天生念的个人主页 - 老虎社区

天生念

天生念

专业的业余投资者

IP属地：陕西

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12-05

$美元/离岸人民币(USDCNH.FOREX)$ 贝先道如果想让美元骑在比特币上，那么美元会更早完蛋

11-22

$美元/离岸人民币(USDCNH.FOREX)$ 这样的汇率是真把汇率交给市场了啊

09-11

$万国数据-SW(09698)$

2020-07-17

中国的巴菲特是但斌好吗

左牵健康元右擎百济神州，高瓴出手带动股价大涨，中国巴菲特看中了什么？

2019-07-16

$TMSR Holding Company Limited(TMSR)$ 韩学渊害人啊

2019-06-07

$优信(UXIN)$ 想当年新浪搜狐可不都是几毛的股票

2019-05-02

$新氧(SY)$ 一个医美平台，凭什么200倍市盈率

2018-12-20

$优信(UXIN)$跌了15%却没见成交量，还得上

2018-11-15

$宜人贷(YRD)$我倒是觉得乐信和趣店这种直接对接消费分期的贷款结构更健康，比起现金贷风险要小太多了

2018-07-31

$优信(UXIN)$之前几轮融资的股东都跑了吗？怎么持股机构只有一家，谁能指点下，蟹蟹

2018-01-17

很多人不了解博克希尔哈撒韦其实最主要的业务是保险，保险业务为博克希尔带来了源源不断的低成本的长线资金支撑他的投资业务，所以国内很多保险公司的投连险从长周期的收益表现来看要远远好于公募基金

抱歉，原内容已删除

2018-01-13

大杀器

抱歉，原内容已删除

2017-07-21

瞎买的

基因大数据库，就是这么朴素的逻辑

去老虎APP查看更多动态

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data-views=\"0\"></v-v>&nbsp;","listText":"<a href=\"https://laohu8.com/S/09698\">$万国数据-SW(09698)$&nbsp;</a><v-v data-views=\"0\"></v-v>&nbsp;","text":"$万国数据-SW(09698)$","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/348009129885760","isVote":1,"tweetType":1,"viewCount":391,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":941444921,"gmtCreate":1594996827563,"gmtModify":1704207767586,"author":{"id":"193669186231240","authorId":"193669186231240","name":"天生念","avatar":"https://static.laohu8.com/eb5e92484fa129ce3d85532ebf469d1b","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"193669186231240","authorIdStr":"193669186231240"},"themes":[],"htmlText":"中国的巴菲特是但斌好吗","listText":"中国的巴菲特是但斌好吗","text":"中国的巴菲特是但斌好吗","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/941444921","repostId":"2051814672","repostType":2,"repost":{"id":"2051814672","kind":"news","pubTimestamp":1594808217,"share":"https://www.laohu8.com/m/news/2051814672?lang=&edition=full","pubTime":"2020-07-15 18:16","market":"us","language":"zh","title":"左牵健康元右擎百济神州，高瓴出手带动股价大涨，中国巴菲特看中了什么？","url":"https://stock-news.laohu8.com/highlight/detail?id=2051814672","media":"时代财经","summary":"作者：时代财经 兰烁 新环境下药企如何讲好故事？（来源：图虫创意）素有“中国版巴菲特”之称的张磊最近频频出手，继20亿入股健康元后，又豪掷10亿美金认购百济神州，“土豪高瓴”的称号再次在坊间流传。近年","content":"<html><body><p>作者：时代财经 兰烁</p><div><img src=\"http://k.sinaimg.cn/n/sinakd2020715s/534/w1280h854/20200715/3366-iwhseiu7717842.jpg/w720fin.jpg\"/></div> <p>新环境下药企如何讲好故事？</p><p>（来源：图虫创意）</p><p>素有“中国版巴菲特”之称的张磊最近频频出手，继20亿入股<a href=\"https://laohu8.com/S/600380\">健康元</a>后，又豪掷10亿美金认购<a href=\"https://laohu8.com/S/BGNE\">百济神州</a>，“土豪高瓴”的称号再次在坊间流传。</p><p>近年来以保健品向生物医药突围成功的健康元，如今成了“高瓴概念股”中一员，资本市场又多了新的故事，故事的核心又是什么？</p><p><a href=\"https://laohu8.com/S/06160\">百济神州</a>从创立之初就离不开高瓴这棵大树，这已是第八次得到其增资，继年初获美国<a href=\"https://laohu8.com/S/AMGN\">安进</a>公司28亿美元投资后，巨亏的百济神州向何处去？</p><p>值得注意的是，近期药企募资动作频繁，除健康元、百济神州外，康辰、京新等多家药业也发布定增预案，拟引进战略投资者。</p><p>时代财经记者从业内人士处了解到，这主要是基于全球新冠疫情大流行，生物医药研发潜力得到激发，加上融资环境向好，医药赛道成为高瓴资本这样的投资机构的最爱。</p><p>对于健康元和百济神州来说，高瓴入局的意义却不止于此。</p><p>获21亿增资，呼吸制剂成重点</p><p>7月12日晚，健康元药业集团股份有限公司（下称“健康元”）在公告中称，公司拟向特定对象非公开发行股票，发行对象为高瓴资本管理有限公司（以下简称“高瓴资本”或“高瓴”），本次募集资金总额不超过 21.73亿元，发行价格为12.93元/股，高瓴资本拟以其管理的“高瓴资本管理有限公司—中国价值基金”通过现金方式认购本次发行全部股份，发行完成后高瓴资本所持公司股份为8%。</p><p>公告发布后，时代财经记者联系健康元公司，对方回复称，引入高瓴战投主要是为了增强公司未来的竞争实力，定增完成后，公司将与高瓴展开三方面合作，包括引入创新药产品及研发平台、协同销售渠道以及提升运营管理效率。</p><p>7月13日开盘，健康元（600380）一字涨停，报收18.37元/股，创下今年以来价格新高，较年初涨幅高达79.75%；当天收盘，公司股票较定增价格已上涨43.18%，定增价格折价高达30.06%，高瓴资本累计获得浮盈约9.38亿元。截至7月15日收盘，健康元报收20.38元/股，涨0.84%，估值近397亿元。</p><p>记者检索得知，以定增公告发布之日起至今，健康元的估值上升39.15亿元。</p><div><img src=\"http://k.sinaimg.cn/n/sinakd2020715s/532/w1280h852/20200715/4648-iwhseiu7717837.jpg/w720fin.jpg\"/></div> <p>高瓴入局，健康元估值“飙升”。</p><p>来源：图虫创意</p><p>7月14日，广东展富投资总经理钟海波在接受时代财经采访时分析， 高瓴主要围绕医疗、消费和科技领域进行优质布局，从健康元近年来的转型来看，其在医药领域的技术积累和业绩表现都非常成功，这一点是吸引高瓴的主要原因。</p><p>健康元诞生于2003年，集团前身为太太药业股份有限公司，是一家创于1992年的大型药企，关于太太药业，有不少值得一提的往事。</p><p>1992年，河南人朱保国花了9万元从老中医手中买下一款女性保健口服液配方，在深圳成立了爱迷尔食品公司（后更名为“太太药业”），推出“太太口服液”，获得无数女性追捧，一时风靡全国。仅仅两年，“太太口服液”就为公司带来超过3亿元的营收。</p><p>2001年，太太药业挂牌上市，朱保国的保健品生意越做越大，第二年就收购了<a href=\"https://laohu8.com/S/01513\">丽珠医药</a>，经过一番整改之后，太太药业更名为健康元集团，至此，朱保国实现了从保健品到医药企业的华丽转身。</p><p>健康元如今归属于深圳百业源投资公司，业务版图囊括医药产品、保健品研发的生产及销售，涵盖化学制剂、中药制剂、化学原料药及中间体、诊断试剂及设备等多重领域，旗下拥有20余家控股子公司。</p><p>多元化似乎能赢得更多筹码，但在高瓴的的医疗赛道上，从来不缺“多元”，那么健康元的特色何在？</p><p>入股健康元，高瓴剑有所指。</p><p>天风医药分析师潘海洋向时代财经分析，很大程度上，高瓴看上的是健康元的呼吸产品，其呼吸制剂的研发生产在国内属于领先水平，每年花在研发上的费用大概在2亿元左右，技术和资金实力都优于同行。</p><p>“国内研发管线布局的药企中，除了正大天晴、<a href=\"https://laohu8.com/S/01177\">中国生物制药</a>外，目前健康元的业务是较为全面的，只要有大单品获批上市，就会给公司带来极大发展空间。”潘海洋说道。</p><div><img src=\"http://k.sinaimg.cn/n/sinakd2020715s/9/w592h217/20200715/2b81-iwhseiu7717896.png/w720fin.jpg\"/></div> <p>2019年健康元研发投入数据</p><p>（来源：2019年健康元财报截图）</p><p>记者了解得知，截至2019年年底，健康元已组建呼吸产品管线的医学及市场团队，两个新产品的市场准入工作进展顺利，复方异丙托溴铵吸入溶液共完成 21 个省的招标挂网，盐酸左沙丁胺醇吸入溶液共完成14个省的招标挂网。</p><p>截至今年，健康元吸入制剂研发管线主要是旗下太太药业和海滨制药两家子公司，在研产品超过20个。</p><p>7月14日，北京鼎臣咨询创始人史立臣对时代财经表示，从技术层面来说，呼吸科仿制药的研发、审批和生产壁垒高，需要投入多于普通品种几倍的资源和时间，健康元目前已有两款产品成功上市，说明本身技术积累深厚，竞争力较强。</p><p>健康元发力呼吸产品，与国内医疗大环境紧密相关。《健康中国行动》（201912030）指出，慢性非传染性疾病现已成为中国目前最大的疾病负担，其中慢性呼吸系统疾病占比巨大，以慢性阻塞性肺疾病（COPD）和哮喘为代表，目前我国的COPD和哮喘患者的数量分别接近1亿人、4570万人。</p><p>正因如此，呼吸道管线业务一直都是全球医药巨头的必争之地，而国内对进口呼吸产品的依赖不断加深，约70%的份额都被外企包揽。</p><p>依托高瓴这艘巨轮，健康元或许能在某种程度上改变这一格局，在呼吸蓝海中乘风破浪。</p><p>百济神州或为回归A股铺路</p><p>紧接健康元，高瓴隔日又豪掷10亿美刀认购另一家药企，这或是全球生物医疗历史上最大的一笔股权融资，关于“真土豪高瓴”的讨论也在坊间传开。</p><p>7月13日，百济神州宣布向特定现有投资者以注册直接发行的方式发行145838979股每股面值0.0001美元普通股的定价，每股普通股以14.2308美元的购买价出售，相当于每股美国存托股份（ADS）185美元，发行总收入约为20.8亿美元，扣除发行费用后的净收入为20.7亿美元，其中10亿美元由高瓴认购。</p><p>时代财经记者获悉，这是继今年年初获得美国安进公司价值约28亿美元投资后，百济神州完成的第二次增量发行，同时，这也是高瓴第八次投资百济神州。</p><p>受此消息影响，百济神州股价连日上涨。截至7月13日收盘，百济神州美股报221.4美元/股，涨12.94%；截至7月14日收盘，港股报137港元/股，涨10.44%。截至7月15日收盘，百济神州美股报236.95美元/股，涨11.24%；港股报147.4港元/股，涨7.59%。</p><p>记者检索得知，从7月13日发布公告至今，百济神州美股估值上升131.45亿美元，港股市值上升236.95亿港元。</p><p>7月15日，时代财经记者致电百济神州，未获得相关回应。</p><p>百济神州自2011年创立以来共经历8轮融资，每一次都有高瓴的身影，可见后者对其的看重。有业内人士分析，百济神州是高瓴布局医药行业的开始，亦可称得上其投资创新医药行业的标杆。</p><p>据时代财经了解，作为一家以靶向及免疫抗肿瘤药物研发为重点的药企，百济神州已经成功实现了2款自主研发创新药的商业化，分别为BTK抑制剂泽布替尼（zanubrutinib）和PD-1抑制剂替雷利珠单抗（tislelizumab）。与此同时，该公司一款拟用于治疗卵巢癌的PARP1/2小分子抑制剂在研产品正在递交注册申请。</p><p>7月15日，钟海波向时代财经分析，注册制的大背景下，百济神州作为美股、港股两地上市的代表企业，此时频繁引进战略投资，某种程度上有回归A股的可能性。</p><p>这种猜测得到了“官方认证”。百济神州首席财务官兼首席战略观梁恒近日对媒体表示，百济神州对中国的投资者和中国市场十分看重，这也是为什么前两年会回到香港上市的原因，最近中国证监会也有一些新的规定，使得百济神州能够满足科创板上市的标准，因而正在积极考虑与有关部门协商，回归A股市场。</p><p>另一方面，记者了解到，这次定增完成后，百济神州账上现金预计超过50亿元，而此前百济神州披露，截至2020第一季度末，百济神州现金及现金等价物为34亿元。</p><p>账面现金充足，但令人意外的是，自2011年成立至今，百济神州仍未盈利，被认为是“最烧钱”的药企。</p><p>“烧钱”是有原因的。2020年第一季度报告显示，百济神州一季度收入5206万美元，同比下滑33.11%；一季度研发费用为3.043亿美元，同比增加70.62%。对比<a href=\"https://laohu8.com/S/600276\">恒瑞医药</a>、健康元等医药龙头，百济神州的研发费用甚至超出其3~4倍。</p><p>此外，百济神州旗下三款代理产品销售下滑也是其亟需“输血”的原因，加之今年疫情影响，仿制药竞争格局进一步加大，百济神州正在面临多种挑战。前有安进增资，今有高瓴大手笔支持，百济神州能否在新一轮竞争中实现赢利，还需时日观察。</p><p>医药赛道：高瓴的“常青树”</p><p>早在2014年，高瓴就进入了生物医药赛道进行布局，投资了包括恒瑞、信达、君实和百济神州在内的四家创新药龙头，普遍收益在300%左右，可见其眼光之“毒辣”。</p><p>7月14日，高瓴资本公共事务部总监郭建鹏对时代财经表示，高瓴布局生物医药，看好的是这些企业自身良好的成长性。</p><p>“由于国内新药审批流程加速，医保支付方式也处于变革中，大健康产业正在打破瓶颈，另一方面老龄化、肿瘤、慢性病等各种挑战加剧，生物创新药、医疗器械行业存在巨大的发展空间，高瓴正是看好其中蕴藏的长期价值。”郭建鹏补充道。</p><p>在医疗赛道，高瓴出手亦十分“任性”，仅今年以来，高瓴已经在医药领域“剁手”了近百亿元。</p><p>2月份，再融资新规出台，高瓴借此东风在市场上“大规模扫货”，持续加码进军大健康领域。据时代财经了解，除了23亿元独家全额<a href=\"https://laohu8.com/S/002821\">凯莱英</a>定增、12亿元领投<a href=\"https://laohu8.com/S/002007\">华兰生物</a>、11亿元定增<a href=\"https://laohu8.com/S/300326\">凯利泰</a>以外，高瓴投资的三家药企海吉亚、<a href=\"https://laohu8.com/S/09997\">康基医疗</a>和<a href=\"https://laohu8.com/S/603087\">甘李药业</a>于今年6月分别在港股、A股上市。</p><p>有业内人士分析，高瓴在医药领域的投资，涵盖了创新药、CRO/CMO医药临床外包、眼科、骨科、牙科、连锁药房以及宠物医疗等众多领域，可以说是不放过任何“角落”，随着医药分家大趋势的到来，这其中任何赛道的成长空间都非常巨大，高瓴将会谱写资本市场“神话”。</p><p>6月21日，高瓴创始人张磊曾在高礼价值投资研究院在线公开课上表示：“高瓴模式是农耕文明，精耕细作，把自己的事情做好，也就能春播秋收。高瓴最重要的是将发现价值和创造价值的完美融合，帮助企业解决实际问题，而不只是资本问题。”</p><p>纵观高瓴的布局逻辑，张磊这番话或是最核心的解释，价值和资本融合，才能讲出好故事。</p></body></html>","source":"sina_symbol","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>左牵健康元右擎百济神州，高瓴出手带动股价大涨，中国巴菲特看中了什么？</title>\n<style 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margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n左牵健康元右擎百济神州，高瓴出手带动股价大涨，中国巴菲特看中了什么？\n</h2>\n\n<h4 class=\"meta\">\n\n\n2020-07-15 18:16 北京时间&nbsp;&nbsp;&nbsp;<a href=http://cj.sina.cn/article/normal_detail?url=https://k.sina.cn/article_6372873842_17bda567202000sxen.html><strong>时代财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>作者：时代财经 兰烁 新环境下药企如何讲好故事？（来源：图虫创意）素有“中国版巴菲特”之称的张磊最近频频出手，继20亿入股健康元后，又豪掷10亿美金认购百济神州，“土豪高瓴”的称号再次在坊间流传。近年来以保健品向生物医药突围成功的健康元，如今成了“高瓴概念股”中一员，资本市场又多了新的故事，故事的核心又是什么？百济神州从创立之初就离不开高瓴这棵大树，这已是第八次得到其增资，继年初获美国安进公司28...</p>\n\n<a href=\"http://cj.sina.cn/article/normal_detail?url=https://k.sina.cn/article_6372873842_17bda567202000sxen.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/1e152604a758586cf70e9ccdd654d17d","relate_stocks":{"600380":"健康元","AMGN":"安进","06160":"百济神州","BRK.A":"伯克希尔","BGNE":"百济神州","BRK.B":"伯克希尔B"},"source_url":"http://cj.sina.cn/article/normal_detail?url=https://k.sina.cn/article_6372873842_17bda567202000sxen.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2051814672","content_text":"作者：时代财经 兰烁 新环境下药企如何讲好故事？（来源：图虫创意）素有“中国版巴菲特”之称的张磊最近频频出手，继20亿入股健康元后，又豪掷10亿美金认购百济神州，“土豪高瓴”的称号再次在坊间流传。近年来以保健品向生物医药突围成功的健康元，如今成了“高瓴概念股”中一员，资本市场又多了新的故事，故事的核心又是什么？百济神州从创立之初就离不开高瓴这棵大树，这已是第八次得到其增资，继年初获美国安进公司28亿美元投资后，巨亏的百济神州向何处去？值得注意的是，近期药企募资动作频繁，除健康元、百济神州外，康辰、京新等多家药业也发布定增预案，拟引进战略投资者。时代财经记者从业内人士处了解到，这主要是基于全球新冠疫情大流行，生物医药研发潜力得到激发，加上融资环境向好，医药赛道成为高瓴资本这样的投资机构的最爱。对于健康元和百济神州来说，高瓴入局的意义却不止于此。获21亿增资，呼吸制剂成重点7月12日晚，健康元药业集团股份有限公司（下称“健康元”）在公告中称，公司拟向特定对象非公开发行股票，发行对象为高瓴资本管理有限公司（以下简称“高瓴资本”或“高瓴”），本次募集资金总额不超过 21.73亿元，发行价格为12.93元/股，高瓴资本拟以其管理的“高瓴资本管理有限公司—中国价值基金”通过现金方式认购本次发行全部股份，发行完成后高瓴资本所持公司股份为8%。公告发布后，时代财经记者联系健康元公司，对方回复称，引入高瓴战投主要是为了增强公司未来的竞争实力，定增完成后，公司将与高瓴展开三方面合作，包括引入创新药产品及研发平台、协同销售渠道以及提升运营管理效率。7月13日开盘，健康元（600380）一字涨停，报收18.37元/股，创下今年以来价格新高，较年初涨幅高达79.75%；当天收盘，公司股票较定增价格已上涨43.18%，定增价格折价高达30.06%，高瓴资本累计获得浮盈约9.38亿元。截至7月15日收盘，健康元报收20.38元/股，涨0.84%，估值近397亿元。记者检索得知，以定增公告发布之日起至今，健康元的估值上升39.15亿元。 高瓴入局，健康元估值“飙升”。来源：图虫创意7月14日，广东展富投资总经理钟海波在接受时代财经采访时分析， 高瓴主要围绕医疗、消费和科技领域进行优质布局，从健康元近年来的转型来看，其在医药领域的技术积累和业绩表现都非常成功，这一点是吸引高瓴的主要原因。健康元诞生于2003年，集团前身为太太药业股份有限公司，是一家创于1992年的大型药企，关于太太药业，有不少值得一提的往事。1992年，河南人朱保国花了9万元从老中医手中买下一款女性保健口服液配方，在深圳成立了爱迷尔食品公司（后更名为“太太药业”），推出“太太口服液”，获得无数女性追捧，一时风靡全国。仅仅两年，“太太口服液”就为公司带来超过3亿元的营收。2001年，太太药业挂牌上市，朱保国的保健品生意越做越大，第二年就收购了丽珠医药，经过一番整改之后，太太药业更名为健康元集团，至此，朱保国实现了从保健品到医药企业的华丽转身。健康元如今归属于深圳百业源投资公司，业务版图囊括医药产品、保健品研发的生产及销售，涵盖化学制剂、中药制剂、化学原料药及中间体、诊断试剂及设备等多重领域，旗下拥有20余家控股子公司。多元化似乎能赢得更多筹码，但在高瓴的的医疗赛道上，从来不缺“多元”，那么健康元的特色何在？入股健康元，高瓴剑有所指。天风医药分析师潘海洋向时代财经分析，很大程度上，高瓴看上的是健康元的呼吸产品，其呼吸制剂的研发生产在国内属于领先水平，每年花在研发上的费用大概在2亿元左右，技术和资金实力都优于同行。“国内研发管线布局的药企中，除了正大天晴、中国生物制药外，目前健康元的业务是较为全面的，只要有大单品获批上市，就会给公司带来极大发展空间。”潘海洋说道。 2019年健康元研发投入数据（来源：2019年健康元财报截图）记者了解得知，截至2019年年底，健康元已组建呼吸产品管线的医学及市场团队，两个新产品的市场准入工作进展顺利，复方异丙托溴铵吸入溶液共完成 21 个省的招标挂网，盐酸左沙丁胺醇吸入溶液共完成14个省的招标挂网。截至今年，健康元吸入制剂研发管线主要是旗下太太药业和海滨制药两家子公司，在研产品超过20个。7月14日，北京鼎臣咨询创始人史立臣对时代财经表示，从技术层面来说，呼吸科仿制药的研发、审批和生产壁垒高，需要投入多于普通品种几倍的资源和时间，健康元目前已有两款产品成功上市，说明本身技术积累深厚，竞争力较强。健康元发力呼吸产品，与国内医疗大环境紧密相关。《健康中国行动》（201912030）指出，慢性非传染性疾病现已成为中国目前最大的疾病负担，其中慢性呼吸系统疾病占比巨大，以慢性阻塞性肺疾病（COPD）和哮喘为代表，目前我国的COPD和哮喘患者的数量分别接近1亿人、4570万人。正因如此，呼吸道管线业务一直都是全球医药巨头的必争之地，而国内对进口呼吸产品的依赖不断加深，约70%的份额都被外企包揽。依托高瓴这艘巨轮，健康元或许能在某种程度上改变这一格局，在呼吸蓝海中乘风破浪。百济神州或为回归A股铺路紧接健康元，高瓴隔日又豪掷10亿美刀认购另一家药企，这或是全球生物医疗历史上最大的一笔股权融资，关于“真土豪高瓴”的讨论也在坊间传开。7月13日，百济神州宣布向特定现有投资者以注册直接发行的方式发行145838979股每股面值0.0001美元普通股的定价，每股普通股以14.2308美元的购买价出售，相当于每股美国存托股份（ADS）185美元，发行总收入约为20.8亿美元，扣除发行费用后的净收入为20.7亿美元，其中10亿美元由高瓴认购。时代财经记者获悉，这是继今年年初获得美国安进公司价值约28亿美元投资后，百济神州完成的第二次增量发行，同时，这也是高瓴第八次投资百济神州。受此消息影响，百济神州股价连日上涨。截至7月13日收盘，百济神州美股报221.4美元/股，涨12.94%；截至7月14日收盘，港股报137港元/股，涨10.44%。截至7月15日收盘，百济神州美股报236.95美元/股，涨11.24%；港股报147.4港元/股，涨7.59%。记者检索得知，从7月13日发布公告至今，百济神州美股估值上升131.45亿美元，港股市值上升236.95亿港元。7月15日，时代财经记者致电百济神州，未获得相关回应。百济神州自2011年创立以来共经历8轮融资，每一次都有高瓴的身影，可见后者对其的看重。有业内人士分析，百济神州是高瓴布局医药行业的开始，亦可称得上其投资创新医药行业的标杆。据时代财经了解，作为一家以靶向及免疫抗肿瘤药物研发为重点的药企，百济神州已经成功实现了2款自主研发创新药的商业化，分别为BTK抑制剂泽布替尼（zanubrutinib）和PD-1抑制剂替雷利珠单抗（tislelizumab）。与此同时，该公司一款拟用于治疗卵巢癌的PARP1/2小分子抑制剂在研产品正在递交注册申请。7月15日，钟海波向时代财经分析，注册制的大背景下，百济神州作为美股、港股两地上市的代表企业，此时频繁引进战略投资，某种程度上有回归A股的可能性。这种猜测得到了“官方认证”。百济神州首席财务官兼首席战略观梁恒近日对媒体表示，百济神州对中国的投资者和中国市场十分看重，这也是为什么前两年会回到香港上市的原因，最近中国证监会也有一些新的规定，使得百济神州能够满足科创板上市的标准，因而正在积极考虑与有关部门协商，回归A股市场。另一方面，记者了解到，这次定增完成后，百济神州账上现金预计超过50亿元，而此前百济神州披露，截至2020第一季度末，百济神州现金及现金等价物为34亿元。账面现金充足，但令人意外的是，自2011年成立至今，百济神州仍未盈利，被认为是“最烧钱”的药企。“烧钱”是有原因的。2020年第一季度报告显示，百济神州一季度收入5206万美元，同比下滑33.11%；一季度研发费用为3.043亿美元，同比增加70.62%。对比恒瑞医药、健康元等医药龙头，百济神州的研发费用甚至超出其3~4倍。此外，百济神州旗下三款代理产品销售下滑也是其亟需“输血”的原因，加之今年疫情影响，仿制药竞争格局进一步加大，百济神州正在面临多种挑战。前有安进增资，今有高瓴大手笔支持，百济神州能否在新一轮竞争中实现赢利，还需时日观察。医药赛道：高瓴的“常青树”早在2014年，高瓴就进入了生物医药赛道进行布局，投资了包括恒瑞、信达、君实和百济神州在内的四家创新药龙头，普遍收益在300%左右，可见其眼光之“毒辣”。7月14日，高瓴资本公共事务部总监郭建鹏对时代财经表示，高瓴布局生物医药，看好的是这些企业自身良好的成长性。“由于国内新药审批流程加速，医保支付方式也处于变革中，大健康产业正在打破瓶颈，另一方面老龄化、肿瘤、慢性病等各种挑战加剧，生物创新药、医疗器械行业存在巨大的发展空间，高瓴正是看好其中蕴藏的长期价值。”郭建鹏补充道。在医疗赛道，高瓴出手亦十分“任性”，仅今年以来，高瓴已经在医药领域“剁手”了近百亿元。2月份，再融资新规出台，高瓴借此东风在市场上“大规模扫货”，持续加码进军大健康领域。据时代财经了解，除了23亿元独家全额凯莱英定增、12亿元领投华兰生物、11亿元定增凯利泰以外，高瓴投资的三家药企海吉亚、康基医疗和甘李药业于今年6月分别在港股、A股上市。有业内人士分析，高瓴在医药领域的投资，涵盖了创新药、CRO/CMO医药临床外包、眼科、骨科、牙科、连锁药房以及宠物医疗等众多领域，可以说是不放过任何“角落”，随着医药分家大趋势的到来，这其中任何赛道的成长空间都非常巨大，高瓴将会谱写资本市场“神话”。6月21日，高瓴创始人张磊曾在高礼价值投资研究院在线公开课上表示：“高瓴模式是农耕文明，精耕细作，把自己的事情做好，也就能春播秋收。高瓴最重要的是将发现价值和创造价值的完美融合，帮助企业解决实际问题，而不只是资本问题。”纵观高瓴的布局逻辑，张磊这番话或是最核心的解释，价值和资本融合，才能讲出好故事。","news_type":1},"isVote":1,"tweetType":1,"viewCount":1770,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":999608031,"gmtCreate":1563287280723,"gmtModify":1704705053581,"author":{"id":"193669186231240","authorId":"193669186231240","name":"天生念","avatar":"https://static.laohu8.com/eb5e92484fa129ce3d85532ebf469d1b","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"193669186231240","authorIdStr":"193669186231240"},"themes":[],"htmlText":"<a 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