Public Equity AM Profile · SHANGHAI STAR: 688333
Bright Laser Technologies: China’s metal AM pure play is now led by printed parts, not machines.
Xi’an Bright Laser Technologies (BLT) designs and builds metal AM systems, supplies metal powder and prints custom parts. In FY2025, custom printed parts and services were 57% of revenue. The investment case rests on whether qualified aerospace work and a fast-growing industrial book can keep converting into production volume and margin.
As of: 18 October 2026 (key metrics from the FY2025 annual report) · Profile: Full investor tearsheet · Rating: Not assigned
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2026-10-18 (FY2025 annual report filed on SSE)
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1H 2026 report: printed-parts growth, industrial versus aerospace mix, gross margin and operating cash flow.
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Quick research snapshot
AM exposure: High
Pure-play score: 5 / 5
Bottleneck score: 4 / 5
Evidence: Serial
Financial materiality: Material
Main risk: Customer concentration in aerospace programs and margin pressure as the industrial mix grows.
Research verdict: BLT is a vertically integrated metal AM company (machines, powder, parts); the moat is qualified production capacity, and the test is margin quality as growth shifts toward industrial customers.
Investor read
FY2025 revenue rose 39.69% to RMB1,851.67M, and net profit attributable to shareholders rose 95.14% to RMB203.80M. Every product line grew, but custom printed parts and services grew fastest.
Industrial revenue almost doubled (+97.67%) to RMB893.54M and is now slightly larger than aviation and aerospace (RMB883.26M, +8.44%). Overseas revenue doubled (+100.24%) from a small base of RMB162.11M.
Operating cash flow fell 31.04% to RMB238.72M as material purchases and payroll rose. Cash conversion matters more than headline growth.
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