Open Source Securities: Consumer-level 3D printing demand is expanding, focusing on the technological barriers and the realization of high-quality products by outstanding companies.

Open Source Securities released a research report stating that currently, the 3D printing industry has formed a clear dual-track pattern of consumer-grade and industrial-grade. Compared to the stable development of the professional-level market, the consumer-grade 3D printing industry is entering a rapid expansion phase. As one of the core technologies of advanced manufacturing, 3D printing is rapidly penetrating from the industrial level to the consumer level, with broad industry growth prospects. The industry sees investment opportunities in high-quality companies with technological barriers and products already achieving commercial success. It is recommended to pay attention to Anker Innovations Technology entering the UV printing machine track and the progress of the IPO of Creality. Key points from Open Source Securities include: Industry overview: Rapid expansion of consumer-grade 3D printing industry, gradually increasing competitiveness of domestic enterprises Currently, the 3D printing industry has formed a clear dual-track pattern of consumer-grade and industrial-grade. Compared to the stable development of the professional-level market, the consumer-grade 3D printing industry is entering a rapid expansion phase. According to data from ZO Intelligence, the compound annual growth rate of GMV from 2020 to 2024 is 20.5%; GMV is expected to further expand to $16.9 billion by 2029, with a CAGR of 33.6%; in terms of equipment, the compound annual growth rate of shipments from 2020 to 2024 is 10.2%; shipments are expected to accelerate to 13.4 million units by 2029, with a CAGR of 26.6%. In terms of the industry chain breakdown, there are significant markets in the upstream, midstream, and downstream industries, with printing services being the largest downstream market in the industry chain, accounting for 59.3% of the global printing services market in 2025. In terms of competition, there are approximately 182,800 3D printing-related companies in the country, with only about 70 companies earning more than one billion in revenue, indicating a clear differentiation among companies; on the other hand, the concentration of the top tier of consumer-grade 3D printers is evident, with Tobu Technology and Creality's market share in 2024 reaching 29.0% and 16.9% respectively, and the industry CR3 reaching 59.2%. In terms of exports, China's 3D printing companies are gradually strengthening their international competitiveness, with consumer-grade 3D printer shipments accounting for over 90% globally, demonstrating a leading position globally, with an industrial-grade market share of about 8%, ranking second globally. In addition, from January to October 2025, the export amount increased by 23% year-on-year to 1.198 billion yuan, exceeding the full-year level of 2024. Industry catalysts: Four major catalysts from scenarios to products to accelerate industry expansion Catalyst 1: The speed of evolution of product quality and price ratio has increased, with a significant lowering of the usage threshold. Consumer-grade 3D printers have entered a critical period of "reconstruction of cost-effectiveness + universal performance," with leading companies such as Tobu, Creality, and Zongwei's Cube launching high-quality products priced below 3000, breaking the previous impression of "toy-grade" products and promoting rapid penetration of the market from maker enthusiasts to mainstream consumers. Catalyst 2: Application scenarios continue to expand, with increasingly diverse commercialization paths. The industry, which began with maker and DIY groups in the early days, has now expanded to education, households, and even small enterprises 3D printing farms. Catalyst 3: AI is reconstructing the 3D printing modeling paradigm, with Tobu and Creality leading the way in significantly shortening the time it takes to generate 3D models through AI technology, addressing industry pain points. Catalyst 4: Policy encouragement continues to increase, achieving full-chain policy coverage from research and development to standardization to consumption. Related targets: Companies with clear technological barriers and successful product realizations (1) Anker Innovations Technology: In 2025, the company crowdfunded the release of consumer-grade UV printers, with a cumulative shipment of 16,000 units as of February 9th. Compared to FDM 3D printers, UV printers have advantages such as full-color printing and low entry thresholds. With subsequent products becoming more reliable and lower in cost, UV printing machines may bring imagination. The company's production progress is relatively advanced. (2) Creality: The company is a leading enterprise in consumer-grade 3D printing, with a cumulative shipment of 4.4 million consumer-grade 3D printers from 2020 to 2024, corresponding to a cumulative market share of 27.90%, ranking first in the industry. In terms of product strength, the company excels in core parameters such as printing efficiency and color capability; in terms of channel layout, the company's distribution channels cover the global market, and online channels have been successfully opened, with a channel revenue CAGR of 79.48% from 2022 to 2024. (3) Tobu Technology: The market recognition of the Bambu Lab X1 product is high, with the company accumulating more than 300 global core patents and performance continuing to grow rapidly. Risk alert: Exchange rate fluctuation risks, industry product iteration speed lower than expected, industry price wars.