公司及董事长遭立案调查，ST葫芦娃业绩承压下监管频亮“红灯”

Core Viewpoint - ST HuLuWa is facing severe challenges in compliance and performance, with regulatory scrutiny intensifying due to multiple violations in financial disclosures and internal controls [1][3][4] Compliance Issues - The company and its chairman received a formal investigation notice from the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure laws [1] - ST HuLuWa has been under scrutiny for inaccurate financial disclosures, leading to a correction order from the Hainan Securities Regulatory Bureau earlier in the year [3] - The company reported significant adjustments to its financial data, with net profit for 2023 and 2024 being reduced by 95.64 million and 37.65 million respectively, representing 89.81% and 47.82% of the original figures [3] Performance Decline - ST HuLuWa's financial performance has deteriorated sharply, with total revenue for 2024 dropping to 1.414 billion, a year-on-year decrease of 21.26%, and a net loss of 274 million, marking a staggering decline of 2629.23% [5] - In the first half of 2025, the company reported revenue of 508 million, a 42.89% decrease from 2024, and a net profit of only 240,980, down 94.14% [5][6] Core Business Challenges - The core respiratory medication segment saw a revenue drop of 54.22% in the first half of 2025, contributing significantly to the overall decline in performance [6] - Sales and R&D expenses have also been drastically reduced, with sales expenses down 60.25% and R&D expenses down 80.69% to 19.38 million [6] Market Trust and Governance - The company's ongoing compliance failures have led to a loss of market trust, creating a vicious cycle that exacerbates operational difficulties [6] - Frequent financial discrepancies and disclosure violations indicate serious flaws in internal governance, raising fundamental questions about the company's stability and management effectiveness [6]