Core Viewpoint - The court's second-instance ruling on the property division between Zhao Bingxian, the actual controller and chairman of Wohuah Pharmaceutical, and his ex-wife Lu Juan, has significant implications for the company's control structure and financial situation, with Zhao's "divorce settlement" amounting to 540 million yuan [1][2]. Group 1: Legal and Ownership Changes - The court upheld the first-instance ruling, mandating an equal division of shares in Zhongzheng Wanrong Investment Group, the controlling shareholder of Wohuah Pharmaceutical, between Zhao Bingxian and Lu Juan [2]. - Following the ruling, Zhao's ownership in Zhongzheng Wanrong Investment Group decreased from 80% to 50%, resulting in a change in the actual control of Wohuah Pharmaceutical, which now has no actual controller [2][4]. - Despite the ownership changes, Zhao Bingxian continues to hold key positions within both Zhongzheng Wanrong Investment Group and Wohuah Pharmaceutical, ensuring that business operations remain unaffected [2]. Group 2: Financial Performance - Wohuah Pharmaceutical's total market value reached 3.584 billion yuan as of the announcement date, with Zhao's divorce settlement amounting to 540 million yuan [1][2]. - The company has experienced a decline in revenue and net profit over the past four years, with revenues of 943 million yuan, 1.015 billion yuan, 910 million yuan, and 764 million yuan from 2021 to 2024, reflecting year-on-year changes of -6.30%, +7.65%, -10.38%, and -16.02% respectively [5]. - The net profit attributable to shareholders has also decreased significantly, with figures of 163 million yuan, 107 million yuan, 58.8 million yuan, and 36.4 million yuan during the same period, showing declines of 8.66%, 34.28%, 45.27%, and 38.05% respectively [5]. - In the first three quarters of 2025, Wohuah Pharmaceutical reported a revenue of 625 million yuan, an increase of 8.31% year-on-year, and a net profit of 63.99 million yuan, up 179.34% year-on-year, indicating a potential recovery [6]. Group 3: Research and Development - Wohuah Pharmaceutical has not introduced any new drug approval numbers or unique products in over five and a half years, relying on existing products for survival [9]. - The company has maintained a stable number of drug approval numbers at 162, with 15 unique products, and has seen its core product, Xinkeshu Pian, significantly impacted by price reductions due to centralized procurement [8][9]. - The sales expenses for the first three quarters of 2025 were approximately 322 million yuan, which is 12 times the R&D expenses of 27.22 million yuan, highlighting a heavy reliance on marketing rather than innovation [12][13].

Core Viewpoint - The court ruling on the property division between Zhao Bingxian and his ex-wife Lu Juan has significant implications for Wohuayi Pharmaceutical, leading to a change in the actual controller of the company and raising concerns about its operational stability and financial performance [1][2][3]. Group 1: Legal and Ownership Changes - The Beijing Third Intermediate People's Court upheld the first-instance ruling, mandating an equal division of shares in Zhongzheng Wanrong Investment Group between Zhao Bingxian and Lu Juan, which affects the control of Wohuayi Pharmaceutical [2][3]. - Following the ruling, Zhao Bingxian's ownership in Zhongzheng Wanrong Investment Group decreased from 80% to 50%, resulting in the company having no actual controller [2][3]. - Despite the legal changes, Zhao Bingxian continues to hold key positions within both Zhongzheng Wanrong Investment Group and Wohuayi Pharmaceutical, ensuring that business operations remain unaffected [2][3]. Group 2: Financial Performance - Wohuayi Pharmaceutical's total market value reached 3.584 billion yuan, with Zhao Bingxian's "divorce settlement" amounting to 540 million yuan based on the court's decision [1][2]. - The company has experienced a decline in revenue and net profit over the past four years, with revenues of 943 million yuan, 1.015 billion yuan, 910 million yuan, and 764 million yuan from 2021 to 2024, reflecting year-on-year changes of -6.30%, 7.65%, -10.38%, and -16.02% respectively [4]. - The net profit attributable to shareholders has also decreased significantly, with figures of 163 million yuan, 107 million yuan, 58.77 million yuan, and 36.40 million yuan during the same period, showing declines of 8.66%, 34.28%, 45.27%, and 38.05% [4]. Group 3: Research and Development - Wohuayi Pharmaceutical has not introduced any new drug approvals or unique products in over five years, relying on existing products for revenue generation [7]. - The company reported a sales expense to revenue ratio of approximately 52% in the first three quarters of 2025, which is about 12 times its research and development expenses [9]. - Sales expenses from 2021 to 2024 were 422 million yuan, 521 million yuan, 492 million yuan, and 389 million yuan, with a notable increase in 2025's first three quarters to 322 million yuan, reflecting a year-on-year growth of 6.47% [8][9].

Core Viewpoint - The recent court ruling regarding the divorce property dispute between Zhao Bingxian and Lu Juan has resulted in a significant change in the control structure of Wohuah Pharmaceutical, as the actual controller status will shift from Zhao Bingxian to a situation with no actual controller [1] Group 1: Court Ruling Details - The Beijing Third Intermediate People's Court upheld the first-instance ruling regarding the division of shares in Zhongzheng Wanrong Investment Group, ordering an equal split of shares between Zhao Bingxian and Lu Juan, each holding 50% [1] - Zhongzheng Wanrong Investment Group currently holds 50.27% of Wohuah Pharmaceutical's shares, maintaining its status as the controlling shareholder [1] Group 2: Impact on Company Control - Following the court's decision, neither Zhao Bingxian nor Lu Juan can individually control Zhongzheng Wanrong Investment Group, leading to a change in the actual control of Wohuah Pharmaceutical [1] - Despite the change in control, Zhao Bingxian continues to serve as the chairman, legal representative, and president of Zhongzheng Wanrong Investment Group, as well as the chairman and legal representative of Wohuah Pharmaceutical, ensuring that company operations remain unaffected [1]

Core Viewpoint - The recent court ruling regarding the divorce property dispute between Zhao Bingxian and Lu Juan has resulted in a significant change in the actual control of Wohuah Pharmaceutical, as the ownership of the controlling shareholder, Zhongzheng Wanrong Investment Group, is now equally divided between the two parties, leading to the absence of a single actual controller [1]. Group 1 - Wohuah Pharmaceutical announced that the Beijing Third Intermediate People's Court upheld the first-instance ruling regarding the division of shares in Zhongzheng Wanrong Investment Group, ordering an equal split of the shares between Zhao Bingxian and Lu Juan [1]. - Following the court's decision, both Zhao Bingxian and Lu Juan now hold 50% of Zhongzheng Wanrong Investment Group, which in turn holds 50.27% of Wohuah Pharmaceutical, maintaining the group's status as the controlling shareholder [1]. - The ruling has immediate effect, resulting in a change of actual control from Zhao Bingxian to a situation where there is no single actual controller, as neither party can independently control Zhongzheng Wanrong Investment Group [1]. Group 2 - Despite the change in actual control, Zhao Bingxian continues to serve as the chairman, legal representative, and president of Zhongzheng Wanrong Investment Group, as well as the chairman and legal representative of Wohuah Pharmaceutical, and all business operations remain unaffected [1].

Core Viewpoint - The court ruling on the divorce property dispute between Zhao Bingxian and Lu Juan results in a change of actual control of WoHua Pharmaceutical, as the couple will each hold 50% of the shares in the controlling shareholder, Zhongzheng Wanrong Investment Group, leading to the absence of an actual controller for the company [1] Group 1 - The Beijing Third Intermediate People's Court upheld the first-instance ruling regarding the division of shares held by Zhao Bingxian and Lu Juan in Zhongzheng Wanrong Investment Group [1] - The ruling only pertains to the division of shares between Zhao Bingxian and Lu Juan and does not affect Zhongzheng Wanrong Investment Group's 50.27% stake in WoHua Pharmaceutical [1] - The outcome of the ruling results in a change of actual control from Zhao Bingxian to no actual controller for WoHua Pharmaceutical [1]

Core Viewpoint - The court ruling on the divorce property dispute between Zhao Bingxian and Lu Juan has resulted in the company having no actual controller, although the controlling shareholder remains unchanged [1] Group 1: Legal and Ownership Changes - The Beijing Third Intermediate People's Court upheld the decision to equally divide the shares of Zhongzheng Wanrong Investment Group Co., Ltd. between Zhao Bingxian and Lu Juan [1] - As a result of the court's decision, the actual controller of the company has changed from Zhao Bingxian to a state of no actual controller [1] Group 2: Shareholding Structure - Zhongzheng Wanrong Investment Group Co., Ltd. continues to be the controlling shareholder of the company, holding 50.27% of the shares [1] - Both Zhao Bingxian and Lu Juan each hold 50% of the shares in Zhongzheng Wanrong Investment Group [1] Group 3: Business Impact - The company's business operations and management have not been affected by the changes in ownership structure [1]

Core Viewpoint - The Beijing Third Intermediate People's Court has upheld a second-instance ruling regarding the property dispute between Zhao Bingxian and Lu Juan, resulting in an equal division of their shares in Zhongzheng Wanrong Investment Group, which is the controlling shareholder of WoHua Pharmaceutical [1] Group 1: Legal Proceedings - The court's decision maintains the first-instance ruling from the Tongzhou District People's Court, which mandates that Zhao Bingxian and Lu Juan split their shares in Zhongzheng Wanrong Investment Group equally [1] - The ruling specifically pertains to the shares held by Zhao Bingxian and Lu Juan in Zhongzheng Wanrong Investment Group and does not affect the group's 50.27% stake in WoHua Pharmaceutical [1] Group 2: Impact on Company Control - The outcome of the court ruling results in Zhao Bingxian and Lu Juan each holding 50% of Zhongzheng Wanrong Investment Group, leading to a change in the actual controller of WoHua Pharmaceutical [1] - Following the ruling, the actual controller of WoHua Pharmaceutical transitions from Zhao Bingxian to a state of no actual controller [1]

Core Viewpoint - The Beijing Third Intermediate People's Court has upheld a second-instance ruling regarding the property dispute between Zhao Bingxian and Lu Juan, resulting in an equal division of their shares in Zhongzheng Wanrong Investment Group, which is the controlling shareholder of WoHua Pharmaceutical [1] Group 1: Legal Proceedings - The court's ruling maintains the first-instance decision from the Tongzhou District People's Court, confirming that Zhao Bingxian and Lu Juan will each hold 50% of Zhongzheng Wanrong Investment Group's shares [1] - The ruling specifically pertains to the division of shares held by Zhao Bingxian and Lu Juan and does not affect Zhongzheng Wanrong Investment Group's 50.27% stake in WoHua Pharmaceutical [1] Group 2: Impact on Company Control - The outcome of the court ruling results in a change in the actual controller of WoHua Pharmaceutical, shifting from Zhao Bingxian to a state of no actual controller [1]

证券代码：002107 证券简称：沃华医药 公告编号：2025-042 山东沃华医药科技股份有限公司 关于公司实际控制人变动的公告 本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。 重要内容提示： 1、北京市第三中级人民法院对赵丙贤先生和陆娟女士离婚后财 产纠纷案作出二审判决，就双方所持公司控股股东北京中证万融投资 集团有限公司（以下简称中证万融投资集团）的股权的分割事宜，维 持北京市通州区人民法院的一审裁判，即双方平均分割中证万融投资 集团的股权； 2、判决仅涉及赵丙贤、陆娟所持中证万融投资集团股权的分割， 不涉及中证万融投资集团持有公司 50.27%的股份，中证万融投资集 团仍为公司的控股股东； 3、判决结果导致赵丙贤先生、陆娟女士各持有中证万融投资集 团 50%的股权，引发公司实际控制人变动，公司实际控制人由赵丙贤 先生变为无实际控制人。 4、提醒广大投资者理性投资，注意投资风险。 1 2 山东沃华医药科技股份有限公司 董事会 二○二五年十一月四日 近日， 山东沃华医药科技股份有限公司（以下简称"公司"） 接到实际控制人赵丙贤先生的通知，获悉北京市第三中级 ...

Core Insights - Wohuah Pharmaceutical's stock price increased by 2.13% on October 31, reaching 6.22 CNY per share, with a total market capitalization of 3.59 billion CNY [1] - The company has seen a year-to-date stock price increase of 33.48%, but has experienced a slight decline of 0.32% over the last five trading days [1] Financial Performance - For the period from January to September 2025, Wohuah Pharmaceutical reported a revenue of 625 million CNY, representing a year-on-year growth of 8.31% [2] - The net profit attributable to shareholders for the same period was 63.995 million CNY, showing a significant year-on-year increase of 179.34% [2] Shareholder Information - As of September 30, 2025, the number of shareholders increased to 41,000, up by 17.18% from the previous period [2] - The average number of circulating shares per shareholder decreased by 14.66% to 13,892 shares [2] Dividend Distribution - Since its A-share listing, Wohuah Pharmaceutical has distributed a total of 692 million CNY in dividends, with 214 million CNY distributed over the last three years [3] Institutional Holdings - As of September 30, 2025, notable new institutional shareholders include Baodao Jiuhang Mixed A and Guotai Haitong CSI 500 Index Enhanced A, holding 998,900 shares and 931,200 shares respectively [3]