Corporate Spin-Offs’ Drivers and Performance from a Marketing Perspective—Based on Kelun Pharmaceutical’s Refocusing Strategy

从企业成长周期来看，企业在初创及快速发展阶段后，步入成熟期时，往往会借助兼并收购来拓展规模，提升市占率，成为行业翘楚。然而随着公司规模扩大和市值提升，公司治理效率低下、竞争优势不明显等问题随之而来，因此企业亟须调整发展策略，尝试通过分拆来提高运营效率，不仅有利于聚焦核心业务，也有助于提升市场竞争力。本文以科伦药业为例，基于归核化、STP等理论，深入剖析其分拆上市的动因及其市场营销绩效的影响。实践证明，分拆上市不仅能够大幅提升企业市值，有效缓解财务压力，还能优化母子公司品牌定位和市场资源配置，为企业在激烈的市场竞争中赢得显著优势。From the perspective of the enterprise growth cycle, when companies enter the maturity stage after their start-up and rapid development phases, they often expand scale and enhance market share through mergers and acquisitions to become industry leaders. However, as corporate scale expands and market value increases, challenges such as inefficient corporate governance and diminishing competitive advantages emerge. Consequently, enterprises urgently need to adjust development strategies by adopting spin-offs to improve operational efficiency. This approach not only helps refocus on core businesses but also strengthens market competitiveness. Taking Kelun Pharmaceutical as a case study, this paper thoroughly analyzes the motivations behind its spin-off IPO and its impact on marketing performance, grounded in refocusing theory and the STP (Segmentation, Targeting, Positioning) framework. Practical evidence demonstrates that spin-off IPO can significantly boost corporate market value, effectively alleviate financial pressures, optimize brand positioning and market resource allocation between parent and subsidiary companies, thereby securing distinct competitive advantages in intense market competition.