消费级 3D 打印那些事儿 20250707 摘要 拓竹公司 2025 年上半年已售出 72 万台 3D 打印机，预计全年销量有望 达到 150 万台，营收预计达 60-70 亿元。新款 HRD 个人制造中心自 3 月上市以来销量持续增长，成为新的增长点。 拓竹已成为消费级 3D 打印行业领导者，占据约 35%的市场份额，但内 部认为出货量达到 300 万台时市场接近饱和，表明公司仍有较大增长空 间，主要竞争对手为纵横立方和创想 3D。 拓竹客户主要集中在 ToB 端（占比 70%），包括 DIY 工厂、医疗器械 公司等，ToC 端（占比 30%）相对较少。公司通过 Make Word 社区和 简化大模型技术，致力于提升 ToC 端占比。 拓竹通过高效研发和创新产品策略迅速获得市场份额，X One 系列以消 费级价格提供工业级性能，打印速度达每秒 500 毫米，精度为 0.01 微 米，并首次引入激光雷达和支持 16 色多色打印。 拓竹创始团队在大疆积累的无人机技术经验，如电机控制、运动控制算 法和传感器融合，被成功应用于 3D 打印，实现了高速、高精度、多色 打印。 Q&A 2025 年消费级 3D 打印机 ...

（原标题：吴中绝技：一器一世界，一技一人生｜新知） 作者：朱紫璇 "吴中绝技，陆子冈之治玉，鲍天成之治犀，周柱之治嵌镶，赵良璧之治梳，朱碧山之治金银，马勋、 荷叶李之治扇，张寄修之治琴，范昆白之治三弦子，俱可上下百年保无敌手。"明代文学家张岱的散文 《吴中绝技》，寥寥数语，却道尽了明代江南匠人的惊世传奇。四百年多后，当我们翻开泛黄的史料， 这些"吴中绝技"的传承者们，或名垂青史，或隐于民间，那些曾被帝王追捧、被文人吟咏的器物，依然 在默默诉说着故事。 鲍天成：犀角通灵 雕尽人间风骨 在中国古代，犀牛被视为"国之宝"，它的角则被称为"物之珍"，犀角的名贵不仅因为它有着清热、解 毒、镇惊的药用价值，还因为犀牛在中国濒临绝迹，材质稀缺，因此，古玩杂件中的犀角雕往往被历代 藏家视为珍品。而提到犀角雕的名匠，便离不开被称为"吴中绝技"之一的鲍天成。 鲍天成是明末吴县（今苏州）人，身怀绝技，精通犀角、象牙、紫檀等多种材质的雕刻，尤以犀角雕刻 为绝，被誉为明末犀角雕刻第一人，是晚明江南工艺史上不可忽视的一位名匠。鲍天成相关的史料记载 虽然不多，但他的艺术成就却流传千古。 鲍天成的创作生涯正值晚明工艺美术的鼎盛时期。虽然明朝 ...

摘要 盈趣科技采用 UDM 模式，深度绑定客户，早期依赖单一客户，但近年 来通过业务调整，第一大客户收入占比已降至约 20%，转向多元化发展， 降低单一业务风险。 盈趣科技通过双向筛选机制选择核心客户，如 HNB 电子烟领域绑定全球 龙头菲莫国际，市占率超 70%，确保业务稳定性并与顶级标杆企业合作。 盈趣科技通过 Svs Ventures 切入 IQOS 品牌供应链，逐步成为艾诺斯 的一级供应商，供应整机器具及核心加热模组，提升在菲莫国际内部的 份额。 盈趣科技马来西亚基地因劳工问题导致订单放量延迟，但 2024 年第四 季度已逐步向上发展，推动公司整体收入和业绩实现正向增长。 家用雕刻机业务在 2021 年达到巅峰后持续下滑，但仍是核心业务之一。 电子烟业务增长更多来自于整机器具和核心加热模组，而非外壳。 汽车电子和健康环境业务是盈趣科技未来的重要增长来源，采用单一产 品供多个客户模式，有望保持良好增长势头，成为公司未来发展的重要 支撑点。 盈趣科技通过费用管理提升净利润率，2025 年一季度净利润率已达 9%，高于去年全年 7%。股权激励计划对收入设定增长目标，预计将带 动净利润提升。 Q&A 如何看待 ...

大师寄语 中国工艺美术大师、国家级非物质文化遗产代表性传承人、中国玉石雕刻大师、正高级工艺美术师蒋喜： "中国工艺美术博览会为传统技艺搭建了展示的窗口与文化交流的平台，在标准引领、跨界融合、品牌塑造和人才培育等方面持续深耕，着力 推动传统工艺美术事业的现代化升级和年轻态转型。此次，龙凤玉对牌亮相第五届中国工艺美术博览会，不仅是一次艺术的展示，更是一次文 化的传承与交流，借助博览会搭建的大平台，与各地优秀作品同场竞技、交流互鉴，不断提升作品的知名度和艺术影响力，推动苏州玉雕产业 朝着更高质量的发展目标前进。" □ 本报记者 贾淘文 在第五届中国工艺美术博览会上，来自全国各地的众多国大师、省大师、大国工匠齐聚一堂，不同技艺流派、艺术风格的工艺美术佳作同台竞 艺，在传统工艺与现代设计理念的激情碰撞中，为传统工艺美术事业注入不竭的发展动力与创新活力。其中，苏州玉雕作为国家级非物质文化 遗产，以其精湛的技艺和独特的艺术风格，在博览会上大放异彩。 中国工艺美术大师、国家级非物质文化遗产代表性传承人、中国玉石雕刻大师、正高级工艺美术师蒋喜此次展出近百对最新创作的"龙凤玉对 牌"作品。蒋喜的展区通过创意设计，将水乡、烟雨、家 ...

Standex International (SXI) Q3 2025 Earnings Call May 02, 2025 08:30 AM ET Company Participants Christopher Howe - Director of Investor RelationsDavid Dunbar - Chairman, President & CEOAdemir Sarcevic - VP, CFO & TreasurerGary Prestopino - Managing Director Conference Call Participants Chris Moore - Senior AnalystMatthew Koranda - MD & Senior Research AnalystMichael Shlisky - Managing Director & Senior Equity Research AnalystRoss Sparenblek - Equity Research Analyst Christopher Howe Thank you, operator, and ...

Financial Data and Key Metrics Changes - Total revenue increased approximately 17.2% year on year to $207.8 million, reflecting a 26.3% benefit from recent acquisitions, partially offset by an organic revenue decline of 8.1% [16][18] - Adjusted operating margin increased 280 basis points year on year to a record 19.4% [16] - Adjusted earnings per share increased 3.7% year on year to $1.95 [17] - Free cash flow for the third quarter was $3.5 million, down from $19.3 million a year ago, impacted by one-time transaction-related payments and longer customer credit terms [18] Business Line Data and Key Metrics Changes - **Electronics Segment**: Revenue increased 38.4% year on year to $111.3 million, with a 48.1% benefit from acquisitions, partially offset by an organic decline of 8.9% [19] - **Engraving Segment**: Revenue decreased 15.7% to $30.6 million, driven by an organic decline of 12.6% [21] - **Scientific Segment**: Revenue increased 8.1% to $18.3 million, due to a 16.1% benefit from recent acquisitions, partially offset by an organic decline of 8% [22] - **Engineering Technologies Segment**: Revenue increased 36.2% to $27.4 million, driven by a 26.3% benefit from recent acquisitions and organic growth of 9.9% [23] - **Specialty Solutions Segment**: Revenue decreased 13.9% year on year to $20.2 million, primarily due to general market softness [24] Market Data and Key Metrics Changes - Sales into fast growth markets increased to 29% of total company sales, primarily driven by electrical grid, commercialization of space, defense applications, and renewable energy [7][26] - Electronics organic bookings were up more than 10% year on year, with a book to bill ratio of 0.98, indicating stable markets [5][19] Company Strategy and Development Direction - The company plans to continue investing in new product development and applications across markets with growth potential, with 13 new products released year to date [26][28] - The company is expanding its footprint in Europe and the U.S. to support additional demand, with a greenfield site in Europe expected to be operational within six months [6][20] - The company anticipates achieving long-term targets of sales greater than $1.15 billion, adjusted operating margin greater than 23%, and ROIC greater than 15.5% by fiscal 2028 [28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's agility and resilience to navigate through current economic challenges, emphasizing strong customer relationships and a disciplined approach to pricing and productivity actions [11][28] - The company expects slightly to moderately higher revenue and adjusted operating margin in the fiscal fourth quarter, driven by recent acquisitions and higher sales into fast growth end markets [9][21] Other Important Information - The company declared its 243rd consecutive cash dividend of $0.32 per share, representing a 6.7% increase year on year [25] - The company has a current liquidity of approximately $170 million and net debt of $470.4 million, with a leverage ratio of 2.8 [24][25] Q&A Session Summary Question: What is the impact of tariffs on the company's operations? - Approximately 6% of the cost of goods sold is due to imports from China, split across electronics, specialty, and scientific segments [32] - The company believes it can cover about 70% of the incremental tariff with price and productivity actions in the scientific segment, while other segments are expected to manage better [34][35] Question: What are the expectations for organic growth in fiscal 2026? - Management is optimistic about organic growth in electronics, with a robust order book and expected contributions from recent acquisitions [36][38] Question: What are the plans for new product releases in fiscal 2026? - The company plans to release a similar number of new products in fiscal 2026 as in fiscal 2025, with ongoing adoption expected from products released in 2025 [75] Question: How is the company managing its leverage and potential acquisitions? - The company aims to prioritize paying down debt while also focusing on organic growth initiatives, with a current leverage ratio of about 2.8 [56][58]

3）新型烟草：据欧睿国际预测，2024 年全球新型烟草市场仍将维持稳健增长，其中加热烟草产品全球 市场规模预计同比增长12.7%至388.5 亿美元。 4）汽车电子：根据汽车工业协会， 2023 年中国汽车电子市场规模达 10,973 亿元，同比增长 12.16%。 预计 2024 年中国汽车电子市场规模将进一步增长至11,585 亿元。 产品端：多板块业务融合发展，汽车电子产品全年保持强劲增长势头24 年公司持续巩固和提升 UDM 业务，在电子烟、工控、宠物机器等领域均取得新突破，在脑电波、智能医疗健康领域的海内外布局也 初见成效。24A 公司的各产品的营收情况如下： 公司发布2024 年报及2025 年一季报 24A 实现收入35.73 亿元(同比-7.45%)，归母净利润2.52 亿元(同比-44.17%)，扣非归母净利润2.38 亿元 (同比-38.43%)。 24Q4 实现收入10.34 亿元(同比+14.90%)，归母净利润0.80 亿元(同比-32.01%)，扣非归母净利润0.94 亿 元(同比-8.40%)。 25Q1 实现收入8.59 亿元(同比+12.45%)，归母净利润0.77 亿元(同 ...