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].