消费级3D打印40+页行业深度：AI时代个性化物理实现核心入口，26年有望迎来iPhone时刻【国金可选】 消费级3D打印：AI+衔接物理世界的关键入口，工业级向消费品类转化驱动市场持续扩张与渗透率快速提 升，2020-2024年全球市场规模CAGR达28.6%，2024年规模至41亿美元。 设备端：行业渗透对标iPhone迭代路径，2022年拓竹X1对标iPhone1行业进入一次加速期，2026 年拓竹 H2C/H2D、 Snapmaker U1 等机型实现多色打印突破，行业有望迎来 iPhone4 时刻，进入二次加速期。 当前核心解决工业级产品消费端适配问题：（1）技术普惠：通过AI建模、闭环控制破解工艺痛点，多色打印AMS 自动换料、模块化换端、多喷头并行三大探索路径实现效率突破；（2）价格下放至家电级别；（3）DTC+全域触 达+模型社区运营的生态模式为核心增长逻辑。 建议关注： 创想三维：全球生态领创者，25年8月递表、26年2月14日完成港股上市备案，26Q2有望上市。 拓竹科技：行业标杆企业，有望登陆二级市场。 耗材端：设备加速带动耗材需求二阶导增长，PLA为行业首选。 消费级3D打印：AI+衔 ...

世界第一、高门槛、高天花板，新一代的中国硬件创业。 文 丨 贺乾明 黄俊杰 制图 丨 黄帧昕 编辑 丨 黄俊杰 一群参与打造世界第一产品的 工程师决定离职创业 ，纠结快一年，选了个最初 5 分钟被自己毙掉的冷 门项目；产品发售第三年，公司年营收已经超过 100 亿。这是 3D 打印机行业如今的第一名，拓竹的创 业故事。 "我知道戏剧性的过程可能会更有故事性，但实际上不是那么戏剧性。" 拓竹创始人、CEO 陶冶笑着 说。这可能并不是谦虚。 拓竹是一群工程师精确计算、精确执行的结果。 "发展完全按照他们的规划，甚至产品发售头两年的收入和市场占有率误差非常小。"IDG 资本合伙人邵 辉回看拓竹创业初的投资文件后对我们说。IDG 是唯一投资拓竹三轮的机构，唯一的遗憾是公司盈利太 快，第二轮以后就不需要融资了。 在拓竹出现之前很多年，消费级 3D 打印机已经不再是个性感的东西，全球市场总规模不过五六十亿 元。主要因为难用——用户花在调试机器上的时间超过了打印本身，还经常失败。 拓竹第一个把 3D 打印机变成了有基础 AI 能力的小机器人，加装了摄像头、激光雷达、重力感应等传 感器，把原本需要人工干预的诸多环节完全自动化 ...

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].