这一单IPO，投资人回报超1000亿

Core Viewpoint - The article highlights the significant IPO of Medline, marking a major success for the PE industry after a prolonged period of IPO stagnation, with Medline's market capitalization reaching $54 billion on its debut [3][4]. Group 1: Medline's IPO and PE Industry Impact - Medline's IPO on December 18, 2025, saw a first-day surge of 41%, establishing it as the largest IPO in the U.S. since 2025 and the largest in the healthcare sector in nearly 14 years [3]. - The IPO is viewed as a critical test for the recent "IPO wave" in the U.S. stock market, with the potential to set a new record for PE-backed IPOs [4]. - The three PE firms involved in Medline's acquisition—Blackstone, Carlyle, and H&F—are expected to achieve returns of approximately two times their equity capital, netting over $17 billion (approximately 110 billion RMB) in profits [4]. Group 2: Medline's Historical Context and Business Model - Medline, a century-old family business, transitioned from a textile manufacturer to a leading medical supplies company, generating over $17 billion in annual sales [6][8]. - The company historically resisted external capital, opting for a family-owned model until the need for re-capitalization arose due to the family's inability to access their wealth [7][6]. - Medline's business model emphasizes vertical integration, controlling its own brands, manufacturing, distribution, and logistics, which has allowed it to maintain superior margins and rapid response to market demands [17]. Group 3: Financial Performance and Market Position - Medline's revenue grew from $17.5 billion in 2020 to $25.5 billion in 2024, with EBITDA increasing from an estimated $2 billion to $3.4 billion during the same period [18]. - The company boasts a customer retention rate of 98%, indicating strong demand stability for its products, which are essential in the healthcare sector [18]. - Despite market challenges, Medline's valuation has continued to rise, demonstrating the resilience of high-quality companies in various market conditions [19].