Zhishu Technology has closed a tens-of-millions‑RMB A+ round of financing, accelerating the R&D of CT X-ray tube technology and its market deployment.

Recently, Beijing Zhishu Technology Co., Ltd. (hereinafter referred to as “Zhishu Technology”) announced the completion of an A+ round of financing totaling tens of millions of yuan. This round was led by Huade Capital, with participation from Haiyong Capital, Jia Gengxin Capital, and other institutions. The funds raised will be used to accelerate technological R&D on CT X-ray tubes, equip facilities for mass production, and expand the company’s R&D team.

Zhisu Technology was founded in Beijing in February 2019. It is a high-tech enterprise dedicated to the independent research, development, production, and sales of core vacuum electronic components, such as CT X-ray tubes. Zhisu Technology strives to become a world‑leading supplier of CT X-ray tubes. The company has deep expertise in liquid‑metal bearings and key technologies like unipolar anode grounding, and has established a comprehensive capability framework covering CT tube design, machining, manufacturing, testing, and reliability validation.

Break the import monopoly and offer a wide range of models along with highly customized services.

The CT X‑ray tube is the “crown jewel” of CT imaging systems, and CT tubes employing liquid‑metal bearings represent the pinnacle of cutting‑edge technology among the world’s leading medical imaging manufacturers. In recent years, China has made remarkable strides in domesticating large‑scale medical equipment such as CT scanners; however, core components—particularly high‑end, high‑performance parts like liquid‑metal‑bearing CT tubes—remain predominantly imported. If Chinese companies are unable to achieve full independent R&D and in‑house production of these critical components, it will severely undermine the autonomy and controllability of the entire industry chain and significantly constrain the potential for revolutionary performance upgrades in future CT systems.

By deeply investing in the R&D and manufacturing processes of liquid-metal bearings, Zhishu Technology has established a comprehensive design and development system for CT X-ray tubes. The company has pioneered a domestic first, obtaining the country’s inaugural medical device registration certificate for a CT X-ray tube equipped with a liquid-metal bearing and achieving mass production. Meanwhile, its independently developed liquid-metal-bearing X-ray tubes have also been certified for integration with domestically produced CT systems, effectively addressing the “bottleneck” issue associated with imported CT X-ray tubes.

Furthermore, we plan to achieve full coverage of the mainstream domestic CT tube models within two to three years, providing top‑quality products and services to domestic CT system manufacturers as well as to customers of third‑party maintenance and service providers.

Following the relaxation of pandemic control measures, demand for chest CT scans has surged nationwide. The confluence of the pandemic and the implementation of policies such as tiered medical care has triggered a sharp spike in CT scanner demand, which in turn has further fueled sustained growth in X-ray tube demand.

Since December 2022, CT scan volumes in radiology departments across hospitals nationwide have surged dramatically, with workload levels even surpassing those seen during the early stages of the 2020 pandemic. Leveraging its robust product quality, reliable supply capabilities, and swift service response, Zhisu Technology has promptly met market demand, providing medical-grade X-ray tubes while supporting grassroots healthcare facilities.

As the number of exposures increases, the X-ray tube degrades due to wear, eventually leading to CT system downtime. As a product with extremely stringent manufacturing requirements, X-ray tubes from different brands and employing different technologies exhibit varying lifespans. To achieve longer tube life and more efficient anode heat dissipation, X-ray tube technology has evolved from fixed anodes to rotating anodes, from glass‑encased targets to metal‑encased targets, from solid metal targets to metal–graphite composite targets, and from mechanical ball bearings to liquid‑metal bearings.

From the perspective of core components, globally, CT scanners typically have their X-ray tubes replaced every 2 to 4 years; in China, however, the average replacement interval is just 1 to 2 years. This implies that approximately 200,000 CT X-ray tubes are required annually worldwide, a figure that will grow in tandem with the expanding installed base of CT scanners. Consequently, CT X-ray tubes must be replaced on a regular schedule based on usage conditions to ensure the system’s continued stable operation.

Breaking Through Core Technological Barriers to Fuel the Rise of Domestic Innovation

Compared with conventional ball-bearing X-ray tubes, Zhibu Technology’s liquid-metal bearing technology offers multiple advantages:

First, it features zero wear. During operation, the liquid-metal bearing ensures that the bearing core and outer sleeve do not come into direct contact, resulting in zero wear, silent operation, and an extended service life.

Second, it offers superior heat dissipation. Because the bearing clearance is completely filled with liquid metal, this type of bearing boasts exceptionally strong direct thermal conductivity, enabling it to meet the demanding inspection requirements of a large number of patients.

Third, high performance: Liquid-metal bearings can withstand significantly higher centrifugal forces during gantry rotation—up to 40 g—enabling rapid, high‑resolution imaging of moving organs such as the heart.

Fourth, the anode rotates continuously. The anode maintains high-speed rotation throughout operation, accelerating the workflow and enhancing operational efficiency. Unlike ball bearings, there is no need to wait for the anode to reach its specified speed between scans.

Fifth, reduce system costs. By minimizing maintenance expenses associated with frequent tube replacements and shortening CT downtime, we can ensure high‑performance operation while further enhancing the patient experience.

Finally, as a cutting-edge technology in X-ray equipment, liquid-metal‑bearing X‑ray tubes are a key component of high‑end CT scanners with 64 rows or more.

64- to 128-slice CT scanners represent the fastest-growing segment in the CT market and are the primary imaging platforms in tertiary hospitals and select secondary hospitals. Liquid-metal‑bearing X‑ray tubes are poised to become the mainstream technology, enabling CT systems across high-, mid-, and low-end product lines.

Continuously launching a diverse range of products to cover the high-, mid-, and low-end market segments.

High‑budget R&D investment, the development of multidisciplinary expert teams, meticulous process optimization, robust supply‑chain management, and semi‑automated production quality control are the key to truly bringing CT tube products on par with their overseas counterparts.

Zhisu Technology has maintained a focused product development strategy, and after four years of R&D investment, it has achieved standardization and consistency in its manufacturing processes. Today, the company’s existing and pipeline product lines can effectively serve the mid‑, high‑, and low‑end market segments, breaking down barriers in the mid‑ and high‑end markets and accelerating time‑to‑market. At the same time, Zhisu is expanding into lower‑tier markets, reducing equipment acquisition costs, and providing more options for grassroots hospitals and healthcare institutions, striving to become a China‑made medical device brand with global influence.

In addition, to meet post‑pandemic demand and ensure supply chain security, cost efficiency, and technological innovation for critical components, Zhisu Technology will collaborate with system integrators and channel partners to consistently deliver high‑quality products, services, and solutions to the medical CT market, thereby guaranteeing the high‑performance, high‑efficiency, and robust stability of CT equipment. Furthermore, the company will work alongside domestic enterprises to accelerate the localization of CT X‑ray tubes, continuously strengthening the autonomy and controllability of the industry and supply chains, and ultimately achieving the goal of independent mastery over core component technologies.

Zhongde Securities stated: In recent years, the localization of large medical imaging equipment such as CT scanners has advanced by leaps and bounds. However, upstream segments of the related industrial chain—such as core components like CT X-ray tubes—remain dominated by imported products, representing a quintessential “bottleneck” where smaller players constrain larger ones. Beijing Zhibu Technology Co., Ltd. has established a comprehensive design and R&D system for CT X-ray tubes. At Zhongde Securities, we adhere to the principle of leveraging the capital markets and our professional expertise to serve the real economy. We remain firmly optimistic about technology‑driven enterprises like Zhibu Technology and will continue to provide ongoing support. In this round, we are serving as financial advisors for Zhibu Technology’s financing, and we will continue to accompany the company throughout its growth and development. We are confident that Zhibu Technology will emerge as a leading enterprise in the field of vacuum electronics.

[About Huade Capital]

Founded in 2017, Huade Capital Management Group was co‑initiated by seasoned executives from securities firms and the founders of large corporate groups and listed companies, all with extensive experience across multiple financial sectors. The core team boasts over two decades of expertise in capital markets, spanning securities, banking, insurance, and fund management. Driven by a dual‑engine strategy of investment and investment banking & M&A, the firm provides comprehensive, stage‑agnostic capital support and financial services to enterprises. Since its inception, Huade Capital has focused on the technology sector, prioritizing high‑tech industries such as new energy, advanced materials, next‑generation information technology, intelligent manufacturing, and biopharmaceuticals. It has also established collaborative partnerships with numerous prestigious universities and research institutes to facilitate the commercialization of scientific and technological breakthroughs, managing funds totaling several billion yuan.

[About China-Germany Securities]

China‑Germany Securities Co., Ltd. is a Sino‑foreign joint venture securities firm established through the joint investment of Deutsche Bank, a globally leading integrated financial institution, and Shanxi Securities Co., Ltd., a company with extensive local expertise. The firm focuses on investment banking services. Leveraging its international investment banking philosophy and management experience, a highly skilled team well-versed in the domestic capital markets, a robust business platform, abundant resources, and high‑quality services, China‑Germany Securities is committed to helping enterprises access multi‑tiered capital markets and achieve their goals of high‑quality growth.

[About HaiRong Capital]

Beijing Hainayourong Investment Management Co., Ltd. (hereinafter referred to as “Hainayourong Capital”) was founded in 2012. It is an equity investment management firm specializing in the healthcare sector. As of December 31, 2022, Hainayourong Capital has facilitated IPOs for four portfolio companies. The company’s core business focuses on early-stage venture capital, expansion‑stage growth investments, and mature‑stage M&A transactions in the healthcare space, while also providing investment advisory services to institutional investors and related enterprises across the healthcare industry. Guided by the vision of “Focusing on Healthcare, Creating Wealth, Serving Society,” Hainayourong Capital seeks to drive shared growth with its portfolio companies through effective capital operations and management, and to share success and value with its business partners.