Shining 3D has provided detailed responses to the first round of review inquiries from the Beijing Stock Exchange, addressing regulatory concerns over the stability of company control, the authenticity of overseas distribution revenue, and the rationale behind its fundraising projects. The company has no controlling shareholder, with a group of five individuals acting as de facto controllers holding approximately 24.9977% of shares. Three of these individuals, including Li Tao, borrowed a total of 71.7 million yuan from Li Cheng to subscribe for equity, raising questions about potential nominee shareholding. The company stated the loans were intended to incentivize management, with agreements clearly defining rights and obligations, and the five individuals signed a 'Joint Action Agreement' in November 2025. Regarding overseas revenue, the proportion rose from 60.76% to 73.60% during the reporting period. The lead underwriter visited 221 distributors covering over 70% of revenue, and distributor inventory at period-end accounted for only 3.97% of cumulative sales, indicating that products were largely sold through to end customers. The company plans to raise 550 million yuan, allocated entirely to three R&D projects, with personnel expenses exceeding 80% of each project's budget.