上周末，拓竹科技创始人陶冶发布上千字的朋友圈截图公开传播。 该帖文称"老东家投了一家3D打印公司，协议里面还特别安排了拓竹相关的条款"。21世纪经济报道记 者从多个渠道证实了该帖文的真实性。 这也是近期第二个在社交媒体公开发文的科技企业创始人，上一个是市值超1000亿的影石创新 （688775.SH）创始人刘靖康。 大疆公司回应21世纪经济报道记者表示，大疆投资3D打印公司信息属实。本次投资是基于其对消费级 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一贯的理念和前瞻性布局。 市场传言称，大疆投资的3D打印企业为智能派。不过，大疆回应中没有点名被投资方。另据天眼查， 智能派目前没有股权变更的相关信息，公司公开的融资记录还停留在2022年的A轮。 在2020年创立拓竹科技前，陶冶在大疆有一段8年的工作经历，原先是大疆消费级无人机事业部负责 人，后创业选择了3D打印这个当时看起来不太性感的赛道，如今迎来爆发。 近年来，3D打印逐渐从一个小而美的赛道，走进寻常百姓家。 目前，消费级3D打印机价格较三年前下降了60%，入门仅需2000元以内，各家生态社区模型逐渐完 善，以Hitem3D为代表的AI工具 ...

大疆 【CNMO科技消息】11月17日，大疆回应媒体采访表示，对投资3D打印公司的消息属实。大疆对智通 财经表示，本次投资是基于公司对消费级3D打印技术发展潜力以及行业增长前景的看好，符合大疆对 创新科技的一贯理念和前瞻性布局。 CNMO了解到，这一投资消息最初由拓竹科技创始人陶冶在朋友圈披露，他表示大疆不仅投资了3D打 印公司，且"协议里面还特别安排了拓竹相关的条款"。根据陶冶在朋友圈的爆料，大疆此次投资3D打 印公司的协议中包含了与拓竹科技相关的特别条款。 市场传言指出，大疆投资的3D打印企业为智能派，投资金额达到数亿元规模。公开资料显示，智能派 成立于2015年3月，是消费级3D打印领域国内较早的入局者之一。截至目前，智能派尚未显示有股权变 更相关的工商信息。其公开的融资记录还停留在2022年12月完成的A轮，投资方包括深圳高新投、湖南 盛力投资。 当前，3D打印行业正进入加速发展周期。除大疆外，美团、高翎等机构也已相继在该领域进行布局。 市场研究机构Precedence Research的数据显示，2024年全球3D打印市场规模已达246.1亿美元（约合人民 币1700亿元），预计20242034年间 ...

Core Insights - The 3D printing industry is experiencing a resurgence, particularly in the consumer segment, driven by advancements in AI technology that lower the barriers to entry for users [1][7][10] - Investment activity in the 3D printing sector has reached a five-year high, with significant funding rounds for companies like Snapmaker and Chuangxiang Sanwei [2][4][9] Company Highlights - Shenzhen Snapmaker Technology Co., Ltd. recently completed a Series B funding round led by Meituan and Hillhouse Capital, marking a significant milestone since its last funding announcement in 2021 [1][2] - Snapmaker's product, Snapmaker U1, raised $22,020 in crowdfunding on Kickstarter, setting a record for 3D printer crowdfunding and attracting over 20,000 supporters [3][4] - Chuangxiang Sanwei, another Shenzhen-based company, is aiming to become the first publicly listed consumer 3D printing company in China, having achieved annual revenue of 1 billion yuan in 2020 [5][6] Market Trends - The consumer 3D printing market is seeing a compound annual growth rate (CAGR) exceeding 30% over the past three years, with major brands in Shenzhen reporting annual revenues surpassing 1 billion yuan [4][6] - The price of consumer-grade 3D printers has decreased by 60% over the past three years, making them more accessible to a broader audience [8] Technological Advancements - The integration of generative AI modeling tools has significantly reduced the complexity of 3D modeling, allowing users to create 3D models with minimal technical knowledge [7][8] - Snapmaker's U1 addresses key industry pain points, such as low efficiency in color switching and material waste, enabling faster and more efficient multi-color printing [4][10] Investment Landscape - The 3D printing sector is attracting increased attention from investors, with over 40 financing events reported this year, indicating a strong interest in consumer hardware [2][4] - Companies like拓竹科技 (Tuozhu Technology) have achieved unicorn status, with valuations exceeding 30 billion yuan, prompting investors to seek similar opportunities in the market [9][10]

Core Viewpoint - The resurgence of consumer-grade 3D printing is attracting significant attention from mainstream capital, highlighted by recent investments in companies like Snapmaker and 创想三维 [3][4]. Group 1: Industry Trends - The 3D printing sector has seen a notable increase in investment activity, with nearly 40 financing events recorded this year, marking a five-year high [4][7]. - The consumer-grade 3D printing market is experiencing a compound annual growth rate (CAGR) exceeding 30% over the past three years, with major brands in Shenzhen achieving annual revenues around 1 billion yuan [7][8]. - The introduction of generative AI modeling tools has significantly lowered the barriers for ordinary users to create 3D models, enhancing user engagement and driving sales [11][12]. Group 2: Company Highlights - Snapmaker's product, Snapmaker U1, raised $22,020 in crowdfunding, setting a record on Kickstarter and attracting over 20,000 supporters [6]. - 创想三维, established in 2014, reported a revenue of 1 billion yuan in 2020 and projected total revenue of 2.288 billion yuan for 2024, with a CAGR of 30.4% [8]. - Snapmaker's innovative approach to multi-color printing has reduced printing time from 20-30 hours to just 5-6 hours, addressing significant industry pain points [7]. Group 3: Investment Landscape - The valuation of拓竹科技 has surpassed 30 billion yuan, reflecting strong market interest despite initial hesitance from investors [15]. - The competitive landscape is intensifying, with companies like拓竹科技 quickly responding to market demands by launching new products shortly after Snapmaker's success [8][15]. - The decline in consumer-grade 3D printer prices by 60% over the past three years is facilitating broader market adoption [13].

Group 1: Aluminum Sector Outlook - CITIC Securities maintains a positive outlook on the aluminum sector, anticipating a rise in both profitability and valuation due to supply constraints [1] - Century Aluminum announced a production reduction at its Grundartangi smelter, affecting 200,000 tons of capacity [1] - The likelihood of Mozal Aluminum's smelter facing a shutdown for maintenance due to power supply issues is considered high, potentially impacting 500,000 tons of capacity [1] Group 2: Precious Metals and Market Sentiment - CITIC Jin Investment reports signs of overheating in silver trading, while maintaining a bullish long-term outlook on gold [2] - A decline in sentiment indices for A-shares and Hong Kong stocks has been observed, with an increase in VIX for major indices [2] - The report highlights a shift in institutional focus towards sectors such as defense, non-bank financials, and an increase in attention on coal, metals, and power equipment [2] Group 3: 3D Printing Industry Potential - Guojin Securities indicates that the consumer-level 3D printing sector may be on the verge of a breakthrough, driven by the demand for personalized products [3] - The characteristics of 3D printing, such as small batch production and quick returns, align well with new consumer trends [3] - The report suggests that 3D printing equipment is entering a critical phase of consumer product proliferation, with a focus on companies integrated into the supply chains of major manufacturers [3]

Core Insights - The production characteristics of 3D printing, particularly small batch quick returns, align with the personalized and differentiated consumer demands emerging from the new consumption wave [1] - With the long-tail effect of technology becoming apparent and leading companies deepening market education, consumer-grade 3D printing may be on the verge of a breakthrough in the industry [1] Equipment Sector - 3D printing equipment is entering a critical moment for widespread adoption as consumer products [1] Material Sector - It is recommended to focus on companies that have entered or are capable of entering the supply chain of major equipment manufacturers [1]

Core Viewpoint - The article discusses the emergence of TuoZhu Technology's first offline store as a significant step in making 3D printing more accessible to the general public, transforming the perception of 3D printing from a niche hobby to a mainstream consumer experience [4][15]. Group 1: Company Overview - TuoZhu Technology, founded in 2020, has rapidly grown to become a global player in the consumer hardware sector, with its 3D printers used in over 60 countries [5]. - The company is projected to achieve revenue between 5.5 billion to 6 billion yuan in 2024, with a net profit nearing 2 billion yuan [5]. - In the first quarter of 2025, TuoZhu reported approximately 2 billion yuan in revenue, with a staggering 627% year-on-year increase in printer sales during the "618" shopping festival [5]. Group 2: Offline Store Experience - The first offline store, located in Shenzhen, features an elaborate 3D-printed cyber world model, attracting families and children, and showcasing the playful side of 3D printing [4][8]. - The store includes a "Geek Space" for enthusiasts to experience 3D printing and a "Parent-Child Room" designed for children, highlighting the dual customer base of DIY hobbyists and families [11][12]. - The layout of the store emphasizes finished products and user experience rather than technical aspects, aiming to demystify 3D printing for the general public [12][13]. Group 3: Market Trends and Future Outlook - The article notes that the consumer-grade 3D printing market is at a pivotal moment, with significant advancements in technology and reductions in costs making it more accessible [15][16]. - TuoZhu's founder compares the evolution of 3D printing to that of consumer drones, emphasizing the importance of lowering entry barriers for widespread adoption [16]. - Recent reports from various securities firms express optimism about the consumer-grade 3D printing market, citing factors such as technological breakthroughs and the rise of DIY culture as key drivers for growth [16][17].

Core Insights - The consumer-grade 3D printer market is rapidly growing, becoming a popular tool for young people to create toys and models at home, often referred to as "Aladdin's lamp" [1][2][4] - The entry-level 3D printing market, particularly in China, is expected to see significant growth, with a projected 26% increase in shipments in 2024, while the industrial market is declining [3][4] - Major companies like Creality and Anycubic are leading the market, with Creality's IPO filing indicating a global sales forecast of $4.1 billion for consumer-grade 3D printers and accessories in 2024, maintaining a compound annual growth rate of 28% from 2020 to 2024 [11][13] Market Trends - The entry-level 3D printing market is the only segment expected to grow, with 96% of global shipments coming from Chinese suppliers [3][4] - The price of consumer-grade 3D printers has significantly decreased, with most models now priced between 1,500 to 8,000 RMB, making them accessible to ordinary households [13][14] - The introduction of FDM technology has lowered manufacturing costs, contributing to the price drop and making 3D printing a viable option for home use [13][14] User Engagement - A vibrant user community supports the growth of 3D printing, with platforms allowing users to share and download models, thus lowering the barrier to entry for new users [7][8] - The integration of AI in 3D printing machines has made the process more user-friendly, although experienced users may find it less beneficial [9][10] - Users are increasingly turning into loyal advocates for 3D printing, transitioning from casual users to dedicated creators [10] Financial Performance - Creality's revenue from 3D printing machines is projected to account for a significant portion of its overall income, with a forecasted revenue of 1.1 billion RMB in 2022, growing to 1.4 billion RMB in 2024 [15] - The global revenue from 3D printing materials is expected to grow at a compound annual growth rate of 42.3%, outpacing the growth of the printers themselves [18] Challenges and Considerations - Despite the growth, there are concerns regarding the sustainability of the market, with potential risks of consumer interest waning over time [18][20] - Issues such as maintenance, safety, and material limitations remain barriers to widespread adoption of consumer-grade 3D printers [21][22]

Summary of 3D Printing Industry Conference Call Industry Overview - The global 3D printing market is expected to exceed $110 billion by 2034, with a compound annual growth rate (CAGR) of 18% over the next decade, and the materials segment may grow at over 20% [1][3] - The market size for 3D printing is projected to be approximately $21.9 billion in 2024, with the highest share from printing services (46%), followed by equipment (27%), materials (20%), and software (6%) [1][2] Consumer 3D Printing Market - The consumer 3D printing market is rapidly expanding, with the market size expected to grow from $1.5 billion in 2020 to $4.1 billion in 2024, reflecting a CAGR of about 28% [1][4] - Entry-level consumer 3D printers (priced below $2,500) are the only category experiencing shipment growth, with a projected year-on-year increase of 26% in 2024 [1][4] Key Drivers of Growth - The consumer 3D printing industry is driven by two main factors: 1. Price reduction, with mainstream brands seeing a 60% decrease in prices over the past three years, now ranging between 2,000 to 3,000 RMB [5] 2. Advances in AI technology that have significantly lowered the barriers to using modeling software, facilitating easier access for consumers [5] Material Focus: PLA - PLA (Polylactic Acid) is the most common material in consumer 3D printing, known for being environmentally friendly and easy to use, making it suitable for beginners [6] - Domestic demand for PLA in China is expected to reach 120,000 tons by the end of 2024, a 50% year-on-year increase, with significant demand from the 3D printing sector [6][12] - PLA is highlighted for its cost-effectiveness compared to other materials, making it well-positioned to meet the rapidly growing demand [6][12] Competitive Landscape - The entry-level consumer 3D printer market is dominated by Chinese companies, including Creality 3D, Tiertime Technology, ZOTAC, and Smart 3D, which collectively hold over 90% market share [2][8] - Industrial-grade 3D printing is primarily used in high-end manufacturing sectors such as aerospace, medical devices, and automotive, with different technological routes compared to consumer-grade [2][6] Downstream Applications - Key downstream applications for 3D printing include aerospace, healthcare, and automotive sectors, as well as educational institutions, small businesses, and home DIY users [7] Investment Opportunities - Companies with potential in PLA production and related fields include: 1. **Haizheng Biomaterials**: Plans to complete a 75,000-ton project by 2025 and has developed specialized resins for the 3D printing sector [14] 2. **Kingfa Sci & Tech**: A leader in modified plastics with an annual production capacity of 30,000 tons of PLA resin [14] 3. **Jialin Technology**: Focused on PLA filament production, has entered the supply chain of leading industries [14] Conclusion - The consumer 3D printing market is at a pivotal growth point, driven by technological advancements and price reductions, with PLA materials expected to play a crucial role in meeting the increasing demand [5][6][12]

Core Viewpoint - The consumer-grade 3D printing market is experiencing rapid growth, driven by "price reduction + AI empowerment" [1][2] Market Size - The global consumer-grade 3D printing market size is projected to grow from $1.5 billion in 2020 to $4.1 billion by 2024, with a compound annual growth rate (CAGR) of approximately 28% [1] - From 2025 to 2029, the market size is expected to increase from $4.9 billion to $16.9 billion, with a CAGR of about 33% [1] - The annual shipment of consumer-grade printers is expected to remain around 3 million units from 2020 to 2023, surpassing 4 million units in 2024, with a CAGR of approximately 10.2% [1] - By 2029, shipments are projected to reach 13.4 million units, with a CAGR of about 26.6% from 2024 to 2029 [1] Competitive Landscape - Four Shenzhen companies, including Creality and Tiertime, hold a combined 90% market share in the entry-level 3D printer segment [2] - The entry-level 3D printer market (priced ≤ $2,500) is the only segment expected to see growth in 2024, with a shipment increase of 26% [2] Catalysts - The price of consumer-grade 3D printers has decreased by 60% compared to three years ago, with mainstream brands focusing on products priced between $200 to $300 [2] - Some entry-level products are priced below $1000, making them comparable to mid-range smartphones, facilitating the rapid adoption of consumer-grade 3D printers [2] - AI tools, exemplified by Hitem3D, have significantly lowered the creative barrier, providing software conditions for the popularization of consumer-grade 3D printing [2] Material Demand - PLA is the most common material in 3D printing, made from corn starch or sugarcane, known for its eco-friendliness and non-toxicity [3] - The domestic demand for PLA is expected to reach 120,000 tons in 2024, a year-on-year increase of 48.1%, with 3D printing accounting for approximately 35% of this demand [3] - PLA's cost-effectiveness and high frequency of repurchase make it well-positioned to benefit from the growth in consumer-grade 3D printing demand [3]