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儿药龙头葫芦娃跌落“神坛”:业绩暴雷亏损2.74亿元,内控问题频发,股票被“戴帽”警示
Hua Xia Shi Bao· 2025-05-28 03:34
Core Viewpoint - Hainan Huluwa Pharmaceutical Group Co., Ltd. is facing significant challenges with a sharp decline in revenue and internal control issues, leading to a net loss of 274 million yuan in 2024 and a risk warning on its stock [2][4][10]. Financial Performance - In 2024, Huluwa reported a revenue of 1.414 billion yuan, a year-on-year decline of 21.26%, and a net loss attributable to shareholders of 274 million yuan, marking a staggering decrease of 2629.23% compared to the previous year [4][5]. - The company's core products, including Changyanning capsules and Fufang Ganmaoling granules, saw significant sales declines, contributing to a 21.26% drop in the pharmaceutical segment's revenue [5][6]. - The gross profit margin for 2024 was 47.85%, down 2.86% from the previous year, primarily due to a decrease in revenue from higher-margin distribution models [5]. Management Changes - In March 2025, founder Liu Jingping resigned as general manager, with Zhang Mingrui, former chairman of Darentang, taking over. Liu remains as chairman, focusing on strategic planning [3][13]. - The transition between new and old management may require time to align on strategic direction and daily operations, raising questions about whether management changes alone can restore the company's competitiveness [3][13]. Internal Control Issues - The company received a negative opinion from its auditing firm regarding internal controls, leading to a risk warning on its stock, which was renamed to ST Huluwa [10][12]. - The 2023 annual report revealed inaccuracies in financial disclosures, prompting regulatory scrutiny and necessitating corrections to previously reported financial data [9][10]. R&D and Marketing Strategy - Huluwa has historically prioritized marketing over research and development, with R&D expenses significantly lower than sales expenses until a recent increase to 202 million yuan in 2024, a 77.79% rise [12]. - The company is facing pressure to realign its R&D strategy to better meet market demands, especially in the pediatric pharmaceutical sector, as many of its products have not kept pace with consumer expectations [12][13].
葫芦娃九产品销量下滑亏2.74亿 被指内控存重大缺陷股票遭ST
Chang Jiang Shang Bao· 2025-04-29 23:44
Core Viewpoint - The company HuLuWa (605199.SH) has reported significant financial issues, including major internal control deficiencies, leading to a substantial decline in revenue and profits for 2024 [1][2][7]. Financial Performance - In 2024, HuLuWa achieved revenue of 1.414 billion yuan, a year-on-year decrease of 21.26% [4]. - The net profit attributable to shareholders was a loss of 274 million yuan, a year-on-year decline of 2629.23% [4]. - The net profit after deducting non-recurring items was a loss of 325 million yuan, down 2250.82% year-on-year [4]. - Cumulatively, the losses for 2023 and 2024 reached approximately 339 million yuan [4]. Product Performance - Among the top ten products, only the sales volume of Qiangli Pipa Lu increased, while the other nine products experienced a decline in sales [5]. - Notably, sales volumes for key products such as Changyanning Capsules and Compound Cold Medicine Granules dropped significantly, with reductions of 59.1% and 44.1% respectively [5]. Internal Control Issues - The auditing firm issued a negative opinion on HuLuWa's internal control audit report, indicating significant deficiencies [6][8]. - The company faced administrative regulatory measures from the Hainan Securities Regulatory Bureau due to inaccuracies in financial disclosures [2][7]. - The internal control deficiencies were linked to improper approval processes for significant transactions, raising concerns about the company's financial reporting integrity [8]. Stock Market Impact - Following the negative audit report, HuLuWa's stock will be subject to risk warnings, changing its trading name to "ST HuLuWa" starting April 30 [2][8]. - As of April 28, the stock closed at 13.06 yuan per share, with a total market capitalization of 5.225 billion yuan [8].
内控存在重大缺陷,葫芦娃股票明起变更为“ST葫芦娃”
Bei Ke Cai Jing· 2025-04-29 14:45
Core Viewpoint - Hainan Huhuwawa Pharmaceutical Group Co., Ltd. faces significant internal control issues, leading to a negative audit opinion and a stock trading suspension, with a change in stock abbreviation to "ST Huhuwawa" starting April 30, 2025 [1][3][5] Financial Performance - For the fiscal year 2024, the company reported a revenue of 1.414 billion yuan, a year-on-year decrease of 21.26%, and a net profit attributable to shareholders of -274 million yuan, a staggering decline of 2629.23% [10] - In the first quarter of 2025, the company achieved a revenue of 337 million yuan, down 28.42% year-on-year, with a net profit of approximately 24.35 million yuan, a decrease of 11.23% [10] Internal Control Issues - The audit report from Lixin Certified Public Accountants highlighted three major areas of concern regarding internal controls, including the lack of complete financial data related to restated financial statements and issues with accounts receivable from key clients [3][5] - The company has been criticized for significant deficiencies in its internal control over financial reporting, resulting in a negative opinion from the auditors [5] Management Changes - The company's general manager, Zhang Mingrui, resigned for personal reasons less than two months after taking office, marking a period of instability in leadership [2][6] - This resignation follows the earlier departure of Liu Jingping from the general manager position, who remains as chairman and has been a key figure in the company since its inception [7][8] Related Transactions - In 2024, the company purchased eight R&D projects from Hainan Zhongwang Medical Technology Development Co., Ltd. for 42.0537 million yuan, raising concerns due to familial ties between the company's actual controller and the legal representative of the vendor [4]