来源：公告 易加增材成立于2015年，主要从事工业级增材制造（3D打印）设备的研发、生产和销售，产品主要用于航空航天、科研教学、工业模具、消费电子等领 域。该公司此次IPO计划登陆科创板，拟募资12.05亿元，用于技术服务网络建设项目、研发中心建设项目、增材制造设备产业化项目、3D打印扩产项目。 招股书显示，2022年至2025年上半年，易加增材实现营收分别为2.47亿元、4.09亿元、4.71亿元、2.54亿元，其中2024年营收增速同比下滑50.19个百分点； 实现净利润分别为0.29亿元、0.69亿元、0.99亿元、0.51亿元，其中2024年净利润增速同比骤降93.01个百分点。 GPLP犀牛财经注意到，2025年上半年，易加增材客户敬业增材的应收账款及合同资产余额较2024年增加3.60倍，但这个"欠账"大户却不是易加增材的第一 大客户。而招股书中2025年上半年应收账款及合同资产余额前五名排名则出现小"BUG"——客户A与江苏仰望的位置发生颠倒。 近日，杭州易加三维增材技术股份有限公司（以下简称"易加增材"）递交了财务资料更新版招股书，其前五大客户再度"变阵"引发市场广泛关注。 易加增材2024年 ...

Group 1: Company Overview and Market Position - Aisikai Technology Co., Ltd. has not disclosed any major acquisition projects during the reporting period, focusing on maintaining its market advantage in high-end CTP products, particularly the 256-channel series [1] - The company has mastered core technology in sand-type 3D printing, with multiple products like S1800, T1812, and BTHS2515 achieving mass production and sales [1] Group 2: Product Development and Applications - The 3D sand-type printing equipment developed by the company is already in production-level use in domestic enterprises, primarily serving the casting industry [2] - The multi-laser printing head products are suitable for applications requiring high production efficiency and cost-effectiveness, such as in the 3C digital and shoe mold industries [2] - The company is actively expanding its 3D printing applications, including 3D metal printing and ceramic powder printing, aiming to cover a broader sales market [2] Group 3: Profit Growth and Future Plans - The company plans to maintain stable production of existing products while continuously developing new ones, with the S1800 model aimed at small and medium-sized foundries [3] - The BTHS2515 model is designed for future automation in factories, aligning with Industry 4.0 requirements [3] - The company is accelerating the development of MEMS technology print heads and specialized print heads for various industries, including medical and electronics [3] Group 4: Market Size and Product Launch Timeline - The multi-laser metal printing head has completed testing and is currently in the pilot production stage, with applications in metal shoe mold printing [4] - The company aims to capture a significant market share in the domestic market for 3D metal printing technology, which is expected to grow substantially [4] - The company will disclose its operational status for the second half of the year in future periodic reports, focusing on promoting high-end CTP equipment and the industrial application of 3D printing technology [5]

Group 1 - The company, Yizhiming (300415.SZ), has announced that it possesses the spaceA industrial 3D printer products [1] - The spaceA 3D printers utilize thermoplastic granules and other materials for printing related products [1]

Core Viewpoint - The company reported a revenue of 239 million yuan for the first half of 2025, reflecting a year-on-year growth of 5.43%. However, net profit significantly declined by 86.30% to 4.5084 million yuan, indicating potential challenges in profitability despite revenue growth [1]. Financial Performance - Revenue for the first half of 2025 reached 239 million yuan, marking a 5.43% increase compared to the previous year [1]. - Net profit was reported at 4.5084 million yuan, which represents a substantial decrease of 86.30% year-on-year [1]. - Basic earnings per share (EPS) stood at 0.0109 yuan per share, down 86.29% from the same period last year [1].

Core Viewpoint - The company, Aidi Te (301580.SZ), has successfully developed and produced its own 3D printer products, marking a significant milestone in its technological capabilities [1]. Company Summary - Aidi Te has launched its self-researched and self-manufactured 3D printer products, indicating a strong commitment to innovation and self-sufficiency in technology development [1].

Core Viewpoint - The company, Yijia Additive Manufacturing Technology Co., Ltd., has recently had its IPO application accepted on the Sci-Tech Innovation Board, aiming to raise approximately 12.05 billion yuan for four new projects with a total investment of about 13.38 billion yuan [1]. Financial Performance - The company has shown consistent growth in revenue, net profit, and assets from 2022 to 2024, with total revenues of 2.47 billion yuan, 4.09 billion yuan, and 4.71 billion yuan respectively, reflecting year-on-year growth rates of 65.42% and 15.22% for 2023 and 2024 [2]. - The net profit after deducting non-recurring items is projected to increase significantly, with figures of 0.25 billion yuan, 0.69 billion yuan, and 0.93 billion yuan for the same period, indicating growth rates of 179.26% and 34.74% for 2023 and 2024 [2]. - The company's total liabilities decreased from 5.16 billion yuan in 2022 to 2.61 billion yuan in 2024, resulting in a declining debt ratio from 82.63% to 16.69% [2]. Accounts Receivable - Accounts receivable have grown rapidly, with figures of 0.74 billion yuan, 1.38 billion yuan, and 1.95 billion yuan from 2022 to 2024, representing 33.30%, 37.68%, and 46.04% of total revenue respectively [3]. - By the end of 2024, accounts receivable over one year old amounted to 0.75 billion yuan, accounting for 34.59% of the total, indicating some long-term receivables have not been fully recovered [3]. Inventory Management - The company's inventory has also increased, with total inventory values of 2.68 billion yuan, 3.75 billion yuan, and 4.45 billion yuan from 2022 to 2024, with inventory levels in 2024 being comparable to annual revenue [3]. - The balance of finished goods inventory has risen significantly, with values of 0.37 billion yuan, 0.94 billion yuan, and 1.56 billion yuan, reflecting a growing proportion of 13.79%, 24.71%, and 34.53% respectively [4]. Cash Flow Analysis - The company has experienced negative net cash flow from operating activities over the three years, with figures of -1.06 billion yuan, 0.20 billion yuan, and -0.94 billion yuan [5]. - Cash inflows from sales have increased, but outflows have risen at a faster rate due to growing inventory and accounts receivable [6]. Research and Development - The company has been increasing its R&D expenditures, which were 0.21 billion yuan, 0.24 billion yuan, and 0.31 billion yuan over the three years, representing 8.57%, 5.82%, and 6.50% of total revenue [7][8]. - As of the end of 2024, the company had 123 domestic authorized patents, including 49 invention patents, indicating a strong focus on innovation [8]. Ownership Structure - The controlling shareholder, Yongsheng Holdings, holds a 30.64% stake in the company, with the actual controllers being Li Cheng and Li Jianhao, who collectively control 54.53% of the voting rights [9][10][11].

Core Insights - The core viewpoint of the articles emphasizes the significant growth in high-tech manufacturing and emerging industries in China, driven by both market demand and supportive policies, indicating a positive trend in industrial transformation and alignment with national development strategies [1][3][5]. Group 1: Industry Growth Highlights - In the first half of the year, the value added of high-tech manufacturing above designated size increased by 9.5%, with notable production growth in 3D printing equipment (43.1%), new energy vehicles (36.2%), and industrial robots (35.6%) [3][5]. - The rapid growth in related industries is attributed to strong market demand and supportive government policies, such as tax incentives and equipment upgrades [3][5]. Group 2: Global Value Chain Positioning - Despite rapid industrial development, China's industries need to enhance their position in the global value chain, as they currently face challenges in international competitiveness, particularly in terms of value-added products [7][8]. - The manufacturing sector, while large and accounting for about 30% of the global market, still needs to transition from low-end to mid-high-end production to improve competitiveness [7][8]. Group 3: Innovation and Business Models - Technological innovation is crucial for industrial transformation, but it must be complemented by innovative business models to effectively convert technology into value [9][10]. - Historical trends show that every technological revolution is accompanied by business model innovation, which is essential for sustainable development and competitive advantage [10]. Group 4: Employment Market Changes - The transformation of industries has led to structural changes in the labor market, with new job roles emerging that require skilled labor, while traditional roles are declining due to technological advancements [11][12]. - Addressing the mismatch between labor supply and demand necessitates reforms in the education system to better align workforce skills with industry needs [12]. Group 5: Financial Support for Transformation - The current financing structure in China, which relies heavily on indirect financing, does not adequately meet the needs of innovative enterprises that require long-term capital [13]. - To support industrial transformation, there is a need to increase the proportion of direct financing and develop capital markets to provide the necessary funding for innovation and equipment upgrades [13]. Group 6: Policy Recommendations - Fiscal and tax policies should be tailored to support high-tech and innovative industries without disrupting market competition, ensuring that companies remain motivated to innovate and compete in the market [14]. - Government support should focus on market-oriented financial mechanisms rather than solely relying on project-based funding, ensuring that policies effectively promote industrial transformation [14].

Group 1 - The core viewpoint of the news is that Hangzhou Yijia 3D Printing Technology Co., Ltd. has officially received acceptance for its IPO application on the Sci-Tech Innovation Board, highlighting its status as a leading manufacturer of industrial-grade additive manufacturing equipment globally [1][2] - Yijia 3D Printing has a strong technological foundation with 49 invention patents and 41 software copyrights, and has participated in the formulation of 11 national and industry standards for additive manufacturing technology [1][2] - The company has developed over 20 models of 3D printing equipment and has achieved mass production, focusing on innovations in large-size, thick-layer, and laser-splicing technologies [1][2] Group 2 - Yijia 3D Printing's products are widely used in key industries such as aerospace, defense technology, and industrial manufacturing, and the company is expanding into emerging fields like consumer electronics and robotics [2] - The company has established a global marketing network with subsidiaries in Germany and the United States, exporting equipment to various countries and regions including Europe, Japan, South Korea, and Southeast Asia [2] - Financially, Yijia 3D Printing's revenue is projected to grow from 247 million yuan in 2022 to 471 million yuan in 2024, with a compound annual growth rate of 38.06%, and net profit is expected to increase from 28.93 million yuan to 98.81 million yuan during the same period [2] Group 3 - The funds raised from the IPO will be used for projects aimed at expanding production capacity, industrialization of additive manufacturing equipment, building a research and development center, and establishing a technical service network, with a total expected investment of 1.205 billion yuan [2] - Yijia 3D Printing aims to enhance its automation production level and efficiency, strengthen its overall R&D capabilities, and improve its marketing and technical service network layout upon project completion [2] - Looking ahead, the company plans to focus on the development and manufacturing of industrial-grade additive manufacturing equipment, driven by industry development and market demand, with the goal of becoming a leading enterprise with significant international influence in the additive manufacturing sector [3]

Core Viewpoint - Easy Additive Manufacturing has been accepted for IPO on the Sci-Tech Innovation Board, aiming to enhance its capital for expansion and development in the 3D printing industry [2][9]. Company Overview - Easy Additive Manufacturing, established in 2015, focuses on the research, production, and sales of industrial-grade additive manufacturing (3D printing) equipment, striving to lower the industrial application threshold of additive technology [2]. - The company is recognized as one of the advanced manufacturers of industrial-grade additive equipment globally [2]. Financial Performance - The company's revenue for the years 2022, 2023, and 2024 is reported as 247 million, 409 million, and 471 million CNY respectively [8]. - The net profit attributable to the parent company for the same years is 28.93 million, 68.58 million, and 98.81 million CNY respectively [8]. - The company's equity attributable to the parent company as of December 31, 2024, is 1.304 billion CNY, showing significant growth from 108.35 million CNY in 2022 [8]. Ownership Structure - The actual controllers of the company are Li Cheng and Li Jianhao, who collectively control 54.53% of the voting rights through their holdings [5][6]. - Li Cheng holds a direct stake of 3.51%, while Li Jianhao, as a general partner of Hangzhou Yongyi, holds 1.00% and controls an additional 2.98% of the voting rights [5][6]. Investment and Valuation - In December 2024, investment institutions including Chuanghe Xincai and Advanced Industry Investment increased their investment in Easy Additive Manufacturing, resulting in a post-investment valuation of 4.19 billion CNY [3]. - The company plans to raise 1.205 billion CNY through its IPO, which will be allocated to various projects including expansion and R&D [9].

Core Insights - The National Bureau of Statistics reported significant year-on-year growth in the production of key sectors, indicating a robust performance in the manufacturing industry [1] Group 1: New Energy Vehicles - The production of new energy vehicles increased by 45.4% year-on-year, reflecting strong demand and growth in the electric vehicle market [1] Group 2: 3D Printing Equipment - The output of 3D printing equipment saw a remarkable growth of 44.9% compared to the previous year, highlighting advancements in additive manufacturing technologies [1] Group 3: Industrial Robots - The production of industrial robots grew by 26.0% year-on-year, showcasing the increasing automation and robotics adoption in various industries [1]