Core Viewpoint - The national childcare subsidy policy will provide an annual subsidy of 3600 yuan per child until the age of three, benefiting over 20 million families each year starting from January 1, 2025 [4][5]. Subsidy Standard - Each child will receive a subsidy of 3600 yuan per year until they turn three years old. For children born before January 1, 2025, who are under three years old, the subsidy will be calculated based on the remaining months [8]. Coverage - The policy applies to all families with children under three years old, regardless of whether they have one, two, or three children, and is uniformly implemented across the country [9]. Application Process - Parents or guardians can apply for the subsidy online through the childcare subsidy information management system or offline, providing necessary documents such as birth certificates and household registration books [10]. Funding Source - The central government will establish a "childcare subsidy fund," providing financial support to eastern, central, and western regions proportionally, with any additional local funding being the responsibility of local governments [11]. Market Impact Analysis - The infant food market is expected to exceed 72 billion yuan, directly benefiting the maternal and infant consumption industry chain [12]. - The childcare industry is projected to reach a scale of 162.1 billion yuan by 2025, with an average annual growth rate of 7.5%, accelerated by the policy [13]. - Demand for children's medical and nutritional health products is anticipated to rise, with the pediatric medication market expected to grow at a rate exceeding 10% annually [14]. Beneficiary Companies - Leading maternal and infant retail companies are expected to benefit directly from increased customer spending and frequency of purchases [15]. - Companies such as Kidswant and Huaiying Room are positioned to gain from the subsidy implementation due to their extensive retail networks and service offerings [16]. - Major players in the infant formula market, like China Feihe and Yili, are likely to see increased demand driven by the subsidy [17][18].

| | 被担保人名称 本次担保金额 | 3,000.00 | 广西维威制药有限公司 万元 | | | --- | --- | --- | --- | --- | | 担 保 对 | | | | | | 象 | 实际为其提供的担保余额 | 22,216.34 | 万元 | | | | 是否在前期预计额度内 | 是 | □否 | □不适用：_________ | | | 本次担保是否有反担保 | □是 | 否 | □不适用：_________ | 证券代码：605199 证券简称：ST 葫芦娃 公告编号：2025-052 海南葫芦娃药业集团股份有限公司 关于为全资子公司提供担保的公告 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： 担保对象及基本情况 累计担保情况 | 对外担保逾期的累计金额（万元） | 0 | | --- | --- | | 截至本公告日上市公司及其控股 子公司对外担保总额（万元） | 31,703.74 | | 对外担保总额占上市公司最近一 | 45.26 | | 期经审计净资产的比例（%） ...

证券代码：605199 证券简称：ST 葫芦娃 公告编号：2025-051 海南葫芦娃药业集团股份有限公司 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。 4、加强与会计师事务所等外部专业机构的日常沟通，提升公司治理的规范性，提高 公司信息披露质量。 5、公司围绕合规管理核心目标，积极加强与监管部门的沟通联系，加强风险防控体 系建设。组织核心人员参与监管政策解读会议，聚焦内部控制、信息披露等政策调整； 同时开展合规专题学习活动，以案例教学强化全员合规意识。旨在有效提升公司合规水 平与风险防控能力。后续公司将持续优化相关工作，夯实合规发展根基。 特此公告。 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》 ...

证券代码：605199 证券简称：ST 葫芦娃 公告编号：2025-051 海南葫芦娃药业集团股份有限公司 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。 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"最近一个会计年度内部控制被出具无法表示意见或否定意见审计报告，或 未按照规定披露内部控制审计报告"的情形，公司股票自 2024 年 4 月 30 日起被实施其 他风险警示。具体内容详见公司于 2025 年 4 月 29 日披露的《海南葫芦娃药业集团股份 有限公司关于实施其他风险警示暨停牌的公告》（公告编号：2025-033）。 二、公司被实施其他风险警示后所采取的措施 1、针对内部控制审计报告中指出的问题，公司的专项整改小组由董事长牵头，持 续联合公司审计部、财务部、研发部等深入开展全面自查。对研发流程管理、合 ...

(一) 提前离任的基本情况 (二) 离任对公司的影响 证券代码：605199 证券简称：葫芦娃 公告编号：2025-050 海南葫芦娃药业集团股份有限公司 关于公司董事、高级管理人员退休离任的公告 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。 一、 董事、高级管理人员离任情况 | 姓名 | 离任职务 | 离任时间 | | | | | 是否继续在 | 是否存在 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 原定任期 | | 离任原 | 上市公司及 | 未履行完 | | | | | | 到期日 | | 因 | 其控股子公 | 毕的公开 | | | | | | | | | 司任职 | 承诺 | | 李君玲 | 董事、战略与 ESG 委 | 2025年7月 | 20 | 2025 年 | 11 | | | | | | | | | | | 退休 | 否 | 否 | | | 员会委员、副总经理 | 日 | | 月 3 日 | | | | | 特此公 ...

Core Viewpoint - ST HULUWA announced a significant decline in expected net profit for the first half of 2025, projecting a loss of up to 10 million yuan, which represents a year-on-year decrease of 75.66% to 100.00% [1] Financial Performance - The company expects a net profit of 0 to 10 million yuan for H1 2025, down from a profit of 3,109.25 million yuan to 4,109.25 million yuan in the same period last year [1] - The expected non-recurring net profit is projected to be between -22 million yuan and -12 million yuan, a decrease of 364.85% to 585.55% compared to the previous year [1] - In 2023, the company reported total revenue of 1,905.18 million yuan, with a net profit of 106.50 million yuan and a gross margin of 52.77% [9] Audit and Compliance Issues - The company received a qualified opinion in its annual audit report for FY 2024, primarily due to incomplete financial data related to accounting errors [2] - The Hainan Securities Regulatory Bureau found inaccuracies in the financial disclosures of the 2023 annual report, leading to administrative corrective measures [2] - The company has not provided complete financial documentation related to the restatement of its 2023 financial statements, affecting the audit process [2] Potential Financial Misconduct - There are allegations of funds being circulated outside the company, with the controlling shareholder allegedly providing financial support to clients through personal accounts [3] - The company has made significant payments for R&D projects to a company closely related to its actual controller, raising concerns about the legitimacy of these transactions [4] - The company has not adequately explained the discrepancies in accounts receivable and revenue recognition, leading to regulatory inquiries [4] Product Performance - The company's core products, particularly in the digestive system category, have seen a dramatic decline in sales, with a reported drop of 56.94% [6] - The sales revenue for digestive system drugs fell to 146.06 million yuan, with a gross margin of 57.92% [7] Management Changes - The CEO, Liu Jingping, resigned from the position to focus on strategic planning while remaining as the chairman [8] - The new CEO, Zhang Mingrui, resigned less than a month after taking office, indicating potential instability in management [8] Marketing and Sales Strategy - The company has a high sales expense ratio, reaching 40%, while R&D expenses remain below 10%, indicating a focus on sales over product development [8] - In 2024, business promotion expenses accounted for 73.18% of total sales expenses, raising questions about the appropriateness of these expenditures [10]

Group 1 - The narrative evokes nostalgia for childhood experiences centered around watching the animated series "Huluwa" on a black-and-white television, highlighting the communal joy and excitement it brought to children in the village [1] - The vivid imagery of children imitating scenes from the show, such as water-wielding characters, illustrates the impact of the series on their imaginative play and social interactions [1] - The contrast between the past experience of watching the show on a low-resolution screen and the current high-definition viewing options emphasizes a loss of the original thrill and tension associated with the show [1] Group 2 - The mention of unfinished stories and the creative interpretations of children during power outages reflects the enduring influence of the series on their imagination and storytelling [2] - The imagery of the seven-colored gourd lighting up at sunset symbolizes hope and the magical elements that the series instilled in its young audience [2]

关于注射用头孢噻肟钠通过仿制药一致性评价的公告 证券代码：605199 证券简称：葫芦娃 公告编号：2025-049 海南葫芦娃药业集团股份有限公司 和关节感染、中枢神经系统感染。 截至本公告披露日，除了本公司外，该药品已通过一致性评价的生产厂家超过 3 家。 公司对该药品的一致性评价已累计投入研发费用为 361.39 万元人民币（未经审计）。 三、对公司的影响及投资风险 公司注射用头孢噻肟钠通过仿制药一致性评价，有利于提升该药品的市场竞争力， 对该药品的市场销售产生积极影响，同时也为公司后续产品开展仿制药一致性评价工作 积累了宝贵的经验。因药品销售易受到行业政策、招标采购、市场环境等因素影响，存 在较大不确定性。敬请广大投资者谨慎决策，注意防范投资风险。 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 理局核准签发的关于注射用头孢噻肟钠（以下简称"该药品"）的《药品补充申请批准 通知书》，该药品通过仿制药质量和疗效一致性评价。现将有关情况公告如下： 一 ...

[Current Period Performance Forecast](index=1&type=section&id=%E4%B8%80%E3%80%81%E6%9C%AC%E6%9C%9F%E4%B8%9A%E7%BB%A9%E9%A2%84%E5%91%8A%E6%83%85%E5%86%B5) The company forecasts a significant decline in its 2025 first-half performance, with net profit attributable to shareholders expected to drop by 75.66% to 100.00% - This performance forecast applies as the company expects to be profitable, but net profit is projected to decrease by over **50%** compared to the prior year[3](index=3&type=chunk) 2025 First-Half Performance Forecast vs. 2024 First-Half | Indicator | 2025 First-Half Forecast | 2024 First-Half | Year-over-Year Change | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Shareholders | 0 to 10 Million Yuan | 41.0925 Million Yuan | ↓ 75.66% to 100.00% | | Net Profit Attributable to Shareholders (Excluding Non-Recurring Items) | -22 to -12 Million Yuan | 4.5309 Million Yuan | ↓ 364.85% to 585.55% | [Prior Period Operating Performance and Financial Status](index=2&type=section&id=%E4%BA%8C%E3%80%81%E4%B8%8A%E5%B9%B4%E5%90%8C%E6%9C%9F%E7%BB%8F%E8%90%A5%E4%B8%9A%E7%BB%A9%E5%92%8C%E8%B4%A2%E5%8A%A1%E7%8A%B6%E5%86%B5) The company disclosed its restated 2024 first-half financial data as a comparative baseline, including net profit attributable to shareholders and earnings per share 2024 First-Half Financial Data | Indicator | 2024 First-Half Data | | :--- | :--- | | Total Profit | 50.2030 Million Yuan | | Net Profit Attributable to Shareholders | 41.0925 Million Yuan | | Net Profit Attributable to Shareholders (Excluding Non-Recurring Items) | 4.5309 Million Yuan | | Earnings Per Share | 0.1 Yuan | - Prior period data has been restated due to retrospective adjustments for accounting errors[6](index=6&type=chunk) [Primary Reasons for Current Period Performance Decline](index=2&type=section&id=%E4%B8%89%E3%80%81%E6%9C%AC%E6%9C%9F%E4%B8%9A%E7%BB%A9%E9%A2%84%E5%87%8F%E7%9A%84%E4%B8%BB%E8%A6%81%E5%8E%9F%E5%9B%A0) The significant decline in current period performance is primarily attributed to shifts in industry competition, leading to reduced sales revenue and profit - The performance decline is primarily due to changes in the industry competitive landscape, resulting in decreased sales revenue and reduced profit[9](index=9&type=chunk) [Risk Warning](index=2&type=section&id=%E5%9B%9B%E3%80%81%E9%A3%8E%E9%99%A9%E6%8F%90%E7%A4%BA) The company warns that the performance forecast data is a preliminary financial estimate, unaudited by certified public accountants, and thus the final results may be uncertain - This performance forecast is a preliminary calculation by the company's finance department, unaudited by certified public accountants, and its accuracy is uncertain[10](index=10&type=chunk) [Other Explanatory Matters](index=2&type=section&id=%E4%BA%94%E3%80%81%E5%85%B6%E4%BB%96%E8%AF%B4%E6%98%8E%E4%BA%8B%E9%A1%B9) The company reiterates that the forecast data is preliminary, and final accurate financial figures will be based on the officially disclosed 2025 semi-annual report - The final accurate financial data will be based on the company's officially disclosed 2025 semi-annual report, and investors are advised to be aware of investment risks[11](index=11&type=chunk)

Core Viewpoint - The company has received the drug registration certificate for Cefprozil Dry Suspension from the National Medical Products Administration, which will enhance its product line and positively impact its development [1][2]. Drug Information - Drug Name: Cefprozil Dry Suspension - Dosage Form: Oral Suspension - Registration Category: Chemical Drug Class 3 - Specification: 2.5g (based on C??H??N?O?S) - License Holder: Hainan Huluwa Pharmaceutical Group Co., Ltd. - Acceptance Number: CYHS2302198 - Drug Approval Number: National Drug Approval H20254800 - Approval Conclusion: The drug meets the registration requirements and has been granted a registration certificate, pending compliance inspection for production quality management [1][2]. R&D and Related Information - Cefprozil is a cephalosporin antibiotic originally developed by Bristol-Myers Squibb Company, indicated for mild to moderate infections caused by sensitive bacteria, including: 1. Streptococcal pharyngitis/tonsillitis 2. Otitis media and acute sinusitis caused by Streptococcus pneumoniae, Haemophilus influenzae (including beta-lactamase producing strains), and Moraxella catarrhalis (including beta-lactamase producing strains) 3. Acute bronchitis secondary bacterial infections and acute exacerbations of chronic bronchitis caused by Moraxella catarrhalis (including beta-lactamase producing strains) 4. Non-complex skin and soft tissue infections caused by bacteria, although abscesses typically require surgical drainage [2]. - The company has invested a total of RMB 4.9474 million (approximately 0.49474 million) in the R&D of this product [2]. - As of the announcement date, eight other companies in China have also been approved to produce Cefprozil Dry Suspension, with a total of 13 specifications approved [2].