（新手用户3D打印玩偶手办） 21世纪经济报道记者 吴佳楠 深圳报道 消费级3D打印正出现一种迹象，一个可能被称为"iPhone时刻"的时间节点，悄然逼近。 在线上社交平台，"3D打印根本停不下来"、"3D打印摆摊实现收入"的帖子层出不穷。 在线下实体空间，拓竹科技、创想三维的实体门店已成为许多家庭的"遛娃圣地"，各类酷炫又天马行空 的模型摆件乃至生活用品，让更多消费者发现——"3D打印居然可以这么玩"。 二级市场同样表现抢眼，截至发稿，A股3D打印指数（884119.WI）年内涨幅82.11%，板块内个股几乎 全线上涨，近七成公司前三季度净利润正增长，呈现盈利与估值同步上扬的强势格局。 热闹的表象之下，是刺刀见红的存量争夺，硝烟味前所未有的浓烈。 曾经以一己之力打破行业沉寂、将消费级打印机带入"高速、多色、即插即用"时代的拓竹科技（Bambu Lab），正面临着成立以来最严峻的"合围"。 资本巨头大疆、美团、高瓴相继入场，老牌霸主创想三维（Creality）冲刺港股IPO，新锐势力智能派 （Elegoo）、快造科技（Snapmaker）手握重金加速快跑。据Wind数据，2025年以来，全球一级市场已 发生7 ...

Core Insights - The consumer-grade 3D printing industry is approaching a pivotal moment, often referred to as the "iPhone moment" [1] - The market is experiencing significant growth, with the A-share 3D printing index rising nearly 90% year-to-date as of January 23, 2025, and almost 70% of companies in the sector reporting profit growth [2] - Intense competition is emerging, with major players like DJI, Meituan, and Hillhouse Capital entering the market, while established companies like Creality pursue IPOs [3][11] Market Dynamics - The 3D printing sector has seen 72 financing events since 2025, with 52 companies receiving investments, primarily in the domestic market [7] - DJI's investment in Elegoo, a significant player in the consumer-grade 3D printing market, highlights the potential for growth in this sector [7] - Snapmaker's recent funding round, led by Hillhouse Capital and Meituan, underscores the interest in innovative products that promise substantial growth potential [8] Competitive Landscape - Creality, once a dominant player, is facing challenges as it attempts to go public while experiencing a decline in net profit despite revenue growth [11][13] - The competition is not limited to hardware specifications but involves capital battles and ecosystem strategies [4] - The emergence of new players and the aggressive strategies of existing companies indicate a shift towards a more competitive environment [6][12] Ecosystem Development - The success of 3D printing companies increasingly relies on building robust ecosystems, as seen with Bambu Lab's Maker World community, which has nearly 10 million active users [16] - The debate between open-source and closed ecosystems is intensifying, with companies like Bambu Lab adopting a closed strategy to enhance user experience and protect content [18] - Competitors are investing heavily in ecosystem development, with Elegoo and Creality focusing on community engagement and content creation [19] Future Outlook - The global consumer-grade 3D printing market is projected to grow from $1.5 billion in 2020 to $4.1 billion by 2024, with a compound annual growth rate of approximately 28% [14] - The entry of AI technologies is expected to lower barriers to entry and accelerate the development of high-quality content in the 3D printing space [19] - As the industry matures, the competition will increasingly hinge on the quality of models and user experience, making the ecosystem a critical factor for long-term success [20]

Core Viewpoint - The consumer-grade 3D printing industry is approaching a pivotal moment, often referred to as the "iPhone moment," characterized by rapid growth and increased consumer engagement [1][11]. Market Performance - The A-share 3D printing index has seen a nearly 90% increase year-to-date as of January 23, 2025, with almost all stocks in the sector rising and about 70% of companies reporting positive net profit growth [3][4]. Competitive Landscape - The market is witnessing intense competition, with major players like DJI, Meituan, and Hillhouse Capital entering the space, while established companies like Creality are pursuing IPOs [5][10]. - Bambu Lab, a pioneer in consumer-grade printers, faces significant competition from both established and new entrants, indicating a shift from a single-player dominance to a multi-competitor environment [5][11]. Investment Trends - Since 2025, there have been 72 investment events in the 3D printing sector, with 52 companies receiving funding, primarily concentrated in the domestic market [7][8]. - Notable investments include DJI's multi-million dollar investment in Elegoo, highlighting the potential for growth in consumer-grade 3D printing technology [7][8]. Financial Performance of Key Players - Creality's revenue is projected to grow from 13.46 billion to 22.88 billion from 2022 to 2024, but its net profit is expected to decline by 31% in 2024, indicating a challenging competitive environment [10]. - Bambu Lab's revenue is estimated to be between 55 billion and 60 billion in 2024, with a net profit close to 20 billion, maintaining a leading market share [13]. Ecosystem Development - Bambu Lab's Maker World community has become a central part of its ecosystem strategy, boasting nearly 10 million active users and over one million 3D models, which enhances user engagement and lowers operational barriers [14][16]. - The industry is experiencing a shift towards ecosystem competition, with companies like Elegoo and Snapmaker also focusing on building robust content ecosystems to attract users [16][18]. Future Outlook - The global consumer-grade 3D printing market is expected to grow from $1.5 billion in 2020 to $4.1 billion in 2024, with a compound annual growth rate of approximately 28% [13]. - The entry of AI technologies is anticipated to lower barriers for content creation, facilitating a transition to a "everyone can create" era in 3D printing [18].

Core Viewpoint - The consumer-grade 3D printing industry is approaching a pivotal moment, often referred to as the "iPhone moment," indicating significant growth and transformation in the market [1]. Market Performance - The A-share 3D printing index has seen an impressive year-to-date increase of 82.11%, with nearly 70% of companies reporting positive net profit growth in the first three quarters [2]. - The global consumer-grade 3D printing market is projected to grow from $1.5 billion in 2020 to $4.1 billion by 2024, with an annual compound growth rate of approximately 28% [11]. Competitive Landscape - The competitive environment is intensifying, with major players like DJI, Meituan, and Hillhouse Capital entering the market, while established companies like Creality are pursuing IPOs [3][6]. - Bambu Lab, once a dominant player, is now facing significant competition, with multiple companies vying for market share and investment [3][4]. Investment Trends - Since 2025, there have been 72 investment events in the 3D printing sector, with 52 companies receiving funding, primarily concentrated in the domestic market [6]. - Notable investments include DJI's multi-million dollar investment in Elegoo, highlighting the potential for growth in consumer-grade 3D printing technology [6]. Company Developments - Elegoo, a key player in the market, has achieved a compound annual growth rate of over 40% in the past three years, with projected revenues of 1.6 billion yuan in 2024 and 2.5 billion yuan in 2025 [7]. - Snapmaker has also gained attention, raising over $20 million on Kickstarter for its innovative 3D printer, which boasts significant efficiency improvements [7][8]. Ecosystem and Community - Bambu Lab's success is attributed not only to hardware performance but also to its robust community and content ecosystem, exemplified by its Maker World platform, which has nearly 10 million active users [12][13]. - The shift towards a closed ecosystem has sparked debates within the industry regarding the balance between open-source and proprietary models [15]. Future Outlook - The entry of large players like DJI is expected to accelerate industry consolidation and competition, making the landscape more complex and dynamic [17]. - The ongoing development of AI technologies is anticipated to lower barriers to entry in 3D modeling, facilitating a broader participation in the 3D printing ecosystem [16].

Core Insights - VAST is a key player in the AI 3D model sector, which is gaining traction as a new competitive arena in the AI landscape, particularly as traditional modeling transitions to AI-driven 3D models [2][3] - The AI 3D model technology has vast application potential across various industries, including gaming and industrial sectors, but it faces challenges in reaching mainstream consumers [2][4] - VAST's annual recurring revenue (ARR) has surpassed $12 million, indicating strong commercial potential despite being a relatively new company [5][6] Company Overview - VAST was established in March 2023 and has rapidly developed its Tripo AI 3D model series, which includes over 200 billion parameters [6] - The company has served over 5 million professional users and 40,000 enterprise clients, generating more than 50 million 3D models [3][5] - VAST completed a multi-million dollar Pre-A+ funding round in June 2023, indicating investor confidence in its growth potential [6] Market Dynamics - The 3D vision market in China is projected to grow significantly, with a compound annual growth rate (CAGR) of approximately 25.73% from 2024 to 2028, reaching around 7 billion yuan [3] - Major competitors like Tencent and ByteDance are entering the AI 3D model space, posing challenges for VAST as it seeks to establish itself [8] - The industry is still in its early stages, with a lack of benchmark applications, which may hinder broader adoption of AI 3D models [7] Technological Challenges - Developing AI 3D models is more complex and resource-intensive than 2D models, requiring significant computational power and specialized talent [6][7] - The transition from traditional modeling to AI-driven solutions necessitates overcoming technical barriers and educating potential users about the benefits of AI 3D technology [7][8] Future Outlook - VAST aims to expand its user base by targeting professional modelers, amateur creators, and eventually casual consumers, with market potential scaling from millions to billions [7] - The company is focused on democratizing 3D content creation, allowing more individuals to participate in the 3D ecosystem [4][7]

Core Viewpoint - The article discusses the rapid growth and unique management style of VAST, an AI 3D model company led by its young CEO, Song Yachen, highlighting its high valuation and innovative approaches in a competitive landscape. Company Overview - VAST recently completed a Pre-A+ round financing of several million dollars, following a previous Pre-A round of several hundred million yuan, making it the highest-valued AI 3D model company [2] - The company's annual ARR has reached $7 million, positioning it as the highest revenue-generating company in the AI 3D model sector [2] Unique Management Style - VAST has a distinct company culture, with a mix of interests from anime to traditional collectibles, reflecting the diverse personalities within the team [3] - The company maintains a high product iteration speed, with significant growth in 3D model generation from 5 million in early 2024 to over 30 million by mid-2025, despite having only around 50 full-time employees [3][5] - VAST does not utilize traditional performance management tools like OKR or KPI, which are common in other AI companies, yet it achieves effective cross-department collaboration through informal communication [5][6] Strategic Shifts - In mid-2024, VAST shifted its focus from targeting C-end users to PGC (Professionally Generated Content) users, leading to the development of Tripo Studio, a one-stop 3D workspace, which has generated $60,000 in monthly revenue [6] Challenges and Competition - VAST faces increasing competition from major internet companies like Douyin, Tencent, and Alibaba, which are also investing in 3D models, while the demand for 3D models in gaming and collectibles is surging [5][6] Innovation and Culture - The company promotes a culture of "deliberate innovation," encouraging employees to explore new methods even in areas that seem to require little change [23][25] - VAST implements a quarterly salary adjustment strategy to enhance team creativity and responsiveness, differing from the typical semi-annual or annual reviews in the industry [5][17] Leadership Insights - CEO Song Yachen emphasizes the importance of rational decision-making over personal relationships in leadership, reflecting a significant personal growth since the company's inception [7][9] - He recognizes the need for a balanced team, valuing consistent and diligent workers over merely "brilliant" individuals, which has influenced the company's hiring strategy [14][15]

Core Insights - VAST has completed multiple rounds of financing, totaling hundreds of millions of dollars, and is currently the highest-valued AI 3D model company [1][2] - The company has an annual ARR of $7 million, making it the highest revenue-generating company in the AI 3D model sector [1] - VAST has achieved rapid product iteration, with its core product "Tripo" generating over 30 million 3D models by June 2025, up from 5 million in early 2024 [2][4] Company Structure and Management - The founder, Song Yachen, does not have a strong technical background and focuses on strategic decisions, hiring, financing, and public relations [2][3] - VAST operates without traditional performance metrics like OKR or KPI, relying instead on natural communication for cross-department collaboration [3][4] - The company has implemented a unique quarterly salary adjustment strategy to enhance team creativity and flexibility [3][4] Market Position and Challenges - VAST faces competition from major players like Douyin, Tencent, and Alibaba, who are also entering the 3D model space [4] - The demand for 3D models is increasing in gaming and trendy products, but the company must navigate the challenges of commercialization [4] Product Development and Strategy - In mid-2024, VAST shifted its strategy to focus on PGC users, launching Tripo Studio, which has generated $600,000 in monthly revenue [4] - The initial approach targeted C-end users but was adjusted based on feedback from core users who are primarily PGC creators [4] Founder Insights and Philosophy - Song Yachen has evolved from a more emotional decision-maker to a rational one, emphasizing the importance of company operations over personal relationships [5][6] - He believes that the company needs more diligent and grounded individuals rather than just "genius" talent, highlighting the scarcity of reliable workers [12][13] - The company culture encourages innovation and creativity, with a focus on maintaining a relaxed atmosphere to foster inspiration [20][21]