普爱医疗港股IPO：业绩亏损与股权或存隐忧

Core Viewpoint - Nanjing Puhui Medical Equipment Co., Ltd. is attempting to list on the Hong Kong Stock Exchange amid ongoing financial losses and shareholder cash-outs, contrasting with its previous failed attempt to list on the Shenzhen Stock Exchange four years ago [2] Financial Performance - Puhui Medical's revenue for 2022-2024 was approximately 377 million, 501 million, and 484 million yuan, with a year-on-year decline of 3.47% in 2024 due to reduced sales in key product lines [9][10] - The company reported net losses of 437 million, 159 million, and 442 million yuan for the same period, totaling a cumulative loss of 1.04 billion yuan [9][10] - Operating cash flow was negative in 2023, with net cash flows from operating activities of 373 million, -389 million, and -213 million yuan for 2022-2024 [12] Debt Situation - Puhui Medical's total debt increased from 242 million yuan in 2022 to 525 million yuan in 2024, with short-term debt reaching 525 million yuan in 2024 [12] - As of March 2025, the company had a short-term debt gap of 31.46 million yuan, with cash and cash equivalents only at 11.07 million yuan [12] Shareholder Actions - Shareholders, including Hu Long Jin Cheng Investment Co., Ltd., have been cashing out, with significant share transfers occurring before the IPO application [7][8] - A guarantee agreement was signed between Hu Long Jin Cheng and the chairman, Liu Jinhui, allowing for potential profit-sharing based on future share sales [8] Corporate Governance Concerns - The company has a history of shareholding irregularities, including multiple instances of shareholding by proxy, raising concerns about corporate governance [3][4][5] - As of the latest filing, Liu Jinhui controls 52.5% of the voting rights, indicating concentrated ownership [6] Market Position - Puhui Medical is the second-largest supplier of medical X-ray imaging systems in China, holding a market share of 7.6% in 2023 [13] - Despite current challenges, the company has potential advantages in the orthopedic imaging sector and global expansion opportunities [13]