Orient Securities has released a research report stating that the 3D printing industry continues to exhibit strong momentum, with high export growth and accelerated channel penetration, indicating the consumer-grade sector is entering a period of large-scale expansion. Chinese companies hold a 90% share of the global consumer-grade 3D printing equipment market, dominating the industry landscape. Driven by both overseas expansion and domestic demand, the growth rates for equipment exports and production remain high. Regarding leading companies, the listing of CREALITY (03388) has been met with strong investor enthusiasm, validating high-growth expectations for the sector. Bambu Lab's entry into Sam's Club and acceleration of offline direct sales are continuously strengthening its channel barriers and brand power. The main views of Orient Securities are as follows:
3D Printer Exports Maintain High Growth, Supporting the Volume and Price Increase Thesis
Customs data shows that from January to May, China's cumulative 3D printer exports reached 2.94 million units, a year-on-year increase of 90%. The cumulative export value was 7.82 billion yuan, a significant year-on-year increase of 106.8%. Specifically, May's single-month exports were 646,000 units, up 83% year-on-year, with a single-month export value of 1.71 billion yuan, up 95.1% year-on-year. The growth rate in value significantly outpaced the growth in shipment volume, reflecting a continuous upgrade in the export product mix towards mid-to-high-end segments and a steady rise in average equipment prices. The export volume in the first five months of 2026 has already reached nearly 60% of the full-year 2025 volume, with the value exceeding 70%, suggesting full-year export scale is expected to reach a new historical high.
Domestic Sales Momentum Continues, with High Growth During the 618 Promotion Period
Data from the JD.com platform shows that overall sales of 3D printing categories grew 80% year-on-year during the 618 period, with particularly strong growth in specific segments: sales of multi-head 3D printers and children's 3D printers increased by over 9 times and 8 times year-on-year, respectively. Sales of 3D printing consumables grew 90% year-on-year, and sales from custom services increased 140% year-on-year, indicating an accelerated formation of a full-chain consumption model encompassing "equipment + materials + services". The brand landscape remains dominated by domestic players, with Bambu Lab and CREALITY ranking first and second in transaction value. Anker, Kuaizao Technology, Zongwei Lifang, and Shanzhu Technology are among the top 10. Among these, five brands including Kuaizao Technology and Anker saw growth rates exceeding 150%, demonstrating strong growth momentum for leading manufacturers.
Industry Capitalization Process Accelerates, with Product Innovations Emerging Across Multiple Areas
CREALITY officially listed on the Hong Kong Stock Exchange on May 29, becoming the first consumer-grade 3D printing stock on the HKEX. In the primary market, 3D printing industry financing activity remains active. Sanlv Technology's IPO application for the ChiNext board was accepted by the Shenzhen Stock Exchange on June 22, with a planned fundraising of approximately 1.829 billion yuan, the highest among the batch of accepted companies. UnionTech has submitted an application to the HKEX; Shanghai UnionTech, a leading domestic industrial-grade 3D printing company, has submitted a listing application to the Main Board of the HKEX. The company ranked first in domestic shipments of industrial 3D printing equipment among local enterprises in 2025, with a market share of about 25%. Its revenue for 2023-2025 was 515 million yuan, 521 million yuan, and 563 million yuan, respectively. This application marks the acceleration of the capitalization process in the industrial-grade 3D printing sector. Zongwei Lifang completed a Series B financing of several hundred million yuan in June. Product iteration continues to accelerate, with Bambu Lab releasing the large-format model A2L and ELEGOO launching the Centauri Carbon 2 series. Continuous innovation on the supply side continues to solidify the industry's growth drivers.
Investment Focus
1) Companies with Overseas Growth Potential: Focus on consumer-grade equipment leaders with cost and channel advantages, benefiting from high growth in North America, Europe, and emerging markets.
2) Monitor upstream 3D printing material companies, which are expected to benefit from strong downstream demand.
Relevant stocks: Jialian Technology (301193, Not Rated), Hassan Co., Ltd. (603958, Not Rated).
Risk Warnings
Risks include exports falling short of expectations, tariff disturbances, and intensifying industry competition.
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