Investment Rating - The report maintains an "Outperform" rating for the consumer-grade 3D printing industry [1] Core Insights - Technological advancements are driving the growth of the consumer-grade 3D printing industry, which is entering a period of widespread adoption. The global market is expected to exceed $4 billion by 2024, with a compound annual growth rate (CAGR) of 28% from 2020 to 2024. The sales of 3D printers alone are projected to reach $2.1 billion, growing at a CAGR of 21% during the same period [3][15] - The consumer-grade 3D printing market is characterized by intense competition, with Chinese companies dominating the landscape. By 2024, China is expected to account for 45% of global 3D printer exports, with major markets in the US and Europe [3][24] - The report highlights the growth potential of 3D printing consumables, which are expected to reach $1 billion by 2024, with a CAGR of 36% from 2024 to 2029. Chinese companies are gradually capturing market share in this segment [3][45] Summary by Sections 1. Technological Advancements Driving Growth - Continuous improvements in hardware and software are lowering the operational barriers for consumer-grade 3D printing, leading to increased market penetration. The global consumer-grade 3D printing market is projected to reach $4 billion by 2024, with a CAGR of 28% from 2020 to 2024 [3][15] - The number of consumer-grade 3D printers is expected to reach approximately 15.8 million units globally by 2024, indicating a penetration rate of only 1.8% among the 860 million households in the US, Europe, and China, suggesting significant growth potential [3][15] 2. Competitive Landscape - The report identifies a competitive landscape where Chinese companies, such as Chuangxiang Sanwei and Tuozhu, are leading the market. Chuangxiang Sanwei holds a market share of 28% in cumulative shipments from 2020 to 2024, while Tuozhu is expected to lead in 2024 with a 29% market share [3][27] - The competition is primarily driven by product capabilities, with a focus on technological research and development, as well as supply chain efficiency [3][28] 3. Company Profiles - Chuangxiang Sanwei offers a diverse range of products, including 3D printers, consumables, and services, with projected revenues of 2.3 billion yuan in 2024 and a stable gross margin of around 30% [3][35] - Tuozhu Technology focuses on integrating advanced technologies into their 3D printers, enhancing user experience and product performance, which has propelled them to the top of the industry [3][44] 4. Growth of 3D Printing Consumables - The consumables segment is expected to grow significantly, with the market projected to reach $1 billion by 2024, driven by the increasing number of 3D printers in use. The CAGR for this segment is anticipated to be 36% from 2024 to 2029 [3][45] - Chinese companies are gradually increasing their market share in the consumables sector, particularly in upstream resin production and modified plastics [3][45]

Group 1 - The company, Hai Zheng Sheng Cai, announced on January 4 that it has repurchased approximately 1.96 million shares, which represents 0.96% of its total share capital of about 203 million shares [1] - The highest price for the repurchased shares was 15.98 yuan per share, while the lowest price was 7.76 yuan per share [1] - The total amount spent on the share repurchase was approximately 21.24 million yuan, excluding transaction fees such as stamp duty and commissions [1]

Summary of Key Points Core Viewpoint - Haizheng Shengcai (688203.SH) has announced a share buyback program, indicating a strategic move to enhance shareholder value and confidence in the company's future prospects [1] Group 1: Share Buyback Details - As of December 31, 2025, the company has repurchased a total of 1.955 million shares, which represents 0.96% of the current total share capital of 202,678,068 shares [1] - The highest price paid for the repurchased shares was 15.98 CNY per share, while the lowest price was 7.76 CNY per share [1] - The total amount spent on the share buyback was approximately 21,236,979.47 CNY, excluding transaction fees such as stamp duty and commissions [1]

证券代码：688203 证券简称：海正生材 公告编号：2026-01 浙江海正生物材料股份有限公司 关于股份回购进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 2025 年 8 月 18 日，公司召开第七届董事会第十七次会议审议通过了《关于调 整回购股份价格上限及延长实施期限的议案》，将回购股份价格上限由 12 元/股（含） 调整为 17 元/股（含），并同时对回购实施期限延长 6 个月，延长至 2026 年 2 月 27 日止，即回购实施期限为自 2024 年 8 月 28 日至 2026 年 2 月 27 日。具体内容 详见公司于 2025 年 8 月 19 日在上海证券交易所网站（www.sse.com.cn）披露的《浙 江海正生物材料股份有限公司关于调整回购股份价格上限及延长实施期限的公告》 （公告编号：2025-48）。 二、回购股份的进展情况 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等相关规定，上市公司应当在每个月的前 3 个交易日内公告截 至上月末的回购进 ...

Core Viewpoint - The company plans to repurchase shares worth between 20 million to 30 million yuan for employee stock ownership plans or equity incentives, with adjustments to the funding source and price cap in 2025 [1] Group 1 - The repurchase program is set to be implemented starting August 28, 2024, and will be extended until February 27, 2026 [1] - As of December 31, 2025, the company has repurchased a total of 1.955 million shares, representing 0.96% of the total share capital [1] - The total funds paid for the repurchase amount to approximately 21.237 million yuan, with a repurchase price range of 7.76 to 15.98 yuan per share [1]

Core Viewpoint - The financial performance of Zhejiang Haizheng Biomaterials Co., Ltd. shows a decline in revenue and net profit, indicating potential challenges in the company's operations and market conditions [2]. Group 1: Financial Performance - As of September 30, 2025, Haizheng Biomaterials reported a revenue of 621 million yuan, a year-on-year decrease of 5.74% [2]. - The net profit attributable to the parent company was 4.91 million yuan, reflecting a significant year-on-year decline of 85.34% [2]. - Cumulative cash dividends since the company's A-share listing amount to 42.49 million yuan [2]. Group 2: Shareholder and Market Activity - The number of shareholders as of September 30, 2025, was 6,695, a decrease of 10.22% from the previous period [2]. - The average number of circulating shares per shareholder increased by 17.43% to 18,538 shares [2]. - The financing balance of Haizheng Biomaterials reached 50.50 million yuan, accounting for 3.17% of the market capitalization, indicating a high level of financing activity [1].

Investment Rating - The industry investment rating is "Overweight" indicating a positive outlook for the sector [3]. Core Insights - The 3D printing industry is experiencing significant growth, with exports showing strong performance. In the first 11 months of 2025, China exported 4.48 million 3D printers, a year-on-year increase of 29.60%. November alone saw exports of 520,000 units, up 89.10% year-on-year. The total export value for the same period reached 9.758 billion yuan, a 31% increase year-on-year, with November's export value at 1.287 billion yuan, reflecting a remarkable 136.20% growth [3]. - A government initiative aims to enhance the supply-demand adaptability of consumer goods, promoting the integration of 3D printing technology into education. This is expected to drive demand for 3D printing equipment as it transforms traditional teaching methods [3]. - The promotion of 3D printing factory models is shifting consumer-grade 3D printing from a "professional tool" to a "widespread productivity tool." Companies like Huina Technology are developing 3D printing farms, which will significantly lower operational costs and usage barriers, thus boosting demand for 3D printing equipment [3]. - Advances in AI are lowering creative barriers, accelerating the shift towards a more creative society. Tools like Nano Banana Pro and Meta's SAM 3D are enhancing the capabilities of 3D printing users, making the transition from 2D to 3D modeling more accessible and engaging [3]. - Key industry players include: - Components: Jieput (688025.SH), Ruike Laser (300747.SZ), and Jinchengzi (688291.SH) - 3D Scanners: Sikan Technology (688583.SH) and Aobi Zhongguang-UW (688322.SH) - Materials: Haizheng Biomaterials (688203.SH) and Jialian Technology (301193.SZ) - Complete Machines: Tuozhu Technology (unlisted), Chuangxiang Sanwei (in IPO process), Anke Innovation (300866.SZ), and Huina Technology (300609.SZ) [3][4].

浙江海正生物材料股份有限公司 关于诉讼事项的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 浙江海正生物材料股份有限公司（以下简称"公司"或"本公司"）于 2025 年 12 月 18 日收到台州市椒江区人民法院《出庭通知书》，被告人钱某某、郑某 某与附带民事诉讼原告人浙江海正生物材料股份有限公司、浙江海诺尔生物材料 有限公司、附带民事诉讼被告人柯某某、普立思生物科技有限公司、安徽金普瑞 新材料有限公司、张家港市沃尔特精密机械有限公司侵犯商业秘密罪一案，定于 2025 年 12 月 23 日上午开庭审理。具体情况如下： 一、本次诉讼起诉的基本情况 证券代码：688203 证券简称：海正生材 公告编号：2025-58 （一）诉讼当事人 1 案件所处的诉讼阶段：尚未开庭审理 上市公司所处的当事人地位：原告 涉案的金额：连带赔偿原告经济损失暂计三千万元人民币（包括原告 为本案支付的全部合理费用） 是否会对上市公司损益产生负面影响：因本诉讼事项中公司及全资子 公司作为原告，就侵害商业秘密案件主张赔偿权利，预计 ...

Group 1 - The company, Hai Zheng Sheng Cai (海正生材), primarily produces resin-based polylactic acid and has obtained food contact safety certification from the US FDA and compliance certification from Japan [2] - The company has completed the REACH registration for the European Union, indicating its commitment to meeting international regulatory standards [2] - The company's products are exported overseas, including to EU countries, highlighting its global market reach [2]

Group 1 - The company has a 15,000-ton PLA production capacity, with the first phase expected to be completed by the end of 2025 [1] - The first phase includes a 7,500-ton polylactic acid production line, which is currently in the debugging stage [1]