Net Profit Falls Short of Three Years Ago, Actively Cuts "Cash Flow Supplement" Project—What Are Collaredi's Odds in Its Second IPO Attempt?

Behind the halo of high-end radiotherapy equipment costing tens of millions, inconspicuous supporting consumables often hide higher profit margins.

As a supplier of radiotherapy supporting materials, Guangzhou Clarity Medical Equipment Co., Ltd. (hereinafter “Clarity”) mainly focuses on positioning membranes and other products. Over the past three years, its gross profit margin has remained above 60%, exceeding downstream equipment manufacturers by more than 10 percentage points.

Now, Clarity is making a push to list on the Beijing Stock Exchange, with a review scheduled for March 13.

This is not Clarity’s first attempt to go public. As early as 2021, it applied for listing on the Growth Enterprise Market and had the opportunity to be reviewed the following year. However, due to limited market space for its main products, the listing was ultimately rejected by the listing committee.

The regulatory concerns at that time have indeed been somewhat validated.

Currently, Clarity faces the dilemma of “increased revenue but stagnant profits.” In 2025, revenue is projected at 315 million yuan, a growth of over 30% from 2022; but net profit attributable to the parent is only 64 million yuan, even shrinking by over 7% compared to 2022.

Behind the challenge of performance growth, Clarity’s plan to raise funds for expansion has sparked market worries about potential overcapacity.

Growth Ceiling

As an important method for tumor treatment, radiotherapy relies on high-energy radiation precisely targeting tumor areas.

To ensure the accuracy of radiotherapy plans and avoid damaging healthy tissues, patients must maintain specific positions during treatment, which places high demands on positioning and alignment devices.

Clarity’s core product, radiotherapy positioning devices, are used to fix, restrict, and track patient movement during treatment. They mainly include supporting consumables like positioning membranes and vacuum negative pressure bags, as well as equipment such as fixation frames and treatment beds.

In 2024, revenue from radiotherapy positioning devices reached 220 million yuan, accounting for nearly 80% of total revenue.

Compared to large radiotherapy machines costing millions or even tens of millions, the unit price of consumables like positioning membranes is relatively low.

In 2024, the unit prices for positioning membranes and fixation frames were 218.12 yuan and 21,700 yuan, respectively.

Despite this, Clarity’s gross profit margin remains high, around 60% from 2022 to 2024, enough to make many high-end medical equipment giants envious.

For example, United Imaging, a downstream client deepening customized cooperation with Clarity, had a gross profit margin of only 48.54% in 2024.

In comparison, as an upstream supplier, Clarity’s overall gross profit margin is even more than 10 percentage points higher than that of core downstream equipment giants.

This contrast reveals a hidden fact in the radiotherapy industry chain: behind the high-end medical device market, inconspicuous supporting consumables actually occupy the high-margin territory.

However, in 2025, when downstream equipment companies are rapidly growing with nearly 50% net profit margins attributable to the parent, Clarity is caught in a “revenue growth but stagnant profit” dilemma.

In 2025, Clarity’s revenue increased by 10.48% year-on-year to 315 million yuan, but net profit attributable to the parent declined by 5.47% to 64 million yuan, even lower than in 2022.

Profit margins have also shrunk significantly, with a net profit margin of 20.15% in 2025, nearly 10 percentage points lower than in 2022.

This is the result of both product pricing pressures and cost increases.

On one hand, terminal bidding for consumables has strengthened price controls, directly weakening profitability. In 2025, gross profit margin was 60.13%, down 4.5 percentage points from 2022.

In some regions, Clarity even significantly reduced prices. For example, in Liaoning Province’s 2024 unified procurement of medical consumables, Clarity lowered the price of positioning membranes from 450 yuan to 320 yuan, a decrease of 28.89%.

On the other hand, to maintain market share, Clarity has had to increase promotional efforts, with sales expense ratio rising from 16.87% in 2022 to 19.05% in 2024, further squeezing profits.

The overall pressure on profitability exposes concerns about Clarity’s growth ceiling.

In fact, insufficient growth was the fatal flaw that led to the rejection of Clarity’s 2022 IPO attempt.

At that time, the listing committee explicitly pointed out that the market space for Clarity’s main products was limited and inquired about the potential impact of policies like “volume-based procurement.”

Looking back, the regulatory concerns from that time have gradually manifested in the financial data.

After three years, Clarity still needs to prove its sustainable growth capability to re-enter the capital market.

Cutting “Supplementary” Projects

Despite two IPO attempts, Clarity is “not short of money.”

The most direct evidence is its continuous negative financial expenses.

From 2022 to 2024, its financial expenses were -6.8047 million yuan, -4.7107 million yuan, and -4.9954 million yuan, respectively.

These gains mainly come from exchange gains/losses and interest income.

Against the backdrop of a rising USD/CNY exchange rate, Clarity has benefited from considerable exchange gains, reaching as high as 5.2471 million yuan in 2022.

Additionally, Clarity has invested surplus funds from operations into low-risk financial products like large fixed-term deposits, with interest income rising from 1.3328 million yuan in 2022 to 3.9045 million yuan in 2024.

Even though Clarity carries long-term bank loans, these debts have not significantly impacted its current profit statement.

The main use of these loans is for the construction of its headquarters building. According to accounting standards, before the building reaches its intended usable state in September 2024, the interest expenses incurred are capitalized and included in asset costs.

Although, with the headquarters completed in 2025, the interest on long-term loans will be expensed in the current period, the offsetting interest income means that Clarity’s current financial expenses still show as “-0.0064 million yuan.”

This makes its large-scale fundraising seem somewhat abrupt.

The Beijing Stock Exchange also asked in the second round of inquiries to explain the “reasonableness and necessity of using raised funds to supplement working capital.”

In response, Clarity admitted that it has relatively ample funds, with a disposable fund balance of 207 million yuan as of the end of 2024.

To justify the fundraising and dispel regulatory doubts, Clarity even cut a 40 million yuan project for working capital supplementation.

Even so, questions remain about the necessity of this financing.

The fundraising also involves projects like “headquarters construction of radiotherapy positioning and rehabilitation products,” but given the challenges in the main product market and terminal price pressures, whether expanding capacity through large-scale fundraising is still necessary remains uncertain.

If downstream market demand cannot expand in tandem to absorb the additional capacity, the newly built headquarters and production lines will inevitably turn into depreciation and amortization expenses. This not only fails to break the growth ceiling but could also become a burden that drags down Clarity’s profitability.

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