Kunshan Yiyuan Medical Technology Co., Ltd. Files for IPO: A Unicorn Breaking Through Domestic CT Tube Localization

Since the advent of the first EMI head CT scanner in 1972, CT technology has undergone five generations of development. However, after nearly 50 years, this equipment, long considered a standard fixture in medical institutions, has still failed to achieve independent and controllable domestic production. The underlying reason is that core CT components, such as X-ray tubes and detectors, have historically been almost entirely dependent on imports, creating an insurmountable barrier for domestic CT manufacturers and healthcare providers.

As the adoption of CT scanners continues to expand, primary healthcare institutions have begun to widely procure 16-slice CT systems, driving substantial growth in both the original equipment market and the after-sales maintenance market for X-ray tubes. As a high-value consumable for CT equipment, the X-ray tube—vital to this trillion-yuan medical imaging market—is also entering a period of rapid development.

Since the 12th Five-Year Plan, three consecutive national five-year plans have designated CT X-ray tubes as high-end core components requiring focused breakthroughs and R&D, providing strong support for the development of domestic tube manufacturers. Leveraging the cost-effectiveness of domestically produced tubes, there has been growing demand among primary healthcare institutions to adopt domestic replacement tubes and engage third-party service providers for after-sales maintenance.

However, achieving technological breakthroughs and penetrating the high-barrier market for CT X-ray tubes, which has long been monopolized by imports, is no easy feat. The research and development of CT X-ray tubes involves multiple technical domains, imposing stringent requirements on production processes, foundational infrastructure, and equipment workflows. With exceptionally high barriers in design and manufacturing technologies, companies must assemble interdisciplinary R&D teams and commit substantial human, material, and financial resources over an extended period, underpinned by robust technological innovation capabilities. Even after clearing the technical hurdles in R&D and design, enterprises must further build experienced process engineering teams, accumulate solid production expertise and end-to-end manufacturing know-how, and rely on strictly controlled production bases and hardware facilities to overcome the challenges of high-level mass production.

Faced with numerous challenges,Kunshan Yiyuan Medical Technology Co., Ltd. (hereinafter referred to as “Kunshan Yiyuan”)Successfully bridged the "last mile" in the localization of CT X-ray tubes,Achieve stable mass production of CT X-ray tubes.CompanyThe yield rate exceeds 90%, with nearly 1,000 units shipped cumulatively. Moreover, products currently on the market and under development can meet 90% of the X-ray tube model requirements for domestic CT brands.Pioneering the Breakthrough in Domesticating CT X-ray Tubes

At the inception of Kunshan Yiyuan Medical Technology Co., Ltd., the CT market was experiencing rapid growth, with thousands of CT systems installed annually. Consequently, the demand for X-ray tubes, a high-value consumable component in CT scanners, was substantial. However, due to the monopoly held by international giants in the X-ray tube market, domestic supply relied almost 100% on imports, while China’s domestic X-ray tube industry was just beginning to emerge.

In the face of this market landscape and technological impasse, there is an urgent need for a company capable of integrating resources, overcoming technical bottlenecks, and possessing strong R&D capabilities to lead the industry in breaking through, thereby achieving domestic adoption and self-controllability of CT X-ray tubes.

Kunshan Yiyuan originated from the CT X-ray Tube Project Department of Guoli Shares. With over a decade of technological accumulation, it has mastered key manufacturing processes for CT X-ray tubes, including physics, simulation, and vacuum technologies.After becoming independently operational in 2018, the company has remained committed to independent research and development, leveragingGuoli Shares: 40-Year Military-Civil Fusion Electronic Vacuum Technology Platform, sharing multiple R&D platforms, including the Academician Workstation, Postdoctoral Workstation, and CNAS-accredited laboratory testing platform. More importantly, the company’s core team has laid a solid foundation for its long-term development and product iteration and upgrades.

The Chairman of Kunshan Yiyuan Medical Technology Co., Ltd. combines strong theoretical foundations with extensive practical experience. A graduate of CEIBS (China Europe International Business School), he has honed his skills over many years in the business world, accumulating rich experience in managing and operating medium-to-large enterprises and listed companies, while demonstrating expertise in strategic planning and market expansion. Currently, he oversees all operations at Kunshan Yiyuan, leading the team to achieve innovation and breakthroughs in CT X-ray tube technology. The company’s CTO is a multinational technical elite who graduated from top-tier universities both domestically and abroad. Having held key R&D positions at renowned corporations such as GE Healthcare, Abbott, Philips Healthcare, and Carestream Health, he possesses deep expertise in the research, development, and design of CT X-ray tubes.

Moreover, the Company’s Director and Deputy General Manager, a Senior Engineer, brings nearly 30 years of R&D experience in electron vacuum devices. He has previously served as Manager of Process Engineering at Siemens X-ray Tube Company, Senior Quality Manager for Eaton’s North Asia business, and Vice President for Greater China at TÜV Rheinland, demonstrating profound expertise in production, process engineering, and international cooperation. The Deputy General Manager graduated from Xi’an Jiaotong University with a specialization in electron vacuum technology. He formerly served as General Manager of Baoguang Shares and possesses over 30 years of practical experience in product technology and manufacturing processes related to electron vacuum devices, along with extensive experience in corporate operations and management.

The convergence of Kunshan Yiyuan Medical’s core team has not only continuously deepened the company’s technological barriers in the electron vacuum industry, but also driven iterative technological innovation, facilitating the rise of China’s domestic X-ray tube industry.

In response to the technological challenges in CT tube development, the company has achieved significant breakthroughs in high-heat-capacity CT tubes, driven by its accumulation of core technologies and team empowerment.

As a product characterized by complex structure and the integration of multiple disciplines, processes, and technologies, high-heat-capacity CT X-ray tubes have long been monopolized by foreign brands due to high technical barriers, substantial R&D costs, and technological blockades imposed by overseas entities. In light of this, the Ministry of Industry and Information Technology (MIIT) included CT X-ray tubes among the two products listed under “Core Systems and Key Components for High-End Medical Equipment” in the 2024 Guideline Catalogue for the Promotion and Application of First-of-Its-Kind Major Technical Equipment, thereby supporting the market promotion and application of domestically produced X-ray tubes.

For over a decade, Kunshan Yiyuan has focused onHigh Heat Capacity CT X-ray Tubethe R&D and manufacturing, actively responding to national policy initiatives. Leveraging its technological advantages and R&D capabilities, the company has successively undertaken multiple key breakthrough projects and priority R&D programs commissioned by national ministries and commissions, including the Ministry of Industry and Information Technology, the State-owned Assets Supervision and Administration Commission, the National Development and Reform Commission, and the Ministry of Science and Technology. Currently, the company has successfully masteredDozens of Key Process Technologies, Holding Over 30 Patented Technologies, making significant contributions to the technological breakthroughs and localization process of domestically produced CT X-ray tubes.

Notably, Kunshan Yiyuan Medical Technology Co., Ltd. pioneered the market promotion and application of 8 MHU high-heat-capacity X-ray tubes in China in 2022, and the company has also obtained approval“Engineering Technology Research Center for High-Heat-Capacity CT X-ray Tubes,” “Key Laboratory for High-Heat-Capacity CT X-ray Tubes,” and “Innovation Consortium for the Industrialization of Domestically Produced High-Heat-Capacity CT X-ray Tubes”among other prestigious awards, marking a significant step forward in promoting technological innovation and industrialization of domestically produced high-heat-capacity CT X-ray tubes, and further consolidating its leading position in the industry.

Subsequently, Kunshan Yiyuan Medical Technology Co., Ltd. has developed various models of X-ray tubes that meet customized requirements through methods such as simulation experiments and sample validation.

The company’s core business focuses on the R&D, manufacturing, and sales of medical CT X-ray tubes, and has developedEight major series comprising 15 products, including 2MHU, 3.5MHU, 4MHU, 5MHU, 6.3MHU, 7MHU, 7.5MHU, and 8MHU, breaking international monopolies and filling domestic gaps,The product covers 90% of the X-ray tube model requirements for domestic CT original equipment manufacturers.

Furthermore, the companyCustomized over 100 sets of internationally advanced production and testing equipment, including vapor-phase cleaning, vacuum oil filling, exhaust conditioning, focal spot testing, and leakage radiation testing., stringent control over production processes, manufacturing environments, and other aspects is maintained, while product designs are continuously updated and iterated to deliver high-quality X-ray tube products. The company collaborates withEstablished strategic partnerships with Chinese OEMs such as Mingfeng Medical, Anke Medical, Sinovision, Kuanteng Medical, and Shandong Xinhua., gradually deepening its involvement in the complete machine production and after-sales maintenance market. In 2023, it evenFor the first time, CT scanners equipped with Chinese “chips” have been deployed for clinical use, breaking the bottleneck in core components of high-end medical equipment.

Most critically, Kunshan Yiyuan Medical has establishedChina's Largest CT Tube Production Hub—A 10,000+ Square Meter R&D and Manufacturing Base for CT Tubes, Along with a 1,500+ Square Meter Innovation Center for CT Tube Technology. Since the new factory commenced operations in October 2022, its designPlanned annual production capacity of 7,000 units, accounting for over 70% of the domestic production capacity for high-heat-capacity CT X-ray tubes.

In the aftermarket sector, Kunshan Yiyuan has established strategic partnerships with major medical maintenance groups such as Sinopharm Medical Engineering, Kunya Medical, Universal Medical, and Kedou Medical, and has selected more than 10 medical maintenance companies as distributors.Established a nationwide sales network, enabling the large-scale promotion and application of X-ray tubes.

Currently, the company's product strategy has been deeply cultivated and laid out in the following three areas.First,In the mid-to-low-end CT X-ray tube segment, domestic substitution has been achieved with the successful development of 14 ball-bearing X-ray tube models, enabling localized applications in both complete system manufacturing and after-sales maintenance markets, with sales volume growing year by year;Second,In response to the needs of domestic original equipment manufacturers (OEMs) for newly developed models, we have customized a variety of X-ray tubes with specialized applications and functions, thereby achieving mass production and application of X-ray tubes for these OEMs.Third,Venturing into the high-end X-ray tube sector, including liquid metal bearing tubes, digital subtraction angiography (DSA) tubes, and high-power industrial tubes, with the industrial application of liquid metal bearing tubes expected to commence in 2025, further breaking the monopoly on high-end X-ray tubes.

The company’s ability to achieve breakthroughs in core technologies, while simultaneously realizing stable mass production and commercialization of CT X-ray tubes, is attributable to the strategic planning established in its early years, the technical team cultivated over many years, and the support of capital.

Since its inception, the company has been committed to integrating various resources and formulating a clear development strategy along with corresponding tactical measures.

First, establish a highly specialized X-ray tube production line and a high-level R&D testing platform, actively participate in and undertake multiple national, provincial, and municipal key scientific research projects, and form a multidisciplinary R&D team,Core team members have previously held positions in R&D design, process engineering, and manufacturing departments for CT X-ray tubes at international medical giants. With over 15 years of experience in X-ray tube R&D and production, they have laid a solid foundation for technological innovation.

Secondly, by deepening cooperation with upstream and downstream enterprises in China and promoting cross-disciplinary technological integration, the company has not only enhanced the core competitiveness and collaborative innovation capabilities of the related industrial chain but also vigorously promoted the independent and healthy development of domestically produced medical equipment. On this basis, the company has established in-depth industry-university-research collaborations with renowned universities and scientific research institutions, including Shanghai Jiao Tong University, the Chinese Academy of Sciences, the Instrumentation Institute, the University of Electronic Science and Technology of China, and Shanghai University. The scope of cooperation is extensive, covering multiple frontier fields such as electromagnetic simulation, high-temperature anode discs, and liquid metal bearing R&D. Through relentless efforts, the company has mastered dozens of specialized process technologies and X-ray tube patents, achieving comprehensive integration of the entire CT X-ray tube technology process.

Furthermore, Kunshan Yiyuan Medical Technology Co., Ltd. has achieved significant success in supply chain development by establishing a secure and reliable dual domestic-and-international supply chain system, effectively reversing the earlier situation of heavy reliance on imports for raw materials and components of X-ray tubes. With the continuous improvement of its supply chain system, key components such as high-voltage-resistant insulating ceramics, glass envelopes, rotors, and high-voltage cables have now been localized. Currently,The localization rate of X-ray tube components has exceeded 90%.; Components such as bearings and filaments are being jointly developed with domestic upstream partners, with plans to100% of the raw materials required for X-ray tubes will be domestically sourced in China by the end of 2026.

The company’s X-ray tube sales have achieved installation and application through multiple channels, including CT OEM manufacturers, large medical maintenance groups (key accounts), and third-party medical maintenance companies. The product quality and performance have been recognized and well received by end users.

CT X-ray tubes are high-tech, capital-intensive products with long development cycles. Throughout the company’s growth, Sunshine Ronghui Capital has consistently provided strong support to Kunshan Yiyuan Medical Technology Co., Ltd.

Since its initial investment in Kunshan Yiyuan, Sunshine Ronghui Capital has provided comprehensive support to the company across multiple dimensions, including strategic planning, industry ecosystem integration, R&D talent recruitment, management and operational empowerment, as well as financing and investment., and helped complete two rounds of financing. It also provided significant assistance in optimizing the equity structure and spinning off operations for independent management. These contributions enabled Kunshan Yiyuan Medical Technology Co., Ltd. to rapidly become a leading Chinese manufacturer of CT X-ray tubes.

After years of development, the domestic X-ray tube market has achieved a breakthrough from “0” to “1.” Mid- and low-end X-ray tubes are now comparable to foreign brands, but there remains room for growth in truly catching up with leading international giants in the high-end segment.

Since its inception, Sunshine Ronghui Capital has adhered to a value co-creation orientation and adopted a top-down investment strategy (from macro to micro) in the two major sectors of healthcare and emerging technologies. It has invested in numerous star projects, including Mindray Medical, Tongyuankang Pharmaceutical, Huzhou Shenke, Ingsun Biotech, Silicon-based Bionics, Raykol Group, Kunshan Yiyuan Medical Technology Co., Ltd., Guanhuai Medical, Saipu Biotech, and Huaxin Medical, and has accompanied 90% of its portfolio companies in completing IPOs or securing new rounds of financing.

Regarding the future development of CT X-ray tubes, Mr. Shi Shenghao, Managing Partner at Sunshine Ronghui Capital, believes that China is currently in the midst of a new wave of technological revolution and industrial transformation. Strengthening technological innovation, developing new quality productive forces, and resolving "chokepoint" challenges are essential measures to promote high-quality economic and social development. As the core component and the only high-value consumable in CT equipment, the value of achieving domestic production of CT X-ray tubes is self-evident. Kunshan Yiyuan Medical Technology Co., Ltd., as the first Chinese enterprise to achieve mass production of CT X-ray tubes, has broken through foreign technological blockades, achieved autonomous control over core components, and removed the biggest obstacle on the critical path toward the self-sufficiency of China’s CT equipment. Kunshan Yiyuan has mastered hundreds of proprietary know-how points in key processes such as raw material processing, cathode treatment, anode assembly, and tube core assembly and testing. This expertise is the key to their ability to produce stable, high-quality CT X-ray tubes and represents an important direction for the future breakthroughs of domestically produced CT X-ray tubes.

Moving forward, Kunshan Yiyuan Medical Technology Co., Ltd. will collaborate with Sunshine Ronghui Capital and partners across the upstream and downstream of the industry chain to foster innovative cooperation. The company is committed to addressing barriers related to the localization of core CT components, breakthroughs in key technologies, the legal status of market entities, and market regulations. Furthermore, it will intensify efforts to promote domestically produced X-ray tubes in areas such as high-end tube development, component localization, OEM tube customization, industrial application, and international market expansion, thereby effectively ensuring the autonomy and controllability of core components for national high-end medical equipment.