Investment Rating - The investment rating for the company is "Buy" [8] Core Insights - The company is expected to maintain high growth due to the expansion of its OLED microdisplay backplane business through a capital increase and introduction of strategic investors [3] - The company reported strong performance in the first three quarters of 2025, with revenue of 1.549 billion yuan, a year-on-year increase of 14.22%, and a net profit of 471 million yuan, up 20.61% [4] - The company is increasing its R&D investment to accelerate product innovation, with key products expected to launch in 2026, which will enhance its competitive edge [5] - Revenue projections for 2025-2027 are 2.32 billion yuan, 2.90 billion yuan, and 3.73 billion yuan respectively, with net profits of 629 million yuan, 838 million yuan, and 1.028 billion yuan [6] Company Overview - The latest closing price of the company's stock is 101.11 yuan, with a total market capitalization of 21.4 billion yuan [2] - The company has a total share capital of 211 million shares, with 200 million shares in circulation [2] - The company has a debt-to-asset ratio of 48.8% and a price-to-earnings ratio of 31.02 [2]

Core Viewpoint - The company is progressing with its "X-ray vacuum device and comprehensive solution construction project" as planned, with ongoing product development and customer integration [2] Group 1: Product Development - The company has completed the research and development of several types of X-ray tubes, including micro-focus tubes, transmission target tubes, dental intraoral tubes, DR tubes, C-arm tubes, and some CT tubes [2] - Micro-focus tubes, transmission target tubes, dental intraoral tubes, and CBCT tubes have already entered mass production [2] - The C-arm tube has completed registration and is transitioning to production, while some DR tubes and CT tubes are expected to start registration in the first quarter of 2026 [2] Group 2: Business Outlook - As the company’s tube products gradually complete registration and commercialization, along with the expansion of its comprehensive solution business, it is anticipated that future orders and self-use quantities will gradually increase [2]

Core Viewpoint - The company, Yirui Technology (688301.SH), has announced a share buyback program, indicating confidence in its financial health and future prospects [1] Group 1: Share Buyback Details - As of December 31, 2025, the company has repurchased a total of 938,800 shares, which represents 0.44% of its total share capital [1] - The highest price paid for the repurchased shares was 104.77 RMB per share, while the lowest price was 98.14 RMB per share [1] - The total amount spent on the share buyback was 95.0663 million RMB, excluding transaction fees such as stamp duty and commissions [1]

| 证券代码：688301 | 证券简称：奕瑞科技 | 公告编号：2026-002 | | --- | --- | --- | | 转债代码：118025 | 转债简称：奕瑞转债 | | 奕瑞电子科技集团股份有限公司 关于股份回购进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等相关规定，公司在回购期间，应当在每个月的前 3 个交易日 内公告截至上月末的回购进展情况，现将公司回购股份的进展情况公告如下： 截至 2025 年 12 月 31 日，公司通过上海证券交易所交易系统以集中竞价交易 方式累计回购公司股份 93.88 万股，占公司总股本的 0.44%，回购最高价格 104.77 元/股，回购最低价格 98.14 元/股，使用资金总额为人民币 9,506.63 万元（不含印 花税、交易佣金等交易费用）。 公司本次实际回购的股份数量、回购价格、使用资金总额符合董事会审议通 过的回购报告书及相关法律法规的规定。 | ...

| 证券代码：688301 | 证券简称：奕瑞科技 | 公告编号：2026-001 | | --- | --- | --- | | 转债代码：118025 | 转债简称：奕瑞转债 | | 奕瑞电子科技集团股份有限公司 关于可转债转股结果暨股份变动的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 累计转股情况：截止2025年12月31日，"奕瑞转债"累计有人民币 13,277,000元已转换为奕瑞电子科技集团股份有限公司（以下简称"公司"或"奕瑞 科技"）股票，转股数量为57,702股，占"奕瑞转债"转股前公司已发行股份总额的 0.0567%； 未转股可转债情况：截止2025年12月31日，"奕瑞转债"尚未转股的可转 债金额为1,421,733,000元，占"奕瑞转债"发行总量的99.0748%； 本季度转股情况：自2025年10月1日起至2025年12月31日，"奕瑞转债" 共有人民币2,000元已转换为公司股票，转股数量为16股，占"奕瑞转债"转股前 公司已发行股份总额的0.0000%。 一、可转债 ...

Group 1 - The company Yirui Technology announced a share buyback program, having repurchased a total of 938,800 shares, which represents 0.44% of its total share capital [1] - The highest price for the repurchased shares was 104.77 RMB per share, while the lowest price was 98.14 RMB per share [1] - The total amount of funds used for the share buyback was 95.0663 million RMB [1] Group 2 - The iMaotai App saw a surge in demand, with a limited stock of 1,499 RMB flying off the shelves, quickly selling out [1] - The app reached the top of the Apple shopping chart, indicating strong consumer interest [1] - A total of 100,000 users have placed orders for the product, showcasing significant market demand [1]

Group 1 - The company is progressing as planned with its "X-ray vacuum device and comprehensive solution construction project" and is advancing the R&D and customer introduction of key products [2] - The company has completed the R&D of several types of tubes including micro-focus tubes, transmission target tubes, dental tubes, DR tubes, C-arm tubes, and some CT tubes [2] - Micro-focus tubes, transmission target tubes, dental intraoral tubes, and CBCT tubes have already entered mass production, while the C-arm tubes have completed registration and are transitioning to production [2] Group 2 - Some DR tubes and CT tubes are expected to start registration in the first quarter of 2026 [2] - As the company’s tube products gradually complete registration and commercialization, along with the expansion of its comprehensive solution business, it is anticipated that future orders and self-use quantities will gradually increase [2]

Group 1 - The core business of Yirui Technology includes the research, production, sales, and service of digital X-ray detectors, with the main revenue sources being detector sales (81.21%), core component sales (7.66%), solution/technical service revenue (5.89%), accessory sales (4.57%), and rental income (0.66%) [1] - As of December 31, Yirui Technology's stock price decreased by 1.05%, trading at 101.24 yuan per share, with a total market capitalization of 21.407 billion yuan [1] Group 2 - Southern Fund has a significant holding in Yirui Technology through its Southern SSE STAR Market Composite ETF Linked A (023731), which ranks as the fifth largest holding with 28 shares [2] - The Southern SSE STAR Market Composite ETF Linked A has a total scale of 97.6034 million yuan and has achieved a return of 38.76% since its inception [2] - The fund managers, Yang Kaining and Pan Shuiyang, have delivered varying performance, with Yang achieving a best return of 75% and Pan achieving a best return of 110.42% during their respective tenures [2]

Core Viewpoint - Yirui Technology (688301) has announced a change in the implementation subject of certain fundraising projects from a wholly-owned subsidiary to a controlling subsidiary, which is part of a strategic investment initiative [1]. Group 1: Stock Performance - As of December 29, 2025, Yirui Technology's stock closed at 103.39 yuan, up 0.38% from the previous trading day, with a total market capitalization of 21.862 billion yuan [1]. - The stock opened at 102.82 yuan, reached a high of 104.75 yuan, and a low of 100.81 yuan, with a trading volume of 298 million yuan and a turnover rate of 1.44% [1]. Group 2: Corporate Announcement - On December 25, 2025, the company’s board of directors approved the change of the implementation subject for certain fundraising projects from its wholly-owned subsidiary, Yirui Imaging Technology (Hefei) Co., Ltd., to a controlling subsidiary [1]. - The change is due to Yirui Hefei's plan to increase capital and introduce a strategic investor, Hefei Jianrui No. 1 Equity Investment Fund Partnership (Limited Partnership), reducing the company's shareholding from 100% to 77.88% [1]. - Yirui Hefei will remain a controlling subsidiary within the company's consolidated financial statements [1]. Group 3: Fundraising Projects - The fundraising projects involved include the industrialization of new detectors and scintillator materials, key technology research and development for digital X-ray detectors, and the construction of a comprehensive innovation base [1]. - The company plans to invest the raised funds into Yirui Hefei through entrusted loans, which will only be used for the fundraising projects, with interest rates referencing the central bank's current loan rates [1]. - This matter is subject to approval by the company's shareholders [1].

Core Viewpoint - The company aims to enhance the financial strength of its subsidiary, Yirui Hefei, by introducing strategic investor Jianrui No.1 Fund through a capital increase, which will improve its competitiveness in capacity expansion and process development [1] Group 1: Capital Increase Details - Yirui Hefei plans to raise capital by introducing Jianrui No.1 Fund, which will invest CNY 50 million to subscribe for an additional registered capital of CNY 45.45 million, with the remaining CNY 4.55 million added to the capital reserve [1] - Following the capital increase, Yirui Hefei's registered capital will rise from CNY 160 million to CNY 205.45 million [1] - Jianrui No.1 Fund will hold a 22.12% equity stake in Yirui Hefei, while the company will retain a 77.88% stake, ensuring Yirui Hefei remains a controlled subsidiary within the company's consolidated financial statements [1]