Announcement on the receipt of the "Administrative Penalty Decision" from the Hubei Supervision Bureau of the China Securities Regulatory Commission
Securities code: 600079 Securities abbreviation: ST Renfu Number: Lin 2025-133
Renfu Pharmaceutical Group Co., Ltd.
Regarding the receipt from the Hubei Supervision Bureau of the China Securities Regulatory Commission
Announcement of "Administrative Penalty Decision"
The company's board of directors and all directors guarantee that the contents of this announcement do not contain any false records, misleading statements or major omissions, and assume legal responsibility for the authenticity, accuracy and completeness of its contents.
Renfu Pharmaceutical Group Co., Ltd. (hereinafter referred to as the "Company") and the original controlling shareholder Wuhan Contemporary Technology Industry Group Co., Ltd. (hereinafter referred to as "Contemporary Technology") on October 22, 2024 The China Securities Regulatory Commission (hereinafter referred to as the "China Securities Regulatory Commission") received the "Notice of Filing a Case" (No.: Securities Regulatory Filing Number 0052024007) on the same day. Due to suspected violations of information disclosure laws and regulations, the China Securities Regulatory Commission decided to file a case against the company and Contemporary Technology in accordance with the "Securities Law of the People's Republic of China", the Administrative Penalty Law of the People's Republic of China and other laws and regulations. For details, please refer to the "Announcement of Humanwell Pharmaceutical Group Co., Ltd. on the Company and its controlling shareholders receiving the notification of filing of the case from the China Securities Regulatory Commission" disclosed by the company on October 23, 2024 (Announcement No.: Lin 2024-108).
On December 12, 2025, the company received the "Advance Notification of Administrative Penalty" issued by the Hubei Supervision Bureau of the China Securities Regulatory Commission (E Punishment Zi [2025] No. 8). For details, please refer to the "Announcement of Renfu Pharmaceutical Group Co., Ltd. on the receipt of the "Administrative Penalty Advance Notification" from the Hubei Supervision Bureau of the China Securities Regulatory Commission" disclosed by the company on December 13, 2025 (Announcement No.: Lin 2025-128 No.).
The company and relevant responsible persons received the "Administrative Penalty Decision" ([2025] No. 10) issued by the Hubei Supervision Bureau of the China Securities Regulatory Commission on December 29, 2025. The relevant information is now announced as follows:
1. Main contents of the "Administrative Penalty Decision"
Party: Renfu Pharmaceutical Group Co., Ltd. (hereinafter referred to as Renfu Pharmaceutical), domicile: Donghu High-tech Zone, Wuhan City, Hubei Province.
Wuhan Contemporary Technology Industry Group Co., Ltd. (hereinafter referred to as Contemporary Group), address: East Lake New Technology Development Zone, Wuhan City, Hubei Province.
Ai Luming, male, born in May 195×, was a director of Dangdai Group at that time. His address is: Hongshan District, Wuhan City, Hubei Province.
Li Jie, male, born in July 195×, was the chairman of Renfu Pharmaceutical at the time. His address is: Hongshan District, Wuhan City, Hubei Province.
Wang Xuehai, male, born in August 197×, was the director of Renfu Pharmaceutical at the time. His address is: Wuchang District, Wuhan City, Hubei Province.
Deng Xiafei, male, born in December 196×, was the director and president of Renfu Pharmaceutical at that time. His address is: Hongshan District, Wuhan City, Hubei Province.
Zheng Chenggang, male, born in June 197×, was the supervisor of Renfu Pharmaceutical at that time. His address is: Wuchang District, Wuhan City, Hubei Province.
Xia Yuan, male, born in July 198×, was employee supervisor of Renfu Pharmaceutical at that time. His address is: Hongshan District, Wuhan City, Hubei Province.
Wu Yajun, female, born in May 197×, was the financial director of Renfu Pharmaceutical at the time. Her address is: Wuchang District, Wuhan City, Hubei Province.
Zhang Hongjie, male, born in July 196×, was the vice president of Renfu Pharmaceutical at the time. His address is: Jianghan District, Wuhan City, Hubei Province.
Li Qianlun, male, born in October 197×, was the secretary of the board of directors of Renfu Pharmaceutical. His address is: Wuchang District, Wuhan City, Hubei Province.
In accordance with the relevant provisions of the "Securities Law of the People's Republic of China" (hereinafter referred to as the "Securities Law"), our Bureau conducted a case investigation and trial on the illegal information disclosure of Humanwell Pharmaceutical Group Co., Ltd. (hereinafter referred to as Humanwell Pharmaceuticals or the listed company) and Wuhan Contemporary Technology Industry Group Co., Ltd. (hereinafter referred to as the Contemporary Group). The parties were notified of the facts, reasons, and basis for administrative penalties as well as the rights enjoyed by the parties in accordance with the law. The parties did not make statements or defense opinions, nor did they request a hearing. The investigation and handling of this case have now been concluded.
It was found that Renfu Pharmaceutical and Dangdai Group had the following illegal facts:
- Humanwell Pharmaceuticals failed to promptly disclose the occupation of non-operating funds, and there were major omissions in the 2020 annual report
(1) Relevant related persons and occupancy status
During the period involved in the case, Contemporary Group was the controlling shareholder of Renfu Pharmaceutical. According to Article 216, Item (4) of the Company Law of the People's Republic of China, and "Measures for the Administration of Information Disclosure by Listed Companies" (CSRC Order No. 40, hereinafter referred to as the 2007 "Information Disclosure Measures"), Article 71, Item (3), and "Measures for the Administration of Information Disclosure by Listed Companies" (CSRC Order No. 182, hereinafter referred to as "2021") of the Company Law of the People's Republic of China, as amended in 2013 According to the provisions of Article 62 (4) of the "Information Disclosure Measures" (2008), "Legal persons that directly or indirectly control listed companies", Contemporary Group was a related party during the period in which the Renfu Pharmaceutical case was involved. From 2020 to March 2022, the cumulative amount of non-operating funds occupied by Humanwell Pharmaceuticals and Modern Group was 12.785 billion yuan. The above-mentioned related-party transactions were carried out at the request and arrangement of Contemporary Group. On April 28, 2022, Renfu Pharmaceutical disclosed the capital occupation by the controlling shareholder from 2020 to April 2022 in the "Informative Announcement on the Occupation of Funds by Controlling Shareholders and Rectification Situations". In addition, Renfu Pharmaceutical disclosed the capital occupation of controlling shareholders during the reporting period in its 2021 annual report and 2022 annual report. As of April 15, 2022, Contemporary Group has returned all principal and interest during the occupation period.
(2) Failure to promptly disclose the occupation of non-operating funds
In 2020, the cumulative amount of non-operating funds occupied by Renfu Pharmaceutical and its controlling shareholder Modern Group was 2.502 billion yuan, accounting for 17.58% of the latest audited net assets.
In 2021, the cumulative amount of non-operating funds occupied by Renfu Pharmaceutical and its controlling shareholder Modern Group was 8.179 billion yuan, accounting for 62.97% of the latest audited net assets.
From January to March 2022, the cumulative amount of non-operating funds occupied by Renfu Pharmaceutical and its controlling shareholder Modern Group was 2.104 billion yuan, accounting for 13.44% of the latest audited net assets.
According to the provisions of Article 80, paragraph 1, paragraph 2, item (3) of the Securities Law, Article 30, paragraph 1, paragraph 2, item (21), Article 31, paragraph 1, Article 71, item (2), of the 2007 Letter Disclosure Measures, Article 22, paragraph 1, paragraph 2, item (1), Article 24, paragraph 1, and Article 62, item (3) of the 2021 Letter Disclosure Measures, Humanwell Pharmaceuticals should disclose the above information in a timely manner, but it failed to disclose the above information in a timely manner.
(3) There are major omissions in periodic reports
Humanwell Pharmaceuticals omitted to disclose in its 2020 annual report that the cumulative amount of non-operating funds occupied by its controlling shareholder Contemporary Group was 2.502 billion yuan, accounting for 19.26% of the net assets recorded in Humanwell Pharmaceuticals' 2020 annual report.
According to Article 79 of the Securities Law and Articles 31 and 40 of the "Guidelines on the Content and Format of Information Disclosure by Companies that Offer Securities to the Public No. 2 - Content and Format of Annual Reports" (China Securities Regulatory Commission Announcement [2017] No. 17),
According to the provisions of Article 46, Humanwell Pharmaceuticals should disclose relevant information on the occupation of non-operating funds by its controlling shareholder, but it did not disclose the above information in its 2020 annual report. Humanwell Pharmaceuticals' 2020 annual report contained major omissions.
2. Renfu Pharmaceutical failed to disclose related transactions in a timely manner, and there were major omissions in the 2022 annual report
(1) Relevant related persons
The controlling shareholder, Contemporary Group, has a close relationship with Wuhan Comellide Biopharmaceutical Co., Ltd. (hereinafter referred to as Comellide) and can exert significant influence on it. On July 27, 2024, Renfu Pharmaceutical disclosed the "Announcement on the Subsidiary's Purchase of Property Assets and Related Transactions", disclosing Comeride as a related party. According to the 2021 "Letter Disclosure Measures"
According to the provisions of Article 62, Item (4) of "Other legal persons identified by the China Securities Regulatory Commission, the stock exchange or the listed company based on the principle of substance over form that have a special relationship with the listed company and may or have caused the listed company to tilt its interests", Kemelide was a related party during the Renfu Medical case. The controlling shareholder, Contemporary Group, failed to report related party relationships to the listed company in a timely manner in accordance with Article 41 of the 2021 "Letter Disclosure Measures".
(2) Related related transactions
In March 2022, four subsidiaries of Humanwell Pharmaceuticals, Wuhan Humanwell Pharmaceutical Co., Ltd., Wuhan Humanwell Innovative Drug Research and Development Center Co., Ltd., Wuhan Tianrun Health Products Co., Ltd., and Yichang Humanwell Pharmaceutical Co., Ltd. purchased property assets from Camelide for 511 million yuan, 468 million yuan, 390 million yuan, and 277 million yuan respectively. The total transaction amount was 1.645 billion yuan, accounting for 2022 of Humanwell Pharmaceuticals. 9.17% of the net assets recorded in the annual report.
According to Article 79 of the Securities Law, Article 80, Paragraph 1, and Paragraph 2 (3), Article 22, Paragraph 1, Paragraph 2, Item (1), Article 24, Paragraph 1, and Article 62, Item (3) of the 2021 "Information Disclosure Measures", "Guidelines for the Content and Format of Information Disclosure by Companies that Offer Securities to the Public No. 2 - Content and Format of Annual Reports (Revised in 2021)" (CSRC Announcement [2021] 15 According to the provisions of Articles 54 and 57 of the No.), Humanwell Pharmaceuticals should disclose the above information in a timely manner and in periodic reports. However, it did not disclose it in a timely manner as required, nor did it disclose it in the 2022 annual report. Humanwell Pharmaceuticals' 2022 annual report contained major omissions.
- There are false records in Renfu Pharmaceutical’s 2020 annual report, 2021 annual report, and 2022 semi-annual report
First, Renfu Pharmaceutical established Jinkerida (Wuhan) Technology Investment Co., Ltd. (hereinafter referred to as Jinkerida) to take over the assets divested by Renfu Pharmaceutical. Jinkerida and the assets it controls are all actually controlled by Renfu Pharmaceutical. Second, Wuhan Ruicheng Equity Investment Management Co., Ltd. (hereinafter referred to as Wuhan Ruicheng) and Zhiying Xincheng (Wuhan) Equity Investment Management Co., Ltd. (hereinafter referred to as Zhiying Xincheng) are actually controlled by Humanwell Pharmaceuticals, but Humanwell Pharmaceuticals did not include Zhiying Xincheng and Wuhan Ruicheng into the scope of consolidated financial statements from 2017 to September 2022. Humanwell Pharmaceuticals failed to include the above-mentioned companies into the scope of the consolidated financial statements in accordance with Articles 7 and 21 of the "Accounting Standards for Business Enterprises No. 33 - Consolidated Financial Statements (Revised in 2014)", which resulted in the 2020 annual report of Humanwell Pharmaceuticals falsely increasing the net profit attributable to shareholders of the parent company by 143 million yuan, accounting for 12.43% of the corresponding items recorded in the current report; 2021 The annual report inflated the net profit attributable to shareholders of the parent company by 72 million yuan, accounting for 5.21% of the corresponding items recorded in the current report; the 2022 semi-annual report inflated the net profit attributable to shareholders of the parent company by 91 million yuan, accounting for 5.71% of the corresponding items recorded in the current report. There are false records in Renfu Pharmaceutical's 2020 annual report, 2021 annual report, and 2022 semi-annual report. On December 22, 2022, Renfu Pharmaceutical issued the "Announcement on the Correction and Retrospective Adjustment of Previous Period Accounting Errors" to correct and retroactively adjust the previous period's accounting errors.
4. The controlling shareholder, Contemporary Group, concealed related relationships
In March 2022, Renfu Pharmaceutical purchased a 40% stake in Hubei Gedian Renfu Pharmaceutical Excipients Co., Ltd. (hereinafter referred to as Renfu Pharmaceutical Excipients) held by Wuhan Yaoxing Pharmaceutical Co., Ltd. (hereinafter referred to as Yaoxing Pharmaceutical) for a transaction price of 100 million yuan.
The natural person shareholders of Yaoxing Pharmaceutical, Luo Mousheng (90% of the shares) and Sun (10% of the shares), both hold shares on behalf of the Modern Group, and Yaoxing Pharmaceutical is a company actually controlled by the Modern Group. According to the provisions of Article 62 (4) of the 2021 "Information Disclosure Measures" "Legal persons other than listed companies and their holding subsidiaries directly or indirectly controlled by the legal persons mentioned in the previous paragraph", Yaoxing Pharmaceutical was a related party during the period involved in the Renfu Pharmaceutical case.
The controlling shareholder, Contemporary Group, failed to report related party relationships to the listed company in a timely manner in accordance with Article 41 of the 2021 "Letter Disclosure Measures". When a listed company conducts equity transactions with Yuanxing Pharmaceutical, it is difficult to identify Yuanxing Pharmaceutical as its related party. Contemporary Group deliberately concealed related party relationship matters, which made it difficult for Renfu Pharmaceutical to disclose the above information in a timely manner and in the 2022 annual report as required.
The above-mentioned illegal facts are proved by evidence such as Humanwell Pharmaceutical’s announcements, situation descriptions, contract documents, and party inquiry transcripts, which are sufficient to confirm.
The above-mentioned behavior of Renfu Pharmaceutical violates the provisions of Paragraphs 1 and 2 of Article 78 of the Securities Law, and the illegal behavior of failing to promptly disclose the occupation of non-operating funds from 2021 to March 2022 constitutes the "information disclosure obligor's failure to submit relevant reports or perform information disclosure obligations in accordance with the provisions of this Law" as mentioned in Paragraph 1 of Article 197 of the Securities Law; there are major omissions and false records in the 2020 annual report, false records in the 2021 annual report, and 2022 The illegal conduct of false records in the 2022 semi-annual report and major omissions in the 2022 annual report constitutes the illegal conduct of "the report submitted by the information disclosure obligor or the information disclosed contains false records, misleading statements or major omissions" as mentioned in paragraph 2.
The directors, supervisors and senior managers involved in the case violated the provisions of paragraphs 3 and 4 of Article 82 of the Securities Law, constituting the "directly responsible persons in charge and other directly responsible persons" as mentioned in paragraphs 1 and 2 of Article 197 of the Securities Law.
Li Jie was the chairman of Renfu Pharmaceutical at the time. He was aware that related parties occupied non-operating funds in Renfu Pharmaceutical and signed the relevant payment approval process from 2020 to March 2022. He should have known that Comeride was a related party of Renfu Pharmaceutical, and the purchase of property assets from Comeride constituted a related transaction that should be disclosed. He knew that Jinkerida, Wuhan Ruicheng, and Zhiying Xincheng were actually controlled by listed companies, and the listed company failed to disclose the 2021 in a timely manner. The person in charge is directly responsible for the occupation of non-operating funds from 2020 to March 2022, major omissions and false records in the 2020 annual report, false records in the 2021 annual report, false records in the 2022 semi-annual report, and illegal information disclosure of major omissions in the 2022 annual report.
Wang Xuehai was the director of Renfu Pharmaceutical at the time, and made the decision and promoted the establishment of Jinkerida by Renfu Pharmaceutical. He knew that Jinkerida, Wuhan Ruicheng, and Zhiying Xincheng were actually controlled by listed companies. He was the other directly responsible person for the listed company's 2020 annual report, 2021 annual report, and 2022 semi-annual report that falsely recorded information disclosure violations.
Deng Xiafei was the director and president of Renfu Pharmaceutical at the time. He knew that Renfu Pharmaceutical had non-operating fund occupation by related parties and signed on the relevant payment approval process in 2021. He also knew that Jinkerida, Wuhan Ruicheng and Zhiying Xincheng were actually controlled by listed companies. The listed company failed to disclose the non-operating fund occupation in 2021 in a timely manner. The 2020 annual report made false records, and the 2021 annual report made false records. Other persons directly responsible for falsely recording illegal information disclosure activities in the semi-annual report.
Zheng Chenggang was the supervisor of Renfu Pharmaceutical at the time. He was aware of the non-operating fund occupation by related parties of Renfu Pharmaceutical and signed the relevant payment approval process in 2021. He was the other person directly responsible for the listed company's failure to timely disclose the illegal information disclosure of non-operating fund occupation in 2021.
Xia Yuan was an employee supervisor of Renfu Pharmaceutical at the time. He was aware of the non-operating fund occupation by related parties of Renfu Pharmaceutical and signed the relevant payment approval process in 2021. He was the other person directly responsible for the listed company's failure to timely disclose the illegal information disclosure of non-operating fund occupation in 2021.
Wu Yajun was the financial director of Renfu Pharmaceutical at the time. He knew that Renfu Pharmaceutical had non-operating fund occupation by related parties and signed on the relevant payment approval process from 2020 to March 2022. He also knew that Jinkerida, Wuhan Ruicheng, and Zhiying Xincheng were actually controlled by listed companies. The listed company failed to promptly disclose the non-operating fund occupation from 2021 to March 2022, and there were major omissions and false records in the 2020 annual report, 2021 The person directly responsible for the false record in the annual report and the false record in the 2022 semi-annual report for illegal information disclosure.
Zhang Hongjie was the vice president of Renfu Pharmaceutical at the time. He should have known that Renfu Pharmaceutical had non-operating funds occupied by related parties, signed on the relevant payment approval process in 2020, and was the other person directly responsible for the illegal disclosure of major omitted information in the listed company's 2020 annual report.
Li Qianlun was the secretary of the board of directors of Renfu Pharmaceutical at the time, and participated in the preparation of Jinkerida and the disposal of relevant assets involved in the case. He knew that Jinkerida, Wuhan Ruicheng, and Zhiying Xincheng were actually controlled by listed companies. He was the person directly responsible for the listed company's 2020 annual report, 2021 annual report, and 2022 semi-annual report that falsely recorded information disclosure violations.
As the controlling shareholder of Humanwell Pharmaceuticals, Contemporary Group instructs the listed company Humanwell Pharmaceuticals to provide funds for its own capital needs, which constitutes an occupation of non-operating funds of the listed company; Contemporary Group concealed the relationship between the real estate involved in the purchase of Cameride by Humanwell Pharmaceuticals and the purchase of the 40% equity transaction of Humanwell Pharmaceuticals held by Yaoxing Pharmaceutical. The above-mentioned behavior of Contemporary Group has constituted "instruction" to engage in illegal acts of information disclosure and "concealing" related matters as stipulated in Article 197, Paragraphs 1 and 2 of the Securities Law, resulting in the listed company's failure to disclose information as required. Ai Luming, then director of Contemporary Group, actually performed the duties of chairman of Contemporary Group and was the person in charge directly responsible for the above-mentioned illegal acts of Contemporary Group.
Based on the facts, nature, circumstances and degree of social harm of the parties’ illegal acts, our Bureau decides:
Regarding Renfu Pharmaceutical Group Co., Ltd.’s failure to promptly disclose the occupation of non-operating funds from 2021 to March 2022, according to the provisions of paragraph 1 of Article 197 of the Securities Law:
Give Renfu Pharmaceutical Group Co., Ltd. a warning and impose a fine of 3.5 million yuan;
Give Li Jie a warning and impose a fine of 1.4 million yuan;
Give Wu Yajun a warning and impose a fine of 1.4 million yuan;
Give Deng Xiafei a warning and impose a fine of 1 million yuan;
Give Zheng Chenggang a warning and impose a fine of 500,000 yuan;
Give Xia Yuan a warning and impose a fine of 500,000 yuan.
Major omissions and false records in the 2020 annual report of Renfu Pharmaceutical Group Co., Ltd., false records in the 2021 annual report, false records in the 2022 semi-annual report, and major omissions in the 2022 annual report shall be based on the provisions of Article 197, Paragraph 2 of the Securities Law:
Give Renfu Pharmaceutical Group Co., Ltd. a warning and impose a fine of 5 million yuan;
Give Li Jie a warning and impose a fine of 2.5 million yuan;
Give Wang Xuehai a warning and impose a fine of 2 million yuan;
Give Wu Yajun a warning and impose a fine of 2 million yuan;
Give Li Qianlun a warning and impose a fine of 2 million yuan;
Give Deng Xiafei a warning and impose a fine of 1.5 million yuan;
Give Zhang Hongjie a warning and impose a fine of 500,000 yuan.
Regarding Wuhan Contemporary Technology Industry Group Co., Ltd.’s behavior of instructing the listed company Humanwell Pharmaceuticals to provide funds for it from 2021 to March 2022, which resulted in Humanwell Pharmaceuticals failing to perform information disclosure in a timely manner, according to the Securities Law
Paragraph 1 of Article 197 stipulates:
Impose a fine of 4 million yuan on Wuhan Contemporary Technology Industry Group Co., Ltd.;
Impose a fine of 1.4 million yuan on Ai Luming.
Regarding Wuhan Contemporary Technology Industry Group Co., Ltd.’s behavior of instructing the listed company Humanwell Pharmaceutical to provide funds for it in 2020 and concealing related relationships, resulting in major omissions in Humanwell Pharmaceutical’s 2020 annual report and 2022 annual report, according to the second paragraph of Article 197 of the Securities Law:
Impose a fine of 5 million yuan on Wuhan Contemporary Technology Industry Group Co., Ltd.;
Impose a fine of 2.5 million yuan on Ai Luming.
Combining the above four items:
1. Impose a fine of 9 million yuan on Wuhan Contemporary Technology Industry Group Co., Ltd.;
2. Give Renfu Pharmaceutical Group Co., Ltd. a warning and impose a fine of 8.5 million yuan;
3. Impose a fine of 3.9 million yuan on Ai Luming;
4. Give Li Jie a warning and impose a fine of 3.9 million yuan;
5. Give Wu Yajun a warning and impose a fine of 3.4 million yuan;
6. Give Deng Xiafei a warning and impose a fine of 2.5 million yuan;
7. Give Li Qianlun a warning and impose a fine of 2 million yuan;
8. Give Wang Xuehai a warning and impose a fine of 2 million yuan;
9. Give Zheng Chenggang a warning and impose a fine of 500,000 yuan;
10. Give Xia Yuan a warning and impose a fine of 500,000 yuan;
11. Give Zhang Hongjie a warning and impose a fine of 500,000 yuan.
As a director of Contemporary Group at the time, Ai Luming actually performed the duties of chairman of Contemporary Group and played a core role in the illegal information disclosure of Renfu Pharmaceutical. He organized and led the relevant illegal activities involved in the case and was closely related to the occurrence of illegal information disclosure of listed companies. In view of Ai Luming’s bad behavior and the circumstances are particularly serious, according to the Securities Law
Article 221. Article 3(2), Article 4, and Article 5 of the "Regulations on Prohibition of Access to the Securities Market" (Order No. 115 of the China Securities Regulatory Commission) and the "Provisions on Prohibition of Access to the Securities Market" (Order No. 185 of the China Securities Regulatory Commission) In accordance with the provisions of Article 3, Item (1), Article 4, Paragraph 1, Item (1), Article 5 and Article 7, Paragraph 1 of No. In addition to engaging in securities business or securities service business or serving as a director, supervisor, or senior manager of the original securities issuer, they are not allowed to engage in securities business, securities service business, or serve as a director, supervisor, or senior manager of another securities issuer in any other institution.
The above-mentioned parties shall remit the fine directly to the national treasury within 15 days from the date of receipt of this penalty decision. For specific payment methods, see the instructions attached to this penalty decision. At the same time, a copy of the payment voucher with the name of the party concerned must be submitted to the Hubei Supervision Bureau of the China Securities Regulatory Commission for filing. If the party concerned is dissatisfied with this penalty decision, he may apply for administrative reconsideration to the China Securities Regulatory Commission within 60 days from the date of receipt of this penalty decision (the administrative review application can be sent to the Legal Affairs Department of the China Securities Regulatory Commission via postal express), or he may directly file an administrative lawsuit with the People's Court with jurisdiction within 6 months from the date of receipt of this penalty decision. During the period of reconsideration and litigation, the execution of the above decisions shall not be suspended.
2. Impact on the company and risk warning
According to the situation stated in the "Administrative Penalty Decision" received this time, the company has encountered other risk warning situations stipulated in Article 9.8.1 of the "Shanghai Stock Exchange Stock Listing Rules (Revised in April 2025)", but has not touched the major illegal forced delisting situations stipulated in Article 9.5.2 of the "Shanghai Stock Exchange Stock Listing Rules (April 2025 Revision)".
According to Articles 9.8.1 and 9.8.2 of the "Shanghai Stock Exchange Stock Listing Rules (Revised in April 2025)", the company's stocks have been subject to other risk warnings. For details, please refer to the "Announcement of Humanwell Pharmaceutical Group Co., Ltd. on the Implementation of Other Risk Warnings and Trading Suspension" disclosed by the company on the Shanghai Stock Exchange website (www.sse.com.cn) on December 13, 2025 (announcement number: Lin 2025-129).
According to Article 9.8.8 of the "Shanghai Stock Exchange Stock Listing Rules (Revised in April 2025)" "After a listed company's stocks are subject to other risk warnings due to the circumstances specified in Article 9.8.1, Paragraph 1 (7), if the following conditions are met at the same time, it may apply to the Exchange to cancel other risk warnings imposed on its stocks and disclose: (1) The China Securities Regulatory Commission has issued an administrative penalty decision for 12 months. months; (2) The company has retrospectively restated the corresponding annual financial accounting report on matters involved in the administrative penalty decision. "The company held the 44th meeting of the 10th board of directors and the 17th meeting of the 10th board of supervisors on December 22, 2022, and reviewed and approved the "Proposal on the Correction and Retrospective Adjustment of the Company's Previous Accounting Errors". The company has adopted the "Accounting Standards for Business Enterprises No. 28 - Accounting Policies, Accounting Estimate Changes and Error Corrections" and "Information Disclosure and Preparation Rules for Companies that Offer Securities to the Public". No. 19 - Correction of Financial Information and Related Disclosures" and other relevant regulations, retrospective adjustments will be made to the consolidated financial statements and the parent company's financial statements from 2017 to 2021, and corrections will be made to the consolidated financial statements and the parent company's financial statements for the first three quarters of 2022. For details, please refer to the "Announcement of Humanwell Pharmaceutical Group Co., Ltd. on the Correction and Retrospective Adjustment of Preliminary Accounting Errors" disclosed by the company on the website of the Shanghai Stock Exchange (www.sse.com.cn) on December 23, 2022 (announcement number: Lin 2022-161).
As of the disclosure date of this announcement, the company's various production and operation activities are carried out in a normal and orderly manner; the illegal matters involved in the "Administrative Penalty Decision" occurred in 2022 and before, and have all been rectified and will not have any impact on the company's future production and operations. Especially since the completion of the reorganization in July 2025, the company has continuously improved the standardization and effectiveness of internal controls, improved the level of corporate governance, strictly implemented the information disclosure requirements of listed companies, strengthened the study, understanding and correct application of laws, regulations and regulatory rules, continued to improve the quality of the company's information disclosure, performed information disclosure obligations in a true, accurate, complete, timely and fair manner, and effectively safeguarded the interests of the company and shareholders.
The company’s designated information disclosure media are China Securities Journal, Shanghai Securities News, Securities Times, Securities Daily and the Shanghai Stock Exchange website (www.sse.com.cn). The company’s relevant information is subject to the company’s disclosure in the above designated media. Investors are kindly requested to invest rationally and pay attention to investment risks.
Announcement is hereby made.
Board of Directors of Renfu Pharmaceutical Group Co., Ltd.
December 30, 2025