当百济神州在2025年首次实现盈利时，外界期待这家“创新药一哥”终于熬出头。然而，财报发布后股价不涨反跌，市值大幅缩水。与此同时，其高管的天价薪酬——CEO欧雷强年入超2000万美元、新任总裁汪来获75万美元年薪+1000万美元股权激励——再次引发争议。在长期亏损、股东回报为负的背景下，这些高管凭什么拿这么多钱？穿透中美宏观背景，答案藏在“三重套利”之中：美元绿卡的薪酬套利、美元资本的估值套利、...
Source Link当百济神州在2025年首次实现盈利时，外界期待这家“创新药一哥”终于熬出头。然而，财报发布后股价不涨反跌，市值大幅缩水。与此同时，其高管的天价薪酬——CEO欧雷强年入超2000万美元、新任总裁汪来获75万美元年薪+1000万美元股权激励——再次引发争议。在长期亏损、股东回报为负的背景下，这些高管凭什么拿这么多钱？穿透中美宏观背景，答案藏在“三重套利”之中：美元绿卡的薪酬套利、美元资本的估值套利、...
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