Yiteng Technology Files IPO Prospectus: A Tsinghua-Backed Pioneer Delivering a Full Portfolio of Autonomous, High-Quality CT Tubes for Domestic Substitution

As the “heart” of CT scanners and a high-value consumable, the X-ray tube stands out as a uniquely strategic component. Weighing around 100 kilograms, this vacuum device accounts for less than 5% of the total system volume yet embodies over 70% of the imaging system’s technological value. Moreover, it represents a critical chokepoint in supply chain security for China’s high-end medical equipment industry. Even more than half a century after the advent of CT imaging technology, only a handful of manufacturers worldwide are capable of independently producing high-quality X-ray tubes.

The X-ray tube, though small, is not only the lifeline constraining the multi-billion-dollar medical imaging market but also a strategic pivot for driving industrial development. Its performance directly impacts CT image quality and diagnostic efficacy. Achieving indigenous breakthroughs in this technology will not only reduce the cost of high-end imaging equipment and accelerate the penetration of premium medical resources to grassroots levels but also bear significantly on national healthcare security and the autonomy and controllability of the industry. This is particularly critical at a time when China has become the world’s largest consumer market for medical CT X-ray tubes, with domestic demand continuing to grow.^[1]。

Currently, Chinese-made low- and mid-end X-ray tube products (below 5.0 MHU) have achieved certain breakthroughs in the after-sales CT maintenance market. However, the OEM market, particularly the high-end X-ray tube segment (above 6.0 MHU), remains monopolized by overseas manufacturers. This heavy reliance not only results in high lifecycle maintenance costs per device but also constrains the development of high-end medical equipment such as domestically produced CT scanners, particularly in terms of supply chain security and technological iteration. Moreover, domestic CT equipment lacking a Chinese “core” cannot achieve genuine import substitution.

Some CT X-ray tube products on the market suffer from issues such as “short lifespan,” “poor reliability,” and “arcing faults.” The root causes are twofold. On one hand, CT X-ray tube technology lies at the intersection of vacuum electronics, ultra-precision manufacturing, and materials science. It features high R&D barriers, intricate and sophisticated manufacturing processes with tightly interlinked steps, and requires substantial accumulation of know-how throughout the production workflow. On the other hand, it demands that companies fully master core underlying technologies, including electron optics, high-temperature metallurgical materials, vacuum surface treatment, precision mechanical design, and thermal design.

Brief Process Flowchart of Medical CT X-ray Tubes.

Image from “Application for Investigation into the Industrial Competitiveness of Medical CT X-ray Tubes (Public Version)”

More critically, most enterprises are constrained by a lack of experience in X-ray tube design and manufacturing, remaining long-term in a phase of technological follow-up and imitation. This has resulted in limited product competitiveness and an inability to meet the demands of the X-ray tube market.

The Battle for the “Achilles’ Heel” of the Hundred-Billion-Yuan Medical Imaging Market Has Begun, as the Market Craves High-Quality Domestic X-ray Tube Alternatives.

Among the many domestic X-ray tube manufacturers, a dark horse from the Tsinghua University-affiliated camp has emerged: Suzhou Yiteng Electronic Technology Co., Ltd. (hereinafter referred to as “Yiteng Technology”).

Dr. Zou Yun, Founder of Yiteng Technology, graduated from the Department of Physics at Tsinghua University and later pursued advanced studies in the field of high-energy electron beams at the University of Maryland in the United States, where he earned his Ph.D. He has previously held positions at several globally renowned companies, overseeing the R&D of advanced CT X-ray tubes and the development of product lines. Dr. Zou served as the project leader for multiple national and Shanghai municipal government initiatives focused on the industrialization of CT X-ray tubes. With over thirty years of deep expertise in the electro-vacuum field, he is proficient in R&D and production process controls such as Six Sigma and has filed nearly one hundred related invention patents.

Leveraging its independently developed technologies and processes in the field of electron vacuum devices—including electronic optical design, high-voltage design, high-speed mechanical and thermal design, high-temperature metallurgy, and surface treatment—the company has established full-industry-chain capabilities from R&D to mass production, while simultaneously laying outMedical Imaging (CT X-ray Tubes, DSA X-ray Tubes)andIndustrial Inspection（Non-destructive Testing of Lithium Batteries, Semiconductor Wafer Packaging Inspection)Dual-track.

Dr. Yun Zou, Founder of Yiteng Technology

In the core healthcare sector, Yiteng Technology has established a comprehensive CT X-ray tube product portfolio covering 3.5 MUH, 5.5 MUH, and 8 MUH models, as well as tubes with liquid metal bearings. This lineup meets the demands of various medical institutions for CT equipment, encompassing mainstream low-, mid-, and high-end models both domestically and internationally. Leveraging its foundational technological advantages, the company also provides flexible customized solutions for its partners.

Notably, leveraging the founding team’s profound technical expertise and industry experience, Yiteng Technology overcame numerous challenges—including those posed by the pandemic—within just 36 months of its establishment. During this period, the company completed product development for its inaugural offering, a 5.5 MHU X-ray tube, and established its production line, quality assurance system, and sales infrastructure. The 5.5 MHU product received regulatory approval and commenced commercial sales in 2024, while several other products have entered the approval process and are expected to gain market authorization in the near future.

In light of the domestic installed base of CT scanners, where 32- and 64-slice models account for a significant share, Yiteng Technology is focusing its efforts on the mid-range market. Its independently developed 5.5 MHU X-ray tube features high heat capacity, high power output, low arcing rate, and stable performance. It delivers high-resolution, low-noise scan images, maintaining consistent image quality even after exceeding one million seconds of operational life.

The product demonstrated strong market penetration immediately upon its launch. Within 10 months of its market debut, installations surpassed 30 hospitals. Its image quality, validated by Grade A tertiary hospitals, reaches the level of comparable imported products, while its price is 30%–40% lower than that of similar imported alternatives. This differentiated strategy of “benchmarking technology against international standards while anchoring costs to the local market” has driven its customer repurchase rate above 26%.

“Our 5.5 MHU X-ray tubes have been installed in more than 50 hospitals, maintaining a 100% customer satisfaction rate to date,” Zou Yun proudly told VCBeat. In January 2024, an ENT hospital in Shanxi Province completed the installation of Yiteng X-ray tubes. The CT equipment equipped with Yiteng tubes can clearly distinguish the smallest bones in the human body—the ossicles. Physicians were highly satisfied with the image quality achieved by these domestically produced X-ray tubes and even proactively shared their experience on WeChat Moments. A Grade-A tertiary hospital in Henan Province handles a high volume of CT examinations, with a daily throughput exceeding 150 patients, requiring the CT system to sustain continuous scanning output. The hospital installed Yiteng X-ray tubes in 2024, and since then, the system has operated stably with superior image quality.

Yiteng Technology's First Independently Developed Product: E530 5.5 MHU X-ray Tube (Su Medical Device Registration No. 20232061843)

“Primary care hospitals’ core requirements for X-ray tubes center on cost-effectiveness and reliability,” Zou Yun told VCBeat. The types of conditions imaged in primary care settings are relatively concentrated, focusing mainly on preliminary screening for common, frequently occurring diseases and emergency cases. There is lower demand for advanced applications, and while CT equipment is used less frequently, these institutions are highly cost-sensitive. Therefore, X-ray tubes need to combine long service life, high reliability, and strong cost-effectiveness.

To address this application scenario, Yiteng Technology has developed the E350, a 3.5 MUH X-ray tube exclusively designed for primary healthcare settings, which is widely compatible with 16- and 32-slice CT scanners available on the market. Through optimized and innovative designs enhancing high-voltage performance, motion stability, and heat dissipation, this product not only demonstrates superior stability but also matches international counterparts in key metrics such as service life and arcing rate, while offering significant cost advantages. It is reported that the product will receive regulatory approval and be launched in the near future.

Yiteng Technology's Independently Developed 3.5 MHU X-ray Tube E350

Liquid metal bearings, by virtue of their inherent compatibility with cutting-edge technologies such as high-power CT and dynamic volumetric scanning, have become a key development pathway for future CT X-ray tubes.

By overcoming core technical challenges in precision design, liquid metal injection, coating processes, precision assembly, and heat treatment, Yiteng Technology’s self-developed liquid metal bearings have completed prototype development and entered the testing phase. Meanwhile, the company has also completed the development of advanced technologies such as bidirectional flying focal spot, anode grounding, and spectral imaging, with the R&D of its 8 MHU high-heat-capacity X-ray tube entering a critical stage.

Yiteng Technology’s mid-to-low-end product line enables rapid entry into the X-ray tube market, solidifying its core customer base and building brand awareness; meanwhile, its high-end product line targets technological peaks, leveraging forward-looking innovations to secure industry leadership. Through a comprehensive CT X-ray tube product portfolio, Yiteng Technology has established a sustainable growth flywheel characterized by “market feedback fueling R&D, and R&D building competitive barriers.”

“All designs and manufacturing processes for our X-ray tubes are data-driven; each production step is established based on extensive data validation and scientific methods,” emphasized Zou Yun.

The systematic research and development, as well as the manufacturing, of X-ray tubes are extremely challenging, primarily for the following reasons: First, the X-ray tube must withstand high temperatures exceeding 2,000°C, high voltages up to 140 kV, and an ultra-high vacuum environment. Meanwhile, the gantry’s maximum rotation speed is 0.25 seconds per revolution, and the anode’s maximum rotational frequency reaches 180 Hz. The centrifugal force generated by such high-speed rotation can exceed 40 times the acceleration due to gravity; thus, a 100-kg X-ray tube experiences a centrifugal force equivalent to a weight of 4 tons during operation. Therefore,The research, development, and manufacturing of X-ray tubes require a solid and profound understanding of theoretical principles., including cathode electron beam emission, electron optical focusing, high-voltage generation and stabilization, and mechanical dynamics.Moreover, R&D requires precise design through theoretical calculations or computer simulation. If the theoretical foundation is weak and the design is unreasonable, subsequent manufacturing will also encounter problems.

The process design requirements after product design completion are also extremely high, involving precision machining, surface treatment, precision assembly, dynamic balancing, vacuum processing, and high-pressure processing, etc.These also require in-depth research into the relevant theories.This is precisely why many design elements are difficult to implement or fail to achieve the desired results in actual production.

Mass production is an even more complex systems engineering endeavor, encompassing supply chain management, raw material quality control, internal quality control, precise inspection methods, and final quality inspection. While well-established manufacturing quality systems for X-ray tubes have been developed abroad, China remains relatively weak in three critical areas: product design, process design, and mass production management. This has led to the issue where domestically produced X-ray tubes are “manufacturable but not user-friendly.”

Yiteng Technology has mastered a solid theoretical foundation through the long-term accumulation of know-how, enabling it to complete the design, manufacturing, and mass production of X-ray tube assemblies based on innovative design, data-driven approaches, and first-principles thinking.“Each process requires multiple validations to identify the optimal solution, and with dozens of steps involved in X-ray tube manufacturing, substantial cumulative expertise is essential.” Notably, Yiteng also possesses the capability to design production equipment. Taking the exhaust process as an example, the team leveraged its in-depth understanding of this step to independently design the exhaust equipment, which was then manufactured by suppliers. This approach has ensured the superior performance of Yiteng’s X-ray tubes in terms of operational stability, vacuum levels, and arcing rate consistency.

Furthermore,Yiteng Technology has also established a systematic quality management system by drawing on mature international models, encompassing supply chain management and lean management, thereby ensuring product quality, production efficiency, and cost control.

Yiteng Technology"After-Sales Replacement + Full-Unit OEM + High-End Industrial Inspection"Centered on this core, we are building a multi-dimensional business matrix. Leveraging our foundational electron vacuum technology platform, the company possesses cross-disciplinary R&D capabilities for DSA X-ray tubes and DR X-ray tubes. We can provide flexible and diverse collaboration solutions tailored to the distinct needs of healthcare institutions, equipment manufacturers, and industrial clients, thereby achieving technological spillover across “one platform, multiple scenarios.”

In the aftermarket replacement segment, Yiteng Technology maintains multiple domestic warehouses to ensure that products are delivered from order placement to customer sites within 24 hours.Since its market launch in February 2024, the 5.5 MHU X-ray tube has been installed in over 50 hospitals, with Grade A tertiary hospitals accounting for 23% of installations. It is compatible with 13 mainstream CT models and has served more than 800,000 patient scans to date.

The product advantages of high reliability, large thermal capacity, and low failure rate are also more intuitively reflected in the sales data.Yiteng Technology’s sales in the first quarter of 2025 have surpassed 70% of its total sales volume for the entire year of 2024. The customer repurchase rate has exceeded 26%, with products from repeat purchases accounting for 47% of total sales volume.

Meanwhile, Yiteng Technology continues to strengthen its ecosystem moat through strategic partnerships. The company has not only entered into a strategic cooperation agreement with Guokang Chuangfu but also established deep ties with hundreds of health checkup centers operated by China’s leading health examination enterprises, creating a “plug-and-play” standardized service network. This enables a leap from single-product supply to a value upgrade centered on an integrated “hardware + services” model.

In the high-end industrial sector, the two group standards jointly formulated by Yiteng Technology and Rilian Company, namely “T/CITS 211—2024 Test Method for Penetration Capability of Industrial CT Systems” and “T/CITS 215—2024 Technical Requirements for X-ray Automated Inspection Equipment,” have also been officially released and implemented recently.

Amid global turbulence and the wave of supply chain restructuring, Yiteng Technology’s value has become increasingly prominent. Its autonomous and controllable production lines not only mitigate supply chain risks but also provide critical support for the rapid iteration of domestically produced CT scanners. As the company’s foundational electron vacuum R&D and manufacturing platform continues to unlock its potential, Yiteng Technology has secured a strategic advantage in the “battle” for CT X-ray tubes. The year 2025 may well mark a historic turning point in the localization of China’s high-end medical equipment.

References:

[1] “Application for Investigation into the Industrial Competitiveness of Medical CT X-ray Tubes (Public Version)”

[2] Statement Supporting the Ministry of Commerce’s Launch of the First Industrial Competitiveness Investigation and Anti-Dumping Investigation into Medical CT X-ray Tubes

[3] “The Fierce Competition Among Domestic CT X-ray Tubes: Who Will Claim the Throne?”

[4] “A Dark Horse Emerges in the Domestic CT X-ray Tube Market: Yiteng Technology Sees Commercial Scale-Up”