易加增材大额旧账还赖着“养老”，经营性现金流持续为负

Core Viewpoint - The company, Hangzhou E-Jia 3D Printing Technology Co., Ltd. (E-Jia), has updated its prospectus, revealing significant reliance on imported core components, ongoing negative operating cash flow, and unresolved large receivables, indicating potential risks and concerns for investors [1][2]. Financial Performance - E-Jia has shown steady revenue and profit growth in recent years, with reported revenues of 247 million, 409 million, 471 million, and 254 million yuan for the years 2022 to 2025 (first half) respectively, and net profits of 28.93 million, 68.58 million, 98.81 million, and 51.40 million yuan for the same periods [4]. Cash Flow Concerns - The company's operating cash flow has deteriorated, with a net outflow of 93.79 million yuan in 2024, a 576% decrease compared to a net inflow of 19.67 million yuan in 2023, and a continued net outflow of 30.08 million yuan in the first half of 2025 [3]. Accounts Receivable and Inventory Issues - E-Jia's accounts receivable have increased significantly, with balances of 82.25 million, 154 million, and 217 million yuan over the past three years, representing 33.30%, 37.68%, and 46.04% of revenue respectively. As of the end of the reporting period, over 100 million yuan of accounts receivable were overdue, accounting for 35.10% of total receivables [5]. - The company also faces risks related to inventory write-downs, with inventory values of 268 million, 375 million, 445 million, and 438 million yuan at the end of each reporting period, constituting 61.26%, 47.20%, 43.26%, and 46.54% of current assets respectively [6]. Dependency on Imports - E-Jia has a high dependency on imported core components such as laser devices and galvanometers, which are well-established in the industry. The company is attempting to use domestic alternatives but acknowledges that these do not yet match the stability and performance of imported parts [2]. International Sales and Trade Risks - The company's international sales revenue has been increasing, with figures of 43.13 million, 60.28 million, 70.48 million, and 48.76 million yuan, representing 17.51%, 14.84%, 15.22%, and 19.55% of main business revenue respectively. The company has subsidiaries in Germany and the USA, which may expose it to risks from international trade tensions [2].