1. Event
The Ministry of Commerce and eight other departments recently jointly issued the “Guiding Opinions on Vigorously Developing Digital Consumption to Co-create a Better Life in the Digital Age.” The “Guiding Opinions” point out the need to expand digital product consumption. Enterprises are encouraged to accelerate research and innovation, increase the effective supply of artificial intelligence terminal products, and unleash the consumption potential of new products such as AI smartphones, computers, smart robots, wearable devices, and desktop 3D printing equipment. This is the first time that desktop 3D printing has been included in the category of AI terminals, and its fundamental situation is worth investors’ attention.
2. Core Logic
1) The consumer 3D printing market is rapidly growing.
3D printing is a manufacturing method that directly creates three-dimensional physical entity models that are completely consistent with the corresponding digital models by layering materials, which is completely opposite to traditional subtractive manufacturing techniques. Additive manufacturing and traditional precision machining are both important components of the manufacturing industry. Compared to traditional precision machining technology, additive manufacturing has advantages such as rapid prototyping of complex parts, shortened product development cycles, high material utilization rates, and optimized manufacturing modes. However, it also has disadvantages in terms of processing accuracy, surface roughness, printing efficiency, processable materials, and costs. The manufacturing scenarios suitable for both are not the same. Overall, both will coexist for a long time. The consumer 3D printing market is rapidly growing, with “price reduction + AI empowerment” being the main driving factors. According to the prospectus of Creality and data from Zhaoshang Consulting, the global consumer 3D printing industry market size (measured by GMV) is expected to grow from $1.5 billion in 2020 to $4.1 billion in 2024, with an average annual compound growth rate of about 28%. It is expected that from 2025 to 2029, the market size will grow from $4.9 billion to $16.9 billion, with an average annual compound growth rate of about 33%. In terms of equipment, the annual shipment volume of global consumer printers has remained around 3 million units from 2020 to 2023, expected to exceed 4 million units in 2024, with an average annual compound growth rate of about 10.2%. By 2029, it is expected to reach 13.4 million units, with an average annual compound growth rate of about 26.6% from 2024 to 2029.
2) The Chinese 3D printing industry is showing rapid growth.
The Chinese 3D printing industry is showing rapid growth. According to the National Bureau of Statistics and the General Administration of Customs, the output of equipment from 2023 to Q1 2025 has increased by 36%/11%/45% year-on-year, and export volumes have increased by 55%/6%/24%. After rapid growth in the European and American markets, the Chinese market has also quickly broken through, with market applications extending from European and American daily necessities (such as floor drains and storage boxes) to Chinese trendy toys (such as Pop Mart) and gradually penetrating into functional devices such as footwear and helmets. In terms of industry structure, Chinese companies such as Tuo Zhu Technology, Creality, and Zongwei Cube have taken a dominant position, with leading companies building a foundation based on their advantages in equipment and material research and development. Relying on community operations, trendy models are emerging one after another, creating a healthy and rapidly developing ecosystem. The rise of consumer-grade 3D printing will have a revolutionary impact on rubber and plastic materials. In the field of consumer-grade 3D printing, Fused Deposition Modeling (FDM) and Stereolithography (SLA) have certain advantages over other technologies. Among them, FDM has developed particularly rapidly in the consumer market in recent years due to its low equipment and material costs, ease of operation and maintenance, low entry barriers, wide range of material choices, and strong environmental friendliness. In terms of consumables, environmental friendliness, ease of processing, and applicability are key considerations. Mainstream materials have expanded from commonly used PLA and PETG to engineering-grade plastics such as ABS, PC, PA, ASA, as well as carbon fiber composites, PET, PPS, and further extended to flexible materials like TPU and soluble support materials like PVA.
3) 3D printing manufacturers have brought consumer-grade desktop 3D printers into a lower price range.
3D printing (additive manufacturing) has undergone long-term development, but due to certain operational thresholds and high single-machine prices, it was previously only used in the industrial sector and by a few extreme users. In recent years, 3D printing manufacturers represented by Tuo Zhu Technology have brought consumer-grade desktop 3D printers into a lower price range, with entry-level products priced at 1499 yuan. By leveraging their accumulated model libraries and software capabilities, they have further lowered the operational threshold for users, which is expected to bring desktop 3D printers into a new growth phase. The market is concerned that the penetration space for consumer-grade 3D printers is limited. However, institutions believe that with the technological advancements and cost-performance improvements of domestic equipment companies, as well as community cultivation, the operability and application scenarios of consumer-grade 3D printers have been significantly upgraded. Driven by personalized demand, the potential demand for equipment is expected to gradually align with household appliances such as robotic vacuum cleaners and color TVs. The construction of a community-based operational ecosystem can continuously stimulate consumer demand for product printing in a way that “supply creates demand.” The assistance of AI makes model construction increasingly convenient, and personal manufacturing that turns imagination into physical objects will also create a huge new consumption format, thereby driving demand growth in the consumables sector.
3. Core Companies in the Sector
▶Huina Technology: Through agreement transfer and private placement, the company’s actual controller will change from Zhang Hongjun to Jiang Zexing, who is the chairman of Shenzhen Jinshi 3D Printing Technology Co., Ltd. Jinshi 3D is a leading comprehensive solution provider for all categories of additive manufacturing in China, capable of providing global customers with industrial-grade additive manufacturing comprehensive solutions that integrate “printing equipment + printing services + printing materials + printing software.” It has grown into the domestic company with the widest technical route and the most complete product series in industrial-grade 3D printing technology, with a compound annual growth rate exceeding 50% in recent years and ranking among the top three in net profit scale nationwide. Huina Technology is expected to leverage the change of its new actual controller and the related opportunities from this issuance to enter the 3D printing field.
▶Plater: The company is a high-tech enterprise focused on industrial-grade metal additive manufacturing (3D printing), covering the research and production of metal 3D printing equipment, customized product services, research and production of metal 3D printing raw materials, and design and development of metal 3D printing processes and related technical services, covering the entire industrial chain of metal additive manufacturing. It has now developed into the largest industrial-scale metal additive manufacturing enterprise in China, with world-class levels in metal 3D printing process technology and production capacity, especially in the printing of large precision complex parts.
▶Anker Innovation: In 2022, the company launched the AnkerMake sub-brand for the first time, announcing its entry into the 3D printing market. In the same year, it released its first consumer-grade 3D printer, AnkerMake M5, on Kickstarter, raising $8.88 million, setting the highest record for crowdfunding in the global 3D printing category at that time, and in 2023, the company launched the affordable AnkerMake M5C. On April 30, 2025, the company will launch its first consumer-grade 3D texture UV printer E1 on Kickstarter, raising $46.76 million, breaking the highest crowdfunding record across all categories on the platform.
▶Huagong Technology: The company has achieved a scale breakthrough in the 3D printing field, focusing on metal additive manufacturing equipment. The company has partnered with Lika Precision to establish a joint venture, further enhancing its technological innovation capabilities in the field of 3D additive SLM manufacturing to meet market demand for mass production of high-precision, complex structure metal components. The company has collaborated with globally renowned terminal brands, and some products have been validated; it has also cooperated with leading domestic 3C brand customers, with good performance in product testing indicators. Future plans include horizontal expansion into 3C electronics, communication components, automotive electronics, and medical fields; and vertical deepening of material process research and development to enhance efficiency and cost advantages.
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