离婚案致沃华医药实控人变更，公司销售费用仍然高企

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].