记者丨 吴佳楠 编辑丨孙超逸 消费级3D打印正出现一种迹象，一个可能被称为"iPhone时刻"的时间节点，悄然逼近。 在线上社交平台，"3D打印根本停不下来""3D打印摆摊实现收入"的帖子层出不穷。 （新手用户3D打印玩偶手伴） 在线下实体空间，拓竹科技、创想三维的实体门店已成为许多家庭的"遛娃胜地"，各类酷炫又天马行空的模型摆件乃至生活用品，让更多消费 者发现——"3D打印居然可以这么玩"。 二级市场同样表现抢眼，截至1月23日收盘，2025年至今，A股3D打印指数（884119.WI）年内涨幅近90%，板块内个股几乎全线上涨，近七成 公司前三季度净利润正增长，呈现盈利与估值同步上扬的强势格局。 | F9 不复权 超级膏加 画线 工具 © » | | | | | | | | 3D打印指数 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 7405.09 +263.68 +3.69% | 2025/07/04 2020701723(438日)▼ ロ | WP | | | | | | 884119 | | | SSE 15:0 ...

消费级3D打印正出现一种迹象，一个可能被称为"iPhone时刻"的时间节点，悄然逼近。 在线上社交平台，"3D打印根本停不下来"、"3D打印摆摊实现收入"的帖子层出不穷。 在线下实体空间，拓竹科技、创想三维的实体门店已成为许多家庭的"遛娃圣地"，各类酷炫又天马行空 的模型摆件乃至生活用品，让更多消费者发现——"3D打印居然可以这么玩"。 二级市场同样表现抢眼，截至发稿，A股3D打印指数（884119.WI）年内涨幅82.11%，板块内个股几乎 全线上涨，近七成公司前三季度净利润正增长，呈现盈利与估值同步上扬的强势格局。 热闹的表象之下，是刺刀见红的存量争夺，硝烟味前所未有的浓烈。 这不再是一场关于硬件参数的单一打拼，而几乎是一场集资本暗战与生态博弈于一体的贴身肉搏。 十面围城 当产品跨过大众化门槛，资本的嗅觉总是最灵敏的。 曾由拓竹一家独领风骚的格局，正在通过资本力量加速打破。 2025年以来，据Wind数据，全球一级市场已发生72起3D打印赛道投融资事件，共计52家相关企业获得 投资，基本集中在国内市场。 最引人注目的莫过于2025年下半年，无人机巨头大疆（DJI）对智能派（ELEGOO）的数亿元投资。大 ...

Core Viewpoint - The hardware industry is experiencing intense competition, particularly in the Maker segment, where companies are rapidly innovating and launching new products to capture market share [5][7][9]. Group 1: Industry Trends - The CES event showcases a variety of ambitious products from Chinese companies, including humanoid robots and innovative mobile devices, indicating a vibrant and competitive hardware landscape [4]. - The Maker tools segment has transformed from niche, high-cost products to widely accessible tools, with significant crowdfunding successes reported [8][28]. - Companies like xTool and Snapmaker are leading the charge in the Maker space, with xTool's UV printer and Snapmaker's 3D printer achieving impressive crowdfunding results [11][16]. Group 2: Product Innovations - xTool's new desktop UV printer utilizes UV-LED curing technology, allowing for high-precision printing on various materials, and is positioned to capitalize on market opportunities following the success of competitors [11][13]. - Snapmaker's U1 3D printer has set a record on Kickstarter, emphasizing speed and efficiency in multi-color printing, which is becoming a standard in the consumer market [16][19]. - The introduction of user-friendly features in CNC devices, such as the Makera Z1, is lowering barriers to entry and expanding the audience for these tools [27][28]. Group 3: Market Dynamics - The competition in the Maker tools market is intensifying, with companies needing to differentiate their products through innovation and user engagement [15][21]. - The shift towards multi-color printing in 3D printers is gaining traction, with significant market demand for such capabilities, reflecting a broader trend in consumer preferences [32][34]. - The Maker community is evolving, with tools transitioning from being seen as niche products to essential resources for small businesses and individual entrepreneurs [35].

Core Insights - The CES event showcases a significant presence of Chinese companies, highlighting the competitive landscape in the hardware industry, particularly in the Maker sector [1] - The Maker tools market has rapidly evolved from niche products to mainstream offerings, with companies achieving impressive crowdfunding results [2][3] - The introduction of innovative products, such as xTool's desktop UV printer and Snapmaker's 3D printer, reflects a shift towards user-friendly designs and enhanced functionalities [6][10] Group 1: Product Innovations - xTool's new desktop UV printer utilizes UV-LED curing technology, allowing for high-precision color printing on various materials [6] - Snapmaker U1, a 3D printer, achieved over $20 million in crowdfunding, emphasizing its rapid development and market acceptance [10][13] - The introduction of features like multi-color printing and waste reduction technologies is becoming standard among new products, enhancing their appeal [14][20] Group 2: Market Dynamics - The Maker tools market is experiencing increased competition, with companies like xTool and Snapmaker pushing the boundaries of product capabilities [5][6] - Crowdfunding successes indicate a growing consumer interest and market potential for Maker tools, with some products achieving over $10 million in funding [2][17] - The shift from industrial-grade CNC machines to more accessible desktop versions is expanding the user base and redefining productivity in creative fields [4][15] Group 3: User Engagement and Community - Companies are adopting co-creation strategies, inviting community input in product development to enhance user engagement and meet market demands [8][9] - The social aspect of Maker tools is becoming more pronounced, with features that allow users to share their creative processes on social media [18][19] - The demographic of users is shifting from niche enthusiasts to small business owners, indicating a broader acceptance and utilization of Maker technologies [21][22]

Core Insights - Snapmaker U1 3D printer achieved a record crowdfunding amount of $20.61 million on Kickstarter, the highest in its category [1][5] - The product was pre-sold exclusively on JD.com, selling over 2,000 units within 2 hours and becoming the top-selling item in the 3D printing category [1][5] - Snapmaker U1 features the innovative SnapSwap™ independent four-head system, which addresses the efficiency bottlenecks of traditional single-head 3D printers, claiming "5 times speed, 5 times material savings" [1][5] Product Features - The SnapSwap™ system allows for rapid switching between four print heads, completing head changes in under 5 seconds, thus minimizing material waste during color changes [6] - The printer can complete similar four-color printing tasks in just 5-6 hours, achieving up to a 5-fold increase in printing efficiency and saving approximately 80% in material usage compared to traditional single-head printers [2][6] Market Launch - Snapmaker U1 is set to officially launch on JD.com on December 25 [3][6]

Core Insights - Snapmaker, a 3D printing company, has completed a multi-hundred million yuan Series B financing round led by Hillhouse Capital and Meituan, with participation from other investors including Shunwei Capital and Nanshan Zhanxin [1][12] - The company’s Snapmaker U1 3D printer achieved over $20 million (approximately 150 million yuan) in crowdfunding on Kickstarter, setting a record for the highest crowdfunding amount in the 3D printer category [1][4] - The U1 printer features innovative technology that allows for a five-second color change without interrupting the printing process, significantly improving printing efficiency by up to five times and reducing material waste by approximately 80% [5][6] Company Overview - Snapmaker is recognized as a leading player in the 3D printing industry, particularly after the successful launch of the U1 printer, which represents a shift from their previous "three-in-one" devices to a more focused product line [6][12] - The company plans to launch the U1 globally in the first quarter of 2026, with expectations of substantial revenue growth in the coming year [6][7] Market Context - The 3D printing industry has seen increased investment interest, with notable companies like DJI and other startups also securing funding, indicating a growing trend in the sector [12] - Competitors are beginning to introduce similar multi-color printing solutions, highlighting the competitive landscape in the 3D printing market [6][12] Future Plans - The recent funding will be allocated towards core technology development, talent acquisition in hardware and AI software, and building an open ecosystem to lower the barriers to 3D printing [12] - Snapmaker aims to address key challenges in multi-color printing and high-speed manufacturing as part of its strategic focus for the upcoming year [12]

Core Insights - Shenzhen 3D printing companies are intensifying competition, with Chuangxiang Sanwei and Tuozhu Technology leading the charge as they aim for market dominance and public listing [2][5][10] Company Developments - Chuangxiang Sanwei submitted its main board listing application to the Hong Kong Stock Exchange in August 2025, aiming to become the first consumer-grade 3D printing stock in Hong Kong [2] - Tuozhu Technology opened its first flagship store in Shenzhen, featuring a wall made of 28 3D printers, attracting significant industry attention [2] - DJI invested several hundred million yuan in another competitor, Smart派, which holds the title for the highest shipment volume in the global consumer-grade light-curing 3D printer market [5][10] Investment Landscape - Tencent has invested in both Chuangxiang Sanwei and Tuozhu Technology, indicating a strong interest in the sector [5] - Tuozhu Technology's valuation may reach 10 billion USD, although its founder denied any ongoing financing [5] - Snapmaker, another Shenzhen 3D printing company, completed a B round of financing in 2025, attracting new investors like Meituan and Hillhouse Capital [6] Market Positioning - Each of the "Four Kings" in Shenzhen's 3D printing market claims a leading position in specific segments, creating a differentiated competitive landscape [7] - Tuozhu Technology achieved sales of 5.5 to 6 billion CNY in 2024, maintaining its status as the global leader in desktop 3D printer sales [7][8] - Chuangxiang Sanwei, established in 2014, is recognized for its cumulative shipment volume, although its annual shipments decreased to 700,000 units in 2024, capturing 16.9% of the market [8] Competitive Dynamics - The competition is characterized by a struggle for technological talent and market resources, with Tuozhu's team originating from DJI's core development group [10][11] - The rivalry has intensified with DJI's investment in Smart派, which is seen as a strategic move to bolster its ecosystem [5][10] - The ongoing competition is not just about product offerings but also involves talent retention and the establishment of technological barriers [11]

Core Viewpoint - The report from Shenwan Hongyuan highlights the maturation of 2D to 3D model conversion technology, which is expected to enhance the "playability" of consumer-grade 3D printing and stimulate demand in this sector [1] Group 1: AI Empowerment - The NanoBanana Pro version has improved image quality and resolution, significantly enhancing text rendering capabilities and supporting the fusion of 14 images to create new visuals, providing flexible and efficient tools for 3D printing creators [1] - Meta is leading the commercialization of multi-modal models with the release of SAM 3D, which can convert segmented image slices directly into 3D models, allowing for individual reconstruction of objects even in the presence of occlusions [1] Group 2: Technological Breakthroughs - Traditional 3D printers face inefficiencies with color/material switching, leading to waste and low success rates; several companies are innovating in smart multi-color printing technology [2] - Snapmaker's U1 model reduces the waiting time for switching tools from about two minutes to just five seconds, significantly saving material costs, having raised $2.022 million on Kickstarter [2] - TuoZhu Technology's system can accommodate up to six replaceable hot ends and supports the use of up to 24 materials in a single print, showcasing industry-leading heating technology [2] Group 3: Investment and Industry Ecosystem - DJI has invested in Shenzhen Intelligent Technology Co., holding a 5% stake, which specializes in SLA and FDM 3D printing technologies [3] - Meituan has become a shareholder in Shenzhen Fast Technology Co., indicating a trend of major companies investing in the consumer-grade 3D printing sector to enhance the industry ecosystem [3] Group 4: Demand Outlook - In the first three quarters of 2025, China exported 3.491 million 3D printers, nearing the total of 3.778 million units expected for the entire year of 2024 [4] - The export value of 3D printers from January to September 2025 reached 7.514 billion yuan, close to the projected 8.163 billion yuan for the full year of 2024, with expectations of reaching 10.7 billion yuan in 2025 [4] Group 5: Key Industry Players - Key components include Jiepu Te and Ruike Laser (lasers), Jinchengzi (control cards + galvanometers) [5] - 3D scanners include Sikan Technology and Obsidian Light [5] - Material suppliers include Haizheng Shengcai (raw materials) and Jialian Technology (filaments) [5] - Notable machine manufacturers include TuoZhu Technology (unlisted), Chuangxiang Sanwei (in IPO process), Anker Innovation, and Huina Technology [5]

Core Insights - The 3D printing industry is experiencing a resurgence, particularly in the consumer segment, driven by advancements in AI technology that lower the barriers to entry for users [1][7][10] - Investment activity in the 3D printing sector has reached a five-year high, with significant funding rounds for companies like Snapmaker and Chuangxiang Sanwei [2][4][9] Company Highlights - Shenzhen Snapmaker Technology Co., Ltd. recently completed a Series B funding round led by Meituan and Hillhouse Capital, marking a significant milestone since its last funding announcement in 2021 [1][2] - Snapmaker's product, Snapmaker U1, raised $22,020 in crowdfunding on Kickstarter, setting a record for 3D printer crowdfunding and attracting over 20,000 supporters [3][4] - Chuangxiang Sanwei, another Shenzhen-based company, is aiming to become the first publicly listed consumer 3D printing company in China, having achieved annual revenue of 1 billion yuan in 2020 [5][6] Market Trends - The consumer 3D printing market is seeing a compound annual growth rate (CAGR) exceeding 30% over the past three years, with major brands in Shenzhen reporting annual revenues surpassing 1 billion yuan [4][6] - The price of consumer-grade 3D printers has decreased by 60% over the past three years, making them more accessible to a broader audience [8] Technological Advancements - The integration of generative AI modeling tools has significantly reduced the complexity of 3D modeling, allowing users to create 3D models with minimal technical knowledge [7][8] - Snapmaker's U1 addresses key industry pain points, such as low efficiency in color switching and material waste, enabling faster and more efficient multi-color printing [4][10] Investment Landscape - The 3D printing sector is attracting increased attention from investors, with over 40 financing events reported this year, indicating a strong interest in consumer hardware [2][4] - Companies like拓竹科技 (Tuozhu Technology) have achieved unicorn status, with valuations exceeding 30 billion yuan, prompting investors to seek similar opportunities in the market [9][10]

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].