Sinobioway Medicine(SZ:002581) Xin Lang Zheng Quan·2025-04-29 10:52Core Viewpoint - The recent announcement by Weiming Pharmaceutical reveals that its core subsidiary, Tianjin Weiming, has been ordered to cease production and sales due to quality defects, highlighting the shift in the pharmaceutical industry towards prioritizing quality over price in drug procurement [1][4]. Group 1: Company Impact - Tianjin Weiming, as a core asset of Weiming Pharmaceutical, faced significant operational challenges after its interferon α2b spray, which was expected to generate substantial revenue, was halted due to quality issues [2][5]. - The interferon product was projected to contribute 229 million yuan in revenue for 2024, accounting for 64.27% of the company's total revenue, but the recall has already reduced current income by 23.16 million yuan [2][5]. - The company has reported continuous losses for three years, with a net loss of 155 million yuan in 2024, and risks being classified as ST if production halts exceed three months, which would freeze its financing channels [3][5]. Group 2: Industry Context - The incident coincides with a critical transition in national drug procurement policies, emphasizing quality over low pricing, as indicated by the new guidelines released on March 27 [4]. - The case of Weiming Pharmaceutical serves as a cautionary tale for the industry, illustrating the inherent conflict between low-price bidding and quality assurance, especially as the procurement landscape shifts towards a "quality-first" approach [4][5]. - The company's failure to address the quality issues publicly has raised investor concerns and skepticism regarding its financial integrity, further complicating its position in a changing regulatory environment [5].