‌普爱医疗港股IPO：尚未扭亏成功，募资加码研发

Core Viewpoint - Puai Medical has recently submitted its IPO application to the Hong Kong Stock Exchange, aiming to raise funds for enhancing R&D capabilities, product promotion, partial repayment of bank loans, and general corporate purposes [1][7] Financial Performance - The company has experienced revenue fluctuations, with reported revenues of 377 million yuan in 2022, increasing to 501 million yuan in 2023, but slightly declining to 484 million yuan in 2024 [2] - The company recorded net losses of 43.7 million yuan in 2022, 15.96 million yuan in 2023, and 44.23 million yuan in 2024 [2] Sales and Marketing Expenses - The primary reason for the losses is attributed to intensified competition and high sales and marketing expenses, which were 139 million yuan, 168 million yuan, and 175 million yuan for the years 2022 to 2024, respectively, accounting for 36.9%, 33.4%, and 36.2% of total revenue [5] Ownership Structure - As of the latest practical date, the founder Liu Jinhui and concerted parties hold approximately 52.50% of the voting rights, making them the controlling shareholders, with Liu personally holding about 22.98% [5] Market Position - Puai Medical is the second-largest supplier of medical X-ray imaging systems in China by sales volume, with a market share of 7.6% in 2023, and holds the top position in the mobile C-arm X-ray machine segment with a market share of 20.6% [1]