深圳商报首席记者 袁静娴 近期的3D打印行业，正变得前所未有的热闹。 先是拓竹科技创始人陶冶在朋友圈的长文，将矛头直指大疆，原因疑似大疆投资了另一家3D打印公司 ——智能派。值得注意的是，腾讯混元3D已接入拓竹的开源社区MakerWorld，用于生成模型。 此外，3D打印的"老大哥"创想三维透露，其位于深圳湾区之眼的全球旗舰店将于12月6日正式开业。就 在两个月前，9月30日，拓竹科技的首家线下旗舰店落地深圳万象城。短短60余天内，两大头部玩家集 体重押线下，整个行业呈现出一种久违的加速感。 此次大疆入股智能派，就被视为行业"强风向"。作为消费级硬件领域最成功的大厂之一，大疆的进入被 认为是其对消费级3D打印"未来潜力"的战略下注。大疆在回应中称，此次投资基于对消费级3D打印技 术与行业增长潜力的看好，是其前瞻性布局的一部分。 从资本动作到人才流动，从线下店扎堆到产业链全面活跃，3D打印正从"小圈子里的玩家游戏"走向大 众视野。更关键的是，当大厂开始布局、资本集中涌入、深圳产业链"整机两分钟一台"的速度优势被再 次看见。一位投资者向记者表示，消费级3D打印正出现类似智能手机在2010年前后的那种信号——一 个 ...

先是拓竹科技创始人陶冶在朋友圈的长文，将矛头直指大疆，原因疑似大疆投资了另一家3D打印公司——智 能派。值得注意的是，腾讯混元3D已接入拓竹的开源社区MakerWorld，用于生成模型。 此外，3D打印的"老大哥"创想三维透露，其位于深圳湾区之眼的全球旗舰店将于12月6日正式开业。就在两 个月前，9月30日，拓竹科技的首家线下旗舰店落地深圳万象城。短短60余天内，两大头部玩家集体重押线 下，整个行业呈现出一种久违的加速感。 从资本动作到人才流动，从线下店扎堆到产业链全面活跃，3D打印正从"小圈子里的玩家游戏"走向大众视 野。更关键的是，当大厂开始布局、资本集中涌入、深圳产业链"整机两分钟一台"的速度优势被再次看见。 一位投资者向记者表示，消费级3D打印正出现类似智能手机在2010年前后的那种信号——一个可能被称 为"iPhone时刻"的时间节点，悄然逼近。 深圳成消费级3D打印的"世界工厂" 深圳正在成为全球消费级3D打印产业最具竞争力的集群。从数据层面看，这里汇聚了创想三维、拓竹科技、 纵维立方、智能派等"四大天王"，撑起全球入门级3D打印机九成的市场份额；同时，也集中了快造科技、升 华三维、原子重塑、极光 ...

Core Insights - The consumer-grade 3D printing market is experiencing rapid growth, driven by advancements in technology and decreasing costs, making it more accessible to ordinary consumers [1][4][5] Group 1: Market Trends - The term "3D printing" has gained immense popularity on social media platforms, with over 1.3 billion views on Xiaohongshu and 10.11 billion views on Douyin, indicating a cultural trend towards showcasing 3D printed creations [2] - The consumer-grade 3D printer market is projected to grow from 4.1 million units in 2024 to 13.4 million units by 2029, with a compound annual growth rate (CAGR) of 26.6% [5] - The market size is expected to increase from $4.1 billion in 2024 to $16.9 billion by 2029, with a CAGR of 33.0% [5] Group 2: Drivers of Growth - Technological advancements, particularly in generative AI, have lowered the barriers to 3D modeling, allowing users to create models using text, images, or voice [5][6] - The price of consumer-grade 3D printers has decreased significantly, with many models now available for under 10,000 yuan, making them accessible to a broader audience [5] - Improvements in printing efficiency and material usage have enhanced the user experience, with multi-color printing times reduced from over 20 hours to approximately 5 hours [6] Group 3: Competitive Landscape - The consumer-grade 3D printing sector is characterized by intense competition, with companies like Tuozhu, Chuangxiang Sanwei, and others vying for market share [7] - Tuozhu is currently leading the market, with projected revenues of 5.5 to 6 billion yuan in 2024 and a net profit nearing 2 billion yuan [7] - The investment landscape is robust, with over 40 financing events in the 3D printing sector since 2025, indicating strong interest from venture capital [7][8] Group 4: Company Performance - Chuangxiang Sanwei is the largest provider in the consumer-grade 3D printing market, holding a 27.9% market share, with revenues increasing from 1.346 billion yuan in 2022 to 2.288 billion yuan in 2024 [12][13] - The revenue from 3D printing consumables is on the rise, with its share of total revenue increasing from 3.0% in 2022 to 11.4% in 2024 for Chuangxiang Sanwei [19][20] - The performance of consumer-grade 3D printing companies contrasts sharply with industrial-grade firms, which have not seen similar growth in revenue [14][15]

一条朋友圈，让消费级3D打印出圈了。 11月15日，拓竹科技创始人兼CEO陶冶在朋友圈发布的一条千余字的长文，内容直指"老东家"大疆。起 因是大疆投资一家3D打印公司，"协议里面还特别安排了拓竹相关的条款"。陶冶表示，"有99.9%的把 握是因为人才流向触动了前老板汪滔的'逆鳞'。" 不读网文好多年，"逆鳞"一词猝不及防地出现，让人感觉熟悉又陌生，一如这场朴实无华的商战。 逆鳞 11月17日，大疆官宣已投资一家消费级3D打印企业。大疆表示，本次投资是基于对消费级3D打印技术 发展潜力、行业增长潜力的看好，符合大疆对创新科技的一贯理念和前瞻性布局。 行业仍处在上升期，内卷是存量市场的"零和博弈"，消费级3D打印或许远远未到如此应激 的时候。 对于投资对象的猜测也没有持续太久。一天后，深圳市智能派科技完成工商变更，新增大疆创新及其关 联公司杭州疆御科技为股东。又过了一天，智能派科技宣布完成B轮融资，投资方为大疆创新。 从时间线来看，陶冶赶在大疆与智能派之前"公布"了这笔投资，随后小道消息满天飞，吃瓜群众摆好了 板凳，另外两位主角的官宣才"恰逢其时"地出现。身处漩涡之外的人很难不去感慨，在相逢于同一条赛 道之前，陶 ...

智通财经APP获悉，中金发布研报称，消费级3D打印市场增长前景乐观，行业集中度较高。头部企业 凭借多维度领先优势，已建立起坚实的综合竞争壁垒。3D打印市场快速成长，整机环节头部公司融资 情绪高涨，零部件环节高端激光器、振镜、扫描仪等渗透率持续提升、给相关公司带来业务弹性，建议 持续关注。维持覆盖标的盈利预测、目标价、评级不变。 该行认为消费级3D打印设备兼具消费和生产属性，一方面，中国在新消费领域发展迅速，具备运营基 因，3D打印厂商通过打造社区生态、社媒引流、独立站经营等方式强势出海；另一方面，中国厂商拥 有完备的上中下游供应链体系与产业集群效应、生产的产品具备较高的性价比，同时可以适配消费品的 快速迭代与进行规模化生产。 中金主要观点如下： 风险因素：新技术渗透不及预期；行业竞争加剧。 AI技术加速，3D打印"全民创作"时代即将来临 根据创想三维招股书，2024 年，按GMV计的全球消费级3D打印行业市场规模达41 亿美元，预计到 2029 年将增长至169 亿美元，年复合增长率达33.0%。2024 年，全球消费级3D打印机市场前五大厂商 市占率合计超过70%。头部企业凭借在打印性能、用户体验、材料兼容 ...

Core Insights - DJI has invested 5% in Shenzhen Smart Pie Technology Co., a 3D printing company, indicating confidence in the growth potential of consumer-grade 3D printing technology and aligning with DJI's innovation strategy [1] - The global 3D printing market is projected to reach $115 billion by 2030, with a compound annual growth rate (CAGR) of approximately 30% over the next five years, while China's 3D printing market is expected to reach 41.5 billion yuan in 2024 [2] - The demand for consumer-grade 3D printing is driven by lower costs in supply chains and the rise of IP economy, which allows consumers to access a variety of creative 3D models at minimal costs [2] Industry Trends - The 3D printing industry is experiencing rapid growth, with applications spanning aerospace, construction, and consumer goods, particularly in the consumer segment [2] - The integration of generative AI in 3D design is lowering the barriers for users to create and optimize 3D models, enhancing the accessibility of 3D printing technology [2] - Companies in the A-share market are actively investing in the consumer-grade 3D printing sector, with Hunan Huashu High-Tech Co. focusing on industrial-grade additive manufacturing equipment [3] - Shenzhen Jepu Te Optoelectronics Co. is advancing in the consumer-grade laser technology, with expectations for mass production and collaboration with multiple clients [3] Technological Advancements - The limitations of traditional manufacturing processes are becoming apparent as consumer electronics trend towards lightweight, high-performance, and complex structures [4] - Metal 3D printing is emerging as a solution in the 3C field due to its advantages in lightweight materials, high precision, and customized production capabilities [4]

Group 1 - DJI has invested 5% in Shenzhen Intelligent Pie Technology Co., a 3D printing company, indicating confidence in the growth potential of consumer-grade 3D printing technology [1] - The global 3D printing market is projected to reach $115 billion by 2030, with a compound annual growth rate (CAGR) of approximately 30% over the next five years [2] - The Chinese 3D printing market is expected to reach 41.5 billion yuan by 2024, driven by the booming IP economy and the proliferation of 3D model communities [2] Group 2 - The consumer-grade 3D printing industry includes upstream materials, midstream equipment, and downstream services, with equipment being the technological core and value center [3] - Companies like Hunan Huashu High-Tech Co. are actively involved in the industrial-grade additive manufacturing equipment sector, enhancing awareness and recognition of consumer-grade 3D printing [3] - Shenzhen Jepter Optoelectronics Co. is upgrading its laser technology for consumer-grade 3D printing, with expectations for mass shipments and product launches in the near future [3] Group 3 - The limitations of traditional manufacturing processes in producing lightweight and complex structures are becoming apparent, while metal 3D printing offers advantages in lightweight materials, high precision, and customized production [4]

Core Insights - The recent investment by DJI in Smart派 has stirred significant attention in the 3D printing industry, indicating a pivotal moment for the sector [2][3] - The entry of major players like DJI is seen as a validation of the 3D printing market rather than a threat, suggesting that the industry is maturing and gaining serious interest from established companies [7][10] Industry Growth - The consumer-grade 3D printing market is projected to reach a scale of $4 billion in 2024, with a compound annual growth rate approaching 30% [8] - The reduction in costs of key components and the integration of AI tools are making 3D printing more accessible, with entry-level products now priced below 2,000 yuan [9] Competitive Landscape - As the industry matures, competition is expected to intensify, which is a natural outcome of growth and market validation [11][12] - Companies like拓竹 are already demonstrating significant profitability, with projected revenues nearing 6 billion yuan and a net profit margin of 30%, surpassing that of major players like Apple [11] Technological Paths - The 3D printing sector is characterized by two main technological paths: Fused Deposition Modeling (FDM) and Stereolithography (光固化), with FDM being more user-friendly and widely adopted [17] - The presence of different technological approaches is essential for a healthy competitive environment, allowing for innovation and improvement within the industry [18] Emotional Dynamics - The emotional responses from industry players, particularly regarding DJI's entry, reflect underlying anxieties about competition and market positioning rather than factual concerns [20][22] - The narrative surrounding DJI's involvement serves as a mirror for the industry, highlighting the need for companies to strengthen their fundamentals and adapt to a more competitive landscape [19][25]

Core Insights - The 3D printing market is experiencing rapid growth as young consumers showcase various printed products on social media, driven by lower prices and increased accessibility [2][3] - Major investments from companies like DJI, Meituan, and Hillhouse Capital indicate a competitive landscape in the 3D printing sector, with leading companies like Tuozhu Technology achieving a valuation exceeding 30 billion RMB and a global market share of 29% [2][8] - The market is characterized by high concentration, with the top five companies holding nearly 90% of the market share, leading to intensified competition [2][14] Market Dynamics - The price of consumer-grade 3D printers has significantly decreased, with many models available for around 800 RMB, making them more accessible to ordinary users [3][5] - The introduction of generative AI modeling tools has lowered the barriers for consumers, enhancing the appeal of 3D printing [3][5] - The sales channels for 3D printers are shifting from offline distributors to online platforms like Tmall and JD, with online sales expected to account for about 50% of total sales by 2024 [12] Financial Performance - Tuozhu Technology is projected to generate over 5.5 billion RMB in revenue in 2024, with a net profit margin of 30% [6][14] - The cost of raw materials for companies like Chuangxiang Sanwei has remained around 50% of sales costs, with a consistent gross margin of approximately 30% [9] Competitive Landscape - The entry of DJI into the 3D printing market has heightened competition, with significant investments in companies like Smart派 and others [7][8] - The leading companies in the market, referred to as the "Four Little Dragons," include Tuozhu Technology, Chuangxiang Sanwei, Zongwei Lifang, and Smart派, collectively dominating the global market [14][16] - The MakerWorld platform launched by Tuozhu Technology has attracted nearly 10 million active users, facilitating a content ecosystem that supports creators and enhances user engagement [8][9] Future Outlook - The global 3D printing market is expected to reach a size of 24.61 billion USD in 2024, with a projected CAGR of 18.5% over the next decade [16] - The challenge remains for companies to create more use cases and integrate 3D printing into everyday life, similar to the impact of smartphones [16]

Core Viewpoint - A competitive landscape is emerging in the 3D printing industry, particularly in Shenzhen, as DJI invests in a rival company, Smart Pie, raising concerns for its former employee, Tao Ye, founder of Tuo Zhu Technology [1][2][3]. Group 1: Investment and Market Dynamics - DJI has invested in Smart Pie, a domestic 3D printing company, indicating its confidence in the growth potential of the consumer-grade 3D printing market [4][12]. - The global 3D printing market is projected to reach $24.61 billion (approximately 1700 billion RMB) in 2024, with an expected annual growth rate of 18.5% over the next decade [12][13]. - The consumer-grade segment is anticipated to grow significantly, reaching $4.1 billion in 2024, accounting for 16% of the overall market, with a remarkable annual growth rate of 28% [15]. Group 2: Company Performance and Competition - Tuo Zhu Technology has rapidly grown, achieving revenues exceeding 5 billion RMB in just four years, outpacing DJI's growth trajectory during its early years [10][17]. - Tuo Zhu's revenue for 2024 is projected to be between 5.5 billion and 6 billion RMB, with a net profit nearing 2 billion RMB [17]. - The competitive landscape is dominated by four Shenzhen companies—Tuo Zhu Technology, Smart Pie, Zongwei Lifang, and Chuangxiang Sanwei—holding 90% of the global entry-level 3D printer market [16][26]. Group 3: Technological Advancements - Advances in technology and user experience have driven the explosion of consumer-grade 3D printing, with Tuo Zhu's innovations in hardware and software significantly improving product usability [20][22]. - Tuo Zhu's MakerWorld platform has become the largest 3D model community globally, with nearly 10 million monthly active users and over one million models available [23]. - The integration of AI in 3D design is lowering barriers for users, allowing for easier model generation and optimization, further accelerating market growth [25]. Group 4: Future Outlook - DJI's entry into the 3D printing market is seen as a potential turning point, signaling a shift from niche hobbyist products to mainstream consumer applications [27]. - The industry is expected to continue its rapid growth, with projections indicating that the consumer-grade 3D printing market could reach $16.9 billion by 2029, reflecting a compound annual growth rate of 33% [25].