奕瑞科技(688301) - 2025 Q2 - 季度财报

Definitions This chapter defines key terms and company abbreviations, covering X-ray technology, components, medical imaging, and subsidiaries, essential for report comprehension - This chapter defines professional terms and company entity abbreviations, covering X-ray technology, key components, medical imaging equipment, industry standards, and company subsidiaries, providing a basis for understanding the report content[11][12][13] Company Profile and Key Financial Indicators This section provides the company's basic information, key financial data, and details on non-recurring gains and losses for the reporting period Basic Company Information This chapter provides the company's basic business information, including names, legal representative, and addresses, noting a change in registered address during the period - The company's full name is iRay Technology Group Co., Ltd., with Tieer Gu as its legal representative[18] - In February 2025, the company's registered address changed from 'Room 202, Building 9, No. 590 Ruiqing Road, Pudong New Area, Shanghai' to 'No. 999 Huanqiao Road, Pudong New Area, Shanghai'[18] Key Accounting Data and Financial Indicators During the reporting period, the company's operating revenue grew by 3.94%, net profit attributable to shareholders increased by 8.82%, and net cash flow from operating activities surged by 340.20% due to increased customer deposits and sales collections, while non-recurring adjusted net profit decreased by 2.11% Key Accounting Data | Key Accounting Data | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | RMB 1,066,611,820.18 | RMB 1,026,151,704.71 | 3.94% | | Net Profit Attributable to Shareholders of Listed Company | RMB 334,567,467.70 | RMB 307,441,804.39 | 8.82% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Items) | RMB 328,308,023.36 | RMB 335,380,730.02 | -2.11% | | Net Cash Flow from Operating Activities | RMB 817,732,776.49 | RMB 185,763,701.58 | 340.20% | | Total Assets (End of Reporting Period) | RMB 9,804,974,935.43 | RMB 9,083,006,463.92 | 7.95% | Key Financial Indicators | Key Financial Indicators | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (RMB/share) | 1.67 | 1.54 | 8.44% | | Diluted Earnings Per Share (RMB/share) | 1.66 | 1.51 | 9.93% | | Weighted Average Return on Net Assets (%) | 6.93% | 6.92% | Increase 0.01 percentage points | | R&D Investment as Percentage of Operating Revenue (%) | 14.46% | 14.92% | Decrease 0.46 percentage points | Non-Recurring Gains and Losses Items and Amounts During the reporting period, the company's total non-recurring gains and losses amounted to RMB 6.2594 million, primarily comprising government subsidies, fair value changes in financial assets, and other non-operating income and expenses Non-Recurring Gains and Losses Items | Non-Recurring Gains and Losses Items | Amount (RMB) | | :--- | :--- | | Government Subsidies Included in Current Profit and Loss | 7,408,591.20 | | Gains and Losses from Fair Value Changes and Disposal of Financial Assets and Liabilities | -1,895,459.42 | | Other Non-Operating Income and Expenses | 2,104,372.66 | | Income Tax Impact | -321,313.05 | | Impact on Minority Interests (After Tax) | -1,036,441.02 | | Total | 6,259,444.34 | Management Discussion and Analysis This section provides an in-depth analysis of the company's industry, operational performance, core competencies, risk factors, and key financial and operational highlights during the reporting period Industry and Main Business Overview The company is a mid-stream supplier of X-ray imaging equipment core components and solutions, specializing in digital X-ray detectors, high-voltage generators, and X-ray tubes, with a leading global market share in digital X-ray detectors and expanding into other core components to build vertical integration advantages, while the industry trends towards broader applications, supply chain shifts to China, and dynamic and 3D imaging technologies - The company operates in the mid-stream of the X-ray imaging equipment industry, primarily engaged in the R&D, production, and sales of core components such as digital X-ray detectors, high-voltage generators, and X-ray tubes[31][33] Global X-ray Core Component Market Size Forecast (by Sales Revenue) | X-ray Core Component Global Market Size Forecast (by Sales Revenue) | 2021/2023 | 2030 Forecast | CAGR | | :--- | :--- | :--- | :--- | | Digital X-ray Detectors | 2.28 billion USD (2021) | 5.03 billion USD | 9.3% (2022-2030) | | High-Voltage Generators | 0.79 billion USD (2021) | 1.30 billion USD | 6.3% (2022-2030) | | X-ray Tubes | 4.26 billion USD (2023) | 9.53 billion USD | 12.18% (2023-2030) | | Combined X-ray Sources | 2.39 billion USD (2021) | 7.41 billion USD | 14.3% (2022-2030) | - The company holds a leading global market share in digital X-ray detectors, reaching 19.83% in 2024, and ranks first in the domestic market[55] - The company's product lines cover both medical (general radiography, dental, mammography, radiotherapy) and industrial (non-destructive testing, security inspection) fields, mastering four major sensor technologies: amorphous silicon, IGZO, CMOS, and flexible substrates[64] Discussion and Analysis of Operations In the first half of 2025, the company advanced high-quality development amidst a complex macro environment, making progress in R&D, market expansion, supply chain optimization, financial internal control, and human resource system development, with R&D investment reaching RMB 154 million (14.46% of revenue), new core components and solutions business growing over 50%, and the global '1 headquarters + 6 bases' layout accelerating - During the reporting period, the company's R&D investment was RMB 154 million, accounting for 14.46% of operating revenue, with 70 new IP authorizations, including 32 invention patents[85] - In market expansion, new core components and solutions businesses, such as high-voltage generators and combined X-ray sources, achieved significant growth, with a year-on-year increase of over 50%[89] - Regarding the supply chain, the company's global '1 headquarters + 6 bases' layout is accelerating, with 6 factory locations worldwide, enhancing production and operational efficiency through digital means[90][91] Analysis of Core Competencies The company's core competencies are primarily in five areas: technological advantages (mastering various X-ray core component technologies), talent advantages (a high-caliber R&D team of 633), customer resource advantages (stable collaborations with renowned domestic and international manufacturers), product quality advantages (multiple international quality system certifications), and customer service advantages (a global service network) - Technological Advantage: The company is one of the few global manufacturers of digital X-ray detectors mastering all major core technologies, including TFT, CMOS sensors, scintillator materials, and readout chips, having established an X-ray core technology matrix spanning multiple product areas[94] - Talent Advantage: As of the end of the reporting period, the company had 633 R&D personnel, accounting for 30.24% of the total workforce, with 33.97% holding master's degrees or higher[95][119] - Customer Resource Advantage: The company has established strong, high-stickiness cooperative relationships with renowned domestic and international manufacturers such as Konica, Carestream, GE Healthcare, Siemens, Philips, United Imaging Healthcare, and CATL[97][98] Risk Factors The company faces five main categories of risks: core competency risks (new technology development, technology substitution, talent loss), operational risks (raw material supply, intellectual property, expansion management), financial risks (accounts receivable, gross margin fluctuations, tax policies, exchange rates, inventory, debt ratio), market risks (industry prosperity, product price decline, market competition), and macroeconomic environment risks (trade friction, industrial policy changes) - Core Competency Risk: Rapid technological iteration in the industry poses a risk of weakened market competitiveness if the company fails to launch innovative products promptly, alongside high R&D investment and the risk of project failure or uncompetitive new products[120] - Financial Risk: Accounts receivable book value at the end of the reporting period was RMB 835 million, accounting for 8.52% of total assets and growing rapidly; the asset-liability ratio was 50.54%, with high interest-bearing debt potentially increasing financial expenses and risks[131][137] - Construction in Progress Risk: As of the end of the reporting period, construction in progress amounted to RMB 2.753 billion, which upon completion will significantly increase depreciation and amortization, potentially impacting operating performance if revenue falls short of expectations[129] - Market Risk: Intensified industry competition and localization efforts may lead to continuous product price declines, posing risks to the company's gross margin and profitability if cost control or product upgrades fail to keep pace[139][140] Key Operating Conditions This chapter provides a detailed analysis of the company's financial status during the reporting period, highlighting a 340.20% increase in net cash flow from operating activities due to customer performance deposits and increased sales collections, a 48.77% decrease in net cash outflow from investing activities due to lower payments for construction and equipment, and a shift from positive to negative net cash flow from financing activities primarily due to significant long-term borrowings in the prior period and repayment of short-term borrowings in the current period Cash Flow Statement Key Items | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | Change (%) | Explanation of Change | | :--- | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 817,732,776.49 | 185,763,701.58 | 340.20 | Primarily due to receipt of customer performance deposits and increased sales collections | | Net Cash Flow from Investing Activities | -412,267,548.59 | -804,725,510.10 | 48.77 | Primarily due to lower payments for construction and equipment purchases compared to the prior period | | Net Cash Flow from Financing Activities | -259,815,246.03 | 596,530,542.04 | -143.55 | Primarily due to a larger increase in long-term borrowings in the prior period and repayment of some short-term borrowings in the current period | Asset/Liability Key Items | Asset/Liability Item | Amount at End of Current Period (RMB) | Amount at End of Prior Period (RMB) | Change (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | | Other Payables | 578,892,691.13 | 26,734,329.13 | 2,065.35 | Due to receipt of performance deposits | | Fixed Assets | 1,950,965,264.11 | 1,440,622,330.63 | 35.43 | Due to transfer of construction in progress to fixed assets upon reaching intended usable state | | Long-term Equity Investments | 118,421,062.29 | 72,313,374.68 | 63.76 | Due to new external investments | Corporate Governance, Environment, and Society This section details changes in the company's directors, supervisors, senior management, and core technical personnel, along with the proposed profit distribution plan for the reporting period Changes in Directors, Supervisors, Senior Management, and Core Technical Personnel During the reporting period, there were no changes in the company's directors, supervisors, senior management, or core technical personnel, whose identification criteria are primarily based on their contributions to core technology R&D, project leadership, intellectual property, and industry experience - There were no changes in the company's directors, supervisors, senior management, or core technical personnel during the reporting period[172] Profit Distribution Plan The company has no proposed profit distribution or capital reserve to share capital increase plan for the first half of 2025 - The proposed profit distribution and capital reserve to share capital increase plan for the first half of 2025 is 'No'[173] Significant Matters This section covers the fulfillment of commitments, major litigation, significant related-party transactions, and the progress of raised funds utilization during the reporting period Fulfillment of Commitments During the reporting period, the company's actual controllers, shareholders, directors, supervisors, and senior management strictly fulfilled all commitments made during initial public offerings, refinancing, and equity incentive activities, including share lock-ups, avoidance of horizontal competition, and regulation of related-party transactions, with no breaches observed - The company's actual controllers, shareholders, directors, supervisors, and other related parties strictly fulfilled all commitments, including share lock-ups, avoidance of horizontal competition, and regulation of related-party transactions, during the reporting period[177] Major Litigation and Arbitration Matters The lawsuit involving the company's Korean subsidiary (iRay Korea) and its representative director has concluded, with the Korean prosecution not appealing the second instance's acquittal, which became effective on April 17, 2025 - The second instance court's acquittal in the lawsuit against iRay Korea and its representative director became effective on April 17, 2025, concluding the case[210] Significant Related-Party Transactions During the reporting period, the company engaged in several related-party transactions related to daily operations, including sales, purchases, leases, and performance deposits, with notable transactions being sales to SeeYa Technology and collection of significant performance deposits, purchases from E-ray Co., Ltd., and a joint external investment with related parties in Haining Kaitu Semiconductor Co., Ltd Related-Party Transaction Details | Related-Party Transaction Type | Related Party | Cumulative Amount for 2025 (RMB in ten thousands) | | :--- | :--- | :--- | | Sales of Products to Related Parties | Shenzhen Phison Technology Co., Ltd. | 2,020.64 | | Collection of Performance Deposits | SeeYa Technology Co., Ltd. | 56,552.94 | | Purchases of Goods from Related Parties | E-ray Co., Ltd. | 2,745.65 | - The company, through its wholly-owned subsidiary iRay Hefei, invested RMB 20 million in Haining Kaitu Semiconductor Co., Ltd., acquiring an 18.18% stake, which constitutes a joint investment with a related party[214] Explanation of Progress in Use of Raised Funds The company provided an explanation of the use of proceeds from its initial public offering and convertible bond issuance, with cumulative investment progress at 92.55% for IPO proceeds and 87.55% for convertible bond proceeds as of the end of the reporting period, and some projects, such as the 'New Detector and Scintillator Material Industrialization Project,' having applied for extensions Raised Funds Utilization Progress | Source of Raised Funds | Net Proceeds (RMB in ten thousands) | Cumulative Investment at End of Reporting Period (RMB in ten thousands) | Cumulative Investment Progress (%) | | :--- | :--- | :--- | :--- | | Initial Public Offering (IPO) | 198,616.94 | 183,821.22 | 92.55% | | Issuance of Convertible Bonds | 142,131.35 | 124,434.31 | 87.55% | Share Changes and Shareholder Information This section provides an overview of the company's share capital changes and detailed shareholder information, including the top ten shareholders Share Capital Changes During the reporting period, the company's total share capital increased from 143 million shares to 200 million shares, primarily due to the implementation of the 2024 annual capital reserve to share capital increase plan (0.4 shares per share) and a small number of 'iRay Convertible Bonds' converting into company shares - The company's total share capital increased by 57,155,546 shares due to the capital reserve to share capital increase plan (0.4 shares per share)[227][228] - During the reporting period, a cumulative total of 6 'iRay Convertible Bonds' were converted into shares[228] Shareholder Information As of the end of the reporting period, the company had 6,990 common shareholders, with Shanghai Yiyuan Herui Investment Consulting Co., Ltd. being the largest shareholder holding 16.33%, and the top ten shareholders largely comprising company-affiliated investment platforms, employee stock ownership platforms, and institutional investors Top Shareholders | Shareholder Name | Shares Held at Period End (shares) | Percentage (%) | | :--- | :--- | :--- | | Shanghai Yiyuan Herui Investment Consulting Co., Ltd. | 32,696,549 | 16.33 | | Tianjin Sequoia Juye Equity Investment Partnership | 11,785,883 | 5.89 | | Hainan Heyi Investment Co., Ltd. | 11,721,318 | 5.85 | | Shanghai Changze Management Consulting Partnership | 10,668,085 | 5.33 | | Beijing Sequoia Xinyuan Equity Investment Center | 5,547,286 | 2.77 | Bond-Related Information This section provides details on the company's convertible bonds, including issuance terms, conversion status, and adjustments to the conversion price Convertible Corporate Bonds The company issued RMB 1.435 billion in convertible corporate bonds, 'iRay Convertible Bonds' (code 118025), in October 2022; as of the end of the reporting period, there were 5,342 bondholders, with 99.07% of the bonds yet to be converted, and the conversion price was adjusted to RMB 115.50/share on June 19, 2025, due to the 2024 profit distribution and capital reserve to share capital increase plan - The company's 'iRay Convertible Bonds' have a total value of RMB 1.435 billion, a 6-year term, and were listed for trading on November 18, 2022[239] Convertible Bond Status | Metric | Value | | :--- | :--- | | Amount Converted in Reporting Period | RMB 1,000 | | Cumulative Shares Converted | 57,686 shares | | Unconverted Bond Amount | RMB 1,421,735,000 | | Percentage of Unconverted Bonds to Total Issuance | 99.0749% | - Due to the implementation of the 2024 annual profit distribution and capital reserve to share capital increase plan, the conversion price was adjusted from RMB 162.64/share to RMB 115.50/share on June 19, 2025[246] Financial Report This section presents the company's unaudited financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in owner's equity, along with significant accounting policies and detailed notes to the consolidated financial statements Financial Statements This chapter provides the company's unaudited 2025 semi-annual consolidated and parent company financial statements, including the balance sheet, income statement, cash flow statement, and statement of changes in owner's equity, reflecting the company's financial position, operating results, and cash flows during the reporting period Key Items from Consolidated Balance Sheet (2025-06-30) | Key Items from Consolidated Balance Sheet (2025-06-30) | Amount (RMB) | | :--- | :--- | | Total Assets | 9,804,974,935.43 | | Total Liabilities | 4,955,562,542.36 | | Total Equity Attributable to Parent Company Owners | 4,851,035,642.02 | Key Items from Consolidated Income Statement (Jan-Jun 2025) | Key Items from Consolidated Income Statement (Jan-Jun 2025) | Amount (RMB) | | :--- | :--- | | Total Operating Revenue | 1,066,611,820.18 | | Total Profit | 366,795,900.81 | | Net Profit | 324,998,931.52 | | Net Profit Attributable to Parent Company Shareholders | 334,567,467.70 | Significant Accounting Policies and Estimates This chapter elaborates on the company's fundamental accounting principles, including enterprise accounting standards, accounting period, and functional currency, used for financial statement preparation, and explains accounting policies and estimates for key items such as financial instruments, inventories, long-term equity investments, fixed assets, intangible assets, revenue recognition, and government grants, noting no significant changes in accounting policies during the reporting period - Financial statements are prepared on a going concern basis, adhering to Chinese Enterprise Accounting Standards[281][282] - Revenue Recognition Policy: The company recognizes revenue when customers obtain control of the related goods or services, with domestic sales recognized upon customer receipt and international sales upon completion of customs declaration[352][354] - Financial Instrument Impairment: The company applies impairment accounting for financial assets measured at amortized cost based on expected credit losses, and for accounts receivable and contract assets, loss provisions are always measured at the amount of expected credit losses over their entire lifetime[312] Notes to Consolidated Financial Statement Items This chapter provides detailed notes and explanations for major items in the consolidated financial statements, including the composition, changes, and related details of monetary funds, accounts receivable, inventories, fixed assets, construction in progress, short-term borrowings, bonds payable, share capital, capital reserves, and operating revenue and costs, offering essential supplementary information for understanding the financial statement data - The top five accounts receivable balances at period-end collectively accounted for 23.13% of the total, with bad debt provisions calculated based on individual and aging portfolio methods[397][403] - The balance of construction in progress at period-end was RMB 2.753 billion, primarily for the 'New Detector and Scintillator Material Industrialization Project' and the 'Digital X-ray Detector Key Technology R&D and Comprehensive Innovation Base Construction Project'[454] - Other payables significantly increased to RMB 579 million at period-end, primarily due to the receipt of RMB 567 million in deposits and guarantees[499]