“药茅”片仔癀，又做LP了

Core Viewpoint - The article discusses the active participation of pharmaceutical companies, particularly Pianzaihuang, in the primary market as limited partners (LPs) in various investment funds, highlighting their strategies to seek new growth opportunities amid fluctuating performance [4][10][12]. Group 1: Pianzaihuang's Investment Activities - Pianzaihuang has committed to invest RMB 200 million as a limited partner in the CICC (Zhangzhou) Medical Industry Investment Partnership, representing 20% of the fund's target size of RMB 1 billion [4][6]. - This marks Pianzaihuang's third investment as an LP since 2025, following previous investments in the "Zhaoying Huikang Fund" and the "Gaoxin Runxin Fund," both with a scale of RMB 1 billion [4][11]. - The company has a strong cash reserve of nearly RMB 5 billion as of June 2025, allowing it to actively engage in investment activities despite recent declines in revenue and profit [12]. Group 2: Fund Details and Partners - The CICC Medical Fund aims to invest in sectors such as traditional Chinese medicine, biomedicine, medical devices, and health services, with a focus on projects related to Pianzaihuang's industry chain [6][8]. - The fund has seven limited partners, with several having connections to Pianzaihuang, indicating a strategic alignment within the investment ecosystem [8]. Group 3: Broader Industry Trends - Other pharmaceutical companies, such as Taige Pharmaceutical and Jiuzhoutong, are also becoming active LPs in the primary market, reflecting a trend among biopharmaceutical firms to diversify their investment portfolios [4][13]. - Companies like Hengrui Medicine and Kanglong Huacheng are also establishing significant investment funds, indicating a robust interest in the primary market driven by strong financial performance [14][16]. - The trend of pharmaceutical companies acting as LPs is seen as a positive signal for the venture capital and private equity landscape, providing much-needed capital to startups and investment firms [17].