上海医药这次割肉有点狠

指针Point03-05 08:31

作者|黄宇晨编辑| 方乔近期，上海医药对外发布公告称，其将以不低于10.23亿元人民币的底价，借助公开挂牌的途径，转让持有的中美上海施贵宝制药有限公司（以下简称“中美施贵宝”）30%的股权。此前，在2025年9月，百时美施贵宝（BMS）已同高瓴资本关联方达成协议，计划出让所持的60%股权。待两笔交易整合完成，高瓴将斥资4.8亿美元，全面收购这家创立于1982年的中美老牌合资药企。会计师事务所...

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乔近期，上海医药对外发布公告称，其将以不低于10.23亿元人民币的底价，借助公开挂牌的途径，转让持有的中美上海施贵宝制药有限公司（以下简称“中美施贵宝”）30%的股权。此前，在2025年9月，百时美施贵宝（BMS）已同高瓴资本关联方达成协议，计划出让所持的60%股权。待两笔交易整合完成，高瓴将斥资4.8亿美元，全面收购这家创立于1982年的中美老牌合资药企。会计师事务所...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260305085909a44d3268&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4588","symbol_name":"碎股","start_time":0,"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260305085909a44d3268&s=b","article_id":"2617304590","we_media_id":null,"thumbnails":[],"rights":{"source":"tencent","url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260305085909a44d3268&s=b","rn_cache_url":null,"customStyle":"body{padding-top:10px;}#news_title{font-weight:bold;#titleStyle#;}#news_description span{font-size:12px;#descriptionStyle#;}.footer-note{#statement#}","selectors":".mod-LoadTzbdNews, 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乔近期，上海医药对外发布公告称，其将以不低于10.23亿元人民币的底价，借助公开挂牌的途径，转让持有的中美上海施贵宝制药有限公司（以下简称“中美施贵宝”）30%的股权。此前，在2025年9月，百时美施贵宝（BMS）已同高瓴资本关联方达成协议，计划出让所持的60%股权。待两笔交易整合完成，高瓴将斥资4.8亿美元，全面收购这家创立于1982年的中美老牌合资药企。会计师事务所审计显示，截至2025年9月30日，中美施贵宝资产12.62亿元，净资产7.97亿元。这场交易，是跨国药企收缩、本土资本调整，加上上海医药自身结构优化，三者同步推进的结果。中美施贵宝属于改革开放后最早成立的中美合资制药企业，注册资本达1844万美元，股权结构清晰，由BMS、上海医药、国药集团资产管理有限公司分别持有60%、30%和10%。中美施贵宝的产品布局广泛，横跨心血管、代谢、抗感染与非处方药领域，旗下不仅有降压的卡托普利、降糖的二甲双胍、抗乙肝的恩替卡韦，还涵盖百服咛、施尔康等OTC产品。这些药品自推出起，便成为众多中国患者开启规范用药的开端。国家卫健委统计表明，当下全国高血压成年患者约2.7亿，糖尿病患者超2亿，慢性乙肝感染者约七千多万，长期用药需求规模大且持续稳定。不过，国家全面推行药品集中带量采购，让这类成熟药品的盈利模式被彻底改写——卡托普利、二甲双胍等在第三批集采中未能中选，价格很快被仿制药大幅拉低。中美施贵宝的营收自2016年触及47.24亿元的高点后，便一路下滑，到2024年已跌至17.95亿元；同期净利润也从6.22亿元缩水至2.48亿元，2025年前三季度，净利润更是进一步滑落至8711万元。对BMS来说，剥离中美施贵宝，是其全球战略收缩的关键一环。公司于内部邮件中清晰阐明，完成出售后，将把资源聚焦于核心增长板块，并在拥有本地化优势的市场中，携手外部伙伴开展合作。这一思路和其他外资药企近年做法相符：2023年强生全资收购西安杨森并更名，2025年7月赫力昂全资收购中美史克，都表明合资模式已在中国医药市场大规模落幕。事实上，高瓴接手中美施贵宝，不只是图现有现金流，而是想打通研发到产销的闭环。2025年下半年起，高瓴密集出手，收购多家CRO平台，还计划每年向日本投10至20亿美元。中美施贵宝的制造、渠道，能帮其创新药在本土完成注册、生产和商业化。对上海医药来说，出售中美施贵宝股权，是主动调整资产，也反映出其正面临结构性压力。财报显示，2025年前三季度，上海医药营收2150.72亿元，同比微涨2.60%，但扣非归母净利润26.99亿元，大降26.79%，经营现金流也下滑15.56%。“增收不增利”已持续多期，营收增速更是近年最低。在此情况下，上海医药主动叫停效益差的项目。2025年12月，旗下上药信谊终止与贵州生诺的X842抑酸剂合作，收回1.1亿元费用。X842是治反流性食管炎的新抑酸剂，2021年签约时进入Ⅲ期临床，2024年底获批。但那时抑酸剂市场已被传统药主导，上海医药觉得再投数亿商业化难有回报，便选择退出。与此同时，上海医药正加速推进创新药布局。截至2025年年中，公司新药管线共56项，创新药占44项。自研降压新药SPH3127片（I001）上市申请已获受理，CD20抗体药B007皮下注射液，在重症肌无力、天疱疮Ⅱ期临床的受试者入组也已完成。股权方面，2025年10月，第一大股东上实集团把持股比例从23.303%增至38.487%，股权更为集中，上海医药的治理也更趋稳定。不过，从变现成熟资产，到创新药真正带来可观收益，中间存在较长周期。普华永道数据显示，2025年中国企业并购交易总额超4000亿美元，同比大增近五成，PE/VC在医药等领域的并购参与度也显著提升。行业资本转向“买现在”的趋势愈发明显，上海医药却反其道而行：出售现金流稳定的存量资产，把资源集中到仍需时间检验的新药研发上。这种抉择能否转化为财务收益，或许要看创新药的推进成效与商业化水平。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 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