On January 8, 2026, recently, the leading domestic company in 3D vision and 3D scanning, Shining 3D Technology Co., Ltd. (stock code: 830978), officially disclosed major progress: The company has passed the listing counseling acceptance by the Zhejiang Securities Regulatory Bureau and simultaneously submitted materials for public stock issuance and listing to the Beijing Stock Exchange. Starting from that day, the stock entered a suspension phase.
As a national-level single-champion manufacturing enterprise and a key “little giant” in specialized, refined, distinctive, and innovative fields, this shift to the Beijing Stock Exchange is not only a precise adjustment to its capitalization path but also reflects solid performance data, deep technical accumulation, and clear strategic layout.
According to the certificate issued by the China Instrument and Meter Industry Association, the company’s revenue scale in the 3D scanner field ranked first domestically in 2024. According to the report issued by Frost & Sullivan, in the global 3D vision product market, Shining 3D is the largest Chinese brand by scale in 2024.
Moving Toward Beijing Stock Exchange, Planning to Raise 559 Million Yuan
Shining 3D’s capitalization exploration has always been closely aligned with its business development rhythm. After its first attempt at the STAR Market in 2019, the company did not stagnate but continued to solidify its industrial foundation. This shift to the Beijing Stock Exchange is a precise fit for its “innovative SME” attributes and a mutual alignment of policy dividends and corporate development needs.
In terms of progress, the company’s efficiency is remarkable: On July 31, 2025, it signed a counseling agreement with China International Capital Corporation (CICC), and completed the entire counseling process in less than 5 months, demonstrating its standardized governance structure and mature operational capabilities. According to the prospectus, the company has selected the first set of listing standards for the Beijing Stock Exchange. In 2024, the net profit attributable to the parent company’s shareholders (the lower of before and after deducting non-recurring gains and losses) reached 158.2171 million yuan, with a weighted average return on net assets of 10.94%, and the expected market value not less than 200 million yuan, fully meeting the listing requirements.
The issuance plan is clear: The company plans to publicly issue no more than 20 million shares (excluding the over-allotment option), and no more than 23 million shares after full exercise of the over-allotment option. The issue price will be determined through direct pricing, online bidding, or offline inquiry methods. The raised funds will be primarily invested in three major projects: R&D of industrial 3D vision measurement and detection technology, R&D of high-precision 3D vision key algorithms and core modules, and R&D of dental high-precision digital implantation technology, with a total investment scale of 559 million yuan, continuously strengthening core technological advantages.
2025 Revenue Exceeds 15 Billion Yuan, Solid Industry Leader
From Shining 3D’s prospectus, the company’s financial data shows strong growth momentum. In the first 9 months of 2025, the company achieved operating revenue of 1.088 billion yuan, a year-on-year increase of 36.29%; net profit attributable to the parent company’s shareholders was 282 million yuan, a year-on-year surge of 190.91%, with similarly significant growth in net profit after deductions.
The 2025 full-year performance forecast is even more impressive, with expected operating revenue of 1.5-1.6 billion yuan, a year-on-year growth of 24.77%-33.09%; net profit attributable to the parent company’s shareholders of 390-430 million yuan, a year-on-year growth of 83.63%-102.47%, and net profit after deductions growing even higher at 102.25%-127.54%, with profitability continuing to explode.
The quality of earnings is also solid. During the reporting period, the company’s gross margin remained stable above 65%, reaching 70.88% in the first half of 2025, highlighting the profitability resilience of a technology-driven enterprise; net cash flow from operating activities remained positive, reaching 264 million yuan in 2024, providing strong support for R&D investment and capacity expansion. As of the end of June 2025, the company’s total assets were 2.157 billion yuan, owners’ equity 1.759 billion yuan, and asset-liability ratio only 15.20%, with a healthy and stable financial structure.
The effectiveness of global layout is another major highlight. The company has sales and technical support subsidiaries in Germany, the United States, Japan, and other places, with products sold to more than 100 countries and regions. In the first half of 2025, overseas main business revenue accounted for 72.63%, further increasing from the same period last year, forming a “domestic + overseas” dual-wheel drive market pattern.
20 years of deep cultivation in the industry
After more than 20 years of deep cultivation in the industry, Shining 3D has built a strong technological moat. The company independently masters five core underlying technologies, including 3D vision real-time stereo reconstruction algorithms and high-precision calibration technology. R&D investment remains high—total R&D investment during the reporting period was 970 million yuan, accounting for 26.39% of total operating revenue. As of the end of June 2025, there were 524 R&D personnel, accounting for 39.58% of total employees, with doctors and masters making up 48.85%.
Intellectual property reserves are abundant. As of June 30, 2025, the company holds 281 authorized invention patents (including 64 overseas), 222 software copyrights, and another 530 invention patents pending domestically and internationally. In the field of dental digitization, it pioneered the global IPG intraoral photographic measurement technology, solving the problem of high-precision implantation for edentulous jaws; its industrial-grade 3D scanners match international leading companies in measurement accuracy and speed, widely applied in diverse scenarios such as automotive industry and aerospace rail transit.
The industrial ecosystem layout continues to deepen. The new R&D and production base located in “China Vision Valley” has been put into use, with a total construction area of 96,000 square meters, covering multiple professional laboratories and intelligent storage facilities. As a “chain leader” enterprise, the company has promoted the landing of 6 chain projects including Deboman and Chuan Tu Microelectronics, helping the region form a 3D vision industry cluster. At the same time, the company has participated in formulating 1 national metrology technical specification, 2 industry standards, and 4 national standards, further consolidating its leading position.
Future Outlook
According to data released by Frost & Sullivan, the global 3D vision product market size grew from 17.74 billion yuan in 2020 to 23.38 billion yuan in 2024. In the future, with continuous improvements in the precision and resolution of 3D vision products, ongoing integration of multiple perception technologies, increasing maturity of large models and deep learning technologies, and strong support from governments worldwide for the intelligent equipment manufacturing industry and artificial intelligence technology development, the global 3D vision product market size is expected to continue growing. It is projected that by 2029, global 3D vision product terminal sales will reach 39.18 billion yuan, with a compound annual growth rate of about 10.9% from 2024 to 2029.