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].

二、担保进展情况 | 证券代码：301193 | 证券简称：家联科技 | 公告编号：2025-085 | | --- | --- | --- | | 债券代码：123236 | 债券简称：家联转债 | | 宁波家联科技股份有限公司 关于为全资子公司提供担保的进展公告 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、担保情况概述 宁波家联科技股份有限公司（以下简称"公司"）于 2025 年 4 月 24 日召开第 三届董事会第十七次会议及 2025 年 5 月 16 日召开 2024 年年度股东大会审议通 过了《关于公司 2025 年度为子公司提供担保额度预计的议案》。同意公司对合 并报表范围内子公司提供不超过人民币 12 亿元的担保额度，其中拟为资产负债 率 70%以上的子公司提供担保额度不超过人民币 1 亿元，为资产负债率 70%以 下的子公司提供担保额度不超过人民币 11 亿元。提供担保的形式包括但不限于 信用担保（含一般保证、连带责任保证等）、抵押担保、质押担保或多种担保方 式相结合等形式。为提高融资业务的办理效率，公司董事会提请股东大会授权管 理层 ...

| 证券代码：301193 | 证券简称：家联科技 | 公告编号：2025-086 | | --- | --- | --- | | 债券代码：123236 | 债券简称：家联转债 | | 宁波家联科技股份有限公司 关于为控股子公司提供担保的进展公告 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、担保情况概述 宁波家联科技股份有限公司（以下简称"公司"）于 2025 年 4 月 24 日召开第 三届董事会第十七次会议及 2025 年 5 月 16 日召开 2024 年年度股东大会审议通 过了《关于公司 2025 年度为子公司提供担保额度预计的议案》。同意公司对合 并报表范围内子公司提供不超过人民币 12 亿元的担保额度，其中拟为资产负债 率 70%以上的子公司提供担保额度不超过人民币 1 亿元，为资产负债率 70%以 下的子公司提供担保额度不超过人民币 11 亿元。提供担保的形式包括但不限于 信用担保（含一般保证、连带责任保证等）、抵押担保、质押担保或多种担保方 式相结合等形式。为提高融资业务的办理效率，公司董事会提请股东大会授权管 理层在担保额度内签署相 ...

| 证券代码：301193 | 证券简称：家联科技 | 公告编号：2025-084 | | --- | --- | --- | | 债券代码：123236 | 债券简称：家联转债 | | 宁波家联科技股份有限公司 关于"家联转债"预计触发赎回条件的提示性公告 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。 特别提示： 1、证券代码：301193 证券简称：家联科技 2、债券代码：123236 债券简称：家联转债 3、转股价格：15.33 元/股 5、根据《宁波家联科技股份有限公司向不特定对象发行可转换公司债券募 集说明书》（以下简称"《募集说明书》"）中的相关约定，在本次发行的可转换 公司债券转股期内，如果公司股票连续三十个交易日中至少有十五个交易日的收 盘价格不低于当期转股价格的 130%（含 130%），公司董事会有权决定按照债 券面值加当期应计利息的价格赎回全部或部分未转股的可转换公司债券。 自 2025 年 12 月 8 日至 2025 年 12 月 19 日，宁波家联科技股份有限公司（以 下简称"公司"）股票已有 10 个交易日的收盘价格不低于当期转 ...

Core Viewpoint - Ningbo Jialian Technology Co., Ltd. is a leading enterprise in the global plastic dining utensils manufacturing industry, focusing on the research, production, and sales of plastic products, biodegradable products, and plant fiber products, with a significant portion of sales coming from exports [2][7]. Group 1: Company Overview - The company was established on August 7, 2009, and went public on December 9, 2021, with its main business revenue composition being 84.41% from plastic products, 14.25% from biodegradable products, and 1.34% from other sources [7]. - The company has a significant presence in overseas markets, with 70.47% of its sales coming from exports in 2021, primarily to developed regions such as North America, Europe, and Oceania [2][3]. - As of September 30, 2025, the company reported a revenue of 1.865 billion yuan, representing a year-on-year growth of 8.25%, while the net profit attributable to shareholders was a loss of 73.8145 million yuan, a decrease of 209.95% year-on-year [8]. Group 2: Market Position and Strategy - The company is benefiting from the depreciation of the RMB, with overseas revenue accounting for 55.43% of total revenue as of the 2024 annual report [3]. - The company is expanding its production capacity with a factory in Thailand, which includes multiple production lines for 3D printing materials, plastic dining utensils, and home products [2][3]. - The company is focusing on the research and application of PLA materials and has positioned itself in the consumer-grade FDM materials and products sector, with potential applications in various fields such as industrial design, education, toys, and medical [3]. Group 3: Financial and Trading Insights - The stock has a current market capitalization of 4.216 billion yuan, with a trading volume of 45.7532 million yuan and a turnover rate of 1.55% [1]. - The average trading cost of the stock is 20.84 yuan, and it is currently near a support level of 21.29 yuan, indicating potential for price movement [6]. - The main capital inflow for the stock today was 1.6034 million yuan, with a net inflow of -73.9404 million yuan in the industry, suggesting a lack of clear trend in main capital [4][5].

（文章来源：证券日报） 证券日报网讯 12月16日晚间，家联科技发布公告称，近日，公司收到浙江科信会计师事务所（特殊普 通合伙）（简称"浙江科信"）出具的《关于变更签字注册会计师的函》。浙江科信作为公司2025年度财 务报表和内部控制审计机构，原委派徐星东和孙小旭作为公司2025年度财务报表审计报告和内部控制审 计报告的签字注册会计师。由于浙江科信内部工作安排调整，现委派陈剑峰接替孙小旭作为签字注册会 计师。变更后的签字注册会计师为徐星东和陈剑峰。 ...

| 证券代码：301193 | 证券简称：家联科技 | 公告编号：2025-083 | | --- | --- | --- | | 债券代码：123236 | 债券简称：家联转债 | | 宁波家联科技股份有限公司 关于变更签字注册会计师的公告 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。 宁波家联科技股份有限公司（以下简称"公司"）于 2025 年 4 月 24 日召开第 三届董事会第十七次会议和第三届监事会第十二次会议，于 2025 年 5 月 16 日召 开2024年年度股东大会，审议通过了《关于续聘2025年度会计师事务所的议案》， 同意继续聘任浙江科信会计师事务所（特殊普通合伙）(以下简称"浙江科信")为 公司 2025 年度审计机构，聘任期为 1 年。具体内容详见公司于 2025 年 4 月 26 日在巨潮资讯网（www.cninfo.com.cn）披露的《关于续聘 2025 年度会计师事务 所的公告》（公告编号：2025-026）。 陈剑峰 2018 年 10 月成为中国注册会计师，自 2025 年 3 月开始在浙江科信 执业。 （二）独立性和诚 ...

| 证券代码：301193 | 证券简称：家联科技 | 公告编号：2025-082 | | --- | --- | --- | | 债券代码：123236 | 债券简称：家联转债 | | 宁波家联科技股份有限公司 关于"家联转债"2025 年付息的公告 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。 特别提示： 1、"家联转债"（债券代码：123236）将于 2025 年 12 月 22 日按面值支付第 二年利息，每 10 张"家联转债"（面值 1,000.00 元）派发的利息为人民币 5.00 元 （含税）。 2、付息债权登记日：2025 年 12 月 19 日（星期五）。 3、付息日：2025 年 12 月 22 日（星期一）。 4、除息日：2025 年 12 月 22 日（星期一）。 5、本次付息期间及票面利率：计息期间为 2024 年 12 月 22 日至 2025 年 12 月 21 日，当期票面利率为 0.50%。 7、下一付息期起息日：2025 年 12 月 22 日。 8、下一付息期间利率：0.80%。 宁波家联科技股份有限公司（以下简称"公司 ...

Financial Performance - In the first three quarters of 2025, the company achieved operating revenue of 1.865 billion yuan, an increase of 8.25% year-on-year [1] - The net profit attributable to shareholders was -73.81 million yuan, compared to a profit of 67.14 million yuan in the same period last year, representing a significant decline [1] - The net profit after deducting non-recurring gains and losses was -80.80 million yuan, down from 23.35 million yuan year-on-year [1] - The net cash flow from operating activities was -88.97 million yuan, compared to 276 million yuan in the same period last year [1] Future Projections - For 2024, the company is projected to achieve operating revenue of 2.326 billion yuan, a growth of 35.16% year-on-year [3] - The net profit attributable to shareholders is expected to be 57 million yuan, an increase of 25.68% compared to the previous year [3] - The net profit after deducting non-recurring gains and losses is forecasted to be 12.53 million yuan, a decrease of 29.91% year-on-year [3] - The net cash flow from operating activities is anticipated to reach 339 million yuan, reflecting a growth of 131.81% [3] Capital Raising Activities - The company raised a total of 922 million yuan from its initial public offering, with a net amount of 828 million yuan after deducting issuance costs [4] - The funds raised are intended for the construction of production lines for biodegradable materials and high-end plastic products, as well as for a research and development center [4] - In 2023, the company issued 7.5 million convertible bonds at a price of 100 yuan each, raising a total of 750 million yuan, with a net amount of approximately 744 million yuan after expenses [5] Total Fundraising - Since its listing, the company has raised a total of 1.672 billion yuan through two fundraising activities [6]

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].