党的十八大召开以来，混合所有制改革的进程稳步向前，相关的政策体系逐渐落地。在此过程中，混合所有制改革把国企和民企间的联系不断加深。并购已然成为国有企业和民营企业进行战略重组和专业化整合的重要途径，特别是近年来国有企业频频收购民营企业，这对于改善经济结构具有重大意义。企业并购的好坏会直接影响企业未来的发展状况，国有企业并购民营企业能否给民营企业带来积极的影响，是否有利于优化中国的产业布局，是值得研究的问题。

本文选择浙江中医药健康产业集团并购康恩贝的典型案例，基于企业并购研究及绩效分析的文献资料和相关理论，以2018-2022年康恩贝公司的年度报告为基础分析四大财务指标、关键报表信息及经济增加值数据，对比被国企并购前后康恩贝公司的财务绩效水平，探究国企逆向收购民企的积极意义。分析结果显示，国资入主使康恩贝各项指标得到一定的改善并逐步向好，从业务调整和资源整合上为民企注入了可持续发展的活力。最后总结康恩贝被国企并购的可取之处，为逆向混改模式提供有效的借鉴价值。

Since the 18th National Congress of the Communist Party of China, the process of mixed ownership reform has been steadily moving forward, and the relevant policy system has gradually landed. In this process, the mixed ownership reform has deepened the links between state-owned enterprises and private enterprises. M & A has become an important way for SOEs and private companies to carry out strategic reorganization and professional integration, especially in recent years, SOEs frequently buy private companies, which is of great significance to improve the economic structure. The quality of M & A will directly affect the development of enterprises in the future. Whether state-owned enterprises merge private enterprises can bring positive effects to private enterprises and whether it is conducive to optimizing China's industrial layout is a problem worthy of study.

This paper selects the typical case of Zhejiang Traditional Chinese Medicine Health Industry Group M & A Kangenbei, based on the literature and related theories of M & A research and performance analysis, Based on the annual report of Kangenbei from 2018 to 2022, it analyzes the the four major financial indicators， key statement information and economic value added data, compares the financial performance level of Kangenbei before and after the acquisition by state-owned enterprises, and explores the positive significance of state-owned enterprises reverse acquisition of private enterprises. The results show that the state-owned assets to make Kangenbei indicators have been improved and gradually better, from the business adjustment and resource integration for private enterprises into the vitality of sustainable development. Finally, it summarizes the merits of Kangenbei's acquisition by state-owned enterprises, and provides effective reference value for the reverse mixed ownership reform model.