Fundraising Overview - Jiangsu Kangzhong Digital Medical Technology Co., Ltd. raised a total of RMB 511,368,684.97 through the issuance of 22,032,257 shares at a price of RMB 23.21 per share, with a net amount of RMB 447,342,486.13 after deducting issuance costs [1] - As of June 30, 2025, the company has accumulated interest income of RMB 4,418,226.16 and received investment income of RMB 24,965,294.32, totaling RMB 29,383,520.48 [1] Fund Utilization - The company has spent RMB 310,088,509.94 on fundraising projects, with RMB 21,493,944.94 spent in the current year [1] - The remaining balance in the fundraising account as of June 30, 2025, is RMB 64,994,315.57 [1] Fund Management - The company has established a fundraising management system to ensure the proper use and storage of funds, adhering to relevant laws and regulations [1] - A tripartite supervision agreement has been signed with banks and the sponsor to ensure dedicated use of the funds [1] Cash Management - The company has approved the use of up to RMB 150 million of idle fundraising for cash management, with a usage period from the approval date until the next annual board meeting in 2025 [2] - The company has invested idle funds in short-term financial products with a maturity of less than 12 months [2] Project Status - The company has not changed the use of fundraising projects or transferred any projects during the reporting period [2] - The company has experienced delays in the construction of the flat panel detector production base and R&D service center, with completion dates extended to December 2025 due to various unforeseen factors [3]

Group 1 - The core viewpoint of the news highlights the performance and market position of Yirui Technology, noting its current stock price, market capitalization, and PE ratio compared to industry averages [1] - As of March 31, 2025, Yirui Technology has 5,745 shareholders, a decrease of 883 from the previous period, with an average holding value of 352,800 yuan and an average holding quantity of 27,600 shares [1] - The company specializes in the research, production, sales, and service of digital X-ray detectors, high-voltage generators, and other core components, having mastered four major sensor technologies [1] Group 2 - In the latest quarterly report for Q1 2025, Yirui Technology achieved a revenue of 482 million yuan, a year-on-year decrease of 1.92%, while net profit was 143 million yuan, an increase of 2.74%, with a gross profit margin of 48.92% [1] - The company's rolling PE ratio is 38.27, which is lower than the industry average of 49.20 and the industry median of 36.56, ranking 77th in the industry [2] - The industry average PE ratio is 49.20, with a median of 36.56, indicating that Yirui Technology is positioned below the average in terms of valuation metrics [2]

Core Insights - The company Yirui Technology closed at 122.58 yuan, with a 1.30% increase, resulting in a rolling PE ratio of 37.39 times and a total market capitalization of 17.537 billion yuan [1] - In comparison to the medical device industry, which has an average PE ratio of 48.90 times and a median of 36.41 times, Yirui Technology ranks 76th [1] - As of the first quarter of 2025, 47 institutions hold shares in Yirui Technology, with a total of 82.5452 million shares valued at 9.443 billion yuan [1] Company Overview - Yirui Technology specializes in the research, production, sales, and service of digital X-ray detectors, high-voltage generators, combination ray sources, and tube components [1] - The company has successfully mass-produced flat panel detectors and linear array detectors, mastering four sensor technologies: amorphous silicon, IGZO, CMOS, and flexible substrates [1] - These advancements are expected to enhance the company's product line, service diverse customers, and improve market competitiveness and brand influence [1] Financial Performance - In the first quarter of 2025, Yirui Technology reported revenue of 482 million yuan, a year-on-year decrease of 1.92%, while net profit was 143 million yuan, reflecting a year-on-year increase of 2.74% [1] - The sales gross margin stood at 48.92% [1]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1][6][7]. Core Insights - The company's main business is stabilizing, with new technologies flourishing, as evidenced by the launch of various innovative products in the medical and industrial sectors [3][4]. - The company reported a revenue of 1.831 billion yuan in 2024, a slight decrease of 1.74% year-on-year, with a net profit of 465 million yuan, down 23.43% year-on-year [3]. - The company is actively expanding its product matrix and has made significant advancements in the development of new core components and X-ray comprehensive solutions [4][6]. Financial Performance Summary - In 2024, the company achieved a revenue of 1.831 billion yuan, with a gross margin of 50.11% and a net margin of 24.59% [3]. - For Q1 2025, the company reported a revenue of 482 million yuan, a year-on-year decrease of 1.92%, but a net profit increase of 2.74% to 143 million yuan [3]. - The company forecasts revenues of 2.162 billion yuan in 2025, with a projected net profit of 574 million yuan, reflecting a growth rate of 18% and 23% respectively [5][6]. Product Development and Market Position - The company has successfully launched several new products, including high-resolution detectors and various X-ray sources, enhancing its competitive edge in the market [3][4]. - The company is focusing on R&D investments in CMOS detectors, CT detectors, and photon counting detectors, which are expected to drive future growth [3][4]. - The company aims to strengthen its position as a core supplier of digital X-ray components and comprehensive solutions through continuous innovation and global business expansion [6].