以下文章来源于东四十条资本 ，作者鲁智高 PAG，39个月赚了约30亿元。 东四十条资本 . 聚焦股权投资行业人物、事件、数据、研究、政策解读，提供专业视角和深度洞见 | 创投圈有趣的灵魂 将投中网设为"星标⭐"，第一时间收获最新推送 作者丨 鲁智高 编辑丨 王庆武 来源丨 东四十条资本 单伟建又有大动作。 不久前，太盟投资集团（PAG）数位投资人凭借对盈德气体的出售，获得"投中2025年度中国最佳投资回报投资人"奖项。这笔交易对价约68亿美元， 是中国私募股权市场有史以来规模最大的控股型退出之一。 在业界的聚光灯下，太盟投资集团在医药健康领域中投资规模最大的核心战略项目——博锐生物，又于近日朝着港股冲去。此前，这家投资机构累计投 资对方超过41亿元。 上市前，太盟投资集团持有博锐生物约44.62%的股份，为第一大股东。按照135亿元的估值粗略计算，太盟投资集团的持股价值超过60亿元。 如果再加上通过卖老股获利的超10亿元，意味着太盟投资集团从投资控股博锐生物，到对方完成上市前最后一轮融资，他们只用了39个月左右的时间， 便获得约30亿元的回报。 这笔控股类型投资的成功，无疑又将为太盟投资集团增添一笔漂亮的战 ...

Core Viewpoint - The article emphasizes that Haizheng Pharmaceutical is undergoing a transformation by focusing on high-margin businesses while improving operational efficiency and profitability through cost control and strategic adjustments [1][26]. Financial Performance - In the first three quarters of 2025, Haizheng Pharmaceutical reported total revenue of 7.923 billion, a slight increase of 0.61% year-on-year, while net profit attributable to shareholders decreased by 10.55% to 461 million [3][4]. - The company's non-recurring net profit reached 491 million, marking a significant year-on-year increase of 41.96% [3][4]. - In Q3 2025, revenue was 2.672 billion, up 1.57% year-on-year, with net profit attributable to shareholders soaring by 102.14% to 162 million [3][4]. Profitability Improvement - The non-recurring net profit of 169 million in Q3 2025 is the highest for the same period in history, indicating a strong improvement in the company's core profitability [4][6]. - The overall gross margin increased from approximately 41% in previous years to 45% in the first three quarters of 2025, a rise of 3.8 percentage points year-on-year [7]. - The R&D expense ratio increased from 2.9% in 2021 to 4.7% in 2025, reflecting a commitment to innovation [8]. Cost Control - Management and financial expense ratios have decreased significantly, with the financial expense ratio dropping from 2.9% in 2021 to 0.8% in 2025, indicating reduced financial pressure [11]. - The company has successfully reduced its interest-bearing debt, with short-term borrowings decreasing from 5.112 billion at the end of 2020 to 2.071 billion by Q3 2025 [12]. Business Focus - Haizheng Pharmaceutical is shifting its focus towards high-margin businesses, particularly in the formulation and animal health sectors, which have seen significant sales growth [15][17]. - The company is gradually reducing its involvement in low-margin pharmaceutical distribution, enhancing the overall profitability of its operations [17]. Innovation and R&D - The company is actively pursuing innovation through a three-pronged approach: self-research, collaboration, and investment in new drug development [21]. - Haizheng's self-developed innovative drug, Haibo Maibu Tablets, has seen a 31% increase in sales in 2024, with estimated terminal sales exceeding 500 million [22][24]. - The company is also exploring opportunities in synthetic biology and health aesthetics, with new products launched in these areas [20][24]. Market Position - Haizheng Pharmaceutical has improved its ranking among Chinese pharmaceutical companies, moving up 13 places to 38th, with strong positions in key therapeutic areas [18]. - The company has established a comprehensive production capability in the active pharmaceutical ingredient sector, exporting to over 80 countries [20].

Summary of Key Points from the Conference Call Company and Industry Overview - **Company**: 海正药业 (Haizheng Pharmaceutical) and 博瑞生物 (Borui Biopharmaceutical) - **Industry**: Pharmaceutical and Biotechnology Core Insights and Arguments Haizheng Pharmaceutical 1. **Transformation and Innovation**: Haizheng is actively transforming by enhancing its innovative drug pipeline through internal R&D and external collaborations, focusing on products like HS387 and Haibo Maibu tablets, which saw a 100% annual sales growth after entering the medical insurance system [2][3] 2. **Leadership Changes**: The new leadership under CEO Xiao has brought significant changes, improving operational efficiency and achieving record high net profits [8][9] 3. **Product Strategy**: The company is implementing a "big product" strategy, aiming for substantial sales from key products, including Haibo Maibu, projected to reach sales of 800 to 1,000 million [9] Borui Biopharmaceutical 1. **Growth Since Spin-off**: Since its spin-off in 2019, Borui has expanded its commercial product line from 1 to 7.5 products, with revenue increasing from 200 million to 1.63 billion, reflecting a compound annual growth rate of approximately 35% [2][5] 2. **Innovative Drug Development**: Borui has made significant strides in innovative drugs, including the launch of Anruixin (Zebetomab), the first Class 1 innovative drug in China, and is focusing on autoimmune and tumor immunity fields [6][7] 3. **ADC Platform**: Borui's unique approach in the ADC (Antibody-Drug Conjugate) platform, utilizing dual payload toxins and stable linker technology, enhances efficacy and reduces toxicity, positioning it competitively in the market [12][13] Additional Important Insights 1. **Market Expansion**: Borui is exploring the pet economy and has established a leading position in veterinary medicine, while also expanding into medical aesthetics and e-commerce channels [10][9] 2. **Future Revenue Goals**: Borui aims to achieve over 7.5 billion in revenue by 2029-2030, with expectations of significant contributions from various product lines [27][28] 3. **IPO Plans**: Borui is actively pursuing an IPO on the Sci-Tech Innovation Board, with a pre-IPO valuation of 13 billion as of late 2022, and is expected to meet listing conditions by June 2023 [29][22] This summary encapsulates the key developments and strategic directions of Haizheng Pharmaceutical and Borui Biopharmaceutical, highlighting their growth trajectories, innovative strategies, and market positioning within the pharmaceutical industry.