近日，全球消费级3D打印赛道再迎资本大动作！深圳跨境公司快造科技（Snapmaker）正式官宣完成数 亿元B轮融资。 本轮由高瓴创投、美团联合领投，雷军旗下顺为资本携手美团龙珠、南山战新投跟投，老股东同创伟 业、东证资本持续加码，一举创下2025年消费级3D打印领域融资规模新纪录。 值得关注的是，这已是快造科技一年内完成的第四次融资。密集的资本注入不仅印证了品牌在全球市场 的核心竞争力，更释放出明确信号——消费级3D打印行业已迈入爆发增长期。 一、雷军押注，资本狂潮下3D打印赛道"热"力全开！ 快造科技（Snapmaker）成立于2016年，总部位于深圳，是全球消费级3D打印领域的代表性企业。其产 品涵盖三合一多功能打印机、独立双头打印机及高效多色打印机等多个核心品类。 今年，快造推出的旗舰产品U1四打印头多色智能桌面3D打印机在Kickstarter创下行业众筹纪录——从全 球20,643名支持者募集到20,577,877美元（约合1.47亿人民币），成为该平台迄今募资金额最高的3D打 印机项目，目前仍供不应求。 创始人陈学栋表示，本轮融资将主要用于三个方面：攻关多色打印与高速成型等核心技术、引进全球顶 尖 ...

Core Viewpoint - In October 2025, the Asset Management Association of China approved the registration of 12 new private equity and venture capital fund managers, including 7 state-owned and 5 market-oriented institutions [5][6]. Group 1: Fund Managers Overview - Jiangsu Nongken Yida Private Fund Management Co., Ltd. was established on May 16, 2005, with a registered capital of 10 million RMB, primarily focusing on modern agriculture and related investments [7]. - Xiangjiang Zhijing (Shenzhen) Private Equity Investment Fund Management Co., Ltd. was founded on August 25, 2025, with a registered capital of 50 million RMB, controlled by a major cultural state-owned enterprise [7]. - Gansu Longfa Private Fund Management Co., Ltd. was established on July 31, 2024, with a registered capital of 10 million RMB, controlled by the Lanzhou New Area Financial and State-owned Assets Supervision Administration [7]. - Central Enterprise Strategic New Industry Development Private Fund Management Co., Ltd. was founded on September 29, 2025, with a registered capital of 100 million RMB, backed by five central enterprises [8]. - Beijing Guofeng Private Fund Management Co., Ltd. was established on April 18, 2024, with a registered capital of 10 million RMB [8]. - Henan Natural Resources Private Fund Management Co., Ltd. was founded on November 1, 2023, with a registered capital of 20 million RMB, focusing on ecological restoration and resource management [8]. - Nantong Strategic New Private Fund Management Co., Ltd. was established in July 2024, with a registered capital of 40 million RMB, focusing on strategic emerging industries [8]. - Other fund managers include Beijing Junke Danmu, Hangyu Aerospace Information Industry Fund, Longtian (Shenzhen) Private Equity Fund, Zhejiang Provincial Innovation Industry Fund, and Hangzhou Leap Capital, each with specific focuses and capital structures [7][8]. Group 2: Registration and Capital Analysis - Among the 12 newly registered fund managers, 8 have a paid-in capital ratio of 100%, while Xiangjiang Zhijing has a notably low ratio of 20% [13]. - The average time taken for registration was 83 days, with the fastest being 9 days for Central Enterprise Strategic New Industry Development Fund and the slowest being 264 days for Nantong Strategic New Fund [15]. - The registration process involved 10 different law firms providing legal services to the fund managers [17]. Group 3: Capital and Operational Insights - The registered capital and paid-in capital analysis shows that most fund managers have met their capital commitments, with some like Henan Natural Resources having only 50% paid-in capital [14]. - The operational focus of these funds includes strategic emerging industries such as artificial intelligence, aerospace, and high-end equipment, aligning with national development strategies [8][9].

Core Viewpoint - The establishment of a strategic emerging industry development fund by the State-owned Assets Supervision and Administration Commission (SASAC) aims to accelerate the growth of strategic emerging industries in China, with a focus on enhancing the core competitiveness of state-owned enterprises (SOEs) [1][2]. Group 1: Fund Overview - The initial scale of the fund is 51 billion yuan, with China Reform Holdings Corporation Limited contributing approximately 15 billion yuan [2]. - The investment period for the fund is set at 5 years, with a management and exit period of 8 years, which can be extended by up to 2 years, totaling a maximum of 15 years [2]. Group 2: Investment Focus - The fund will primarily support strategic emerging industries such as artificial intelligence, aerospace, high-end equipment, quantum technology, as well as future energy, future information, and future manufacturing sectors [2]. - The fund's strategy is aligned with national strategic needs, focusing on strengthening and supplementing the industrial chain to enhance the scale and quality of SOEs in emerging industries [2].

Core Viewpoint - Shanghai aims to cultivate future industries through a systematic policy framework, targeting breakthroughs in disruptive technologies and the establishment of industry clusters by 2027, with the goal of becoming a globally influential hub for future industries by 2030 [3][12]. Focused Development Areas - The policy emphasizes six key areas: future manufacturing, future information, future materials, future energy, future space, and future health, with specific support for fields like cell and gene therapy, brain-machine interfaces, and biomanufacturing [5][12]. - The rationale for selecting these areas is based on global technology trends and Shanghai's existing technological strengths, aiming for a systematic approach to advance these sectors [6][12]. Investment Mechanism - A "four-in-one" cultivation mechanism is proposed, which includes project manager teams, a task list for breakthroughs, a future industry fund, and support from industry clusters [9][12]. - The future industry fund is designed as a city-level functional mother fund, focusing on disruptive innovation and interdisciplinary technologies, with a total scale of approximately 15 billion yuan and 18 sub-funds already established [9][10]. Key Support Initiatives - The measures include enhancing innovation input, supporting high-quality incubators, and establishing platforms for concept validation and common technology research [16][17]. - The city plans to create national-level future industry pilot zones, fostering a highly concentrated and interactive industrial ecosystem [20][12]. Dynamic Evaluation and Adjustment - A dynamic identification and evaluation mechanism will be established to continuously monitor and assess future industry trends, allowing for timely adjustments in strategic layouts [23][12]. - The policy aims to strengthen the overall coordination and cultivation of future industries and strategic emerging industries through expert consultations and global technology scanning [23][12].

Group 1: 2024 Annual Performance - In 2024, the company shipped 174,700 units, a year-on-year increase of 9.77% [3] - The revenue for 2024 was 3,197.31 million yuan, a decrease of 13.11% compared to the previous year [3] - The gross margin level remained stable, with a slight decline of 0.85% year-on-year [3] - R&D expenses totaled 355 million yuan, accounting for 11.10% of revenue, with a year-on-year increase of 4.97% [3] Group 2: Q1 2025 Performance - In Q1 2025, the company reported revenue of 715.25 million yuan, a year-on-year decrease of 10.72% [5] - Net profit for Q1 2025 was 16.93 million yuan, down 73.36% year-on-year [5] - The company experienced a 15.41% year-on-year increase in product shipments during Q1 2024 [5] Group 3: Strategic Goals and Market Expansion - The company aims to shift market focus from traditional markets to high-end manufacturing and overseas markets [5] - Plans to enhance R&D capabilities and introduce customized solutions to meet client needs [5] - The company is committed to not initiating price wars, maintaining a stable financial system to handle market fluctuations [6] Group 4: International Market Growth - Overseas revenue reached 197 million yuan, a year-on-year increase of nearly 40% [8] - The company plans to establish offices in Germany, Mexico, Thailand, and South Korea to enhance global service capabilities [8] - The CE continuous product sales saw a significant increase of 123.92% year-on-year in 2025 [8] Group 5: R&D and Innovation - Continuous R&D investment focuses on both traditional product iteration and emerging technology breakthroughs [9] - The company successfully developed the first domestic integrated device for fiber stripping, cutting, and welding [9] - Future R&D efforts will prioritize product miniaturization, lightweight innovation, and stability upgrades [9]