随着海南自贸港2025年12月18日正式启动全岛封关运作，标志着海南进入"境内关外"特殊监管模式，这 座中国最南端的自贸试验区正成为全球医药产业的关注焦点。在国家"促进中医药传承创新发展"的战略 指引与海南封关带来的制度型开放红利双重驱动下，总部扎根海南的儿童药龙头企业——葫芦娃药业集 团股份有限公司(605199.SH，下称"葫芦娃")正迎来公司发展的关键机遇期。这家以儿科中成药为核心 特色的上市公司，凭借341个药品批文的产品矩阵、16款在研创新药的管线储备，以及海南自贸港独有 的政策资源禀赋，正从区域药企向全国性儿童健康产业领军者加速迈进。 政策红利共振：封关 + 中药扶持构建发展快车道 12月18日海南自贸港正式启动全岛封关运作后，"一线放开、二线管住、岛内自由"的特殊监管模式，这 一历史性变革为医药产业带来全方位政策利好。封关后，对含海南本地加工增值超过 30% 的医药产 品，进入内地市场可免征进口关税。与此同时，国家政策持续加码中药产业扶持，从研发激励、审批简 化到医保支持，构建起全链条政策支持体系，而海南更针对性推出中药临床试验试点、经典名方转化绿 色通道等专项政策，为中药创新企业提供了"既守传 ...

Core Insights - The company reported a significant decline in revenue and increased losses for the year 2024, indicating challenges in its business operations [1][2] Financial Performance - The company achieved a revenue of 1.414 billion yuan in 2024, a year-on-year decrease of 21.26% [1] - The net loss attributable to shareholders was 274 million yuan, an increase of 2629.23% year-on-year [1] - The adjusted net loss was 325 million yuan, expanding by 2250% compared to the previous year [1] - Basic earnings per share were -0.69 yuan, and the weighted average return on equity dropped to -31.66% [1] Revenue Breakdown - Revenue from respiratory system drugs was 989 million yuan, down 10.17% year-on-year, accounting for 70% of total revenue [2] - Revenue from digestive system drugs plummeted by 56.94% to 146 million yuan [2] - The company launched a new nutritional supplement, the compound lysine granules, and has received approval for seven health product varieties [2] R&D and Investment - R&D expenses increased by 58.63% year-on-year to 250 million yuan, representing 17.65% of total revenue [2] - The company added 12 new drug approvals and has seven Class I traditional Chinese medicine innovations in clinical stages, with three in Phase III trials [2] - The company is focusing on child-friendly formulations, including nebulized inhalation solutions and oral dissolving films [2] Asset and Financial Management - Fixed assets surged by 192.28% to 1.124 billion yuan, attributed to the launch of the Meian Children's Medicine intelligent manufacturing base [2] - Construction in progress decreased by 71.05% to 253 million yuan [2] - Cash and cash equivalents fell by 51.35% to 254 million yuan, indicating pressure on accounts receivable turnover [2] - Financial expenses increased by 74.36% due to the capitalization of interest expenses after project completion [2]