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].

Core Insights - The collaboration between Huina Technology and Tuozhu Technology is rapidly advancing towards the establishment of the world's largest 3D printing factory, with nearly 5,000 Tuozhu 3D printers deployed in Shenzhen [1] - The strategic acquisition of Jinshihua Speed and the accelerated development of the Jinshi Zhihui 3D printing intelligent platform are key components of the company's "3D printing + AI" dual-engine strategy, focusing on the潮玩文创 (trendy toy and cultural creation) sector [1] Group 1: Hardware Deployment - The partnership aims to complete the deployment of 15,000 Tuozhu 3D printers by the first quarter of 2026, establishing a large-scale 3D printing factory to support the production needs of the潮玩文创 sector [2] - The factory will leverage Tuozhu Technology's advantages in consumer-grade 3D printing, which is known for speed, reliability, and cost-effectiveness, addressing the high costs and long cycles associated with traditional潮玩 production [2] Group 2: Strategic Acquisition - Huina Technology's recent acquisition of Shenzhen Jinshihua Speed Technology Co., Ltd. enhances its production capacity by integrating over 1,000 3D printing devices into its operations [3] - This acquisition creates a "core platform + satellite farm" production network, allowing for flexible order fulfillment in潮玩盲盒 (blind box toys), cultural IP derivatives, and personalized潮玩 [3] Group 3: Intelligent Platform Development - The Jinshi Zhihui intelligent platform, developed by Huina Technology's subsidiary, optimizes core functions for潮玩文创 scenarios, integrating AI algorithms and big data capabilities [4] - Key features include AI-generated design tools that significantly lower the barriers for designers, and a creator designer platform that connects independent designers with mass production resources [4] Group 4: Market Trends and Growth Potential - According to Precedence Research, the global 3D printing market is projected to reach $24.6 billion by 2024, with a compound annual growth rate of nearly 20% over the next decade [5] - The潮玩文创 sector is experiencing a surge in demand for personalization and customization, aligning with Huina Technology's strategic focus on "hardware scaling + networked capacity + intelligent platforms + precise market targeting" [5]

Investment Rating - The report maintains a "Positive" outlook on the 3D printing industry, indicating a low current penetration rate and potential for rapid growth driven by the expansion of demand for customized products and the popularization of the 3D farm model [7]. Core Insights - The 3D printing industry is entering a "singularity moment," where growth is driven not just by technological breakthroughs but also by a paradigm shift in industrial manufacturing and a surge in consumer demand for personalized products. Key drivers include agile manufacturing advantages in industrial-grade 3D printing, the ability to produce complex shapes, and the democratization of technology in consumer-grade 3D printing [9][13]. - The global 3D printing market is projected to reach $21.9 billion in 2024, with a year-on-year growth of 9.31%. In China, the market is expected to reach 42.3 billion yuan, with a significant portion of revenue coming from equipment and services [9][69]. Summary by Sections Investment Suggestions and Targets - The report suggests that the 3D printing industry is poised for rapid growth due to low current penetration rates and expanding demand. Key investment targets include: - Consumer-grade 3D printing service operator Huina Technology (300609, not rated) - Industrial-grade metal printing equipment manufacturers Plater (688333, not rated) and Huashu High-Tech (688433, not rated) - 3D printing material suppliers Jialian Technology (301193, not rated) and Youyan Powder Materials (688456, not rated) [4][21]. Industry Overview - 3D printing technology is characterized by its flexibility and high production capacity, allowing for the creation of complex structures with minimal waste. The technology has evolved from traditional subtractive manufacturing to additive manufacturing, enabling significant design freedom and reduced production cycles [22][24]. - The main materials used in 3D printing include plastics and metal powders, with various technological routes such as FDM, SLS, and SLA being commercially viable [31][36]. Market Outlook - The global 3D printing market is experiencing a golden development period, with both consumer and industrial segments expected to expand. The U.S. leads the market, while the Asia-Pacific region is catching up rapidly. The market for 3D printing materials is projected to grow by 35.21% in 2024, with significant growth also seen in 3D bioprinting and metal additive manufacturing [58][62]. - In China, the 3D printing market is expected to reach 42.3 billion yuan in 2024, with a strong focus on equipment and services, which together account for 76% of the market [69][70]. Key Players - The report highlights the differentiation among leading companies in the industrial-grade 3D printing sector, with notable players like Plater and Huashu High-Tech excelling in metal 3D printing. In the consumer-grade sector, Huina Technology is building a supply-demand ecosystem through a combination of scale farms and offline stores [9][20][21].

（文章来源：证券日报） 证券日报网讯 12月12日晚间，汇纳科技发布公告称，公司于2025年12月12日召开第四届董事会第二十 八次会议，审议通过了《关于变更公司经营范围的议案》《关于修订并办理工商变更登记的议案》，董 事会同意根据公司经营发展的需要，以及市场监督管理部门经营范围规范化相关登记要求，对公司经营 范围进行变更，并同意对《公司章程》中的相关条款进行修订。上述议案尚需提交公司股东会审议。 ...

每经AI快讯，汇纳科技（SZ 300609，收盘价：38.01元）12月12日晚间发布公告称，公司第四届第二十 八次董事会会议于2025年12月12日以通讯表决方式召开。会议审议了《关于变更公司经营范围的议案》 等文件。 每经头条（nbdtoutiao）——实施城乡居民增收计划、降准降息等工具灵活高效运用、增加普通高中学 位……深度解读中央经济工作会议 （记者 王瀚黎） 2025年1至6月份，汇纳科技的营业收入构成为：数字商业占比65.13%，公共服务板块占比34.87%。 截至发稿，汇纳科技市值为46亿元。 ...

汇纳科技股份有限公司 章程 （2025 年 12 月修订） 1 | | | 第一章 总则 3 第一条 为维护公司、股东、职工和债权人的合法权益，规范公司的组织和 行为，根据《中华人民共和国公司法》（以下简称"《公司法》"）、 《中华人民共和国证券法》（以下简称"《证券法》"）和其他有 关规定，制订本章程。 第二条 公司系依照《公司法》和其他有关规定成立的股份有限公司（以下 简称"公司"）。 公司以发起方式设立，在上海市工商行政管理局注册登记，取得营 业执照，统一社会信用代码证为 913100007653010244。 第三条 公司于 2017 年 1 月 13 日经中国证券监督管理委员会（以下简称"中 国证监会"）批/核准，首次向社会公众发行人民币普通股 2,500 万 股，于 2017 年 2 月 15 日在深圳证券交易所上市。 第四条 公司注册名称：汇纳科技股份有限公司。 英文名称：Winner Technology Co., Inc. 第五条 公司住所：中国（上海）自由贸易试验区川和路 55 弄 6 号。 邮政编码：201210 第六条 公司注册资本为人民币 12,011.4387 万元。 第七条 公司 ...

证券代码：300609 证券简称：汇纳科技 公告编号：2025-064 汇纳科技股份有限公司 关于变更公司经营范围、修订《公司章程》 并办理工商变更登记的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 汇纳科技股份有限公司（以下简称"公司"）于 2025 年 12 月 12 日召开第 四届董事会第二十八次会议，审议通过了《关于变更公司经营范围的议案》《关 于修订<公司章程>并办理工商变更登记的议案》，董事会同意根据公司经营发 展的需要，以及市场监督管理部门经营范围规范化相关登记要求，对公司经营范 围进行变更，并同意对《公司章程》中的相关条款进行修订。上述议案尚需提交 公司股东会审议。现将具体内容公告如下： 一、公司变更经营范围情况 公司根据经营发展需要，拟在原经营范围基础上新增"一般项目：玩具制造； 教学用模型及教具制造；恐龙模型制造；模具制造；文具制造；塑料加工专用设 备制造；游艺用品及室内游艺器材制造；日用品生产专用设备制造；玩具、动漫 及游艺用品销售；销售代理；教学用模型及教具销售；模具销售；文具用品批发； 文具用品零售；办公用品销售；塑料制品销售 ...

证券代码：300609 证券简称：汇纳科技 公告编号：2025-065 关于召开 2025 年第三次临时股东会的通知 汇纳科技股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 一、召开会议的基本情况 1、股东会届次：2025 年第三次临时股东会 2、股东会的召集人：董事会 关于召开本次股东会的议案已经汇纳科技股份有限公司（以下简称"公 司"）第四届董事会第二十八次会议审议通过。 3、会议召开的合法、合规性： 本次会议的召集、召开符合《中华人民共和国公司法》《深圳证券交易所 创业板股票上市规则》《深圳证券交易所上市公司自律监管指引第 2 号—创业 板上市公司规范运作》等法律、行政法规、部门规章、规范性文件及《公司 章程》的有关规定。 4、会议时间： （1）现场会议时间：2025 年 12 月 29 日 14:30 （2）网络投票时间：通过深圳证券交易所系统进行网络投票的具体时间 为 2025 年 12 月 29 日 9:15-9:25，9:30-11:30，13:00-15:00；通过深圳证券交易 所互联网投票系统投票的具体时间为 2025 年 12 ...

汇纳科技股份有限公司（以下简称"公司"）第四届董事会第二十八次会议 于 2025 年 12 月 12 日下午以通讯表决方式召开。本次会议已于 2025 年 12 月 9 日以电话、电子邮件等方式通知全体董事。 本次会议应出席董事 7 人，实际出席董事 7 人。会议由公司董事长江泽星先 生主持。公司高级管理人员列席了会议。会议的召集、召开符合《公司法》及《公 司章程》的规定。 二、董事会审议情况 证券代码：300609 证券简称：汇纳科技 公告编号：2025-063 汇纳科技股份有限公司 第四届董事会第二十八次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 一、董事会会议召开情况 1、审议通过了《关于变更公司经营范围的议案》 董事会同意根据公司经营发展的需要，以及市场监督管理部门经营范围规范 化相关登记要求，对公司经营范围进行变更。 详细内容请参见与本公告同日披露在巨潮资讯网（www.cninfo.com.cn，下 同）上的《关于变更公司经营范围、修订<公司章程>并办理工商变更登记的公 告》。 表决结果：7 票同意，0 票反对，0 票弃权。 本议案 ...

人民财讯12月4日电，企查查APP显示，近日，深圳市新火星材料有限公司成立，法定代表人为李建， 经营范围包含：前沿新材料制造；新材料技术研发；智能控制系统集成；玩具、动漫及游艺用品销售； 玩具制造；玩具销售等。企查查股权穿透显示，该公司由汇纳科技（300609）旗下深圳市金石汇纳科技 有限公司、深圳市火星增材投资有限公司共同持股。 ...