Orient: High growth in the marine industry continues, consumer-grade 3D printing enters offline channels.

Orient releases research report stating that the 3D printing industry remains highly prosperous, with high export data, accelerated channel sinking, and the consumer-grade track entering a period of explosive growth. Chinese companies occupy 90% market share of the global consumer-grade 3D printing equipment, dominating the industry landscape. Both exports and production of equipment are at high levels due to dual drives from overseas markets and domestic demand. Recommendations include: 1) Focus on flexible targets for overseas markets: Bind to high-growth markets in North America, Europe, and emerging markets, prioritizing leading consumer-grade equipment with cost and channel advantages. 2) Pay attention to upstream consumable material companies in 3D printing, as downstream demand is strong, and upstream is expected to benefit. Key points from Orient are as follows: Continuous high growth in export data of 3D printing equipment, driven by capacity and globalization layout The latest data from the General Administration of Customs shows that from January to April 2026, China's export volume of 3D printing equipment reached 2.46 million units, a year-on-year increase of 100.3%. During the same period, domestic production of 3D printing equipment increased by 50.9% year-on-year, ranking top in advanced manufacturing categories. Looking back at 2025, the total annual export of 3D printers reached 5.03 million units, a year-on-year increase of 33.2%, with the total export value exceeding 10 billion yuan for the first time, reaching 11.354 billion yuan, a year-on-year increase of 39.1%. The share of shipments of consumer/desktop-level devices accounts for over 98%, with mass consumption becoming the main driver. Currently, Chinese companies hold about 90% market share of the global consumer-grade 3D printing equipment, further consolidating their dominant position in the industry. The China Industrial Research Institute predicts that the total export volume of 3D printers in China will reach 6.379 million units in 2026, with export amount reaching 14.36 billion yuan. In terms of export structure, North America and Europe remain the largest markets, accounting for approximately 77% of total exports. CREALITY's Hong Kong IPO pricing ends, with high revenue growth and profit pressure Leading consumer-grade 3D printing company CREALITY completed its IPO on May 26, listing on the Hong Kong Stock Exchange on May 29, poised to become the "first stock in consumer-grade 3D printing". The company issued approximately 73.4275 million H shares globally, with an issue price of HK$18.80 per share, raising approximately 1.38 billion Hong Kong dollars, with a market value of nearly 13 billion Hong Kong dollars. Fifteen cornerstone investors collectively subscribed approximately 689 million Hong Kong dollars, and public subscription was oversubscribed by 3,061 times. Financially, the company's revenue from 2023 to 2025 was 1.883 billion yuan, 2.288 billion yuan, and 3.127 billion yuan, with a compound growth rate of approximately 28.6%; the gross profit margin remained at around 31%. The company's net loss in 2025 was 182 million yuan, mainly due to the expansion of research and development and sales expenses, as well as non-operating expenses such as one-time equity incentives and dividends. Based on the 2025 GMV, the company ranks second in the global consumer-grade 3D printer market, with a market share of 11.2%, and ranks first in the consumer-grade 3D scanner market, with a market share of 45.3%. Bambu Lab, a 3D printing brand, accelerates its offline channel layout by entering Sam's Club Bambu Lab, a technology company, recently officially became the exclusive cooperative brand of 3D printers in 64 Sam's Club stores nationwide, with products fully available from the end of April to early May. By the end of 2025, Sam's Club China had exceeded 10.7 million paid members, with over 80% being family users, and the core customer group being consumer decision-makers in middle-class families aged 25 to 45, highly aligned with Bambu's "home appliance" strategy. At the same time, on May 15, Bambu opened its second offline flagship store in Shenzhen Baoan Qianhai Yifang City, with stores in Chengdu, Hangzhou, Shanghai, and other cities in preparation. Previously, in September 2025, the company opened the world's first flagship store in Shenzhen Bay Wanxiang City, and participated in the 2026 AWE as a home appliance brand, proposing a "home standard" strategy, clearly positioning 3D printers as modern home standard household appliances. From direct sales online to cooperation with JD Home Appliances, and then to entry into Sam's Club boutique supermarkets, Bambu has built a multi-level offline channel matrix. The bank believes that as the product threshold decreases to the level of "plug and play", competition in the product dimension will evolve into competition for channels, management, and supply chains. Risk Warning Risks of lower-than-expected exports, tariff disturbances, and intensified industry competition.