Core Viewpoint - The article highlights the challenges faced by葵花药业, including significant financial losses and regulatory scrutiny, particularly related to its marketing practices and reliance on OEM products, while also addressing the misleading promotion of its products aimed at height enhancement for young consumers [1][3][25]. Group 1: Company Overview and Financial Performance - 葵花药业 has reported its first loss since going public, with a net profit decline of 105.72% in the first three quarters of 2025, amounting to a loss of 335.39 million yuan [3][25]. - The company's revenue for the first three quarters of 2025 was 1.684 billion yuan, a decrease of 43.24% year-on-year, with a third-quarter revenue of 374 million yuan, down 14.9% [25][26]. - Total assets decreased by 12.06% to 5.123 billion yuan, and cash reserves dropped by 34.10% due to declining sales [25][27]. Group 2: Regulatory Issues and Marketing Practices - The Heilongjiang Securities Regulatory Bureau issued a warning letter to葵花药业 regarding a 32.38 million yuan related party transaction with海维生物, which was not disclosed properly [3][4]. - The company has been criticized for its reliance on OEM products, with many of its offerings produced by海维生物, which has faced quality control issues in the past [7][8]. -葵花药业's marketing strategy, particularly through live streaming, has been scrutinized for promoting products with unsubstantiated claims about height enhancement, misleading consumers about the efficacy of its calcium supplements [9][11][21]. Group 3: Product and Market Strategy -葵花药业's calcium supplement, marketed as a height-enhancing product, is being promoted in a way that suggests it can benefit individuals up to 26 years old, despite scientific evidence indicating that height is primarily determined by genetics and growth hormone levels [9][21]. - The company has faced backlash from consumers who reported no results from the product, with some labeling it as a "智商税" (intelligence tax) for its perceived ineffectiveness [16][19]. -葵花药业's traditional marketing approach of heavy advertising is becoming less effective in the current market environment, leading to a significant reduction in sales and brand visibility [29].