普昂（杭州）医疗科技股份有限公司（874572）于7月22日在北交所更新上市申请审核动态，该公司已 收到第一轮审核问询函。普昂医疗本次公开发行股票拟募集资金约3.95亿元，其中2.02亿元用于"穿刺介 入医疗器械智能制造生产线建设项目"；1.78亿元用于"微创介入医疗器械研发及产业化建设项目"； 1500万元用于补充流动资金。 普昂医疗以糖尿病护理产品为业务切入点，持续开发和升级胰岛素笔针、末梢采血针、胰岛素注射器等 系列产品。其中，胰岛素笔针是公司的核心优势产品，也是报告期内收入占比最高的产品，2024年占主 营业务收入的65.80%。在国内市场，公司是最早推出安全自动自毁型注射笔用针头的本土企业；在美 国市场，公司是继美国BD公司之后第二家推出两端保护安全自毁型注射笔用针头的企业，并已申请国 际专利保护。 根据QYResearch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，报告期内，公司胰岛素笔针产 品在全球市场的占有率分别为7.52%、7.98%、11.78%，全球市场 ...

Core Viewpoint - The company experienced a decline in revenue and net profit for 2024, primarily due to the impact of FDA import warnings on sales and the provision for impairment of inventory and receivables [1] Group 1: Financial Performance - In 2024, the company reported revenue and net profit of 388 million and 53 million yuan, respectively, representing a year-over-year decline of 5.5% and 52.8% [1] - For Q1 2025, the company recorded revenue and net profit of 72.71 million and 7.68 million yuan, showing a year-over-year decrease of 34.3% and 69.3% [1] - The decline in Q1 2025 is attributed to external factors affecting sales and a high base from Q1 2024, where revenue and net profit accounted for 29% and 47% of the total for 2024 [1] Group 2: Segment Performance - Medical Devices: In 2024, revenue was 199 million yuan, down 23.6% year-over-year, mainly due to FDA import warnings affecting sales of related products [2] - Animal Devices: Revenue reached 151 million yuan in 2024, up 20.8% year-over-year, supported by a diverse product range and strong market recognition [2] - Laboratory Consumables: Revenue was 29.54 million yuan, reflecting a significant increase of 66.1% year-over-year, driven by the competitive edge of self-developed products [2] Group 3: Growth Initiatives - New Products: By the end of 2024, the company had developed and launched several new products, including safety self-destruct needles and low-residue syringes, with others in the testing phase [3] - New Capacity: The second-phase factory project is partially completed, and overseas capacity expansion is ongoing [3] - New Markets: The company has obtained product registration in countries like Canada and Saudi Arabia, with ongoing efforts in emerging markets [3] Group 4: Profit Forecast and Valuation - The net profit forecast for 2025-2027 has been adjusted to 74 million, 83 million, and 93 million yuan, reflecting a downward revision of 9% and 14% for 2025 and 2026, respectively [4] - The company is a leader in the injection and puncture device sector, with a diverse product range and expanding customer base, leading to a target price adjustment to 20.59 yuan, corresponding to a 34x PE for 2025 [4]