iRay Technology Co Ltd

Yirui Technology released its 2026 interim report, with net profit attributable to the parent company of 406 million yuan. The company's total operating revenue was 1.671 billion yuan, and net cash inflow from operating activities was 378 million yuan, a decrease of 53.75% compared with the same period last year. The latest asset-liability ratio was 38.66%, and the gross margin was 47.68%, a decrease of 5.29 percentage points from the same period last year. Return on equity was 5.24%, down 1.65 percentage points year on year. Diluted earnings per share were 1.37 yuan, total asset turnover was 0.13 times, and inventory turnover was 1.01 times. The number of shareholders was 20,000, and the top ten shareholders held 131 million shares, accounting for 42.07% of the total share capital.

The employee stock ownership platform controlled by iRay Technology’s de facto controller Gu Tie has once again disclosed a share reduction plan, drawing market attention to corporate governance and related-party transactions. Since 2025, three employee stock ownership platforms have reduced their holdings by over 7 million shares, cashing out a total of nearly 700 million yuan. This coincides with another company controlled by Gu Tie, SeeYA Technology, sprinting toward a listing on the STAR Market. Meanwhile, the scale of related-party transactions between iRay Technology and SeeYA Technology has been significantly raised, with the projected transaction amount for 2026 increasing from 120 million yuan to 860 million yuan, accounting for 38.53% of the estimated similar business, and adopting a tripartite transaction model designated by downstream customers. Gu Tie concurrently serves as chairman, general manager, and core technical personnel of iRay Technology, and his governance structure of controlling multiple industrial platforms faces a test of independence. In addition, early investor Sequoia Capital has been continuously reducing its holdings since 2022, with its shareholding ratio dropping sharply from 14.75%.