On November 6, Beijing Yuding Additive Manufacturing Research Institute Co., Ltd. filed its prospectus for a listing on the Shanghai Stock Exchange's STAR Market, sponsored by Guosen Securities. Its main business spans metal additive manufacturing, CNC machining equipment and specialty processing services for metal materials. The company plans to issue no more than 9.314 million shares and raise RMB 1.802 billion.
The proceeds cover five items: RMB 439.7641 million for an aerospace titanium alloy component laser metal deposition (LMD) expansion project; RMB 398.0209 million for a laser powder bed fusion expansion project; RMB 360.154 million for an industrialization project for high-efficiency deposition of ultra-large-format materials; RMB 403.9626 million for an AM analysis and testing center and headquarters base; and RMB 200 million for working capital.
The prospectus covers the three full fiscal years 2023 to 2025. Revenue was RMB 398 million, RMB 396 million and RMB 392 million, down 0.52% and 0.99% year over year in the two most recent periods. Net profit was RMB 26.8788 million, RMB 21.2273 million and RMB 70.8701 million — a 21.03% decline in 2024 and a 233.86% increase in 2025. Gross margin was 35.24%, 31.79% and 28.48%.
R&D spending was RMB 50 million, RMB 40 million and RMB 30 million, with R&D intensity falling from 12.51% to 10.52% and then 7.29% of revenue.
On solvency, the consolidated debt-to-asset ratio was 37.91%, 30.26% and 17.74%; the current ratio was 1.48, 1.89 and 4.28; the quick ratio was 0.85, 1.19 and 3.67. Total assets at the end of 2025 were RMB 2.209 billion, of which current assets were RMB 1.525 billion, or 69.02%. EBITDA was RMB 125.4374 million, weighted average ROE was 7.59%, earnings per share were RMB 3.22, and net assets per share attributable to shareholders were RMB 65.04.
Operating cash flow was RMB 57.7361 million, negative RMB 94.8734 million and RMB 72.0028 million across the three years, or RMB 2.58, negative RMB 4.22 and RMB 3.35 per share.
On the same day, Sina Finance's listed-company research unit issued an automated risk review listing 24 financial warning indicators, including a revenue CAGR of -0.75%, gross margin changes of -9.8% and -10.4% in the latest two periods, declining R&D spending, non-recurring items equal to 84.86% of net profit, receivables turnover of 2.82 versus an industry average of 27.7, inventory turnover of 1.23 versus 3.56, total asset turnover of 0.22 versus 0.73, and prepayments up 227.97% from the start of the period. The review also noted that the latest debt-to-asset ratio of 17.74% raises questions about the necessity of the fundraising.
Per public information, the STAR Market application was accepted in June 2026 and entered the inquiry stage in July; this filing is an updated disclosure. Approval and pricing rest with exchange announcements.