以下文章来源于投中网 ，作者陶辉东 投中网 . 投中网是领先的创新经济信息服务平台，拥有立体化传播矩阵，为创新经济人群提供深入、独到的智识和洞见，在私募股权投资行业和创新商业领域拥有 权威影响力。官网：www.chinaventure.com.cn PE行业一场久违的退出大胜。 目前来看， Medline 拿出的结果无疑相当令人满意。FT 此前曾 报道， 按 IPO 定价中位数计算 Medline 市值约 373 亿美元， 黑石、凯雷和 H ＆ F 三家机 构能从 Medline 的IPO中收获相当于股权 资本 两倍的回报，也就是四年时间净赚超170亿美元（1100亿人民币）。 而由于 Medline 最后把发行价定在了定 价区间的上限，上市后又大涨，它们的回报还将大大超越这个数。 这将是历经多年IPO低迷后，PE行业一场久违的退出大胜。 百年家族企业 开启了一场华尔街的盛宴 纵观整个PE行业，300亿美元以上的交易屈指可数，每一次都是一场历史性的资本盛宴。 Medline 当然也不例外。 Medline 是美国一家有着百年历史的老牌家族企业，其前身最早可以追溯到1911年，当时一个叫米尔斯的美国人创立了一家 ...

Core Viewpoint - Medline, a global healthcare company, has successfully completed its IPO, marking the largest IPO in the US for the year, with a market capitalization exceeding $54 billion on its first trading day [4][19]. Company Background - Medline was founded in 1966 by brothers Jim and John Mills, inspired by their grandfather's sewing business [5][17]. - The company initially focused on manufacturing medical supplies and has grown to offer a wide range of products, including surgical gowns, gloves, masks, and disinfectants [6][18]. - Medline was briefly public in 1972 but was privatized five years later, remaining a family-owned business until its recent IPO [5][17]. IPO Details - The IPO raised approximately $6.264 billion by issuing 216 million shares at a price of $29 each, with significant interest from cornerstone investors [6][19]. - Medline's IPO was oversubscribed by more than ten times, highlighting strong market demand [6][19]. - The company achieved a first-day closing price that increased by over 41%, bringing its market value to approximately $54 billion [4][19]. Financial Performance - Medline's revenue has shown consistent growth, with a compound annual growth rate of 18% since its inception, reaching $17.5 billion in 2020 and projected to be $25.5 billion in 2024 [7][21]. - The company reported a net profit of $977 million for the first nine months of 2025, indicating strong financial health [21]. Private Equity Involvement - The company was acquired by a consortium of private equity firms, including Blackstone, Carlyle, and Hellman & Friedman, in 2021, purchasing nearly 80% of the company [9][20]. - Since the acquisition, Medline's revenue has increased by nearly 50%, demonstrating the effectiveness of the private equity firms' management strategies [21]. - The private equity firms are expected to benefit significantly from the IPO, with potential returns estimated in the billions [4][10]. Market Impact - Medline's IPO is noted as the largest private equity-backed IPO in history, reflecting the growing trend of private equity firms taking companies public [20]. - The successful IPO is part of a broader trend, with Blackstone completing multiple IPOs in the recent quarter, indicating a robust exit environment for private equity investments [23].

将投中网设为"星标⭐"，第一时间收获最新推送 PE行业一场久违的退出大胜。 作者丨 陶辉东 来源丨 投中网 2025年即将结束之际，PE行业史上最大的一单IPO来了。 12 月 18 日， 美国医疗用品巨头Medline 登陆纳斯达克，首日大涨 41% ，市值达 540 亿美元（约合 3800 亿人民币）。 这是美股2025年 以来 规模最大的IPO，也是医疗行业近14年来最大的IPO。 Medline 的IPO表现备受全球PE行业关注，被视为检验2025年下半年以来美股"IPO潮"成色的关键一役。2021年， Medline 被黑石、凯雷和H＆ F 三家PE巨头组成的财团收购，当时的估值为340亿美元，是自2008年金融危机之后，全球 PE行业金额最高的一起PE收购交易。 Medline 此次的IPO则将再次创造历史，刷新PE行业项目IPO的金额 纪录 。 目前来看， Medline 拿出的结果无疑相当令人满意。FT 此前曾 报道， 按 IPO 定价中位数计算 Medline 市值约 373 亿美 元， 黑石、凯雷和 H ＆ F 三家机构能从 Medline 的IPO中收获相当于股权 资本 两倍的回报，也就 ...

Core Viewpoint - Medline, a company that has long operated behind the scenes in the healthcare system, made headlines with its IPO on December 17, 2025, raising $6.26 billion (approximately 44 billion RMB), marking it as one of the largest public offerings globally that year. The company's stock surged 41% on its first day, reflecting a newfound recognition of its essential role in the healthcare supply chain [2][4][8]. Group 1: Company Overview - Medline is often labeled as a "medical supplies distributor," but its true value lies in its comprehensive supply chain solutions, which include manufacturing, warehousing, distribution, and hospital support. The company offers over 330,000 products, including private label and third-party products, with a robust logistics system ensuring next-day delivery to most U.S. customers [4][5]. - The company's growth is not reliant on single innovations or policy changes, as it has maintained revenue growth across various economic cycles, including during the COVID-19 pandemic. This stability is appealing to capital markets, which favor understandable business models [5][8]. Group 2: Family Control and Development Path - Medline has been under family control since its founding in 1966 by Jon and Jim Mills, remaining 100% family-owned until 2021 when 79% of the shares were sold to a private equity consortium led by Blackstone, Carlyle, and Hellman & Friedman, valuing the company at over $30 billion [6][7]. - The Mills family retained about 21% of the shares before the IPO and expressed intentions to increase their holdings post-IPO, reflecting a consistent, low-profile operational style focused on growth and stability rather than aggressive market presence [7][15]. Group 3: IPO Insights - Medline's IPO is characterized as atypical, lacking the high-growth narrative common in recent medical device IPOs. The company had established stable profitability and clear cash flow structures prior to going public, with projected revenues of $25.5 billion in 2024 and nearly $1 billion in net profit for the first three quarters of 2025 [8][9]. - The management emphasized that the IPO would not alter the company's operational approach, focusing instead on reducing debt and enhancing financial flexibility rather than pursuing aggressive expansion [9][15]. Group 4: Tariff Considerations - Medline acknowledged the impact of tariffs, estimating a cost increase of approximately $325 million to $375 million for the fiscal year 2025, which would continue into 2026. The company has a diversified manufacturing and supply chain strategy, with over 30 production facilities globally, allowing for flexibility in response to policy and logistical challenges [12][13]. - The nature of Medline's products, which are low-cost, stable in demand, and easily substitutable, enables the company to absorb cost pressures through scale and pricing strategies, enhancing its resilience in uncertain environments [13]. Group 5: Market Context and Repricing - Medline's IPO occurred in a year marked by uncertainty in the U.S. IPO market, yet it was seen as a "bellwether transaction," indicating a shift in market preferences towards companies with established profitability and cash flow quality amidst rising uncertainty [14][16]. - The listing reflects a broader industry trend where the importance of supply chain and distribution capabilities is increasingly recognized as critical to overall efficiency in healthcare systems, moving beyond the focus on technological breakthroughs [16][18].

Core Viewpoint - The introduction of MUJI's "Chair Luggage" combines the functionality of a suitcase and a chair, creating a unique travel experience that addresses the needs of modern travelers [5][27]. Product Features - The "Chair Luggage" serves dual purposes: it functions as a suitcase when being pulled and transforms into a chair with a backrest when stationary, embodying the concept of "transforming" travel gear [7][21]. - Designed by renowned Japanese designer Naoto Fukasawa, this product reflects his philosophy of "unconscious design," which aims to simplify and enhance everyday life [25][51]. Market Reception - The product has generated significant buzz on social media, with users expressing excitement and humor regarding its innovative design [5][15]. - It addresses common pain points for travelers, particularly those who often find themselves without a seat while waiting for transportation, making it a practical solution for commuters and travelers alike [9][13]. Design Philosophy - MUJI's design ethos emphasizes minimalism and practicality, which is evident in the "Chair Luggage" that combines utility with a unique aesthetic [51]. - The product is seen as a reflection of the evolving nature of MUJI's offerings, which have recently included more unconventional items, sparking discussions about the brand's direction [38][50].

Core Viewpoint - The article highlights the challenges and realities faced by companies attempting to reduce reliance on Chinese manufacturing, emphasizing that despite geopolitical tensions and tariffs, China remains a dominant player in the manufacturing sector, particularly in medical supplies [1][10][12]. Group 1: Historical Context and Strategic Shifts - In the early 2000s, Dealmed sourced only about 15% of its products from China, primarily basic supplies, as Chinese manufacturing quality was not up to par with U.S. and European standards [2][3]. - In 2014, Dealmed transitioned from being a pure distributor to also becoming a manufacturer, outsourcing production to Chinese factories, which allowed the company to increase its profit margins [3][4]. - By 2018, 80% of Dealmed's outsourced products were imported from China, with sales from Chinese products accounting for 45% of total revenue [3][4]. Group 2: Impact of Tariffs and Supply Chain Adjustments - The U.S.-China trade war initiated by Trump led to significant tariffs on Chinese medical exports, with a 10% tariff imposed in September 2019 and increased to 25% in 2020, impacting a substantial portion of Dealmed's imports [3][4]. - In response to tariffs, Dealmed began sourcing surgical materials from the U.S. and shifted glove production to Malaysia, while also exploring suppliers in Mexico, Canada, Vietnam, and India [4][5]. - By the end of 2019, the share of products imported from China had decreased to 15%, down from a peak of 45% two years prior [4][5]. Group 3: Pandemic Effects and Market Dynamics - The COVID-19 pandemic initially benefited Dealmed as it diversified its supply chain, allowing it to capture more orders from clinics while competitors struggled with reliance on Chinese suppliers [5][6]. - However, as Chinese manufacturers resumed production, Dealmed faced challenges with rising prices for medical supplies, with the cost of masks increasing sevenfold during the pandemic [6][7]. - Despite the initial success of diversifying supply chains, the post-pandemic market saw a shift back to price sensitivity, diminishing the perceived value of diversified sourcing [6][7]. Group 4: Current Manufacturing Landscape - By 2024, despite ongoing tariffs, Dealmed found that prices for Chinese products remained competitive, and the company continued to rely heavily on Chinese suppliers for many products [9][10]. - The article notes that the manufacturing capabilities of Chinese companies have significantly improved, with increased investment in automation and product quality, making them hard to replace [7][10]. - Dealmed's revenue from Chinese products has rebounded to over 40%, matching levels seen in 2018, indicating a strong reliance on Chinese manufacturing despite geopolitical tensions [11][12].