| | 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 ...

Core Viewpoint - ST Huhuwawa reported a significant decline in both revenue and profit for the first half of 2025, indicating financial distress and operational challenges [1][2]. Financial Performance - The company's revenue for the first half of 2025 was 508 million yuan, a year-on-year decrease of 42.89% [1]. - The net profit attributable to shareholders was 2.41 million yuan, down 94.14% year-on-year [1]. - The non-recurring net profit attributable to shareholders was -18.78 million yuan, a decline of 514.52% year-on-year [1]. - Basic earnings per share stood at 0.01 yuan [2]. Profitability Metrics - The gross profit margin for the first half of 2025 was 43.28%, down 8.06 percentage points year-on-year [2]. - The net profit margin was 0.89%, a decrease of 3.97 percentage points compared to the same period last year [2]. - In Q2 2025, the gross profit margin was 51.30%, down 2.46 percentage points year-on-year but up 12.09 percentage points quarter-on-quarter [2]. - The net profit margin for Q2 2025 was -11.69%, a decline of 15.19 percentage points year-on-year and down 18.96 percentage points from the previous quarter [2]. Expense Analysis - Total operating expenses for the first half of 2025 were 206 million yuan, a reduction of 225 million yuan year-on-year [2]. - The expense ratio was 40.67%, down 7.89 percentage points year-on-year [2]. - Sales expenses decreased by 60.25% year-on-year, while management expenses increased by 15.96% [2]. - R&D expenses fell by 80.69%, and financial expenses rose by 77.74% [2]. Shareholder Information - As of the end of the first half of 2025, the total number of shareholders was 31,600, a decrease of 11,900 or 27.30% from the previous quarter [2]. - The average market value of shares held per shareholder decreased from 136,400 yuan to 114,900 yuan, a decline of 15.76% [2]. Company Overview - ST Huhuwawa, established on June 22, 2005, is located in Haikou, Hainan Province, and was listed on July 10, 2020 [3]. - The company's main business includes the research, production, and sales of traditional Chinese medicine and chemical drugs [3]. - The revenue composition includes respiratory drugs (58.92%), digestive system drugs (21.43%), systemic anti-infection drugs (9.75%), other drugs (5.67%), and raw materials (4.22%) [3]. - The company belongs to the pharmaceutical and biological industry, specifically in the traditional Chinese medicine sector [3].

证券代码：605199 证券简称：ST 葫芦娃 公告编号：2025-062 海南葫芦娃药业集团股份有限公司 关于 2025 年半年度募集资金存放与使用情况的专项报告 | 项目 | 金额（元） | | --- | --- | | 减：以募集资金置换预先投入自筹资金的金额 | 13,914,870.00 | | （注） | | | 减：以前年度募集资金直接投入募投项目金额 | 126,091,679.96 | | 加：以前年度累计利息收入扣除手续费金额 | 930,973.35 | | 募集资金年初余额 | 11,964,075.62 | | 减：本年度募集资金直接投入募投项目金额 | 91,109.60 | | 加：本年度利息收入扣除手续费金额 | 5,516.48 | | 募集资金期末余额 | 11,878,482.50 | 注：本公司于 2020 年 8 月 27 日召开第二届董事会第四次会议，审议通过了《关 于公司使用募集资金置换预先投入募投项目的自筹资金的议案》，同意公司合计使用募 集资金人民币 13,914,870.00 元置换预先投入募投项目的自筹资金。天健会计师事务所 （特殊普通合伙）对该事项进行 ...

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： 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。 （二） 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/） 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，公司计划于 2025 年 9 月 5 日（星期五）下午 15:00-16:00 举行 2025 年半年度业绩说明会，就投资者关心的问 ...

证券代码：605199 证券简称：ST 葫芦娃 公告编号：2025-061 海南葫芦娃药业集团股份有限公司 第三届监事会第六次会议决议公告 本公司监事会及全体监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、 监事会会议召开情况 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 芦娃药业集团股份有限公司 2025 年半年度报告及摘要》。 公司监事会根据《证券法》和《上海证券交易所股票上市规则》等相关规定和要求， 对董事会编制的公司 2025 年半年度报告进行了严格的审核。监事会认为： （1）公司 2025 年半年度报告的编制和审议程序符合法律、法规及《公司章程》的 有关规定。 （2）公司 2025 年半年度报告的内容和格式符合中国证监会和上海证券交易所的有 关规定，所披露的信息真实、完整地反映了公司 2025 年半年度的经营管理和财务状况 等事项。 （一）海南葫芦娃药业集团股份有限公司（以下简称"公司"）第三届监事会第六次 会议的召开符合《公司法》《公司章程》和《监事会议事规则》的有关规定，会议合法 有效 ...

证券代码：605199 证券简称：ST 葫芦娃 公告编号：2025-060 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 （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）。 （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》 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 芦娃药业集团股份有限公司 2025 年半年度报告及摘要》。 表决结果：同意 7 票，弃权 0 票，反对 0 票。 本议案已经公司董事会审计委员会审议通过并同意提交公司董事会审议。 （二）审议通过了《关于公司 2025 年半年度募集资金存放与使用情况专项报告的 议案》 （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 ...

证券代码：605199 证券简称：ST 葫芦娃 公告编号：2025-063 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。 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 ...

[Important Notice](index=2&type=section&id=Important%20Notice) This report guarantees the truthfulness and completeness of its content, notes unaudited financials, no profit distribution, and highlights investment risks - Company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content and assume legal responsibility[3](index=3&type=chunk) - This semi-annual report is unaudited[5](index=5&type=chunk) - During the reporting period, the company will not distribute profits or convert capital reserves into share capital[6](index=6&type=chunk) - The company has thoroughly analyzed and described the major risks it may face in this report, and advises investors to be aware of investment risks[6](index=6&type=chunk) [Section I Definitions](index=4&type=section&id=Section%20I%20Definitions) This section defines key terms, company entities, and controlling parties for clear report understanding - This section clarifies that "Company, the Company, Huluwa, Huluwa Shares" all refer to Hainan Huluwa Pharmaceutical Group Co., Ltd[11](index=11&type=chunk) - Lists major subsidiaries such as Hainan Huluwa Pharmaceutical, Huluwa Technology, Guangxi Weiwei, and controlling shareholder Hainan Huluwa Investment and actual controllers Liu Jingping and Tang Xudong couple[11](index=11&type=chunk) [Section II Company Profile and Key Financial Indicators](index=4&type=section&id=Section%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) Overview of company information, stock changes to "ST Huluwa", and significant declines in revenue and net profit [I. Company Information](index=4&type=section&id=I.%20Company%20Information) Hainan Huluwa Pharmaceutical Group Co., Ltd., known as "Huluwa", is led by legal representative Liu Jingping - The company's Chinese name is Hainan Huluwa Pharmaceutical Group Co., Ltd., and its Chinese abbreviation is Huluwa[13](index=13&type=chunk) - The company's legal representative is Liu Jingping[13](index=13&type=chunk) [II. Contact Person and Contact Information](index=4&type=section&id=II.%20Contact%20Person%20and%20Contact%20Information) Provides contact details for the Board Secretary and Securities Affairs Representative - The Board Secretary is Wang Qingtao, and the Securities Affairs Representative is Wang Haiyan, both with the contact address at No. 30, Andu Road 1, Xiuying District, Haikou City, Hainan Province[14](index=14&type=chunk) [III. Brief Introduction to Changes in Basic Information](index=5&type=section&id=III.%20Brief%20Introduction%20to%20Changes%20in%20Basic%20Information) Company's registered and office addresses, website, and email remained unchanged during the reporting period - The company's registered address is No. 8, Yaogu Fourth Road, Phase II, Yaogu Industrial Park, Haikou National High-tech Zone, Haikou City, Hainan Province, and its office address is No. 30, Andu Road 1, Xiuying District, Haikou City, Hainan Province[15](index=15&type=chunk) - There were no changes in the company's basic information during the reporting period[15](index=15&type=chunk) [IV. Brief Introduction to Changes in Information Disclosure and Document Custody Locations](index=5&type=section&id=IV.%20Brief%20Introduction%20to%20Changes%20in%20Information%20Disclosure%20and%20Document%20Custody%20Locations) Specifies designated newspapers and website for information disclosure, with no changes in custody locations - The company designates Shanghai Securities News, China Securities Journal, Securities Daily, and Securities Times as information disclosure newspapers[16](index=16&type=chunk) - The website address for publishing the semi-annual report is www.sse.com.cn[16](index=16&type=chunk) [V. Brief Introduction to Company Stock](index=5&type=section&id=V.%20Brief%20Introduction%20to%20Company%20Stock) Company's A-shares are listed on the Shanghai Stock Exchange, with stock abbreviation changed to "ST Huluwa" - The company's stock type is A-shares, listed on the Shanghai Stock Exchange[17](index=17&type=chunk) - The stock abbreviation has changed from "Huluwa" to "ST Huluwa", with stock code 605199[17](index=17&type=chunk) [VII. Key Accounting Data and Financial Indicators](index=5&type=section&id=VII.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) Operating revenue and net profit significantly declined, while operating cash flow improved due to reduced payments 2025 Semi-Annual Key Accounting Data | Key Accounting Data | Current Period (Jan-Jun) | Prior Year (Adjusted) | % Change from Prior Year | | :------------------ | :----------------------- | :-------------------- | :----------------------- | | Operating Revenue | 507,670,912.42 | 888,949,451.28 | -42.89 | | Total Profit | 8,178,289.04 | 50,203,025.62 | -83.71 | | Net Profit Attributable to Shareholders of Listed Company | 2,409,780.66 | 41,092,478.86 | -94.14 | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-recurring Items) | -18,781,607.98 | 4,530,905.84 | N/A | | Net Cash Flow from Operating Activities | 14,154,022.67 | -151,118,833.90 | N/A | 2025 Semi-Annual Key Financial Indicators | Key Financial Indicators | Current Period (Jan-Jun) | Prior Year (Adjusted) | % Change from Prior Year | | :----------------------- | :----------------------- | :-------------------- | :----------------------- | | Basic Earnings Per Share (Yuan/Share) | 0.01 | 0.10 | -90.00 | | Diluted Earnings Per Share (Yuan/Share) | 0.01 | 0.10 | -90.00 | | Basic Earnings Per Share (Excluding Non-recurring Items) (Yuan/Share) | -0.05 | 0.01 | N/A | | Weighted Average Return on Net Assets (%) | 0.34 | 3.96 | Decrease by 3.62 percentage points | | Weighted Average Return on Net Assets (Excluding Non-recurring Items) (%) | -2.68 | 0.44 | Decrease by 3.12 percentage points | - Operating revenue decreased by **42.89%** year-on-year, primarily due to reduced sales of respiratory system drugs[20](index=20&type=chunk) - Net profit attributable to shareholders of the listed company decreased by **94.14%** year-on-year, mainly due to the decrease in operating revenue[21](index=21&type=chunk) - Net cash flow from operating activities increased compared to the prior year, mainly due to reduced operating payments[21](index=21&type=chunk) [IX. Non-recurring Gains and Losses Items and Amounts](index=6&type=section&id=IX.%20Non-recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) Total non-recurring gains and losses were 21.19 million yuan, primarily from government subsidies 2025 Semi-Annual Non-recurring Gains and Losses Items and Amounts | Non-recurring Gains and Losses Item | Amount (Yuan) | | :---------------------------------- | :------------ | | Disposal gains/losses of non-current assets | -323,740.80 | | Government subsidies recognized in current profit and loss | 21,625,725.13 | | Other non-operating income and expenses apart from the above | -57,072.79 | | Other gains and losses meeting the definition of non-recurring items | 135,164.90 | | Less: Income tax impact | 48,967.49 | | Minority interest impact (after tax) | 139,720.31 | | Total | 21,191,388.64 | [Section III Management Discussion and Analysis](index=7&type=section&id=Section%20III%20Management%20Discussion%20and%20Analysis) Discusses operating performance, industry trends, core competencies, and management's strategic responses to market challenges [I. Description of the Company's Industry and Main Business During the Reporting Period](index=7&type=section&id=I.%20Description%20of%20the%20Company%27s%20Industry%20and%20Main%20Business%20During%20the%20Reporting%20Period) Company focuses on children's health, with products in traditional Chinese medicine, chemical drugs, and nutritional supplements [(I) Company's Main Business Operations](index=7&type=section&id=(I)%20Company%27s%20Main%20Business%20Operations) Pharmaceutical manufacturing with a "children's full life cycle health" strategy, strong pediatric product portfolio, and API expansion - The company is a pharmaceutical manufacturing enterprise with integrated R&D, production, and sales capabilities in China, with a core strategy of "children's full life cycle health"[27](index=27&type=chunk) - The company has **111** in-production and in-sale products, of which **54** have clear pediatric dosages, covering common diseases in children aged 0-14[29](index=29&type=chunk) - Star products Xiao'er Feire Kecuan Granules and Changyanning Granules/Capsules won awards such as "2024 China Pharmacy Selected Brand"[29](index=29&type=chunk) - The company actively expands its API front-end chemical intermediate business by controlling Jiangxi Rongxing Pharmaceutical Co., Ltd., and is advancing the construction of API production workshops[31](index=31&type=chunk) [(II) Company's Main Operating Model](index=11&type=section&id=(II)%20Company%27s%20Main%20Operating%20Model) Centralized management, specialized operations, balanced procurement, "production based on sales" model, and diversified sales channels - The company implements centralized group management, with each subsidiary operating professionally; the headquarters is responsible for strategic planning, and subsidiaries for specific business implementation[35](index=35&type=chunk) - The procurement model is centrally managed by the procurement department, selecting high-quality suppliers and conducting strict on-site inspections for key materials such as traditional Chinese medicinal herbs[36](index=36&type=chunk) - The production model combines "production based on sales" and "reasonable inventory"; the Meian Children's Pharmaceutical Intelligent Manufacturing Factory has passed GMP certification, achieving automated, information-based, and intelligent production[37](index=37&type=chunk)[38](index=38&type=chunk) - The sales model primarily includes direct sales, traditional distribution, and distributor models, covering a wide marketing network including chain pharmacies, medical institutions, and e-commerce platforms[39](index=39&type=chunk)[40](index=40&type=chunk)[41](index=41&type=chunk) [(III) Market Position of the Company's Main Products](index=12&type=section&id=(III)%20Market%20Position%20of%20the%20Company%27s%20Main%20Products) Strong position in pediatric drugs, with exclusive products and extensive national essential drug and medical insurance coverage - The company specializes in pediatric drugs, primarily traditional Chinese medicine with rapidly developing chemical drugs, focusing on respiratory, digestive, and systemic anti-infective medications[42](index=42&type=chunk) - Xiao'er Feire Kecuan Granules (4g), Changyanning Capsules (0.3g), and Changyanning Granules (2g) are exclusive specification products[43](index=43&type=chunk) - Xiao'er Feire Kecuan Granules won honors such as "2023-2024 China Pharmaceutical Retail Market Potential Brand", and Changyanning Granules won honors such as "2024 China OTC Product Comprehensive Statistical Ranking Second Place"[43](index=43&type=chunk) - The company has **63** drugs included in the National Essential Drug List and **105** drugs in the National Medical Insurance Catalog[43](index=43&type=chunk) [(IV) Industry Overview](index=13&type=section&id=(IV)%20Industry%20Overview) Pharmaceutical industry faces policy adjustments, TCM grows with standardization, and pediatric drug market expands with policy support - From January to June 2025, operating revenue of pharmaceutical manufacturing enterprises above designated size decreased by **1.2%** year-on-year, and total profit decreased by **2.8%** year-on-year, indicating an overall adjustment trend in the industry[45](index=45&type=chunk) - The National Healthcare Security Administration further expanded the scope of centralized procurement, optimized the basic medical insurance catalog, and strengthened refined supervision of medical insurance funds[45](index=45&type=chunk) - The traditional Chinese medicine industry is steadily advancing under continuous policy support from the "14th Five-Year Plan"; the National Administration of Traditional Chinese Medicine issued the "Traditional Chinese Medicine Standardization Action Plan (2024-2026)", aiming to complete the formulation of **180** domestic standards and **30** international standards by the end of 2026[47](index=47&type=chunk) - Policy support for pediatric traditional Chinese medicine continues to increase, with multiple provinces raising the medical insurance reimbursement ratio for pediatric traditional Chinese medicine, and the priority review system for pediatric drugs remains effective[49](index=49&type=chunk) - The company has achieved results in developing suitable pediatric dosages and innovative drugs; Terbutaline Sulfate Inhalation Solution has been approved, Phase III clinical trials for Xiao'er Huaji Granules have completed enrollment, and Phase II clinical trials for Xiao'er Malong Zhike Pingchuan Granules have successfully concluded[52](index=52&type=chunk) [(V) Industry Cyclical Characteristics](index=15&type=section&id=(V)%20Industry%20Cyclical%20Characteristics) Pharmaceutical industry has rigid demand with no obvious cycles, but specific drug sales show seasonality - The pharmaceutical industry has strong rigid demand and no obvious cyclical changes[54](index=54&type=chunk) - Sales of specific drug varieties exhibit some seasonality due to the high incidence period of their indications being affected by seasonal and environmental factors[54](index=54&type=chunk) [(VI) Company's Industry Position](index=15&type=section&id=(VI)%20Company%27s%20Industry%20Position) Prominent in pediatric medicine, recognized as a top enterprise in TCM and Hainan's manufacturing sector - The company is a Vice Chairman Unit of the Pediatric Branch of the China Association of Traditional Chinese Medicine and a Vice President Unit of the Pediatric Branch of the China Ethnic Medicine Association[55](index=55&type=chunk) - The company ranked **20th** among the Top 50 Manufacturing Enterprises in Hainan Province in 2024 and among the Top 50 Enterprises in Comprehensive Competitiveness of Traditional Chinese Medicine Industry in 2024[55](index=55&type=chunk) - Received multiple honors such as "Leading Force China Pharmaceutical High-Quality Development Achievement Enterprise" and "Excellent Brand Enterprise of Chinese Ethnic Medicine"[55](index=55&type=chunk) [II. Discussion and Analysis of Operating Performance](index=16&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operating%20Performance) H1 2025 saw revenue and profit decline, prompting R&D, market, digital, quality, and risk control improvements [(I) Continuously Advancing R&D Innovation](index=16&type=section&id=(I)%20Continuously%20Advancing%20R%26D%20Innovation) Focused on "precise R&D" in pediatric areas, with new drug approvals, clinical trials, and generic drug evaluations - The company holds **341** drug approvals, with **7** Class 1 innovative drugs and **9** Class 2 new drugs (including 3 traditional Chinese medicines and 6 chemical drugs) at various R&D stages[58](index=58&type=chunk) - Feire Kecuan Granules (Class 2.3 improved traditional Chinese medicine new drug) received the "Drug Clinical Trial Approval Notice", adding "influenza with heat-toxin invading the lung syndrome" indication and "adult" applicable population[58](index=58&type=chunk) - The company and its subsidiaries successfully obtained **4** drug registration approvals, including Salbutamol Sulfate Inhalation Solution, Esomeprazole Sodium for Injection, Calcitriol Soft Capsules, and Pregabalin Oral Solution[59](index=59&type=chunk) - **3** varieties passed the generic drug quality and efficacy consistency evaluation, and production applications for **25

Core Viewpoint - The Shanghai Stock Exchange has criticized ST Houlvwa for accounting errors and has mandated corrective actions following a report of premature revenue recognition and pricing anomalies in 2023 [1][2]. Group 1: Company Financial Adjustments - ST Houlvwa discovered that some sales in 2023 had prematurely recognized revenue, leading to discrepancies in financial data reported in periodic reports [2]. - The company will adjust its financial statements for 2023 and the first half of 2024, with net profit reductions of approximately 95.64 million yuan and 37.66 million yuan, representing 89.81% and 47.82% of the pre-adjustment amounts, respectively [2]. - Total profit adjustments for the same periods are approximately 108 million yuan and 4.40 million yuan, accounting for 80.05% and 46.73% of the pre-adjustment amounts, respectively [2]. Group 2: Company Governance and Disciplinary Actions - The Shanghai Stock Exchange's disciplinary committee has issued a public reprimand to the company's then-chairman and general manager Liu Jingping, as well as the then-financial director Yu Hui, due to the identified violations [2]. - The disciplinary actions are based on the company's failure to comply with the regulations outlined in the Stock Listing Rules and related guidelines [2]. Group 3: Company Market Position - As of the latest report, ST Houlvwa has a market capitalization of 3.8 billion yuan [4]. - The company's revenue for the year 2024 is entirely derived from the pharmaceutical manufacturing sector, indicating a focused business model [3].

Core Viewpoint - The Shanghai Stock Exchange has issued a decision to publicly criticize Hainan Huluwa Pharmaceutical Group Co., Ltd. (stock abbreviation: ST Huluwa) for inaccurate financial data disclosures in multiple periodic reports, involving significant amounts and high correction ratios [1] Summary by Relevant Sections - **Company Accountability** - The decision highlights that the then Chairman and General Manager Liu Jingping, along with the then Chief Financial Officer Yu Hui, failed to fulfill their duties and are responsible for the company's violations [1] - **Disciplinary Actions** - The Shanghai Stock Exchange has decided to publicly criticize Hainan Huluwa Pharmaceutical Group Co., Ltd., Liu Jingping, and Yu Hui for their roles in the inaccurate financial disclosures [1]