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].

Core Viewpoint - ST HuLuWa is facing severe compliance and performance issues, with the China Securities Regulatory Commission initiating a formal investigation due to suspected violations of information disclosure laws [2][4]. Compliance Issues - ST HuLuWa has been repeatedly flagged for violations in financial information disclosure and internal controls throughout the year [4]. - In March, the company received a corrective order from the Hainan Securities Regulatory Bureau for inaccuracies in its 2023 annual report, leading to significant adjustments in reported profits [4]. - The company’s 2023 net profit was adjusted down by 95.64 million yuan, representing 89.81% of the original amount, and the total profit was reduced by 108 million yuan, accounting for 80.05% of the original figure [4]. Internal Control Failures - The internal control audit report for 2024 received a negative opinion, resulting in the company's stock being placed under risk warnings and its name changed to ST HuLuWa [5]. - The company failed to timely disclose its 2024 performance loss announcement, which was only made public on April 23, 2025, leading to further criticism from the Shanghai Stock Exchange [5]. Deteriorating Performance - ST HuLuWa's financial performance has been declining, with total revenue for 2024 at 1.414 billion yuan, a year-on-year decrease of 21.26%, and a net loss of 274 million yuan, a staggering decline of 2629.23% [6]. - In the first half of 2025, the company reported revenue of 508 million yuan, a 42.89% drop from 889 million yuan in the same period of 2024, with net profit plummeting by 94.14% to 240,980 yuan [6][7]. Core Business Challenges - The core respiratory medication segment saw revenue drop to 299 million yuan in the first half of 2025, a 54.22% decline from 653 million yuan in the previous year, significantly impacting overall performance [7]. - Sales expenses decreased by 60.25% to 107 million yuan, while research and development expenses fell by 80.69% to only 19.38 million yuan, reflecting the company's operational difficulties [7]. Market Trust and Governance Concerns - The company is trapped in a vicious cycle where compliance failures lead to a loss of market trust, further exacerbating operational decline [7]. - Frequent financial discrepancies and disclosure violations indicate serious flaws in internal governance, raising fundamental questions about the company's stability and management effectiveness [7].

Core Viewpoint - ST HuLuWa is facing severe challenges in compliance and performance, with regulatory scrutiny intensifying due to multiple violations in financial disclosures and internal controls [1][3][4] Compliance Issues - The company and its chairman received a formal investigation notice from the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure laws [1] - ST HuLuWa has been under scrutiny for inaccurate financial disclosures, leading to a correction order from the Hainan Securities Regulatory Bureau earlier in the year [3] - The company reported significant adjustments to its financial data, with net profit for 2023 and 2024 being reduced by 95.64 million and 37.65 million respectively, representing 89.81% and 47.82% of the original figures [3] Performance Decline - ST HuLuWa's financial performance has deteriorated sharply, with total revenue for 2024 dropping to 1.414 billion, a year-on-year decrease of 21.26%, and a net loss of 274 million, marking a staggering decline of 2629.23% [5] - In the first half of 2025, the company reported revenue of 508 million, a 42.89% decrease from 2024, and a net profit of only 240,980, down 94.14% [5][6] Core Business Challenges - The core respiratory medication segment saw a revenue drop of 54.22% in the first half of 2025, contributing significantly to the overall decline in performance [6] - Sales and R&D expenses have also been drastically reduced, with sales expenses down 60.25% and R&D expenses down 80.69% to 19.38 million [6] Market Trust and Governance - The company's ongoing compliance failures have led to a loss of market trust, creating a vicious cycle that exacerbates operational difficulties [6] - Frequent financial discrepancies and disclosure violations indicate serious flaws in internal governance, raising fundamental questions about the company's stability and management effectiveness [6]

近日，葫芦娃发布公告称，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《中华人民共和国证券法》 《中华人民共和国行政处罚法》等法律法规，中国证监会决定对公司和刘景萍立案。 （葫芦娃） 目前，公司各项生产经营活动正常有序开展，在立案调查期间，公司将积极配合中国证监会的相关调查工作，并严格 按照有关法律法规及监管要求履行信息披露义务。 ...

Core Viewpoint - ST HuLuWa Pharmaceutical (605199.SH) is under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure laws, following significant corrections to its financial statements, including a nearly 90% reduction in net profit for 2023 [1][3][4]. Financial Performance - The company's 2023 revenue was adjusted from 1.905 billion yuan to 1.795 billion yuan, and the net profit was revised down from 106 million yuan to 10.85 million yuan, a decrease of 89.81% [4]. - For 2024, the company expects a revenue of 1.414 billion yuan, a year-on-year decline of 21.26%, and a net loss of 274 million yuan, a staggering year-on-year drop of 2629.23% [9][10]. Sales and Product Performance - Sales of key products have significantly declined, with core items like "Chuanlian Ning Capsules" and "Fangban Langen Granules" seeing sales drop by 59.10% and 44.10% respectively [10][12]. - The company reported a 33.88% year-on-year decline in total revenue for the first three quarters of 2025, amounting to 683 million yuan, with a net loss of 11.21 million yuan [12]. Management and Governance Issues - The company has faced multiple management changes, including the resignation of its chairman Liu Jingping from the general manager position and subsequent reappointment [8]. - The CSRC's investigation follows previous reprimands from the Shanghai Stock Exchange for failing to disclose performance losses in a timely manner [1][4][7].

Core Viewpoint - ST HuLuWa's recent announcement regarding the investigation by the China Securities Regulatory Commission (CSRC) due to alleged information disclosure violations has led to a significant decline in its stock price, highlighting ongoing operational challenges and internal control deficiencies [1][2]. Financial Performance - In 2024, the company's total operating revenue decreased by 21.26%, and it reported a net loss of 274 million yuan, marking a staggering year-on-year decline of 2629.23% [1]. - The Q3 2025 report indicated a continued revenue decline of 33.88%, with a net loss attributable to shareholders of 11.21 million yuan [1]. Internal Control Issues - In April 2025, the company received an audit report with a disclaimer of opinion regarding its internal control over financial reporting, leading to risk warnings on its stock [2]. - The Shanghai Stock Exchange criticized the company for inaccuracies in multiple financial reports, with significant amounts involved and high correction ratios, implicating the former chairman and CFO in the violations [2]. Shareholder Concerns - The controlling shareholder's nearly 24 million shares have been judicially frozen, raising concerns about the stability of control and the company's future financing capabilities [2]. Industry Implications - The case of ST HuLuWa serves as a warning to other listed companies about the importance of robust internal controls and accurate information disclosure, as lapses can lead to significant risks [3]. - The company must cooperate with the CSRC investigation, identify root causes of issues, and implement effective corrective measures to restore market confidence [3].

ST葫芦娃（维权）及董事长于2025年12月26日分别收到证监会下发的《立案告知书》，因涉嫌信息披 露违法违规被立案调查。 公告中，公司并未披露涉嫌信息披露违法违规的具体细节，仅表示各项生产经营活动正常有序开展，并 将积极配合调查。 实际上，今年以来ST葫芦娃已因财务信息披露问题多次收到监管警示，公司股票自2025年4月30日起被 实施其他风险警示。 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！ 一、公司及董事长被立案调查 （本文由上海沪紫律师事务所刘鹏律师供稿，不代表新浪财经的观点。刘鹏律师，专注证券维权19年， 自2006年执业以来，成功为中青宝、国华网安、劲嘉股份（维权）等 300 余家上市公司的中小投资者成 功维权，案件在办数量超过 14000 起，胜诉率达 99.2%。作为业内资深证券维权律师，刘鹏律师精准把 握案件核心，诉讼经验丰富，索赔策略高效，为投资者争取最大权益，维权实力行业 ...

格隆汇12月29日｜ST葫芦娃（维权）(605199.SH)一字跌停，报8.41元，封单近10万手。ST葫芦娃公告，公司及公司董事长刘景萍于12月26日分别收到中国 证监会下发的《立案告知书》。因公司及公司董事长刘景萍涉嫌信息披露违法违规，中国证监会决定对公司和刘景萍立案。目前，公司各项生产经营活动正 常有序开展，在立案调查期间，公司将积极配合中国证监会的相关调查工作，并严格按照有关法律法规及监管要求履行信息披露义务。(格隆汇) 登录新浪财经APP 搜索【信披】查看更多考评等级 ...

Core Viewpoint - ST HuLuWa (605199.SH) experienced a limit down, closing at 8.41 yuan with nearly 100,000 sell orders, following the announcement of an investigation by the China Securities Regulatory Commission (CSRC) regarding alleged violations of information disclosure laws by the company and its chairman Liu Jingping [1] Group 1 - The company and its chairman received a "Notice of Investigation" from the CSRC on December 26 due to suspected illegal information disclosure [1] - The CSRC has decided to initiate an investigation against the company and Liu Jingping [1] - Despite the investigation, the company stated that all production and operational activities are currently proceeding normally and in an orderly manner [1] Group 2 - The company will actively cooperate with the CSRC during the investigation and will adhere to relevant laws, regulations, and disclosure obligations [1]

登录新浪财经APP 搜索【信披】查看更多考评等级 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26日至2025年12月28日晚间，ST葫芦娃（维权）、ST长园（维权）、臻镭科技（维权）、 派瑞股份（维权）、大烨智能（维权）五家上市公司均公告遭证监会立案，一个周末之间五家上市公司 公告遭立案较为罕见，加上上周四公告遭证监会立案的倍轻松（维权），上周共计六家上市公司遭证监 会立案。 关于遭证监会立案的原因，ST葫芦娃、ST长园、臻镭科技、大烨智能四家上市公司均是笼统的表述 为：因公司涉嫌信息披露违法违规，中国证监会决定对公司予以立案。派瑞股份则表示：公司就立案调 查事项的自查情况披露如下，公司于 2025 年 4 月 17 日收到中国证券监督管理委员会陕西监管局下发的 《现场检查通知书》。针对监管关注事项及公司自查发现，2024 年度一笔销售合同中部分收入存在延 期确认的会计处理 ...