Core Viewpoint - Hangzhou Yijia 3D Printing Technology Co., Ltd. (referred to as "Yijia 3D") has completed its IPO counseling report and plans to list on the Sci-Tech Innovation Board, with CITIC Securities as the counseling institution [2]. Company Overview - Yijia 3D was established on November 18, 2015, with a registered capital of 72.434243 million yuan [3]. - The company is primarily engaged in the manufacturing of industrial-grade 3D printing equipment and application solutions, focusing on MPBF™ metal 3D printing technology [3]. - Yijia 3D provides specialized additive manufacturing application solutions for sectors such as aerospace, high-performance industrial manufacturing, mold manufacturing, and precision medicine [3]. Shareholding Structure - The controlling shareholder of Yijia 3D is Hangzhou Yongsheng Holding Group Co., Ltd., which holds 37.0835% of the shares [3]. - The legal representative of the company is Li Jianhao, who also serves as the chairman [4]. - Li Jianhao and Li Cheng, who are father and son, collectively hold 23.45% of the beneficial shares [4]. - CITIC Securities, the counseling institution, also holds a direct stake of 1.34% in the company [4].

Core Viewpoint - Tian Gong International's subsidiary, Tian Gong Co., has initiated its IPO on the Beijing Stock Exchange, offering 60 million shares at a price of 3.94 RMB per share, leading to a market valuation of 2.548 billion RMB before the exercise of the over-allotment option [1][3][11] Group 1: IPO Details - Tian Gong Co. is issuing 60 million shares, representing 9.28% of the post-issue total share capital, with a potential increase to 69 million shares (10.52%) if the over-allotment option is exercised [1][3] - The IPO is set to open for subscription on April 28, 2025, with a direct pricing method used to determine the share price [3] - The strategic placement of shares is 30%, with 70% allocated for online issuance, reflecting a commitment to retail investors [3][4] Group 2: Financial Performance - Tian Gong Co. has shown significant revenue growth from 283 million RMB in 2021 to 1.035 billion RMB in 2023, with year-on-year growth rates of 55.23%, 35.65%, and 170.05% respectively [6] - The net profit attributable to the parent company also increased from 20.34 million RMB in 2021 to 170 million RMB in 2023, with growth rates of 67.87%, 244%, and 142.57% [6] - For 2024, the projected revenue is 801 million RMB, with a slight increase in net profit to 172 million RMB [6] Group 3: Industry Position and Expansion - The titanium and titanium alloy materials industry in China faces structural overcapacity in low-end products, while high-end products are in short supply [7] - Tian Gong Co. is expanding into high-value sectors such as 3D printing, aerospace fasteners, and medical titanium materials, having achieved significant progress in these areas [7] - The company has received EN9100 certification for aerospace-grade titanium materials and ISO 13485 certification for medical titanium products, enhancing its market credibility [7] Group 4: Future Prospects and Valuation - The funds raised from the IPO will be used to build a production line with an annual capacity of 3,000 tons of high-end titanium and titanium alloy rods and wires, increasing total capacity from 7,000 tons to 10,000 tons [8] - Compared to peers, Tian Gong Co. has a static P/E ratio of 14.98, significantly lower than the average of 50.64 for comparable companies, indicating a potential undervaluation [11]