A-share subscription | Puang Medical (920069.BJ) opens subscription, planning to raise 395 million yuan.

On March 18th, Puang Medical (920069.BJ) started its subscription with an issue price of 18.38 yuan per share, with a subscription limit of 476,200 shares and a P/E ratio of 14.53 times. It belongs to the Northern Exchange, and Sinolink is its sponsor. The prospectus shows that Puang Medical is specialized in the research, production, and sales of medical devices for diabetes care, general drug infusion, and minimally invasive interventions. Targeting chronic diseases such as diabetes, tumors, and gastrointestinal diseases, the company relies on its continuous research and development to improve safety, minimally invasive procedures, and comfort of core technologies such as puncture, infusion, and intervention, building a rich matrix of products for chronic disease diagnosis and treatment to provide users with high-quality, multi-choice medical devices for home and professional institution use in various scenarios. Since its establishment in 2013, the company has focused on diabetes care products, continuously developing and upgrading insulin pens, peripheral blood collection needles, insulin injectors, and other diabetes care products. Among them, insulin pens are the company's core products and have the highest proportion of revenue in the reporting period. From January to June 2025, insulin pen products accounted for 65.80% of the company's main business income. Puang Medical is a domestic enterprise that was one of the earliest to introduce self-destructing injection pen needles in the Chinese market. In the U.S. market, the company is the second enterprise to introduce safety self-destructing injection pen needles after the U.S. BD company and has applied for international patent protection. In the field of general drug infusion, the company focuses on developing infusion products with clear innovative characteristics that meet the latest clinical needs, such as the Safe Syringe (MWS) product, which automatically retracts the needle to eliminate the risk of contaminated needle infections, and continues to expand applications in growth hormone injection, vascular access, among others. The company has successfully developed innovative products such as the Special Needle for Implantable Drug Delivery Devices (SHU) that prevents droplet shedding to effectively prevent IV port damage, reduce the risk of patient infection and capillary blockage. In the field of minimally invasive interventions, as the company's puncture and intervention technologies mature, in recent years, the company has begun to expand into new application scenarios such as tumor diagnosis and treatment of canal diseases. With a rich pipeline of existing and in-development minimally invasive products, the company's business scope has been significantly extended beyond punctures and infusions, laying a solid foundation for the future development path of multiple business lines. Approved by the company's second board of directors meeting, the fourth supervisory board meeting, and the first extraordinary general meeting of shareholders in 2025, the proceeds from this issue will be used for the main business, with specific investment projects as follows: Financially, in the fiscal years 2022, 2023, 2024, and January to June 2025, the company achieved operating revenues of approximately 242 million yuan, 236 million yuan, 318 million yuan, and 178 million yuan respectively. During the same period, 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.