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].

登录新浪财经APP 搜索【信披】查看更多考评等级 受损股民可至新浪股民维权平台登记该公司维权：http://wq.finance.sina.com.cn/ 关注@新浪证券、微信关注新浪券商基金、百度搜索新浪股民维权、访问新浪财经客户端、 新浪财经首页都能找到我们！ 2025年12月29日，海南葫芦娃药业集团股份有限公司（以下简称"葫芦娃"或"公司"）及公司董事长刘景 萍女士于2025年12月26日分别收到中国证监会下发的《立案告知书》（编号：证监立案字0292025008号 和证监立案字0292025009 号）。因公司及公司董事长刘景萍女士涉嫌信息披露违法违规，根据相关法 律法规，中国证监会决定对公司和刘景萍女士立案。上海市信本律师事务所赵敬国律师（执业证号： 13101200410820485）提示，于2024年8月29日—2025年4月22日期间买入且有持仓，无论在2025年4月23 日及之后是否卖出的受损投资者，或可通过"新浪股民维权平台"自愿登记索赔。（赵敬国律师专栏） 受损股民可至新浪股民维权平台登记该公司维权：http://wq.finance.sina.com.cn/ 关注@新浪证券、微信关注 ...

Core Viewpoint - ST HuLuWa Pharmaceutical Group Co., Ltd. is under investigation by the China Securities Regulatory Commission for suspected violations of information disclosure laws, impacting its operations and financial reporting [1] Group 1: Company Overview - ST HuLuWa, established in 2005, focuses on the research, production, and sales of pediatric medicines, with notable products including pediatric cough and asthma granules and intestinal inflammation capsules [1] - The company aims to establish itself as the "first brand of children's medicine in China" and was listed on the Shanghai Stock Exchange in July 2020 [1] Group 2: Financial Performance - From 2020 to 2024, ST HuLuWa reported stable annual revenues of over 1 billion yuan and approximately 100 million yuan in net profit [1] - However, in 2025, the company faced scrutiny for inaccurate financial disclosures, leading to a correction of its 2023 net profit to only 10.85 million yuan, a reduction of 89.81% from previously reported figures [2] - The 2024 financial report revealed a significant decline, with total revenue of 1.414 billion yuan, down 21.26% year-on-year, and a net loss of 274 million yuan, a staggering decrease of 2629.23% [2] Group 3: Regulatory Actions - Prior to the formal investigation, ST HuLuWa received disciplinary actions from the Shanghai Stock Exchange due to accounting errors and failure to timely disclose its 2024 earnings forecast [3] - The company and its executives faced public reprimands, which were recorded in the securities and futures market integrity database [3] Group 4: Current Operations - Despite the ongoing regulatory issues, ST HuLuWa reported that its production and operational activities continue to function normally [1] - The company's third-quarter report for 2025 indicated a revenue of approximately 683 million yuan, a year-on-year decline of 33.88%, with a loss of 11.21 million yuan [4] Group 5: Market Reaction - Following the announcement of the investigation, ST HuLuWa's stock experienced a significant drop, hitting the daily limit down for two consecutive days, with a current share price of 7.99 yuan and a total market capitalization of around 3.2 billion yuan [5]

12月29日ST葫芦娃公开信息显示，海南葫芦娃药业集团股份有限公司董事长刘景萍因涉嫌违反证券法 律法规、信息披露违规被中国证券监督管理委员会立案调查。 公司公告汇总 截至2025年12月29日收盘，ST葫芦娃(605199)报收于8.41元，下跌4.97%，换手率0.22%，成交量8884.0 手，成交额747.14万元。 当日关注点 交易信息汇总资金流向 12月29日主力资金净流出215.3万元，占总成交额28.82%；游资资金净流出59.12万元，占总成交额 7.91%；散户资金净流入274.42万元，占总成交额36.73%。 违规处罚提醒监管公告 海南葫芦娃药业集团股份有限公司及公司董事长刘景萍女士于2025年12月26日收到中国证券监督管理委 员会下发的《立案告知书》，因涉嫌信息披露违法违规，中国证监会决定对公司及刘景萍女士立案。公 司表示将积极配合调查，目前生产经营活动正常。公司指定信息披露媒体为《上海证券报》《中国证券 报》《证券日报》《证券时报》和上海证券交易所网站。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 来 ...

Core Viewpoint - ST HuLuWa is facing severe challenges due to compliance issues and deteriorating performance, leading to regulatory scrutiny and significant financial losses [1][2][4] Group 1: Compliance and Regulatory Issues - ST HuLuWa has received a formal investigation notice from the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure laws [1] - The company has previously been ordered to rectify financial discrepancies in its 2023 annual report, which included inaccurate revenue and profit disclosures [1] - The company’s internal controls have been deemed severely deficient, resulting in a negative opinion in the 2024 internal control audit report [2] Group 2: Financial Performance - In 2024, ST HuLuWa reported total revenue of 1.414 billion yuan, a year-on-year decline of 21.26%, and a net loss of 274 million yuan, a staggering drop of 2629.23% [2] - For the first half of 2025, the company’s revenue was 508 million yuan, down 42.89% from 889 million yuan in the same period of 2024, with a net profit of only 240,980 yuan, reflecting a 94.14% decline [3] - The core business segment, respiratory medications, saw revenue drop to 299 million yuan, accounting for 58.92% of total revenue, a decrease of 54.22% compared to the previous year [3] Group 3: Market and Operational Challenges - The company is experiencing a vicious cycle where compliance failures lead to a loss of market trust, further exacerbating operational difficulties [4] - Frequent errors in financial reporting and disclosure violations indicate serious deficiencies in internal governance, raising fundamental questions about the company's stability and management effectiveness [4]

Core Viewpoint - Hainan Huluwawa Pharmaceutical (ST Huluwawa) 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 ongoing operational challenges [1][2][4]. Company Overview - ST Huluwawa, established in 2005 and headquartered in Haikou, is recognized as a leading children's pharmaceutical company in China, focusing on pediatric medicines, nutritional supplements, and medical devices [4]. - The company has 54 products in the market, addressing common pediatric diseases, with key products including pediatric cough and asthma granules [4]. Financial Performance - The company reported a revenue of 683 million yuan for the first three quarters of the year, a year-on-year decline of 33.88%, and a net loss attributable to shareholders of 11.21 million yuan [4]. - As of September 30, the company had only 111 million yuan in cash, while short-term borrowings reached 467 million yuan, resulting in a debt ratio of 74%, significantly higher than the industry average of 28% [10]. Regulatory Issues - ST Huluwawa has faced multiple regulatory challenges, including receiving an administrative regulatory decision from the Hainan Securities Regulatory Bureau due to inaccurate information disclosure in its 2023 annual report [6]. - The company was placed under special treatment (ST) status on April 30, 2025, following a negative internal control audit report from its accounting firm, which highlighted issues such as premature revenue recognition and abnormal pricing [6][7]. Management Changes - The company has experienced frequent changes in its executive team, with the founder and long-time executive Liu Jingping resigning and then returning to the role of general manager within a short period [10][11]. - The instability in management raises concerns about the company's governance and future direction, especially in light of the ongoing investigation [11]. Market Challenges - The pharmaceutical market is highly competitive, with factors such as medical insurance cost control and drug procurement policies adversely affecting the company's performance [10]. - Sales of core products, particularly respiratory medications, have halved, leading to a significant decline in competitiveness [10].