Pu'ang Medical debuts on the Beijing Stock Exchange, closing up 136.56% on its first day

(Source: Caixin)

          The design requirements for diabetes care products have high barriers.            

On March 27, Puang Medical (920069.BJ) officially landed on the Beijing Stock Exchange. On its first day of trading, it closed at 43.48 yuan/share, with an increase of 136.56%.

Puang Medical is a medical device company located in Yuhang District, Hangzhou, primarily engaged in the research, development, production, and sales of diabetes care, general drug infusion, and minimally invasive interventional medical devices. In the first half of 2025, diabetes care products contributed 81.61% of the company’s main business revenue, followed by general drug infusion and minimally invasive interventional products, which accounted for 14.33% and 2.60%, respectively.

Specifically, Puang Medical’s diabetes care products include insulin pen needles, insulin syringes, insulin pump tube accessories, and insulin injection pens. Among them, insulin pen needles are the company’s core competitive products, contributing over 60% of the company’s revenue in the first half of 2025.

As one of the first domestic companies to launch safety automatic self-destruction injection pen needles and the second company to launch dual-protection safety self-destruction injection pen needles in the U.S. market, following BD, Puang Medical continues to innovate and iterate, forming a moat across multiple dimensions of products and brand.

It is understood that compared to ordinary puncture and infusion products, the application scenarios for diabetes care products like insulin pen needles are more often for patients to self-inject at home. Since patients typically need to inject multiple times a day, mostly performed by non-professional medical personnel, there are high safety, minimally invasive, and comfort requirements for diabetes care products to prevent injection failures due to operational errors or medical accidents, and to help patients overcome needle anxiety. Therefore, the design requirements, patent protection, complexity of production processes, and quality assurance systems for diabetes care products have high barriers.

This also leads to high gross margins for the products. Driven by insulin pen needles, Puang Medical’s comprehensive gross margins reached 44.56%, 47.20%, 49.44%, and 52.50% from 2022 to the first half of 2025, higher than industry peers whose main business focuses more on general drug infusion products or other diabetes care products.

The prospectus shows that while continuously optimizing and iterating its existing product lines, Puang Medical has recently begun to extend into new application scenarios such as tumor diagnosis and treatment, and diagnosis of cavity diseases. The company has initially established two major minimally invasive interventional product pipelines: percutaneous intervention and endoscopic intervention, with products already on the market.

In terms of percutaneous intervention, the company has independently developed a biopsy needle series that closely meets clinical needs and features double-stroke sampling and step-by-step firing, which has been launched in the market; the second generation of disposable fully automatic biopsy needles was launched in 2024. In terms of endoscopic intervention, the company launched a disposable tissue sampling forceps at the end of 2023, which quickly obtains suspicious tissue samples while reducing bleeding and damage to the endoscope.

The funds raised will continue to be directed towards the R&D of minimally invasive interventional medical devices. It has been disclosed that Puang Medical publicly issued 10.5828 million shares at a price of 18.38 yuan/share, raising a total of 195 million yuan, which will mainly be used for the construction project of intelligent manufacturing production lines for puncture intervention medical devices, R&D and industrialization projects of minimally invasive interventional medical devices, and to supplement working capital.

In terms of performance, in 2025, Puang Medical expects to achieve an operating income of 372 million to 390 million yuan, a year-on-year increase of 16.87% to 22.52%, and expects to achieve a net profit attributable to the parent company of 84 million to 94 million yuan, a year-on-year increase of 29.47% to 44.89%.

It is worth mentioning that after a successful listing, Puang Medical became the first listed company in Yuhang District, Hangzhou, in 2026, bringing the total number of A-share listed companies in Yuhang District to 26.

According to news from Yuhang, at Puang Medical’s listing ceremony, Liu Ying, member of the Standing Committee of the Hangzhou Municipal Party Committee and Secretary of the District Party Committee, rang the listing bell together with Hu Chaoyu, Chairman of Puang Medical, and others.