来源：云核变量集团 2025年盛夏，韩国美妆包材行业见证了一个里程碑式的资本事件：私募巨头TPG以8000亿韩元（约合41.36亿元人民币）的高价，将Samhwa出售给了 KKR。 令人惊叹的是，TPG在不到两年的短暂时间内，斩获了近3倍的投资回报，净赚超30亿人民币，这无疑是私募股权投资领域的一个经典成功案例。 Samhwa成立于1977年，最初只是一家为本土香水品牌提供铝制喷雾头的小作坊。历经多年发展，2007年成为其重要转折点，公司研发出"微米级剂量控制 泵"，这款泵能将单次出液量误差精准控制在±0.01ml，极大提升了化妆品包装的精准度与用户体验。 凭借这一核心技术，Samhwa赢得了"泵王"美誉，并成功拿下雅诗兰黛集团长达十年的全球独家供应合同。 发展至今，Samhwa已跻身韩国三大化妆品容器与按压泵制造商之列，产品覆盖水乳霜、气垫、粉底等各类美妆包材，雅诗兰黛、LVMH、欧莱雅、资生 堂四大国际美妆集团贡献了58%的销售额 ，在全球高端美妆供应链中占据核心地位。 2023年11月，TPG以3000亿韩元（约15.51亿元人民币）从Samhwa创始家族及韩国私募基金STIC手中收购了100%股权。 ...

Core Viewpoint - Zhongshan Lianchang Spray Pump Co., Ltd. has identified unauthorized companies exhibiting counterfeit products that infringe on its patents at the 29th Shanghai International Beauty Expo, confirming that the structure and functional parameters of these products are identical to its patented designs [1][3] Company Summary - Zhongshan Lianchang was established in 1994 and is headquartered in Zhongshan, Guangdong Province, focusing on the research, production, and sales of daily chemical lotion pumps, spray pumps, aerosol valves, and cosmetic packaging [3] - The company became a supplier for Procter & Gamble in 2004, gradually entering the international daily chemical market, with current partnerships including major brands such as Procter & Gamble, Unilever, L'Oréal, and Proya [3] Patent and Technology Summary - The patent in question pertains to Zhongshan Lianchang's all-plastic pump, which replaces metal springs and glass beads with plastic materials (PP/HDPE), achieving 100% recyclability of the pump head [3] - The patented design includes features such as a back-suction anti-drip mechanism, which automatically recovers excess cream, as well as impact-resistant and water-resistant structures [3] Industry Context - Patent infringement has become a significant issue in intellectual property rights, with the National Intellectual Property Administration reporting 31,238 administrative cases of patent infringement from January to August 2024, with Zhejiang, Guangdong, and Shanghai being the most affected regions [3] - In the daily chemical industry, patent infringement cases often involve trademark counterfeiting, particularly in high-frequency consumer goods like shampoos and skincare products [5] - Zhongshan Lianchang's actions to protect its intellectual property not only defend its core technology but also support the innovation ecosystem within the industry, especially in light of global environmental trends and the "dual carbon" goals [5]