2、股东会的召集人：董事会 关于召开 2025 年第四次临时股东会的通知 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重 大遗漏。 一、召开会议的基本情况 1、股东会届次：2025 年第四次临时股东会 3、本次会议的召集、召开符合《中华人民共和国公司法》《深圳证券交易所股票上市规则》《深 圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》等法律、行政法规、部门规章、 规范性文件及《公司章程》的有关规定。 4、会议时间： （1）现场会议时间：2025 年 11 月 28 日 14:00 证券代码：002107 证券简称：沃华医药 公告编号：2025-045 山东沃华医药科技股份有限公司 （2）网络投票时间：通过深圳证券交易所系统进行网络投票的具体时间为 2025 年 11 月 28 日 9:15-9:25，9:30-11:30，13:00-15:00；通过深圳证券交易所互联网投票系统投票的具体时间为 2025 年 11 月 28 日 9:15 至 15:00 的任意时间。 5、会议的召开方式：现场表决与网络投票相结合。 6、会议的股权登记日：2025 年 ...

证券代码：002107 证券简称：沃华医药 公告编号：2025-043 山东沃华医药科技股份有限公司 第八届董事会第六次（临时）会议决议公告 该公司及董事会全体成员保证信息披露内容的真实、准确和完整， 没有虚假记载、误导性陈述或重大遗漏。 山东沃华医药科技股份有限公司（以下简称公司）第八届董事会 第六次（临时）会议于 2025 年 11 月 12 日以通讯表决方式召开，会 议通知于 2025 年 11 月 6 日以书面、电子邮件等方式发出。本次会议 应参会董事 9 名，实际参会董事 9 名。会议由董事长赵丙贤先生召集。 会议的召开符合《公司法》等相关法律法规及《公司章程》的规定。 经与会董事认真审议，本次会议通过了以下决议： 一、会议以 9 票同意，0 票反对，0 票弃权，审议通过了《关于 变更会计师事务所的议案》。 决议内容：同意改聘中喜会计师事务所（特殊普通合伙）为公司 2025 年度财务报告及内部控制审计机构，审计费用 90 万元，其中年 报审计费用为 70 万元，内控审计费用为 20 万元。 该议案已经过公司第八届董事会审计委员会 2025 年第六次会议 审议通过，尚需提交公司股东会审议，并自公司股东 ...

Core Viewpoint - A long-standing divorce property dispute involving significant assets and control of a listed company has concluded, resulting in a change of actual control over Wohuamedicine [1][3]. Company Control Change - The court's ruling mandates an equal division of shares in Zhongzheng Wanrong Investment Group, the controlling shareholder of Wohuamedicine, between Zhao Bingxian and his ex-wife Lu Juan, changing the actual control of Wohuamedicine to a state of no actual controller [3][12]. - Zhao Bingxian previously held 80% of Zhongzheng Wanrong, while Lu Juan held 20%. Post-division, both will hold 50% each [3][12]. - The value of the shares transferred to Lu Juan is approximately 547 million yuan, based on Wohuamedicine's market capitalization of 3.648 billion yuan as of November 10, 2025 [3][12]. Company Background - Wohuamedicine, established in 2002 and listed in 2007, specializes in the research, production, and sales of natural plant-based cardiovascular traditional Chinese medicine [12]. - The company's core products include Wohuaxin Keshupian, Gushukang capsules/particles, Huo Dan tablets/capsules, and Naoxue Shukouye, which are the main sources of its revenue and profit [12]. Financial Performance - Wohuamedicine has faced declining performance in recent years, with a continuous drop in net profit from 2021 to 2024 due to price reductions of core products and high marketing costs [12][13]. - The revenue from Wohuaxin Keshupian decreased by 22.56% in 2024, significantly impacting overall revenue [13]. - However, there was a turnaround in 2025, with a reported revenue of 625 million yuan, an increase of 8.31%, and a net profit of 63.995 million yuan, up 179.34% year-on-year [13]. Shareholder Dynamics - The number of shareholders in Wohuamedicine decreased from 48,021 to 34,476 between Q1 2021 and Q1 2025, but began to stabilize and increase to 41,003 by September 30, 2025 [13]. - Following the court ruling, Wohuamedicine's stock price remained stable, with slight increases observed after the announcement [14]. Future Outlook - Lu Juan expressed her commitment to improving management and governance within the company, emphasizing the importance of a professional management team and internal governance mechanisms for sustainable development [14]. - She plans to convene a shareholders' meeting to discuss the company's governance and development direction [14].

Core Viewpoint - The divorce property dispute between Zhao Bingxian and Lu Juan, which lasted for 15 years and involved significant assets and control over listed companies, has reached a final judgment, resulting in a change of actual control over WoHua Pharmaceutical [1][3]. Group 1: Legal Proceedings and Control Changes - The court ruled that Zhao Bingxian and Lu Juan will each hold 50% of the shares in Zhongzheng Wanrong Investment Group, the controlling shareholder of WoHua Pharmaceutical, leading to a situation where WoHua Pharmaceutical has no actual controller [3][9]. - The value of the shares transferred to Lu Juan is approximately 547 million yuan, based on WoHua Pharmaceutical's market capitalization of 3.648 billion yuan as of November 10, 2025 [3][9]. - Lu Juan expressed that the equal division of shares would prevent a single major shareholder from dominating the company, promoting healthier development [3][12]. Group 2: Company Background and Performance - WoHua Pharmaceutical, established in 2002 and listed in 2007, specializes in the research, production, and sales of natural plant-based cardiovascular traditional Chinese medicine [11]. - The company's core products, including WoHua Xinkeshu tablets and Bone Shu Kang capsules, are the main sources of revenue and profit [11]. - The company has faced declining performance, with net profit decreasing for four consecutive years from 2021 to 2024, largely due to price reductions and high marketing costs [11][12]. Group 3: Future Outlook and Management - Despite the challenges, WoHua Pharmaceutical showed signs of recovery in 2025, with a reported revenue of 625 million yuan, an increase of 8.31% year-on-year, and a net profit of 63.995 million yuan, up 179.34% [11][12]. - Lu Juan plans to actively participate in company decision-making and governance following the share division, emphasizing the importance of a professional management team and sound internal governance for sustainable development [12][13].

Core Viewpoint - The divorce property dispute between Zhao Bingxian and Lu Juan, involving significant assets and control over Wohuamedicine, has concluded with a court ruling that splits their shares in the controlling entity, Zhongzheng Wanrong Investment Group, equally, resulting in Wohuamedicine having no actual controller [2][10][14]. Group 1: Legal Proceedings and Outcomes - The court's second-instance ruling maintains the first-instance decision, mandating an equal division of shares in Zhongzheng Wanrong, which holds a 50.27% stake in Wohuamedicine [2][10]. - Zhao Bingxian previously held 80% of Zhongzheng Wanrong, while Lu Juan held 20%; post-division, both will hold 50% [2][10]. - Lu Juan expressed that the equal shareholding will prevent dominance by a single major shareholder and promote the company's healthy development [3][14]. Group 2: Company Background and Performance - Wohuamedicine, established in 2002 and listed in 2007, specializes in the research, production, and sales of natural plant-based cardiovascular traditional Chinese medicine [11]. - The company's core products include Wohuaxin Keshupian and other proprietary medications, which are crucial for its revenue and profit [11]. - Recent years have seen declining performance, with net profit decreasing for four consecutive years from 2021 to 2024, largely due to price reductions and high marketing costs [12]. Group 3: Financial Data and Market Response - As of November 10, 2025, Wohuamedicine's total market value was approximately 3.648 billion yuan, with Lu Juan's share from the division valued at about 547 million yuan [3]. - Despite the ongoing legal issues, the company's stock price remained stable following the announcement of the court ruling, with slight increases noted in the days after [14]. - In the first three quarters of 2025, Wohuamedicine reported a revenue of 625 million yuan, marking an 8.31% year-on-year increase, and a net profit of approximately 63.995 million yuan, reflecting a significant growth of 179.34% [12].

Core Viewpoint - The long-standing divorce case of Zhao Bingxian, known as "China's Buffett," and his ex-wife Lu Juan has resulted in a significant financial judgment of 536 million yuan, impacting the control and market confidence of the listed company WoHua Pharmaceutical [1][5][16]. Group 1: Control and Governance - Zhao Bingxian previously held 80% of the shares in Zhongzheng Wanrong, allowing him to control WoHua Pharmaceutical. Following the divorce, both parties now hold 50% each, leading to potential governance issues and decision-making paralysis within the company [7][10]. - The division of shares creates a scenario where neither party can effectively manage the company, resulting in a lack of clear leadership and direction [6][14]. Group 2: Market Confidence - The equal division of shares raises uncertainties in the market regarding potential share sell-offs by Lu Juan and the future strategic direction of WoHua Pharmaceutical, which could lead to stock price volatility [10][14]. - The company's announcement of "normal operations" may indicate underlying concerns about market confidence, suggesting that the situation is more precarious than it appears [10][14]. Group 3: Entrepreneurial Focus - The prolonged legal battle over the divorce has consumed significant time and energy from Zhao Bingxian, potentially detracting from his focus on managing the company and making strategic decisions [11][19]. - The distraction caused by the divorce proceedings may lead to performance fluctuations and a decline in team morale, further complicating the company's operational stability [11][19]. Group 4: Historical Context and Implications - The case of Zhao Bingxian is not isolated; similar high-profile divorces in the A-share market have historically led to significant disruptions in company governance and market performance [20][26]. - The impact of such personal matters on corporate governance highlights the sensitivity of investors to changes in control and the potential for "black swan" events in the market [20][26].

Group 1 - BeiGene expects its 2025 revenue to be between 36.2 billion and 38.1 billion yuan, driven by the strong performance of its flagship product, Brukinsa, in the US and European markets [1] - The company's R&D, sales, and management expenses are projected to be between 29.5 billion and 30.9 billion yuan, with a gross margin maintained at a high level of 80% to 90% [1] - The revenue growth adjustment indicates that BeiGene is entering a new phase of self-sustainability, showcasing its strong potential for innovative drug commercialization and global competitiveness [1] Group 2 - Shanghai Pharmaceuticals received FDA approval for its Ticagrelor tablets, which will be used for patients with acute coronary syndrome, marking a significant step in its internationalization and innovative R&D efforts [2] - The approval reflects the product's quality and compliance with international standards, enhancing the company's position in the global market [2] - Additionally, the company received a drug registration certificate for tofacitinib extended-release tablets, which are used to treat rheumatoid arthritis and other conditions [2] Group 3 - A divorce case has led to a change in the actual controller of Wohuayi Pharmaceutical, with both parties now holding 50% equity in Beijing Zhongzheng Wanrong Investment Group [3] - This structural change may impact decision-making efficiency and strategic progress due to potential disagreements between the two parties [3] - However, it also presents an opportunity for the company to optimize its governance structure and reduce reliance on individual control [3] Group 4 - Yixin Pharmacy's chairman plans to transfer shares to his daughters through block trading, totaling no more than 11.712 million shares, which will not change the company's control [4] - This internal transfer is a stable family succession arrangement, allowing for wealth transfer while maintaining control through a concerted action agreement [4] - The move effectively mitigates risks associated with changes in control and governance structure [4] Group 5 - Sinovac Biotech has submitted an application for an H-share listing on the Hong Kong Stock Exchange, marking a key step in its internationalization strategy [5] - The listing is expected to provide significant capital support for the company's innovative drug development and global market expansion [5] - It will also enhance the company's international brand image and market influence [5]

Core Points - The divorce dispute between Zhao Bingxian, known as "China's Buffett," and his ex-wife Lu Juan has concluded after 15 years, with a court ruling on the division of 1 billion yuan in assets [1][2] - The court's decision mandates an equal split of the shares in Zhongzheng Wanrong Investment Group, which Zhao and Lu held, resulting in each owning 50% of the company [1][3] - Following the ruling, Zhao Bingxian's status as the actual controller of the company has changed, as he previously held 80% of the shares [3][4] Company Overview - Wohua Pharmaceutical, the company involved, specializes in cardiovascular traditional Chinese medicine and has a total market value of 3.556 billion yuan as of November 6 [4] - The company reported a revenue of 625 million yuan for the first three quarters of 2025, reflecting an 8.31% year-on-year increase, and a net profit of 63.995 million yuan, up 179.34% [4] - Wohua Pharmaceutical has 162 drug approval numbers, with 15 exclusive products, and 43 products listed in the National Essential Drug List [4] Historical Context - Zhao Bingxian and Lu Juan founded Zhongzheng Wanrong Group in 1991, initially focusing on investment banking and later expanding into various successful listings [5][6][7][8][9][10][11] - The couple's personal and professional relationship has been tumultuous, marked by allegations of domestic violence and disputes over company assets since Lu filed for divorce in 2010 [1][11]

Core Viewpoint - The actual controller of Wohua Pharmaceutical has changed due to a prolonged divorce property dispute, resulting in a lack of a single controlling party over the company [1][4]. Group 1: Control Change - The change in actual control stems from a divorce property dispute lasting 15 years between Zhao Bingxian and Lu Juan, with the core issue being the equity of Zhongzheng Wanrong [1]. - The Beijing Third Intermediate People's Court upheld the first-instance ruling to equally divide the shares of Zhongzheng Wanrong, leading to both parties holding 50% of the shares, thus resulting in no single controller for Wohua Pharmaceutical [1][4]. Group 2: Company Operations - Despite the change in control, Zhao Bingxian continues to serve as the chairman and legal representative of Zhongzheng Wanrong and Wohua Pharmaceutical, and the company's operations remain unaffected [2]. - Wohua Pharmaceutical has a history dating back to the Qing Dynasty and operates as a comprehensive traditional Chinese medicine enterprise with key products including Wohua Xinkeshu Tablets and Bone Health Capsules [3]. Group 3: Financial Performance - Wohua Pharmaceutical has experienced declining revenue and net profit from 2020 to 2024, with revenues of 10.06 billion, 9.43 billion, 10.15 billion, 9.1 billion, and 7.64 billion respectively, reflecting changes of 16.95%, -6.3%, 7.65%, -10.38%, and -16.02% [3][5]. - The decline in revenue is attributed to a drop in sales of core products, particularly Wohua Xinkeshu Tablets, which saw a price reduction of approximately 39% after entering a centralized procurement range [5]. - In 2025, Wohua Pharmaceutical's performance began to recover, with a reported revenue of 4.25 billion in the first half, a year-on-year increase of 7.64%, and a net profit of 446.76 million, up 303.16% [6]. Group 4: Sales Expenses - Sales expenses have consistently remained high, with figures of 4.71 billion, 4.22 billion, 5.21 billion, 4.92 billion, and 3.89 billion from 2020 to 2024, representing 46.82%, 44.75%, 51.34%, 54.07%, and 50.92% of revenue respectively [7]. - Even with a recovery in 2025, sales expenses reached 2.15 billion, accounting for 50.59% of revenue, indicating that over half of the revenue is allocated to sales efforts [7].

Core Viewpoint - The actual controller of Shandong Wohua Pharmaceutical Technology Co., Ltd. has changed due to a court ruling on a long-standing divorce property dispute, which may impact the company's operations and performance during a critical recovery phase [1][3]. Group 1: Control Change - The change in actual control of Wohua Pharmaceutical stems from a 15-year divorce property dispute between Zhao Bingxian and Lu Juan, which has now concluded with a court ruling [1][3]. - Zhao Bingxian previously held 80% of the shares in Zhongzheng Wanrong Investment Group, the controlling shareholder of Wohua Pharmaceutical, which owned 50.27% of the company [3]. - Following the court's decision, both Zhao and Lu now hold 50% of Zhongzheng Wanrong, resulting in no single party being able to control the company, thus leading to a state of no actual controller [3]. Group 2: Financial Performance - Wohua Pharmaceutical has experienced a decline in revenue and net profit from 2020 to 2024, with revenues of 1.006 billion, 943 million, 1.015 billion, 910 million, and 764 million respectively, reflecting changes of -16.95%, -6.3%, 7.65%, -10.38%, and -16.02% [5]. - The net profit has also decreased significantly, with figures of 179 million, 163 million, 107 million, 58.76 million, and 36.4 million, showing year-on-year changes of -86.72%, -8.66%, -34.28%, -45.27%, and -38.05% [5]. - The decline in core product sales, particularly the Wohua Xinkeshu Pian, which saw a price drop of approximately 39% after entering a centralized procurement range, has been a major factor in the revenue decline [5]. Group 3: Recent Recovery - Wohua Pharmaceutical's performance began to recover in 2025, with a reported revenue of 425 million in the first half, marking a 7.64% increase year-on-year, and a net profit of 44.68 million, up 303.16% [6]. - The third-quarter report for this year indicated revenues of approximately 625 million, an increase of 8.31%, and a net profit of about 63.99 million, up 179.34% [7]. - Despite the recovery, the company continues to face high sales expenses, which accounted for over 50% of revenue, with sales expenses of 471 million, 422 million, 521 million, 492 million, and 389 million from 2020 to 2024 [7].