In the present study, we investigated a natural population of H. serrata in the Bawangling Nature Reserve of Hainan Province, South China. In field sampling, we examined the number of adult plants, gemmlings and sporelings as well as the gemma number of plants at different ages. A significant difference was observed between the numbers of gemmlings and sporelings. Most seedlings derived from gemmae, which critically influenced the population regeneration. The reproductive ability of gemmae became stronger from the 4th year of gemma growth. In the cultivation test, gemmae were planted in three different soil media, i.e., habitat soil, sand and humus. No significant difference was found in the gemmation rate among the three media, but the survival rate in sand was significantly lower than in the other two media. We also investigated the morphology of the gemma and gemmling growth pattern of H. serrata. The results may reveal the contributing role of gemmae in reproductive strategies, and be helpful to the resource protection and cultivation of H. serrata.