Core Viewpoint - The resurgence of consumer-grade 3D printing is attracting significant attention from mainstream capital, highlighted by recent investments in companies like Snapmaker and 创想三维 [3][4]. Group 1: Industry Trends - The 3D printing sector has seen a notable increase in investment activity, with nearly 40 financing events recorded this year, marking a five-year high [4][7]. - The consumer-grade 3D printing market is experiencing a compound annual growth rate (CAGR) exceeding 30% over the past three years, with major brands in Shenzhen achieving annual revenues around 1 billion yuan [7][8]. - The introduction of generative AI modeling tools has significantly lowered the barriers for ordinary users to create 3D models, enhancing user engagement and driving sales [11][12]. Group 2: Company Highlights - Snapmaker's product, Snapmaker U1, raised $22,020 in crowdfunding, setting a record on Kickstarter and attracting over 20,000 supporters [6]. - 创想三维, established in 2014, reported a revenue of 1 billion yuan in 2020 and projected total revenue of 2.288 billion yuan for 2024, with a CAGR of 30.4% [8]. - Snapmaker's innovative approach to multi-color printing has reduced printing time from 20-30 hours to just 5-6 hours, addressing significant industry pain points [7]. Group 3: Investment Landscape - The valuation of拓竹科技 has surpassed 30 billion yuan, reflecting strong market interest despite initial hesitance from investors [15]. - The competitive landscape is intensifying, with companies like拓竹科技 quickly responding to market demands by launching new products shortly after Snapmaker's success [8][15]. - The decline in consumer-grade 3D printer prices by 60% over the past three years is facilitating broader market adoption [13].

Core Viewpoint - The production of 3D printing equipment in China has seen significant growth, with a year-on-year increase of 40% in May, surpassing industrial robots and new energy vehicles, driven primarily by the rising sales of consumer-grade 3D printers domestically and internationally [1][4]. Group 1: Production Growth - In April, the production of 3D printing equipment grew by 60.7% year-on-year, while the first quarter saw a 44.9% increase [1]. - The surge in production is attributed to three main factors: the maturation of the 3D printing content ecosystem, the establishment of a scalable production model in the consumer-grade sector, and the decrease in equipment prices [1][3]. Group 2: Market Demand - The new consumption trend is driving demand for consumer-grade 3D printing devices, which are becoming essential tools for various consumer groups, including hobbyists and individual merchants [1][2]. - The popularity of the LABUBU IP figures has further fueled interest in 3D printing, with many consumers creating derivative designs using consumer-grade printers [2]. Group 3: Technological Advancements - The rapid iteration of 3D printing technology is solidifying the foundation for industry growth, with improvements in product performance and printing speed [3]. - Companies like Tuozhu Technology have consistently released new products since 2020, focusing on enhancing speed, color variety, and precision [3]. Group 4: Export Growth - The international market has become a strategic growth point for Chinese 3D printing companies, with consumer-grade devices leading the export growth [4]. - From January to April 2025, China exported 1.4 million units of 3D printing equipment, amounting to over 2.9 billion yuan, with consumer-grade devices accounting for 94% of the total export volume [4]. - The significant drop in prices for consumer-grade 3D printing devices has catalyzed their overseas sales, with average prices for exports to the U.S. around 2,100 yuan (approximately 293 USD) [4].