Summary of 3D Printing Industry Conference Call Industry Overview - The global consumer 3D printer shipment is expected to reach approximately 5.2 million units in 2024, with FDM accounting for 80% and photopolymerization for 15%. The Chinese market represents about 12% of this total [1][5][6]. - By 2025, the total shipment is projected to be between 5.5 to 5.6 million units, with the overseas market dominating. The annual shipment of industrial 3D printers is around 500,000 units [1][5]. Key Players - China produces 95% of the world's 3D printing products, with 90% of production concentrated in Shenzhen. Major companies include Topch, Creality, Zhongwei Cube, Flashforge, and Smart Pie, which collectively hold over 95% of the global market share [1][6][8]. - Topch shipped 1.24 million units last year, Creality over 700,000 units, Zhongwei Cube over 470,000 units, and Smart Pie 120,000 units [1][7][8]. Topch's Market Strategy - Topch employs a premium and explosive product strategy, optimizing user experience through a combination of hardware and software innovations. They introduced an automatic frequency adjustment feature and integrated drone technology to lower usage barriers and improve printing success rates [1][9]. - The company primarily targets overseas markets, with 90% of sales coming from international customers. Their sales channels include self-built websites (50%), offline agents (30%), and cross-border e-commerce agents (20%) [1][13]. Revenue Structure - Topch's revenue structure consists of 90% from product sales and 10% from material sales. Despite the smaller proportion of material sales, it is relatively high within the industry [1][15]. Competitive Landscape - Creality, a leading player in the consumer 3D printer market, initially adopted a multi-SKU strategy but is now facing challenges such as product homogenization and inventory pressure. The company is currently seeking transformation [2][18]. - Smart Pie, which ranks first in the photopolymerization 3D printer market, has received investment from DJI. If DJI provides technical support in addition to funding, Smart Pie could see significant improvements [2][21]. Technological Directions - Key technological directions in the 3D printing industry include photopolymerization (SLA), FDM, selective laser sintering (SLS), selective laser melting (SLM), and direct energy deposition (DED) [2]. - UV full-color printing is anticipated to be a significant development in consumer 3D printing, expected to be applied in the market by late 2026 or 2027, enhancing product quality and visual effects [2][29]. Supply Chain and Production Capacity - The supply chain for consumer-grade 3D printers includes essential components such as laser radar, AI cameras, nozzles, and extruders. Topch utilizes products from DJI, while Creality employs technology from Aowei Zhongguang [2][27]. - The cost structure of a consumer-grade 3D printer like Topch A1 is approximately 400 RMB, with a retail price of around 1,500 RMB, indicating a markup of over 2 times [2][28]. Market Trends and Future Directions - The 3D printing industry is gradually penetrating various fields, including everyday items like shoes and belts, as well as medical applications such as dentures. However, there is currently no "killer application" that significantly drives industry growth [2][36]. - The future of consumer-grade 3D printing technology will likely see the emergence of new technologies and materials, expanding its applications across different sectors [2][31]. Conclusion - The 3D printing industry is characterized by rapid growth, significant market concentration in China, and evolving technological advancements. Companies like Topch and Creality are at the forefront, navigating challenges and opportunities in a competitive landscape.