Brief Introduction

Since its establishment in 2004, Rayitek has developed into a leading professional manufacturer of polyimide (PI) film in mainland China. Rayitek has successfully achieved the mass production of thermal-control PI film, electronic PI film, electrical PI film, besides, its PI film applied to aerospace industry has achieved small-volume sales, and PI film applied to flexible display field has realized sample sales. Downstream applications of Rayitek are widely distributed in flexible printed circuit boards, consumer electronics, high-speed rail transit, wind power, 5G communications, flexible displays, aerospace and other emerging sectors of strategic importance.

Owing to more than 17 years of research and development accumulation, Rayitek has mastered the complete core technology of high-performance PI film manufacturing, containing formula, process and equipment three aspects, and has become one of the high-performance PI film suppliers of most diverse product range globally. Breaking the technical blockade and market monopoly of foreign manufacturers including DuPont on the domestic high-performance PI film industry, Rayitek has stepped into the stage of international competition. With a variety of products filling the domestic blank of high-performance PI film industry, Rayitek has been approved and recognized by many well-known companies at home and abroad, such as Siemens, Bombardier, CRRC, Avery Dennison, Tesa, Polyonics, Taiflex Technology, ITEQ corporation and so.

Perched at the top of the polymer material pyramid, PI film is known as the "gold film". High-performance PI film makes containment on the rapid development of many high-tech industries in our country. The PI film industry is one of emerging sectors of strategic importance. As a pioneer in the domestic high-performance PI film industry, Rayitek completed the National Development and Reform Commission's "1000mm wide continuous biaxial oriented polyimide film production line" high-tech industrialization demonstration project in 2010. Similar products have reached the international advanced level and greatly promoted the localization process of high-performance PI film.

The company's engineering technology center was recognized as a provincial engineering technology research center in 2020. Two types of product of the company are listed in the "Made in China 2025 Key New Materials First Batch Application Demonstration Catalog (2017 Edition)". The biaxially oriented PI film products won the gold medal of the 2012 China New Materials Industry Expo, and the colorless PI film product won the gold medal of the 2014 China International New Materials Industry Expo.

On April 28 of 2021, RAYITEK (688323.SH) was listed on the STAR Market Board of the Shanghai Stock Exchange.

Company Overview

Full name RAYITEK Hi-Tech Film Company,Ltd., Shenzhen
Abbreviations RAYITEK
Code 688323
Founded 2004-12-17
Listing 2021-04-28
Domicile Shenzhen Guangdong
STAR Theme New Materials
CSRC Sector Manufacturing
Has weighted voting rights structure? No



  2020 2019 2018
Earnings Per Share 0.43 0.25 0.34
R&D expenditure as a % of operating revenue 6.60% 8.84% 9.65%
Operating Revenue 350.16 232.34 220.13
Net Income 58.20 33.61 36.62

Income Statement (Unit: RMB mn)

  2020 2019 2018
Operating Revenue 350.16 232.34 220.13
Operating Costs 219.25 141.57 134.82
Operating Income 65.85 41.01 40.22
Pretax Income 65.98 37.97 40.48
Income Tax 7.78 4.36 3.86
Net Income 58.20 33.61 36.62

Balance Sheet(Unit: RMB mn)

  2020 2019 2018
Current Assets-Total 231.58 289.15 361.35
Non-current Assets-Total 929.21 671.59 560.73
Total Assets 1,160.79 960.74 922.08
Current Liabilities-Total 406.30 323.38 205.73
Non-current Liabilities-Total 146.89 87.96 200.57
Total Liabilities 553.19 411.34 406.30
Stockholder's Equity
Share Capital 504.98 505.97 505.97
Retained Profits 102.62 44.08 9.81
Minority interests   -0.65  
Total Owners' Equity 607.60 549.40 515.78

Cash Flow Statement (Unit: RMB mn)

  2020 2019 2018
Net Cash Flows-Operating 90.27 82.44 15.66
Net Cash Flows-Investing -219.67 -148.08 -124.04
Net Cash Flows-Financing 113.07 -8.98 228.37

Top 10 Shareholders

Name No. of Shares Held (mn) % of Shares Held
航科新世纪科技发展(深圳)有限公司 42.08 23.38%
国投高科技投资有限公司 20.47 11.37%
深圳泰巨科技投资管理合伙企业(有限合伙) 17.62 9.79%
上海联升创业投资有限公司 15.35 8.53%
宁波达科睿联股权投资合伙企业(有限合伙) 10.00 5.56%
深圳市华翼壹号股权投资合伙企业(有限合伙) 90.57 5.03%
徐炜群 5.07 2.82%
上海联升承业创业投资有限公司 5.00 2.78%
龚小萍 3.33 1.85%
吴洁华 3.00 1.67%
As of 2021-4-30

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