New Stock News | United Technology Submits Application to Hong Kong Exchange, Ranked First in China's Industrial Grade 3D Printing Equipment Companies by 2025.

According to the disclosure on June 26 by the Hong Kong Stock Exchange, Shanghai Union Technology Co., Ltd. (referred to as Union Technology) has submitted an application for listing on the main board of the Hong Kong Stock Exchange, with HAITONG INT'L as its exclusive sponsor. According to Frost & Sullivan data, Union Technology ranked first in China's industrial-grade 3D printing equipment companies in 2025 (by shipment volume), with a market share of approximately 25%. Company Overview The prospectus shows that Union Technology is a leading provider of industrial-grade 3D printing comprehensive solutions in China. The company empowers 3D printing with AI and digital technology, dedicated to driving the industry from prototype validation to process optimization, accelerating the scale production of end-use functional parts and products through digitization, and constructing a digital manufacturing full-scenario high-delivery capability. The company's business covers the entire industrial-grade 3D printing industry chain, providing self-developed industrial-grade 3D printing equipment integrating digital software, high-performance printing materials, and offering digital and intelligent 3D printing services based on the cloud factory model. As one of the earliest companies in China to participate in and practice 3D printing technology, Union Technology has been deeply cultivating the 3D printing industry for over twenty years, accumulating rich technical development and industrial application expertise, and continuously promoting the large-scale application of industrial-grade 3D printing. With long-term technical accumulation, a comprehensive product system, and a wide customer base, the company has established a leading position in China's industrial-grade 3D printing market. According to Frost & Sullivan data, the company has achieved the following accomplishments: ranking fourth in the world in China's industrial-grade 3D printing comprehensive solutions companies in 2025 (by revenue). The company is one of the few in China covering mainstream industrial-grade 3D printing technologies. The company is one of the industry leaders with integrated capabilities covering printing equipment, consumables, and printing services. The company deeply covers the entire industry chain of 3D printing, from upstream core 3D printing materials, in-house research and development of industrial-grade 3D printing equipment, and downstream extension to multiple terminal applications through printing services. In the field of industrial-grade 3D printing equipment, the company covers multiple mainstream technology routes in the industry, enhancing comprehensive service capabilities through comprehensive technology layout and product matrix. The company insists on completely self-developing industrial 3D printing software and, by integrating such software and algorithms into the equipment, builds a full-process digital manufacturing system covering data preprocessing, digital processes, digital production management, supply chain collaboration, and efficient delivery. It possesses high delivery capabilities under scale custom production scenarios, making it one of the few equipment companies globally with a full-process software algorithm system for industrial-grade 3D printing. At the same time, the company has established a large-scale, cross-regional, cross-industry 3D printing capacity cluster, providing industrial clients and printing service providers with scale custom production for prototype verification, process optimization, and end-use functional parts and product production, widely used in multiple industries. Another prominent feature of Union Technology's business model is distributed manufacturing, empowered by AI and digital capabilities for the company's printing services. Through its self-developed Unionfab Cloud platform, the company can effectively connect internal and external collaborative 3D printing devices to form a hybrid production network model. To promote capacity coordination in distributed manufacturing networks, the company connects its own devices with those owned by customers through Unionfab, allowing the company to optimize internal production resources and the capacity utilization of customer-installed devices, providing printing services during device idle periods. As of December 31, 2025, Unionfab had connected approximately 1,800 devices (including the company's own and end-user-owned devices), covering public and private cloud deployment models, supporting the scale operation of distributed manufacturing networks. The company's self-developed Unionfab ONE software, as a lightweight 3D printing operating system, automates the workflow from data processing and device control to on-machine printing tasks and process selection. Financial Information Revenue In the fiscal years 2023, 2024, and 2025, the company achieved revenues of approximately RMB 515 million, RMB 521 million, and RMB 563 million, respectively. Gross Profit and Gross Profit Margin In the fiscal years 2023, 2024, and 2025, the company recorded gross profits of approximately RMB 153 million, RMB 121 million, and RMB 165 million, with corresponding gross profit margins of 29.7%, 23.2%, and 29.2%. Net Losses In the fiscal years 2023, 2024, and 2025, the company recorded net losses of RMB 29.08 million, RMB 84.77 million, and RMB 31.39 million, respectively. Industry Overview In the global 3D printing comprehensive solutions industry, industrial-grade 3D printing solutions have always held a dominant position in the market. The market size of industrial-grade 3D printing solutions grew from RMB 72.9 billion in 2021 to RMB 93.6 billion in 2025, with a compound annual growth rate of 6.4% from 2021 to 2025. Meanwhile, driven by demand for product design validation and education training, the market size of consumer-grade 3D printing solutions steadily increased from RMB 31.5 billion in 2021 to RMB 45.7 billion in 2025, with a compound annual growth rate of 9.7% from 2021 to 2025. Overall, the global 3D printing comprehensive solutions industry has experienced significant expansion over the past five years, with the total market size increasing from RMB 104.4 billion in 2021 to RMB 139.2 billion in 2025, with a compound annual growth rate of 7.5%. Looking ahead, the global market size for 3D printing comprehensive solutions is expected to reach RMB 236 billion by 2030, with a compound annual growth rate of 11.1% from 2025 to 2030. In terms of structure, industrial-grade 3D printing solutions, due to their deep integration into strategic industrial sectors such as aerospace, medical, and high-end manufacturing throughout the product lifecycle, are expected to remain the core source of revenue and reach a market size of RMB 153.9 billion by 2030, with a compound annual growth rate of 10.5%. Meanwhile, as the application scenarios for consumer-grade solutions continue to expand, the market is projected to reach RMB 82.1 billion by 2030, with a compound annual growth rate of 12.4%. Overall, driven by the penetration of industrial applications into end-use production and the continued popularity of consumer-grade solutions, the global 3D printing comprehensive solutions industry will maintain a synergistic growth trend, further expanding the industry's overall value. Overall, the global market for industrial-grade 3D printing comprehensive solutions has seen significant expansion over the past five years, with the market size increasing from RMB 72.9 billion in 2021 to RMB 93.6 billion in 2025, with a compound annual growth rate of 6.4%. In the global market for industrial-grade 3D printing solutions, non-metal materials are currently the largest source of revenue, mainly driven by their extensive applications in prototype validation, consumer products, and general industrial applications. The market size of non-metal materials has grown from RMB 47.3 billion in 2021 to RMB 54.6 billion in 2025, with a compound annual growth rate of 3.7% from 2021 to 2025. The market size of metal materials printing has increased from RMB 25.6 billion in 2021 to RMB 39 billion in 2025, with a compound annual growth rate of 11.0%. Looking ahead, the total market size of the global industrial-grade 3D printing comprehensive solutions market is expected to increase from RMB 93.6 billion in 2025 to RMB 153.9 billion in 2030, with a compound annual growth rate of 10.5%. The market size of metal materials is expected to reach RMB 71.6 billion by 2030, with a compound annual growth rate of 12.9% from 2025 to 2030. The market size of non-metal materials is expected to reach RMB 82.3 billion by 2030, with a compound annual growth rate of 8.6% from 2025 to 2030. Non-metal printing, with its versatility and cost advantages, is expected to maintain its dominant market share. In the global market for industrial-grade 3D printing comprehensive solutions, printing services are the largest source of revenue and have historically driven overall market expansion, with the total market size increasing from RMB 72.9 billion in 2021 to RMB 93.6 billion in 2025, with a compound annual growth rate of 6.4% from 2021 to 2025. Printing services dominate the market, mainly due to their extensive applications in R&D verification, trial production, and end-use part production, meeting manufacturing requirements without the need for upfront equipment investment. The shipment volume of industrial-grade 3D printing devices in China was approximately 6,150 units in 2025. Printing services typically cover processes such as process development, post-processing, and quality inspection, with relatively high unit values, further supporting their revenue scale. Looking ahead, the total market size is expected to reach RMB 153.9 billion by 2030, with a compound annual growth rate of 10.5% from 2025 to 2030. Structurally, building on printing services as the main source of revenue, sales of printing devices, material sales, and software revenue will also grow due to increases in equipment installations and digital demand. Printing services benefit from expanding application scenarios and the outsourcing needs of manufacturing processes; printing device sales are driven by increased penetration of industrial-grade 3D printing solutions; material sales are mainly driven by increases in equipment holdings and usage frequency; software revenue is boosted by process integration and design optimization requirements. Overall, on the basis of the existing structure, all sub-sectors will grow together, driving the continuous expansion of the market size. Board of Directors Information The board of directors will consist of 11 members, including three executive directors, four non-executive directors, and four independent non-executive directors. Ownership Structure As of the last practicable date, a single largest shareholder group (composed of various entities according to a concerted action agreement) collectively controls approximately 18.12% of the company's issued share capital. Jiaxing Bofei is a limited partnership established according to Chinese law. Jiaxing Bofei's general partner is Shanghai Lianxin Investment Consulting Co., Ltd., controlled by Mr. Qulie Feng. Eleven limited partners of Jiaxing Bofei each hold less than one-third of Jiaxing Bofei's partnership interests and are independent third parties. Lianxin Boheng is a limited partnership established according to Chinese law. Lianxin Boheng's general partner is Shanghai Lianxin Capital Management Co., Ltd., controlled by Shanghai Lianyi Enterprise Management Center (Limited Partnership), whose general partner is Lianxin Venture. Lianyi Investment is the sole limited partner of Lianxin Boheng. Intermediary Team Exclusive Sponsor: HAITONG INT'L Capital Limited Company Legal Advisor: Hong Kong and U.S. Law: Gallant Law; Chinese Law: Shanghai Jintiancheng Law Firm; International Sanction Law and U.S. Export Control Law: Squire Patton Boggs (US) LLP Exclusive Sponsor Legal Advisor: Hong Kong Law: Dejenei Law Firm; Chinese Law: King & Wood Mallesons Auditors and Reporting Accountants: Ernst & Young LLP Industry Consultant: Frost & Sullivan (Beijing) Consulting Co., Ltd. Shanghai Branch Compliance Consultant: Maish Capital Limited