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 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].