以下文章来源于天天IPO ，作者吴琼 天天IPO . 投资界（PEdaily.cn）旗下，专注IPO动态 并购艺术。 作者/吴琼 今年美股最大I PO诞生了。 报道/投资界-天天IPO Me d l i n e，一家业务遍布全球的医疗公司，产品从外科手套到轮椅，从面罩到温度计均有涉及，至今已有五十多年历史。2 0 2 1年，黑 石联合凯雷、He l lma n&F ri e dma n组成的财团，从创始家族手中买下该公司多数股权。 四年过去，在黑石等股东推动下，Me d l i n e再次在纳斯达克上市。这场收购终于到了看牌时刻——上市首日市值超5 4 0亿美元（约合 人民币超3 8 0 0亿元），为三家PE带来可观回报。粗略估计，黑石们的潜在账面收益或达数百亿元。 3800亿，美股今年最大IPO 要想了解Me d l i n e，还得先从背后神秘的米尔斯（Mi l ls）家族聊起。 成立于1 9 6 6年，Me d l i n e由吉姆·米尔斯(Jim Mi l ls)和约翰·米尔斯(J o h n Mi l ls)兄弟俩创立。但这兄弟俩的创业灵感来自他们的祖父 A.L.Mi l ls。1 9 1 0年，他 ...

Core Viewpoint - Medline, a global healthcare company, has successfully completed its IPO on NASDAQ, achieving a market capitalization of over $54 billion, marking it as the largest IPO in the U.S. for the year [3][6]. Group 1: Company Background - Medline was founded in 1966 by Jim and John Mills, inspired by their grandfather's sewing business, and initially focused on manufacturing medical garments [4]. - The company briefly went public in 1972 but was privatized five years later due to poor stock performance, remaining a family-owned business for over fifty years [4]. - The current leadership includes the fourth generation of the Mills family, with Charlie Mills as CEO and Andy Mills as President [4]. Group 2: IPO Details - The IPO raised a total of $6.264 billion by issuing 216 million shares at a price of $29 each, with significant interest from cornerstone investors like Singapore's GIC [5][6]. - Medline's IPO was oversubscribed by more than ten times, making it not only the largest U.S. IPO of the year but also the largest globally for 2025, surpassing CATL's $5.3 billion IPO in Hong Kong [5][6]. Group 3: Financial Performance - Medline's revenue has shown consistent growth, with a compound annual growth rate of 18% since its inception, and sales reached $17.5 billion in 2020, a 25.9% increase year-over-year [6][8]. - The company’s revenue is projected to grow to $25.5 billion by 2024, with $20.6 billion already reported in the first nine months of 2025 [8]. Group 4: Private Equity Involvement - The company was acquired by a consortium of private equity firms, including Blackstone, Carlyle, and Hellman & Friedman, which purchased nearly 80% of Medline in a leveraged buyout [8]. - Since the acquisition, Medline's revenue has increased by nearly 50%, from $17.5 billion in 2020 to an expected $25.5 billion in 2024 [8]. - The private equity firms are expected to gain substantial returns, with estimates suggesting potential profits in the hundreds of millions [3][8]. Group 5: Market Impact - The IPO has been described as a significant event in the private equity landscape, being the largest private equity-backed IPO in history [8]. - Following the IPO, Blackstone and its partners are positioned to benefit from stock buybacks and tax incentives, further enhancing their financial returns [9].

来源：天天IPO 并购艺术。 今年美股最大IPO诞生了。 Medline，一家业务遍布全球的医疗公司，产品从外科手套到轮椅，从面罩到温度计均有涉及，至今已 有五十多年历史。2021年，黑石联合凯雷、Hellman&Friedman组成的财团，从创始家族手中买下该公 司多数股权。 四年过去，在黑石等股东推动下，Medline再次在纳斯达克上市。这场收购终于到了看牌时刻——上市 首日市值超540亿美元（约合人民币超3800亿元），为三家PE带来可观回报。粗略估计，黑石们的潜在 账面收益或达数百亿元。 3800亿，美股今年最大IPO 要想了解Medline，还得先从背后神秘的米尔斯（Mills）家族聊起。 成立于1966年，Medline由吉姆·米尔斯（Jim Mills）和约翰·米尔斯（John Mills）兄弟俩创立。但这兄弟 俩的创业灵感来自他们的祖父A.L.Mills。1910年，他们的祖父在芝加哥经营着一家缝纫小作坊。从这时 开始，米尔斯家族就一直从事着围裙、手术服和制服的制造工作。 直到1966后，吉姆和约翰正式创办了Medline。基于祖父的积累，这家公司刚成立，就拥有约185平方米 的仓库空间和一个 ...

Group 1 - The core viewpoint is that U.S. clients are prioritizing shifting production locations, leading to limited order increases for Chinese suppliers unless there is a capacity shortage [1] - The recent U.S.-China trade talks resulted in a consensus to extend the suspension of tariffs for 90 days, but the trade landscape has changed, and future tariff policies remain uncertain [1][10] - The Chinese government is emphasizing the integration of domestic and foreign trade, aiming to cultivate high-quality enterprises in both sectors [1][9] Group 2 - In response to U.S. tariffs, many Chinese companies have begun to explore non-U.S. markets while also focusing on the domestic market to facilitate a dual circulation economy [2] - In April, various domestic retailers and associations initiated activities to help foreign trade companies access domestic sales channels, creating green channels for these businesses [2][3] - Some companies have successfully transitioned to domestic sales, with significant sales increases reported in the months following the tariff announcements [3][4] Group 3 - Despite initial success in domestic sales, many foreign trade companies are experiencing a decline in domestic orders, with a reported drop of over 50% compared to earlier months [4][5] - Companies face challenges in establishing effective domestic market channels, which complicates their ability to transition from foreign to domestic sales [4][6] - The difficulty of operating in both foreign and domestic markets requires enhanced capabilities and resources from companies [6][7] Group 4 - The integration of domestic and foreign trade is not a new concept, as the Chinese government has previously encouraged this transition during economic downturns [9] - The ongoing U.S.-China tariff negotiations are expected to create further uncertainties for import and export activities [10] - Companies are advised to focus on building core competitive advantages and adapting their strategies to navigate the evolving market landscape [10][11]

Core Insights - The Japan Solar Photovoltaic Expo (PVEXPO) is a significant platform for the solar energy industry in Asia, showcasing advancements and facilitating networking among professionals [1][4][8] Event Overview - The 2025 PVEXPO will take place in three sessions: Spring (February 19-21 in Tokyo), Autumn (September 17-19 in Chiba), and Winter (November 19-21 in Osaka) [1] - The event is expected to host approximately 1,200 exhibitors and attract around 50,000 visitors, highlighting its growing scale and influence [4] Industry Engagement - The expo will feature around 248 forums and presentations focused on solar technology and industry trends, providing deep insights for exhibitors and attendees [4] - Notable companies such as Huawei, Hanwha, Jinko Solar, JA Solar, Panasonic, Sharp, Sungrow, Yingli, BYD, and Hareon Solar have previously participated, showcasing their latest innovations [4] Product Range - The exhibition will cover a wide array of products, including solar cell materials (monocrystalline, polycrystalline, amorphous silicon), manufacturing equipment, and photovoltaic systems [5][7] - Key components such as connectors, junction boxes, and distribution boxes will be displayed, emphasizing their critical roles in solar energy systems [7] Networking and Collaboration - The event fosters a collaborative atmosphere where industry experts and representatives can share experiences and discuss future directions, enhancing market understanding and partnership opportunities [7] - Media coverage will amplify the event's visibility, encouraging greater participation from industry professionals [7] Future Outlook - As technology advances and market demands evolve, future expos are expected to feature more innovative products and solutions, with organizers committed to adapting to these changes [7][8] - The PVEXPO aims to continue its pivotal role in promoting renewable energy development and application within the solar industry [8]