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 compliance and performance issues, with the China Securities Regulatory Commission initiating a formal investigation due to suspected violations of information disclosure laws [2][4]. Compliance Issues - ST HuLuWa has been repeatedly flagged for violations in financial information disclosure and internal controls throughout the year [4]. - In March, the company received a corrective order from the Hainan Securities Regulatory Bureau for inaccuracies in its 2023 annual report, leading to significant adjustments in reported profits [4]. - The company’s 2023 net profit was adjusted down by 95.64 million yuan, representing 89.81% of the original amount, and the total profit was reduced by 108 million yuan, accounting for 80.05% of the original figure [4]. Internal Control Failures - The internal control audit report for 2024 received a negative opinion, resulting in the company's stock being placed under risk warnings and its name changed to ST HuLuWa [5]. - The company failed to timely disclose its 2024 performance loss announcement, which was only made public on April 23, 2025, leading to further criticism from the Shanghai Stock Exchange [5]. Deteriorating Performance - ST HuLuWa's financial performance has been declining, with total revenue for 2024 at 1.414 billion yuan, a year-on-year decrease of 21.26%, and a net loss of 274 million yuan, a staggering decline of 2629.23% [6]. - In the first half of 2025, the company reported revenue of 508 million yuan, a 42.89% drop from 889 million yuan in the same period of 2024, with net profit plummeting by 94.14% to 240,980 yuan [6][7]. Core Business Challenges - The core respiratory medication segment saw revenue drop to 299 million yuan in the first half of 2025, a 54.22% decline from 653 million yuan in the previous year, significantly impacting overall performance [7]. - Sales expenses decreased by 60.25% to 107 million yuan, while research and development expenses fell by 80.69% to only 19.38 million yuan, reflecting the company's operational difficulties [7]. Market Trust and Governance Concerns - The company is trapped in a vicious cycle where compliance failures lead to a loss of market trust, further exacerbating operational decline [7]. - Frequent financial discrepancies and disclosure violations indicate serious flaws in internal governance, raising fundamental questions about the company's stability and management effectiveness [7].