Pu'ang Medical (920069.BJ) commenced its public subscription on March 18th. The shares are priced at 18.38 yuan per share, with a maximum subscription limit of 476,200 shares. The price-to-earnings ratio is 14.53 times. The listing is on the Beijing Stock Exchange, with Guojin Securities acting as the sponsor.
According to the prospectus, Pu'ang Medical specializes in the research, development, production, and sale of medical devices for diabetes care, general drug delivery infusion, and minimally invasive interventions. The company focuses on the diagnosis and treatment of chronic diseases such as diabetes, tumors, and digestive diseases. Leveraging its core technologies in puncture, infusion, and intervention—which it continuously upgrades to enhance safety, minimally invasive qualities, and patient comfort—the company has built a diverse product portfolio for chronic disease management. It provides high-quality medical devices suitable for various scenarios, including home use and professional healthcare settings.
Since its establishment in 2013, the company has entered the market with diabetes care products. It has consistently developed and upgraded its range of diabetes care items, including insulin pen needles, lancets, and insulin syringes. Insulin pen needles are the company's core product and the largest contributor to its main business revenue. In the first half of 2025, insulin pen needles accounted for 65.80% of the company's main business revenue.
Pu'ang Medical was the first domestic company in the Chinese market to introduce safe, automatic, self-destructing needles for injection pens. In the US market, it was the second company, after BD, to launch double-ended, protected, self-destructing pen needles and has applied for international patent protection.
In the field of general drug delivery infusion, the company focuses on developing innovative infusion products that meet the latest clinical needs. Examples include safety syringes with automatically retracting needles to prevent contamination risks. The company is also expanding into new application areas such as growth hormone injections and vascular access. It has successfully developed specialized needles for implantable drug delivery devices that minimize particulate shedding, reducing risks of port damage, patient infection, and capillary blockage.
In the minimally invasive intervention sector, as the company's puncture and interventional technologies mature, it has recently expanded into new applications like tumor diagnosis and treatment and diagnosis of luminal diseases. The company has a rich pipeline of launched and research-stage products in minimally invasive interventions, significantly broadening its business scope beyond puncture and infusion and laying a foundation for future multi-business development.
Following approvals from the company's second board of directors' fourth meeting, the second board of supervisors' fourth meeting, and the first extraordinary shareholders' meeting in 2025, the net proceeds from this offering, after deducting issuance costs, will be entirely allocated to the main business. Specific investment projects are detailed as follows.
Financially, for the years 2022, 2023, 2024, and the first half of 2025, the company reported operating revenues of approximately 242 million yuan, 236 million yuan, 318 million yuan, and 178 million yuan, respectively. During the same periods, the company achieved net profits of approximately 57.15 million yuan, 45.9041 million yuan, 64.879 million yuan, and 44.3299 million yuan, respectively.
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