Orient: 3D printer domestic and international sales maintain high prosperity, industry capitalization process accelerated.

Orient released a research report stating that the 3D printing industry maintains a high level of prosperity, with high export data growth, accelerated channel expansion, and the consumer-level track entering a period of scale outbreak. Chinese companies occupy 90% of the global consumer-level 3D printing equipment market share, dominating the industry landscape, with both overseas and domestic demand driving growth, and both equipment exports and production increasing at a high rate. In terms of industry leaders, CREALITY (03388) received a warm reception when listed, validating high expectations for growth in the consumer market; Tiertime Technology entered Sam's Club and accelerated offline direct operations, strengthening channel barriers and brand power. Orient's main points are as follows: - The export of 3D printers maintains a high level of prosperity, with the logic of rising quantity and price continuing to be verified. Customs data shows that from January to May, China's cumulative exports of 3D printers reached 2.94 million units, a year-on-year increase of 90%; the cumulative export value was 7.82 billion yuan, a significant increase of 106.8% year-on-year. In May alone, exports reached 646,000 units, an 83% increase year-on-year, with an export value of 1.71 billion yuan, a 95.1% increase year-on-year. The growth rate of the export value significantly outpaced the growth rate of the export volume, reflecting a continuous upgrade of export product structures towards the mid-to-high end, with the average unit price of equipment steadily rising. By the end of May 2026, the export volume has already approached 60% of the total for the whole year of 2025, and the export scale for the whole year is expected to reach a historical high. - Domestic sales continue to be prosperous, with the 3D printing category achieving rapid growth during the 618 promotion period. Data from JD.com shows that during the 618 period, the overall sales of 3D printing products increased by 80% year-on-year, with outstanding growth elasticity in segmented tracks: the sales of multi-head 3D printers and children's 3D printers increased by over 9 times and 8 times respectively; 3D printing consumables sales increased by 90%, custom service sales increased by 140%, accelerating the formation of a "equipment + materials + services" full chain consumption model. The brand landscape continues to be dominated by domestic brands, with Tiertime and CREALITY ranking in the top two in terms of transaction value, and companies such as Anet, EasyThreed Technology, Zongwei Li Cube, and Flashforge Technology entering the top 10. Among them, Anet, EasyThreed and other five brands grew by over 150%, showing strong growth momentum from leading manufacturers. - The capitalization process of the industry is accelerating, with products blossoming in multiple areas. CREALITY officially landed on the Hong Kong Stock Exchange on May 29, becoming the first consumer-grade 3D printing company listed on the Hong Kong Stock Exchange. In terms of the primary market, the financing activity in the 3D printing industry is active. SanGreen Technology's GEM IPO was accepted by the Shenzhen Stock Exchange on June 22, intending to raise approximately 1.829 billion yuan, the highest fundraising amount among the companies accepted in the current batch; Lantai Technology submitted an application to the Hong Kong Stock Exchange, with Shanghai Lantai Technology, the domestic leader in industrial 3D printing, submitting an application to list on the Hong Kong Stock Exchange, ranking first in domestic industrial 3D printing equipment shipments in 2025 with a market share of about 25%. The company's revenues for 2023-2025 are 515 million yuan, 521 million yuan, and 563 million yuan, respectively. This submission signifies that the capitalization process of the industrial 3D printing track is also accelerating; Zongweica 3D completed a billion-yuan Series B financing in June. Product iteration continues to speed up, with Tiertime releasing the large-size model A2L, and ELEGOO launching the CentauriCarbon2 series, continuously consolidating the industry's growth momentum in innovation on the supply side. Investment targets 1) Elastic investment target in the overseas market: Focus on consumer-level equipment leaders with cost and channel advantages for high growth in North America, Europe, and emerging markets. 2) Focus on upstream consumables companies in the 3D printing industry, which are expected to benefit from strong downstream demand. Related investment targets: Ningbo Homelink Eco-iTech (301193, not rated), Harson Trading (China) Co., (603958, not rated). Risks Risks of exports falling short of expectations, risks of tariff disturbances, and risks of intensified industry competition.