重要子公司遭停产，或影响六成营收，未名医药核心产品再遇难题

Core Viewpoint - Shandong Weiming Pharmaceutical Co., Ltd. is facing significant operational challenges due to regulatory actions against its subsidiary Tianjin Weiming, which has been suspended from production and sales, impacting the company's revenue heavily [1][3][5]. Group 1: Regulatory Actions - Tianjin Weiming was subjected to production and sales suspension by the Tianjin Drug Administration due to non-compliance with Good Manufacturing Practice (GMP) standards [3]. - The core product, human interferon α2b spray, has faced procurement suspensions from Inner Mongolia and Tibet due to unsatisfactory inspection results [2][3]. - The company has previously experienced similar issues, with the Jiangxi Provincial Procurement Office announcing that the interferon α2b spray did not meet biological activity standards [4][8]. Group 2: Financial Impact - In 2024, Tianjin Weiming is projected to generate revenue of 217 million yuan, accounting for 60.09% of Weiming Pharmaceutical's total revenue [3][6]. - The recall of the interferon α2b spray has already reduced the company's revenue by 23.17 million yuan in 2024, with further implications for 2025 sales [5]. - Weiming Pharmaceutical has reported continuous losses for three consecutive years, with a record loss of 332 million yuan in 2023 [6][8]. Group 3: Product and Market Dynamics - The interferon product line is crucial for Weiming Pharmaceutical, contributing significantly to its revenue, with a gross margin of 79.92% in 2024 [7]. - The company has been involved in a competitive procurement process for interferon products, with the interferon α2b spray being the only product to win a bid at a price of 33.58 yuan for a specific volume [8]. - The procurement process, known as "small country procurement," has introduced uncertainties regarding the future of the company's core products due to the recent regulatory issues [8][9]. Group 4: Stock Market Reaction - Following the announcement of the production suspension, Weiming Pharmaceutical's stock fell to a limit down, closing at 6.68 yuan per share, with a total market capitalization of 4.407 billion yuan [10].