Investment Rating - The report maintains a "Positive" investment rating for the pharmaceutical and biotechnology industry [4]. Core Insights - The pharmaceutical and biotechnology sector is experiencing a significant data catalyst window with the upcoming AACR annual meeting, which is expected to enhance the global competitiveness of Chinese innovative drugs [5]. - The industry index declined by 1.26%, outperforming the CSI 300 index, with notable gains in medical research outsourcing and chemical preparations [2][13]. - The overall PE ratio for the pharmaceutical and biotechnology industry is 29.30x, down from 30.34x, indicating a valuation decline below the average [17]. Industry Review - The report highlights that the innovative drug sector is currently the core focus, supported by favorable domestic policies such as the NMPA's "Spring Rain Action" to promote clinical innovation in medical devices [4][5]. - The total amount of innovative drug licensing transactions in China exceeded $60 billion in the first three months of 2026, indicating a strong global recognition of Chinese innovative drug assets [5]. - The report suggests focusing on companies with core technology platforms and differentiated pipeline layouts, particularly those expected to achieve positive catalysts at major academic conferences like AACR [5]. Important Industry News - The NMPA has initiated a three-year "Spring Rain Action" to support the transformation of clinical innovation in medical devices [21][26]. - Johnson & Johnson's oral IL-23R antagonist "Icotrokinra" has been approved by the FDA, marking it as the first of its kind globally [41]. - Novo Nordisk's weekly insulin "Awiqli" has received FDA approval, providing a new treatment option for type 2 diabetes patients [44]. - AstraZeneca and Amgen's TSLP monoclonal antibody "Tezepelumab" has been approved in China, making it the first of its kind domestically [46]. Company Dynamics - Novartis plans to invest over 3.3 billion RMB in China to enhance its R&D, production, and operational capabilities [48].

证券代码：605199 证券简称：ST 葫芦娃 公告编号：2026-017 关于公司股票被实施其他风险警示相关事项的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重 大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ● 海南葫芦娃药业集团股份有限公司（以下简称"公司"）2024年度内部控制被 出具否定意见审计报告，根据《上海证券交易所股票上市规则》第9.8.1条规定，公司 股票于2025年4月30日起被实施其他风险警示。 ● 根据《上海证券交易所股票上市规则》第9.8.5条："上市公司股票因第9.8.1 条第一款第（二）项至第（五）项规定情形被实施其他风险警示的，在被实施其他风险 警示期间，公司应当至少每月披露1次提示性公告，分阶段披露涉及事项的解决进展情 况"。公司将每月披露一次其他风险警示相关事项的进展情况，提示相关风险。 一、关于公司被实施其他风险警示的基本情况 因公司 2024 年度内部控制被立信会计师事务所（特殊普通合伙）出具了否定意 见的《内部控制审计报告》，根据《上海证券交易所股票上市规则》第 9.8.1 条第（三） 项规定的"最近一个会 ...

证券代码：605199 证券简称：ST 葫芦娃 公告编号：2026-016 海南葫芦娃药业集团股份有限公司 关于获得药品注册证书的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 海南葫芦娃药业集团股份有限公司（以下简称"公司"）近日收到国家药品监督 管理局（以下简称"国家药监局"）核准签发的关于易黄汤颗粒、盐酸奥普力农注 射液《药品注册证书》。现将有关情况公告如下： 一、易黄汤颗粒 （一）药品基本情况 药物名称：易黄汤颗粒 上市许可持有人：海南葫芦娃药业集团股份有限公司 受理号：CXZS2400025 药品批准文号：国药准字 C20260008 审批结论：根据《中华人民共和国药品管理法》及有关规定，经审查，本品符 合药品注册的有关要求，批准本品上市，发给药品注册证书。 （二）药品研发及相关 易黄汤颗粒的功能主治为固肾止带，清热祛湿。用于肾虚湿热带下证。症见 带下黏稠量多，色黄如浓茶汁，其气腥秽，舌红，苔黄腻。易黄汤颗粒处方为国家 中医药管理局 2018 年 4 月发布的《古代经典名方目录（第一批）》中的第 85 首处方， ...

证券代码：605199 证券简称：ST 葫芦娃 公告编号：2026-015 海南葫芦娃药业集团股份有限公司 关于全资子公司获得盐酸氨溴索滴剂药品注册证书的 公 告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 海南葫芦娃药业集团股份有限公司全资子公司广西维威制药有限公司（以下简 称"广西维威"）近日收到国家药品监督管理局（以下简称"国家药监局"）核准签 发的关于盐酸氨溴索滴剂的《药品注册证书》。现将有关情况公告如下： 一、药品基本情况 药物名称：盐酸氨溴索滴剂 剂型：口服溶液剂 注册分类：化学药品 3 类 规格：50 毫升：0.75 克、100 毫升：1.5 克 上市许可持有人：广西维威制药有限公司 受理号：CYHS2400422、CYHS2400423 药品批准文号：国药准字 H20263480、国药准字 H20263481 审批结论：根据《中华人民共和国药品管理法》及有关规定，经审查，本品符 合药品注册的有关要求，批准注册，发给药品注册证书。同意本品按（甲类）非处 方药管理。 二、药品研发及相关 盐酸氨溴索滴剂适用于痰液 ...

证券代码：605199 证券简称：ST 葫芦娃 公告编号：2026-014 海南葫芦娃药业集团股份有限公司 关于控股股东部分股份被司法拍卖的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示: ● 本次被司法拍卖的股份为公司控股股东海南葫芦娃投资发展有限公司（以下 简称"葫芦娃投资"）持有海南葫芦娃药业集团股份有限公司（以下简称"公司" 或"葫芦娃"） 23,900,000 股股份，占其持股 14.30%，占公司总股本 5.97%。 ● 截至本公告披露日，本次在淘宝网司法拍卖网络平台的司法拍卖阶段已经结 束，拍卖的 23,900,000 股已全部竞拍成功，最终成交结果以海南省海口市中级人民 法院出具的拍卖成交裁定为准，本次拍卖成交股份后续还涉及缴纳拍卖余款、股权 变更过户等环节，最终结果存在不确定性。公司将密切关注上述事项的进展情况， 并敦促有关方按照相关规定及时履行信息披露义务。 ● 根据《上海证券交易所上市公司自律监管指引第 15 号—股东及董事、高级 管理人员减持股份》第十四条及第二十二条的规定，本次 ...

Core Viewpoint - The company, Hainan Huluwa Pharmaceutical Group Co., Ltd., is facing a risk warning on its stock due to a negative internal control audit report for the fiscal year 2024, effective from April 30, 2025 [2][3]. Group 1: Risk Warning Implementation - The company's stock will be subject to a risk warning as per the Shanghai Stock Exchange rules due to the negative opinion in the internal control audit report [2][3]. - The company is required to disclose progress on the risk warning at least once a month during the warning period [2]. Group 2: Measures Taken Post Risk Warning - A special rectification team led by the chairman has been established to address issues highlighted in the internal control audit report, focusing on areas such as research and development process management and financial management [4]. - The company is conducting internal checks on its management systems and has implemented stricter contract signing processes, requiring multi-department evaluations for new contracts [4]. - Financial processes are being thoroughly reviewed to ensure compliance with accounting standards, including the introduction of a dedicated review process for financial data [5]. - The company is enhancing its internal control operations by revising internal control systems and conducting special checks to ensure effective execution [5]. - Company executives are participating in training organized by regulatory bodies to improve their understanding of securities laws and regulations [6]. - The company is cooperating with the China Securities Regulatory Commission regarding an investigation into alleged information disclosure violations [6]. - Communication with professional accounting firms is ongoing to improve governance and ensure smooth auditing processes for the fiscal year 2025 [6]. - The company is focusing on compliance management and enhancing communication with regulatory authorities to strengthen its risk prevention framework [6].

证券代码：605199 证券简称：ST 葫芦娃 公告编号：2026-013 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重 大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ● 海南葫芦娃药业集团股份有限公司（以下简称"公司"）2024年度内部控制被 出具否定意见审计报告，根据《上海证券交易所股票上市规则》第9.8.1条规定，公司 股票于2025年4月30日起被实施其他风险警示。 ● 根据《上海证券交易所股票上市规则》第9.8.5条："上市公司股票因第9.8.1 条第一款第（二）项至第（五）项规定情形被实施其他风险警示的，在被实施其他风险 警示期间，公司应当至少每月披露1次提示性公告，分阶段披露涉及事项的解决进展情 况"。公司将每月披露一次其他风险警示相关事项的进展情况，提示相关风险。 一、关于公司被实施其他风险警示的基本情况 因公司 2024 年度内部控制被立信会计师事务所（特殊普通合伙）出具了否定意 见的《内部控制审计报告》，根据《上海证券交易所股票上市规则》第 9.8.1 条第（三） 项规定的"最近一个会计年度财务报告内部控制被出具无法表示意见或否定意见 ...

Core Viewpoint - The announcement highlights the share pledge situation of Hainan Huluwa Pharmaceutical Group Co., Ltd., indicating significant shareholding and pledge levels by its controlling shareholder, Huluwa Investment. Group 1: Shareholding and Pledge Details - The controlling shareholder, Huluwa Investment, holds 167,079,000 shares, accounting for 41.76% of the total share capital of the company [1] - Huluwa Investment has pledged a total of 112,103,130 shares, which represents 67.10% of its holdings [1] - The controlling shareholder and its concerted parties collectively hold 301,426,950 shares, making up 75.34% of the total share capital [1] - The total number of pledged shares by the controlling shareholder and its concerted parties is 123,059,130, which is 40.83% of their total holdings and 30.76% of the company's total share capital [1] Group 2: Pledge Specifics - The company was informed on February 26, 2026, about the pledge of part of the shares held by the controlling shareholder [1] - The final pledge period will end on the date when Huluwa Investment completes the procedures for releasing the pledge registration [1] - The pledged shares are not used as guarantees for major asset restructuring performance compensation or other security purposes [1]

Group 1 - The controlling shareholder, Hainan Huluwa Investment Development Co., Ltd., holds approximately 167 million shares of Hainan Huluwa Pharmaceutical Group Co., Ltd., accounting for 41.76% of the total share capital [1] - The total pledged shares by Huluwa Investment, including this instance, amount to approximately 112 million shares, representing 67.1% of its holdings [1] - The controlling shareholder and its concerted parties collectively hold about 301 million shares, which is 75.34% of the total share capital, with a total pledged share count of approximately 123 million shares, accounting for 40.83% of their holdings and 30.76% of the total share capital [1] Group 2 - In February, China's AI usage surpassed that of the United States for the first time, with four major models ranking among the top five globally, indicating an exponential growth in domestic computing power demand [1]

● 公司控股股东海南葫芦娃投资发展有限公司（以下简称"葫芦娃投资"）持 有海南葫芦娃药业集团股份有限公司（以下简称"公司"或"本公司"）167,079,000 股,占公司总股本 41.76%，葫芦娃投资持有公司股份累计质押（含本次）112,103,130 股，占其持股 67.10%。 ● 控股股东及其一致行动人合计持有本公司 301,426,950 股，占公司总股本 75.34%，累计质押股份数量（含本次）123,059,130 股，占其持有公司股份数量 40.83%， 占公司总股本 30.76%。 一、上市公司股份质押 证券代码：605199 证券简称：ST 葫芦娃 公告编号：2026-012 海南葫芦娃药业集团股份有限公司 关于控股股东部分股份质押的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示: 公司于 2026 年 2 月 26 日获悉控股股东葫芦娃投资所持有公司的部分股份被质 押，具体情况如下。 1 股东名 称 是否为控 股股东 本次质 押股数 （股） 是否为限 售股（如 是，注明 限售类 型） ...