Core Viewpoint - Yijia Additive Manufacturing has withdrawn its application for an initial public offering (IPO) on the Sci-Tech Innovation Board, leading to the termination of the review process by the Shanghai Stock Exchange [2][3]. Company Overview - Yijia Additive Manufacturing focuses on the research, production, and sales of industrial-grade additive manufacturing (3D printing) equipment and is classified as a high-tech enterprise [3]. - The controlling shareholder is Hangzhou Yongsheng Holding Group Co., Ltd., which holds 30.64% of the company's shares [3]. - The actual controllers, Li Cheng and Li Jianhao, collectively control 54.53% of the voting rights in the company [3]. IPO Details - The company initially planned to issue up to 29.22 million shares, representing at least 25% of the total share capital post-issue, without involving public sales by shareholders [3]. - The intended fundraising amount was approximately 1.204 billion yuan (120,450.88 million yuan) for various projects, including expansion and R&D [3][4]. Project Funding Breakdown - The total investment for the planned projects is approximately 1.337 billion yuan (133.765 million yuan), with the following allocations: - Beijing Yijia Three-Dimensional Metal 3D Printing Expansion Project: 558.1064 million yuan, with 464.4274 million yuan from the fundraising [4]. - Hangzhou Additive Manufacturing Equipment Industrialization Project: 481.0044 million yuan, with 441.5403 million yuan from the fundraising [4]. - Hangzhou R&D Center Construction Project: 186.6444 million yuan, fully funded by the fundraising [4]. - Technical Service Network Construction Project: 111.8967 million yuan, fully funded by the fundraising [4].

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]

Core Viewpoint - Hangzhou Yijia 3D Printing Technology Co., Ltd. (referred to as "Yijia Additive") is a key supplier of core manufacturing equipment in the commercial aerospace sector, leveraging its large-scale metal 3D printing capabilities to secure a competitive position in a trillion-yuan market and is preparing for an IPO on the Sci-Tech Innovation Board [1][3]. Group 1: Company Overview - Yijia Additive focuses on the research, production, and sales of industrial-grade additive manufacturing (3D printing) equipment [1]. - The company has applied for an IPO on the Sci-Tech Innovation Board, aiming to raise 1.205 billion yuan for expansion in metal 3D printing, industrialization projects, and R&D center construction [3]. Group 2: Financial Performance - The financial data disclosed in the prospectus indicates a clear growth trajectory, with revenue projected to increase from 247 million yuan in 2022 to 471 million yuan in 2024, representing a compound annual growth rate (CAGR) of 38.06% [3]. - The company has led three national key R&D projects organized by the Ministry of Science and Technology [3]. Group 3: Technological Advancements - Yijia Additive holds over 130 authorized patents, including 50 invention patents and 45 software copyrights, and has participated in formulating 14 national and industry standards [4]. - The company has successfully addressed three major industry challenges in powder bed metal 3D printing technology, enhancing manufacturing efficiency and reducing costs, which aligns with the stringent requirements of commercial aerospace [4]. Group 4: Market Position and Expansion - Yijia Additive's solutions have been deeply integrated with leading commercial aerospace companies such as Blue Arrow Aerospace, Tianbing Technology, and others [4]. - The company has established subsidiaries in Germany and the United States, expanding its product reach to multiple countries and regions, thereby creating a global service network [4]. Group 5: Future Prospects - Industry insiders believe that the capital market's support will amplify Yijia Additive's technological and market advantages, enabling it to capture the lucrative opportunities in the trillion-yuan commercial aerospace market [5].

Core Viewpoint - Yijia Additive is seeking to go public on the Sci-Tech Innovation Board (STAR Market) to gain capital support for future competition, especially in light of competitors like Plater and Huashu High-Tech already being listed [1] Industry Overview - The average selling price of industrial-grade additive manufacturing equipment has significantly increased from $90,000 in 2019 to $316,900 in 2024, with metal additive manufacturing equipment nearing $500,000 [2] - The additive manufacturing market in China is projected to exceed 63 billion yuan by 2025, with a compound annual growth rate (CAGR) of over 20% from 2021 to 2025 [2] - The 3D printing market in China is expected to reach a scale of 100 billion yuan by 2027, indicating vast market potential [2] Company Performance - Yijia Additive's revenue is projected to grow from 247 million yuan in 2022 to 471 million yuan in 2024, with net profits increasing from approximately 28.93 million yuan to 98.81 million yuan during the same period [2] - Despite good performance, Yijia Additive lacks competitive advantages compared to peers, with its 2024 revenue of 471 million yuan being lower than Plater's 1.326 billion yuan and Huashu High-Tech's 492 million yuan [3] Competitive Landscape - Yijia Additive faces significant competition from both domestic and international players, including EOS, 3D Systems, and SLM Solutions [3] - Market share for Yijia Additive is 1.03%, which is lower than Plater's 1.28% [3] Supply Chain Risks - Yijia Additive relies heavily on imported key components such as lasers and galvanometers, primarily from Germany and the USA, which poses a supply chain risk [4] - The company faces potential disruptions due to global trade tensions or geopolitical risks that could affect the supply of critical components [4] R&D Investment - Yijia Additive's R&D expenses are projected to increase from approximately 21.18 million yuan in 2022 to 30.61 million yuan in 2024, totaling 75.56 million yuan over three years [5] - The company meets the STAR Market's requirement for R&D investment, with a comprehensive R&D expense ratio of 6.71% [6] Customer Dependency - The company has experienced significant volatility in its top five customer base, with a notable change in customer composition from 2022 to 2024 [7][8] - In 2022, the top five customers accounted for 57.46% of total revenue, but this percentage decreased to 38.16% in 2023 before rising again to 41.72% in 2024 [8] - The reliance on a few major customers has led to a substantial increase in accounts receivable, from 82.25 million yuan at the end of 2022 to 216.74 million yuan by the end of 2024 [9]

Core Insights - Yijia Additive Manufacturing submitted an updated prospectus for its IPO, which has drawn significant market attention due to changes in its top five customers [2] Company Overview - Yijia Additive Manufacturing, established in 2015, focuses on the research, production, and sales of industrial-grade additive manufacturing (3D printing) equipment, serving sectors such as aerospace, scientific research, industrial molds, and consumer electronics [4] - The company plans to raise 1.205 billion yuan through its IPO on the Sci-Tech Innovation Board, aimed at funding projects related to technology service networks, R&D centers, industrialization of additive manufacturing equipment, and expansion of 3D printing capacity [4] Financial Performance - Revenue figures from 2022 to the first half of 2025 are as follows: 247 million yuan (2022), 409 million yuan (2023), 471 million yuan (2024), and 254 million yuan (2025 H1), with a notable 50.19 percentage point decline in revenue growth for 2024 [4] - Net profit for the same period was 29 million yuan (2022), 69 million yuan (2023), 99 million yuan (2024), and 51 million yuan (2025 H1), with a drastic 93.01 percentage point drop in net profit growth for 2024 [4] - The company reported negative cash flow from operating activities for 2024 and the first half of 2025, with net outflows of 94 million yuan and 30 million yuan, respectively, marking the first cash flow loss [4] Accounts Receivable - Accounts receivable increased significantly, from 82 million yuan in 2022 to 259 million yuan in the first half of 2025, with the proportion of accounts receivable to revenue rising from 33.30% to 101.97% [4] - The top five customers for accounts receivable and contract assets in the first half of 2025 were Jingye Additive, Jiangsu Yangwang, Customer A, Shanghai Xinfeng, and Xi'an Aerospace, with respective balances of 118 million yuan, 21 million yuan, 20 million yuan, 12 million yuan, and 9 million yuan [5] - Notably, Jingye Additive's balance increased 3.6 times compared to 2024, although it was not the largest customer, and there was a discrepancy in the ranking of Customer A and Jiangsu Yangwang in the prospectus [5][6] Customer Changes - The top five customers in the first half of 2025 included three new companies compared to 2024, with only Jingye Group remaining from previous years, indicating a significant turnover in major clients [6] Internal Control Issues - Yijia Additive has been noted for internal control issues, including practices where loan funds are first paid to suppliers and then returned to the company, as well as cash transactions and payments through personal accounts [7]

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].

Core Viewpoint - The company, Yijia Additive Manufacturing, has shown significant growth in revenue and net profit under the leadership of the new generation entrepreneur, Li Jianhao, while facing challenges in cash flow and reliance on financing [1][18][26]. Group 1: Company Performance - From 2022 to 2024, the company's revenue increased from 247 million to 471 million yuan, and net profit rose from 28.93 million to 98.81 million yuan, indicating rapid growth in both key performance metrics [1][20]. - The company plans to raise 1.205 billion yuan through its IPO to fund expansion and R&D projects [2]. - The average selling price of 3D printing equipment increased by 46.58% from 1.8452 million yuan to 2.7047 million yuan, while sales volume grew from 124 units to 163 units during the same period [21][22]. Group 2: Financial Health - Despite a net profit of 98.81 million yuan in 2024, the company experienced a significant cash flow issue, with a net cash outflow of 93.80 million yuan, compared to a net inflow of 19.67 million yuan in 2023 [26][28]. - The company's asset-liability ratio dropped dramatically from 82.63% in 2022 to 16.69% in 2024, reflecting improved debt repayment capacity [31][32]. - The company’s accounts receivable increased significantly, reaching 217 million yuan in 2024, which accounted for 46.07% of total revenue [28][29]. Group 3: Market Position and Industry Context - The global additive manufacturing market is projected to grow from 12.76 billion USD in 2020 to 21.9 billion USD in 2024, with the Chinese market expected to reach 41 billion yuan in 2023 [20][21]. - Yijia Additive Manufacturing's gross profit margin increased from 39.31% in 2022 to 45.12% in 2024, contrasting with the declining trend in the industry average [24][25]. - The company has established subsidiaries in Germany and the USA to expand its overseas market presence, with foreign sales accounting for approximately 15% of its main business revenue [22][24].

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].