Investment Rating - The report maintains a "Positive" outlook on the 3D printing industry, indicating a low current penetration rate and potential for rapid growth driven by the expansion of demand for customized products and the popularization of the 3D farm model [7]. Core Insights - The 3D printing industry is entering a "singularity moment," where growth is driven not just by technological breakthroughs but also by a paradigm shift in industrial manufacturing and a surge in consumer demand for personalized products. Key drivers include agile manufacturing advantages in industrial-grade 3D printing, the ability to produce complex shapes, and the democratization of technology in consumer-grade 3D printing [9][13]. - The global 3D printing market is projected to reach $21.9 billion in 2024, with a year-on-year growth of 9.31%. In China, the market is expected to reach 42.3 billion yuan, with a significant portion of revenue coming from equipment and services [9][69]. Summary by Sections Investment Suggestions and Targets - The report suggests that the 3D printing industry is poised for rapid growth due to low current penetration rates and expanding demand. Key investment targets include: - Consumer-grade 3D printing service operator Huina Technology (300609, not rated) - Industrial-grade metal printing equipment manufacturers Plater (688333, not rated) and Huashu High-Tech (688433, not rated) - 3D printing material suppliers Jialian Technology (301193, not rated) and Youyan Powder Materials (688456, not rated) [4][21]. Industry Overview - 3D printing technology is characterized by its flexibility and high production capacity, allowing for the creation of complex structures with minimal waste. The technology has evolved from traditional subtractive manufacturing to additive manufacturing, enabling significant design freedom and reduced production cycles [22][24]. - The main materials used in 3D printing include plastics and metal powders, with various technological routes such as FDM, SLS, and SLA being commercially viable [31][36]. Market Outlook - The global 3D printing market is experiencing a golden development period, with both consumer and industrial segments expected to expand. The U.S. leads the market, while the Asia-Pacific region is catching up rapidly. The market for 3D printing materials is projected to grow by 35.21% in 2024, with significant growth also seen in 3D bioprinting and metal additive manufacturing [58][62]. - In China, the 3D printing market is expected to reach 42.3 billion yuan in 2024, with a strong focus on equipment and services, which together account for 76% of the market [69][70]. Key Players - The report highlights the differentiation among leading companies in the industrial-grade 3D printing sector, with notable players like Plater and Huashu High-Tech excelling in metal 3D printing. In the consumer-grade sector, Huina Technology is building a supply-demand ecosystem through a combination of scale farms and offline stores [9][20][21].

证券日报网12月12日讯有研粉材在12月4日回答调研者提问时表示，3D打印行业整体较为火爆，大量企 业迅速涌入新市场。经过一段时间的市场竞争，部分实力及资金弱势的企业会被市场淘汰出局，3D打 印的市场格局整体会趋向稳定。 （文章来源：证券日报） ...

Group 1 - Snapmaker, a 3D printing brand, announced the completion of a multi-hundred million RMB Series B financing round on December 10 [1][2] - The financing round was led by Hillhouse Capital and Meituan, with participation from existing investors [2] - Snapmaker's U1 3D printer set a record by raising 150 million RMB on a crowdfunding platform, marking the highest amount ever raised in 3D printing history [2] Group 2 - The consumer-level 3D printing market is expanding, with household users now accounting for 45% of the market, up from less than 20% three years ago [5][6] - Schools and small business owners are also significant buyers, with around 80% of schools planning to introduce 3D printing for STEAM education [5][6] - The global shipment of entry-level 3D printers surpassed 1 million units in Q1 2025, with 95% coming from Chinese suppliers [5][6] Group 3 - The industrial 3D printing market is seeing growth in sectors such as aerospace, medical implants, and automotive parts, with 13.24% of industrial attendees at the 2025 TCT Asia exhibition having procurement budgets over 5 million RMB [20][21] - Companies like Xunyi High-Tech are breaking foreign monopolies in continuous fiber and ceramic 3D printing, directly engaging with clients in aerospace and military sectors [23] - SIRUI Additive is addressing the issue of metal waste in aerospace and medical fields by recycling metal waste into usable powder, significantly reducing costs for companies [24][25] Group 4 - The rapid growth of the 3D printing industry is facing a talent shortage, with companies struggling to fill key technical positions [26][30] - The demand for interdisciplinary talent is high, as expertise in both 3D printing technology and specific industry requirements is necessary [31] - Companies like Snapmaker are investing heavily in talent acquisition to support their technological advancements and global expansion [31]

Core Insights - In 2025, the domestic 3D printing sector is experiencing a surge in investment, with 75 investment events recorded, a significant increase from 55 in 2024, indicating strong growth potential in the industry [1][3][4]. Investment Statistics - A total of 75 investment events have occurred in the 3D printing sector, with 59 companies successfully attracting capital, reflecting a robust investment climate [1]. - Early-stage investments dominate the market, with 41 out of 75 financing events (54.7%) occurring in A+ rounds or earlier, showcasing investor confidence in early-stage projects [6]. Company Performance - Notable companies in the consumer-grade 3D printing segment include Aileku, which has achieved annual revenue exceeding 1.6 billion yuan and ranks first globally in consumer-grade light-curing 3D printing [8]. - KuaiZao Technology, backed by Hillhouse Capital and Meituan, has set crowdfunding records, raising over 150 million yuan for its flagship U1 3D printer, with plans for a global launch in 2026 [8]. - Atom Rebuild, focusing on consumer-grade 3D printers, has completed two rounds of financing and aims to enter the European and American markets by the end of 2025 [8]. Regional Distribution - Guangdong leads with 15 invested companies (25.4%), followed by Jiangsu with 14 (23.7%), indicating a clear regional concentration of investment in the 3D printing sector [9]. Industrial Focus - The industrial-grade segment is attracting significant capital, particularly companies targeting aerospace and automotive sectors. Companies like Xietong High-Tech have completed multiple financing rounds, emphasizing their focus on advanced industrial applications [10][11]. - SiRui Additive, established in 2023, has also gained attention for its innovative approach to recycling titanium alloy waste, highlighting the industry's shift towards sustainability [11]. Capital Landscape - The investment landscape is characterized by a mix of market-oriented venture capital and local state-owned early-stage investment institutions, with notable players like Meituan Longzhu and Hillhouse Capital actively participating [12]. - The overall investment trend in 2025 reflects a continuation of the maker movement and signifies a transition of Chinese manufacturing towards high-end production capabilities, with the 3D printing sector poised to become a key growth area in the next five years [12].

Core Insights - The conflict between DJI and TuoZhu Technology has escalated due to DJI's investment in a 3D printing company, which TuoZhu's founder views as a direct attack on his business [1] - TuoZhu has rapidly grown in the 3D printing market, attracting significant investment from top firms, indicating a shift in market dynamics [1] Company Background - TuoZhu Technology was founded by former DJI employees, including founder Tao Ye, who left DJI after eight years to pursue opportunities in 3D printing [2][5] - The founding team possesses extensive experience from DJI, allowing TuoZhu to replicate DJI's successful business strategies [4][5] Growth Strategy - TuoZhu's growth strategy mirrors DJI's approach: starting with high-quality products in niche markets, then aggressively pricing to capture broader consumer markets [6][8] - TuoZhu's first product, Bambu Lab X1, launched at approximately $1,000, achieving a printing speed of 500mm/s, significantly faster than the industry average [7] - By 2024, TuoZhu's annual shipments are projected to exceed 1.2 million units, capturing nearly 30% of the global market with revenues around 6 billion yuan [8] Ecosystem Development - TuoZhu has implemented a "3M strategy" focusing on Machine, Model, and Material to create a sustainable ecosystem for 3D printing [9][10] - The company launched MakerWorld, an open-source model platform, allowing users to easily print models and enhancing user engagement [10][12] - MakerWorld has grown to become the largest 3D printing model community globally, with around 50 million registered users and over a million models available [12] Market Dynamics - The global 3D printing market is projected to reach $24.6 billion by 2024, with a compound annual growth rate (CAGR) of 28%, indicating significant growth potential [13] - Investment activity in the 3D printing sector has surged, with over 70 investment events reported in 2023 alone, highlighting increased interest from capital markets [14] Competitive Tensions - DJI's recent investment in TuoZhu's competitor, SmartPrint, is perceived as a defensive move to mitigate the threat posed by TuoZhu's rapid growth and potential encroachment into DJI's core markets [15][17] - Talent retention has become a critical issue for DJI, as many former employees have successfully transitioned to startups, creating a competitive landscape that challenges DJI's market position [16][17]

智通财经记者 | 陆柯言 智通财经编辑 | 文姝琪 "我们预计U1市场反响肯定不差，但没想过会卖这么好。"在接受智通财经采访时，Snapmaker团队表示。 Snapmaker团队介绍，传统多色3D打印存在三大痛点：打印速度慢、材料浪费严重以及多材料打印支持有限。这是因为，传统方案通常采用单喷头配合多材 料切换系统，例如拓竹科技的AMS（自动供料系统），它要在切换打印颜色时，将当前耗材回抽，并送入新颜色的耗材，过程中需要反复冲洗刷头以防止 串色，这就造成了时间和材料的浪费。 美团、顺为和高瓴同时投了一家3D打印公司——快造科技（Snapmaker）。 12月11日，智通财经获悉，3D打印企业快造科技（Snapmaker）宣布完成数亿元B轮融资。由高瓴创投、美团联合领投，顺为资本、美团龙珠、南山战新投 跟投，老股东同创伟业、东证资本继续加注。 Snapmaker是今年3D打印行业炙手可热的一家公司。今年8月，其推出的3D打印机Snapmaker U1，在Kickstarter上获得超2000万美元（约1.5亿人民币）的众 筹成绩，刷新3D打印机历史众筹金额最高记录，国内官方售价则为5999元。 图片来源：Kic ...

Core Viewpoint - Shenzhen has officially become China's "first city" for specialized and innovative "little giant" enterprises, surpassing Beijing and Shanghai in quantity and economic value [2][3][19]. Group 1: Overview of "Little Giants" - By the end of 2025, Shenzhen will have 1,333 "little giant" enterprises, leading the nation with 347 new additions, compared to Beijing's 1,210 and Shanghai's 1,032 [2][3]. - The total market value of these enterprises is estimated to be close to 10 trillion yuan, based on an average market value of 71 million yuan per listed "little giant" [3][8]. - These enterprises are concentrated in key areas of national focus, such as "manufacturing power" and "strengthening supply chains," with high entry barriers requiring domestic leadership in niche sectors and significant R&D investment [3][8]. Group 2: Growth and Innovation - Shenzhen's "little giants" exhibit remarkable growth, with an average time of 13 years from establishment to becoming a national-level "little giant," which is 1.71 years faster than the national average [8]. - The average R&D intensity of these enterprises is 7.63%, with annual R&D expenditure averaging 33.39 million yuan, significantly higher than the national average [8][19]. - These companies are also active in patent applications, averaging 152 patents per enterprise, with nearly 30% involved in setting international or national standards [8][19]. Group 3: Ecosystem and Support - Shenzhen's "20+8" industrial cluster strategy serves as a core engine for nurturing "little giant" enterprises, providing a structured ecosystem for growth and collaboration [9][10]. - The government facilitates connections between large and small enterprises through mechanisms like "chain leader" and "chain master" systems, resulting in over 500 technical cooperation agreements in 2024 alone [12][14]. - The city combines effective market strategies with government support, creating a comprehensive market support system that includes local validation and global expansion initiatives [14][15]. Group 4: Financial Support - Shenzhen has developed a "bold capital" approach to support innovative enterprises, allowing for long-term investments in high-tech sectors despite initial project risks [16][19]. - The city has established four major equity investment platforms to back innovative enterprises, with significant investments in numerous "little giants" [16][19]. Group 5: Future Implications - Achieving the title of "first city" for specialized and innovative enterprises marks a new starting point for Shenzhen, strengthening its industrial foundation and enhancing its resilience against global market fluctuations [19][20]. - The pathway from "little giants" to potential global leaders indicates a clear trajectory for future economic growth, with these enterprises expected to contribute significantly to Shenzhen's high-quality development [19][20].

Core Insights - Snapmaker has completed a multi-hundred million RMB Series B financing round, led by Hillhouse Capital and Meituan, with participation from several other investors. The funds will be used for core technology development, talent recruitment, and content ecosystem construction to accelerate the popularization of consumer-grade 3D printing [2] Group 1: Company Development - Since its establishment in 2016, Snapmaker has focused on consumer-grade 3D printing, breaking crowdfunding records globally. The Snapmaker 2.0 raised over 54 million RMB, setting a record in the technology category, and holds the largest market share globally [3] - The flagship product, U1 3D printer, achieved over 150 million RMB (approximately 20 million USD) in crowdfunding, becoming the highest-funded 3D printing project in history, supported by over 20,000 users, indicating strong market demand for efficient multi-color printing [3] Group 2: Product Innovation - Snapmaker's breakthroughs stem from precise insights into user needs and deep integration of technology. The U1 printer features the innovative SnapSwap™ independent four-head system, allowing for rapid material switching and significantly improving printing efficiency and stability, achieving five times the speed and material savings [4] - The U1 crowdfunding orders have been fully delivered, with plans for a global launch in Q1 2026, and the company anticipates several-fold revenue growth next year [4] Group 3: Strategic Focus Post-Financing - The recent financing is seen as a pivotal point for Snapmaker, transitioning from product leadership to ecosystem enhancement. The company aims to accelerate core technology development, expand global talent acquisition, and build an open ecosystem to lower the barriers for 3D printing [6] - Snapmaker is actively recruiting top talent in hardware development, AI software, and content ecosystem fields, emphasizing that innovation is driven by talent [6]

「逆势募资10亿人民币。」 「入局」是「暗涌Waves」的固定栏目。它源于我们发现，曾经行之有效的运行模式出现新的挑战，过往自西向东所承袭的行业规则已经被打散。人们亟 待创新与资本的新版图和新秩序。而"入局"则是一种最珍贵的姿态。 「入局」诞生于变局之中。若用一句话总结这个栏目的书写对象：我们希望找到更适应变化环境中的新玩家、新玩法。以下是本栏目的第十四篇文章。 文｜徐牧心 编辑｜陈之琰 久违地，人民币基金募资端也有了好消息。一家水下的市场化的人民币基金在一年内募资金额超10亿。 「暗涌waves」获悉，静水湖创投完成新一期5亿元盲池基金的首关。算上其此前连续设立的S基金、FOF基金以及已在设立流程中的新一支S基金，在不 到12个月的时间内，静水湖创投合计募资金额已超10亿元人民币，静水湖也相继成功引入了元禾辰坤、厦门资本、国联新创、宿城创投以及源铄资本等新 的LP。 在当下的人民币基金市场，这算得上可观的融资规模。而这家在市场上颇为低调的投资机构，更让人值得关注的一点是，其政府引导基金属性的资金被控 制在30%以下，且过去基金的资金来源中，"具有引导性质的钱都没有与强制的前置返投指标与call款挂钩"。 在 ...

Group 1 - A competition is ongoing among embodied intelligence companies for sponsorship of the 2026 Spring Festival Gala, with Zhiyuan Robotics offering 60 million yuan and Yushu Technology raising their bid to 100 million yuan, although Zhiyuan claims the reports are untrue [4] - Meituan has hired Pan Xin, former head of ByteDance's visual model AI platform, to lead multi-modal AI innovation, including the development of applications like LongCat App [4] - Xiaomi clarified that its recruitment for AI education roles is misinterpreted and is primarily aimed at enhancing services for specific products like the Redmi Pad 2 and Xiaomi Mitu children's watch [5] Group 2 - Pop Mart announced the appointment of Wu Yue, LVMH's Greater China President, as a non-executive director, effective December 10, 2025 [7] - Quark AI glasses S1 are experiencing high demand, with resale prices reaching 4,000 to 5,000 yuan, and the product is sold out on major e-commerce platforms [9][10] - JD.com is set to acquire a 50% stake in a Hong Kong office building for approximately 3.473 billion HKD, indicating continued investment in the region [15] Group 3 - Bill Gates warned of an AI valuation bubble, stating that many companies with high valuations will face declines, but emphasized the transformative potential of AI in sectors like health and education [18][19] - Refly.AI completed a multi-million dollar seed round financing led by Sequoia Capital and Hillhouse Capital, launching its V1.0 version for public testing [19] - Snapmaker announced a multi-hundred million B round financing led by Hillhouse Capital and Meituan, aimed at advancing consumer-grade 3D printing technology [19]