以下文章来源于硬氪 ，作者张子怡 硬氪 . 专注全球化、硬科技报道。36kr旗下官方账号。 对手都是中国企业。 文 ｜ 张子怡 编辑 ｜ 彭孝秋 来源｜ 硬氪（ID：south_36kr） 封面来源 ｜ 企业官网 当下，绝大多数出海硬件企业谈到对手，没人能绕开中国企业，海外对手早已不算什么，真正让人畏惧的是一波又一波来自中国的硬件企业。它们既内卷， 又努力，有共同的供应链优势，还有层出不起穷的新技术。 创想三维成为 文字游戏里的全球最大 对于这一点，创想三维一定有相当深刻的感触。 2014年，创想三维四位合伙人在一场展会上相识，决定合作开发3D打印机。11年后，距离赴港上市只差临门一脚。 只是，这条路已不是他们独享的舞台——新老大拓竹增长迅猛、旧玩家纵维立方和智能派环伺。 2015年前后是中国3D打印机行业发展最迅速的时期，涌现了大量相关企业，这一年，纵维立方和智能派陆续成立。 3D打印热潮后是泡沫破灭期，留下了技术和供应链。而地处深圳的创想三维和纵维立方则抓住了临海城市的外贸机遇，四五年时间它们都成为营收过10亿 元的3D打印企业。 超10亿元的营收成绩，在颇为小众的3D打印赛道里是个了不起的成绩。 直到新 ...

作者 | 张子怡 编辑 | 彭孝秋 当下，绝大多数出海硬件企业谈到对手，没人能绕开中国企业，海外对手早已不算什么，真正让人畏惧的是一波又一波来自中国的硬件企业。它们既内 卷，又努力，有共同的供应链优势，还有层出不起穷的新技术。 对于这一点，创想三维一定有相当深刻的感触。 2014年，创想三维四位合伙人在一场展会上相识，决定合作开发3D打印机。11年后，距离赴港上市只差临门一脚。 只是，这条路已不是他们独享的舞台——新老大拓竹增长迅猛、旧玩家纵维立方和智能派环伺。 2015年前后是中国3D打印机行业发展最迅速的时期，涌现了大量相关企业，这一年，纵维立方和智能派陆续成立。 3D打印热潮后是泡沫破灭期，留下了技术和供应链。而地处深圳的创想三维和纵维立方则抓住了临海城市的外贸机遇，四五年时间它们都成为营收过10 亿元的3D打印企业。 超10亿元的营收成绩，在颇为小众的3D打印赛道里是个了不起的成绩。 直到新入局者拓竹的加入，2022年4月拓竹拓竹推出第一代3D打印机产品，以势如破竹的气势洗牌了市场。到2024年，有市场消息称，拓竹营收已突破55 亿元。而创想三维彼时的营收为22.88亿元。 后来者与早发者的差距已越来 ...

智通财经APP获悉，中信建投证券发布研报称，消费级3D打印市场已经进入到奇点时刻，市场有望迎 来快速爆发。驱动市场迎来爆发的核心点即在于桌面3D打印设备在产品使用体验持续提升的同时，目 前最主流的消费级3D打印机品牌的畅销机型终端价格已经持续下探至中高端智能手机的水平。 整机购置成本以外，相关消费级耗材的单价也已经降至较低水平。除了供给端整机和耗材的持续降本以 外，相关3D模型社区的繁荣使得消费者可以以零成本或者十分低廉的成本获得十分丰富的创意3D模 型，从而非常好的满足消费者将相关想法和创意直接转化为现实产品。供需双重带动下，市场有望迎来 爆发。 引言：为什么要重视消费级3D打印这一市场？这个阶段，我们之所以要重视消费级3D打印市场，核心 即在于：1）海外市场需求持续性的爆发，在一定程度上为国内市场后续需求判断提供了很好的参照； 2）国内火爆IP经济带动下消费者DIY需求的爆发，消费级3D打印开始出现加速增长趋势。 如何去理解和看待当前的消费级3D打印市场？消费级3D打印机基本可以理解为是相关参数相对较低， 但是使用难度和定价均更为贴近普通用户的C端消费品。从当前阶段看，消费级3D打印明显仍是一个海 外需求 ...

Core Viewpoint - Shenzhen-based Creality, a leading player in the consumer 3D printing industry, is preparing for an IPO in Hong Kong, aiming to capitalize on the growing demand for personalized and customized products driven by advancements in AI and smart manufacturing [1][5]. Company Overview - Creality was founded in 2014 by four young entrepreneurs with an initial investment of 300,000 yuan and has since become a significant player in the consumer 3D printing market, holding a 27.9% market share as of 2024 [1][3]. - The company has launched several successful products, including the CR-i3 and CR-10, which disrupted the high pricing of international competitors by offering lower-cost alternatives [2][3]. Financial Performance - Creality's revenue is projected to grow from 1.346 billion yuan in 2022 to 2.288 billion yuan in 2024, reflecting a compound annual growth rate (CAGR) of 30.4% [3]. - The company's gross profit for the same period is expected to increase from 388 million yuan in 2022 to 708 million yuan in 2024, with gross margins improving from 28.8% to 30.9% [3]. Market Position - Creality is the largest provider of consumer 3D printing products and services globally, with a second-place market share in consumer 3D printers and first in consumer 3D scanners [3]. - The consumer 3D printing market is expected to see significant growth, with shipments projected to rise from 4.1 million units in 2024 to 13.4 million units by 2029, achieving a CAGR of 26.6% [5]. Investment and Funding - Prior to the IPO, Creality raised 6 billion yuan in 2020 from several investors, marking its first external funding round [4]. - The company plans to use the proceeds from the IPO to enhance its global operations, brand promotion, and innovation efforts [9]. Competitive Landscape - The consumer 3D printing industry is becoming increasingly competitive, with new entrants and established companies expanding their presence [5][6]. - Creality's revenue from 3D printers has been declining as a percentage of total revenue, indicating a need for diversification [5]. Strategic Initiatives - Creality is focusing on enhancing its research and development efforts, with R&D spending increasing from 87.5 million yuan in 2022 to 149 million yuan in 2024 [6]. - The company is also expanding its international presence through partnerships with e-commerce platforms and localizing its marketing strategies [7].

Core Viewpoint - The market perceives the consumer-grade 3D printing sector as having limited growth potential and low barriers to entry, leading to insufficient investment value. However, a thorough analysis of the industry chain reveals significant growth opportunities driven by factors such as exports to Europe and the U.S. and the influence of trendy toys, with the market expected to reach approximately $50 billion by 2028, reflecting a CAGR of 19% [2][17]. Industry Overview - Consumer-grade 3D printers are designed for individual users and small businesses, characterized by ease of use and relatively low costs, also referred to as desktop or entry-level 3D printers [3]. - The consumer-grade 3D printing equipment represents a typical case of high-end industrial technology being adapted for consumer market applications [6]. Market Dynamics - The synergy between trendy toys and 3D printing is expected to enhance both sectors: 3D printing will enable better realization of creative ideas in trendy products, while the popularity of trendy IPs will boost the demand for consumer-grade 3D printers, with a new economic model for 3D printing farms anticipated to emerge in China starting in 2024 [10][11]. - The demand for desktop 3D printing equipment is rapidly increasing due to the innovative culture in Europe and the U.S., alongside the "maker movement," which promotes the widespread application of these devices and a high willingness to pay for exploration of interests and technologies [13][15]. Market Size and Growth Projections - The global consumer-grade 3D printer market reached $2.503 billion in 2022 and is projected to grow to $7.1 billion by 2028, corresponding to a market space of approximately 500 billion RMB, with a compound annual growth rate of 19% [17][18].

Summary of the 3D Printing Industry Conference Call Industry Overview - The consumer-grade 3D printing market is benefiting from new consumption trends and the rise of trendy IPs, with industry leader Anycubic (拓竹科技) experiencing rapid revenue growth, projected to reach 5-5.5 billion RMB in 2024 and 7-8 billion RMB in 2025 [1][2] - The market is expected to continue growing and extend towards more consumer devices for export, with companies like Anker starting to position themselves in this space [1][6] - The majority of demand (70%-80%) for consumer-grade 3D printing is driven by exports, particularly from the European and American markets [1][10] Key Insights from Anycubic - Anycubic's success is attributed to its robust ecosystem and hardware innovations, including the Make Word platform, which has over 10 million monthly active users [4] - The H2D model features a printing speed of up to 1,000 mm/s and precision improved to 0.05 mm, supporting multiple materials and secondary processing, becoming a significant revenue growth point [5] - The company has a community engagement strategy, hosting model competitions and providing a library of over 100,000 free models, enhancing user retention [4] Market Dynamics - The global market for 3D printing is projected to reach 7.1 billion USD by 2028, with the equipment market alone estimated at 50 billion RMB [3] - The value distribution in 3D printer components shows that software, hotends, and extrusion parts hold the highest value, with laser modules also being significant [8] - High-end 3D printers are trending towards multifunctionality, with increasing participation from listed companies, leading to a significant rise in value [9] Demand Drivers - The demand for consumer-grade 3D printers is primarily driven by the garage innovation culture and maker movements in the U.S. and Europe, alongside educational integration of 3D printing [12] - In China, the demand for consumer-grade 3D printers is expected to rise as educational systems evolve to foster hands-on skills among students [13] Competitive Landscape - Anycubic holds a dominant market share of 50%-60% in online platforms, with significant traffic to its independent site [16][17] - Anker's recent crowdfunding success on Kickstarter, raising over 300 million RMB, highlights the potential for innovation in the consumer 3D printing space [34] - The industry is characterized by a "one strong, many strong" structure, with Anycubic as the clear leader [16] Future Trends - The future of 3D printing devices will focus on enhancing speed, precision, and functionality, with AI integration expected to play a crucial role [18] - New materials, including desktop-grade metal printing and personalized consumables, are anticipated to drive further growth [19] - The introduction of high-end accessories like 3D scanners is expected to increase market size and drive business growth for related companies [23] Investment Opportunities - Companies with established brands and distribution channels, such as Anker and others focusing on laser technology, are expected to see significant growth potential [22] - The collaboration between companies like Anycubic and others in the 3D scanning space indicates a trend towards more integrated solutions in the market [25][24] Conclusion - The consumer-grade 3D printing industry is poised for substantial growth, driven by technological advancements, market demand, and innovative business models. The competitive landscape is evolving, with significant opportunities for investment and expansion in both hardware and software segments.

Core Viewpoint - The consumer electronics industry is expected to grow in the second half of 2025, driven by the gradual implementation of edge AI across multiple terminals, hardware upgrades in AI smartphones, innovations in AI wearable devices, and a revival in the optical industry [1]. Group 1: Mobile & Optical Market - The smartphone market demand is expected to remain stable in the second half of 2025, with IDC projecting a global smartphone shipment growth rate of 0.6% for 2025 and a CAGR of 1.4% over the next five years [4]. - The trend of optical upgrades in smartphones is anticipated to continue, leading to double-digit market growth, with a focus on innovations such as larger sensors, hybrid glass-plastic lenses, and module structure upgrades [4]. - The optical industry is expected to see improved profitability due to capacity utilization recovery and rational price competition [26][31]. Group 2: Edge AI Hardware - The penetration of AI smartphones into mid-range price segments is expected to accelerate, with Canalys forecasting a global AI smartphone penetration rate of 34% by 2025, increasing to 50% by 2027 [5]. - Innovations in AI wearable devices, particularly AR/MR products, are expected to enhance user interaction and experience, with lightweight designs becoming a trend in 2024 [5]. - The emergence of new terminal forms, such as panoramic cameras, is anticipated to meet the growing demand for "recording life" [5]. Group 3: Edge AI Software - The rapid development of AI Agent technology is expected to reshape human-computer interaction and create new ecological models, with AI Agents likely to become new traffic entry points on mobile devices [5]. - The introduction of innovative AI Agents, such as Manus, demonstrates the potential for multi-agent models to facilitate the widespread adoption of AI in consumer applications [50][51]. Group 4: Market Review and Outlook - The consumer electronics sector in A-shares has seen a decline in valuation due to tariff uncertainties, with the overall PE ratio for the sector at 29.2 times as of July 4 [9]. - The Hong Kong stock market for consumer electronics has experienced significant valuation fluctuations, with the PE ratio recovering to 17.1 times, slightly above the historical median [12]. - The smartphone market is expected to maintain stable demand, with a focus on innovations in edge AI and foldable screens [13]. Group 5: Performance and Growth - The consumer electronics sector reported a revenue growth of 21% and a net profit growth of 2% in the first quarter of 2025, driven by the launch of new iPhone models and expansion into new business areas [23]. - The global smartphone camera module market is projected to see a mild recovery, with shipments expected to reach 45.6 billion units in 2025, reflecting a 2.2% year-on-year growth [27]. Group 6: AI and Innovation - The integration of AI into smartphones is expected to drive upgrades in components such as chips, thermal management, and battery technology, enhancing user upgrade intentions [39][40]. - The rise of consumer-grade 3D printing is anticipated to support the growth of the consumer electronics supply chain, with significant increases in production and sales volumes [42][44]. - The demand for handheld smart imaging devices is projected to grow, with the market size expected to reach 600 billion yuan by 2027 [45].

Core Insights - The demand for consumer-grade 3D printing is thriving, with domestic manufacturers leading product supply [1][2] - The consumer-grade 3D printing market in China has seen significant growth, with a CAGR of nearly 20% from 2020 to 2024, reaching over 40 billion yuan by 2024 [2][9] - The global sales of consumer-grade 3D printers are expected to continue growing, with 96% of these printers sourced from Chinese suppliers in 2024 [2][11] Market Dynamics - The user base for consumer-grade 3D printing primarily consists of small B-end customers, with applications in DIY production, educational institutions, and various industries [3][4] - The reduction in product prices and the lowering of operational barriers have allowed consumer-grade 3D printing to penetrate deeper into lower-tier markets [3][4] Industry Development - The consumer-grade 3D printing industry chain is maturing, with prices becoming more accessible to a broader customer base due to technological advancements and local supply chain efficiencies [4][5] - Leading companies like Tuozhu Technology have significantly reduced entry-level product prices, with their A1mini model priced below 1500 yuan after subsidies [4][5] Technological Advancements - The IP economy is driving consumer-grade 3D printing into new markets, with personalized demand for products like collectible figures increasing [5][8] - Companies are innovating by combining 3D printing with laser engraving and developing new materials to expand application scenarios [5][8] Key Players and Market Structure - The consumer-grade 3D printing machine manufacturers are experiencing rapid performance releases due to both domestic and export demand [5][8] - The report outlines key companies in the 3D printing industry, including Tuozhu Technology, which is a significant player in the consumer-grade segment [17][18]

Summary of the Conference Call on Consumer 3D Printing Industry Company Overview - **Company**:拓竹 (Tuo Zhu) - **Industry**: Consumer 3D Printing Key Points and Arguments Sales Performance - In the first half of 2025, Tuo Zhu sold 720,000 3D printers, with an expected total sales target of 1.5 million units for the year, projecting revenue between 6 to 7 billion yuan [1][3][5] - The HRD personal manufacturing center, launched in March 2025, has shown continuous sales growth, selling 15,000, 23,000, and 30,000 units from mid-March to mid-June [4] Market Position - Tuo Zhu has become a leader in the consumer 3D printing industry, holding approximately 35% market share, with significant growth potential until reaching a saturation point at around 3 million units sold [1][6] - The global consumer 3D printer market is dominated by Chinese suppliers, accounting for over 90% of the market [2] Customer Segmentation - The customer base is primarily B2B (70%), including DIY factories and medical device companies, while B2C (30%) is relatively smaller [1][7][9] - Key customer groups include the medical device industry, educational institutions, and the jewelry sector [9] Product Innovation - Tuo Zhu's X One series offers industrial-grade performance at consumer prices, achieving print speeds of 500 mm/s and precision of 0.01 microns, incorporating advanced technologies like laser radar and 16-color printing [1][10][12] - The founder's experience from DJI in motor control and sensor fusion has been pivotal in achieving high-speed and high-precision printing [12][13] Revenue Growth - Revenue increased from 2.7 billion yuan in 2023 to approximately 5.5 billion yuan in 2024, with expectations of reaching 6 to 7 billion yuan in 2025 [5] Future Plans - Tuo Zhu plans to upgrade existing 3D printer series and introduce a laser engraving machine, targeting annual sales of 250,000 to 300,000 units per model [3][15][16] - The company is also researching industrial-grade 3D printing technologies based on metal powder and photopolymer resin [16] Market Trends - The consumer 3D printing market is expected to grow at a compound annual growth rate (CAGR) of 30% to 35% overseas, while domestic household consumption is slower, around 6% to 8% [29] - A breakthrough in household 3D printing is anticipated in about two years, contingent on improvements in scanning technology and material cost reductions [30] Supply Chain and Partnerships - Tuo Zhu emphasizes self-research but is open to collaborations with quality suppliers to enhance product competitiveness [22] - Key suppliers for components include companies like Silver Technology and O-Film for various parts [19][24][31] Competitive Landscape - Major competitors include Zongheng Litu and Chuangxiang 3D, with Tuo Zhu aiming to maintain its leading position through innovation and market expansion [1][6] Additional Important Insights - The company is actively working to increase its B2C market share through initiatives like the Make Word community, which provides free 3D model files [1][9] - The introduction of advanced features in 3D printers is expected to enhance user experience and broaden application scenarios beyond traditional uses [10][12]

Core Insights - Smart派科技 has established itself as a leading player in the consumer-grade 3D printing market, with products sold in over 100 countries and regions, achieving the highest shipment volume in the consumer-grade light-curing 3D printer segment [2] Group 1: Company Overview - Smart派科技 focuses on a niche technology route, with a production capacity expected to reach 1 million units this year, supported by nearly 20 production lines [2] - The company transitioned from STEM kits to 3D printers after identifying a gap in the consumer-grade market, aiming to create a well-known Chinese brand in this space [3] Group 2: Market Strategy - The company emphasizes three key strategies for entering overseas markets: technological innovation, supply chain advantages, and customer-centric approaches [4] - Technological innovation includes annual product iterations and the integration of new technologies, significantly enhancing efficiency and precision [4] - The supply chain advantage allows the company to collaborate with quality suppliers in the Pearl River Delta, effectively controlling costs and improving production efficiency [4] - A direct-to-consumer (DTC) sales model enables the company to quickly respond to market changes and consumer needs, creating a competitive edge [4] Group 3: Operational Improvements - The transition from a cross-border e-commerce model to a technology-driven company involved significant investments in optimizing production processes, resulting in improved product quality and stability [5] - In 2024, the company anticipates sales of 1.6 billion yuan and a shipment volume of 550,000 units, maintaining its leading position in the industry [5] - The company aims to further enhance its technology and brand investments, focusing on product ecosystem development and user experience, with sales expected to exceed 2 billion yuan and shipments to surpass 800,000 units this year [5]