■王丽新 一季度是全年经济的开端，直接关系到全年经济目标的实现，上市公司一季报更是为上半年乃至全年的 业绩表现提供重要参考。5月8日，据中国上市公司协会消息，2025年一季报数据显示，全市场上市公司 实现净利润1.49万亿元，同比增长3.55%，环比增长89.71%。一季度，4084家公司实现盈利。 梳理上市公司一季报业绩增长动因可以看到，市场需求旺盛、产品出货量增长、业务规模扩大等被频频 提及。在笔者看来，上市公司这份稳健的一季度业绩答卷，向外界传递出细分领域的长期向好态势，更 展现出中国经济"勇毅前行""向新而进"的多重积极信号。 首先，消费市场持续"焕新"。数据显示，今年一季度，A股上市公司消费板块营收增速及归母净利润增 速分别为4.7%和14.7%，均显著高于全部非金融上市公司的营收和利润增速。其中，家用电器、消费电 子产品板块归母净利润分别增长22.8%、107.5%。同期，拥有新型消费类业务的上市公司营收和净利润 增长较为明显。 这背后得益于两大动力为经济发展注入关键增量，一是我国以旧换新政策加力扩围，促使电动自行车、 手机、平板、智能手表等新扩围产品销量明显上涨。二是"文商旅"融合发展，凸显消费 ...

Core Viewpoint - The 2025 (Fourth) Polymer 3D Printing Materials Summit aims to address the challenges and opportunities in additive manufacturing, particularly in high-end applications such as aerospace, automotive, drones, humanoid robots, and biomedical fields, emphasizing the integration of AI and the need for innovation in materials and processes [1][2]. Forum Background - Additive manufacturing technology (3D printing) is recognized for its design flexibility, material efficiency, and customization capabilities, driving advancements in various sectors including aerospace and biomedical [1]. - The technology faces challenges in achieving multi-variety, large-scale production, low-cost, high-precision, and super-fast 3D printing, as well as multi-material functionality [1]. Forum Information - The summit will take place in July 2025 in Hangzhou, Zhejiang, organized by the Polymer Materials and Engineering Branch of the Chinese Materials Research Society [2]. - Key figures include Chairpersons Xia Hesheng, Wu Lixin, and Li Xiping, who are prominent professors and researchers in the field [2]. Forum Organization - The event is supported by various organizations, including Jiangsu Jicui Advanced Polymer Materials Research Institute and Nanjing Mofeng 3D Technology Co., Ltd., among others [4]. Forum Schedule - The three-day event includes registration, opening ceremonies, and multiple thematic discussions focusing on opportunities and challenges in additive manufacturing, AI integration, and innovations in various industrial applications [5][7]. Core Subjects - Key topics include the development trends of additive manufacturing under new international circumstances, the integration of AI with additive manufacturing, advancements in materials, and the localization of core components [8]. - Specific applications discussed will cover high-performance polymer materials, multi-material manufacturing, and innovations in 3D printing technologies across various sectors [8]. Registration and Fees - Registration fees are set at ¥3000 for regular attendees and ¥1800 for students, with early bird discounts available [9].

Group 1 - The emergence of DeepSeek, a large model comparable to ChatGPT, has created significant waves in the global technology and capital markets, igniting enthusiasm for innovation and investment opportunities in the tech sector [3] - Tangxing Capital focuses on discovering and nurturing high-growth potential hard tech companies, aiming to drive industrial upgrades and regional economic development through a comprehensive support system [3][4] - The investment team at Tangxing Capital possesses deep industry backgrounds and professional investment capabilities, allowing them to accurately grasp technology development trends and identify quality projects [3][4] Group 2 - Young entrepreneurs like Liang Wenfeng and Wang Xingxing exemplify the characteristics of contemporary tech leaders, showcasing strong learning abilities and rapid application of new technologies [4][5] - These entrepreneurs break traditional thinking and industry boundaries, integrating resources across sectors to create new application scenarios and business models [5][6] - Key traits admired in successful entrepreneurs include innovation spirit, cross-disciplinary integration ability, strategic vision, and focus on core business areas [6] Group 3 - The investment style of Tangxing Capital is characterized by "insightful decisiveness," emphasizing the ability to quickly identify and act on investment opportunities [7] - A notable investment decision involved a significant investment in Plater, a key player in the 3D printing industry, despite market uncertainties, which later yielded a tenfold return [9] - Plater's technology addresses complex manufacturing needs in aerospace, automotive, and medical sectors, significantly contributing to China's manufacturing transformation [8][9] Group 4 - The current bull market is driven by a combination of macroeconomic stability, loose monetary policy, and positive market sentiment, creating a conducive environment for investment [10][11] - The bull market enhances the financing environment for primary markets, encouraging entrepreneurship and accelerating company growth through increased funding [12][13] - The interaction between primary and secondary markets fosters a cycle of investment and exit opportunities, optimizing resource allocation and enhancing economic vitality [14]

Investment Rating - The investment rating for the company is "Buy" with a target price of RMB 71.07 [8][9]. Core Views - The company reported a revenue of RMB 1.326 billion in 2024, a year-on-year increase of 15.02%, but the net profit attributable to the parent company decreased by 5.26% to RMB 104.44 million [1][7]. - The company experienced a revenue of RMB 2.27 billion in Q1 2025, a year-on-year increase of 7.30%, but reported a net loss of RMB 0.15 billion, indicating a shift from profit to loss [1]. - The decline in profitability is attributed to delays in the recognition of revenue from aerospace orders and a weakening of scale effects [1][5]. Revenue and Profitability - The company’s revenue from customized products, 3D printing equipment, and materials in 2024 was RMB 6.89 billion, RMB 5.45 billion, and RMB 0.91 billion respectively, showing year-on-year growth of 23.51%, 4.99%, and 41.38% [3]. - The aerospace sector generated revenue of RMB 8.15 billion in 2024, reflecting a year-on-year increase of 33.08%, while other sectors like industrial and medical saw declines [3][4]. - The overall gross margin for the company in 2024 was 37.44%, a decrease of 9.76 percentage points from the previous year, with customized products experiencing a significant drop in gross margin due to price reductions in mass-produced aerospace products [4]. Financial Forecasts - The company’s net profit forecasts for 2025, 2026, and 2027 are RMB 2.81 billion, RMB 3.74 billion, and RMB 5.06 billion respectively, with downward adjustments of 28.41% and 30.10% for 2025 and 2026 compared to previous estimates [5][19]. - The expected revenue growth rates for the upcoming years are 39.66% for 2025, 32.39% for 2026, and 30.34% for 2027 [7][23]. - The projected earnings per share (EPS) for 2025, 2026, and 2027 are RMB 1.03, RMB 1.38, and RMB 1.86 respectively [7][23]. Market Position and Valuation - The company’s market capitalization is approximately RMB 17.279 billion, with a closing price of RMB 63.58 as of April 29, 2025 [9]. - The company is trading at a price-to-earnings (PE) ratio of 62 for 2025, which is lower than the average PE of comparable companies at 69 [5][18]. - The target price of RMB 71.07 corresponds to a PE ratio of 44 for 2025, indicating potential upside from the current market price [5][8].

" 跨境电商打造爆品该如何有效决策？ " 作者 | 吴优 编辑 | 刘伟 我们经常会看到这样的情况，某家公司在某个细分领域做出爆品后，换了一个赛道却很难再出爆品，又或 者是大公司突然宣布要做跨品类的产品，但结果往往并不尽人意。 在跨境电商领域，一家公司想要连续打造出爆款产品并不容易，整个行业正在面临数据爆炸时代的决策困 境。 本期的出海百人谈栏目中，我们邀请到高维课堂常驻导师张雷分享他们团队辅导30+家跨境公司成为行业 头部卖家以来的爆品经验。聊一聊跨境电商公司想要打造爆品如何科学做决策。有哪些容易犯的错误，有 哪些会踩的坑，以及要培养哪些关键能力，如何花费最小的代价提高爆品成功率。 张雷曾是谷仓"新国货100工程"品牌出海负责人，也是公司从0到上市全过程品牌出海业务操盘人，辅导 过10+上市企业/投资机构投后企业出海业务。 并不是公司越大，业务决策能力就越强，" 用投资的思维选赛道，用用户思维做产品和营销 "，张雷用两 句话精要概括了拥有高业务决策能力公司的决策逻辑，掌握了这套方法，即便是在红海品类，即便是初创 公司，也有机会实现差异化破局。 01 爆品=大多数人 X 关键需求 X 有效营销 雷峰网·鲸犀 ...

头图 | IC Photo Busy Money 出品 | 36氪未来消费（微信ID：lslb168） 离你更近的消费创投一线。 整理 | 任彩茹 「来牟科技」完成数千万元Pre-A轮融资 36氪获悉，常州来牟科技有限公司近日完成数千万元Pre-A轮融资，本轮投资方为九坤创投，Maple Pledge枫承资本出任私募股权融资顾问。 来牟科技面向欧美市场、专注割草机器人研发制造，创始人高望书曾任云鲸联合创始人。来牟科技一代割草机器人Lymow One客单价在3000美金左右， 自2024年启动众筹以来，已筹集资金达500万美金，在Kickstarter上排名2024年全品类的第四名、割草机品类额度第一。 •「原子重塑」完成数千万元天使轮融资 36氪获悉，原子重塑科技（深圳）有限公司近日完成数千万元天使轮融资，本轮由追创创投投资。 原子重塑成立于2025年1月，旗下3D打印机产品主要聚焦C端消费级市场，专注通过AI技术突破3D打印的"最后一公里"难题，为用户提供更为简便和高 效的解决方案。公司总裁刘斌曾任追觅割草机器人研发总监，曾从0到1搭建追觅割草机器人团队，完成产品半年内快速上市、首年营收达到数亿人民 币。 ...

Core Viewpoint - The article highlights the emergence of Atom Reconstruct Technology (Shenzhen) Co., Ltd., which has recently completed a multi-million angel round financing aimed at enhancing product performance, market expansion, and team development in the consumer-grade 3D printing market. The company plans to leverage AI technology to address challenges in 3D printing and aims to launch its first product in the second half of 2025 [4][9]. Company Overview - Atom Reconstruct was established in January 2025 and focuses on consumer-grade 3D printers, aiming to simplify and enhance the user experience through AI technology [4][6]. - The company is led by Liu Bin, who has a strong background in product development and has previously achieved significant revenue milestones in the robotics sector [4][6]. Market Potential - The global consumer-grade 3D printing market is experiencing rapid growth, with a market size of $2.503 billion in 2022, projected to reach $7.1 billion by 2028, reflecting a compound annual growth rate (CAGR) of 19.2% [5]. - China is the largest producer of consumer-grade 3D printers, accounting for over 94% of global production, with exports reaching 8.163 billion yuan in 2024, a year-on-year increase of 32.75% [5]. Product Development and Technology - Atom Reconstruct aims to address the challenges of low stability, high usage barriers, and material costs in the consumer-grade 3D printing market by developing a range of products from entry-level to professional-grade [6][8]. - The company is utilizing existing technologies from its parent company, including motor technology, noise reduction, laser radar, visual recognition, and AI interaction, to enhance its 3D printing products [7]. Supply Chain and Operational Efficiency - As part of the Pursuit ecosystem, Atom Reconstruct benefits from a robust supply chain and resource background, allowing for cost-effective production and stable supply of components [8]. - The company has established a supply chain ecosystem that combines self-researched core components with existing resources, enabling rapid market response and improved product competitiveness [8]. Global Strategy and Future Plans - Atom Reconstruct has set a global development strategy, prioritizing markets in Europe and North America, supported by Pursuit's overseas service teams for efficient customer support [9]. - The company plans to launch multiple product series to cater to diverse user needs and will focus on building an ecosystem around its devices, cross-industry applications, and user communities [9]. Investor Perspective - Investors see significant market potential in the consumer-grade 3D printing industry, driven by technological advancements and cost reductions. Atom Reconstruct's application of AI technology is viewed as a key factor in addressing industry pain points and achieving rapid market entry [10].

报告发布日期：2025年4月7日 报告名称:《苹果布局3D打印，推动消费电子精密制造革新》 分析师：胡剑 S0980521080001/ 吴双 S0980519120001/ 李书颖 S0980522100003 联系人：张宇翔 完整报告请扫描下方二维码 国信研究 3D打印行业框架报告 2025-04-07 | 胡剑 李书颖 吴双 张宇翔 •增材制造又称"3D打印"，是一种基于三维模型数据的 先进制造技术。它采用与传统减材制造技术截然相反的逐层 叠加材料的方式，利用激光束、热熔喷嘴等手段，将粉末、 树脂等特殊材料逐层堆积黏结,最终叠加成形。与传统精密 加工技术相比，增材制造在加工精度、表面粗糙度和可加工 材料方面仍存在差距,但其独特的技术原理在特定应用场景 中具有显著优势： 1）缩短研发周期降低研发成本,无需模 具即可直接成形;2）高效成形复杂结构,实现一体化、轻 量化设计；3）材料利用率高，符合ESG理念；4）快速凝 固工艺使制件内部组织均匀致密，强度提升而不损失塑... 长按识别小程序阅读全文 点击 关注我们 证券研究报告| 2025年04月07日 图信证券 3D打印框架报告 苹果布局3D打印，推动消费电 ...

Core Viewpoint - Apple is actively investing in 3D printing technology to drive innovation in precision manufacturing within the consumer electronics sector, aiming to enhance product design and production efficiency [5][54]. Group 1: 3D Printing Technology Overview - Additive manufacturing, also known as 3D printing, is a cutting-edge manufacturing technology that builds objects layer by layer from three-dimensional model data, contrasting with traditional subtractive manufacturing methods [3][9]. - Key advantages of additive manufacturing include reduced R&D cycles, lower costs without the need for molds, efficient formation of complex structures, high material utilization rates, and improved mechanical properties due to rapid solidification processes [15][19]. Group 2: Market Growth and Projections - The global 3D printing market was approximately $20 billion in 2023, with projections to reach $36.2 billion by 2026, reflecting a compound annual growth rate (CAGR) of 21.8% [9][36]. - China's 3D printing market is expected to grow from approximately 32 billion yuan in 2022 to 41.5 billion yuan by 2024, indicating significant growth potential [36][37]. Group 3: Applications and Industry Segments - Major downstream applications of 3D printing include aerospace (13.3%), medical (13.7%), automotive (14.0%), and consumer electronics (14.0%), highlighting the technology's versatility across various sectors [37][38]. - In the consumer electronics sector, 3D printing is being utilized for manufacturing precision components such as hinges for foldable devices, with Apple exploring its application in products like the Apple Watch and foldable phones [52][54]. Group 4: Cost Reduction and Efficiency Improvements - The cost of titanium alloy powder used in 3D printing has decreased significantly, from 600 yuan/kg in 2023 to below 300 yuan/kg in 2024, representing a 50% reduction, which is expected to enhance the economic viability of additive manufacturing [50][51]. - Innovations such as beam shaping technology and the introduction of multi-laser systems are improving production efficiency, with some systems achieving up to 2.7 times the output compared to traditional dual-laser setups [50][51]. Group 5: Industry Players and Competitive Landscape - Key players in the 3D printing equipment market include established companies like EOS and 3D Systems, alongside emerging Chinese firms such as Plater and Huazhu High-Tech, which are rapidly gaining market share [39][43]. - The competitive landscape is evolving, with domestic manufacturers increasingly focusing on the localization of core components to reduce reliance on imports and lower production costs [50][51].

在硬件端，「原子重塑」作为追觅生态链企业，具备了天然的产品落地优势与供应链资源背景。 作者｜黄楠 编辑｜袁斯来 硬氪获悉，原子重塑科技（深圳）有限公司（以下简称「原子重塑」）近日完成数千万元天使轮融资， 本轮融资由追创创投投资，资金将用于研发投入以优化产品性能，开展市场拓展提升品牌知名度，以及 团队建设。 「原子重塑」成立于2025年1月，旗下3D打印机产品主要聚焦C端消费级市场，专注通过AI技术突破3D 打印的"最后一公里"难题，为用户提供更为简便和高效的解决方案。公司总裁刘斌曾任追觅割草机器人 研发总监，曾从0到1搭建追觅割草机器人团队，完成产品半年内快速上市、首年营收达到数亿人民币。 核心研发团队均主导过多个爆款3D打印产品的研发与上市，具有丰富的技术研发经历和扎实的产品化 经验。 近年来，全球3D打印市场发展迅猛，逐步突破工业应用的局限呈高速增长态势，其中消费级3D打印市 场的渗透率拓展加速。根据KBV Research研究数据，2022年，全球消费级3D打印机市场规模达25.03亿 美元，预计2028年将飙升至 71 亿美元，年复合增长率高达19.2%。 其中，中国作为全球最大的消费级3D打印机生产 ...