Core Viewpoint - Unimed Pharmaceutical's subsidiary, Tianjin Unimed, has been suspended from production and sales due to regulatory measures, significantly impacting the company's operations and revenue potential [2][3]. Group 1: Company Operations - Tianjin Unimed, primarily engaged in the production and sales of interferon drugs, generated revenue of 217 million yuan in 2024, accounting for 60.09% of Unimed Pharmaceutical's total revenue [2]. - The company's interferon business achieved revenue of 303 million yuan in 2023, representing 70.47% of total revenue, an increase from approximately 229 million yuan in 2022, which was 64.27% of total revenue [3]. - The main products contributing to Unimed's revenue are nerve growth factor and interferon products, which together account for over 90% of total revenue, with both categories having a gross margin close to 80% [2]. Group 2: Regulatory Issues - The suspension of Tianjin Unimed's production and sales is due to the interferon α2b spray being found non-compliant with biological activity standards, leading to procurement suspensions in multiple regions [2]. - The company must complete rectification and inspection to resume production, and products must meet national standards before being sold again [3]. - If the suspension lasts longer than three months, it may trigger additional risk warnings for the company [2].

未名医药（002581.SZ）正经历成立以来最严峻的生存考验。 4月24日晚间，未名医药连发公告披露，天津市药监局在药品GMP符合性检查中发现天津未名（下称"天津未名"）存在严重生产管理缺陷，决定对其采取暂 停生产、销售的风险控制措施。 这家曾凭借干扰素产品风光无限的生物医药企业，因核心子公司天津未名生产质量管理体系全面失控，触发监管部门重拳整治。 财务数据显示，天津未名2024年实现营收2.17亿元，占上市公司总营收的60.09%。其中干扰素产品近三年贡献率持续超过70%，2024年毛利率更达 79.92%。 该子公司主营的人干扰素α2b系列产品，正是支撑未名医药六成营收的"生命线"。 消息影响下，未名医药今日开盘便大幅跳水低开后火速跌停，截至收盘，报7.42元/股，跌停板最高封单额超4392万元，总市值48.95亿元。 六成营收命悬一线 | | 营业收入 | 营业成本 | 毛利率 | 营业收入比上 年同期增减 | 营业成本比上. 年同期增减 | 毛利率比上年 同期增减 | | --- | --- | --- | --- | --- | --- | --- | | 分行业 | | | | | | | | 生 ...

Core Viewpoint - Unimed Pharmaceutical faces significant operational challenges due to regulatory issues with its subsidiary Tianjin Weiming Biopharmaceutical Co., which has been ordered to suspend production and sales due to non-compliance with drug production quality management standards [1][2]. Group 1: Regulatory Issues - Tianjin Weiming was found to have production practices that do not meet the 2010 revised Drug Production Quality Management Standards, leading to a suspension of production and sales [1]. - The company must complete rectification and inspection before resuming production, which could take up to three months [1]. - If production is not restored within three months, Unimed may face additional risk warnings and could be subject to special treatment (ST) [1]. Group 2: Financial Impact - Following the announcement, Unimed's stock price dropped by 9.95%, closing at 7.42 yuan per share, with a market capitalization of 4.895 billion yuan [1]. - In 2024, Tianjin Weiming generated revenue of 217 million yuan, accounting for 60.09% of Unimed's total revenue, but reported a net loss of 14.0037 million yuan [1][2]. - The recall of a specific batch of interferon α2b spray due to non-compliance resulted in a revenue reduction of 23.1672 million yuan for Unimed [2]. Group 3: Historical Performance - Unimed has experienced fluctuating performance, with five out of the last seven years resulting in losses, particularly since 2018 [3]. - The company has faced multiple operational setbacks, including the suspension of its subsidiary Weiming Tianyuan due to environmental regulations and significant revenue declines in its core products [3][4]. - The ongoing control disputes over Beijing Kexing have further complicated Unimed's operational stability and financial performance [4]. Group 4: Current Business Structure - Unimed's operations are heavily reliant on three key subsidiaries: Tianjin Weiming, Xiamen Weiming, and Beijing Kexing [5]. - The revenue from the previously significant product, nerve growth factor, has decreased to 139 million yuan, representing only 38.59% of total revenue in 2024 [5]. - With Tianjin Weiming's current regulatory issues, Unimed faces potential operational crises as it relies on this subsidiary for a substantial portion of its income [5].