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Chinese maker of digital X-ray flat-panel detectors used in medical imaging, dental, veterinary and industrial inspection.
Chinese maker of digital X-ray flat-panel detectors used in medical imaging, dental, veterinary and industrial inspection.
Makes the flat-panel detector inside an X-ray machine and sells it to imaging-equipment makers, who design it into their products, so a qualified model is bought repeatedly over the machine's life. Dental, veterinary and industrial inspection uses broaden the base beyond hospital radiology.
In one line: A Chinese Varex Imaging (X-ray detector maker).
Moat: narrow (IP / patents, process know-how). Detector manufacturing know-how and OEM qualification are not easily replicated.
Headquarters: Shanghai, China · Employees: 2,292
Size iRay Technology (688301.SS) is a China Health Care company (Medical Specialties) with a market value of $3.54B, the 730th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥75.27 on 6 Nov 2026.
Performance Over six months the shares fell 8.0%, against +12.0% for the median peer and -16.4% for the China market (cap-weighted) — 7th lowest of 21 in its peer set.
Growth Revenue grew 58.5% over the last twelve months (peer median +4.5%); the operating margin is 23.9% (peer median 11.0%).
Valuation It trades at 27.5× forward earnings against a peer median of 22.1× (7th most expensive of 18).
Capital Return on invested capital runs 1.2 points below its cost of capital (10.3% WACC).
Next results Next results expected around 12 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥3.20B | CN¥2.24B | CN¥1.83B | CN¥1.86B | CN¥1.54B |
| Revenue growth | — | +23% | -2% | +21% | — |
| Gross profit | CN¥1.77B | CN¥1.10B | CN¥888M | CN¥1.03B | CN¥861M |
| EBITDA | n/a | CN¥787M | CN¥488M | CN¥676M | CN¥532M |
| Net income | CN¥752M | CN¥650M | CN¥465M | CN¥607M | CN¥641M |
| Free cash flow | -CN¥762M | -CN¥384M | -CN¥1.08B | -CN¥1.51B | -CN¥400M |
| Capital expenditure | CN¥1.61B | CN¥1.69B | CN¥1.44B | CN¥1.85B | CN¥717M |
| Total debt | CN¥3.26B | CN¥4.32B | CN¥3.60B | CN¥2.14B | CN¥1.48B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| iRay Technology 688301.SS | $3.54B | -8% | +58% | 24% | 27.5× | n/a |
| Varex Imaging VREX | $783M | -10% | +5% | 8% | 20.3× | n/a |
| Teledyne Technologies TDY | $28.5B | 0% | +8% | 20% | 22.9× | 15.5% |
| Hamamatsu Photonics K.K 6965.T | $3.69B | -7% | +10% | 9% | 30.9× | 27.8% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 688301.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -6.4% | +10.4% | 7th lowest of 21 |
| 6-month return | -8.0% | +12.0% | 7th lowest of 21 |
| Distance from 52-week high | -50.9% | -22.0% | 2nd lowest of 21 |
| Revenue growth (TTM) | +58.5% | +4.5% | highest of 19 |
| Operating margin | 23.9% | 11.0% | 2nd highest of 19 |
| Forward P/E | 27.5× | 22.1× | 7th most expensive of 18 |
| ROIC minus cost of capital | -1.2 pp | -1.6 pp | 9th highest of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| iRay Technology 688301.SS | China | $3.54B | -8% | +58% | 24% | 27.5× | n/a | n/a |
| Carl Zeiss Meditec AFX.DE | Germany | $3.51B | +40% | 0% | 8% | 26.8× | 13.7% | +10.8% |
| Andon Health 002432.SZ | China | $3.60B | -29% | -30% | -26% | 15.0× | -7.7% | -7.4% |
| Shandong Weigao Blood Purification Products 603014.SS | China | $3.63B | -3% | +4% | n/a | 20.4× | -1.2% | +8.1% |
| Ambu A/S AMBU-B.CO | Denmark | $3.42B | +40% | +5% | 11% | 28.1× | 12.6% | +11.1% |
| Lepu Medical Technology (Beijing) 300003.SZ | China | $3.42B | -12% | -1% | 13% | 26.3× | 9.6% | -4.2% |
| MGI Tech 688114.SS | China | $3.42B | +9% | +2% | -7% | n/a | 46.5% | -0.1% |
| Autobio Diagnostics 603658.SS | China | $3.41B | +19% | +3% | 25% | 20.6× | -0.3% | +7.2% |
| SCHOTT Pharma AG & Co. KGaA 1SXP.DE | Germany | $3.67B | +31% | +4% | 15% | 22.1× | 11.7% | +11.0% |
| Stevanato STVN | United States | $3.70B | -26% | +12% | 18% | 19.3× | 10.6% | +12.1% |
| Ottobock SE & Co. KGaA OBCK.DE | Germany | $3.36B | -25% | +5% | 15% | 15.4× | 3.5% | +8.0% |
| Zhende Medical 603301.SS | China | $3.33B | -8% | +8% | 7% | 43.5× | 23.2% | -16.1% |
| Sumitomo Bakelite 4203.T | Japan | $3.31B | +15% | +15% | 13% | 14.9× | 6.8% | +8.9% |
| Celcuity CELC | United States | $3.27B | -49% | n/a | n/a | n/a | n/a | n/a |
| Pulse Biosciences PLSE | United States | $3.87B | +179% | n/a | -7,008% | n/a | n/a | n/a |
| Envista NVST | United States | $4.04B | +4% | +12% | 11% | 15.6× | 6.8% | +7.1% |
| Tecan TECN.SW | Switzerland | $4.05B | +91% | -4% | 1% | 40.1× | 46.9% | +3.8% |
| TransMedics TMDX | United States | $3.06B | +30% | +26% | 12% | 48.5× | 35.6% | +88.2% |
| Fielmann FIE.DE | Germany | $4.12B | +3% | +3% | 14% | 17.8× | -5.3% | +11.3% |
| CareDx CDNA | United States | $4.13B | +260% | +39% | 1% | 53.2× | n/a | n/a |
| Axogen AXGN | United States | $2.99B | +19% | +24% | -5% | 76.5× | 48.8% | +14.9% |