Core Insights - The company, Plater (688333), reported significant growth in revenue and net profit for the first three quarters of 2025, showcasing its leading position and growth potential in the metal additive manufacturing sector [1][2] Financial Performance - For the first three quarters, the company achieved a revenue of 1.161 billion yuan, a year-on-year increase of 46.47% [1] - In Q3 alone, revenue reached 494 million yuan, marking a substantial year-on-year growth of 120.94% [1] - The total profit for the year-to-date was 157 million yuan, reflecting a remarkable year-on-year increase of 718.81% [1] - The net profit attributable to shareholders was 156 million yuan, with a year-on-year growth of 234.83% [1] - Basic earnings per share were 0.5742 yuan, representing a year-on-year increase of 235.20% [1] Business Development - The company attributed its substantial growth to the continuous expansion into new application areas and increased efforts in the civilian market, particularly in customized 3D printing products [1][2] - The successful transition of technology and service advantages from high-end manufacturing sectors, such as aerospace, to broader civilian markets indicates an ongoing optimization of the business structure [1][2] Research and Development - The company maintained a high level of R&D investment, totaling 183 million yuan for the first three quarters, which is crucial for sustaining its technological barriers and driving long-term development [2] Financial Health - As of September 30, 2025, the company's total assets reached 8.604 billion yuan, an 18.10% increase from the previous year [2] - Although the debt level increased to support business expansion, the overall asset structure remained stable [2] - The net cash flow from operating activities was negative, primarily due to increased cash payments for goods and services, consistent with the characteristics of a company in a rapid growth phase [2] Shareholder Structure - By the end of the reporting period, the total number of common shareholders was 15,709, with the top ten shareholders primarily consisting of the company's founders, management, and related investment institutions, indicating a stable equity structure and confidence in future development [2] Industry Outlook - Looking ahead, the company is expected to benefit from the ongoing global transformation towards smart manufacturing and increased domestic policy support for high-end equipment and new materials, potentially entering a new phase of high-quality growth [3]

Group 1 - The company approved the use of idle raised funds for cash management, with a maximum amount of RMB 150 million, ensuring it does not affect project construction and normal business operations [1] - The company plans to use the idle funds for safe and liquid investment products, including structured deposits and time deposits, with a rolling usage period of 12 months [3][4] - As of the announcement date, the total planned usage of idle raised funds for cash management by the company and its subsidiaries is not exceeding RMB 1.08 billion [4][10] Group 2 - The company aims to improve the efficiency of idle raised funds and create more value for shareholders through cash management [7] - The cash management products will be strictly controlled for risk and will not be used for pledging or securities investment purposes [8] - The cash management income will be prioritized for supplementing project investment shortfalls and daily operational liquidity needs [12] Group 3 - The decision to use idle funds for cash management was made in compliance with relevant regulations and does not affect the normal operation of the company's fundraising projects [14][18] - The board of directors authorized the chairman to make decisions and sign contracts related to cash management within the approved limits [10][16] - The independent directors and audit committee have reviewed and approved the cash management plan, confirming it aligns with the company's interests and does not harm shareholder rights [18][31]

Core Insights - The launch of the advanced metal additive manufacturing demonstration line in Baotou City marks the first comprehensive "powder production - forming - post-processing - testing" additive manufacturing line in Inner Mongolia [1] - This demonstration line is recognized for its international leading technology level and is the largest and most advanced high-end metal additive manufacturing project in the region, with an annual production capacity of 450 tons of titanium alloy powder and 3,000 additive manufacturing components [1] - The advanced metal additive manufacturing technology is considered one of the core technologies of the "third industrial revolution," integrating materials, equipment, processes, software, and applications into a complete industrial chain [1] - The operation of this demonstration line represents a significant achievement in the collaboration between the Ordnance Industry Group and local governments, filling a gap in the regional industrial chain and positioning Baotou City on a new path in high-end metal additive manufacturing [1]

Core Insights - Deep Material, an AI and metal new materials R&D company, recently completed a multi-million A round financing led by He Shijia Capital and Chenhui Capital, with funds allocated for new material R&D, high-throughput automated laboratory upgrades, AI model development, and large-scale applications in vertical industries [1][2] Company Overview - Founded in 2021, Deep Material integrates AI throughout the metal new materials R&D process, including algorithm models, high-throughput laboratories, and material data systems, which is closely linked to the founder's background in AI and materials science [2][6] - The company aims to overcome data bottlenecks in metal materials R&D by using self-developed high-throughput equipment to generate consistent experimental data efficiently, reducing the R&D cycle from years to as little as two months and cutting costs significantly [2][6] Business Model and Strategy - Deep Material has shifted its business model from contract R&D to proactively selecting high-demand materials for independent R&D, focusing on high-strength aluminum alloys for 3D printing that meet aerospace standards at a significantly lower cost compared to overseas products [6][7] - The company anticipates that the global metal additive manufacturing market will grow from approximately $5.87 billion in 2024 to $6.68 billion in 2025, with a projected compound annual growth rate of about 13.7% over the next decade [7] Future Goals - In the next two years, Deep Material aims to achieve mass production and profitability for one or two materials, with a longer-term goal of expanding into more industries and completing an IPO within five to ten years [8] Investor Perspectives - He Shijia Capital views the investment as a recognition of Deep Material's ability to combine AI with intelligent additive manufacturing, expecting the DM Agent platform to accelerate low-cost material research and innovation [9] - Chenhui Capital is optimistic about the "AI + new materials" sector and believes that Deep Material's approach can transform traditional material R&D from trial-and-error to predictive methods, showcasing strong industrialization potential [9]

Investment Rating - The report maintains a "Buy" rating for the company [10][8]. Core Insights - The company reported a revenue of 667 million yuan for the first half of 2025, representing a year-on-year increase of 17.22%, and a net profit attributable to shareholders of 76 million yuan, up 9.98% year-on-year. In Q2 2025, revenue reached 440 million yuan, a year-on-year growth of 23.09% and a quarter-on-quarter increase of 93.80%, with a net profit of 91 million yuan, reflecting a year-on-year increase of 33.37% and a quarter-on-quarter surge of 710.46% [2][6]. Summary by Sections Financial Performance - In H1 2025, the company achieved a revenue of 667 million yuan, with a net profit of 76 million yuan. Q2 2025 saw revenue of 440 million yuan and a net profit of 91 million yuan, indicating strong growth in both metrics [2][6]. Business Segments - The revenue from customized 3D printing products and technical services was 422 million yuan with a gross margin of 41.5%. Revenue from 3D printing equipment and accessories was 186 million yuan with a gross margin of 42.5%. The 3D printing materials segment generated 59 million yuan with a gross margin of 45.9% [12][13]. Market Position and Capacity Expansion - The company has established partnerships with nearly 3,300 entities and is recognized as the largest industrial base for metal additive manufacturing in China. The ongoing projects are expected to significantly enhance production capacity, including a new facility for high-quality additive manufacturing materials [12][13].

Core Viewpoint - Deep Material, an AI-driven metal new materials R&D company, has completed a multi-million A-round financing to enhance material R&D, upgrade high-throughput automated laboratories, develop AI models, and scale applications in vertical industries [1][2]. Company Overview - Founded in 2021, Deep Material integrates AI throughout the metal new materials R&D process, building its own algorithms, high-throughput laboratories, and material data systems [2]. - The founder, Wang Xuanzhe, has a background in AI and materials science, recognizing the potential of AI in material R&D since 2015 [2]. Technology and Innovation - Deep Material addresses data bottlenecks in metal material R&D by using self-developed high-throughput equipment to generate consistent experimental data efficiently, reducing R&D cycles from years to as little as two months and cutting costs significantly [2][5]. - The company has developed a materials intelligence system that combines high-throughput experiments with AI models for formula and process optimization [2]. Business Model - The company has shifted from contract R&D services to proactively selecting high-demand materials for independent R&D projects, focusing on high-strength aluminum alloys for 3D printing [5]. - The first product exceeds 550 MPa in strength, meeting aerospace standards while being significantly cheaper than similar overseas products [5]. Market Opportunity - The global metal additive manufacturing market is projected to grow from approximately $5.87 billion in 2024 to $6.68 billion in 2025, with a compound annual growth rate of about 13.7% over the next decade [6]. - There is a limited variety of metal materials suitable for stable printing, creating opportunities for Deep Material to meet the customized needs of industries like aerospace and consumer electronics [6]. Future Goals - In the next two years, the company aims to achieve mass production and profitability for one or two materials, with plans to expand into more industries and eventually go public within five to ten years [7].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported H1 2025 revenue of 667 million yuan, a year-over-year increase of 17.22%, and a net profit attributable to shareholders of 76 million yuan, up 9.98% year-over-year, indicating that the performance met expectations [4][5] - The company is actively expanding into emerging markets such as commercial aerospace and consumer electronics, which is expected to drive future growth [5] Financial Data and Profitability Forecast - For H1 2025, the company achieved total revenue of 667 million yuan, with a breakdown showing 422 million yuan from customized 3D printing products and services (up 30.52% year-over-year), 186 million yuan from 3D printing equipment and services (down 6.35% year-over-year), and 59 million yuan from 3D printing materials (up 25.27% year-over-year) [5] - The company’s gross margin for H1 2025 was 42.18%, slightly down from 43.62% in the previous year, primarily due to changes in product mix [5] - The report forecasts total revenue for 2025 to be 1.827 billion yuan, with a year-over-year growth rate of 37.8% [4][7] Market Expansion and Production Capacity - The company is focusing on expanding its production capacity and market presence, particularly in the aerospace sector, and is expected to benefit from increased demand in the future [5] - The company is also investing in the construction of a new production line for high-quality additive manufacturing materials, which is projected to increase capacity to 3,000 tons per year [5] Earnings Forecast Adjustment - The report has adjusted the earnings forecast for 2025 and 2026, lowering the net profit estimates to 208 million yuan and 277 million yuan respectively, while introducing a new estimate for 2027 at 378 million yuan [5]

Core Viewpoint - The implementation of the "Promotion Law of Private Economy" marks a significant milestone in recognizing the legal status of the private economy in China, particularly in the context of the vibrant development of the private sector in the Xi'an High-tech Zone [1][2]. Group 1: Private Economy as a Growth Engine - The private economy has become a core engine for regional economic growth, exemplified by the operations of Xi'an Bolite Technology Co., Ltd., which specializes in industrial-grade metal additive manufacturing [2]. - The Xi'an High-tech Zone has integrated resources to support private enterprises, leading to the rapid rise of companies like Sailong Metal and Ouzhong Materials, contributing to new economic growth points in the region [2][3]. Group 2: Contribution of Private Enterprises - The Xi'an High-tech Zone has a total of 216,000 market entities, with private enterprises accounting for 96.6%. These enterprises contribute over 80% of the zone's tax revenue, over 60% of its GDP, and over 90% of technological innovation and employment [3]. Group 3: Mechanisms Supporting Private Enterprise Development - The Xi'an High-tech Zone has established various mechanisms to support the development of private enterprises, including a leadership group for promoting private economic development and a statistical monitoring system for high-quality growth [4]. - In 2024, the zone processed applications from 2,360 enterprises for national and local special funds, securing a total of 56.78 billion yuan [4]. - The zone has promoted credit financing models, providing over 8.3 billion yuan in credit to more than 1,000 enterprises [4]. Group 4: Talent Attraction and Retention - The Xi'an High-tech Zone has implemented initiatives to attract and retain talent, including recruitment activities and support for establishing research stations, resulting in a concentration of over 500 high-level talents and approximately 300,000 individuals with bachelor's degrees or higher [5]. Group 5: Enhancing Core Competitiveness of Private Enterprises - By 2025, the Xi'an High-tech Zone aims to rank among the top national high-tech zones, supported by the robust foundation of its private enterprises, which make up over 96% of the total [6]. Group 6: Role of Leading Private Enterprises - The development of companies like Blue Sky Technology reflects the growth of leading private enterprises in the Xi'an High-tech Zone, which are driving innovation and overcoming technological challenges in various fields [7][8]. - The zone has successfully created a complete industrial chain in sectors like automotive manufacturing, with leading companies like BYD driving the growth of smaller private enterprises [8].