Core Viewpoint - The IPO application of Hangzhou Yijia 3D Additive Technology Co., Ltd. was terminated due to the withdrawal of the application by the company and its sponsor, CITIC Securities, marking the third termination of a Sci-Tech Innovation Board IPO in 2026 [1] Company Overview - The company was established in November 2015 and transformed into a joint-stock company in November 2023, with a registered capital of 87.666235 million yuan. The controlling shareholder is Hangzhou Yongsheng Holding Group Co., Ltd., with the actual controllers being Li Cheng and Li Jianhao, who together hold 54.53% of the shares [3] - The company claims to be one of the advanced industrial-grade additive manufacturing equipment manufacturers globally, focusing on the research, production, and sales of such equipment [4] Industry Position and Achievements - The company is recognized as a national "specialized, refined, distinctive, and innovative" small giant and has received several awards, including the First Prize of Military Science and Technology Progress Award and the Second Prize of Beijing Science and Technology Award. It has participated in the formulation of 14 national and industry standards for additive manufacturing [5] - The company is in the first tier of the domestic industrial-grade additive manufacturing equipment industry, with major competitors being Platinum and Huazhu High-Tech [5] Financial Performance - In 2024, the company reported a net profit attributable to the parent company of 92.71 million yuan, while the net cash flow from operating activities was -210 million yuan over the reporting period. The operating revenues for 2022, 2023, 2024, and the first half of 2025 were 247.01 million yuan, 408.60 million yuan, 470.80 million yuan, and 254.04 million yuan, respectively [6] - The company’s asset-liability ratio improved from 82.63% in 2022 to 14.27% by June 30, 2025, indicating a significant reduction in financial leverage [7] Research and Development - The company has invested a total of 75.56 million yuan in R&D over the past three years, accounting for 6.71% of cumulative revenue during the same period. As of June 30, 2025, the R&D personnel accounted for 17.43% of the total workforce [8] - The company holds 50 invention patents as of August 31, 2025, with a significant portion applied to its main business [9] Revenue Concentration - The company’s revenue is heavily concentrated in the aerospace sector, which accounted for over 57% of its total revenue in recent years, with specific percentages of 65.09%, 65.20%, 58.88%, and 57.15% for the years 2022 to 2025 [10] Other Considerations - The company relies on imports for key components of additive manufacturing equipment, such as lasers and galvanometers, which may pose a risk to its supply chain [13] - The accounts receivable balance has been increasing, reaching 21.67 million yuan in 2024, with a rising proportion of accounts receivable to revenue, indicating potential cash flow issues [13] - The company plans to raise 1.2045 billion yuan through its IPO for four projects, including expansion and R&D initiatives [13][15]