Topcast Technology and its sponsor Western Securities recently disclosed the updated version of their second round of inquiry replies based on 2025 semi-annual financial data, addressing adjustments to fundraising projects, metal-based 3D printing technology routes, and capacity absorption. After careful consideration, the company removed the 'Metal-Based 3D Printing Products and Thermal Equipment Core Components Capacity Expansion Construction Project' from this fundraising round, and reduced the proposed use of raised funds for the 'Intelligent Thermal Equipment R&D and Digital Production Base Construction Project' from RMB 562.099 million to RMB 382.4834 million. The reply document disclosed the company's order backlog and operating data: new contracts signed from January to September 2025 amounted to RMB 490.2174 million; as of the end of September 2025, orders on hand totaled RMB 600.4769 million, with potential orders of RMB 172 million, all progressing normally. On the technology route, the company's metal-based 3D printing uses selective laser melting (SLM) and targets complex precision aerospace parts. The reply clarified that multi jet fusion (MJF) can only use polymers such as nylon and polypropylene, offers lower printing accuracy, and cannot meet aerospace requirements; SLM will remain the mainstream metal-based 3D printing process. The company's metal-based 3D printing production line has achieved mass production, and the related aviation parts received a scientific and technological evaluation from the China Nonferrous Metals Industry Association on September 4, 2023, recognized as having 'good technical reproducibility and high maturity.' As of June 30, 2025, the company had 733 employees. For the metal additive manufacturing supply chain, Topcast Technology's scaling back of its 3D printing products capacity expansion fundraising project while retaining thermal equipment and new materials R&D signals that resources are tilting more toward upstream equipment and powder segments. The continued mass-production validation of its SLM route in aerospace also means that stable demand for high-quality metal powders remains concentrated in laser powder bed fusion systems. Peer company Bright Laser Technologies' aerospace revenue grew from RMB 637.6854 million in 2022 to RMB 814.5223 million in 2024, accounting for 61.45%, further confirming the powder absorption capacity of this track. Value for powder buyers: (1) Monitor the mass-production pace of Topcast Technology's SLM line; its aviation parts have been validated as mature, so it can be included in the evaluation list of potential suppliers or partners for metal powders used in laser powder bed fusion. (2) As the fundraising focus shifts to thermal equipment and new materials R&D, buyers can track changes in supporting powder demand for special composite materials and coated graphite components. (3) Given Bright Laser Technologies' sustained aerospace revenue growth and Topcast's ample order backlog, prioritize long-term supply agreements for aerospace-grade metal powders to mitigate single-source risk.