2.7万股东惊魂！ST葫芦娃坠落轨迹曝光：公司与董事长同遭立案

Core Viewpoint - ST HuLuWa's (605199.SH) 2025 year has been tumultuous, marked by a series of crises including a qualified audit opinion, being designated as ST, and a sudden change in core executives, culminating in a formal investigation by the China Securities Regulatory Commission (CSRC) for information disclosure violations [1][3][5] Financial Performance - In 2024, the company's revenue plummeted by 21.26% to 1.414 billion yuan, and net profit turned into a loss of 274 million yuan, a decline of over 2600% year-on-year [7][20] - For the first three quarters of 2025, revenue further decreased by 33.88% to 683 million yuan, with a net loss of 11.21 million yuan [8][21] Information Disclosure Issues - The company faced scrutiny for inaccurate financial disclosures in its 2023 annual report, leading to a significant reduction in reported revenue by approximately 110 million yuan (5.77% of original revenue) and net profit by about 95.64 million yuan (84.93% of original net profit) [5][19] - The CSRC's investigation indicates a serious escalation in regulatory scrutiny, with evidence suggesting violations of the Securities Law regarding the accuracy and completeness of information disclosure [19] Corporate Governance and Internal Control - The auditing firm issued a negative opinion on the company's internal controls, highlighting governance deficiencies such as the controlling shareholder's improper funding to clients and questionable related-party transactions [5][19] - The company has received multiple warnings from the Hainan Securities Regulatory Bureau and the stock exchange regarding delayed disclosures and financial misstatements [19] Market and Competitive Challenges - The company's reliance on a limited product range has led to significant sales declines, with major products experiencing a nearly 60% drop in sales for the intestinal medicine series and over 50% for respiratory medications in 2025 [9][22] - The marketing strategy, heavily dependent on high expenditure, has become unsustainable, with sales expenses exceeding 35% of revenue from 2021 to 2024, peaking at 43% in 2024 [10][24] Shareholder and Funding Issues - The controlling shareholder's 23.9 million shares (14.3% of holdings) were frozen due to a pledge-triggered judicial action, further complicating the company's financial situation [12][25] - The company's trajectory reflects a classic case of "pressure—loss of control—explosion," showcasing how growth pressures can lead to financial manipulation, internal control failures, and disclosure violations [12][25]