12月26日，普昂（杭州）医疗科技股份有限公司（下称"普昂医疗"）即将迎来北京证券交易所上市委员会的上市审议。 几日前，普昂医疗针对北交所上市委的第二轮问询的销售真实性及产品高单价是否可持续，毛利率下滑风险，新型产品销售不及预期的风险等问题进行了 回复。 张力制图 全球市占率11.78% 此次普昂医疗拟在北交所上市，保荐机构是国金证券，拟募集资金3.95亿元，分别用于穿刺介入医疗器械智能制造生产线建设项目、微创介入医疗器械研 发及产业化建设项目、补充流动资金。 根据咨询机构QY Research的数据，2022年—2024年，全球胰岛素笔针销量分别为88.10亿支、94.36亿支、99.73亿支，同时期公司胰岛素笔针销量分别为 6.62亿支、7.53亿支、11.75亿支，普昂医疗胰岛素笔针产品在全球市场的占有率分别为7.52%、7.98%、11.78%，全球市场占有率稳步提升。 业绩先降后升 2022年—2024年及2025年上半年（下称"报告期"），普昂医疗的收入为2.42亿元、2.36亿元、3.18亿元和1.78亿元，净利润为5714.99万元、4590.41万元、 6487.9万元和4432.99万元， ...

Core Viewpoint - Puang Medical is preparing for its listing on the Beijing Stock Exchange, addressing concerns regarding sales authenticity, product pricing sustainability, and potential risks related to declining gross margins and underperforming new product sales [1][4]. Group 1: Company Overview - Puang Medical, established in 2013, specializes in the research, production, and sales of medical devices for diabetes care, general drug infusion, and minimally invasive interventions [4]. - The company targets chronic disease treatments, particularly diabetes, tumors, and gastrointestinal diseases, leveraging continuous R&D to enhance product safety, minimally invasive features, and user comfort [4]. - The insulin pen needle is the company's core product, accounting for 65.8% of its main business revenue in the first half of 2025 [4]. Group 2: Product Development - The company has continuously upgraded its insulin pen needle products since 2013, introducing various models with enhanced safety features over the years [5]. - In 2025, the company plans to launch an electronic insulin injection pen that offers precise measurement, ease of use, and real-time information transmission [6]. Group 3: Market Position and Financial Performance - According to QY Research, global insulin pen needle sales are projected to increase from 8.81 billion units in 2022 to 9.97 billion units in 2024, with Puang Medical's sales growing from 662 million units to 1.18 billion units during the same period, increasing its global market share from 7.52% to 11.78% [6]. - The company's revenue fluctuated from 242 million yuan in 2022 to 318 million yuan in 2024, with net profits showing similar volatility [8]. - The gross profit margin has consistently increased from 44.56% in 2022 to 52.5% in 2025, surpassing that of comparable companies in the industry [8].