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 - Beida Pharmaceutical (300558.SZ) is seeking a third attempt for an IPO in Hong Kong to enhance its capital strength and support its internationalization process, following two previous unsuccessful attempts in 2021. The primary motivation appears to be alleviating the company's increasing financial pressure rather than solely supporting long-term R&D [2][3][4]. Financial Performance - In 2025 H1, Beida reported revenue of 1.731 billion, a year-on-year increase of 15.37%, but the net profit attributable to shareholders was only 140 million, down 37.53% year-on-year. In Q2 2025, net profit was 40 million, a significant decline of 68.36% [6]. - The company's revenue heavily relies on its cornerstone product, Kaimena, which has annual sales exceeding 1 billion, accounting for more than half of its main business revenue [5][6]. - The company’s operating cash flow in H1 2025 was 445 million, reflecting a year-on-year decrease of 14.70%, indicating tightening liquidity [3][6]. Capital Structure and Liquidity - As of the end of 2023, Beida's cash balance was 527 million, a significant drop from 792 million at the end of 2021. The current assets were 1.359 billion, while current liabilities stood at 1.757 billion, highlighting short-term debt pressure [2][3]. - The company plans to allocate 40% of the IPO proceeds for R&D, 30% for potential acquisitions, and the remainder for marketing network construction and working capital [3]. R&D and Product Pipeline - Beida's R&D investment has decreased from 700 million in 2022 to 255 million in H1 2025, with the R&D team size halved from 647 in 2022 to 327 in 2024. This reduction may hinder new drug development and weaken the company's competitiveness in the innovative drug sector [7]. - The company has eight marketed products, but the performance of new products like Beifutini has been disappointing, with sales in H1 2025 not reaching 10% of main business revenue [5][6]. Market Position and Challenges - The competitive landscape for third-generation EGFR-TKIs is intense, with seven products already on the market, which may further squeeze Beida's market space if more competitors are included in the medical insurance [5][6]. - Beida's stock performance has been weak, with a year-to-date increase of about 30%, and the current stock price of 70.73 per share is significantly lower than its historical high of 160.66 [7][8].

Core Viewpoint - The company has a total of eight products in its sales pipeline and aims to leverage its successful commercialization experience in oncology to enhance market coverage through differentiated clinical value and efficient promotion strategies [2]. Group 1: Product Information - The company currently has several products for sale, including 凯美纳, 贝美纳, 贝安汀, 赛美纳, 伏美纳, and 康美纳, which was approved for sale on June 30. Additionally, 安瑞泽 started sales in July, and a plant-derived recombinant human albumin injection (水稻) named 奥福民 was also approved in July [2]. Group 2: Sales Performance and Strategy - The company is addressing questions regarding its sales performance compared to industry peers, specifically mentioning that its revenue, gross profit, and net profit metrics are currently lower than those of艾力斯. The company emphasizes the importance of innovation and adaptability in response to new challenges in the industry [2].

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.