Core Viewpoint - The establishment of the Hainan Free Trade Port on December 18, 2025, marks a significant opportunity for the pharmaceutical industry, particularly for Huliwa Pharmaceutical Group Co., Ltd., which is positioned to become a national leader in children's health products due to favorable policies and a strong product pipeline [1][2]. Policy Benefits - The special regulatory model of "one line open, two lines controlled, and free within the island" post-closure provides comprehensive policy advantages for the pharmaceutical industry [2] - Pharmaceutical products with over 30% local processing value from Hainan can enter the mainland market exempt from import tariffs [2] - The government continues to support traditional Chinese medicine (TCM) through incentives for research and development, simplified approvals, and medical insurance support, creating a robust policy support system [2] - Hainan has introduced specific policies for TCM clinical trials and green channels for classic formulas, fostering an environment for innovation while preserving tradition [2] - Corporate income tax for the pharmaceutical manufacturing industry is reduced to 15%, with additional financial rewards for companies achieving clinical milestones in Hainan [2] Business Foundation - Huliwa Pharmaceutical is one of the few listed companies focused on children's medicine, established in 2005 with a brand positioning as "Children's Health Experts" [3] - The company has developed a diversified product matrix covering traditional Chinese medicine, chemical drugs, medical devices, and health foods, focusing on three core treatment areas: respiratory, digestive, and anti-infection [3] Product Portfolio - Huliwa has created a comprehensive product system addressing common pediatric diseases, with notable products like Xiaorou Feire Kexuan Granules and Changain Ning Granules, both of which have received multiple industry awards [4] - The company also offers products for nutritional supplementation and fever relief, enhancing its pediatric medication offerings [4] Production and Channel Strategy - Huliwa has established modern production systems compliant with national GMP standards in Hainan and Guangxi, ensuring stable product quality [5] - The company has built a comprehensive marketing network through partnerships with over 30 major chain pharmacies and online platforms, enhancing market penetration [5] R&D Innovation - Huliwa is increasing R&D investment, employing a dual model of independent and collaborative research, and has established several high-end research platforms [6] - As of October 2025, the company has 7 class 1 innovative drugs and 9 class 2 new drugs in various stages of development, focusing on core treatment areas [7] - The company is also modernizing classic TCM formulas and leveraging Hainan's policy advantages to accelerate the transformation of research results [8]

登录新浪财经APP 搜索【信披】查看更多考评等级 海南葫芦娃药业集团股份有限公司 2025年第三次临时股东会决议公告 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： ● 本次会议是否有否决议案：无 一、会议召开和出席情况 (一)股东会召开的时间：2025年12月31日 (二)股东会召开的地点： 海南省海口市秀英区安读一路30号公司会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： ■ 证券代码：605199 证券简称：ST葫芦娃（维权） 公告编号：2026-001 表决情况： (四)表决方式是否符合《公司法》及《公司章程》的规定，会议主持情况等。 本次股东大会由公司董事会召集，董事长刘景萍女士主持会议。采用现场投票和网络投票相结合的方式 召开，会议的召集、召开、表决程序和方式均符合《公司法》及《公司章程》的规定。 (五)公司董事和董事会秘书的列席情况 1、公司在任董事7人，列席7人，其中独立董事列席3人 2、董事会秘书王清涛先生列席本次会议；公司全体高级管理人员列席会议。 二、议案审议 ...

Core Viewpoint - ST HuLuWa's (605199.SH) 2025 year has been tumultuous, marked by a series of crises including a qualified audit opinion, being designated as ST, and a sudden change in core executives, culminating in a formal investigation by the China Securities Regulatory Commission (CSRC) for information disclosure violations [1][3][5] Financial Performance - In 2024, the company's revenue plummeted by 21.26% to 1.414 billion yuan, and net profit turned into a loss of 274 million yuan, a decline of over 2600% year-on-year [7][20] - For the first three quarters of 2025, revenue further decreased by 33.88% to 683 million yuan, with a net loss of 11.21 million yuan [8][21] Information Disclosure Issues - The company faced scrutiny for inaccurate financial disclosures in its 2023 annual report, leading to a significant reduction in reported revenue by approximately 110 million yuan (5.77% of original revenue) and net profit by about 95.64 million yuan (84.93% of original net profit) [5][19] - The CSRC's investigation indicates a serious escalation in regulatory scrutiny, with evidence suggesting violations of the Securities Law regarding the accuracy and completeness of information disclosure [19] Corporate Governance and Internal Control - The auditing firm issued a negative opinion on the company's internal controls, highlighting governance deficiencies such as the controlling shareholder's improper funding to clients and questionable related-party transactions [5][19] - The company has received multiple warnings from the Hainan Securities Regulatory Bureau and the stock exchange regarding delayed disclosures and financial misstatements [19] Market and Competitive Challenges - The company's reliance on a limited product range has led to significant sales declines, with major products experiencing a nearly 60% drop in sales for the intestinal medicine series and over 50% for respiratory medications in 2025 [9][22] - The marketing strategy, heavily dependent on high expenditure, has become unsustainable, with sales expenses exceeding 35% of revenue from 2021 to 2024, peaking at 43% in 2024 [10][24] Shareholder and Funding Issues - The controlling shareholder's 23.9 million shares (14.3% of holdings) were frozen due to a pledge-triggered judicial action, further complicating the company's financial situation [12][25] - The company's trajectory reflects a classic case of "pressure—loss of control—explosion," showcasing how growth pressures can lead to financial manipulation, internal control failures, and disclosure violations [12][25]

证券代码：605199 证券简称：ST 葫芦娃 公告编号：2026-002 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。 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、合同风险 防控、财务管理等业务场景潜在的风险进行重点复查，发现研发流程不规范的情况，已 责令研发部在规定的期限内补充与规范。 2、公司持续组织开展内部控制及各项管理制度的内部自查，进一步强化内控管理。 通过内部协同监督，对公司近期新签订的合同进行了风险排查，严格规范合同签订前的 立项与审批流程。针对研发合同，实行专项立项管理。业务部门签订合同前需提交立项 报告，由财务、法务、研发等多部门组成联合评估小组，对项目必要性、预算合理性及 合规性进行综合评估。在决策审批环节，依据合同金额及性质，分别提交总经理办公会、 董事会或股东大会审议。对于其他类型 ...

股票交易异常波动的公告 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： 证券代码：605199 证券简称：ST 葫芦娃 公告编号：2026-003 海南葫芦娃药业集团股份有限公司 海南葫芦娃药业集团股份有限公司（以下简称"公司"）股票于 2025 年 12 月 29 日至 12 月 31 日连续 3 个交易日内收盘价格跌幅偏离值累计超过 12%。 根据《上海证券交易所交易规则》的有关规定，属于股票交易异常波动情形。 经公司自查，并向公司控股股东和实际控制人书面核实，截至本公告披 露日，公司不存在应披露而未披露的重大事项。 公司及公司董事长刘景萍女士目前仍处于中国证券监督管理委员会立案 调查期间，调查结果尚有不确定性，敬请广大投资者注意风险。 一、股票交易异常波动的具体情况 公司股票交易于2025年12月29日至12月31日连续3个交易日内收盘价格跌幅 偏离值累计超过12%。根据《上海证券交易所交易规则》的有关规定，属于股票 交易异常波动情形。 二、公司关注并核实的相关情况 （一）生产经营情况 经公司自查，公司目 ...

北京国枫律师事务所 北京市东城区建国门内大街 26 号新闻大厦 7 层、8 层 电话：010-88004488/66090088 传真：010-66090016 邮编：100005 关于海南葫芦娃药业集团股份有限公司 2025 年第三次临时股东会的 法律意见书 国枫律股字[2025]A0657 号 致：海南葫芦娃药业集团股份有限公司（贵公司） 北京国枫律师事务所（以下简称"本所"）接受贵公司的委托，指派律师出席并见 证贵公司2025年第三次临时股东会（以下简称"本次会议"）。 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人 民共和国证券法》（以下简称"《证券法》"）、《上市公司股东会规则》（以下简称 "《股东会规则》"）、《律师事务所从事证券法律业务管理办法》（以下简称"《证 券法律业务管理办法》"）、《律师事务所证券法律业务执业规则（试行）》（以下简 称"《证券法律业务执业规则》"）等相关法律、行政法规、规章、规范性文件及《海 南葫芦娃药业集团股份有限公司章程》（以下简称"《公司章程》"）的规定，就本次 会议的召集与召开程序、召集人资格、出席会议人员资格、会议表决程序及表决结果等 ...

(一) 股东会召开的时间：2025 年 12 月 31 日 (二) 股东会召开的地点： 海南省海口市秀英区安读一路 30 号公司会议室 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 300 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 303,150,250 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 75.7669 | (四) 表决方式是否符合《公司法》及《公司章程》的规定，会议主持情况等。 本次股东大会由公司董事会召集，董事长刘景萍女士主持会议。采用现场 投票和网络投票相结合的方式召开，会议的召集、召开、表决程序和方式均符合 《公司法》及《公司章程》的规定。 证券代码：605199 证券简称：ST 葫芦娃 公告编号：2026-001 海南葫芦娃药业 ...

葫芦娃公告称，公司股票于2025年12月29日至12月31日连续3个交易日内收盘价格跌幅偏离值累计超 12%，属异常波动。经自查，公司生产经营正常，无应披露未披露重大事项，未发现相关媒体报道、市 场传闻，董监高、控股股东等在此期间无买卖公司股票情况。此外，公司及董事长刘景萍于2025年12月 26日被立案调查，结果尚不确定，提醒投资者注意风险。 ...

Market Overview - The Chinese medicine sector experienced a decline of 0.32% on December 30, with *ST Changyao leading the drop [1] - The Shanghai Composite Index closed at 3965.12, down 0.0%, while the Shenzhen Component Index closed at 13604.07, up 0.49% [1] Stock Performance - Notable gainers in the Chinese medicine sector included: - Taiji Group (600129) with a closing price of 18.25, up 2.07% [1] - Wanbangde (002082) at 13.89, up 1.98% [1] - Fangsheng Pharmaceutical (603998) at 11.29, up 1.62% [1] - Conversely, *ST Changyao (300391) saw a significant drop of 19.49%, closing at 0.95 [2] Trading Volume and Value - The trading volume and value for key stocks were as follows: - Taiji Group: 87,200 shares traded, with a transaction value of 159 million [1] - Wanbangde: 164,400 shares traded, with a transaction value of 227 million [1] - Fangsheng Pharmaceutical: 48,000 shares traded, with a transaction value of 53.82 million [1] Capital Flow - The Chinese medicine sector experienced a net outflow of 231 million from institutional investors, while retail investors saw a net inflow of 280 million [2] - The capital flow for specific stocks included: - Wanbangde with a net inflow of 48.79 million from institutional investors [3] - Taiji Group with a net inflow of 18.53 million from institutional investors [3] - *ST Changyao had a net outflow of 19.49% [2]

Core Viewpoint - ST HuLuWa is under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure, leading to a significant drop in stock price and market capitalization [1][2]. Group 1: Investigation Background - This is not the first time ST HuLuWa has faced issues with information disclosure, having previously received criticism for inaccurate financial data in multiple reports [2]. - The company's chairman, Liu Jingping, has been criticized for failing to timely disclose the 2024 annual performance forecast, indicating serious internal control and financial compliance issues [2]. Group 2: Financial Performance Decline - ST HuLuWa's financial performance has deteriorated sharply since 2024, with total revenue of 1.414 billion yuan, a year-on-year decrease of 21.26%, and a net loss of 274 million yuan, a decline of over 2600% [3]. - In the first three quarters of 2025, the company reported revenue of 683 million yuan, down 33.88%, and a net loss of 11.21 million yuan [3]. - Due to internal control issues, the company received an audit report that could not express an opinion, leading to its stock being classified as a "ST stock" from April 30, 2025 [3]. Group 3: Shareholder Equity Freeze - The controlling shareholder, Hainan HuLuWa Investment Development Co., Ltd., has had 23.9 million shares frozen, representing 5.97% of the total share capital, due to a triggered early redemption clause [4]. - The freezing of shares is often seen as a signal of governance and liquidity risks, which could lead to forced share reductions or changes in control if debt issues are not resolved [4]. - ST HuLuWa is currently facing compounded pressures from regulatory investigations, operational losses, and shareholder equity freezes, raising concerns about its future stability and market confidence [4].