According to the Shanghai Stock Exchange (SSE) official website, the national-level "Specialized, Refined, Distinctive, and Innovative" (专精特新) small giant Hangzhou Eplus 3D Technology Co., Ltd. (hereinafter referred to as "Eplus 3D" or "the company") has been inquired regarding its IPO application for listing on the Sci-Tech Innovation Board (STAR Market).
Eplus 3D's main business is the R&D, production, and sales of additive manufacturing (3D printing) equipment. The company's products are primarily used in fields such as aerospace and precision medicine, possessing high technical thresholds and industry barriers.
Wind information shows that there are currently two 3D printing companies listed on the STAR Market: Bright Laser Technologies (688333.SH) and Farsoon Technologies (688433.SH). Whether Eplus 3D can become the third 3D printing company on the STAR Market is also noteworthy.
01 Major Shareholder Steps into the Foreground
In 1986, Carl Deckard and Joe Beaman from the University of Texas at Austin invented Selective Laser Sintering (SLS) technology, marking a major breakthrough for 3D printing. SLS technology became an industry mainstream, with its multi-laser systems, higher precision, and faster printing speeds laying the foundation for the rapid development of 3D printing.
Soon, SLS technology also reached China. In 1993, Feng Tao, the founder of Eplus 3D, led the development of China's first SLS equipment. In 2002, Feng Tao collaborated with South China University of Technology to develop China's first Selective Laser Melting (SLM) 3D printing equipment. These breakthroughs established Feng Tao as one of the leading figures in China's 3D printing industry.
In 2014, Feng Tao established Beijing Eplus, focusing on the R&D and production of industrial-grade 3D printing equipment. In 2015, Feng Tao relocated the business to Hangzhou and established Eplus 3D through Beijing Eplus.
In 2022, Beijing Eplus carried out a restoration of shareholding entrustment, transferring its 100% equity stake in Eplus 3D to 13 original shareholders of Beijing Eplus, including Yongsheng Holding. Based on the equity restoration information, Yongsheng Holding is the major shareholder of Eplus 3D, holding a 38.73% stake; founder Feng Tao holds only 3.73%.
Industrial and commercial information shows that Yongsheng Holding belongs to the Yongsheng Group controlled by Wenzhou billionaire Li Cheng. Its businesses cover areas such as 3D printing, 3D vision, high-end chemical fibers, and international trade. The group's subsidiary, Shining 3D (830978.NQ), is known as the "first stock" of 3D printing on the New Third Board (NEEQ), and another subsidiary, Yongsheng Advanced Materials (03608.HK), is listed in Hong Kong.
Since then, Li Cheng and his son Li Jianhao have stepped into the foreground, becoming the actual controllers of Eplus 3D. Prior to this IPO, Li Cheng and Li Jianhao collectively hold approximately 34% of Eplus 3D's shares and control about 55% of the voting rights. Meanwhile, Feng Tao's stake in Eplus 3D has been reduced to 2.55%, making him the 11th largest shareholder.
Equity change records show that from 2023 to 2025, Eplus 3D raised over 1 billion yuan in external financing, and the company's valuation reached approximately 4.2 billion yuan, a six-fold increase in two years. Concurrently, Yongsheng Holding (the Li family collectively holds 95%) saw its equity ratio in Eplus 3D drop from 38.73% to 30.64%, and the Li family cashed out over 40 million yuan.
02 The Industry is Relatively Fragmented Overall
It is understood that 3D printing is a manufacturing technology that directly converts digital models into physical objects by adding material layer by layer, hence also called additive manufacturing. Unlike traditional material processing methods like milling and casting, 3D printing enables rapid prototyping of complex structures without the need for molds. It features characteristics such as lightweighting, customization, and rapid prototyping, and is widely used in aerospace, medical and health, automotive manufacturing, consumer electronics, construction, and infrastructure.
After more than 30 years of development, 3D printing in China has also entered a period of rapid industrial development. Statistical data shows that the scale of China's 3D printing market reached 33 billion yuan in 2022 and is expected to exceed 63 billion yuan by 2025, with a compound annual growth rate (CAGR) of over 20% from 2022 to 2025.
While the 3D printing industry is advancing overall, Eplus 3D, as an equipment supplier, has also achieved rapid performance growth. Revenue composition shows that Eplus 3D's income mainly comes from two categories: 3D printing equipment, and 3D printing materials and printed parts/accessories/services. During the reporting period (2022 to 2024), revenue from 3D printing equipment accounted for over 92%, with the remaining income coming from 3D printing materials and printed parts/accessories/services.
In terms of financial performance, Eplus 3D's revenue was 247 million yuan, 409 million yuan, and 471 million yuan respectively, with net profits of 28.93 million yuan, 68.58 million yuan, and 98.81 million yuan respectively. The revenue growth rates during the reporting period were 66% and 15% respectively; the net profit growth rates were 137% and 44% respectively; the growth rates for both revenue and net profit declined significantly in 2024.
Currently, the scale of domestic 3D printing companies is not particularly large. Taking 2024 as an example, Farsoon Technologies' revenue was 492 million yuan, with a net profit of 67.21 million yuan; Bright Laser Technologies' revenue was 1.326 billion yuan, with a net profit of 104 million yuan. It can be seen that Eplus 3D is comparable to Farsoon Technologies, and both companies' revenue scales lag behind Bright Laser Technologies.
Furthermore, comparing equipment revenue for 2024: Bright Laser Technologies was 545 million yuan (41% of revenue), Farsoon Technologies was 316 million yuan (64% of revenue), and Eplus 3D was 441 million yuan (94% of revenue).
This shows that, unlike Eplus 3D's reliance on "selling equipment," Bright Laser Technologies and Farsoon Technologies have a higher proportion of other income. Looking at the market share of equipment revenue for Bright Laser Technologies, Farsoon Technologies, and Eplus 3D in 2024, they were 1.28%, 0.74%, and 1.03% respectively, indicating a relatively fragmented industry. Each company has significant room for business expansion.
03 Most of the Raised Funds are for Fixed Asset Investment
As is well known, the original purpose of establishing the STAR Market was to implement the national strategy of "innovation-driven development and building a technologically powerful country," aiming to provide capital support for companies with core technologies and good development prospects, and to promote the rapid growth of industries like hard technology and high-end equipment. Therefore, the STAR Market has relatively high requirements for the R&D investment of companies seeking to list.
In terms of R&D investment, Eplus 3D can only be considered as "barely meeting the standard." The prospectus shows that Eplus 3D's R&D expenses during the reporting period were 21.18 million yuan, 23.77 million yuan, and 30.61 million yuan respectively, with R&D expense ratios of 8.57%, 5.82%, and 6.5% respectively. The total R&D expenses for the three years were 75.56 million yuan, with a comprehensive R&D expense ratio of 6.71%.
According to the STAR Market requirements, an IPO company must have an R&D expense ratio of over 5% for the last three years, or total R&D investment exceeding 80 million yuan for the last three years. Eplus 3D only meets the STAR Market's R&D investment requirement by relying on its comprehensive R&D expense ratio (6.71%) being higher than 5%.
Regarding the use of raised funds, Eplus 3D plans to raise 1.205 billion yuan in this IPO. Only 187 million yuan is intended for the Hangzhou R&D Center Construction Project, accounting for about 16%; another 906 million yuan is for the Beijing Capacity Expansion Project and the Hangzhou Industrialization Project, accounting for about 75%; and 112 million yuan is for the Technical Service Network Expansion, accounting for about 9%.
Looking at the details of the fund usage, most of the funds for the Beijing and Hangzhou projects are allocated for land acquisition, construction and installation, and equipment purchase, which constitutes solidifying fixed assets, with a relatively low proportion for R&D investment. Under these circumstances, whether the regulators will allow Eplus 3D to list on the STAR Market remains uncertain.
