Farsoon Technologies (688433.SH) has released its 2026 semi-annual results: operating revenue of approximately RMB 341 million (+42.27% YoY); net profit attributable to shareholders of RMB 8.43 million (+87.09%); non-GAAP net profit of RMB 3.66 million (+115.78%); net profit attributable to shareholders excluding share-based payment impact of approximately RMB 44.59 million (+63.86%). Revenue from 3D printing equipment reached RMB 271 million (+52% YoY), with Q2 net profit surging 289.84% YoY. The company attributes growth to recovering downstream demand, increased equipment sales volumes versus the same period last year, and continued expansion of application scenarios. Farsoon is also advancing a RMB 3.91 billion refinancing plan to support capacity expansion, integrated service platform development, and global operations center construction. As a domestic leader in both metal 3D printing equipment and materials, Farsoon's self-produced powder materials generated revenue of RMB 38.41 million in H1 with a gross margin of 51.78%. As equipment volume ramps up, it will directly drive consumption of matching metal powders, making the powder materials business a key second growth curve. Value for powder buyers: ① Accelerated domestic equipment shipments expand the installed base for domestic metal powders, creating more opportunities for powder-equipment bundled qualification; ② Farsoon's powder gross margin exceeding 50% reflects rising brand premium for domestic powders—buyers should track progress on new alloy certifications; ③ Once refinancing-driven capacity expansion materializes, equipment pricing and lead times may improve, with downstream powder demand benefiting in tandem.