wen | zidancaijing mengxiangna

编辑 | 胡芳洁

jinri，taideyiyaozaicizaigangjiaosuodijiaozhaogushu，jihuazaixianggangzhubanshangshi。zaozai2024nian5yue31ri，taideyiyaocengzaigangjiaosuodijiaoguozhaogushu，danzuizhongyi“shixiao”gaozhong。

genjufuruositeshaliwenziliao，anzhao2023nianxiaoshoushouru，taideyiyaoshiquanqiudisandazhuanzhuyuduotaideheyueyanjiu、kaifajishengchanjigou（crdmo）。

danguanghuanbeihou，taideyiyaoquebunenggaozhenwuyou。gongsisuizaixifensaidaoweiliequanqiudisan，danshichangfenebingbugao。juzhaogushu，yiduotaiweihexindequanqiucrdmoshichangqianliangdacanyuzhegezhan23.8%deshichangfene，erqiyushichangzejiaoweifensan，2023nianqiansanzhiliumingcanyuzhegezijinzhanyue1%deshichangfene。

jinnianlai，yigaoxuetangsuyangtai-1（glp-1）leiyaowu，yinzaixuetangdiaojie、weichanggongnengyijitizhongkongzhidengfangmiandegongxiao，chengweiquanqiuzuishouguanzhude“jianfeishenyao”，shichangqianjingguangkuo，taideyiyaodeguanxianshejiglp-1yaowukaifalingyu。dan2021nianzhi2023nian，gongsidejinglirunquezhunianxiahua，zhidao2024nianshangbanniancaiyousuohaozhuan。

zaiquanqiuduotaicrdmofuwushichangguimozengzhangdeqingkuangxia，taideyiyaojinglirunweihelianxuliangnianxiahua？bannianneiliangcidibiaogangjiaosuo，taideyiyaoweihezhejishangshi？

01 核心子公司曾被高价收购，又被低价卖回

taideyiyaochenglizhijinjinyousinianshijian，gongsishelidechuzhong，jiushiweileshougouzhongtaishenghua。

图 / 泰德医药官网

zhongtaishenghuachengliyu2001nian，youtaideyiyaozhixingdongshilixiangchuangban，cengshiguoneidiyipicongshiduotaicrdmodeqiye。taideyiyaodekonggugudongxuqijilixiangdebaomeilixianglifenbieyu2003nian、2005nianjiaruzhongtaishenghua。

2015nian4yue，xinbangzhiyaoyi20yiyuandejiaoyiguzhi，huodelezhongtaishenghua100%guquan，erzhongtaishenghuazaigoumairidekebianbiejingzichandegongyunjiazhiwei2.91yiyuan，zengzhilvgaoda727%。

yucitongshi，zhongtaishenghuadongshizhanglixiang、zongjinglixuqihaijinruxinbangzhiyaodedongshihui，fenbiedanrenxinbangzhiyaofudongshizhang、dongshijianfuzongjinglizhiwu。

ergaoyijiashougouzhongtaishenghua，queweixinbangzhiyaomaixialelei。bishi，zhongtaishenghuachengnuo，2015nianzhi2017nianshixiankoufeiguimujinglirunsannianleijibudiyu3.26yiyuan。cihou，zhongtaishenghuaruqiwanchengleyejichengnuo，2015nianzhi2017nian，zhongtaishenghuakoufeijinglirunfenbiewei8253.06wanyuan、1.24yiyuan、1.25yiyuan，wanchenglvwei101.7%。

danduiduqiguohou，zhongtaishenghuakaishiyejidabianlian。2018nian，gongsijinshixianjinglirun6031wanyuan，tongbixiahua52%。xinbangzhiyaoyincijitishangyujianzhi15.37yiyuan，guimujingkuisun12.97yiyuan，weishangshiyilaishoucikuisun。

tongshi，xinbangzhiyaochenglileyijiaquanzizigongsikangyongshengwu，bingjiangzhongtaishenghuayunyingdezhenduanyewubankuaizhuanjieyoukangyongshengwuyunying。

2020nian，xinbangzhiyaoyiyiqing、zhongtaishenghuayijikangyongshengwufazhancunzaipingjing、xuyaojuezijinzaihaiwaijianchanghuoduishangshigongsiyejizaochengjiaoweifumianyingxiangweiyou，bolizhongtaishenghuajikangyongshengwuquanyi。

tongnian6yue，zhongtaishenghuadexuqijilixiangligongtongchuangliletaideyiyaoyishougouzhongtaishenghua。zuizhong，taideyiyaoyi7.18yiyuancongxinbangzhiyaoshoulishougoulezhongtaishenghuadequanbuguquan。tongshi，xuqiciquxinbangzhiyaofuzongjinglizhiwu，lixiangciqugongsifudongshizhang、dongshizhiwu。

zheiyimaiyimaizhijian，zhongtaishenghuaguzhisuoshui12yiyuan。

neime，zaizheicijiaoyizhong，zhongtaishenghuadeyuangudonghuoyiduoshao？likaixinbangzhiyaohou，zaitaideyiyaodedailingxia，zhongtaishenghuanengfouhuodehaodefazhan？zheihaidecong2015nianxinbangzhiyaoshougouzhongtaishenghuadejiaoyixizetanqi。

anzhao2015niandeshougoutiaojian，20yiyuandejiaoyidaijiazhong，qizhong18yiyuantongguoxinbangzhiyaoxiangzhongtaishenghuadeyuangudongucpharm（xianggang）、qikangguojideng9mingjiaoyiduixiangyi19.43yuan/gudefaxingjiagegoumaixinbangzhiyao10293.35wangugupiao，bingshezhile36geyuedejinshouqi；shengyu2yiyuanzhifuxianjinjizhongtaishenghuazongjinglixuqichigudesenhaiyiyao、jiaxingkangde。

图 / 泰德医药招股书

zheibijiaoyiwanchenghou，xuqi、lixiangliangrenchigudeucpharmchiyouxinbangzhiyao5.63%gufen，xuqikonggudehealthy angelchiyou1.02%、qikangguojichiyou3.74%，lixianglikonggudehangzhouhaidongqingchiyou1.60%，zhongtaishenghuadesanmingguyuangongchiyoudechaohongqiyechigu0.38%jixianrentaideyiyaozhixingdongshijianshouxishangwuguancheng taokonggudebeijingyingtetaikechiyou0.05%。

tu / taideyiyaozhaogushu

raner，jiezhizhaogushupiluri，jinyouucpharmrengchiyouxinbangzhiyao0.99%guquan，qianzhongtaishenghuagudongjunbuzaichiguxinbangzhiyao。yejiushi，zhongtaishenghuadeyuangudongyijingduixinbangzhiyaojinxingleqingcangshijianchi。

「zidancaijing」genjuxinbangzhiyaogonggaobuwanquantongji，zhongtaishenghuayuangudongtongguojianchixinbangzhiyaogupiaozhishaotaoxian2.97yiyuan。

qizhong，2020nianzhi2021nian，lixianglitongguokonggudehangzhouhaidongqingjianchixinbangzhiyaotaoxian1.7yiyuan，xuqitongguoqikangguojijianchitaoxian6814.77wanyuan，lixiangjixuqifenbiechigudeucpharmjianchitaoxian5677.5wanyuan。

buguo，genjuzhongtaishenghuadeyuangudongchigubilikeyikandao，jianchiqingkuangjinshixinbangzhiyaobufenpilu，shijijianchitaoxiandejineyaoduoyuzheigeshuzhi。

danbudao10yuan/gudejianchijiage，jiaodangchu19.43yuan/gudedingzengfaxingjiagesuoshuilebushao。zhongtaishenghuadeyuangudongdetaoxianjineyaoyuandiyudangchu18yiyuandedingzengjiage。yejiushishuo，xinbangzhiyaoshougouzhongtaishenghuade20yiyuanguquanzhuanrangduijia，daozhongtaishenghuadeyuangudongshouliyidafusuoshui。

doudouzhuanzhuanhou，zhongtaishenghuahuidaoleyuangudongshelidetaideyiyaoshouzhong。

02 现董事长曾因关联交易被起诉，A轮融资存对赌协议

zhongtaishenghuahuiguihou，zhongtaishenghuadechuangshiren、dongshizhanglixiangbuzaichiyoutaideyiyaogufen，ershijinzaigongsirenzhi。taideyiyaodongshizhangyouxuqidanren。

julejie，lixiangshimeiguoguoji，zaizhiyaojishengwujishuxingyeyongyou30nianjingyan。muqian，tazaitaideyiyaojindanzhixingdongshiyizhi，fuzejianduyanfahuodong、zhanlveguihuajiyunyingguanli。

jiezhizuihoushijikexingriqi，xuqijilixiangdejiejielixianglihuweiyizhixingdongren，liangrenkongzhitaideyiyaoyifaxinggubenzongeyue76.42%detoupiaoquan。xuqidanrentaideyiyaodongshizhang、zhixingdongshijianshouxizhixingguan，fuzejianduzhengtiyewuzhanlvejiyunyingguanli。lixianglidanrengongsizhixingdongshi，fuzedongshihuizhengtishiwu。

gongkaiziliaoxianshi，lixiangli1995nianbiyeyuhenanguangbodianshidaxue，zhuxiujixiejiagongjishu，jiarugongsizhiqian，cengrenzhiyuanyangshifanxueyuanfuzejiaoxueguanli。yejiushishuo，tameiyouyanfafangmiandejingyan，dantamuqiandanrenzhongtaishenghuadefuzongcai，fuzeyanfa、shengchanjizhiliangheguiguanlishiwu。

zhongtaishenghuachuangshirenlixiangweihetuijuerxian，lixiangli、lixiangliangrenshifougongtongfuzetaideyiyaodeyanfaguanlishiwu？「zidancaijing」xiangqifasonglecaifangtigang，danjiezhifagao，shangweihuifu。

zhidezhuyideshi，taideyiyaodongshizhangxuqicengsheyiqisusongan。zhaogushuxianshi，2010nian2yue，xuqiyulixiangchenglilejiangsudaigenuosishengwujishuyouxiangongsi（yixiajiancheng：daigenuosishengwujishu）。

2010nianzhi2012nian，weiliyongzhongtaishenghuadexianyoutiwaizhenduanshijijishu，daigenuosishengwujishuyuzhongtaishenghuahuoqiquanzifushugongsihangzhouchuntaiqiandingleduoxiangjishuzhuanranghuoshouquanxieyi，bingfenbiexiangzhongtaishenghuajihangzhouchuntaizhifujishukaifafeiyonghuoxukefeiyongfenbiewei150wanyuan、460wanyuan。

2013nian4yue，yinkaolvdaodaigenuosishengwujishudejingyingkunnan，xuqijiangdaigenuosishengwujishudequanbuguquanwuchangzhuanrangjileliangmingdulidisanfang。

danshi2015nian、2018nian，dulidisanfangkongzhidedaigenuosishengwujishuduixuqi、zhongtaishenghuajihangzhouchuntaitiqisusong，shengchengxiangguanjishubingweizhuanrangjiyudaigenuosishengwujishu，xuqiliyongguanlianjiaoyiqinfandaigenuosishengwujishuquanyi，yaoqiuxuqi、zhongtaishenghuajihangzhouchuntaifenbiesuopei150wanyuan、460wanyuan。

图 / 泰德医药招股书

zuizhong，xuqi、zhongtaishenghuajihangzhouchuntaibaisu，bingduidaigenuosishengwujishujinxinglepeifu。xuqishifoucunzaieyi、qizha、buchengshidengxingwei，shifouyingxiangqizuoweitaideyiyaodongshijikonggugudongdeheshixing？duici，「zidancaijing」xiangqifasonglecaifangtigang，danjiezhifagao，shangweihuifu。

taideyiyaoshouhuizhongtaishenghuahou，yu2021nianhuode4.7yiyuandealunrongzi，gongsiguzhichao26yiyuan。

图 / 泰德医药招股书

dancicirongzi，shuangfangqiandingleduiduxieyi，ruogongsizai2026niandiweiwanchengshangshi，zeyoushuhuifengxian，zaibenjindejichushanghaixuyaojia8%delixi。

03 踩中“减肥药”风口，净利润连续两年下滑

zongguanjinnianlaitaideyiyaodefazhan，yejibiaoxianbingbuwending。

juzhaogushu，taideyiyaodeyewuhangaicro（duotaixinhuaxuefenzishitifaxianhecheng）、cdmo（duotaikaifajishangyehuashengchan）fuwudeng，guanchuanleyaowukaifadequanzhouqi。

2021zhi2023nian、2024nianshangbannian（yixiajiancheng“baogaoqi”），taideyiyaoyingshoufenbiewei2.82yiyuan、3.51yiyuan、3.37yiyuan、1.97yiyuan，duotaicrdmofuwuweitaideyiyaogongxianle97.6%、99.6%、99.9%ji99.9%deshouru。

jufuruositeshaliwendetongji，anxiaoshoushouruji，quanqiuduotaileiyaowudexiaoshouguimocong2018niande607yimeiyuanzengzhangzhi2023niande895yimeiyuan，yuji2032nianjiangzengzhangzhi2612yimeiyuan。

zaiguanxianbujushang，jiezhi2024nian6yuedi，taideyiyaozhengzaijinxingdecroxiangmuyou1046ge，cdmoxiangmuyou332ge，qizhongyou13gecdmoxiangmuchuyushangyehuajieduan，erqiguanxianzhuyaobaokuozhenduitangniaobing、weichangdaojibingjizhongliudengshiyingzhengdefangzhiduotaiapi（huoxingyaowuchengfen）chanpin。

dangqian，glp-1yijingchengweiquanqiuduotaileiyaowushichangkuaisuzengzhangdezhuyaoqudongli。2023nian，glp-1yaopinzhanquanqiuduotaileiyaowushichangdefenewei43.5%，yuji2032nianjiangjinyibuzengzhangzhi49.7%。

taideyiyaoyezaikaifaglp-1xiangguanchanpin。jiezhizuihoushijikexingriqi（2024nian11yue18ri），taideyiyaozhengzaijinxing9gence glp-1fenzixiangmu，yongyikaifakoufu、zhusheglp-1fenzichanpin。

danzaiquanqiuduotaicrdmofuwushichangguimozengzhangdeqingkuangxia，2021nianzhi2023nian，gongsijinglirunquezhunianxiahua，2022nian、2023nianfenbietongbixiahua33%、9%，qie2023niangongsiyingshouyechuxianxiahua。

taideyiyaozaizhaogushuzhongzhichu，gongsi2023nianshouruxiahua，shiyouyumeimingkehupingjunshouruyou2022niande52.8wanyuan，jianshaozhi2023niande47.4wanyuan，kedanpingjunshouruxiajiang10.4%，yuanyusanmingzhuyaokehuyouyuzishenduotaiyaowukaifaziyuan、jihuajizhouqidebianhuaerdafujianshaofuwuxuqiu。

zaichanyelianxiayouglp-1dengduotaichanpinxuqiuwangsheng，tongshijutouqiyeyezaifenfenbujuduotaichanyeliandebeijingxia，yingshouguimojiaoxiao、duishaoshudakehuyilaigengweixianzhudetaideyiyao，kangfengxiannengliwuyiruolebushao。

haozai2024nianshangbannian，gongsiyejiyousuohaozhuan，yingshou1.97yiyuan，tongbizengzhang21%，jinglirun5056.7wanyuan，tongbizengzhang110%。

zheizhuyaoshiyimingmeiguojiyimingzhongguokehudegongxian。2024nianshangbannian，zhongguoshichangshouruwei5662.4wanyuan，tongbizengzhang45.53%，meiguoshichangshouru1.22yiyuan，tongbizengzhang166.03%。

congdiqulaikan，haiwaishichangshigongsidezhuyaoyingshoulaiyuan，baogaoqinei，gongsidehaiwaiyingshoufenbiewei1.97yiyuan、2.49yiyuan、2.6yiyuan、1.4yiyuan，zhanbi70%、71%、78%、71%。

youyuhaiwaizhanbijiaoda，taideyiyaozaizhaogushuzhongbiaoshi，diyuanzhengzhiguanxi、guojimaoyijiqitajinzhangjushidebianhuakenenghuiyingxianggongsideyewuyunying。

gongsidedabufenshourulaiziqixiameiguogongsi，dangongsidedabufenchannengjisheshiweiyuzhongguo。jinnianlai，zhongmeimaoyimocazengjia，ruomeiguoduizhongguojinkoudechanpincaiquguanshui，kehuxuyaozhifugenggaodefeiyong，gongsidejingzhenglikenenghuijianruo。

图 / 泰德医药招股书

weifangfanzheifangmiandefengxian，ciciipo，taideyiyaobufenmujizijinbujinyongyukuozhangxianyouguoneiqiantangyuanquchanneng，yeyonglaikuojianmeiguoluokelinyuanqudeduotaichanneng。

juzhaogushu，gongsijiangyu2025nianshangbannianwanchengluokelinyuanqujianshe，yujizengjia100zhi300qiankechanneng。muqian，qiantangyuanquyongyou19tiao20shengzhi1000shengdeduotaihechengshengchanxianyiji16tiaochunhuashengchanxian，yujiyu2025nianniandiqianzaiqiantangyuanquxinzeng500qiankechanneng。

suiranchannengjiangdedaokuochong，danyujutouxiangbirengcunzaijiaodachaju。

julejie，yaomingkangdeyiyujinnian1yuewanchenglezaichangzhouhetaixinglianggeshengchanjididuotaishengchanchejianchannengkuojianxiangmu，duotaiguxianghechengfanyingfutijizengzhi32000l（yuehe32dun）。junuotaishengwupiludexinxi，yuji2024niandihe2025nianshangbannianjiangwanchenglianggeduotaichejiandejianshe，gongzengjiachanneng10dun/nian。

houxuchannengdekuozhang，nengfoujigongsidailaiyejizengzhang，bannianliangcidibiaohou，taideyiyaonengfoukoukaigangjiaosuodedamen，「zidancaijing」jiangzhangqiguanzhu。