辽宁证监局警示函（[2025]25号）内容与深交所监管函查明问题一致，指出公司行为违反《上市公司信息披露管理办法（2021年修订）》第三条第一款规 定，依据第五十一条第三款，贾继涛及贾艳应承担主要责任。根据第五十二条第三项规定，辽宁证监局决定对公司及相关人员采取出具警示函监督管理措 施，并记入证券期货市场诚信档案，同时要求公司及相关人员吸取教训，加强法律法规学习，强化财务核算基础，提升专业性和规范性，保证财务报告信息 质量。 9月30日，亚世光电发布公告称，公司及相关人员因2024年年度报告财务信息披露不准确问题，分别收到深交所监管函及辽宁证监局警示函。 亚世光电于表示，公司及相关人员高度重视警示函指出问题，将认真吸取教训，加强法律法规学习，提高规范运作意识和信息披露质量，杜绝类似事件再发 生，维护股东利益，促进公司稳定发展。此次行政监管措施未影响公司正常生产经营。 据深交所公司部监管函〔2025〕第171号文件显示，亚世光电存在多项违规行为，主要包括：部分出口业务销售收入确认时点早于控制权转移时点，提前确 认收入；未对原材料和在产品进行跌价测试，库存商品和发出商品存货跌价测试未考虑税费和销售费用影响，未考虑 ...

Core Viewpoint - Hainan Huluwa Pharmaceutical Group Co., Ltd. (referred to as "Huluwa Pharmaceutical") reported a significant decline in revenue and profit for the first half of 2025, primarily due to reduced sales of respiratory medications [1][2]. Financial Performance - The company's revenue for the first half of 2025 was 508 million yuan, a year-on-year decrease of 42.89% [1]. - The net profit attributable to shareholders was 2.41 million yuan, down 94.14% year-on-year [1]. - The net profit after deducting non-recurring items was -18.78 million yuan, a decline of 514.52% year-on-year [1]. - Revenue from respiratory medications was 299 million yuan, accounting for 58.86% of total revenue, with a year-on-year decline of 52.91% [2]. - Revenue from digestive system medications was 109 million yuan, making up 21.46% of total revenue [2]. - Revenue from systemic anti-infection medications was 49.51 million yuan, representing 9.74% of total revenue [2]. Cost Structure - Sales expenses decreased significantly to 107 million yuan, down 60.25% year-on-year, accounting for 21.06% of revenue [2]. - Financial expenses increased to 21.07 million yuan, a rise of 77.74% year-on-year, primarily due to interest expenses from loans after project completion [2]. - Research and development expenses fell to 19.38 million yuan, down 80.69% year-on-year [3]. Balance Sheet and Liquidity - The company's cash and cash equivalents decreased to 169 million yuan, a reduction of 33.46% from the end of 2024 [4]. - Accounts receivable increased to 455 million yuan, a growth of 19.71% from the beginning of the period [4]. - The asset-liability ratio reached 74.33%, indicating a high level of debt relative to assets [4]. Regulatory Issues - Huluwa Pharmaceutical has faced multiple regulatory penalties this year, including being ordered to rectify issues related to annual report disclosures [5][7]. - The company’s stock was placed under risk warning and renamed "ST Huluwa" starting April 30, 2025, due to financial reporting issues [7]. - The company received criticism for failing to disclose performance forecasts in a timely manner, leading to disciplinary actions against its executives [7][8].