Market Overview - The Chinese medicine sector experienced a decline of 0.32% on December 30, with *ST Changyao leading the drop [1] - The Shanghai Composite Index closed at 3965.12, down 0.0%, while the Shenzhen Component Index closed at 13604.07, up 0.49% [1] Stock Performance - Notable gainers in the Chinese medicine sector included: - Taiji Group (600129) with a closing price of 18.25, up 2.07% [1] - Wanbangde (002082) at 13.89, up 1.98% [1] - Fangsheng Pharmaceutical (603998) at 11.29, up 1.62% [1] - Conversely, *ST Changyao (300391) saw a significant drop of 19.49%, closing at 0.95 [2] Trading Volume and Value - The trading volume and value for key stocks were as follows: - Taiji Group: 87,200 shares traded, with a transaction value of 159 million [1] - Wanbangde: 164,400 shares traded, with a transaction value of 227 million [1] - Fangsheng Pharmaceutical: 48,000 shares traded, with a transaction value of 53.82 million [1] Capital Flow - The Chinese medicine sector experienced a net outflow of 231 million from institutional investors, while retail investors saw a net inflow of 280 million [2] - The capital flow for specific stocks included: - Wanbangde with a net inflow of 48.79 million from institutional investors [3] - Taiji Group with a net inflow of 18.53 million from institutional investors [3] - *ST Changyao had a net outflow of 19.49% [2]

Core Viewpoint - ST HuLuWa is under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure, leading to a significant drop in stock price and market capitalization [1][2]. Group 1: Investigation Background - This is not the first time ST HuLuWa has faced issues with information disclosure, having previously received criticism for inaccurate financial data in multiple reports [2]. - The company's chairman, Liu Jingping, has been criticized for failing to timely disclose the 2024 annual performance forecast, indicating serious internal control and financial compliance issues [2]. Group 2: Financial Performance Decline - ST HuLuWa's financial performance has deteriorated sharply since 2024, with total revenue of 1.414 billion yuan, a year-on-year decrease of 21.26%, and a net loss of 274 million yuan, a decline of over 2600% [3]. - In the first three quarters of 2025, the company reported revenue of 683 million yuan, down 33.88%, and a net loss of 11.21 million yuan [3]. - Due to internal control issues, the company received an audit report that could not express an opinion, leading to its stock being classified as a "ST stock" from April 30, 2025 [3]. Group 3: Shareholder Equity Freeze - The controlling shareholder, Hainan HuLuWa Investment Development Co., Ltd., has had 23.9 million shares frozen, representing 5.97% of the total share capital, due to a triggered early redemption clause [4]. - The freezing of shares is often seen as a signal of governance and liquidity risks, which could lead to forced share reductions or changes in control if debt issues are not resolved [4]. - ST HuLuWa is currently facing compounded pressures from regulatory investigations, operational losses, and shareholder equity freezes, raising concerns about its future stability and market confidence [4].

登录新浪财经APP 搜索【信披】查看更多考评等级 受损股民可至新浪股民维权平台登记该公司维权：http://wq.finance.sina.com.cn/ 关注@新浪证券、微信关注新浪券商基金、百度搜索新浪股民维权、访问新浪财经客户端、 新浪财经首页都能找到我们！ 2025年12月29日，海南葫芦娃药业集团股份有限公司（以下简称"葫芦娃"或"公司"）及公司董事长刘景 萍女士于2025年12月26日分别收到中国证监会下发的《立案告知书》（编号：证监立案字0292025008号 和证监立案字0292025009 号）。因公司及公司董事长刘景萍女士涉嫌信息披露违法违规，根据相关法 律法规，中国证监会决定对公司和刘景萍女士立案。上海市信本律师事务所赵敬国律师（执业证号： 13101200410820485）提示，于2024年8月29日—2025年4月22日期间买入且有持仓，无论在2025年4月23 日及之后是否卖出的受损投资者，或可通过"新浪股民维权平台"自愿登记索赔。（赵敬国律师专栏） 受损股民可至新浪股民维权平台登记该公司维权：http://wq.finance.sina.com.cn/ 关注@新浪证券、微信关注 ...

Core Viewpoint - ST HuLuWa Pharmaceutical Group Co., Ltd. is under investigation by the China Securities Regulatory Commission for suspected violations of information disclosure laws, impacting its operations and financial reporting [1] Group 1: Company Overview - ST HuLuWa, established in 2005, focuses on the research, production, and sales of pediatric medicines, with notable products including pediatric cough and asthma granules and intestinal inflammation capsules [1] - The company aims to establish itself as the "first brand of children's medicine in China" and was listed on the Shanghai Stock Exchange in July 2020 [1] Group 2: Financial Performance - From 2020 to 2024, ST HuLuWa reported stable annual revenues of over 1 billion yuan and approximately 100 million yuan in net profit [1] - However, in 2025, the company faced scrutiny for inaccurate financial disclosures, leading to a correction of its 2023 net profit to only 10.85 million yuan, a reduction of 89.81% from previously reported figures [2] - The 2024 financial report revealed a significant decline, with total revenue of 1.414 billion yuan, down 21.26% year-on-year, and a net loss of 274 million yuan, a staggering decrease of 2629.23% [2] Group 3: Regulatory Actions - Prior to the formal investigation, ST HuLuWa received disciplinary actions from the Shanghai Stock Exchange due to accounting errors and failure to timely disclose its 2024 earnings forecast [3] - The company and its executives faced public reprimands, which were recorded in the securities and futures market integrity database [3] Group 4: Current Operations - Despite the ongoing regulatory issues, ST HuLuWa reported that its production and operational activities continue to function normally [1] - The company's third-quarter report for 2025 indicated a revenue of approximately 683 million yuan, a year-on-year decline of 33.88%, with a loss of 11.21 million yuan [4] Group 5: Market Reaction - Following the announcement of the investigation, ST HuLuWa's stock experienced a significant drop, hitting the daily limit down for two consecutive days, with a current share price of 7.99 yuan and a total market capitalization of around 3.2 billion yuan [5]

12月29日ST葫芦娃公开信息显示，海南葫芦娃药业集团股份有限公司董事长刘景萍因涉嫌违反证券法 律法规、信息披露违规被中国证券监督管理委员会立案调查。 公司公告汇总 截至2025年12月29日收盘，ST葫芦娃(605199)报收于8.41元，下跌4.97%，换手率0.22%，成交量8884.0 手，成交额747.14万元。 当日关注点 交易信息汇总资金流向 12月29日主力资金净流出215.3万元，占总成交额28.82%；游资资金净流出59.12万元，占总成交额 7.91%；散户资金净流入274.42万元，占总成交额36.73%。 违规处罚提醒监管公告 海南葫芦娃药业集团股份有限公司及公司董事长刘景萍女士于2025年12月26日收到中国证券监督管理委 员会下发的《立案告知书》，因涉嫌信息披露违法违规，中国证监会决定对公司及刘景萍女士立案。公 司表示将积极配合调查，目前生产经营活动正常。公司指定信息披露媒体为《上海证券报》《中国证券 报》《证券日报》《证券时报》和上海证券交易所网站。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 来 ...

Core Viewpoint - ST HuLuWa is facing severe challenges due to compliance issues and deteriorating performance, leading to regulatory scrutiny and significant financial losses [1][2][4] Group 1: Compliance and Regulatory Issues - ST HuLuWa has received a formal investigation notice from the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure laws [1] - The company has previously been ordered to rectify financial discrepancies in its 2023 annual report, which included inaccurate revenue and profit disclosures [1] - The company’s internal controls have been deemed severely deficient, resulting in a negative opinion in the 2024 internal control audit report [2] Group 2: Financial Performance - In 2024, ST HuLuWa reported total revenue of 1.414 billion yuan, a year-on-year decline of 21.26%, and a net loss of 274 million yuan, a staggering drop of 2629.23% [2] - For the first half of 2025, the company’s revenue was 508 million yuan, down 42.89% from 889 million yuan in the same period of 2024, with a net profit of only 240,980 yuan, reflecting a 94.14% decline [3] - The core business segment, respiratory medications, saw revenue drop to 299 million yuan, accounting for 58.92% of total revenue, a decrease of 54.22% compared to the previous year [3] Group 3: Market and Operational Challenges - The company is experiencing a vicious cycle where compliance failures lead to a loss of market trust, further exacerbating operational difficulties [4] - Frequent errors in financial reporting and disclosure violations indicate serious deficiencies in internal governance, raising fundamental questions about the company's stability and management effectiveness [4]

Core Viewpoint - Hainan Huluwawa Pharmaceutical (ST Huluwawa) is under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure, leading to a significant drop in stock price and ongoing operational challenges [1][2][4]. Company Overview - ST Huluwawa, established in 2005 and headquartered in Haikou, is recognized as a leading children's pharmaceutical company in China, focusing on pediatric medicines, nutritional supplements, and medical devices [4]. - The company has 54 products in the market, addressing common pediatric diseases, with key products including pediatric cough and asthma granules [4]. Financial Performance - The company reported a revenue of 683 million yuan for the first three quarters of the year, a year-on-year decline of 33.88%, and a net loss attributable to shareholders of 11.21 million yuan [4]. - As of September 30, the company had only 111 million yuan in cash, while short-term borrowings reached 467 million yuan, resulting in a debt ratio of 74%, significantly higher than the industry average of 28% [10]. Regulatory Issues - ST Huluwawa has faced multiple regulatory challenges, including receiving an administrative regulatory decision from the Hainan Securities Regulatory Bureau due to inaccurate information disclosure in its 2023 annual report [6]. - The company was placed under special treatment (ST) status on April 30, 2025, following a negative internal control audit report from its accounting firm, which highlighted issues such as premature revenue recognition and abnormal pricing [6][7]. Management Changes - The company has experienced frequent changes in its executive team, with the founder and long-time executive Liu Jingping resigning and then returning to the role of general manager within a short period [10][11]. - The instability in management raises concerns about the company's governance and future direction, especially in light of the ongoing investigation [11]. Market Challenges - The pharmaceutical market is highly competitive, with factors such as medical insurance cost control and drug procurement policies adversely affecting the company's performance [10]. - Sales of core products, particularly respiratory medications, have halved, leading to a significant decline in competitiveness [10].

Core Viewpoint - ST HuLuWa is facing severe compliance and performance issues, with the China Securities Regulatory Commission initiating a formal investigation due to suspected violations of information disclosure laws [2][4]. Compliance Issues - ST HuLuWa has been repeatedly flagged for violations in financial information disclosure and internal controls throughout the year [4]. - In March, the company received a corrective order from the Hainan Securities Regulatory Bureau for inaccuracies in its 2023 annual report, leading to significant adjustments in reported profits [4]. - The company’s 2023 net profit was adjusted down by 95.64 million yuan, representing 89.81% of the original amount, and the total profit was reduced by 108 million yuan, accounting for 80.05% of the original figure [4]. Internal Control Failures - The internal control audit report for 2024 received a negative opinion, resulting in the company's stock being placed under risk warnings and its name changed to ST HuLuWa [5]. - The company failed to timely disclose its 2024 performance loss announcement, which was only made public on April 23, 2025, leading to further criticism from the Shanghai Stock Exchange [5]. Deteriorating Performance - ST HuLuWa's financial performance has been declining, with total revenue for 2024 at 1.414 billion yuan, a year-on-year decrease of 21.26%, and a net loss of 274 million yuan, a staggering decline of 2629.23% [6]. - In the first half of 2025, the company reported revenue of 508 million yuan, a 42.89% drop from 889 million yuan in the same period of 2024, with net profit plummeting by 94.14% to 240,980 yuan [6][7]. Core Business Challenges - The core respiratory medication segment saw revenue drop to 299 million yuan in the first half of 2025, a 54.22% decline from 653 million yuan in the previous year, significantly impacting overall performance [7]. - Sales expenses decreased by 60.25% to 107 million yuan, while research and development expenses fell by 80.69% to only 19.38 million yuan, reflecting the company's operational difficulties [7]. Market Trust and Governance Concerns - The company is trapped in a vicious cycle where compliance failures lead to a loss of market trust, further exacerbating operational decline [7]. - Frequent financial discrepancies and disclosure violations indicate serious flaws in internal governance, raising fundamental questions about the company's stability and management effectiveness [7].

Core Viewpoint - ST HuLuWa is facing severe challenges in compliance and performance, with regulatory scrutiny intensifying due to multiple violations in financial disclosures and internal controls [1][3][4] Compliance Issues - The company and its chairman received a formal investigation notice from the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure laws [1] - ST HuLuWa has been under scrutiny for inaccurate financial disclosures, leading to a correction order from the Hainan Securities Regulatory Bureau earlier in the year [3] - The company reported significant adjustments to its financial data, with net profit for 2023 and 2024 being reduced by 95.64 million and 37.65 million respectively, representing 89.81% and 47.82% of the original figures [3] Performance Decline - ST HuLuWa's financial performance has deteriorated sharply, with total revenue for 2024 dropping to 1.414 billion, a year-on-year decrease of 21.26%, and a net loss of 274 million, marking a staggering decline of 2629.23% [5] - In the first half of 2025, the company reported revenue of 508 million, a 42.89% decrease from 2024, and a net profit of only 240,980, down 94.14% [5][6] Core Business Challenges - The core respiratory medication segment saw a revenue drop of 54.22% in the first half of 2025, contributing significantly to the overall decline in performance [6] - Sales and R&D expenses have also been drastically reduced, with sales expenses down 60.25% and R&D expenses down 80.69% to 19.38 million [6] Market Trust and Governance - The company's ongoing compliance failures have led to a loss of market trust, creating a vicious cycle that exacerbates operational difficulties [6] - Frequent financial discrepancies and disclosure violations indicate serious flaws in internal governance, raising fundamental questions about the company's stability and management effectiveness [6]

近日，葫芦娃发布公告称，因公司及公司董事长刘景萍女士涉嫌信息披露违法违规，根据《中华人民共和国证券法》 《中华人民共和国行政处罚法》等法律法规，中国证监会决定对公司和刘景萍立案。 （葫芦娃） 目前，公司各项生产经营活动正常有序开展，在立案调查期间，公司将积极配合中国证监会的相关调查工作，并严格 按照有关法律法规及监管要求履行信息披露义务。 ...