Leading large-format metal 3D printing manufacturer Eplus 3D files for IPO on STAR Market, with revenue and profits maintaining strong growth momentum.

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September 30, 2025 News 293

Hangzhou Eplus 3D Additive Technology Co., Ltd. has updated its prospectus for the initial public offering and listing on the STAR Market. The company plans to raise 1.2 billion yuan to fund a new project.

In recent years, the technological prowess of domestic metal 3D printing has continuously improved. As a leading player in this field, Eplus 3D has gained market recognition with its robust technical capabilities. The company has rapidly expanded and is poised to become the third metal 3D printing firm to IPO on the STAR Market.

Financial Performance: Approaching 5 Billion RMB in Revenue, Nearly 1 Billion RMB in Annual Net Profit

According to the prospectus, Eplus 3D's operating revenues for 2022, 2023, 2024, and the first half of 2025 were 247 million RMB, 409 million RMB, 471 million RMB, and 254 million RMB, respectively. Net profits attributable to the parent company's owners were 28.92 million RMB, 68.68 million RMB, 98.81 million RMB, and 51.40 million RMB, respectively. Both operating revenue and net profit have maintained a strong growth trajectory. Based on this trend, industry analysis predicts Eplus 3D's revenue for 2025 will exceed 500 million RMB, with net profit attributable to the parent company surpassing 100 million RMB.

Eplus 3D's primary business revenue comprises 3D printing equipment sales and revenue from 3D printing materials and accessories. Sales of 3D printing equipment constitute over 90% of the total. During the reporting period, the company's revenue from 3D printing equipment sales demonstrated a consistent upward trend.

The company's primary operating revenue during the reporting period was derived from the application of its 3D printing equipment and supporting products across various industries. Industrial-grade applications, particularly in aerospace, industrial manufacturing, and scientific research institutes, currently represent the main application areas for the company's products.

Valuation & IPO: Post-Money Valuation of 4.19 Billion RMB, Plans to Raise 1.2 Billion RMB

The company has chosen to apply the first listing standard under Article 2.1.2 of the "Shanghai Stock Exchange Science and Technology Innovation Board Stock Listing Rules," which requires "an estimated market value of not less than RMB 1 billion, a positive net profit for the last two years with a cumulative net profit of not less than RMB 50 million, OR an estimated market value of not less than RMB 1 billion, a positive net profit for the last year, and operating revenue of not less than RMB 100 million."

Eplus 3D's audited net profit attributable to the parent company's shareholders was RMB 68.5815 million for 2023 and RMB 98.8134 million for 2024. The net profit after deducting non-recurring gains and losses attributable to the parent company's shareholders was RMB 68.8037 million for 2023 and RMB 92.7059 million for 2024. Net profits for the last two years were both positive, and the cumulative net profit exceeded RMB 50 million. The company's operating revenue for 2024 was RMB 470.799 million, exceeding RMB 100 million.

In December 2024, the company received investments from institutions including Chuanghe Xincai and Xianjin Chantou, resulting in a post-money valuation of RMB 4.190 billion, which exceeds RMB 1 billion. Based on the valuation from this recent financing round and the recent valuations of comparable listed companies in the domestic market, the company is expected to meet the aforementioned listing standards.

Furthermore, Eplus 3D satisfies the relevant indicators for sci-tech innovation attributes.

For its IPO application on the Sci-Tech Innovation Board, Eplus 3D plans to issue no more than 29,222,079 shares to raise RMB 1.2 billion. The net proceeds from the offering, after deducting issuance expenses, will be allocated to the following projects: Beijing Eplus 3D Metal 3D Printing Capacity Expansion Project (RMB 460 million), Beijing Eplus 3D Metal 3D Printing Capacity Expansion Project (RMB 440 million), Hangzhou R&D Center Construction Project (RMB 180 million), and Technical Service Network Construction Project (RMB 110 million).

Leading Metal 3D Printing Equipment Manufacturer

Eplus 3D is a high-tech enterprise primarily focused on the research, development, production, and sales of industrial-grade additive manufacturing (3D printing) equipment. The company is dedicated to lowering the application threshold of additive technology for industrial use and advancing 3D printing towards direct manufacturing. It is recognized as one of the world's leading industrial-grade additive equipment manufacturers in terms of technological sophistication.

With years of deep involvement in the additive manufacturing industry, Eplus 3D adheres to an innovation-driven development strategy. It has accumulated extensive technical capabilities and research & production experience in product system planning, integrated machine design, process technology, and software algorithms for both metal additive manufacturing equipment (utilizing SLM technology) and polymer additive manufacturing equipment (utilizing SLS technology). Its related products and technologies are seeing accelerated adoption and promotion in critical fields such as aerospace, industrial manufacturing, scientific research and education, and consumer electronics.

Eplus 3D is recognized as a national-level "Specialized, Refined, Unique, and Innovative" Little Giant enterprise. It has been honored with several scientific and technological awards, including the First Prize of the Military Science and Technology Progress Award, the Second Prize of the Beijing Science and Technology Award, and the Third Prize of the Zhejiang Science and Technology Award. The company actively contributes to industry standardization, having led or participated in the formulation and revision of 14 national and industry standards for additive manufacturing technology.

Engaging with cutting-edge science and technology, Eplus 3D supports national major science and technology development initiatives. It has led or participated in 5 National Key R&D Programs and 4 Zhejiang Provincial Key R&D Plans, contributing to numerous additive manufacturing technology tasks. Notably, the company took the lead in undertaking 3 National Key R&D Programs organized by the Ministry of Science and Technology, actively contributing its expertise to national frontier technology development and industrial commercialization.

Eplus 3D is advancing China's manufacturing industry in line with the national "14th Five-Year Plan" for new industrialization. By developing domestic, multi-laser large-scale 3D printing equipment, the company drives industrial innovation and upgrades manufacturing capabilities.

The company enhances the reliability, stability, and consistency of its 3D printers to meet industrial-scale production demands. Four of its supported aerospace applications were selected for the MIIT's 2023 list of top additive manufacturing use cases.

Through its commitment to R&D, Eplus 3D has built a strong market reputation. Its equipment serves strategic national sectors and is expanding into consumer electronics, robotics, and the low-altitude economy. With a growing global network, including subsidiaries in Germany and the US, the company exports its equipment to numerous countries worldwide.