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普爱医疗报考上市隐忧不少:多名股东退出,仍受制于对赌协议
Sou Hu Cai Jing· 2025-05-05 08:49
Core Viewpoint - Nanjing Puyue Medical Equipment Co., Ltd. has submitted its prospectus for an IPO on the Hong Kong Stock Exchange, with Guotai Junan International as the sole sponsor [1][3]. Company Overview - Puyue Medical is a supplier of medical X-ray imaging systems, offering products such as mobile C-arm X-ray machines, digital radiography (DR) machines, and DRF digital fluoroscopy X-ray machines [3]. - The company was established in April 2003, originally as Nanjing Puyue X-ray Imaging Equipment Co., Ltd., with a registered capital of 90 million yuan [3]. - As of 2023, Puyue Medical is the second-largest supplier of medical X-ray imaging systems in China by sales volume, holding a market share of 7.6%, and ranks first in the mobile C-arm X-ray machine segment with a market share of 20.6% [4]. Financial Performance - Revenue for Puyue Medical was approximately 377 million yuan in 2022, 501 million yuan in 2023, and is projected to be 484 million yuan in 2024. Gross profit for the same years was about 151 million yuan, 214 million yuan, and 206 million yuan respectively [5][6]. - The company reported net losses of approximately 43.7 million yuan in 2022, 15.96 million yuan in 2023, and 44.2 million yuan in 2024 [5][6]. - The primary revenue source comes from the sales of mobile C-arm X-ray machines, contributing approximately 47.0%, 50.4%, and 50.2% of total revenue in the respective years [6]. Production and Operations - Puyue Medical operates two production bases: one in Nanjing for digital radiography and mobile C-arm X-ray machines, and another in Zhuhai for digital radiography and DRF machines [5]. - The company has expanded its global business since 2010, exporting products to over 100 countries across Africa, North America, Asia, and Europe [7]. Cash Flow and Financing - As of the end of 2024, Puyue Medical had cash and cash equivalents of approximately 35.85 million yuan, down from 103.13 million yuan at the beginning of 2023 [8]. - The company has undergone multiple rounds of financing since its inception, with notable valuations during different funding rounds, including a post-investment valuation of approximately 650 million yuan in the D round and 2 billion yuan in the F round [9]. Shareholding Structure - Before the IPO, key shareholders include Liu Jinhui, the founder and chairman, and several other individuals and entities, collectively holding 52.50% of the company's shares [15].