoming a model of the times that links industrial value and social value.

Grateful for the source of success, Buchang Pharmaceutical has always adhered to social responsibilities and played a leading role in promoting local employment and boosting local economic development. Up to now, Buchang Pharmaceutical has accumulated tax payments of nearly 33 billion yuan nationwide, making important contributions to the sustained and steady development of the regional economy.

In terms of health public welfare, Buchang Pharmaceutical has actively carried out free medical activities. Under the guidance of the United Front Work Department of the CPC Central Committee and with the support of the National Health and Family Planning Commission and the Overseas Chinese Affairs Office of the State Council, Buchang Pharmaceutical has fully funded and organized the large-scale public welfare charity project "Tongxin · Co-building a Healthy China Heart".

It is reported that the "Tongxin · Co-building a Healthy China Heart" project has lasted for 18 years, with activities covering Tibet, Tibetan areas in four provinces across the country, 13 prefectures and cities, and more than 50 counties. Led by Academicians Zhang Boli and Gao Runlin, 32,000 experts and professors from more than 3,000 hospitals and over 20 disciplines in Beijing and across the country have provided medical assistance and drug support to Tibetan and other ethnic minority compatriots.

Zhao Tao, Chairman of Buchang Pharmaceutical, said, "Buchang’s engagement in public welfare is not a temporary measure, but a long-term commitment. Helping those who are truly in need and promoting the positive energy of social solidarity are important goals of Buchang. Public welfare undertakings should, with the support of all parties, drive more people to participate. Buchang hopes to set a public welfare model in the industry through activities like 'Tongxin · Co-building a Healthy China Heart'."

He further pointed out that Buchang will carry forward the cause of medical assistance to the end, and safeguard more patients and families in remote areas with the "Buchang Strength" in the new era. Buchang will consistently adhere to this public welfare cause carrying warmth and love, writing a new chapter for its high-quality development.

From its original entrepreneurial aspiration at the foot of the Qinling Mountains to its nationwide industrial layout, and from the breakthrough of a single product to the collaborative development across multiple fields, Buchang Pharmaceutical’s 30-plus years of growth trajectory has always been engraved with the value of "take from society and give back to society". While pursuing enterprise development, this pharmaceutical company interprets the social responsibility and era-specific mission of private enterprises through sustained public welfare investment and substantial tax contributions.

From a policy responder to a value creator, and further to an international envoy of Chinese medical civilization, every step of Buchang Pharmaceutical is writing an era-specific answer sheet of "follow the Party's guidance, serve the country through actions, strengthen the industry, and spread civilization". It enables Chinese medical culture to shine with the radiance of Eastern wisdom in the global health coordinate system by virtue of its commercial overseas expansion.