Core Insights - The sales of consumer-grade 3D printers have significantly increased during this year's "Double Eleven" shopping festival, making it one of the fastest-growing digital product categories [1] Group 1: Market Trends - A flagship 3D printer store in Shenzhen features a wall of 28 printers, allowing consumers to select models for quick printing [3] - The price of consumer-grade 3D printers has decreased by 60% compared to three years ago, with entry-level models now available for as low as 1,000 to 2,000 yuan [8][12] - The Ministry of Commerce and other departments have included desktop 3D printing devices in the category of digital products eligible for national subsidies, further boosting sales [8] Group 2: Consumer Demographics - The consumer base includes families, hobbyists, and individuals who have turned their creative pursuits into professions, indicating a shift towards deeper engagement with 3D printing technology [5] - The growth in sales is driven by various applications such as education, creative design, DIY manufacturing, and film props, highlighting the versatility of 3D printing [11] Group 3: Sales Performance - Sales of 3D printers on JD.com have increased by 120% year-on-year, while sales of 3D printing materials have surged by 190% [11]

Core Insights - Velo3D, Inc. will release its Q3 2025 financial results on November 10, 2025, after market close [1] - An earnings conference call will be held on the same day at 2:00 p.m. Pacific Time [2] - The company is recognized for its advanced metal additive manufacturing technology, which is transforming aerospace and defense supply chains [1][4] Company Overview - Velo3D specializes in metal 3D printing technology, also known as additive manufacturing (AM), which enhances the production of high-value metal parts [4] - The company has addressed limitations of legacy metal AM technology, enabling the design and production of previously impossible parts [5] - Velo3D's integrated solution includes Flow print preparation software, the Sapphire family of printers, and the Assure quality control system, all powered by the Intelligent Fusion manufacturing process [5] Industry Impact - Velo3D's technology supports innovation in various sectors, including space exploration, aviation, power generation, energy, and semiconductors [5] - The company has established partnerships with notable innovators such as SpaceX, Honeywell, Honda, Chromalloy, and Lam Research [5] - Velo3D was named one of Fast Company's Most Innovative Companies for 2024, highlighting its impact in the industry [5]

Core Insights - 3D Systems will release its financial results for Q3 2025 on November 4, 2025, after market close [1] - A conference call and webcast to discuss these results is scheduled for November 5, 2025, at 8:30 a.m. Eastern Time [2] Company Overview - 3D Systems has been a pioneer in 3D printing and additive manufacturing for nearly 40 years, founded by Chuck Hull [3] - The company provides industry-leading 3D printing technologies, materials, and software across various high-value markets, including medical, aerospace, and AI infrastructure [3] - 3D Systems aims to transform manufacturing through innovative solutions and a commitment to collaboration with customers [3]

Core Points - Materialise NV will host an Extraordinary Shareholders' Meeting on November 14, 2025, at 17:00 CET [1][2] - The meeting will address proposals for share capital movements, a potential buyback program, and amendments to the articles of association, including the introduction of double voting rights for certain shares [2] - The company will also discuss the approval of the remuneration policy, the appointment of the statutory auditor for sustainability information assurance, and the confirmation of the board of directors' composition [2] Meeting Details - The meeting will take place at the registered office of the company located at Technologielaan 15, 3001 Leuven [2] - Attendance will be possible electronically, and voting options will include proxy voting for registered shareholders and voting forms for holders of ADSs [2] - Security holders are encouraged to submit questions in writing regarding the agenda items [2][3]

Core Insights - Snapmaker's affiliated company, Shenzhen Kuizao Technology Co., Ltd., has undergone a business change, adding new shareholders including Meituan's Hanhai Information Technology (Shanghai) Co., Ltd. and Chengdu Longzhu Equity Investment Fund Partnership (Limited Partnership) [1] - The registered capital of Shenzhen Kuizao Technology has increased from approximately 7.045 million RMB to about 8.149 million RMB [1] - Established in August 2016, the company is involved in the research, development, sales, and technical consulting of various products including robots, automation equipment, and desktop multifunctional 3D printers [1]

Core Insights - The 3D Printing ETF (BATS: PRNT) provides investors with access to a niche segment of the manufacturing industry, which has the potential to become mainstream [1] - The fund currently has a relatively small asset under management (AUM) of $77 million, and it is advised by ARK [1] Industry Overview - The 3D printing sector is characterized by its growth potential and the ability to deliver value to stakeholders over time [1] - The ETF represents a strategic investment opportunity within the broader manufacturing landscape, appealing to those interested in innovative technologies [1]

Group 1 - Materialise's third-quarter results show ongoing struggles due to a challenging demand environment, particularly in the automotive sector, despite strength in the Medical business [1] - Narweena, an asset manager, focuses on identifying market dislocations and believes excess risk-adjusted returns can be achieved by targeting businesses with secular growth opportunities in markets with barriers to entry [1] - The research process of Narweena emphasizes company and industry fundamentals to uncover unique insights, with a high risk appetite and long-term investment horizon [1] Group 2 - The aging population, low population growth, and stagnating productivity growth are expected to create a different set of investment opportunities compared to the past [1] - Many industries may face stagnation or secular decline, which could paradoxically enhance business performance due to reduced competition [1] - The economy is increasingly dominated by asset-light businesses, leading to a declining need for infrastructure investments over time [1] Group 3 - A large pool of capital is pursuing a limited set of investment opportunities, resulting in rising asset prices and compressed risk premia [1] - Richard Durant, the leader of Narweena, holds undergraduate degrees in engineering and finance and an MBA, and has passed the CFA exams [1]

Group 1: Company Performance - Materialise's third-quarter results indicate ongoing struggles due to a challenging demand environment, particularly in the automotive sector, which has negatively impacted its share price despite strong performance in the Medical business [1] Group 2: Investment Strategy - Narweena, an asset manager, focuses on identifying market dislocations resulting from a poor understanding of long-term business prospects, aiming for excess risk-adjusted returns through secular growth opportunities in markets with barriers to entry [1] - The investment approach emphasizes company and industry fundamentals to uncover unique insights, with a high risk appetite and a long-term horizon targeting deeply undervalued stocks, particularly in smaller cap markets [1] Group 3: Market Trends - An aging population with low growth and stagnating productivity is expected to create new investment opportunities, while many industries may face stagnation or secular decline, potentially improving business performance due to reduced competition [1] - The economy is increasingly dominated by asset-light businesses, leading to a declining need for infrastructure investments, resulting in a large pool of capital chasing limited investment opportunities, which drives up asset prices and compresses risk premia over time [1]

Financial Data and Key Metrics Changes - Consolidated revenue for Q3 2025 was €66.3 million, a decrease of 3.5% compared to the same period last year [15][16] - Gross profit margin remained strong at 56.8%, consistent with the margin for the first nine months of 2025 [15][23] - Adjusted EBIT for Q3 2025 was €2.9 million, with an adjusted EBIT margin of 4.4% [15][17] - Net profit for the quarter was €1.8 million, representing €0.03 per share [15][24] - Net cash position increased to €67.7 million, driven by strong free cash flow [15][25] Business Line Data and Key Metrics Changes - Materialise Medical achieved record revenue of €33.3 million, growing by over 10% compared to Q3 2024 [15][16] - Materialise Software revenue decreased by 7% to €10.3 million, impacted by macroeconomic headwinds [19][20] - Materialise Manufacturing revenue declined by 17% to €22.7 million, reflecting ongoing market challenges [22] Market Data and Key Metrics Changes - Materialise Medical accounted for 50% of total revenue, while Materialise Software and Manufacturing contributed 16% and 34%, respectively [16] - The software segment's recurring revenue increased to 83%, up from 74% in the same quarter last year [20] Company Strategy and Development Direction - The company continues to focus on growth in the medical segment, particularly in cardiac and trauma markets [5][8] - Investment in R&D for medical applications is expected to drive future growth [19] - The company is expanding its capabilities in the defense sector, leveraging additive manufacturing to address industry challenges [13][14] Management's Comments on Operating Environment and Future Outlook - Management maintains guidance for 2025 revenues in the range of €265 to €280 million and adjusted EBIT between €6 to €10 million [28] - The company remains confident in its resilience and ability to capture growth opportunities as market conditions improve [28] Other Important Information - The company has launched new versions of its software products, enhancing features and efficiency for users [8][10] - The defense sector is expected to see increased spending, particularly in Europe, which may benefit the company's offerings [13] Q&A Session Summary Question: Update on medical segment exposure and growth potential - Management indicated that existing markets like CMF and orthopedics are mature, while new markets such as cardiac and respiratory are expected to grow faster in the future [34] Question: Size of aerospace and defense as a percentage of revenue - Aerospace has shown continuous growth, while defense is a newer segment with potential for future growth [35] Question: Manufacturing profitability and recovery prospects - Management highlighted cost reduction measures and the need for recovery in European and automotive markets to improve profitability [38][39]

Financial Performance - Revenue for Q3 2025 was 663 million EUR, a decrease of 35% compared to Q3 2024 [16] - Gross profit for Q3 2025 was 377 million EUR, representing 568% of revenue [16] - Adjusted EBIT for Q3 2025 was 29 million EUR, representing 44% of revenue [16] - Net profit for Q3 2025 was 18 million EUR, or 3 EUR-ct per share [16] - Adjusted EBITDA decreased by 15% to 84 million EUR compared to Q3 2024 [24] Segment Performance - Medical segment revenue increased by 103% to 333 million EUR in Q3 2025 compared to Q3 2024 [27] - Software segment revenue decreased by 7% to 103 million EUR in Q3 2025 compared to Q3 2024 [30] - Manufacturing segment revenue decreased by 17% to 227 million EUR compared to Q3 2024 [33] Financial Position - The company reported a net cash position of 677 million EUR, an increase of 67 million EUR from year-end 2024 [16] Guidance - The company maintains its prior guidance for 2025 consolidated revenue within the 265 - 280 million EUR range and Adjusted EBIT within the 6 - 10 million EUR range [43, 46]