葫芦娃(605199) - 2025 Q2 - 季度财报

Important Notice 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] - This semi-annual report is unaudited[5] - During the reporting period, the company will not distribute profits or convert capital reserves into share capital[6] - 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] Section I Definitions 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] - 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] Section II Company Profile and Key Financial Indicators Overview of company information, stock changes to "ST Huluwa", and significant declines in revenue and net profit I. Company Information 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] - The company's legal representative is Liu Jingping[13] II. Contact Person and Contact Information 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] III. Brief Introduction to Changes in Basic Information 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] - There were no changes in the company's basic information during the reporting period[15] IV. Brief Introduction to Changes in Information Disclosure and Document Custody Locations 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] - 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 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] - The stock abbreviation has changed from "Huluwa" to "ST Huluwa", with stock code 605199[17] VII. Key Accounting Data and Financial Indicators 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] - 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] - Net cash flow from operating activities increased compared to the prior year, mainly due to reduced operating payments[21] IX. Non-recurring Gains and Losses Items and Amounts 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 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 Company focuses on children's health, with products in traditional Chinese medicine, chemical drugs, and nutritional supplements (I) Company's Main Business Operations 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] - 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] - Star products Xiao'er Feire Kecuan Granules and Changyanning Granules/Capsules won awards such as "2024 China Pharmacy Selected Brand"[29] - 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] (II) Company's Main Operating Model 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] - 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] - 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][38] - 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][40][41] (III) Market Position of the Company's Main Products 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] - Xiao'er Feire Kecuan Granules (4g), Changyanning Capsules (0.3g), and Changyanning Granules (2g) are exclusive specification products[43] - 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] - The company has 63 drugs included in the National Essential Drug List and 105 drugs in the National Medical Insurance Catalog[43] (IV) Industry Overview 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] - 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] - 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] - 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] - 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] (V) Industry Cyclical Characteristics 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] - 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] (VI) Company's Industry Position 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] - 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] - Received multiple honors such as "Leading Force China Pharmaceutical High-Quality Development Achievement Enterprise" and "Excellent Brand Enterprise of Chinese Ethnic Medicine"[55] II. Discussion and Analysis of Operating Performance H1 2025 saw revenue and profit decline, prompting R&D, market, digital, quality, and risk control improvements (I) Continuously Advancing R&D Innovation 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] - 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] - 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] - 3 varieties passed the generic drug quality and efficacy consistency evaluation, and production applications for **25