Every reporter: Chen Xing Every editor: Xu Shaohang Within three months, Baihua Pharmaceutical kicked off the change of control twice. On the evening of March 30, Baihua Pharmaceutical announced that the company’s controlling shareholders and actual controllers Mi Zaiqi, Mi Enhua, and Yang Xiaoling are planning the transfer of share agreements.
The military strike launched by the United States and Israel against Iran entered its 31st day on the 30th.
U.S. Secretary of State Rubio said in an interview broadcast by Qatar's Al Jazeera on the 30th that if Iran blocks the Strait of Hormuz after the war is over, it will "face serious consequences." Rubio said that once the U.S. military operation in Iran ends, the Strait of Hormuz will be reopened in any case, "either with the consent of Iran or through an international military alliance that includes the United States." Rubio said that the goals of the U.S. military operation against Iraq are very clear and "will be achieved in weeks, not months." He also said Iran must not acquire nuclear weapons.
In an interview with the New York Post on the 30th, U.S. President Trump said that his response to Iran’s attack on an oil refinery in Haifa, Israel, is “coming soon.” Israeli media reported on the 30th that an oil refinery in the northern city of Haifa caught fire in a missile attack that day.
On March 30, local time, Iranian President Pezeshizyan stated at a cabinet meeting that any decision to end the war will be based on meeting all the conditions that have been proposed and made within the framework of safeguarding national dignity, security and interests.
US Secretary of State: Iran will never be allowed to permanently control Strait of Hormuz
On March 30, local time, U.S. Secretary of State Rubio stated that Iran would never be allowed to permanently control the Strait of Hormuz, establish a toll collection system, etc.
Rubio said in an interview with the media that day that the United States aims to achieve its military action goals against Iran "within weeks, not months." He said: "He (US President Trump) prefers diplomatic approaches. These (negotiation) efforts are in their infancy. Some negotiations are ongoing, including through intermediaries."
Rubio said: "But we must also be prepared for the possibility that this effort (negotiations) may fail," and that Iran "is making threats to permanently control the Strait of Hormuz, to establish a toll system, etc. This must not be allowed to happen."
The UK Maritime Trade Operations Office (UKMTO) issued a safety notice on March 30, local time, stating that during the statistical period from February 28 to March 30 at 15:00 (UTC), the agency received a total of 24 incident reports involving vessel safety. Relevant incidents mainly occurred in the Persian Gulf, Strait of Hormuz and Gulf of Oman.
Iranian Foreign Minister: Will continue to target
"Invaders" conduct "defensive operations"
According to a report by the Islamic Republic of Iran Radio and Television on the 30th, Iranian Foreign Minister Araghchi said in a phone call with French Foreign Minister Barrow that Iran will continue to carry out "defensive operations" against "aggressors". Barrow expressed concern about the escalation of tensions in the Middle East and stressed the need to strengthen political and diplomatic efforts.
Araghchi said that Iran will continue to carry out "defensive operations" against "aggressors", including its military bases and facilities deployed on the territory of regional countries. The reason for Iran's "defensive operations" in the region is that the United States uses the territories, bases and facilities of these countries to launch illegal wars against Iran.
Araghchi said that the main source of tension in the Strait of Hormuz lies in the military aggression of the United States and Israel against Iran. The Strait of Hormuz is closed to ships from all parties participating in the aggression against Iran to "prevent aggressors from using the Strait of Hormuz to carry out illegal attacks on Iran." At the same time, relevant Iranian authorities are coordinating the passage of ships from other countries.
Barrow said France opposes war imposed on Iran and attacks on civilian targets. Barrow stressed the need to intensify political and diplomatic efforts to find solutions to end the war and restore regional stability and security.
Iran accuses Ukraine of participating in military action against Iran
On the 30th local time, Iran’s Permanent Representative to the United Nations Iravani wrote to the United Nations Secretary-General and the Security Council, accusing Ukraine of participating in military operations against Iran by sending personnel to the region.
Iravani stated in the letter that Ukraine admitted to sending "hundreds of experts" to relevant areas. This move was regarded by Iran as "supporting" the US-Israeli military action against Iran and a direct participation in a country's illegal use of force.
Iran also refuted the relevant accusations previously made by Ukrainian representatives, saying they lacked basis and stated that these claims were intended to divert the international community's attention from the current US-Israeli military operations against Iran's sovereignty and territorial integrity, and to defend attacks against civilians and civilian infrastructure.
Iravani pointed out that by providing technical and operational support, Ukraine has objectively facilitated military operations against Iran's sovereignty and territorial integrity, and therefore should bear international responsibilities arising from assisting in the commission of internationally wrongful acts in accordance with international law.
Iravani emphasized that Ukraine's actions constituted participation in "acts of aggression" and violated the prohibition of the use of force in the United Nations Charter. At the same time, Ukraine’s attempt to legalize or normalize attacks on critical infrastructure is deeply worrying and violates the basic principles of international humanitarian law.
Israeli government exposed as trying to use negotiation window to weaken Iran
At 18:50 local time on the 30th, an explosion occurred in the east of Tehran, the capital of Iran, and Iran's air defense system was subsequently activated. As can be seen in the video, explosions occurred in three locations in eastern Tehran.
In the past 24 hours, the Israeli military's strikes against Iran have been characterized by high intensity and persistence. According to the Israeli military battle report, it dispatched a total of more than 150 fighter sorties and carried out repeated bombings on Tehran. Especially in a round of attacks on the morning of the 29th, the Israeli army dropped more than 120 bombs in a short period of time. The Israeli military claimed that its targets include multiple key components of Iran's ballistic missiles and research and development sites for satellite launches, missile storage and launch facilities, and multiple air defense facilities. The Israeli military said in a statement that its goal is to "further weaken Iran's core military system and combat capabilities."
Iran responded forcefully.
CCTV reporter Zhao Bing said that the Israeli side pointed out that the Israeli government obviously hopes to use the current window period of unclear prospects for US-Iran negotiations to weaken Iran's strategic assets to the greatest extent. The Israeli military also revealed that it destroyed many of Iran’s temporary movable command centers in air strikes. This shows that Iran has begun to move more of its military command to mobile facilities following previous attacks on its military command chain.
A quick overview of the US-Israeli military strike against Iran
--Iran
Iran's Islamic Revolutionary Guard Corps issued a statement to mourn Alireza Tangesili, commander of the Islamic Revolutionary Guard Corps Navy. The statement said that Tangesili died of his injuries and that the Islamic Revolutionary Guards will "never stop fighting until the enemy is completely eliminated."
Iranian Foreign Ministry spokesperson Bagaei said that Iran has not conducted any direct negotiations with the United States so far, and Iran has received information about the United States’ willingness to negotiate through some intermediaries. The so-called "15-point plan" of the US ceasefire mentioned by the outside world is "excessive and unreasonable".
Bagaei also said that the Iranian parliament is considering whether to withdraw from the Treaty on the Non-Proliferation of Nuclear Weapons. Iran has never sought nuclear weapons and will never seek nuclear weapons. Iran's position has always been to ban any weapons of mass destruction.
Iranian Acting Defense Minister Ibn Reza said in a phone call with the Turkish Defense Minister that Iran will continue to "make every effort to punish the aggressors, form effective deterrence, and ensure that wars and acts of aggression will not be repeated again."
Officials in Iran's Alborz province said that an orphanage in the province was attacked by the United States and Israel, killing two people and injuring five others.
Iran's ministers of science and health issued a joint statement condemning the attacks by the United States and Israel on many universities and scientific research institutions in Iran, saying that relevant actions severely damaged education and scientific research facilities and caused casualties among scientific researchers.
Iran's Ministry of Cultural Heritage, Tourism and Handicrafts said that recent US-Israeli attacks have caused damage to 131 historical monuments in Iran.
On March 30, local time, Ahmed-Reza Laden, commander of the Iranian Security Forces, said that since the outbreak of the current round of military conflicts between the United States and Israel, Iran has arrested a total of 48 core members of anti-government organizations, spy networks and related groups. At the same time, Iranian police arrested 46 people suspected of participating in the sales of "Starlink" equipment during operations in 19 provinces, and seized 139 sets of "Starlink" equipment and related routers.
--USA
U.S. President Trump said that the United States is having serious discussions with a "new, more rational regime" and that if an agreement cannot be reached with Iran, all the country's power plants, oil wells and Khark Island will be "totally destroyed."
In an interview with British media, Trump said that indirect negotiations between the United States and Iran through the "intermediary" Pakistan were "going very well." Trump said Iran allowed 10 Pakistani-flagged oil tankers to pass through the Strait of Hormuz last week, and this has now increased to 20.
CNN reported that Trump said that Iran had agreed to "most elements" of the "15-point plan" for a ceasefire.
According to the US "New York Times" report, hundreds of US special forces soldiers have arrived in the Middle East, which will provide more options for US military operations against Iran.
--Israel
The Israel Defense Forces issued a statement saying that the Israeli army launched multiple rounds of air strikes on Tehran, the capital of Iran, and hit about 40 weapons production and research and development facilities.
According to Israeli Channel 12 television, an oil refinery in the northern city of Haifa caught fire in a missile attack.
The Israel Defense Forces said in a statement that a soldier was killed after being shelled by Hezbollah in southern Lebanon. The attack also caused one soldier to be seriously injured, and the injured has been sent to hospital for treatment.
According to the Times of Israel, the Israeli Knesset approved the 2026 budget, which is the largest budget in Israel’s history. Among them, the budget of the Ministry of Defense has reached a record high, estimated to exceed NIS 142 billion (approximately US$45.3 billion).
--Syria
According to the Syrian National News Agency, citing information from the Syrian Transitional Government Forces, multiple drones launched attacks on multiple military bases in Syria from near the Iraqi border, and most of the drones were intercepted.
——Lebanon
The United Nations Interim Force in Lebanon (UNIFIL) issued a statement saying that a shell landed on a UNIFIL position, killing one peacekeeper and seriously injuring another.
——Kuwait
The Kuwaiti military said that a military base was hit by multiple missiles, injuring 10 soldiers.
Kuwait's Ministry of Electricity, Water and Renewable Energy said an Indian worker was killed in an attack on a power and desalination facility in the country.
--Iraq
The Iraqi Ministry of Defense issued a statement saying that the country's "Mohammed Allah Martyrs" air base was attacked by rockets and an Iraqi Air Force An-132 transport aircraft was destroyed.
--Spain
According to multiple Spanish media reports, the Spanish government has decided to close its airspace to relevant aircraft participating in the US and Israeli military operations against Iran, including prohibiting relevant US military aircraft deployed in other European countries from flying through Spanish airspace. At the same time, Spain does not allow the United States to use its Rota and Moron de la Frontera military bases. This measure only applies to military aircraft and not commercial flights.
--Turkey
The Turkish Ministry of Defense said on the 30th that a missile launched from Iran was intercepted by NATO's air defense and missile defense systems in the Eastern Mediterranean after entering Turkish airspace. The Turkish Ministry of Defense issued a statement on social media saying that Turkey is "firmly taking necessary measures" to protect the security of the country's territory and airspace and is paying close attention to the development of the regional situation. At present, Turkey has not released details such as the specific type and target of the missile. The Turkish Defense Ministry stated that since March, a number of ballistic missiles entering Turkish airspace have been intercepted by NATO defense systems.
In early trading on February 3, Asia-Pacific stock markets opened lower across the board, and the cryptocurrency market fell collectively at the same time. Ethereum once plummeted 25%, and Bitcoin experienced multiple short-term sharp drops, with the largest drop exceeding 6% within 24 hours.
Industry insiders say this is an epic plunge in the cryptocurrency market.
Bitcoin’s lowest price hits $91,130.3 per coin
A decrease of 6.83%
According to CoinGlass market data, the price of Bitcoin has continued to fall in the past few hours, once reaching around $91,130 per coin. As of press time, Bitcoin was trading at US$92,899.3 per coin, a drop of 6.83%.
Bitcoin has continued to fall since January 31, with the price falling from $106,000 per coin. It has been in a downward trend for four consecutive trading days.
Other currencies in the cryptocurrency market are collectively lower
In addition to Bitcoin, other currencies in the cryptocurrency market also plummeted that day.
Ethereum, Binance Coin, Dogecoin, SOL Coin, Ripple Coin, ADA Coin, and SUI Coin all fell sharply. Ethereum, Ripple Coin, ADA Coin, and SUI Coin fell by more than 20%, and Binance Coin and TRUMP Coin fell by more than 15%.
Among them, Ethereum once plummeted 25%, hitting a low of $2,080.19 per coin, reaching its lowest level in the past year.
In just 12 trading days, the price of TRUMP coins also fell from 43 US dollars per coin. On February 3, it fell to 15.554 US dollars per coin, a drop of 17% in 24 hours.
CoinGlass data shows that in the past 24 hours, as many as 720,000 people have liquidated their positions in the cryptocurrency market, and the total liquidation amount has reached US$2.21 billion. Among them, the liquidation amount of long orders reached US$1.87 billion, and the liquidation amount of short orders reached US$340 million.
The largest single liquidation order occurred on Binance-ETH, worth $25.635 million.
On the news, according to media reports, cryptocurrencies plunged sharply on Sunday amid a risk-off trend after U.S. President Donald Trump imposed long-threatened import tariffs on Canada, Mexico and China.
On January 27, the DeepSeek application developed by Hangzhou DeepSeek, a large domestic model company, topped the free app download rankings of Apple's app stores in China and the United States. It surpassed ChatGPT in the U.S. download list, attracting attention from the global technology, investment industry, and media circles. DeepSeek's training costs have attracted the attention of many U.S. officials and investment circles.
It is reported that due to this, NVIDIA suffered a sharp decline, and the value of the US stock market evaporated by nearly one trillion US dollars. As risk assets, Bitcoin and cryptocurrencies were also affected. After a week of recovery, the market performance remained weak and fell sharply again on February 3.
This afternoon, the World Data Organization was officially established in Beijing. It is the world's first professional international organization aimed at promoting data development and governance practices. The head of the World Data Organization accepted an exclusive interview with a reporter from CCTV.
Why was this international organization established at this time?
Tan Tieniu, chairman of the World Data Organization, said that at present, the entire global economic recovery is still sluggish and growth momentum is insufficient. Relying on traditional trade and investment to drive economic growth should be said to have diminishing marginal effects. In turn, the digital economy is emerging and is booming. The artificial intelligence craze is very hot, and the most important feature of this craze is that it is data-driven. How to fully unleash the potential of data and drive faster development of the digital economy is a common problem faced by all mankind, and a globally recognized international platform is needed to promote and solve these problems.
What exactly will the World Data Organization do?
An important function of the World Data Organization is to "break down barriers": to solve the problem of different data policies in various countries, promote the formation of industry consensus, standard recommendations and best practices, provide reference for governments and research institutions of various countries, and help multinational enterprises reduce data compliance costs.
In addition, the World Data Organization also highlights "building an ecosystem": applying data to actual scenarios such as medical care, education, and energy to promote project implementation and industrial innovation; strengthening talent training, especially helping global southern countries and developing countries improve their data capabilities and narrow the data gap.
The World Data Organization currently has more than 200 members
Currently, the World Data Organization has brought together more than 200 members, covering more than 40 countries around the world.
The members of the World Data Organization cover diverse entities such as enterprises, universities and think tanks, international organizations, and financial institutions, involving 14 industries including industry, finance, medical care, public services, e-commerce retail, transportation and logistics, energy, construction, Internet, agriculture, education, media, automobiles, and law. It has initially formed a global layout and a diverse and collaborative member ecosystem.
Jack Perry, chairman of the British 48 Group, a member of the World Data Organization, said that data has no national borders and they flow in the cloud, but at the same time, they can also become factors that create barriers, so we must join hands. I see that China is facing the problem head-on and looking for solutions to make the results of digital economic development more inclusive.
(CCTV reporter Wu Hao and Liu Baixuan)
Late at night on March 30, the organizer of Shan Yichun's concert issued a statement, saying that because the artist and the organizer have fully protected the rights and interests of all audiences, after comprehensive consideration, a 48-hour limited time voluntary exemption refund process has been launched for tickets that have been sold but have not been performed through officially authorized ticketing channels for this tour. The full text is as follows:
Dear viewers:
Because the artists and organizers fully protect the rights and interests of all audiences, after comprehensive consideration, a 48-hour limited-time voluntary exemption and refund process (from 10:00 on March 31, 2026 to 09:59 on April 2, 2026) for tickets that have been sold but have not been performed through the officially authorized ticketing channels of this tour (specifically including: Wuhan and Zhengzhou shows) has been launched.
This refund will be handled through the original officially authorized ticketing channel, without any handling fees, no deductions, no liability and no damage; the specific refund details will be notified separately by each ticketing platform.
The organizer of the audience who has paid the handling fee to complete the refund will coordinate the refund of the handling fee.
This limited-time refund is only for ticketing service optimization arrangements, and the concert will be held as scheduled at the original time and location.
This limited-time refund policy only applies to tickets sold for the above-mentioned designated performances that have not been performed, and does not apply to re-sale of tickets for the above-mentioned designated performances and other subsequent performances. The refund rules for the re-issuance of tickets for the above designated events and other subsequent events are still subject to the general ticket purchase rules of all officially authorized ticketing channels. In order to maintain normal ticket purchasing order and standardize ticket circulation, the audience is kindly requested to purchase tickets as needed and purchase tickets rationally.
According to reports, Shan Yichun's "Pure Sister 2.0" 2026 concert tour continues to be popular. She will sing at the Wuhan Optics Valley International Tennis Center (Central Court) for three days from April 10th to April 12th, and for two days at the Zhengzhou Olympic Sports Center from April 25th to 26th. Currently, all five concerts have been sold out.
Previously, Li Ronghao posted a long message calling out Shan Yichun, saying that the issue of forced infringement of singing "Li Bai" continued to ferment, attracting the attention of the entire network.
In the early morning of March 30, singer Shan Yichun posted a long post, once again responding to Li Ronghao's call for infringement in singing "Li Bai" and apologizing. Shan Yichun said: During yesterday's concert, I sang the song "Li Bai" without actually obtaining written authorization, which caused harm to teacher Li Ronghao and betrayed everyone's trust. I would like to express my most sincere apology to all affected friends. The host company was solely responsible for the copyright review and authorization application of the tracks for this tour. Based on my trust in the professional process of the partner, I did not further verify the details of the authorization document before the performance. Later I learned that the organizer had not actually signed the performance authorization for "Li Bai". However, I still need to be responsible for my oversight negligence of "not personally verifying the authorization documents." After the incident, we have conducted a comprehensive self-examination and corrected the error, and reviewed the tour track authorization process. At the same time, we will also stop all subsequent performances of the song "Li Bai". I am willing to bear all corresponding responsibilities for the negative impact this matter has had on the entire industry. In the future, I will respect the handling methods of Teacher Li Ronghao and his copyright company, and continue to communicate with all parties. No matter who is the actual responsible party, I will personally bear the full copyright royalties and corresponding compensation.
Later, Li Ronghao responded: If this matter does not continue to ferment and slander and abuse me and my family, this matter will be left as it is for the time being. I promise that I will not take the initiative to mention it again in the future, but I will reserve my right to pursue it based on online public opinion. As for compensation, I can tell you and everyone here that I don’t need it. If I wanted money, I would authorize it to you from the beginning. Isn’t that more justifiable? Why bother with so much trouble.
Previous reports: Shan Yichun apologized after being accused of "forcibly" infringing on singing "Li Bai"! Li Ronghao asked four more questions: Without authorization, what stance, what rights, what angles, and what mentality would you use to sing?
Within three months, Baihua Pharmaceutical kicked off two changes of control.
On the evening of March 30, Baihua Pharmaceutical announced that the company’s controlling shareholders and actual controllers Mi Zaiqi, Mi Enhua, and Yang Xiaoling are planning a share agreement transfer, which may lead to a change in the company’s control.
It is worth noting that in December last year, the company announced plans to transfer control, but it was terminated on January 6 this year because the two parties failed to reach an agreement. This second restart may mean that Xinjiang's wealthy Mi Enhua family is determined to withdraw from this listed company that has been in power for nearly seven years.
Second restart: less than three months since the last termination of control transfer
On the evening of March 30, the company announced that it had received notices from the controlling shareholders and actual controllers Mi Zaiqi, Mi Enhua, and Yang Xiaoling. The three were planning the transfer of the company's share agreement, which may lead to a change in the company's control. The equity agreement transfer is currently under negotiation and there are still uncertainties. Baihua Pharmaceutical has been suspended from trading since the market opened on March 31, and the suspension is expected to last no more than 2 trading days.
It is worth noting that in December last year, Baihua Pharmaceutical announced plans to transfer control. However, on January 6 this year, Baihua Pharmaceutical announced that because the company's controlling shareholder, actual controller and counterparty did not reach an agreement on major matters related to the change of control, it decided to terminate the change of control at that time.
The resumption of the transfer of control for the second time seems to mean that Xinjiang's wealthy Mi Enhua family is determined to withdraw from Baihua Pharmaceutical.
Mi Enhua is the founder of Xinjiang's "Hualing" enterprise group and is married to Yang Xiaoling, while Mi Zaiqi is the son of Mi Enhua and Yang Xiaoling. Public information shows that Mi Enhua was born in 1958. In 1988, 30-year-old Mi Enhua registered and established "Urumqi Hualing Industry and Trade Company" with a capital of 30,000 yuan, and participated in the "going overseas" craze. Later, the Hualing market gradually developed.
Official website information shows that the current Hualing Group has developed into a private enterprise group with the commodity market as its main body and integrating commercial services, real estate development, foreign trade, animal husbandry industry, large-scale logistics, overseas investment, landscaping, heating, finance, education, etc.
Mi Enhua's net worth has also increased with the expansion of Hualing Group's territory. In October 2019, Mi Enhua appeared on the Hurun Rich List for the first time with a wealth of 15 billion yuan, ranking 244th. In 2024, the Mi Enhua family's net worth has risen to 29 billion yuan, ranking 157th on the Hurun Rich List.
In April 2019, Hualing Group acquired 19.86% of Baihua Village's equity and became the company's largest shareholder, with Mi Enhua and his wife becoming the actual controllers. On March 1, 2024, Baihua Pharmaceutical announced that it had received notice that the registered capital of the controlling shareholder Hualing Group had increased from RMB 500 million to 1.1 billion yuan. Mi Zaiqi, the sole controlling shareholder of Hualing Holdings, has become one of the actual controllers of Baihua Pharmaceutical through controlling Hualing Group.
Performance ups and downs: Six years of volatility under Mi Enhua’s control
As the “No. 1 stock in Xingtuan”, Baihua Pharmaceutical has undergone many transformations in its main business and changes in its ownership structure since its listing in 1996.
Its original name was "Baihua Village". In the early days of its listing, the company operated small-scale commercial businesses such as department store retail, catering, and trade. In 2002, the company acquired 51% of the shares of Guangzhou Xintuo Technology Development Co., Ltd. and transformed into the IT industry.
Since 2006, combined with the shareholding reform, Baihua Pharmaceutical has transformed into a coal mining company - "three mines and one factory" consisting of Yuxin Coal Company, Natural Products Company, 101 Coal Mine, and Hongji Coking Company. At that time, the company had considerable production capacity in the coking coal mining and coal chemical industry chain, with an annual output of 1.6 million tons of raw coal, 800,000 tons of coke, 210,000 tons of urea, and a power generation capacity of 182 million kilowatt hours.
In 2016, Baihua Pharmaceutical divested its coal and coal chemical businesses, which were suffering serious losses and with poor development prospects at the time, and transformed into the pharmaceutical R&D service industry, becoming the first listed company in the Xinjiang Production and Construction Corps with pharmaceutical R&D as its main business.
However, Baihua Pharmaceutical, which was new to pharmaceutical R&D services, encountered major setbacks at the beginning. After acquiring Warwick Pharmaceuticals, Warwick Pharmaceuticals did not fulfill its performance commitments. As a result, Baihua Pharmaceutical suffered impairment of goodwill for two consecutive years in 2017 and 2018. In 2017, the impairment was RMB 623 million, in 2018 it was RMB 908 million, and the cumulative impairment in the two years was RMB 1.5 billion.
During this period, Baihua Pharmaceutical's performance was also very ugly. The non-net profits in 2017 and 2018 were -570 million yuan and -819 million yuan respectively. It was also involved in litigation with Zhang Xiaoqing, the founder of Warwick Pharmaceuticals.
After the performance of Warwick Pharmaceuticals exploded, the original controlling shareholder of Baihua Pharmaceuticals, the Sixth Division State-owned Assets Company, transferred its controlling stake in the listed company, and the Mi family officially took over Baihua Pharmaceuticals.
During the years when Mi Enhua controlled Baihua Pharmaceutical, the company's performance showed significant fluctuations of "alternating between losses and profits." Data shows that from 2019 to 2024, the company's net profits attributable to the parent company were 34.3847 million yuan, -320 million yuan, 59.8271 million yuan, -34.7647 million yuan, 12.9723 million yuan and 41.479 million yuan respectively. Among them, there was a significant loss in 2020, mainly due to factors such as the termination of 58 pharmaceutical research and development contracts by Warwick Pharmaceuticals and the impairment of goodwill.
During the period of control by the Mi Enhua family, Baihua Pharmaceutical also had problems with information disclosure. In October 2023, the company and the board secretary received a warning letter from the Xinjiang Securities Regulatory Bureau due to multiple hints on the investor interaction platform that the company had weight-loss drug-related businesses and inaccurate and incomplete information disclosure. In June 2024, due to the untimely disclosure of changes in the actual controller, the company, controlling shareholders, actual controllers, etc. once again received regulatory warning letters and were recorded in the capital market integrity file.
daily economic news
The Russian government recently issued a formal decree announcing that it will implement a gasoline export ban for several months starting from April 1, 2026. This decision has been confirmed by Xinhua News Agency and Itar-Tass News Agency, marking a major shift in the Kremlin's energy policy. In an official statement, Moscow attributed the move to stabilizing domestic market prices and responding to energy fluctuations caused by the Middle East crisis, but the core military motivation behind it cannot be concealed. Just two weeks before the decree was issued, Russia's oil refining industry system and core export ports on the Baltic and Black Sea coasts were experiencing the most intensive and targeted long-range precision attacks since the outbreak of the conflict.
The direct trigger of this round of bans came from the continuous shutdown of many key oil refineries in Russia. On March 21, the Saratov refinery belonging to Rosneft was attacked by a Ukrainian suicide drone swarm. The attack was extremely precise, directly hitting the plant's core secondary processing unit and 10,000-ton reserve oil tank. As a key link in the oil refining process, the damage to the core processing unit and the fire in the oil storage facility caused the entire production line to come to a complete shutdown due to the loss of front-end processing capabilities. Since the production and installation of such large-scale precision equipment is highly dependent on a specific supply chain and is under wartime control, its repair cycle is currently difficult to predict.
Just five days later, on March 26, Ukrainian long-range drones once again broke through the air defense network, penetrated deep into northwest Russia, and launched an attack on the Kirishi Refinery in Leningrad Oblast. The Kirish Refinery is not only the second largest oil refining facility in Russia, but also the energy backbone of St. Petersburg and even the entire Northwestern Federal District. Its annual designed processing capacity exceeds 19 million tons, accounting for approximately 7% of Russia's total oil refining share. According to battlefield monitoring and satellite images, the two core devices of the factory, AVT-4 and AVT-6, were damaged in the attack. This tactical pattern of repeated strikes and continuous suppression not only consumed a large amount of Russian anti-aircraft ammunition, but also caused a structural collapse of Russia's already tight oil refining capacity.
Shuanghai ports are caught in a bloody battle: the energy export artery encounters an "asymmetric" blockade
While the refining end has suffered heavy losses, Russia's energy export arteries are also facing a blood loss crisis. In the week from March 23 to 27, Ukraine launched three consecutive waves of large-scale air strikes against the two core oil hubs on the Baltic Sea coast, the ports of Primorsk and Ust-Luga. These two ports are responsible for about 40% of Russia's current oil export share, with an average daily loading capacity of up to 2 million barrels. The saturation attack on the 25th caused damage to some oil export facilities, but some operations have been restored due to Russian emergency repairs. Although the Russian air defense force claimed to have shot down 36 drones on the night of the 27th, the continuous explosions and fire alarms have forced international oil tankers to choose to divert or suspend their voyages.
In the direction of the Black Sea, the fighting was equally fierce. In early March, Ukraine used a multi-dimensional force including more than 200 drones, suicide drones and underwater unmanned submarines to launch a coordinated attack on the port of Novorossiysk. This was the largest attack in the area since the war began, causing damage to several ships, including the Valentin Picul, and to dock loading and unloading arms. The tactical value of this kind of destruction of port loading and unloading hardware is much higher than a simple attack on storage tanks, because the damage to the precision loading and unloading system directly caused the crude oil loading volume to be significantly lower than the planned production capacity, leaving Russia with no machinery to load even if it had oil.
The Russian energy system is currently in an extremely embarrassing state of double squeeze. On the one hand, the decline in domestic refining capacity has directly pushed up wholesale oil prices, threatening the stability of spring farming and frontline military logistics; on the other hand, continued attacks on export ports have prevented the Kremlin from fully enjoying the dividends brought by energy premiums in the context of soaring international oil prices. Ukraine's strategic intention is very clear: to use low-cost drones with a unit price of only tens of thousands of dollars to systematically attack industrial nodes worth hundreds of millions of dollars, forcing Moscow to tighten energy exports, thus cutting its war funding from the root.
Battlefield situation determines economic decisions: the logic behind forced strategic contraction
From a military perspective, the Putin government's announcement to ban the sale of gasoline is essentially a forced involution under pressure from the battlefield. At a time when the international energy landscape is experiencing violent fluctuations due to the situation in the Middle East, Russia should have strengthened its foreign exchange reserves by expanding exports, but the reality is that it must sacrifice foreign exchange to prioritize maintaining the minimum operation of domestic society. This shift from active regulation to passive defense heralds a qualitative change in the economic front of the Russia-Ukraine conflict. Although Ukraine cannot destroy Russia's economic foundation overnight through its continuous bloodletting tactics, its precise elimination of Russia's core industrial assets is causing cumulative damage that is difficult to reverse.
For the Kremlin, how to balance domestic demand and battlefield consumption after the ban takes effect on April 1 will be a huge test. With the continuous upgrading of Ukraine's long-range strike capabilities and the diversification of combat methods, all industrial targets with strategic value in Russia have been exposed to danger. If it cannot effectively improve the air defense efficiency of important areas or suppress Ukraine's launch positions in a short period of time, this kind of refinery war will continue to erode Russia's war potential and put it in a more disadvantaged position in a long-term war of attrition. The situation has become very clear. Russia's energy system is being squeezed from both production and export ends simultaneously, and the reduction in its foreign exchange earnings will directly translate into a heavy burden on frontline military operations.
