格隆汇9月1日丨ST葫芦娃(605199.SH)公布，公司近日收到国家药品监督管理局核准签发的关于二甲双 胍恩格列净片（Ⅰ）、吸入用复方异丙托溴铵溶液的《药品注册证书》。二甲双胍恩格列净片（Ⅰ）适 应症为配合饮食控制和运动，适用于正在接受恩格列净和盐酸二甲双胍治疗的2型糖尿病成人患者，用 于改善这些患者的血糖控制。该药品按照与参比制剂质量和疗效一致的技术要求审评并获批，批准后视 同通过仿制药质量和疗效一致性评价。 ...

ST葫芦娃公告，公司近日收到国家药品监督管理局核准签发的关于二甲双胍恩格列净片（Ⅰ）和吸入 用复方异丙托溴铵溶液的《药品注册证书》。其中，二甲双胍恩格列净片（Ⅰ）已累计投入研发费用 1160.07万元，吸入用复方异丙托溴铵溶液已累计投入研发费用316.96万元。 ...

Core Viewpoint - ST HuLuWa reported a significant decline in revenue and profit for the first half of 2025, attributed to market demand fluctuations and intensified industry competition [1][2] Financial Performance - The company achieved a revenue of 508 million yuan, a year-on-year decrease of 42.89% [1] - Net profit attributable to shareholders was 2.41 million yuan, down 94.14% year-on-year [1] - The non-recurring net profit was -18.78 million yuan, indicating a loss [1] Product Portfolio - ST HuLuWa has 111 products in production and sales, with 54 specifically for children aged 0-14, covering respiratory, digestive, antiviral, and infectious diseases [1] - Key products include Xiaoer Feire Keshuan Granules and Changain Ning Granules [1] Operational Challenges - The decline in revenue was primarily due to reduced sales of respiratory medications and increased management and financial expenses, which rose by 15.96% and 77.74% respectively [1] - The company faced criticism from the Shanghai Stock Exchange for discrepancies in its financial reporting, leading to a record in the integrity database [1][2] Accounting Issues - A self-examination revealed that ST HuLuWa had prematurely recognized revenue and engaged in abnormal pricing, necessitating corrections to previous financial reports [2] - Adjustments to the 2023 annual report and 2024 semi-annual report resulted in a net profit reduction of approximately 95.64 million yuan and 37.66 million yuan, respectively [2] Audit Concerns - The auditing firm, Lixin, issued a qualified opinion on the 2024 annual report due to concerns over accounts receivable and lack of adequate audit evidence regarding sales contracts [3] - The company purchased eight R&D projects from Hainan Zhongwang Medical Technology Development Co., Ltd. for 42.05 million yuan, raising questions about the commercial substance of these transactions [3]

Core Viewpoint - ST HuLuWa's financial performance in the first half of 2025 showed a significant decline, with a 42.89% decrease in revenue and a 94.14% drop in net profit, indicating serious operational challenges and potential accounting issues [1][2]. Financial Performance - The company reported a revenue of 508 million yuan in the first half of 2025, down from the previous year [1]. - Net profit attributable to shareholders was 2.41 million yuan, a decrease of 94.14% year-on-year [1]. - The company experienced a non-recurring net profit loss of 18.78 million yuan, indicating a shift from profit to loss [1]. Product Portfolio - ST HuLuWa has 111 products in production and sales, with 54 specifically designed for children aged 0-14, covering various common pediatric diseases [1]. - Key products include Xiaoer Feire Keshuan Granules and Changain Ning Granules [1]. Reasons for Performance Decline - The decline in revenue was attributed to fluctuations in market demand and intensified industry competition, particularly in respiratory medication sales [1]. - Management and financial expenses increased by 15.96% and 77.74% respectively, contributing to the net profit loss [1]. Accounting Issues - The company discovered that some sales were recognized prematurely, leading to inaccuracies in financial reporting for 2023 and 2024, with net profit adjustments of approximately 95.64 million yuan and 37.66 million yuan respectively [2]. - Nearly 90% of the 2023 net profit and about 50% of the 2024 mid-year net profit were derived from premature revenue recognition and abnormal pricing [2]. Audit Concerns - The auditing firm, Lixin, issued a qualified opinion on the 2024 annual report and a negative opinion on internal control, citing insufficient evidence regarding customer payments and related party transactions [3]. - There were concerns about the company's related party transactions, particularly with Hainan Zhongwang Medical Technology Development Co., which raised questions about the commercial substance of these transactions [3].

从股价来看，2025年3月31日至2025年6月30日，ST葫芦娃区间跌幅为38.76%，在此期间股东户数减少 1.19万户，减幅为27.3%。 证券之星消息，近日ST葫芦娃披露，截至2025年6月30日公司股东户数为3.16万户，较3月31日减少1.19 万户，减幅为27.3%。户均持股数量由上期的9209.0股增加至1.27万股，户均持股市值为11.49万元。 在中药行业个股中，ST葫芦娃股东户数低于行业平均水平，截至6月30日，中药行业平均股东户数为 5.25万户。户均持股市值方面，中药行业A股上市公司户均持股市值为24.54万元，ST葫芦娃低于行业平 均水平。 | | | | 统计截止日 区间股价涨跌幅 股东户数 增减 增减比例 户均持股市值 (元) 户均持股数 (股) | | | | | --- | --- | --- | --- | --- | --- | --- | | 2025-06-30 | -38.76% | | 31587 -11862 | -27.30% | 11.49万 | 1.27万 | | 2025-03-31 | -7.03% | 43449 | 874 | 2.05% | 1 ...

Core Viewpoint - The report highlights a significant decline in the company's financial performance for the first half of 2025, with a 42.89% decrease in revenue and a 94.14% drop in net profit, attributed to market demand fluctuations and intensified industry competition [2][16]. Company Overview and Financial Indicators - The company, Hainan Huluwa Pharmaceutical Group Co., Ltd., operates in the pharmaceutical manufacturing sector, focusing on children's health products and traditional Chinese medicine [2][10]. - Key financial metrics for the first half of 2025 include: - Revenue: CNY 507.67 million, down 42.89% from the previous year - Total profit: CNY 8.18 million, down 83.71% - Net profit attributable to shareholders: CNY 2.41 million, down 94.14% [2][16]. - The company reported a total asset value of CNY 2.91 billion at the end of the reporting period, a decrease of 1.72% compared to the previous year [2]. Business Operations and Market Position - The company specializes in the research, production, and sales of pharmaceutical products, particularly focusing on children's medications and health supplements [3][9]. - The product portfolio includes 111 varieties, with 54 specifically designed for children, covering common pediatric diseases [3][9]. - The company has established a modern production base and R&D center in Haikou and Nanning, enhancing its production capabilities [3][4]. Industry Context - The pharmaceutical industry is undergoing significant changes due to policy adjustments and market demand shifts, with a projected decline of 2.8% in the industry overall for 2025 [10][11]. - The government is expanding drug procurement policies, which is reshaping the industry landscape and encouraging innovation [11][12]. - The demand for pediatric medications is expected to grow due to increased health awareness among parents and the expansion of health insurance coverage [12][13]. Research and Development - The company is actively engaged in R&D, focusing on innovative pediatric formulations and expanding its product line to meet market needs [17][18]. - The company has received approvals for several new drug registrations, enhancing its product offerings in various therapeutic areas [18][19]. Marketing and Sales Strategy - The company employs a multi-channel marketing strategy, targeting both traditional and online sales channels to increase market penetration [7][19]. - Efforts are being made to strengthen partnerships with healthcare institutions and retail pharmacies to improve product visibility and accessibility [19].

证券代码：605199 证券简称：ST 葫芦娃 公告编号：2025-064 海南葫芦娃药业集团股份有限公司 关于召开 2025 年半年度业绩说明会的公告 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： ??会议召开时间：2025 年 9 月 5 日(星期五) 下午 15:00-16:00 ? 会议召开地点：上海证券交易所上证路演中心（网址：https://roadshow.sseinfo. com/） ? 会议召开方式：上证路演中心网络互动 ??投资者可于 2025 年 8 月 29 日(星期五) 至 9 月 4 日(星期四)16:00 前登录上证路演 中心网站首页点击"提问预征集"栏目或通过公司邮箱 huluwa@huluwayaoye.com 进行 提问。公司将在说明会上对投资者普遍关注的问题进行回答。 海南葫芦娃药业集团股份有限公司（以下简称"公司"）已于 2025 年 8 月 29 日发 布公司 2025 年半年度报告，为便于广大投资者更全面深入地了解公司 2025 年半年度的 经营成果、财务状况，公司 ...

证券代码：605199 证券简称：ST 葫芦娃 公告编号：2025-060 （五）本次董事会会议由董事长刘景萍女士主持，公司全体监事、高级管理人员列 席会议。 二、董事会会议审议情况 （一）审议通过了《关于公司 2025 年半年度报告及其摘要的议案》 海南葫芦娃药业集团股份有限公司 第三届董事会第六次会议决议公告 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。 一、董事会会议召开情况 （一）海南葫芦娃药业集团股份有限公司（以下简称"公司"）第三届董事会第六 次会议的召开符合《公司法》《公司章程》和《董事会议事规则》的有关规定，会议合 法有效。 （二）会议通知和材料于 2025 年 8 月 18 日以邮件方式发出。 （三）会议于 2025 年 8 月 29 日在海南省海口市秀英区安读一路 30 号公司会议室 以现场结合通讯方式召开。 （四）公司董事会会议应出席董事 7 人，实际出席董事 7 人（其中以通讯表决方式 出席会议的董事 2 人）。 具体内容详见公司于上海证券交易所网站（www.sse.com.cn）同日披露的《海南葫 ...

Summary of Key Points Core Viewpoint The report provides an overview of the fundraising activities and the utilization of raised funds by Hainan Huluwa Pharmaceutical Group Co., Ltd. for the first half of 2025, highlighting the total amount raised, expenses incurred, and the allocation of funds to various projects. Fundraising Basic Situation - The company raised a total of RMB 208,119,000.00 by issuing 40,100,000 shares at RMB 5.19 per share, with net proceeds amounting to RMB 173,119,000.00 after deducting underwriting fees of RMB 35,000,000.00 [1][2]. - The funds were deposited into a regulatory account managed by the lead underwriter, CITIC Securities Co., Ltd. [1]. Fundraising Usage and Balance - As of June 30, 2025, the total amount of raised funds was RMB 208,119,000.00, with total expenses of RMB 57,079,347.77, resulting in a net amount of RMB 151,039,652.23 [2]. - The remaining balance of the raised funds at the end of the period was RMB 11,878,482.50 after accounting for various expenditures and interest income [2][4]. Fund Management and Storage - The company established a dedicated account for the management of raised funds, adhering to relevant regulations and guidelines to ensure proper usage and protection of investor interests [2][3]. - A tripartite supervision agreement was signed with the banks and the underwriter to clarify the rights and obligations of all parties involved [2][3]. Project Adjustments and Fund Allocation - The company adjusted the implementation of the "Marketing System Construction and Brand Promotion Project" to be managed by its wholly-owned subsidiary, Hainan Huluwa Pharmaceutical Co., Ltd. [3]. - The company decided to reallocate funds from the "Pediatric Drug Research Project" to other urgent drug research projects due to delays in the original project [10][11]. Financial Performance and Future Outlook - The company reported that the fundraising projects do not directly generate economic benefits, making it challenging to assess their individual performance [6][11]. - The long-term benefits of the drug research projects are expected to enhance the company's core competitiveness and market presence [6][7]. Compliance and Disclosure - The company confirmed compliance with all relevant laws and regulations regarding the use of raised funds and timely disclosure of information [12][13]. - There were no violations in the use of raised funds, and all disclosed information accurately reflects the company's financial activities [12].

| | 海南葫芦娃药业集团股份有限公司2025 年半年度报告摘要 | | | | | --- | --- | --- | --- | --- | | 公司代码：605199 | 公司简称：ST 葫芦娃 | | | | | | 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2025 年半年度报告摘要 | | | | | | 第一节 | 重要提示 | | | | 展规划，投资者应当到 | www.sse.com.cn | 网站仔细阅读半年度报告全文。 | | | | 完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 | | | | | | 报告期内，公司不进行利润分配或公积金转增股本 | | | | | | | 第二节 | 公司基本情况 | | | | | 公司股票简况 | | | | | 股票种类 | 股票上市交易所 | 股票简称 | 股票代码 | 变更前 | | 股票简称 | | | | | | A股 | 上海证券交易所 ST葫芦娃 | | 605199 | 葫芦娃 | | 联系人和联系方式 | | 董事会秘书 | | 证券事务代表 | | 姓 ...